月度归档 31/03/2020

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3D Communication (002115): Communication business actively adjusts for rapid growth of Internet advertising

3D Communication (002115): Communication business actively adjusts for rapid growth of Internet advertising

Investment Highlights Event: The company announced the 2018 earnings report and realized revenue of 35 in 2018.

900 million (+ 204%), net profit attributable to mother 2.

1 ppm 厦门夜网 (+ 351%), Internet advertising has become a major source of performance growth.

Internet advertising business continued to grow, driving rapid revenue growth.

Since the giant network technology was consolidated in November 2017, if the comparable base in the same period of 2017 is different, assuming that the giant network technology has been consolidated in 2017, then 3D Communication 2017 can achieve revenue17.

500 million, net profit attributable to mother 1.

200000000.

Therefore, the actual 3D communication revenue in 2018 increased by 105%, and the net profit attributable to mothers increased by 72%. Instead of the 65 million yuan obtained by transferring some assets of the company in 2018, the company’s net profit increased by about 20%.

The company’s Internet advertising business is expected to continue to grow rapidly in 2019.

In terms of WeChat’s WeChat long-tail ecology: At the end of February 2019, Tencent’s advertising “joint growth” was replaced in the 2019 regional and mid-long tail channel service providers conference, and Juwang Technology became one of the 9 “2018 breakthrough service providers”Its wholly-owned subsidiary Mengzhou Culture became one of the eight “Excellent Service Providers of 2018”, and the company’s part in the WeChat advertising ecosystem has further improved.

According to the information of Tencent.com, in 2018, Tencent’s advertising officially opened its channels to sink and quickly spread across the country, driving the regional and mid-long-tail business to grow by more than 100%, and fully accumulating power for 19 years.

On the contrary, Tencent Advertising announced its business strategy and development goals for 2019: In 2019, Tencent Advertising will focus on the three major tracks of direct-operated e-commerce and self-media, SMB and LKA effects, and LKA brand.

As the company’s social media advertising for Tencent, as well as self-media advertising, it may benefit directly.

Actively adjust communications network optimization services and cut into 5G infrastructure supplements.

The industry in which the company’s high-end network optimization business is located is widely mature and fiercely competitive. The company has maintained fighting revenue and profit volume.

In the second half of 2018, the company began to invest in 5G infrastructure, and may make positive progress in 2019.

In fact, the company is actively developing new products and solutions suitable for 5G to meet the needs of operator construction, and is expected to enter the market after the completion of 5G infrastructure construction.

Earnings forecasts and investment advice.

It is estimated that the company’s net profit attributable to the parent from 2018 to 2020 will be 2.

13/2.

45/4.

3.4 billion, EPS is 0.

39/0.

44/0.

78 yuan.

We believe that the company’s 2019 performance evaluation target is 2.

2 trillion, and Juwang Technology’s performance commitment for 2019 is 1.

700 million, the company’s performance may be guaranteed.

The company is the realization of social advertising on WeChat traffic in the stock market + scarce bids from media advertising, and the communication business is also expected to take a share in the early and late stages of 5G infrastructure construction and maintain a “buy” rating.

Risk warning: The target performance of the merger or acquisition may be less than expected, WeChat may have risks in controlling the company’s traffic, the progress of the communication business may be less than expected, and the advancement of 5G infrastructure may not be as expected.

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Disu Fashion (603587): Terminal operation capability improved Q1 performance exceeded expectations

Disu Fashion (603587): Terminal operation capability improved Q1 performance exceeded expectations

In 2018, revenue / net profit attributable 苏州桑拿网 to mothers increased by 7.

94% / 19.

59%, with stable operations.

The company achieved 21 trillion in revenue in 2018, an increase of 7.

94%; net profit attributable to mother 5.

74 trillion, with an increase of 19.

59%.

18Q4 revenue / net profit increased by 11 respectively.

80% / 2.

71%.

Gross profit margin decreased by 0 in 2018.

94pct to 73.

90%, sales expense ratio increased by 2.

37% to 33.

68%, the management expense ratio increased by 0.

85pct to 8.

