Suning Tesco (002024): Transfer of Suning Xiaodian Group to continue to cultivate the company’s full scene layout
Announcing the semi-annual results for 2019: In the first half of 2019, the company expects to realize net profit attributable to mothers of RMB 2.1 to 2.3 billion, and net profit attributable to mothers will decrease by 65 compared with the same period last year.02% -61.69%.Excluding the increase in net profit brought by the operating restructuring and equity transfer of Suning Xiaodian in the first half of 2019, the company’s net profit attributable to shareholders of listed companies in the first half of 2019 is expected to be 8.7 ppm-10.7 ppm; as a result of the company’s sale of some Alibaba shares in the same period of 2018, a net profit of RMB 56 was achieved.10,000 yuan. In the first half of 2018, the net profit attributable to the mother was 6 billion yuan. If the profit impact caused by the sale of Alibaba shares is not considered, the company’s net profit attributable to shareholders of the listed company is about 4.20,000 yuan, an increase of 37 in ten years.95%, non-net profit deducted 0 in the first half of 2018.3.3 billion. The sale of the Suning shop with stage defects, which is an important part of the company’s overall 杭州桑拿网 scene layout, has experienced a year of rapid development and entered the stage of operation optimization and model optimization, but it is still in a staged stage. The report is based on the company’s overall development.The strategic plan is to complete the transfer of the equity of Suning Store to the participating company SuningSmartLife Holding Limited at the end of June 2019, increasing the company’s net profit by approximately 34.2.8 billion.Set up a more flexible capital operation platform for the Suning store, reduce the company’s capital expenditures, and expand financing channels.At the same time, the Suning store will also maintain a high degree of strategic synergy with the company’s business. The two sides have established close cooperative relationships in user drainage, marketing promotion, product procurement, 杭州桑拿网 logistics services, etc., especially in the years of sharing the Suning store.In terms of user traffic, it helps to speed up the company’s smart retail strategy and complete the overall retail layout. The repurchase supports sustainable stabilization, the acquisition of Carrefour makes up for the fast-moving shortcomings, and promotes the development of all-scenario retail development. The external environment of corporate development is still weak in the first half of the year.100 million yuan, the repurchase price does not exceed 15 yuan / share, and the company will gradually repurchase 5,700 shares at the end of June.570,000 shares, accounting for 0 of the company’s total share capital.61%, the highest price was 14.60 yuan / share, the lowest transaction price is 10.35 yuan / share, the total amount paid is 7.170,000 yuan (excluding transaction costs).The company continues to promote the development of all-scenario retail, accelerate the development of communities and rural markets, further enhance the professional management capabilities of non-electrical products, and accelerate the construction of logistics infrastructure and the improvement of user experience.Wanda Department Store was acquired at the end of 2018. In June 2019, it intends to acquire 80% of Carrefour China for 4.8 billion yuan in cash.Through the acquisition of high-quality offline scene resources, the company can further improve the company’s overall scene format; accelerating the development of FMCG categories will help reduce procurement and logistics costs, improve the company’s market competitiveness and profitability; and strengthen the company’s presence in JapanHundred supply chain, fresh cold chain logistics business development.Without considering the impact of the acquisition for the time being, the company’s EPS for 2019-2021 is expected to be 0.43/0.47/0.52 yuan, maintaining the company’s “strongly recommended” level. Risk reminders: macroeconomic risks; downside consumption risks; store opening is less than expected.
Month: April 2020
Zoomlion (000157)： intends to use the centralized bidding to repurchase shares as an equity incentive to highlight the company’s long-term development confidence
Zoomlion (000157): intends to use the centralized bidding to repurchase shares as an equity incentive to highlight the company’s long-term development confidence
Event: Zoomlion issued an announcement on May 13, 2019, intending to use its own funds to repurchase the company’s A shares in a centralized bidding manner, all of which are employee stock ownership plans; the period for repurchasing shares is from May 13, 2019No more than 12 months from the date.
The number of shares repurchased this time is not less than 2 of the company’s total share capital due on March 31, 2019.
5%, not more than 5% of the company’s total share capital as of March 31, 2019, that is, not less than 1.
9.5 billion shares and no more than 3.
9 billion shares; the price of this repurchase of shares does not exceed RMB 7.
63 yuan / share; calculated based on the maximum number of shares and the maximum price of the repurchased shares, it is expected that the size of the repurchase funds of the company will not exceed 29.
79 ppm, the source of funds is its own funds, the specific number of shares repurchased shall be based on the actual number of shares repurchased by the company.
Opinion: The company intends to use its own funds to repurchase the company’s long-term development confidence.
The repurchase intends to use the company’s own funds, and it is expected that the repurchase funds will not exceed 29.
79 ppm, based on a higher calculation, the repurchase funds accounted for the company’s total assets in 2018, and the proportion of net assets and current assets attributable to shareholders of the listed company was 3 respectively.
19% / 7.
80% / 4.
twenty three%.
In 2018, the company’s operating net cash flow was 50.
6.4 billion US dollars, reaching the historically optimal level. We believe that the company’s cash flow is currently stable and good, and there are sufficient funds for share repurchases.Causes significant consequences, highlighting the company’s long-term development confidence.
The repurchase of shares is mainly used to encourage employees and improve the company’s long-term incentive mechanism.
The company announced the stock investment and scale stock incentive plan on 苏州桑拿网 September 29, 2017, with a total of 3 incentive benefits.
8.1 billion shares, of which the stock budget and the expansion of the shares each accounted for half, which has positively stimulated the company’s operations since 2017.
This repurchase is intended to be used for employee stock ownership plans. The number of repurchases is one.
95-3.
Between 9 billion shares, the company’s long-term incentive mechanism will be improved to promote the enthusiasm of employees, which will be beneficial to the improvement of the company’s operating quality in the long run.
