Sinotruk (000951): Strict control of cost and profit continued to improve

Sinotruk (000951): Strict control of cost and profit continued to improve

Sinotruk (000951): Strict control of cost and profit continued to improve

Event Overview The company released its semi-annual report for 2
019 and achieved revenue of 224 in 2019H1.

68 ppm, with a ten-year average of zero.

3%; net profit attributable to mother 6.

400,000 yuan, an increase of 32 in ten years.

3%; net profit after deduction to mother 5.

93 ppm, an increase of 29 in ten years.


By quarter, 2019Q2 achieved revenue of 109.

42 trillion, a ten-year average of 17.

8%; net profit attributable to mother 3.

29 ppm, an increase of 13 years.

5%; net profit after deduction to mother 3.

10,000 yuan, an increase of 9 in ten years.


Analysis and judgment: The decline in demand for engineering vehicles led to a decrease in revenue. In the second quarter, due to the “large tonnage and small standard”, the company’s heavy truck sales in 2019H1 were 7.

750,000 vehicles, ten years ago 2.

86%, slightly worse than the industry’s triple sales.

3% performance, which was mainly affected by changes in downstream demand. The domestic logistics demand maintained a rapid growth in the first half of the year. Sales of tractors and trucks showed stable performance, while construction vehicles, which accounted for a high proportion of the company’s sales, were affected by reduced infrastructure investmentAppears highest.

The decline in sales has caused the company’s revenue in 2019H1 to fall by zero.


By quarter, 2019Q1 / Q2 company revenues increased by 24.

8% / 17 per share.

8%, due to the overall increase in the sales volume of the heavy truck industry in the second quarter; strict inspection of the “large tonnage and small standard” led to the company’s market-leading cement mixer trucks, the dump truck’s license plate was temporarily affected, and the company’s heavy truck sales increased more than the industry average.

The gross profit margin increased and the increase of the expense ratio decreased, and the profitability returned to a historically high level.

47%, an increase of one year.

22pct, of which the gross profit margin in 2019Q2 reached 11.

46%, which has exceeded the company’s gross profit margin level in 2010 when the boom of the last heavy truck was at a high point.

In terms of expense ratio, the sales expense ratio of the company in 2019H1 is 2.

53%, a decline of 0 every year.

29pct, the lowest level in the past 10 years, with an overhead rate of 0.

56%, a decrease of 0 every year.

21pct, financial expense ratio is 0.

39%, a decrease of 0 every year.

05pct, R & D expense ratio is 0.

81%, an annual increase of 0.

19 points, the four expense ratios, excluding R & D, fell across the board, totaling 4.

29%, a decline of 0 per year.

36 points.We judge that the increase in the company’s gross profit margin and the decline in the expense ratio are related to the increase in the cost and cost control of the new appointment.

2019H1 company net profit 3.

88%, profitability restored to historically high levels.

We are optimistic about the sustainability of the heavy-duty truck sector. The “large tonnage and small standard” are short and long. We are optimistic about the company ‘s profit and continue to improve the “blue sky defense” requirement. By the end of 2020, Beijing-Tianjin-Hebei and surrounding areas will be eliminated.The following medium and heavy-duty diesel vehicles are more than 1 million. Currently, there are about 1 million triple-trucks in the country. Emissions upgrades will ensure that the heavy-duty truck segment will continue 苏州夜网论坛 to enjoy a high degree of prosperity until at least 2020.

The impact of the “large tonnage and small standard” incident on dump trucks and cement mixer trucks in the short term, but in the long run, the decline in bicycle capacity will increase the number of vehicles, which will increase the demand for renewal. As a leading market segment manufacturer in the industry, the companyEnterprises will continue to benefit.

At present, Weichai has re-entered the company’s supporting system. We expect Weichai’s WP series engines to gradually replace D series engines based on Steyr platforms, which are backward in technology. The WP series engines have outstanding cost performance advantages.To further enhance the competitiveness of the company’s vehicle products, the company’s profit potential will continue to increase in the long 苏州夜网论坛 run.

Investment suggestion We believe that the high prosperity of the heavy truck segment is still stamina. At the same time, we are optimistic that the company will strengthen its cost management after the new appointment. Weichai will continue to improve the profitability brought by the improvement of vehicle competitiveness after entering the supporting system.

The company’s EPS for 2019-21 is expected to be 1.