75%, mainly due to shop rents, increased staff costs, and related expenses brought by men’s clothing training. In 2017, Anke Company accrued bad debts and returned 0 in 2018.

75 ppm, the comprehensive economic net interest rate increased by 2.

66% to 27.

33%.

The company plans to pay a dividend of 10 yuan for every 10 shares with a dividend rate of 69.

85%, dividend yield 3.

54%.

Improved terminal operation capabilities.

In 2018, the company strengthened terminal management such as member management and store staff training, expanded the store cautiously, and the revenue growth rate was mainly contributed by the same store growth.

In terms of brands, ①DA contributed revenue12.

3.1 billion, an increase of 7.

15%.

At the end of the period, it had 613 stores (directly operated 199 / distribution 414), a decrease of one.

② DZ contributes income 6.

9.4 billion, an increase of 6.

88%.

At the end of the period, it had 383 stores (direct sales 138 / distribution 245), a net increase of 15.

DZ locates mid-end women’s clothing and competes in opening stores. In the future, it will be the company’s main focus.

③DM contributes income 1.

700 million, an increase of 14.

77%, with 53 stores (a net increase of 7).

In terms of different channels, direct sales and distribution are equally important, contributing revenue9.1/9.

300 million, an increase of 5.

44% / 5.

39%; the growth rate of e-commerce is eye-catching, with an increase of 30.

76% to 2.

US $ 5.6 billion, mainly due to the increase in the proportion of new online products during the period and the launch of the micro-mall.

The company operates steadily.

The company’s accounts receivable turnover days in 2018 were 9.

76 days, unchanged from the previous year; inventory turnover days decreased by 11 days to 168 days compared with the same period of the previous year, and the inventory structure was healthy. The storage age accounted for nearly 70% of the inventory in a year (about 60% in 2017).Over 100%.

The company has stable cash flow and net cash from operating activities.

8.5 billion, unchanged from the previous year, accounting for 27 of operating income.

86%.

The performance of the first quarter of 2019 has grown rapidly, and the expansion of terminal operation capabilities is expected to continue to increase.

2019Q1 revenue increased by 13.

53% to 5.

8.4 billion, net profit attributable to mothers increased by 32.

58% to 1.

95 trillion, of which government subsidies affect 0.

3.5 billion.

As of 2019Q1, the company’s terminal stores were 1,048, a decrease of 14 from the beginning of the period. The growth in performance was mainly driven by the same store growth.

DA income 3.

3.5 billion (+10.

12%), DZ income 1.

9.4 billion (+14.

66%), DM income is 0.

4.8 billion (+21.

43%), RA contributed 4.6 million in revenue.

According to our estimates, the same-store growth rate in the first quarter reached double digits.

Looking ahead, we expect the company to open 10% of its stores, and the same store level will continue to improve.

Investment Advice.

As a leader in China’s mid-to-high-end women’s wear, the company has extremely powerful design capabilities, excellent supply chain control capabilities, continuous system refinement of expanded terminal management, and solid performance improvement.

The company’s profitability and operating capacity are at the leading level in the industry, and the family holdings have rich dividends.

It is estimated that the net profit for 2019/2020/2021 will be 6, respectively.

5/7.

65/8.

9 trillion, the corresponding EPS is 1.

62/1.

91/2.

22 yuan, corresponding estimates are 17/15/13 times, maintaining the “overweight” level.

Risk reminders: Weak consumption due to the macroeconomic downturn; weaker-than-expected new brand cultivation; and corresponding risks caused by supplier transfers.

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Gehua Cable (600037) 2019 Interim Report Review: Strategic Transformation Steadily Advances Steady Growth of Company Performance

Gehua Cable (600037) 2019 Interim Report Review: Strategic Transformation Steadily Advances Steady Growth of Company Performance

First, the event company achieved operating income in the first half of 201912.

20 ppm, an increase of 2 per year.

35%; net profit attributable to shareholders of the listed company is 4.

36 ppm, an increase of 19 per year.

20%; net profit of non-attributed mothers 2.

40 ppm, a decrease of 14 per year.

67%.

