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

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

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

86 ppm, an increase of 37 in ten years.

17%; net profit attributable to mother 0.

90 ppm, an increase of 32 in ten years.

21%; net profit after deduction is 0.

89 ppm, a 43-year increase of 43.


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

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

84%; net profit attributable to mother 0.

60 ppm, an increase of 51 in ten years.

69%; net profit after deduction is 0.

5.9 billion, an increase of 54 in ten years.


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

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


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

78% / 53.

84%, second quarter revenue increased 61.

18%, revenue growth accelerated.

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


60 ppm, a five-year increase of 5.

60% / 51.

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

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


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

34% / 54.


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

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

27%, an annual increase of 0.

22 points.

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

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

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

84% / 5.

68% / 0.

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

17 / -1.

10 / -0.


Selling expenses increase by 40 per year.

30% is due to increased freight.

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

Finance costs fall by 26 each year.

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

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

18, 0.

20, 0.

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

Give “Buy” rating.

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

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

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

Q3 revenue and deductions significantly accelerated.

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

0%; net profit attributable to mother is 27.

2 ‰, an increase of 50 in ten years.

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

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

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

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

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

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

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

52%, a decrease of 1 per year.

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

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

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

Expense rate during the period 6.

56%, down by 1 every year.

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

09 / -0.

35 / -0.

35 / -0.

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

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

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

600 million, reducing the impact on net profit.

Decrease in asset impairment losses by 1.

10,000 yuan.

The deducted non-net interest rate is 1.

35%, a decline of 0 every year.


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

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

The announcement intends to repurchase shares to stimulate confidence.

The company announcement intends to use no less than 0.

500 million, not more than 1.

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

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

13% -0.27%.

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


83 yuan / share.

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

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

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

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


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

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



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



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



0x, maintain “Buy” rating.

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

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

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

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

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

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

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


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



46 yuan.

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

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

Performance is in line with expectations.

2019H1 company realized revenue 7.

82 ppm, a ten-year increase of 5.

23%; net profit attributable to mother 4.

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

45%, deducting non-net profit is 3.

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

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


In a single quarter, 2019Q2 revenue was 4.

44 ppm, a 都市夜网 ten-year increase7.


Net profit attributable to mother is 2.

19 ppm, a ten-year increase2.

82%, deducting non-net profit 2.

08 thousand yuan, at least -0.


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

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

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

95%, a decline of 0 every year.

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

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


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

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

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

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

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

1Q1 revenue increased by 5.

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

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

5.4 billion, with an annual increase of 5.

03%; deduct non-attributed net profit 1.

61 ppm, an increase of 6 in ten years.

69%; net profit attributable to mother 2.

33 ppm, an increase of 54 in ten years.

84%; EPS 0.

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

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

33%, 8.

24%, 9.

95%, 11.

66%, 5.

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

92%, 45.

73%, 31.

68%, 42.

15%, 54.


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

30%, 32.


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

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

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

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

55PCT to 62.

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

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

72% (-5.

64PCT), 62.

41% (-5.

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

48PCT), 62.

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

17% (-4.


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

24PCT to 55.


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

33% (-1.

65PCT), 12.

56% (-1.

25PCT), 0.

77% (-0.

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

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

98% (-8.

76PCT), 43.

74% (-1.

18PCT), 37.

66% (-8.

97PCT), 36.

85% (+2.

04PCT), 42.

33% (-1.

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

81% (+2.

46PCT), 12.

98% (-0.

19PCT), 13.

94% (+0.

03PCT), 14.

12% (-5.

39PCT), 12.

56% (-1.

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

12% (+1.

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

70PCT), 0.

80% (+1.

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

70PCT), 0.

77% (-0.


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

1.7 billion, an increase of 4 earlier.

81%, the inventory / revenue ratio is 46.

93%, 46 of the earlier 18Q1.

68% increased slightly, inventory turnover investment was 0.

83, 0 of the earlier 18Q1.

76 has improved.

2) Accounts receivable increased by 6.

51% to 10.成都桑拿网

9.7 billion, accounts receivable turnover investment1.

84, 1 of the earlier 18Q1.

89 percent.