25 yuan, corresponding to PE is 8.



7x, the company’s PB has been roughly 1 in the past 5 years.

Between 3x, the company is expected to reach a net asset of 10 by the end of 2019.

20 yuan, according to the historical center given to the company 1.

7 times PB, corresponding to a target price of 17.

34 yuan, for the first time, give “overweight” rating.

Risks indicate that the sales volume of the heavy truck industry is lower than expected; the proportion of sales of engineering vehicles has decreased.

CITIC Securities (600030) 2019 First Quarterly Report Review: Investment-Driven Performance Growth Leads Investment Banks

CITIC Securities (600030) 2019 First Quarterly Report Review: Investment-Driven Performance Growth Leads Investment Banks

Event: The company released the first quarter report of 2019 and achieved 105 operating income.

2 ‰, an increase of 8 in ten years.

4%; net profit attributable to mother 42.

60,000 yuan, an increase of 58 in ten years.

3%, corresponding to EPS.

35 yuan / share; 1579 net assets attributable to mother.

2 trillion, corresponding to 13 BVPS.

03 yuan / share.

Investment Highlights Net profit attributable to parent +58 in the first quarter of 2019.

29%, in line with expectations: 1) The company achieved +8 revenue in the first quarter of 2019.

4%, net profit attributable to mother +10 for ten years.

29% to 42.

With a revenue growth rate of 600 million U.S. dollars, some of the shareholders ‘companies’ bulk commodity sales revenue decreased, which was in line with expectations.

2) The company’s self-operated business income is +106 per year.

3% to 49.

20,000 yuan, mainly due to the increase in investment income caused by the disposal of financial instruments.

9 times to 46 trillion, we expect the market to pick up in 2019, and the company’s investment yield will rise steadily.

3) The net income of investment banking business is +34 per year.

3% to 9.

9 trillion, it is expected that the bond underwriting amount will exceed + 226% to 2039 trillion, which will hedge the impact of changes in equity underwriting income (the IPO underwriting amount will decrease but the market share will increase to 20.

7%, only 9 in 2018.


In addition, the company’s science and technology innovation board has already inquired and replaced 9 projects (ranked first). Under the background of “financial 杭州夜网论坛 supply side reform”, CITIC, as a leading brokerage firm, can fully utilize capital market construction and direct financing development.

The traditional business is slightly distorted, but the leader still maintains market leadership.

1) Net income of brokerage business is -8 per year.

7% to 19.

500 million (+23 qoq.

3%), the market’s average daily stock-based trading quota / chain ratio + 19% / 70% to 62,170 billion US dollars, we think there are two reasons for the trigger, leading to a decline in commission rate, so this year the market’s increase in trading volume is mainly the stock retailActivation of contributions, the company’s customers have the characteristics of stable transaction activity, so increasing the turnover will not have a significant impact; 2) Net income from asset management business will decrease by -12.

76% to 13.

0 billion (-23.

3%), under the background of the new rules of asset management and de-channeling, the company continues to optimize the structure, and Huaxia Fund is expected to grow steadily.

3) The company’s financial assets under resale in the first quarter decreased by 15 compared with the end of 2018.

4% to 57 billion, the stock pledge business is expected to continue to reduce the scale of control risks, the market warmed in 2019, the impairment turned back to 0.


Integrate the expansion of Guangzhou Securities + implement employee shareholding, the leader will be Hengqiang.

1) The company’s strategic considerations based on industry integration and expansion of South China’s layout, taking into account market expectations, and forecasting the acquisition of Guangzhou Securities, confirmed the leading trend of the securities industry from the scale of industrial capital, and led CITIC to expand its South China business layoutSales Department, South China accounts for 27%).

2) The company’s leader releases the employee stock ownership plan budget, with a planning scope of about 1,000-1500 people. In the future, the company’s employees will be gradually motivated to form a virtuous cycle of performance and response, showing the leadership’s confidence in the company’s long-term development.

3) The introduction of the registration board for the science and technology innovation board will open a new era of the capital market. The brokers on the right have a clear understanding of the market, pricing power, and underwriting capabilities.The strong are strong. Earnings forecast and investment rating: The company’s growth in the first quarter of 2019 is in line with expectations, which is due to a rebound in market conditions and release of investment income.