Second, our analysis and judgment In the first half of 2019, the company continued to promote strategic transformation, business development was stable, operating income grew steadily, profitability also improved, and overall performance was in line with expectations.

(1) The company’s performance has developed steadily, and the service quality has been continuously improved to the first half of 2019. The company’s registered users of cable TV are 597.

320,000 households, an increase of 2 from the end of 2018.

770,000 households; 537 HD interactive digital TV users.

310,000 households, an increase of 16 over the end of 2018.

860,000 households; home broadband online users 64.

70,000 households, an increase of 2 from the end of 2018.

40,000 households.

Against the background of the continuous loss of market share in the cable TV industry, the company’s performance has been steadily progressing due to the company’s reform and innovation development strategy.

At the same time, through comprehensive consensus on the work requirements of “receiving complaints,” the company has accelerated the optimization of distribution networks and two-way network transformation, and has effectively improved the quality of broadband to gradually consolidate and improve service levels, and is committed to creating a new “service quality improvement year.

(2) By using smart cities to achieve breakthroughs, the advent of the 5G era will drive companies to gradually transform into a broadband industry with limited digital advancement space, insufficient payment rates, and differences in regional network quality and other problems. Overlapping the 5G era, the industry will usher inSignificant development progress.

In line with the development trend of the industry, the company’s customer service represented by smart cities is a breakthrough and it continues to promote strategic transformation.

At the core of the report, the company continued to promote the Xueliang project in Tongzhou District, Changping District, Pinggu District, Wireless Beijing and other projects, constantly explored the construction of the Internet of Things cloud platform, and actively carried out smart meter reading business.

Actively participating in the construction of smart cities will help the company cultivate and create new sources of income and profit growth points, thereby leading the reform wave of the cable TV industry.

(3) Efforts to develop ultra-high-definition 无锡桑拿网 and Internet video content, and promote the development of new media business. The company will vigorously develop ultra-high-definition content. As of June 30, the high-definition interactive platform transmitted 184 digital television programs.

The number of online video-on-demand programs exceeded 150,000 hours, including high-definition and ultra-high-definition programs exceeding 80,000 hours, accounting for more than 55%, and weekly updates of 300 hours; the “4K Vision” zone updated a total of movies, TV series, records, music, and life700 hours of five categories of content, with a cumulative update of 1,200 hours.

At the same time, in order to further improve the overall user experience and reduce user churn, the company vigorously implemented a high-definition interactive set-top box replacement program, actively 杭州夜网 carried out 4K set-top box market replacement work, and laid the 4K UHD video service user base.

With the company’s strategic transformation from traditional media to full media, the company is expected to win a wider space for development.

Third, investment recommendations We are optimistic about the company’s competitive advantages in the field of 5G and ultra-high-definition video. It is estimated that the net profit attributable to the mother will be 7 in 19-20.

03 ppm / 7.

35 trillion, the corresponding EPS is 0.

51/0.

53, the corresponding PE is 19 respectively.

5x / 18.

8 times.

Fourth, the risk prompts the risk of the downturn of the limited TV industry, the risk of intensified market competition due to the impact of IPTV, OTT and new Internet media, and the risk of losing users in the cable TV industry.

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Perfect World (002624) 2019 Third Quarterly Report Review: Deferred Revenue Two Year High

Perfect World (002624) 2019 Third Quarterly Report Review: Deferred Revenue Two Year High

Event: The company released the third quarter report of 2019.

19Q1-Q3, the company achieved operating income of 58.

12 ppm, an increase of 5 in ten years.

43%; net profit attributable to mother 14.

76 ppm, an increase of 12 in ten years.

00%; net profit attributable to non-parents is 14.

20 ppm, an increase of 28 in ten years.

47%; Meet performance forecast and market expectations.

Opinion: High base of income and net profit caused by incomparable factors in the same period of 18 years.

1) The company’s 18-year transfer of theater business has ceased to consolidate its scope since August; the company’s revenue increased in the first three quarters of 19 after excluding the impact of the theater business

1%; 2) The company disposed of part of Zulong Technology’s equity in 18Q3 and recognized non-profit and loss after tax1.