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

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

4) Investment income increases by 22 every year.

61% to 53.77 million yuan.

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

67% to 2.

6.7 billion.

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

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

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

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

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

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

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

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

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

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

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

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

07, 1.

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

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

Chenguang Stationery (603899) 2019Q3 Review: Third Quarter Report Exceeds Expectations Traditional Business Remarkably Reveals

Chenguang Stationery (603899) 2019Q3 Review: Third Quarter Report Exceeds Expectations Traditional Business Remarkably Reveals

The core opinion was more than expected in the third quarter, and the leading part continued to verify.

In 2019Q1-3, the company realized operating income of 79.

4.7 billion yuan, +29 per year.

78%; net profit attributable to mother 8.

20,000 yuan, +28 a year.

36%; net profit after deduction to mother 7.

610,000 yuan, ten years +32.


By quarter, Q1 / Q2 / Q3 achieved operating income of 23 respectively.



09 million yuan, + 28% / +27 for each year.

57% / + 33.

02%; net profit attributable to mother 2.



31 trillion, +26 each year.

42% / + 25.

02% / + 32.

22%; net profit after deduction to mother 2.



33 trillion, +29 each year.

54% / + 20.

78% / + 43.


We analyze, excluding Q & A consolidation factors, income endogenous growth rate of Q3 is about 28% -29%, and Q1-3 endogenous growth rate is 26% -27%.

In the third quarter, the company’s revenue and profit side exceeded expectations.

Traditional business universities have performed well in floods, and Klip has grown steadily.

Traditional business: We estimate that the traditional business (excluding Ashuo) ‘s Q3 revenue will be about US $ 1.7-1.8 billion, an annual increase of 20-21%; Q1-3 revenue will be about US $ 4.6-4.7 billion, an increase of about 14%.

The growth rate of traditional business temporarily lags behind in Q2, and Q3 rebounds rapidly. Terminal mobile sales performed well during the university flood, and the company’s barriers to brand and channels were verified.

Colip: Q3 income 9.

8.3 billion, a year-on-year increase of 37%; Q1-3 income 24.

800 million, an increase of 48% in ten years.

The main reasons for the slight shift in the growth rate of Colip in the single quarter are as follows: 1) The natural growth of the conversion base growth rate shifts, but under the effect of scale, Colip’s profitability will continue to increase, and the growth rate at the profit side is higher than the growth rate at the income side.
2) In the third quarter, due to the impact of Sino-US trade frictions, some customers’ office collection and procurement policies were adjusted, which delayed the delivery of Q3 orders.

Collip expects revenue to grow by more than 50%, with 苏州桑拿网 revenue expected to reach $ 4 billion.

Living hall business: The company’s Q1-3 living hall business realized income 4.200 million, an increase of 91% previously, of which the income of Jiumu Sundry Club3.

07 ppm; Q3 single quarter revenue 1.

900 million, an increase of 88% in ten years.

The company accurately grasps the development trend of the cultural and creative industry. By using explosives such as handbooks and blind boxes, the stores of Jiumu Sunshine Co., Ltd. have developed smoothly and expanded faster than expected.

As of now, the number of Jiumu stores has reached 225, and the plan of gradually adding to 100 stores has been completed in advance. The life museum business is expected to achieve a breakeven in advance within the year.

The product structure has been optimized, and the proportion of 深圳养生会所 high-margin fine arts and culture and children’s art has increased.

2019Q1-3 company’s gross profit margin for ten years +1.

33pcpts to 26.

79%; net interest margin is -0.

07pcpts to 10.

twenty three%.

The cost rate during the period +0 per second.

39 to 14.


Among them, the selling expense ratio is -0.

34pcpts to 8.

82%; management expense ratio (including R & D expense ratio1.

35%) ± 0.

72 to 5.

81%; financial expense rate for ten years +0.

02pcpts to -0.


Q3 single season gross margin +2 per second.

49 to 27.

71%; short-term net interest rate -0.

07pcpts to 10.

87%; period rate growth rate +0.

76pcpts to 13.


In terms of products, writing instruments, the gross profit margin of student stationery increased by about 2 points, and office stationery increased by about 1 point.