The proposed buy-back auction model is expected to increase the company’s stock buying demand in the circulating market.
After this share repurchase, the company still has no actual controller and the control right remains unchanged.
Click Limit 1 for the number of repurchases.
According to estimates of 9.5 billion shares, the proportion of RMB ordinary shares with unlimited sales conditions after repurchase accounts for 77.
96%, a decrease of 2.
50pct; the maximum number of repurchases is 3.
It is estimated that the proportion of RMB ordinary shares with unlimited sales conditions after repurchase is estimated at 9 billion shares.
46%, a decrease of 5.
0pct.
The repurchase is planned to be conducted by collective auction to promote the increase of the company’s stock buying demand in the circulating market.
Earnings forecast and rating: Maintain earnings forecast and maintain “overweight” rating.
Maintaining profit forecast, the company is expected to realize net profit attributable to mothers in 2019/2020/202136.
39/37.
82/33.
960,000 yuan, corresponding to EPS0.
47/0.
48/0.43 yuan, corresponding to PE10 / 10 / 10X, considering that the company’s operating quality continues to improve, asset quality is constantly optimized, and profits are still flexible, giving 13 times PE in 2019 with a target price of 6.
11 yuan, corresponding to about 28% growth space.
Mu Linsen (002745) quick review of major events： Fengqi Indus fly
Mu Linsen (002745) quick review of major events: Fengqi Indus fly
Matters: 1. Announcement announced by the company’s announcement; 2. Responding to the “Announcement on the Feedback of the First Review of the Administrative Licensing Project of the China Securities Regulatory Commission” regarding convertible bonds issued by the company (second time) Guoxin Electronic Viewpoint: The company proposes to publish local industriesFund investment holding subsidiaries and convertible bond projects can help the company further optimize the debt structure and reduce debt ratios and financial costs, which has a positive effect on the company’s fundamental improvement.
At the same time, an industrial fund with a state-owned background was launched to invest in Mulin Sen’s subsidiaries, showing trust and confidence in Mulin Sen.
Investment suggestion: After integrating LEDVANCE, Mulinsen, as the IDM integration leader of China’s LED industry chain, is expected to have a net profit of 816/1021 million yuan in 2019-2020, corresponding to approximately 18 times the PE, and maintain an “overweight” rating.
Comments: I. The company ‘s announcement is mainly due to the company ‘s proposed wholly-owned subsidiary, Ji’an Mulinsen, a local industrial fund investment holding company, to optimize the company ‘s resistance structure and reduce the company ‘s debt costs. The detailed breakdown is as follows: 1. According to the announcement, the investment is divided into the following:Three steps: (1) Jinlingling Company and Mulinsen Co., Ltd. invested a total of US $ 1 billion in Jinmu Electronics, of which Jinlingling Co. invested 60% to obtain 60% equity of Jinmu Electronics, and Mulinsen Co., Ltd. invested 4% to obtain 40% equity of Jinmu Electronics.
Among them, Jinmu Electronics is a wholly-owned subsidiary of Jinlingling. 100% equity of Jinlingling is held by the Jinggangshan Economic and Technological Development Zone Management Committee. The Jinggangshan Economic and Technological Development Zone Management Committee is the Ji’an Municipal Committee of the Communist Party of China, and the Ji’an Municipal People’s Government.Office-level units.
On behalf of the municipal party committee, the municipal government exercises unified leadership and unified management of party affairs, administration, economic, and social affairs in its area.
(2) Mulinsen shares 2.
63 billion U.S. dollars pledged the registered capital of Ji’an Mulinsen which was not in place.
54 trillion, 1 remaining.
The 099,000 yuan advanced capital reserve, after the first subscription is completed, the target company’s paid-in capital is 16.
1.7 billion.
Among them, Jilin Mulinsen was registered by the company on September 1, 2014, and is mainly engaged in the production of the company’s LED display packages and various types of lighting fixtures, with the goal of becoming a benchmark for intelligent factories.
(3) Jinmu Electronics obtained US $ 1.5 billion in M & A loans by applying for M & A loans from domestic commercial banks.
With the transfer of M & A loans and M & A self-financing funds (1 billion in the first item) in place, according to the transaction price of the target company (Ji’an Mulinsen) determined by the parties, Mulinsen shares transferred their holdings to Jinmu Electronics at zero consideration.51% of the target company ‘s unpaid capital, and the total consideration that Jinmu Electronics needs to pay to the target company for the 51% stake in the target company is RMB 2.5 billion (among which RMB 1 billion is self-financing funds and RMB 1.5 billion is M & A loans)).
Of the 2.5 billion investment made by Jinmu Electronics, 16.
83 million credited to the registered capital of the target company, 8.
17 trillion is included in capital reserve.
2. The profit forecast of the target projects in this agreement and the target parties agree that the target company will hire a third-party auditing agency approved by the acquirer before the end of April 2020, before the end of April 2021, before the end of April 2022, and 2023Prepare and issue the annual Audit Report in accordance with Chinese accounting standards before the end of April.
3. Agreement on exit conditions: 杭州夜生活网 The acquirer has the right (but has no obligation) to request the designated subsidiary of Mulinsen to repurchase the acquirer when any of the following conditions occur (whichever is earlier) (Ji’an Jinmu Electronics)All or part of the target company’s equity held at the time: (1) The audit report issued by the auditing agency approved by the acquirer shows that the target company did not meet the goals agreed in this agreement in the annual year of 2019 to 2022; (2) the target company occurredSignificant adverse changes, after reasonable calculation, have been unable to achieve the goals agreed in this agreement; (3) Audit institutions are unable to issue an audit report at the time specified in this agreement, or issue a qualified audit report on the target company.