1 trillion, and Universal Film’s single film investment to confirm investment income; no such project impact in 19Q3, a high base last year led to a low growth rate this year.

Q3’s gross profit margin increased, its sales expense ratio increased, its cash flow improved significantly, and deferred revenue created a two-year high.

1) The gross profit margin in the third quarter decreased by 8 from the previous quarter.

4pct to 60.

8%, mainly due to the decrease in gross profit margin of the film and television revenue of “Old Tavern” and “Shanyue”, as well as the confirmation that the gross profit margin of the “Second Eagle 2” self-publishing and consolidation method is lower than that of agency distribution; 2) The sales expense ratio increased by 12 from the previous quarter.

3pct, mainly due to the promotion of Q3 “Shen Diao 2”, the anniversary of “Xianxian Mobile Games” and TI9 promotion expenses; 3) The R & D expense rate has decreased in the past two quarters, mainly due to the capitalization of some R & D expenses from Q2; 4) Net operating flow of the company in the first three quarters 8.

US $ 200 million, which has been growing rapidly before, thanks to the increase in gaming business flow and the decrease in cash expenditure for the film and television business; 5) As of the end of 19Q3, the company’s other current liabilities reached 14.

1 ppm, a new high since 17Q4, mainly due to increased deferred revenue for games.

The company’s game pipeline is suitable, and the growth certainty is high next year.

1) 19Q4 “Xin Xiao Ao Jiang Hu”, “My Origin” and “Dream Collection Cygnus” have all got the version number ready to go; the company’s rejuvenation of classic IP, and the focus of new IP is gradually becomingClimate; 2) 20 years of “Dream of New Fantasy”, “Remains of War” and “Magic Tower” are worth looking forward to. The vertical team works introduced in 18 years have entered the release period; the company’s film and television business profits have become the leading industry recovery, and sufficient production capacity will strongly support film and televisionBusiness growth.

Revisions to earnings forecasts, investment ratings and estimates: The company’s three quarterly report is in line with expectations, cash flow improvements and 杭州桑拿 new highs in deferred revenue confirm growth drivers.

Maintain the company’s 19-21 net profit forecast22.

3, 26.

5, 32.

20,000 yuan, EPS1.

72, 2.

05, 2.

49 yuan, the current price corresponds to 17/14 / 12x PE, maintain “Buy” rating.

Risk reminders: industry growth risk, brain drain risk, policy change risk

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Tianbang (002124): Acquired Xingnongfa to expand production capacity and cooperated with Zhejiang Nongfa

Tianbang (002124): Acquired Xingnongfa to expand production capacity and cooperated with Zhejiang Nongfa

This report reads: The company ‘s non-blast prevention and control system can effectively protect fertile sows and gradually accumulate more than expected; gradually, the cooperation between the acquisition of 北京夜生活网 Xingnongfa and Zhejiang Nongfa will further consolidate the company’s capital and technology advantages and guaranteeFollow-up development.

Event: The company intends to acquire 39% equity of Xingnongfa, and has agreed with Zhejiang Rural Development Group Co., Ltd. that the two parties will expand equity cooperation in Xingnongfa’s scale, promote pig production and ensure market supply.

Comment: Maintain overweight.

Maintain the company’s EPS forecast for 2019-2021 to 0.

93, 2.

94 and 3.

86 yuan, given the industry’s 19-year average estimated PE of 27 times, maintaining a target price of 25 yuan and maintaining an overweight rating.

The acquisition of Xingnongfa and Zhejiang Nongfa have deep cooperation to ensure the rapid growth of subsequent listings.

Xingnongfa Animal Husbandry is a high-quality pig breeding enterprise in Zhejiang Province. As long as more than 10,000 heads can breed sows, the company purchases 39% of Xingnongfa Animal Husbandry and expands the company’s power generation, thus deepening the cooperation with Zhejiang NongfaTo actively respond to the call of the Zhejiang Province government to promote the production of live pig supply.

In the future, the company and Zhejiang Nongfa will build an industrial base of 5 million pigs per year on the basis of Xingnongfa Animal Husbandry.

