Guangdong Expressway A (000429): Slight changes in first half results High dividend yield highlights long-term allocation value

Guangdong Expressway A (000429): Slight changes in first half results High dividend yield highlights long-term allocation value
Incident Guangdong Expressway A released its semi-annual report for 2019. In the first half of 2019, Guangdong Expressway A achieved operating income of 14.84 ‰, a decrease of 3 per year.40%; realize net profit attributable to shareholders of listed companies.36 ppm, a decrease of 5 per year.46%.In the first half of 2019, the company achieved zero profit.35 yuan, expected average ROE is 8.39%, a decrease of 0 per year.21 units. A brief comment on the impact of multiple factors such as behaviors and diversions in the short term, the revenue of the holding road industry declined slightly in the first half of the year, mainly due to the decrease in road transportation income.32%.Judging from the operation of the company’s three holding roads: 1) Guangfo Expressway achieved a traffic volume of 35.37 million vehicles in the first half of the year, an annual increase of 19.7%, toll income 2.300 million US dollars, an annual increase of 2.19%. The reason for Guangfo Expressway’s revenue growth far exceeding its traffic growth rate is mainly because from July 1 last year, Guangzhou imposed restrictions on trucks with more than 15 tons. At the same time, the Foshan First Ring has already lifted the ban on goods and free of charge.As a result, the proportion of trucks on the Guangfo Expressway has declined. 2) The traffic volume of Fokai Expressway reached 34.21 million vehicles in the first half of the year, an increase of 4 per year.26%, toll income 6.1.7 billion, a decrease of 3 per year.33%.The reason for the decline in revenue was mainly due to the obvious diversion effect of the second phase of Yunzhan and the first ring of Foshan. 3) The Guangzhu section of the Beijing-Zhuhai Expressway was affected by a combination of multiple factors including the Humen Bridge ‘s partial cargo restrictions, the Nansha Bridge, and the completion of the Pan-Wan Expressway, which reduced the traffic flow in the first half of the year.35% to 34.84 million vehicles, toll revenue is reduced by 5 every year.27% to 6.02 billion. Revenue from equity investment in road products has steadily increased. The expansion of the southern section of Fokai has brought about an extension of the charging period. In addition to the three holding road products, the company has also invested in seven road products such as Huiyan Expressway, Guanghui Expressway, and Yuezhao Expressway., The total equity mileage of the controlling property company reached 264.4 kilometers.In the first half of 2019, the company realized investment income2.76 ppm, a six-year increase 杭州桑拿网 of 6.5%, of which long-term equity investment income calculated by equity method is 2.38 ppm, a ten-year increase of 9.At 7%, the reported profit of the equity investment in road property achieved a number of solid growth.In addition, the expansion project of the company’s southern section of Fokai is still progressing steadily, and the project progress has reached 58.87%, it is expected to be completed by the end of 2020, when its charging period will be extended, and the bicycle charging standard will also be increased. The cash cow attribute highlights the long-term allocation value. The first coverage gives the company an overweight rating in 2018, and the company is subdivided into 0.562 yuan (including tax), the dividend ratio is 70%, which corresponds to the current dividend yield of 7.30%.Considering that the 都市夜网 company’s road products are located in economically developed areas, future traffic flow can be guaranteed. Due to the company’s cash cow attributes, the company still tried to maintain a 70% dividend ratio in 19-20.We expect the company’s revenue levels to reach 32 respectively in 2019-2021.3.7 billion, 33.3.1 billion, 34.380,000 yuan, the net profit attributable to the owner of the parent company was 16 respectively.7.8 billion, 17.310,000 yuan, 17.990,000 yuan, corresponding to 0 EPS.80 yuan, 0.83 yuan, 0.86 yuan, for the first time, the company was given an “overweight” rating.

Yuantong Express (600233): The growth rate of non-net profit in a single quarter increased beyond market expectations

Yuantong Express (600233): The growth rate of non-net profit in a single quarter increased beyond market expectations


Yuantong Express released the 2019 third quarter report.

Among them, 2019Q3 operating income increased by 16 year-on-year.

87%, net profit attributable to mother increases by 13.

47%, net non-profit increased 17.


  Performance growth continued to improve month-on-month, exceeding market expectations.

From the quarterly perspective, the growth rates of non-net profit deducted for Q1, Q2, and Q3 were 19 respectively.

41%, 0.

41%, 17.