And when the acquirer requires Mu Linsen Shares 杭州夜网论坛 to repurchase all or part of the target company’s equity held at that time, it shall send a written notice to Mu Linsen Shares (hereinafter referred to as the “redemption notice”); Mu Linsen Shares shall be redeemed upon receipt of the redemption.Within ninety (90) days after the notice, in accordance with the previously agreed redemption price, raise funds and repurchase all or part of the equity held by the acquirer at that time.
The target company correctly assumes joint and several liabilities for the repurchase obligation of Mulinsen shares.
The repurchase price is 100% of the total capital contribution (total of US $ 2.5 billion) corresponding to the equity held by the acquirer in the target company plus 6 years at that time.
4% simple interest, after deducting the dividends and bonuses accumulated during the investment period.
4. We believe that the company retains Ji’an Mulinsen, which is controlled by the local industry fund, and rediscovers that the company has made active efforts to reduce interest rates and pressure on the company’s compensation costs, and has gradually replaced the local capital’s trust and optimism in Mulinson, so it is willing to implementThe merger agreement further increased capital investment, which helped Ji’an Mulinsen reduce debt pressure and further expand and strengthen.
Second, the company’s announcement responded to the “Notice of a Feedback Opinion on the Review of the Administrative Licensing Project of the China Securities Regulatory Commission”. We selected some of the most important response points for investors, mainly including the improvement of the operation of the headquarters, the profit trend of Mulinson, and the currency in hand.Explanation of funds and overall rejection.
1. Regarding Mulinsen’s headquarters, the operating income is 35.
(1) The revenue of the company’s headquarters in Q2 2019 resumed a year-on-year increase from January to June 2019.
730,000 yuan, a decrease of 12 from the same period in 2018.
05%, of which in the first quarter of 2019 the operating income of Mulin Sen headquarters14.
0.94 million yuan, down 26 every year.
13%; second quarter operating income 20.
79 ppm, an increase of 1 per year.
90%.
The increase in the year-on-year decrease in the operating income of Mulin Sen’s headquarters in the first quarter of 2019 was mainly due to the decline in the average unit price of LED packaging products, which decreased by 24.
48%, the specific reasons include: 1. The decline in the price of raw materials such as chips and the improvement of production processes have reduced the unit cost of SMD LEDs by 29.
60%; 2, the company lost part of the display packaging market share due to a quality accident in 2018, and the company lowered the product price in order to regain and consolidate market share.
In addition, Mullinson’s headquarters optimized product structure in the first quarter of 2019 to reduce fierce competition in some markets and the replacement of low-gross products, which also affected the operating income to a certain extent.
With the gradual elimination of the impact of quality accidents in 2018 and the adjustment of product structure, the sales of Mulinsen’s headquarters in the second quarter of 2019 have steadily picked up, and operating income has achieved leapfrog and quarter-on-quarter growth.
The operating income of Mulin Sen headquarters in the second quarter of 2019 increased by 5 compared with the first quarter of 2019.
850,000 yuan, an increase of 38.78 million yuan from the second quarter of 2018.
In addition, the root cause of the increase in the second quarter is also a factor. The output and operating income caused by the suspension of the Spring Festival holiday and post-holiday employment in the first quarter were relatively reduced. After three months, the number of workers and production capacity gradually recovered.Sales are gradually rising.
(2) The gross profit margin has improved to some extent from 2019Q2, although the operating income of Mulinsen Headquarters in the first half of 2019 decreased by 12.
05%, but the direct impact of quality accidents has been eliminated in advance, the average unit price of main products SMD LED products in the first half of 2019 began to pick up compared with the second half of 2018.
At the same time, the company’s product cost control is better, and the product structure is optimized and adjusted, so the company’s gross profit margin has gradually recovered.
In the first half of 2019, the gross profit margin of the main business of Mulinsen Headquarters22.
57%, an increase of 4 per year.
For the 18 years, the gross profit margin of the main business of Mulinsen Headquarters in the second quarter of 2019 was 24.
98%, an increase of 5.
.
54 averages, gross profit margin is in the process of continuous recovery and recovery.
(3) The net profit after deduction from non-return motherhood is from January to June 2019, and the net profit from deduction from non-return motherhood of Mulin Sen headquarters is 1,882.
440,000 yuan, down 721 from the same period in 2018.
290,000 yuan, of which in the second quarter of 2019, the net profit of Mulinsen’s headquarters after deduction is 6,758.
0.64 million yuan, an increase of 11,634 compared with the first quarter of 2019.
830,000 yuan.
It can be seen that the profitability of Mulin Sen’s headquarters is gradually rising, and the gross profit margin has gradually returned to the normal level in previous years, which is due to the gradual elimination of the impact of quality accidents in 2018, optimization of product structure, strengthening of cost control and expense management.
2. Questions on the currency funds and debts of Mulinsen (1) Explanation of currency funds in hand Mulinson currency funds inflow on June 30, 2019, the company’s currency funds were 52.
US $ 5.6 billion, of which restricted currency funds23.
89 ppm, the balance of the previous fund raising account was 4899.
680,000 yuan, after deducting the above funds, the company’s total disposable capital is 28.
180,000 yuan to support the daily operations of the company.
The company’s restricted currency funds mainly include bank acceptance deposits19.
32 trillion, draft deposit security deposit3.
US $ 8.6 billion, (2) Repayment and Debt Debts As of June 30, 2019, the company has an interest-bearing debt amount of 94.
1.5 billion, of which 78 are interest-bearing debt due within one year.
20,000 yuan, the company plans to raise funds7.
The company’s interest-bearing debt of 8 billion US dollars was repaid. After using the raised funds to repay debt and debt, the company’s asset-liability ratio on June 30, 2019 was 69.
36% to 66.
93%, the overall financial leverage has been reduced.
According to the calculation of 7% cost of funds, it is estimated that the repayment of debts and debt companies can save 54.6 million yuan in financial costs each year, which is conducive to improving the company’s profitability and anti-risk ability, and reducing the pressure on refund payment.