In addition, after 7 iterations of the company ‘s African swine fever epidemic prevention and control system, the company can basically achieve effective prevention and control of the epidemic situation on the sow farm; under the company’s effective prevention and control system, the company can breed sows by the end of 2019 and is expected to reach 20 Ten thousand heads, corresponding to 5.5 million heads of commercial pigs in 2020.

After adjustment, the company is estimated to have a configuration advantage.

The company’s net profit in 2020 is estimated as follows: 1) conservative 2.5 million fattening pigs, with an average profit of 1,000 yuan per head, and net profit is expected to reach 25 billion; 2) 3 million piglets sold, with a conservative average profit of 500 yuan, corresponding to 1.5 billion profit.
The total net profit in 2020 is 4 billion, corresponding to only 4 times the current market value of PE.

After this round of adjustments, the company has industry configuration value.

Considering the increase in piglets for sale in 2020, the company’s turnover will accelerate, and subsequent performance is worth looking forward to.

In addition, considering the upgrade of the company’s African swine fever epidemic prevention and control system and leading technology, it is expected that the sow population will be more than expected in the future, and the subsequent release is expected to exceed expectations.

Wait for the pig price to reach a new high, and double-click on the sharing section Davis.

In the super pig cycle brought by this round of epidemic, listed companies are expected to usher in double-clicked Davis for performance and evaluation: 1) In terms of performance, the average high profit per head is expected to increase from 1,000 yuan to more than 1,500 yuan; 2) In terms of epidemic situationNormalization will speed up the permanent withdrawal of free-range farmers. Listed companies will merge technology and capital advantages, speed up production capacity, and highlight growth attributes that will help increase the company’s size.

Considering that the company’s current market capitalization corresponds to a head market capitalization of 5,200 and 3100 yuan in 2019/2020, respectively, relative to the high point of the cycle boom, the upward space is continuously re-overlaid to give an overweight rating.

Risks: The prevention and control of African swine fever is exceeding market expectations.

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Hang Seng Electronics (600570): Q2 performance can be expected to improve long-term performance

Hang Seng Electronics (600570): Q2 performance can be expected to improve long-term performance

This report reads: The company’s first-half performance has grown steadily, and the growth rate of revenue and non-net profit in the second quarter have improved from the previous quarter. Among them, wealth and banking growth have been dazzling. It is expected that technological upgrades and gradual acceptance of the science and technology board will drive growth in the second halfaccelerate.

Investment Highlights: Maintain “Overweight” rating and raise TP to 93.

1 Yuan.

The company achieved revenue of 15 in the first half of 2019.

24 ppm, an increase of 11 years.

97%; net profit achieved 6.

780,000 yuan, an increase of 125 in ten years.

85%, in line with market expectations.

The company’s R & D investment in the first half of 20196.

73 ppm, an increase of 19 years.

20%; we maintain the company’s eps for 2019-2021.

33/2.

01/2.

88 yuan, the average PE (TTM) of comparable companies is 104, we give the company 70 times PE in 2019, raising the target price to 93.

1 yuan, maintaining the “overweight” level.

The main business developed steadily, and the wealth and banking business performed well.

Benefiting from the growth of the existing business and the increase in market share, the company’s wealth business achieved revenue in the first half of 20193.

79 ppm, an increase of 27 per year.

08%; Banking business was mainly stimulated by market demand for cash management, asset pools and platform connectivity, achieving revenue of 1.

13 ppm, an increase of 28 in ten years.

杭州桑拿网
73%.

The brokerage and asset management business is expected to accelerate in the second half of the year.

The company’s brokerage business and asset management business developed slowly in the first half of the year, and the transitional science and technology board project was gradually accepted in the second half of the year, which will drive the accelerated development of brokerage business and asset management business.

The positive environment brought by the recovery of the industry environment is also expected to be further released in the second half of the year, which will bring stronger growth momentum to brokerage, asset management and other businesses.

Continuous investment in research and development, and product and technology innovation to maintain competitiveness.

The company’s R & D expense 天津夜网 ratio in the first half of 2019 was as high as 44.

2%, an increase of 0 compared with the same period last year.