The reasons for the significant increase in gross profit margin were: 1) reduction and reduction; 2) high-margin boutique cultural and creative products, children’s art products, and living museum business developed rapidly, and the proportion increased.

The net interest rate was basically the same as the same period of last year. Considering the increase in the proportion of Colibri’s business (net interest rate of about 2-3%), the net interest rate of traditional businesses increased significantly compared with the same period of last year.

The cash flow performance was outstanding and operating efficiency was significantly improved.

2019Q1-3 The company realized operating cash flow6.

7.8 billion yuan, +37 per year.

7%; operating cash flow / net operating income ratio 72.

87%; sales cash flow / operating income -1 per year.

03 tablets to 107.

83%.Net operating cycle 19.

6 days, 15 drops per year.

23 days; of which, inventory turnover days were 53.

45 days; 1 year up.

25 days; accounts receivable turnover days 35.

73 days; one year up 3.

34 days; account turnover days 69.

59 days; up 19 per year.

83 days.

The company’s cash flow performance is outstanding, Colip’s business has a restructuring right for suppliers, and the reconciliation account period offsets the impact of accounts receivable on the company’s cash flow and turnover efficiency.

Investment suggestion: The company’s traditional business development is stable and the leading enterprises are constantly stable; emerging business development provides rapid flexibility, and the company’s EPS for 2019-2021 is predicted to be 1.

09, 1.

34, 1.

63 yuan, corresponding to PE is 44, 34, 27X, maintain “recommended” investment rating.

Risk warning: franchise stores are opening less quickly than expected, emerging businesses continue to deteriorate, and industry competition is intensifying.

Meijim (002621) annual report commentary: consolidated financial performance company officially changed its name to Jimmy

Meijim (002621) annual report commentary: consolidated financial performance company officially changed its name to “Jimmy”
Core point of view: Events: Meijim released the 2018 annual report, and the early education business consolidated the results significantly. On April 17, 2019, Meijim (formerly known as the third base stock) released the 2018 annual report.Realized operating income in 20182.65 ppm, an increase of 49 in ten years.78%; net profit attributable to mother was 3,155.150,000 yuan, an annual increase of 71.90%; if the fair incentive fee is excluded 2,515.30,000 yuan, net profit attributable to mother was 5,670.50,000 yuan, an increase of 208 in ten years.94%; basic profit return is 0.09 yuan / share, an annual increase of 80%; increase in average net asset income by 2.60%, increase by 1 every year.07 points.The growth of the company’s performance is obviously due to the report of the company’s completion of the acquisition of Tianjin Meijie Education Technology Co., Ltd., the consolidation of the early education business 成都桑拿网 significantly increased the company’s revenue and profits. The education business exceeded its performance commitments, and the growth rate of the early education center exceeded the plan; the steady growth of the manufacturing industry According to the data disclosed in the annual report, Meijiemm achieved operating income in 20183.600 million, net profit attributable to mother 1.9 trillion, exceeding the 2018 annual performance commitment.Megem began consolidation in December 2018, and consolidated revenue for a month contributed 33.01 million yuan and contributed net profit of 21.59 million yuan.As of December 31, 2018, there are 434 “Jimmy” brand early education centers across the country.The 389 companies ranked 2018/6/30 had a net increase of 45, and the speed of opening stores exceeded the plan.Kaide Education achieved a net profit of 28.83 million yuan in 2018, exceeding the 2018 annual performance commitment.Since Kaide Education was acquired by the third base, its profitability has continued to improve.The education sector is expected to have little problem in completing future performance commitments in the future. Officially changed its name to “Meijim”, executives plan to increase their holdings, highlighting the confidence of the education industry layout 2019/4/17, the company announced the completion of business registration, the company name was changed to Dalian Meijim Education Technology Co., Ltd., and the company’s securities abbreviation was officially changed to “”Jimmy”, the determination to deepen the education of the main business.March 3, 2019, announced that the general manager of the company, Mr. Liu Junjun, plans to use no less than 30% of the transaction price (after-tax) stack to increase the holding of third base stocks. The management team of Midgem continues to bind deeply with listed companies, demonstratingConfidence in future business development. Investment suggestion: Maintain “overweight” rating. We expect US Jim to achieve net profit attributable to mothers in 2019/20201.64/2.250 thousand yuan, EPS is 0.47/0.65 yuan / share, the current sustainable corresponding PE for 2019/2020 is 47.4/34.5 times.Considering the growth of the industry and the scarcity and leading position of US Jim in an early education sector, as well as the upward movement of the sector’s estimated center brought about by the favorable policy release of the education sector since 2019, US Jim’s 2019 PE valuation of 52 times, a reasonable value244 yuan / share, maintaining the “overweight” rating. Risks suggest that education policies fell short of expectations; competition in the early education industry intensifies risks; and the risk of goodwill impairment.