3. Explanation of the profit situation of Landvance (1) The actual net profit of Landvance in the second half of 2017 and 2018 reached the estimated net profit of the restructuring evaluation.
In the first half of 2019, Lande Vance achieved a net profit of 22,000 euros and a net profit of 7,234 thousand euros after deduction, which basically met the performance target.
Third, investment advice: LED IDM integration leader, maintain “overweight” rating Due to the domestic environmental factors and the impact of the trade war, the overall LED market demand is relatively weak, so the overall price pressure is greater.
In this context, the integration of LEDVANCE is gradually improving, and the operation of the headquarters has continued to improve, and the results obtained are not easy.
We believe that Mu Linsen, as the leader of China’s LED industry chain IDM integration, has a prominent industry segmentation. In the future, the improvement of the LED industry demand will be prioritized.
We estimate that the company’s net profit for 2019-2020 will be 816/1021 million yuan, corresponding to about 16 times the PE, and maintain the “overweight” level.
Sofia (002572) Annual Report Comment： Adjusting the scale to improve service efficiency is the key!
Sofia (002572) Annual Report Comment: Adjusting the scale to improve service efficiency is the key!
2018 revenue increased by 18 in ten years.7%, net profit attributable to mothers increased by 5 in ten years.8% of the companies released their 2018 annual reports and achieved revenues of 73 in 2018.1 billion, an increase of 18 in ten years.7%; in terms of products, customized wardrobes have achieved 60 in revenue.6 billion, an increase of 17 in ten years.5%; custom cabinets achieve revenue 7.0.8 billion, a year-on-year increase of 20%, and the revenue growth rate of the custom cabinet business in the second half of the year reached 33.5%, compared with 3 in the first half.8% growth, showing a trend of accelerated development; supporting products to achieve revenue3.3.3 billion, an increase of 16 in ten years.1%; wooden door realized revenue 1.5.8 billion, an increase of 116 previously.5%.In terms of channels, the retail end achieved revenue of 67 in 2018.200 million (joining & direct management), and achieved 5 in the engineering field.8.4 billion.In 2018, the company temporarily served customers 55.40,000, an annual increase of 3.55%, the average customer unit price is 10945 yuan / single (excluding cabinets), increased 9 times.89%.The company 苏州夜网论坛 achieved net profit attributable to mothers in 20189.5.9 billion, an increase of 5 previously.8%, equivalent to 1.04 yuan.The distribution plan for 2018 is 5 yuan for every 10 shares. Every time the gross profit margin drops by 0.6 averages, during which the rate of expense increases by 1 per second.The company’s gross profit margin for the nine years 2018 was 37.6%, reducing by 0 every year.6 single; by product, the gross profit margin of the custom closet business was 40%, a decrease of 0.69 single; gross profit margin of custom cabinet business is 28%, increasing by 4 every year.95 units; the gross profit margin of the accessory business was basically flat at 24.6%. The company’s period expenses were 20 in 2018.3%, an increase of 1 per year.9 units; by item, the sales expense ratio exceeds 1.2 up to 9.6%, mainly due to increased advertising investment and employee compensation.The overhead rate increases by 0 every year.6 single to 10.4%, mainly due to the use of office buildings and dormitories at the Ningxi base of the headquarters and three-dimensional warehouses of various production bases. Depreciation costs and long-term deferred expenses increased. Improving service efficiency is the only important winner. The adjustment is in progress. 2018 is not only a stressful year for Sofia, but also for the entire home furnishing industry.Judging from the real estate data and the volume of the Chinese market, in fact, the pressure should not be great, and the entire custom home furnishing industry, due to a large amount of capital inflow, has caused the store to increase much faster than the industry’s growth, leading to 2018The average annual number of potential customers that each store can share is reduced; at the same time, the development of renovations, the emergence of new sales channels such as the Internet, and the fragmentation of decoration requirements have exacerbated the difficulty of acquiring customers in offline stores, so the entire custom homeThe physical store service efficiency of the industry has dropped dramatically.This is the fundamental reason why Sofia’s profitability has weakened in 2018 and the expense ratio has increased.We believe that the only factor that ultimately affects the success of the custom industry in the future is service efficiency. Who can make service efficiency significantly higher than peers and will be committed to achieving winner-take-all in the custom industry. We believe that in the era of customization, the sharing of the home industryThe concentration will be much higher than in the era of finished home furnishings. From the perspective of service efficiency, we believe that Sofia has caused several important adjustments and changes in 2018.First, it has intensified the elimination of dealers. The company replaced 2% of dealers on average in previous years, and replaced 100 dealers in 2018, accounting for about 8%.The essence of service is completed by people. By increasing the intensity of replacing dealers and improving the quality of the end-members, it is the basis for improving service efficiency.In terms of business format, the company began to attach great importance to the integration of large retail stores.In 2018, the company opened 98 new stores with an area of 1,000 square meters and established large stores. Through more categories and more home improvement scenarios, the service efficiency was improved., Is the successful experience that global home furnishing giant IKEA has already verified. Sofia will accelerate the pace of opening large stores in 2019, and it is expected that 150 new stores will be added in 2019.Third, continue to improve the company’s informatization level. We believe that just looking at when the company’s operating inflection point can occur, its essence is that the company adjusts after the replacement of service efficiency, the marginal improvement in service efficiency brought by the adjustment, and the marginal decline in service efficiency brought by the increased competition with the industry.Comparison of strengths between the two.When the marginal improvement in service efficiency brought by the adjustment of the company can begin to hedge against the marginal decline in service efficiency brought by the industry level, the turning point of operating scale begins to appear.Sophia’s operating inflection point currently needs time to observe. As an outstanding company in the industry, we predict that in the second half of 2019, we will most likely see Sophia’s operating inflection point appear. It is estimated that the price has been expanded and we maintain the Buy rating. We expect the company’s net profit to increase by 15 in 2019-2020.8% and 16.8%, corresponding EPS is 1.2 yuan and 1.4 yuan, the current corresponding PE is expected to be 16 times and 14 times, we think the company’s current estimate level is already relatively large and cheap, maintain the buy rating.