7 units.

As an industry-leading fintech company, innovation in technology and products is its core competitiveness. The company comprehensively promotes the online transformation of the technology architecture, forming a technology platform, a data platform, and a business platform. The product organization structure is upgraded, and the city ‘s land area will be gradually increased in the future.Rate, expand new markets, and drive steady growth in company performance.

Risk reminders: 1) policy and regulatory risks; 2) increased competition in the industry.

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Qi Xingchen (002439) 2018 Annual Report Comments: Waiting for insurance to be autonomous and controllable has not yet been reflected in expectations

Qi Xingchen (002439) 2018 Annual Report Comments: Waiting for insurance to be autonomous and controllable has not yet been reflected in expectations

This report reads: 2018 performance is in line with expectations, and there are many positive factors in the industry size in 2019, including policies, industry competition patterns, business model layout, and autonomous and controllable markets that may bring surprises, which deserves special attention.

  Investment Highlights: Maintain Overweight rating.

Taking into account the incremental market brought by the policy, expanding the improvement of the competitive landscape and the independent controllable market space, the EPS for 2019-2021 is raised to 0.

81 (+0.

02) / 1.

11 (+0.

01) / 1.

42 yuan.

Taking into account the top of the company and the combination of multiple positive 杭州桑拿 factors, a certain estimated premium is given, 45 times PE in 2019, and the target price is raised to 36.

45 (+10.

45 yuan.

  2018 performance was in line with expectations; the company’s 2018 revenue was 25.

2 billion, an increase of 10 in ten years.

68%, net profit attributable to the parent company5.

6.9 billion, an increase of 25 in ten years.

9%; deduct non-net profit 4.

3.6 billion, an increase of 35 in ten years.

8%.

R & D expenses and sales expenses remain 21% and 24%, and there is no pressure on expenses.

In terms of revenue, the gateway is partly affected by lagging orders in individual industries and the low-price competition of Huawei and Huasan in the operator industry, thereby achieving growth. In 2019, orders in individual industries are expected to bring surprises.

  Most positive signals in 杭州桑拿网 2019, the future development will exceed market expectations.

Policy side, waiting for insurance 2.

0 will be implemented, and information security will be divided into the assessment scope of national enterprise leaders. In the industry competition pattern, three or sixty will rebrand, technology and data, and will be promoted to Qi’anxin operators.Reform, industry concentration and income certainty will be improved.

  Autonomous controllability deserves special attention.

In 2019, Qiming released three domestically produced products. The first batch of autonomous and controllable products was targeted at server terminals and office use. The finalists for network security have not been disclosed. The current potential is large.A considerable share will be obtained.

  Risk reminder: orders in individual industries continue to lag, and personnel costs rise

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China Chemical (601117): Overlap in revenue and low base drive high performance growth in 2019

China Chemical (601117): Overlap in revenue and low base drive high performance growth in 2019

Key points of investment The company’s net profit growth attributable to its parent company in Q4 will exceed 50%, mainly due to the continued heavy volume of Q4 revenue and the decrease in accrued asset impairment losses.

From the perspective of profit, the company is expected to realize net profit attributable to mothers in 201929.

0 ppm-32.

800 million US dollars, previously increased by 50% -70%; the company is expected to achieve net profit deduction to non-mother 27.

6 ppm-31.

0 ppm, an increase of 60% -80% in a year; among them, Q1-Q4 increased by 55 respectively compared with the previous year.

61%, 43.

16%, 55.

80%, 47.

2% -173.

At 4%, the average net profit attributable to mothers in each quarter maintained extremely rapid growth.

  The company’s net profit margin for Q4 increased substantially by approximately zero.

5pct, maintaining an upward trend, we believe that it is mainly due to the improvement in gross profit margin and the decline in the proportion of impairment losses.

From the perspective of the yield situation, the net interest rate attributable to mothers in 2018 is about 2.

8% -3.

2%, an increase of about 0 over the previous year.

6pct; quarter by quarter, Q1-Q4 in 2019 will achieve net profit attributable to mothers, respectively.

5%, 4.

7%, 3.

5%, 1.

1% -2.