The reasons for the faster-than-expected performance growth in the third quarter of 2019 include three aspects:杭州夜网 The first is the increase in single volume growth. In April 2019, the company’s core leadership adjusted. After taking office, President Pan Shuimiao began to pay close attention to service quality.In the post office, the effective refractive index of the company’s million pieces has significantly decreased. Q3 continued to rank in the top two in the rookie index, and the single volume growth rate increased from 32 in Q2.

08% increased to 44.

11%; the second is the continuous optimization of the cost side, we invest in Q3 single ticket cost2.

At RMB 42, it reduced to a comparable caliber. Q3’s single ticket cost continued to drop by 8-10%, and the single ticket transportation and distribution cost gradually decreased by 15-20%. Third, the freight forwarding performance improved significantly, and Q3 minority shareholders’深圳桑拿网 profit and loss was zero.

08 million yuan, compared with 0 in the same period last year.

0.6 million yuan, an increase of 33 in ten years.

3%, can push back Q3 freight forwarding performance growth of 30-40%.

  In the short term, 2019Q4 results will continue to exceed expectations.

First, at present, major companies in the industry have issued high-customer books on peak season peak response plans, resetting the express delivery fee from November 11, 2019.

From the perspective of the industry, the price increase and volume control in the peak season can improve the profitability of Q4 outlets and the headquarters. Second, the Yuantong Express itself has been in the complementary short board process in the past two years. Through rapid own vehicles and automated sorting equipment,Enhance yourself.

After entering the peak season, these two expenditures will further reduce the impact of short-term changes in external capacity and labor costs on Q4 gross profit margin, and single ticket costs will usher in surpassing alternative improvements.

  In the long run, behind the difference in the cost of a single ticket for the Tongda department is the difference in capital strength.

First, the path of cost reduction of Tongda Department is relatively similar, but the difference in internal hematopoietic capacity will be an important reason that the cost of Tongda Department will always keep the difference.

From the perspective of reducing costs, the core lies in increasing the proportion of large-capacity trucks in mainline transportation and investing in automated sorting equipment, which is ultimately reflected in capital expenditures.

Second, the capital required for capital expenditures comes from its own hematopoietic and external financing. Differences in the scale of net profit will bring about differences in net cash flow from operating activities, and it will also be reflected in financing capabilities.

For Yuantong Express, the industry ‘s $ 3.6 billion convertible bond financing before the dogfight constituted a rapid catch-up in cost reduction and created conditions.

  Investment suggestion: Maintain “Buy” rating.

The verification of Yuantong Express’s single ticket cost continued to decline in the financial report will be a catalyst for the estimated repair.

Taking into account the industry’s Q3 competition, the profit forecast for 2019-2021 is adjusted, and the net profit of the mother is expected to be 21-20 in 2019-2021.

7.2 billion, 26.

2.6 billion, 29.

80 ppm (original value of 22.

9.1 billion, 28.

8.6 billion, 34.

04 ppm) and EPS is 0.
76 yuan, 0.

92 yuan, 1.
05 yuan, corresponding to PE is 17 times, 14 times, 12 times.

  Risk warning: Macroeconomics misses expectations, price war exceeds expectations

Zhou Dasheng (002867): Steady growth in performance of leading gold and jewelry companies

Zhou Dasheng (002867): Steady growth in performance of leading gold and jewelry companies

The company is a leader in the gold jewellery industry and has a strong overall competitiveness. For the first time, it has been assigned a “buy” 夜来香体验网 rating. Zhou Dasheng is a leader in the domestic gold jewellery industry.The compound growth rate of revenue and net profit was 15 respectively.

0% / 19.


The demand for the gold and jewelry industry has grown steadily, and the growth dividends of low-tier cities have increased. At present, the trend of increasing industry concentration has emerged, and as a result, the company’s operating performance has been significantly different from that of other companies.

As the industry leader, the company’s brand effect and franchise operation ability will be enhanced. It will benefit from the increasing trend of industry concentration. The extension space is still broad. We expect the company’s EPS to be 1 in 2019-2021.



87 yuan, for the first time we cover the company to give a “buy” rating.

  Domestic economic growth and consumption upgrade drive steady growth of gold jewellery consumption The size of the gold jewellery market is mainly driven by consumer demand and investment demand. For a long time, the industry’s investment demand has weakened. In the long run, industry growth is mainly driven by consumer demand.

In addition, consumption upgrades and replacement products will increase the size of space for prime products.

According to the statistics of the China Jewellery & Jade Jewelry Industry Association, the size of the jewellery consumer market in 2018 reached 820 billion, with an increase of 7.

5%, and it is expected that the industry market size will still maintain a growth of about 8% in 2019-2021.

We believe that if the subsequent high gold price stabilizes or the growth trend is further confirmed, the investment attributes of gold products will begin to appear, and the growth of the industry volume will promote improvement.