Qianhe Flavor Industry (603027)： Channel Accelerates Penetration Marketing and Continues to Overweight
Qianhe Flavor Industry (603027): Channel Accelerates Penetration Marketing and Continues to Overweight
Highlights of the report Event description Qianhe Flavor disclosed the first quarter report of 2019: operating income for the first quarter of 20192.
91 ‰, an increase of 18 per year.
46%, of which condiment income increased 28 per year.
05%; net profit attributable to mother 5052.
520,000 yuan, a reduction of 54 every year.
05%, deducting non-net profit increases by 19.
.
07%.
Incident Review The condiment segment maintained high growth, driving increased profitability: the company’s condiment achieved revenue in the first quarter of 20192.
40,000 yuan, an increase of 28 in ten years.
05%, of which zero-added products grew faster than the whole; in terms of products, soy sauce achieved income1.
740,000 yuan, an increase of 32 in ten years.
23%; vinegar realized income 4545.
50,000 yuan, an annual increase of 7.
69%; caramel color achieved revenue 4054.
250,000 yuan, 19 years ago.
75%, mainly due to customer churn in South China since the second quarter of last year.
The continuous upgrading of the structure caused the company’s gross profit margin to reach 48 in the first quarter.
3%, a substantial increase of 4 per year.
55pct, deducting non-net interest rate to 15.
67%, an increase of 0 every year.
08pct, the maximum increase in sales 合肥夜网 expense ratio3.
98pct, mainly for team expansion on the marketing side and over-promotion of advertising promotion.
It is expected to upgrade at zero-add packages, increase marketing efforts, continue to increase the proportion of high-end products, and gradually increase the sales expense ratio in order to maintain relative stability and promote profitability.
The expansion of key regions is accelerating, and the marketing side is expected to continue to exert its strength: in 2018, the company will continue to explore the national market and roll out marketing network construction in major cities such as major capitals.
In the first quarter, the revenue growth of key markets outside the province was strong, and the East China region grew for ten years.
5%, the North China region increased by 103 in ten years.
53%杭州桑拿 in Northwest China, an increase of 52 in ten years.
07%, South China’s revenue decreased by 29.
74%, mainly due to the impact of customer loss of caramel color business; e-commerce achieved 2326 in the first quarter.
Income of 360,000 yuan, an increase of 48 in ten years.
04%, maintaining rapid growth.
From the perspective of the expansion of dealer teams in various regions in the first quarter, the number and growth rate of new start-ups in East China and North China were both leading, with a net increase of 13 in East China and an increase of 11.
3%, a net increase of 19 in northern China, an increase of 15.
1%, the above two regions are also the company’s key market development at this stage.
It is expected that in 2019, the company will continue to make efforts in the development of key regions, expand personnel, expand ground advertising, and coordinate the refocusing of zero-add positioning.
Continue to be optimistic about the company’s medium and long-term differentiated competitive advantage.
We continue to be optimistic about the growth potential and differentiated competitive advantages of the company’s zero-additive products, and we expect to benefit in the long term under the trend of healthy upgrading of condiments.
EPS are expected to be 0 in 2019/2020.
70 yuan / 0.
86 yuan, corresponding to the current PE is 32 times / 26 times, maintaining the “buy” level.
Risk Warning: 1.
Industry competition is intensifying, and product demand falls short of expectations; 2.
Food safety issues, policy adjustment factors, and other uncertain events.
Century Huatong (002602) Company In-depth Study： Domestic and Overseas Game Leaders Join Forces to Join Forces to Set sail
Century Huatong (002602) Company In-depth Study: Domestic and Overseas Game Leaders Join Forces to Join Forces to Set sail
One of the largest game manufacturers to achieve the comprehensive development of the game industry.
The company’s main business is Internet games, and its industries include Tianyou, Qiku, and Little Interactive (the game’s leading player in the sea, consolidated in January 18), Shengqu games (the domestic game leader, consolidated in June 19), and so on.
Driven by point-to-point consolidation, the company achieved revenue of 81 in 18 years.
24 ppm, an increase of 132 in ten years.
72%, net profit of non-attributed mothers7.
44 ppm, an increase of 96 in ten years.
26%.
Shengqu Games was consolidated in June. It belongs to the same shareholder’s shares and was rearranged. The following data has been adjusted for the same caliber: the company achieved operating income of 109 in the first three quarters of 19.
35 ppm, an increase of 18 years.
12% (almost 1.7 billion in revenue), achieving net profit attributable to mothers20.
Ten percent of 09, a year-on-year decline of 15.
13%, exceeding the advance notice limit and realizing a net deduction for non-attributed net profit of 14.
3.6 billion, an increase of 110 in ten years.
50%, mainly due to the increase in performance brought about by endogenous development such as Shengqu.
The R & D funding industry is leading, and it cooperates closely with leading companies.
In 19, the company’s R & D budget exceeded 1.3 billion, and the R & D team had nearly 3,000 people. They joined hands with the Nuggets and other nuggets to buy the market.
Tencent is an important strategic shareholder of the company (accounting for nearly 5%) and acts as the company’s head mobile game “Dragon Valley”, “Legend of Blood” and so on.
It has legendary, handed down, Dragon Valley and other head IP core resources, and attaches great importance to boutique.
In terms of mobile games, the legendary series of hand-to-hand mobile games performed well. New self-developed mobile games such as “Retro Legendary Heroes”, “Decisive Battle Marfa”, and “Remastered Edition” were launched during the year.》 Etc. also got good results.