0%, an increase 重庆耍耍网 of about 0 over the same period last year.

8pct, 1.

1, 0

7pct, 0.

5 points.

The increase in profitability is mainly due to the improvement in gross profit margin and the decline in the expense ratio during the period: The improvement in gross profit margin has mainly benefited from the improvement in the profitability of the main business of the project and the reduction in taxes and additional income from the accrued land revenue.The appreciation has increased exchange gains.

  The company entered a period of performance release, and high stock orders drove the company’s future performance to continue to grow.

The company’s newly signed contracts will grow by 11 each year from 2016 to 2019.

84%, 34.

87%, 52.

52%, 56.

7%, the company ‘s order growth is increasing. The newly added single scale and the average growth rate are far higher than the company ‘s revenue. At the same time, the company continues to increase its overseas business development efforts. The performance of overseas orders is outstanding. The proportion of overseas orders is 1 / 3 or so.

  If overseas orders arrive as scheduled, it is expected to drive the company’s future performance to continue to grow rapidly.

  Earnings forecast and rating: We raised the company’s earnings forecast and expect the company’s EPS for 2019-2021 to be 0.

63 yuan, 0.

80 yuan, 0.

97 yuan, the corresponding PE on January 17 closing prices were 10.
7 times, 8.
5 times, 7.

0 times, maintaining the level of “prudent overweight”.

  Risk reminder: the macroeconomic downturn, the domestic chemical industry’s economic downturn, overseas orders fell short of expectations, large amounts of asset impairment risk, and exchange rate changes

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Jidong Cement (000401): Performance in line with expectations 19 years expected to benefit Beijing-Tianjin-Hebei demand recovery

Jidong Cement (000401): Performance in line with expectations 19 years expected to benefit Beijing-Tianjin-Hebei demand recovery

Event: On March 20, the company announced its 2018 annual report.

The company achieved operating income of 308 in 2018.

4.9 billion, an increase of 22 per year.

57%; realized net profit attributable to mother 14.

830,000 yuan, a significant increase of 194 throughout the year.

09%; net profit after deduction is 11.

95 ppm, an increase of 1 per year.

1%.

(Comparable caliber adjusted after adjustment every year) In 2018, the company sold 9664 cement and clinker substitutes, surpassing the growth of 5.

6%.

We believe that the annual growth of Jidong Cement and Clinker sales is mainly due to the higher growth rate of new real estate starts in 2018 and the rapid recovery of cement demand in the fourth quarter of the Beijing-Tianjin-Hebei infrastructure.

From the growth rate of cement output announced by the Bureau of Statistics, the cement output of Beijing, Tianjin and Hebei increased gradually in 2018.

5%, 52.

4%, 8.

0%.

Benefiting from the erratic production execution that was gradually made up in 2018, and the national cement price maintained at a high level, the profit recovery of cement in the core areas of the company has clearly recovered. In 2018, the company’s gross profit per ton of cement was 95 yuan.

According to the company’s cement ton data, the price of cement ton in 2018 was 297 yuan, an increase of 56 yuan; due to the increase in raw material prices, the cost of cement ton in 2018 was 202 yuan, with an increase of 30 yuan.

Overall, the company’s gross profit per ton of cement in 2018 was 95 yuan, an increase of 26 yuan per year.

Due to furnace shutdown, labor costs, and transportation costs increased, the company’s cement and clinker ton sales and management costs rose slightly.

In 2018, the company’s cement and clinker ton sales cost was 11 yuan, an annual increase of 1 yuan, mainly due to the increase in transportation 佛山桑拿 handling and labor costs; the cement and clinker ton management cost was 37 yuan, exceeding 3 yuan, mainly due to the kiln lossAnd increased maintenance costs.

The company’s 2018 consolidated net tonnage of cement and clinker was 26.

5 yuan.

The company actively expands the treatment of hazardous solid solid waste.

At present, the company has a total of 7 affiliated enterprises to carry out hazardous waste disposal and disposal capabilities.

5 years / year; 6 subsidiary companies carry out domestic sludge disposal and disposal capacity.