  The gold jewellery industry is clearly differentiated, and there is at least room for improvement in the concentration of overseas and domestic benchmarks. According to Euromonitor data, China ‘s gold jewellery industry has a CR3 of about 15% in 2018. The industry concentration is much lower than the mature Hong Kong market in

And from the perspective of the operating conditions of various companies in the industry, the performance growth is clearly differentiated, and the revenue and performance growth of leading brands are significantly faster than those of small and medium brands. We believe that after industry integration and market competition, the domestic gold and jewelry industry will be cleared out quickly, with superior market resources.Constantly lean towards leading brands.

  The company’s brand and channel competitiveness is strong, the store is rapidly expanding. The company features “scenario-style jewellery” and builds brand awareness among consumers. According to Euromonitor data, the company’s market share reached 5 in 2018.

5%, ranking among the top three in the country.

The company’s merger and franchise model opened quickly across the country. The number of stores in Q3 2019 has reached 成都桑拿网 3787, leading the country. From 2014 to 2018, the number of company stores has maintained a compound annual growth rate of 12%, and it is still expanding rapidly.Bring into play the effect of store marketing and establish competition barriers nationwide.

The company focuses on brand operations, expands production and sales, and makes full use of the advantages of the asset-light model. The ROE level remains above 20%.

  The company’s performance has continued to grow steadily. For the first time, it has given a “buy” rating, and has maintained steady growth in internal macroeconomics and consumption upgrades in low-tier markets, as well as increasing the concentration of the industry. The company continues to maintain a rapid pace of store expansion and achieve sustained growth in performance.
We estimate that the company’s net profit attributable to its parent for 2019-2021 will be 9.



6.5 billion.

The reference industry averages 18 in 2020.

1x price-earnings ratio, considering that the company’s asset-light model is the main factor, the gold inventory is reduced, and the profit end and the estimated elasticity affected by the gold price are relatively small, giving the company a 14-16 times PE estimate in 2020, corresponding to a target price of 22.


92 yuan, covering the company with a “buy” rating for the first time.

  Risk warning: the macro economy is accelerating downward; the price of gold fluctuates sharply; the international brand channels sink.

Guotai Junan (601211) 2018 Annual Report Comments: Self-operated Investment Banks Slow Performance and Wealth Management Stable and Rising

Guotai Junan (601211) 2018 Annual Report Comments: Self-operated Investment Banks Slow Performance and Wealth Management Stable and Rising

Event: The company achieved operating income of 22.7 billion in 2018, a year-on-year decrease of 4%.

56%; the non-net profit attributable to shareholders of the listed company was 5.8 billion yuan, which will decrease by 36 in the future.


Return on statutory average net assets 5.

42%, a decrease of 3 per year.

63ppts, but better than the industry average (3.


Brokers lead the two financial interest rates, and centralized management of asset management proactively: (1) The company’s brokerage business continued to lead the market share of net income (including seat leasing) of securities business in 2018.

14%, 0 per year.

57ppts, maintaining the industry first.

The company’s personal financial customer base is solid and it is expected to benefit from the increase in market turnover.

(2) The company’s two-financial surplus has decreased by 29% to 45.5 billion per year, with a market share of 6.

02%, the market share remained basically the same as the brokerage business.

The transition market has improved in 2019, and it is expected that the scale of the company’s financial integration and the brokerage business will increase in the same proportion.

(3) As of the end of 2018, the scale of the company’s asset management business decreased by 15% to 750.7 billion, which was better than the industry average (down 22%).

In 2018, the proportion of the company’s active management scale increased from 39% to 41%, laying a better foundation for 2019.

The PB business increased against the market, and the investment bank ranking dropped slightly: (1) The company’s main brokerage business developed rapidly in 2018, with more than 800 customers at the end of the period; the asset custody and expansion business continued to grow by 24% to 934.1 billion, ranking second in the industry.
The company’s main brokerage business improved against the market, exerted strong competitive strength, and created potential growth points for the brokerage and dual-finance business.

(2) As of the end of 2018, the company’s stock pledged for repurchase surplus continued to decline by 46% to US $ 49.2 billion, reflecting its ability to restructure and prevent risks.

As the market improves, the scale of stock pledge business is expected to pick up in 2019.

(3) In 2018, the company’s investment banking business revenue fell by 26% to 2 billion, which was basically the same as the industry’s average decline (down 27%). Equity financing and corporate underwriters ranked third in the industry.

However, as a Shanghai state-owned enterprise, and its investment banking business continues to rank high, it is expected to seize the incremental 朴妮唛脱胸罩新闻 market of science and technology board.