In terms of terminal games, “Final Fantasy 14” 5.
Version 0 was launched, and “Qinglong of the Dragon” Q3 landed on WeGame, “Legendary Series Tour”, “Rainbow Island” and other works performed well, driving the end-game business to grow by nearly 15% in the first three quarters of the year.
20 years is an excellent year for the 20th anniversary of legendary games in China. “Legendary Eternal New Works” and “Legendary Heroes Edition” are expected to be launched. For other game categories, “Dragon Valley 2 (Tencent sole generation)”, “Qing Yu Nian (Open World Game)”, “Komori Life”, “Code Expedition”, “Rapis”, “Moon Rhapsody” has abundant reserves.
Domestic and overseas mergers and acquisitions intensify market competition, actively move in hand in hand, and cloud game heroes shine swords.
As the first manufacturer to go abroad, Diandian has strengthened its global distribution capabilities, focusing on SLG and leisure categories, creating explosive models such as “The Gungun Era” and “King of Avalon”. It will be deployed in major overseas categories in 20 years, and more than ten products will be launched.
On October 10, 19, the company disclosed that it had signed a strategic agreement with Migu Culture. It will conduct comprehensive strategic cooperation in game intermodal transportation, 5G cloud game ecological construction, copyright cooperation, and overseas.
Investment point of view: The company has successively 北京夜网 integrated the game’s leading interactive game and one of the domestic game leader’s Shengqun games in 18-19, and has strengthened the alliance. It has further deepened its in-depth cooperation with Tencent to master the legendary legacy, Dragon Valley, Adventure Island, etc.A variety of top-level IP resources, 20 years of “Dragon Valley 2” and other game reserves are rich, and it is recommended to pay attention to the follow-up 3.1 billion supporting financing progress.
We expect the company’s revenue growth in the years 19-21 to be 89% (without retrospective adjustment) / 20% / 10%, and the net profit attributable to the mother is expected to be 30.
2/40.
US $ 250 million, corresponding to an estimated 18x / 14x / 11x, and the current gaming industry’s estimated hub for 19-20 years is 19x / 15x. As one of the leading players in the global gaming industry, we think the company should be perfect with SanqiLeading A-share companies such as Gigabit are approaching, so they give the company a 20X target for 20X with a target price of 13.
4 yuan, “Buy” rating.
Risk reminder: The version number is not approved in time, the online time or game performance exceeds expectations, overseas promotion is blocked, the governance structure is improved, and industry supervision is tightened.
Hexing Packaging (002228)： Downward pressure on paper prices releases PSCP to lead packaging leader to set sail
Hexing Packaging (002228): Downward pressure on paper prices releases PSCP to lead packaging leader to set sail
Event: Hexing Packaging released the first quarter report of 2019, and the company achieved revenue of 28 in Q1 2019.
76 ppm, a ten-year increase of 8.
24%; net profit attributable to mother is 0.
68 ppm, an increase of 17 in ten years.
47%; net profit after deduction is 0.
63 ppm, an increase of 12 in ten years.
68%.
Benefiting from the decline in paper prices and the heavy volume of PSCP, the gross profit margin has been extended.
The company’s gross profit margin in Q1 2019 was 12.
30%, a year to raise 0.
55 points.
We believe that the company’s gross profit margin increase is mainly due to: 1) entering 2019, the price of paper has begun to show a downward trend, and the average price of Q1 corrugated cardboard / cardboard paper was 3363/4450 yuan / ton, which gradually decreased by 4;
43% / 7.
18%; 2) The volume of PSCP has gradually increased, and its proportion in revenue has gradually increased. The effect of scale has appeared. The gross profit margin of the supply chain service module has begun to rise, and the overall gross profit margin of boots has increased.
2019Q1 company’s sales expense ratio / management expense ratio (including research and development expenses) / financial expense ratio are 3.
69% / 4.
43% / 0.
71%, rising by 0 every year.
06pct / 0.
95pct / 0.
21 points.
In 2019Q1, the company’s net margin was 2.
38%, an increase of 0 every year.
19 points.
Cash flow improved significantly and ROE continued to rise.
The cash flow from the company’s operating activities in Q1 2019 is 1.
34 ‰, an increase of 187 per year.
23% (18Q1 is -1.
5.3 billion).
Cash received from selling goods and providing services increased by 87.
9%, the cash paid for purchasing goods and receiving labor services only increased by 51 each year.
9%.
After introducing the volume of the PSCP platform, based on the increase in the company’s scale effect, the ability to bargain with customers has gradually increased, and the company’s ability to return funds has increased.
2019Q1 company ROE is 2.
47%, an increase of 0 every year.
45 points, asset turnover fee 0.
42, (2018Q1 is 0.
35) The increase in asset turnover is the core reason for the upward ROE. Changing the traditional packaging-heavy asset operation model and reducing capital expenditure while expanding sales are the driving forces behind the increase in asset turnover. PSCP platform creates client competition barriers: In the PSCP platform’s operating model, Hexing Packaging provides capital and resource support to cooperative packaging companies, and reduces procurement costs through industrial effects in exchange for rapid increase in revenue and market share.And achieve cost reduction and platform traffic monetization.
By providing value-added services for the industry (increasing the scale of orders), middle (resource matching, cost management, inventory management, funding support, etc.) and downstream (improving service levels, order matching efficiency), the industrial value expansion is achieved, and the packaging industry chainRealize the redistribution of income and profit value.
Investment suggestion: We expect the company to realize revenue 153 in 19-21.
700 million, 194.
600 million, 238.
60,000 yuan, an increase of 26 in ten years.
34%, 26.
63%, 22.
61%; net profit attributable to mothers3.
600 million, 4.
100 million and 4.
90,000 yuan, an 北京桑拿体验网 increase of 55 in ten years.