Common People’s (603883) Equity Incentive Program Review: Establishing Pratt & Whitney Incentives to Accelerate Performance

Common People’s (603883) Equity Incentive Program Review: Establishing Pratt & Whitney Incentives to Accelerate Performance
Event: The company released a 19-year budget stock incentive plan (supplementary), and plans to implement a stock incentive plan by issuing shares to 208 people, including company executives and other core technical (business) personnel. Opinion: The incentive bill is inclusive, and it has obvious incentives for middle-level employees.The total number of stocks awarded in this plan is 181.80,000 shares, accounting for about 0 of the company’s total share capital.64%.From the scope of incentives, the 杭州夜网 shares awarded to senior executives account for less than 10% of the total number of plans, and at least 201 middle managers are planned to be awarded.We believe that although the total incentives of this scheme are not large, the general benefits are obvious, and the middle-level employees granted by the plan are 0 per capita.740,000 shares. Based on the current sustainable conversion, the per capita market value reaches 450,000 yuan. In the cumulative pharmacy industry (average annual income of middle class is about 200,000), this incentive maximizes competitiveness.If we consider that the company is in the expansion phase, the potential appreciation of the stock will change the incentive attractiveness. Increase the incentives for the middle level to promote the improvement of refined management.The “shareholding strategy for employees with wide-area coverage and deep constraints” proposed by our senior management is an important mechanism guarantee for the refined management of Yifeng Pharmacy, especially the binding of the interests of the middle-level team is an important means to maintain employee execution and consistency.Considering that ordinary people’s non-labor related management expense rate is as high as 2.16% (17-year data), while Yifeng Pharmacy is only 0.72%.Excluding the impact of incentive costs, ordinary people’s management expense ratio can also improve room. The assessment conditions correspond to 19?The company’s net profit will grow no less than 20% / 21% / 17% every year in 21 years. Higher growth rate shows development confidence.The company’s performance evaluation target for each year is set to 19?21-year net profit growth is not less than 20% / 45% / 70% compared to 18 years, and the annual income is converted to not less than 20% / 21% / 17%, which is an increase from the 17% annual increase in 2018.Higher assessment goals also demonstrate the company’s confidence in future development. Promote inclusive incentives, speed up performance can be expected to consider the uncertainty of the incentive plan, maintaining 18?The 20-year forecast EPS is 1.53/1.87/2.22 yuan, the current price corresponding to 19 years of PE is 32 times.The company promotes inclusive incentives to accelerate accelerated performance growth, improve refined management, and maintain a “buy” rating. Risk warning: the risk of goodwill impairment caused by the irregular integration of mergers and acquisitions; the speed of new mergers and acquisitions does not meet the expected risk.

Kaizhong (603037) 2019 Interim Review Report: Performance is slightly lower than expected

Kaizhong (603037) 2019 Interim Review Report: Performance is slightly lower than expected

Core views: 1) The company’s performance was slightly lower than expected, and revenue growth slowed down as the industry declined.

Affected by the negative growth of domestic passenger car market output (-15.

8%) impact, H1 companies in 2019 to achieve operating income2.

60 ppm, a reduction of 10 per year.

6%; the company’s net profit is 60.34 million yuan, a decrease of 24 per year.


2) The company’s gross profit margin and net profit margin declined.

The development trend of the automobile industry and the intensified market competition have replaced the pressure of price reduction on auto parts companies.