The fixed income yield surpassed the market, and the on-market budget-making market maintained to: In 2018, the company grasped the growth potential of the bond market and achieved a fixed income investment yield that significantly exceeded the market average.

However, the overall trend of the A-share market in 2018 was weak, and the company’s self-operated income changed.

The company’s on-market budget-making business continued to maintain its leading position in the industry, with an average daily turnover ratio increasing by 70% to 11.

60,000 pieces, market share 8.


The first coverage is given an “overweight” rating with a target price of 22.

52 yuan: It is estimated that the company’s revenue from 2019 to 2021 will be 28.4 billion, 31.7 billion, and 34.8 billion yuan, and net profit will be 95, 10, and 12 billion yuan.

The company is currently evaluating 1.

2x 2019 PB, below the industry average.

Based on the company’s historical evaluation center, give the company 1.

35x 2019 PB, corresponding to a target price of 22.

52 yuan, the first coverage given “overweight” rating.

Risk warning: sharp fluctuations in the securities market, credit risk, liquidity risk

Retirement fund annual exam: average return 2.

54% income structure is clearly differentiated

Retirement fund annual exam: average return 2.

54% income structure is clearly differentiated

Source: 杭州桑拿 Modern Express Headline: The pension target fund passed the annual exam. In August last year, the Securities Regulatory Commission issued an approval. 14 fund companies were approved to issue the first batch of pension target funds, and public funds formally interfered with the construction of personal pension systems.

One year later, the total size of the public pension target fund exceeded 20 billion US dollars, with more than 150 investors and an average return of 2.

54% successfully passed the annual exam.

  In terms of income, the average return since the establishment of the pension target fund was 2.

54%, but the income structure is obvious.

Among them, China and the European Union foresee that the benefits of six products such as pension in 2035 will exceed 5%, 30 products will receive less than 2%, and the 西安耍耍网 other three products will have negative returns.

  A fund analyst said that regardless of size or investment income, the development of retirement target funds has been steadily progressing over the past year. It has not only captured the huge demand for pension investment, but also developed a target risk and target date strategy.Model innovation.

With the continuous release of effective demand, there is still a lot of room for development.

  The pension target fund is a long-term investment product that is specifically targeted at individual pension targets, and is divided into target date pensions and target risk pensions.

The general name of the target date fund contains the retirement year, and investors can buy it based on the retirement anniversary.

The product level of the target risk fund is limited when it is established, and will not change with time, but there will be aggressive, robust, conservative and other types.

If you know your retirement date, you can choose a target date retirement fund.

If you can determine risk appetite, you can choose a target risk pension fund.

  Unlike commercial endowment insurance, the target group of endowment funds is more widely used. The fund has no additional age and health requirements for investors. As long as it has basic risk identification capabilities, it can choose the corresponding endowment target fund.

  Retirement target funds are open products, and investors can subscribe and purchase freely.

According to the characteristics of such products, pension target funds are relatively suitable for fixed investment.

And such funds usually have different holding period requirements of one, three, five, five years, etc., unless it is based on the characteristics of this type of product, but it also has a slight expectation for investment.The investors are free to choose, and the mandatory holding period arrangement allows investors to increase their knowledge of these new products through holdings, and obtain better returns on this basis.

  It needs to be reminded that the pension target fund does not protect the principal, and there may be breakthroughs in certain specific market stages.

Some people have expressed that investors’ views on the need for long-term retirement and stability. The target of retirement target funds has always been a three-year or five-year closed period, but a long period of the next 20 or even 30 years.

Based on confidence in the prospects of macroeconomic development, if it is held for a long time, the compound yield is still good.

When making the choice of the investment target for the pension, investors must combine their actual conditions, fully understand the risk-return characteristics of the product, and make an appropriate choice.

Chen Song

Qumei Home (603818): M & A costs weigh on short-term profits. Focus on the release of operating potential from Qumei + Strategy

Qumei Home (603818): M & A costs weigh on short-term profits. Focus on the release of operating potential from “Qumei + Strategy”

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

  Realized operating income in 201828.

90,000 yuan, an increase of 37 in ten years.

9%; net profit attributable to mothers-59.04 million yuan, a year-on-year decrease of 124%, and a decrease of 115 years after deduction.

6%; quarterly, Q1 / Q2 / Q3 / Q4 revenue increased by 15 respectively.

0% / 7.

3% / 30.

2% / 80.

9%, net profit Q1 / Q2 / Q3 / Q4 increased by 12%.

5% /-47.

5% /-64.