32%, 14.
25%, 18.
60%; EPS are 0.
31 yuan, 0.
35 yuan and 0.
42 yuan, maintain “Buy” rating.
Risk warning: the risk of rising raw material prices, the risk of business expansion falling short of expectations, and the risk of increased competition in the industry
New Wufeng (600975) 2019 Interim Report Review： Sow Inventory Continues to Growth
New Wufeng (600975) 2019 Interim Report Review: Sow Inventory Continues to Growth
Core point of view Pig price rises, driving the company’s profit in the first half of the year.
The sow inventory continues to grow, which is expected to escort the company’s own capacity growth.
In the first half of the year, the growth rate of listing was faster than expected. We revised down our profit forecast and lowered our target price to 13.
6 yuan, downgraded to “overweight.”
The price of pigs has risen, turning losses into profits in 2019H1.
In the first half of 2019, the company realized revenue8.
20,000 yuan (10% increase), a profit of 6.01 million yuan (turning losses into profits over the years).
The increase in revenue was mainly due to the expansion of the scale of the slaughtering and refrigeration business and the increase in sales prices.
In the first half of the year, the company’s slaughtering and refrigeration business realized revenue.
900 million (the 上海夜网论坛 same increase of 62%), of which the company’s slaughtered meat sales reached 2.
3 Cobalt (37% increase).
Earnings growth was mainly due to the rising pig prices driving the company’s hog breeding business to stop losses.
The average selling price of hogs in the first half of the year was approximately 14.
2 yuan / kg, an increase of 16%.
The company’s performance was in line with expectations.
The sow inventory continued to grow, and the number of pigs on the market exceeded expectations.
As of the end of June 2019, the company’s productive biological assets increased by 45% and 12%.
The company’s breeding pig inventory is from the initial 3.
10,000 heads increased to 3.
60,000 heads, indicating that the company’s sow size is still growing against the trend and is expected to escort the company’s own production capacity growth.
In the first half of the year, the company produced 34 pigs.
390,000 (same increase of 0.
2%), 16 of which were slaughtered in 2019Q2.
280,000 heads (same drop 4).
2%).
The decrease in the number of pigs slaughtered in the second quarter of 2019 was mainly due to the replacement and replacement of piglets at the end of 2018, which resulted in damage to the company’s outsourced piglets.
We each revised down the market forecast in 2019/20/21 to 900,000 / 1.15 million / 1.8 million heads (previously 1.1 million / 1.6 million / 2 million heads).
Pulled by the pork gap, the period of high profit growth is approaching.
The current number of capable sow stocks has continued to accelerate since April 2018, and there was no marginal change in July 2019.
Accordingly, we expect domestic pig production to continue to decline from 2019Q2.
The second half of the year is usually the peak season for pork consumption.
Under the combined effects of supply and demand, pig prices are expected to increase day by day, and the profit elasticity of pig farming will promote release.
Risk factors: epidemic risk, pig price rise is not up to expectations, raw material prices fluctuate.
Investment suggestion: The growth rate of slaughtering volume in the first half of the year exceeded expectations, but pig price performance was stronger than expected.
Revised EPS forecast for 2019/20/21 to 0.
30/1.
24/0.
84 yuan (was 0.36/1.
48/0.
94 yuan).
With reference to the company’s average profit level in the previous cycle and the historical forecast level of its peers, the 2020 EPS is given 11 times PE, and the target price is reduced to 13.
6 yuan, downgraded to “overweight.”
TD Optics (002632) Company dynamic comment： Reflective film business grows steadily Aluminum and plastic films and optical films are expected to contribute incremental performance
TD Optics (002632) Company dynamic comment: Reflective film business grows steadily Aluminum and plastic films and optical films are expected to contribute incremental performance
Event: The company released a performance report for 2018, reporting that the combined company achieved total operating income12.0.6 billion, an increase of 49 over the same period last year.81%; operating profit 2.8.7 billion, a year-on-year increase of 87.84%; total profit 2.860,000 yuan, an increase of 90 over the same period last year.99%; net profit attributable to shareholders of listed companies2.400,000 yuan, an increase of 93 over the same period last year.80%. The license plate film and license plate semi-finished products business improved the company’s performance.At the report level, the company ‘s glass bead product business has grown in the downstream license plate film and license plate semi-finished product market. Product added value supplements The company ‘s main glass bead-based reflective materials have achieved rapid growth; in the future, about 30 million vehicles will be added each year.30 million sets of license plates are needed, and 5-6 sets of license plates can be used per square license plate film. It is expected to increase the market by 6 million square meters every year in the future, and convert more provinces.The license plate semi-finished product supplier changes, and the overall license plate film and semi-finished product market size will show substantial growth, and the company is expected to gain a higher market share. The production capacity of microprism film is gradually released, which is expected to contribute incremental performance.The company is the first domestic leader in the world to break through the microprism reflective film technology barriers. It has a glass microbead reflective film production capacity of 16.8 million square meters, a microprism light emitting film production capacity of 10 million square meters, and a reflective cloth production capacity of 13.2 million square meters.Clothing capacity is 5 million sets.About 3M, Avery, Ruifei and other foreign companies that have suffered colonial rule in the future, the company will take advantage of good service and a slightly lower 15% -20% price advantage in the future, and is expected to quickly seize the domestic market.The company’s sales of high-margin products such as micro-prism reflective film increased the company’s overall gross profit level.In the first three quarters of 2018, the sales volume of microprism reflective film reached 1.97 million square meters.With the further release of production capacity, the company’s microprism film business is expected to contribute incremental performance in the future. The certification phase of the aluminum battery in the field of power batteries is about to enter the harvest period.Aluminum plastic film is one of the key materials for flexible lithium battery packaging, and