During the period, the company’s comprehensive gross profit margin and net profit margin were 40.

85% and 23.

31%, a decrease of 4 respectively.

34 and 4.

11 units.

3) The company’s market development effect is remarkable.

In the first half of the year, the company’s shock-absorbing component business won multiple projects of mainstream models such as Audi (Germany), FAW-Volkswagen, SAIC-Volkswagen, Changan Ford; the 杭州夜网论坛 pedal business won most of the new models of SAIC Passenger Cars and Geely, and the company received newThe project value is about 1.

650,000 yuan, the new product realized operating income of 27.98 million yuan that year, laying the foundation for the company’s future business growth.

4) The company’s products have a high market share of new energy vehicles and will expand the scope of applications in the future.

The company ‘s sales of damping components and lightweight pedal assemblies accounted for approximately 46 in the new energy passenger car market.

5% and 15%; the company’s shock absorber components in new energy electric vehicles can be extended to new applications such as motor mounts, battery base mounts, etc., to continue to provide new growth points for the company’s business.

5) Profit forecast and investment rating.

The company’s earnings for 2019/2020/2021 are forecast to be 1.



25 yuan, the corresponding price-earnings ratio is 17 respectively.



3 times.

The company estimates that it is reasonable and has continued to grow for a long time. However, considering the downward pressure of the macro economy and the adjustment of the market and industrial structure, the investment rating is downgraded to “overweight”.

6) Risk warning.

Passenger car production and sales exceeded expectations for the time being; new business expansion failed to meet expectations.

BYD (002594): Rapid growth of new energy vehicles with performance in line with expectations

BYD (002594): Rapid growth of new energy vehicles with performance in line with expectations

The core view performance is in line with expectations.

The company achieved operating income of 1,300 in 2018.

55 ppm, an increase of 22 in ten years.

8%, net profit attributable to mother 27.

80 ‰, 31 years ago.

6%, deducting non-net profit 5.

8.6 billion, 80 in the previous decade.

4%, EPS0.

93 yuan.

It is planned to distribute cash dividends to all shareholders for every 10 shares2.

04 yuan (including tax).

Affected by the expansion of subsidies, gross profit margin declined.

Gross profit margin in 2018 was 16.

4%, a decline of 2 per year.

6 grades, of which the gross profit margin of the car is 19.

8%, ten years ago 4.

5 units.

The company’s 武汉夜生活网 gross profit margins for the four quarters of 2018 were 17 respectively.

1%, 14.

9%, 17.

2% and 16.

3%, the period fee is 12.

7%, down by 0 every year.

6 units.

Net cash flow from operating activities in 2018 was 125.

20,000 yuan, an increase of 90 in ten years.

4%, the improvement is obvious.

The ending inventory was 263.

30,000 yuan, an annual increase of 32.

5%, mainly due to increased demand for automotive business.

The rapid growth of new energy vehicle sales has driven revenue growth.

The automotive business achieved revenue of 760.

07 million yuan, an increase of 34 in ten years.

2%, of which new energy vehicle business income was 524.

22 ppm, an increase of 34 in ten years.

2%, the company’s new energy vehicle sales in 2018 were 24.

80,000 vehicles, an increase of 125 in ten years.

5%, of which new energy passenger car sales reached 22.70,000 vehicles.

In 2019, a number of pure electric vehicles including the new Tang EV, Song EV, and Qin EV will be launched, as well as the built-in plug-in hybrids including the new Song MAX DM, Tang DM, Song DM, and Qin DM.Sales will increase by more than 70%.

The company made an important breakthrough in new energy vehicle technology in 2018 and released IGBT4 in the field of automotive regulations.

0 technology to help the rapid development of new energy vehicle business.

The company continued to promote the external supply of power batteries to create new profit growth points.

In 2018, it signed a cooperation agreement with Changan Automobile to jointly establish a battery factory with an annual output of 10GWH to supply batteries for Changan Automobile.

With the company’s Qinghai base’s ternary lithium battery production capacity fully put into production in 2019, the company will have all 40GWh of power battery capacity, replacing the second internal position, the export of power batteries will gradually become the company’s new profit growth point.