1% /-315.


Net cash flow from operating activities increases by 15 per year.

3% to 3.

10,000 yuan.

  2019Q1 achieved operating income of 10.

10,000 yuan, an increase of 154 in ten years.

8%; net profit attributable to mother is 1179.

40,000 yuan, down 57 every year.

9%, a decrease of 92 in the last ten years.

0% (mainly government subsidies and investment income), the net cash flow from operating activities was realized as 1.

3.9 billion yuan (V)


(2018Q1 is -53.13 million yuan).

  [Comment]1) Performance is in line with expectations, and M & A costs have put short-term profits under pressure.

  2018: ① Revenue: In terms of product categories, Ekornes, a custom home & consolidated table, drove the overall revenue growth (custom homes gradually increased revenue by 40%.

2% to 5.

90,000 yuan, Ekornes consolidated revenue of 9.

300 million), and affected by the poor industry climate, the revenue of the finished furniture business gradually decreased17.

9% to 11.

6 ‰; ② Cost end: Comprehensive gross profit margin increased by 3.

5pct to 42.

4%, by category, the gross profit margin of the custom home business increased by 1 every year.

78pct to 43.

03%, the gross profit margin of finished furniture decreases by 3.

3pct to 36.

52%, while the new consolidated Ekornes has a higher gross profit margin, which is a strong boost 杭州桑拿网 to the overall gross profit margin (Stressless / IMG / Svane’s gross profit margin is 56 respectively.
5% / 46.
0% /-0.

79%); ③ expense side: affected by the cost of consolidation and mergers and acquisitions, the expense ratio increased by 17 during the period.

8pct to 42.

2%, of which sales / management (including R & D) / financial expense ratio increased by 8 respectively.



1pct to 24.

3% / 12.

9% / 5.

1%; ④ channel: from the endogenous channel, and increased 161 stores to 1036, of which, you + / B8 / Ju + / direct sales stores increased 30/79/45/7 to 649/306/60 respectivelyAccording to Ekornes, there are currently 5,394 stores, which has become an important source of increase in Qumei’s global channel layout.

  2019: ① Revenue side: affected by consolidated Ekornes, the revenue side grows rapidly, 武汉夜生活网 but due to the poor economic environment, it is expected that the pressure on internal business growth will increase; ② Cost side: Ekornes’ high gross profit will drive the company’s overall gross profit rate to increase by 10.

4 points to 46.

7%; ③ Expenses: Expense rate increased by 15 during the period.

1pct to 42.

6%, of which, affected by consolidated Ekornes, sales / management (including R & D) costs increased by 7.


9 points to 25.

3% / 15.

0%, budget, affected by the increase in interest expenses and exchange loss gains, the financial expense ratio increased by 2.

5 points to 2.

43%; ④ Other important indicators: asset impairment losses increase by 1556 per year.

97%, mainly affected by accrual of bad debts; income expenses increased by 266 every year.

75%, mainly due to the merger of the subsidiary Ekornes incurred diabetes costs.

  2) Focus on “Qumei + Strategy” to promote the improvement of the company’s overall operating capabilities, and the recovery of the first- and second-tier markets to drive overall performance.

①Depth: Deepen the operation strategy of the national market.

Qumei enhances its operational capabilities from three aspects: products, channels, and operation management. In terms of products, it takes full advantage of the full-house supporting capabilities, and improves customer unit prices through SKU optimization and whole-house supporting (the overall cabinet business revenue has increased by more than 300%).In terms of standardization of processes and new retail exploration to improve store opening efficiency and expand dealer traffic, in management, carry out business unit reforms, promote decentralization, and release the business potential of each business unit; Scope: Ekornes is committed to gradually play a roleSynergy.

Ekornes is a well-known global brand. It belongs to the product series and can effectively complement Qumei’s existing product line. Can Qumei introduce the target company’s products into existing stores and promote the transformation of the supply chain to achieve simultaneous strategic coordination.

In addition, the acquisition will also help the company’s epitaxial growth and expand overseas markets (Ekornes has 3271 overseas stores); ③ Qumei is expected to benefit from the recovery of the first- and second-tier markets.

Judging from the transaction data of 30 large and medium-sized cities, transactions in first- and second-tier cities have picked up, and more than 60% of the company’s revenue is contributed by first- and second-tier cities, which is expected to fully benefit.

  3) Profit forecast: Based on product quality, design and service guarantee, Qumei has opened up growth space through channel optimization and upgrade and category expansion, and business unit reform has released operating potential.

Considering the impact of Ekornes’s consolidation, it is expected that the EPS for 2019-2021 will be 0.