it is also one of the key barriers in the lithium battery industry chain.The global aluminum plastic film market and technology have been monopolized by a few companies such as Japan and South Korea, and the domestic production rate is less than 5%.Among them, the global market share of aluminum-plastic films produced by DNP and Showa Denko reaches about 70%.Due to the strong monopoly of aluminum-plastic film, prices have remained high, and gross profit margins have exceeded 50%.At the same time, the cost of aluminum-plastic film accounts for about 15% of the cost of soft pack batteries, and the price gap between domestic and foreign prices is about 20% -30%.Domestic lithium battery manufacturers urgently demand to reduce the cost of lithium battery raw materials. Therefore, the aluminum plastic film has realized import substitution, and the domestic demand has become increasingly prominent.The company’s aluminum plastic film adopts a dry process and has entered a stable mass production stage in the second quarter of 2017. The performance indicators are consistent with the performance of similar products of foreign brands. It is 杭州桑拿 one of the very few domestic companies that can mass produce aluminum plastic films.At present, the company has obtained more than 50 3C lithium battery enterprise orders. Mainstream power customers are in the certification stage. Some small manufacturers and mopeds have already purchased power-based membranes.With the completion of certification, the company’s aluminum plastic film business is expected to enter the harvest period. With the acquisition of Warwick, the layout shows optical films, and the future of quantum dot films is promising.Warwick New Material’s main products are multifunctional composite brightness enhancement film rolls for LCDs and optical film sheets (synthetic liquid crystal module optical films). The main customers include TCL, Zhaochi, Skyworth, Kangguan, Huike and other domestic and foreignenterprise.At present, the quantum dot film has been installed and debugged to achieve mass production conditions, which is expected to become a new growth point for the company’s profits. Investment suggestion: The company is a leader in the field of domestic reflective materials. The traditional business has grown steadily, and emerging businesses are expected to provide performance growth points in the future.The company’s 18-20 EPS is expected to be zero.38 yuan, 0.48 yuan, 0.61 yuan; the corresponding PE is 22.16X, 17.59X, 13.90X; Maintain “Highly Recommended” rating. Risk reminder: The prosperity of the reflective material industry is highly expanded, and the range of demand for aluminum-plastic films shows that the demand for optical films has increased significantly.
Chint Electric (601877)： Performance maintained rapid growth Low-voltage electrical business is expected to reach another level
Chint Electric (601877): Performance maintained rapid growth Low-voltage electrical business is expected to reach another level
The company released its 2018 annual report and 2019 quarterly report: the 2018 revenue was attributed to net profit, and the net profit after deduction was increased by 17 respectively.
10%, 26.
47%, 38.
81%.
Revenue in the first quarter of 2019 was attributed to net profit, and net profit after deductions increased by 17 respectively.
66%, -11.
60%, -12.
11%, after excluding the impact of generator sales in the same period of each year, it is attributed to net profit, and net profit after deduction is increased by 22 respectively.
22%, 22.
57%, maintaining rapid growth.
The company’s photovoltaic sector has entered a stable development stage, and household consumption is expected to resume high growth. After the layout and investment of low-voltage appliances in recent years, the distribution channels have become stronger, and the direct sales business has also made breakthroughs.
The company maintains an excellent balance sheet and cash flow, self-blood-making ability, profitability, and maintains a “strongly recommended-A” rating with a target price of 28-30 yuan.
The first quarter performance growth exceeded expectations.
The company published 18 annual reports and 1 quarter of 19 reports.
In 2018, the company’s revenue was attributed to net profit, and after deduction, it was attributed to net profit of 274 respectively.
21, 35.
92, 36.
54 ppm, an increase of 17 each year.
10%, 26.
47%, 38.
81%, annual report performance in line with expectations.
In 杭州桑拿网 the first quarter of 2019, revenue was attributed to net profit, and net profit after deduction was 59 respectively.
95, 5.
42,5.
2.7 billion, an increase of 17 each year.
66%, -11.
60%, -12.
11%.
Among them, in the first quarter of 18, the company confirmed that the gain from the sale of power plants was about 1.
7 trillion, excluding the influence of this factor, attributed to net profit, net profit after deductions increased by 22.
22%, 22.
57%, maintaining rapid growth.
Breakdown of business.
In 2018, the company’s low-voltage electrical appliance business achieved revenue of 163.
40,000 yuan, an increase of 16 in ten years.
11%.
The photovoltaic business realized revenue 103.
75 ppm, a ten-year increase of 17.98%, among which, power station operation, battery module manufacturing, and EPC achieved revenue of 19 respectively.
52, 62.
46,杭州桑拿 21.
7.7 billion, an increase of 14 each year.
67%, 18.
56%, 19.
36%.
The low-voltage electrical business is expected to take another step.
The company’s low-voltage distribution business channel capabilities have been further strengthened. At present, it has 500 core core dealers and more than 3,600 distribution outlets. After sales and management in 2015, it began a new round of development and is committed to maintaining rapid growth.Shares have taken another step.
The direct selling business focuses on six major industries: electricity, machinery, communications, industry, construction engineering and new energy. It has cultivated a professional direct selling team and achieved a phased breakthrough.
The company’s photovoltaic sector is operating steadily with household expectations.
The company’s photovoltaic power generation accounted for over 50%, its operations were stable, and its EPC business was also expanding.
The company’s household photovoltaic business model is already very clear. In collaboration with the low-voltage electrical appliance channel, a strong promotion team has been cultivated at the beginning of 18 years. However, it was affected by 531 policies in 2018.
Above xGW, the compensation intensity is 0.
18 yuan / watt.
After the implementation of the policy, the company’s household business restarted ahead of schedule.
Investment suggestion: Maintain “Highly Recommended-A” rating with target price of 28-30 yuan.
Risk reminder: The demand for low-voltage electrical equipment fluctuates, and it is difficult to solve the problem of new energy power generation.