Financial Forecast and Investment Suggestion: Slightly adjust the gross profit margin, and forecast EPS for 2019-2021.


79, 2.

01 yuan (original 19-20 years 1).


81 yuan), comparable companies are new energy vehicles, power batteries and other related companies. Comparable companies have an average PE evaluation of 39 times in 19 years, with a target price of 59.

67 yuan to maintain the overweight level.

Risk reminder: New energy vehicles, traditional car sales exceed expected risks, new energy vehicle replacement shrinks more than expected risks, government subsidies, etc. are lower than expected, and mobile 合肥夜网 phone parts business is lower than expected risks.

Hualu Hengsheng (600426): Real gold is not afraid of refining and prove the strength of the leader

Hualu Hengsheng (600426): Real gold is not afraid of refining and prove the strength of the leader

Highlights of the report Description Hualu Hengsheng announced the 2019 Interim Report, and the company achieved operating income of 70.

8 ppm, an increase of ten years.

1%, net profit attributable to shareholders of listed companies13.

100 million, down 22 a year.

1%, after deduction is 12.

9 trillion, down 23 a year.


The company’s basic profit income is zero.

81 yuan.

In the second quarter of 2019, the company achieved operating income of 35.

3 ‰, which decreases by 0 every year.

7%, attributable net profit 6.

700 million, down 29 every year.


  Incident review The company’s product production and sales increased, benefiting from increased production capacity release.

The company is a multi-industry new chemical enterprise. Its main products include fertilizers, acetic acid and derivatives, organic amines, polyols, adipic acid and 南京桑拿网 intermediates.

  In the first half of 2019, the company’s output of fertilizers, organic amines, adipic acid and intermediates, acetic acid and derivatives and polyols were 134.

7, 16.

9, 16.

7, 31.

8 and 31.

9 Initially, there were an increase of 43 compared to the same period last year.

7, -0.

6, 0.

7, 0.

0 and 20.

1 ounce.

The main driving force for the growth of the company’s production and sales comes from some of the company’s fertilizer functionalization projects that were put into production last year and 50 per year of plasma implantation projects.

  Most of the product prices in the second quarter went down month-on-month, and urea pushed up fertilizer prices.

According to the company’s announcement, in the second quarter of 2019, the company’s average sales prices of adipic acid and intermediates, acetic acid and derivatives and polyols decreased by 81.


2 and 415.

2 yuan / ton, organic amine and fertilizer prices increased by 65.

6 and 120.

1 yuan / ton.

Due to low inventory levels and other factors, urea prices remained relatively stable in the second quarter, which was the main motive force for fertilizer prices.

In terms of raw materials, the price of coal dropped slightly each year in the first half of the year, and the price of benzene decreased every year.

  The expense ratio increased during the period, and profitability declined.In the first half of 2019, the company’s period expenses7.

1%, an increase of 3 over the same period last year.


The sales expense ratio and R & D expense ratio are 2 respectively.

7% and 2.

3%, an increase of 1 over the same period last year.

1pct and 1.

8 points.

The former growth was mainly due to the increase in sales and freight, while the other was due to the increase in expensed R & D expenditure.

Affected by the decline in the prosperity of the chemical industry, the company’s gross profit margin was 29.

4%, a decrease of 3 compared with the same period last year.

8pct, net profit is 18.

5%, 5 lower than the same period last year.

5 points.

  Projects such as adipic acid were launched and continue to be optimistic about the company’s future growth.

According to the announcement, the company’s refined adipic acid quality improvement project and amide and nylon new material projects have begun construction, technology, design and construction contracts have begun to develop gradually, and bidding for long-term manufacturing equipment has begun.

The market position of the proposed investment project is high-end, which will give full play to the company’s internal gasification platform and eventually build an integrated new material industry base.

  The company has successfully created a “multi-line, one-line” circular economy and a flexible multi-generation production operation model, and plans to invest in projects to support future development.

The EPS is expected to be 1 in 19-21.



88 yuan, maintain “Buy” rating.

  Risk Warning: 1.

Downstream demand was less than expected, and product prices fell sharply; 2.

Projects under construction are progressing less than expected.