7 yuan, PE is 13.



0, the current estimate is attractive, and the rating continues to be highly recommended.

  Risk warnings: real estate growth intensifies; mergers and acquisitions are less than expected; financial costs increase.

Japanese companies launch test drive service for more than 30 days to allow more people to experience car life

Japanese companies launch test drive service for more than 30 days to allow more people to experience car life
People’s Daily Online, Tokyo, February 24th, reported that the Japanese car website “Response” reported that Japan’s largest used car group IDOM launched a new service-“Mycar Trial” for people without a license.Implemented as early as February 武汉夜网论坛 19th, and gradually integrate the life of carless users with cars through the “NOREL service” operated by IDOM.The NOREL service is a customized service, and the owner can return it within 90 seconds of purchasing the car.There is no vehicle inspection and tax payment, and various types of insurance costs are included internally. You only need to pay 39,800 yen a month to choose from more than 100 models.The new “Mycar Trial” offers a package of services, including free consultation on “car-like life” that matches the lifestyle of users, coordination of “reception services”, and “test drive services” that provide more than 30 days of experience.The reception service is handled by a dedicated receptionist who is familiar with automobiles. After listening to the user’s lifestyle and preferences, he selects the model that best meets the user’s lifestyle.In addition, the receptionist must also receive relevant consultations, choose a car (including the model and brand, etc.) for the user, calculate the cost, handle it, replace the user to investigate the parking lot, insurance, etc. and provide reasonable suggestions.In addition to making phone calls, this service can also be consulted through LINE, whether it is casual inquiry or serious consultation.For the test drive service, for those who have never bought a car, and rely on car sharing or renting a car, for a monthly payment of 29,800 yen, they can easily experience a car-like life for more than 30 days through the “test drive service”.Let people without a car experience a car-like life, experience the “private car life” first hand, give them a chance to match their car and life with their interests, and have a more specific impression when choosing.(Compilation: Liu Geng Reviewer: Chen Jianjun)

Mechanical Science and Technology Innovation Tour No. 7-Traffic Control Technology (688015): Urban Pioneer CBTC System Independent Pioneer

Mechanical Science and Technology Innovation Tour No. 7-Traffic Control Technology (688015): Urban Pioneer CBTC System Independent Pioneer

Traffic Control Technology is a leading company in the field of domestic urban rail transit signal systems.

The company has independent intellectual property rights of CBTC technology, professional military urban rail transit signal system research and development, key equipment development, system integration and signal system general contracting.

The company’s main products include the basic CBTC system, the CBTC interconnected train operation control system (I-CBTC system), and the automatic operation system (FAO system).

武汉夜生活网 The application areas of the products are mainly the new line market, the existing line upgrade market and the heavy-haul railway market.

  The market size of the CBTC signal system exceeds 100 billion yuan, and autonomy is the trend.

The signal system belongs to the electromechanical engineering behind the rail transit station and is in an important position in the industry chain.

The faster the train runs, the more alternating lines of traffic between vehicles require the signal system.

The current urban rail signal system is mainly the CBTC system. The market size is changing and the annual mileage of urban rail traffic is increasing year by year. The total market size is expected to exceed 100 billion yuan, with an annual average of 20-30 billion yuan.

In this field, 4-5 companies, including those within Traffic Control Technology, have a high market share.

In recent years, with the continuous improvement of domestic manufacturers’ technology, the profitability of urban rail signal systems has gradually become prominent. In 2010, Traffic Control Technology realized the application of independent CBTC technology for the first time in China. The national railway, Zhonghe Technology, etc. 6 Since 2015, various manufacturers have also realized the engineering application of independent technologies, and the localization rate of the urban rail signal market will continue to increase in the future.

  Traffic Control Technology is the first CBTC independent enterprise in China. The order volume has increased rapidly in the past three years. In 2018, the bidding volume jumped to the top of the market.

The company’s autonomous CBTC system was implemented in 2010, and is the first in China. The technology has reached the third-generation international level of urban rail transit. Based on this, it has successfully developed new-generation rail transit signals such as I-CBTC and FAO.System, of which, the I-CBTC system is the leader in the implementation of domestic projects, and FAO is the first domestic engineering application company.

Based on the company’s leading technology level and independent experience, the order volume has continued to increase in the past three years. The contract value growth rate in 2017-2018 has exceeded 60%, and the bid-winning market share in 2016-2018 has reached 5 respectively.

88%, 24.

13%, 30.


  Raised funds by issuing no more than 40 million shares5.

500 million to increase the company’s production capacity.

Raising funds for IPO plan 5.