15 is the lowest every year; 2 affiliated enterprises carry out domestic garbage disposal and disposal capacity.

9 every year.

Environmental protection projects cover Beijing, Tianjin, Hebei, Shanxi, Shaanxi, and Northeast China, and serve more than 3,000 customers.

Investment suggestion: demand side. Looking ahead to 2019, we believe that the cement in the Beijing-Tianjin-Hebei region is expected to benefit from the recovery of infrastructure and drive the overall cement demand to resume growth. The prosperity is conducive to continuation.

Since the beginning of 2019, the gradual easing of funds and the restoration of credit environment have provided a good environment for the development of infrastructure, which has accelerated the issuance of special bonds issued by local governments. We believe that infrastructure will gradually pick up in 2019. Against the backdrop of the real estate down cycle, demand for cementCreate better hedges.

Beijing-Tianjin-Hebei integration is also a key focus of government infrastructure. Jidong Cement directly benefits as a regional leader.

On the supply side, the overall supply in the Beijing-Tianjin-Hebei region has not been greatly supplemented, and the regional stock game layout has continued. After the merger of Jidong and Jinyu, the regional concentration has increased significantly and the prosperity has remained.

After the cement asset integration of Jidong and Jinye is completed, the regional duopoly will become a single oligopoly, and the regional pricing power will be further enhanced.

According to data from Digital Cement Network, the production capacity of Jidong Cement and Jinye Group in Beijing-Tianjin-Hebei is 28% and 29% respectively. The combined new company ‘s production capacity in Beijing-Tianjin-Hebei will reach 57%.The right to speak has been significantly improved, which is conducive to maintaining a high regional cement boom.

Based on the revival of regional infrastructure in 2019 to drive demand and the increase in regional internal concentration, we believe that the company’s net profit attributable to mothers in 2019 is 25.

30,000 yuan, given an “overweight” rating.

Risk Warning: 1.

Macroeconomic risks 2. Supply-side reforms fall short of expectations

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Great Wall Motor (601633) 2019 First Quarterly Report Review: Performance Meets Expected Profit Stability

Great Wall Motor (601633) 2019 First Quarterly Report Review: Performance Meets Expected Profit Stability
Event: Great Wall Motor released the first quarter report of 2019: It reported that the combined company realized operating income of 22.6 billion US dollars, an extension of 15%, and realized net profit attributable to shareholders of listed companies.7 ‰, an average of 62 in ten years.8%, net profit attributable to shareholders of the listed company after deduction 6.4 ‰, 69 years ago.7%, the performance was in line with expectations. Investment points: gross profit margin increased month-on-month, cost reduction 杭州夜网论坛 and efficiency improvement improved Q1 gross profit margin of 15%, an increase of 1.At 1 point, the increase in gross profit margin was mainly due to the contribution of new products F7 and pickup trucks. According to the non-profit deduction measure, the profit of bicycles rose to more than 2,200 yuan.The lower income from WEY is lower than the previous period, and the cost control is better. It is expected that the supply cost of parts will gradually decrease.In addition, the expected downward adjustment to increase profits has not allowed profits to the terminal, which will help increase tens of millions of profits. If the price side is adjusted to give benefits to consumers, the price will be exchanged for the amount. New energy vehicles began to contribute profit. In the first quarter, Euler’s customer base was mainly individual car purchases. The dual-point target for 2019-2020 mainly depends on the contribution of Euler iQ and Euler R1.Followed by BMW’s new joint venture platform and products.Electric vehicles are already making positive contributions to the company in 2019.It is expected that the price will be adjusted after the compensation decline to maintain profit. Earnings forecast and investment rating: It is predicted that the company’s net profit attributable to its parent in 2019/2020/2021 will be 61/70/87 billion US dollars, corresponding to the current price-earnings ratio of 14/12/10 times.The improvement measures of management and management led to the continuous recovery of bicycle profits, and maintained the “Buy” rating. Risk warning: the risk that the growth rate of the macro economy 合肥夜网 is lower than expected; the risk of continued growth in the passenger car market; the risk that the sales of new models will not climb as expected; and the profitability of bicycles will rise more than expected.