500 million, of which 2.

500 million will be used for the high-tech industrial park construction project of the rail transit train control system, 0.

9 billion new-generation rail transit train control system research and development and application projects, 0.

6 billion new-generation rail transit train control system development and application projects, with the remaining one.

500 million plan is used to supplement working capital.

  Profit forecast and estimation: Based on the expansion of the city rail CBTC system industry and the company’s market share increase, we expect the company to achieve operating income in 2019-2021.

6.6 billion, 24.

00 billion, 35.

7.2 billion yuan, achieving net profit attributable to mother 0.

9.8 billion, 1.

4.9 billion, 2.

21 trillion, corresponding to 0 EPS.

61, 0.

93, 1.

38 yuan.

  Combining with the estimates of comparable companies, we believe that the reasonable value range of Traffic Control Technology is 21.

5.6 billion-26.

4.6 billion, corresponding to a price range of 13.

42 yuan-16.47 yuan, corresponding to 22-27 times PE in 2019.

  Risk reminders: the progress of urban rail 南宁桑拿construction is reduced; major safety issues are caused by the company’s products; R & D failures or technological substitution for industrialization risks.

Long Mang Bai Li (002601) Research Briefing: Titanium Dioxide Boom High Chlorine Production Capacity Meets Rapid Growth

Long Mang Bai Li (002601) Research Briefing: Titanium Dioxide Boom High Chlorine Production Capacity Meets Rapid Growth
First, analyze and judge the merger and acquisition of Xinli Titanium, the company’s production capacity of chlorinated titanium dioxide has achieved rapid growth. The company plans to start with 8.US $ 2.9 billion bid for Xinli Titanium held by Yunye Group.10% equity and 52.100 million claims and need to bear 1.6.9 billion historical legacy costs.Xinli Titanium’s planned production capacity is 6 injections of titanium chloride, 1 sponge sponge titanium, and supporting 6 injections of high titanium slag. Xinli’s overall production line is advanced, with reasonable planning and complete supporting facilities.The acquisition will enable the company to quickly replenish the production capacity of 100,000 chlorinated titanium dioxide, and the 20 chlorinated chlorination method of the company’s headquarters can also be gradually put into production. It is expected that the TiO2 production capacity of the company will reach the standard 100 years / year by 2020, compared with 2018An increase of more than 60%.At that time, the company’s production capacity will rank first in China and third in the world. Sponge titanium + high-end titanium alloy, the layout of the titanium industry chain is becoming more and more perfect, and it will become a new performance growth point. The company is committed to the entire industry chain operation of the titanium industry.On the upstream side, the company adopted the “strategic 无锡桑拿网 cooperation framework agreement” with Anning Titanium Titanium for the purchase of titanium concentrates in the 1950s, and the construction of a “50 tons of titanium concentrate upgrade and conversion titanium chloride slag innovation project” in Yanbian, Panxi.Is committed to ensuring the supply of raw materials.On the downstream side, the company plans deep-processing projects for high-end titanium materials.2019.4.8. The company announced plans to invest 19.USD 800 million to build 3 high-end titanium alloy new material projects with a construction period of 2 years.And this acquisition of Xinli Titanium has a capacity of 1 ton of sponge titanium, which is the raw material of titanium alloy. This merger can help the company to improve the layout of the titanium industry chain and play a synergistic role in the production of titanium dioxide. On the other hand,Sponge titanium and high-end titanium alloys have higher added value. In the future, high-end titanium materials will become the company’s new performance growth point. Titanium dioxide has a good supply and demand pattern and a high degree of prosperity. Supply side: Domestic sustainable new sulfuric acid method titanium dioxide production capacity. Due to the serious environmental protection and other factors, domestic sulfuric acid method production capacity has shown a contraction trend overall; while chloride process technology has high technical barriers to supplement production capacity and is limited, only Longman in listed companiesBaili has a 6-year / annual chlorination capacity. Except for the company, the global titanium dioxide leading companies have almost no new capacity in the short term.Demand side: Domestic is relatively stable, and exports will continue to grow.Due to the above multiple factors, the overall supply and demand pattern of titanium dioxide has shown a good trend.In February and March, the company has raised the offer of titanium dioxide for two consecutive times, raising the total by 1,000 yuan / ton (exports are raised by 200 US dollars / ton), indicating that the industry has a high degree of prosperity.Second, the investment proposal estimates that the company’s EPS for 2019-2021 will be 1.49, 1.90, 2.33 yuan, the corresponding PE is 10.7X, 8.4X, 6.9X, with reference to the Shenwan Chemical Index dynamics about 16 times the PE level, maintaining the “recommended” level.Third, risk warning: Titanium dioxide price fluctuated more than expected, bidding for new legislation, and the progress of the chloride process capacity delivery exceeded expectations.

Focus Media (002027) 2019 Interim Report Comments: Guidance for Attributing Net Profit in the Third Quarter-75%?

-54% but resource layout is gradually optimized

Focus Media (002027) 2019 Interim Report Comments: Guidance for Attributing Net Profit in the Third Quarter-75%?
-54% but resource layout is gradually optimized

The company released its 2019 Interim Report. In the first half of the year, each 20% increase in revenue and the attributable net profit every 77% are mainly affected by the industry’s low economic climate, its own customer structure adjustment and counter-cyclical screen expansion.%?

We believe that the company’s long-term offline traffic entry value is stable, but the weak cycle is under increasing pressure and we maintain a “Hold” rating.

The company released its 2019 Interim Report: Revenue continued to be under pressure.

① In the first half of 2019, the company achieved revenue of 57.

200 million US dollars, -20% a year; of which, the building media business income is 47.

0 million yuan, -20% a year, theater media business income 9.

8 ‰, a year -18%; ② operating profit 9.

80,000 yuan, at least -76%; total profit 9.

600 million, previous -76%; net profit attributable to mother 7.

800 million, previously -77%; deducted non-attributable net profit 3.

8 ‰, a year-86%, of which government subsidies are recognized4.

600 million.

③ Due to the reduction of advertising investment boom and rapid increase of costs after screen expansion, the company expects to attribute net profit on January 9, 2019.

5 billion?

50,000 yuan, -76% at the beginning of the year?
-70%, corresponding to the net profit attributable to a single quarter in the third quarter3.

7 billion?

700 million yuan, at least -75%?

Operating net cash flow 10.

8 ‰, -14% a year, mainly related to resource point development expenditure and labor-related expenditure.

In the first half of the year, the operating costs rose significantly under the expansion of media resources, and the increase in bad debts receivable under the aging of the account.

① Under the expansion of resources, the operating cost of the company in H1 2019 increased significantly, reaching 33.

2 ‰, previously + 65%, corresponding to a gross profit margin of 42% per 30 pcts; of which, the gross profit margin of building media is 44% (compared with the same period last year -33 pcts); the gross profit margin of cinema media is 35% (compared with the same period last year-15 pcts).

② Management expenses in the first half of the year 2.

7 ‰, ten years + 26%, the management cost of the 19Q2 trapezoidal medium expansion increased; the sales expense was 10.

6 megabytes, at least -12%, is the revenue restructuring in the first half of the year (sales incentives are linked to revenue).

③ At the end of the 成都桑拿网 reporting period, the company’s accounts receivable was 43 megabytes, -9% for one year. Due to the slowdown of receivables in recent years, the aging structure has been extended, and credit risk has increased. The provision for bad debts increased by 5 compared with the same period last year.

700 million.

The layout of resources in first-tier cities has been optimized, the sinking of media resources has continued to advance, and the long-term moat trend has been further strengthened.

① As of the end of July 2019, the company’s self-operated equipment 78 in the elevator TV media.

50,000 units (approximately 3 in overseas subsidiaries.

30,000 units), the number of domestic equipment increased by 5 compared with the end of last year.
10,000 units, an increase of 7.

3%; the number of self-operated elevator poster media reached 195.

40,000 units, an increase of 1 from the end of last year.

50,000 units, an increase of 0.

8%, 48 of which are elevator posters in first-tier cities.

20,000, dropped slightly earlier, and optimized the efficiency of resource input. At the same time, the number of resource points on the second, third and lower levels continued to increase, and the sinking was still steadily advancing.

The company’s media network has covered more than 300 cities in China, and nearly 20 major cities in South Korea, Singapore and Peanut.
There are 37 cinema media cooperation theaters, 1,870 theaters contracted, more than 12,500 screens signed, covering 310 cities in China.

② The company’s resource points are at the city level, the proportion of core office buildings, and the quality of the crowd have a significant leading position. Although the expansion of resources has brought more attractiveness temporarily, the company’s core resource network has been further consolidated.

Risk factors: 1) Downside risks: continuous risks of macroeconomic, consumption, and advertising market growth; profit growth beyond expectations under expansion; industry competition, especially competition with Internet media, exceeds expectations; financial quality worsens than expected; short-term needs are longerTime to lift the ban pressure.

2) Upside risks: The economy is picking up, and the ad placement is higher than expected, the company’s high operating leverage brings profits, and it is estimated that it will be repaired quickly.