As the market rebounded, the merger company’s acquisition of Guangzhou Securities’ expansion plan and the release of its employee shareholding plan demonstrated confidence and long-term optimism about the prospects of its leading securities firms.

It is estimated that net profit attributable to mothers will be 143 in 2019 and 2020, respectively.

800 million, 158.

1 ppm, about 1 strand.

7x 2019PB, maintain “Buy” rating.

Risk reminders: 1) Market activity is declining; 2) Stock market fluctuations impact return on proprietary investment.

Hailan House (600398): The growth rate of Q2’s main brand has obviously increased, and the inventory scale has effectively decreased.

Hailan House (600398): The growth rate of Q2’s main brand has obviously increased, and the inventory scale has effectively decreased.

Investment Highlights Event: The company announced its 19-year interim report, with 19H1 revenue increasing by 7 as well.

1% to 107.

2.1 billion, net profit attributable to mother increased by 2.

9% to 21.

25 ppm; specific to 19Q2, revenue increased by 9 as well.

6% to 46.

200 million, net profit attributable to mother decreased by 2.

1% to 9.


Revenue by brand: Hailan House series brands Q2 grew faster, San Keno and other brands grew steadily, and Ijutu is still in the adjustment period.

1) Hailan House series (merged into the sea in 19Q1): Co-branded products such as the troubled Tiangong series were welcomed, Q2 grew significantly faster than Q1, and the single-quarter growth rate reached 9.

3%, but the gross profit margin was slightly 0 compared with the same period last year.

8pp dropped, the number of stores expanded to 5,449; 2) Aiju rabbit brand: still in the adjustment period, the number of stores reached 1,241, but the income Q2 is under pressure, falling 24%, and gross margin is also under pressure.

3) Other brands: 19H1 overall revenue increased by 993% to 3.

0.8 billion, boys and girls, Hailan preferred, OVV performed well; 4) San Keno brand: 19H1 revenue increased by 13% to 9%.

USD 3.6 billion, Q2 grew faster than Q1, and the bilateral integration of the company’s professional wear business competed.

From the perspective of different channels: the growth of beneficiary major brands has accelerated, and the growth performance of online and offline businesses in the second quarter has clearly improved compared to Q1.

1) Offline business: Due to the consolidation of boys and girls and the continuous opening of Hailan House, the number of offline channels of the company reached 7,740, and the expansion of the number of stores led to an increase in offline revenue of 19H1 by 8 as well.

1% to 98.

4 ‰, Q2 growth rate reached 11.

7%, faster than the first quarter.

2) E-commerce business: The scale of 19H1 was the same as that of 18 years, and Q2 smoothly resumed positive growth with a growth rate of 6.


In terms of financial statements: Hailan’s homeowner brand’s profit growth has been healthy, and British, male and female students have renewed, and convertible debt-related financial costs have resulted in slower profit growth than income.

19H1 income / net profit attributable to mother increased by 7.

1% and 2.

9%, of which the income and profit growth rate of the main brand of Hailan House match, but due to the increase in financial costs caused by the substitution of boys and girls and Yingshi, and convertible bonds, the total impact on profits is about 9,000 million., The company’s revenue and profit growth rates generally match.

The scale of Hailan’s main brand inventory has effectively contracted, and the quarterly settlement effect has caused a change in cash flow in a single quarter: In 19Q2, the company’s inventory increased by zero.

2% to 88.

400 million US dollars, of which the main brand inventory decreased by nearly 1 billion US dollars compared with the same period last year, and the scale fell to 6 billion US dollars, showing an effective improvement in inventory turnover; in terms of cash flow, other payable funds in the collection of franchise stores compared with the beginning of the periodSignificant reductions (related to the settlement cycle) and prepayment income caused Q2’s single-quarter operating cash flow to deviate from the same period last year. This is a 天津夜网 quarterly change and will not have a significant impact when it occurs.

Earnings forecast and investment rating: It is estimated that the company’s net profit attributable to its mother will be 35 in 19/20/21.



700 million yuan, corresponding to the growth rate of 4% / 7% / 6%, corresponding to PE10.

4X / 9.

7X / 9.

2 times.

In the company’s second-phase repurchase plan scale, it is planned to increase to 6 within 12 months after August 8, 19.91-10.

The US $ 3.6 billion stock option is reflected in its own value recognition. Considering that the company also needs to manage multiple attributes such as soundness + high dividends underestimation + openness of the fashion consumer goods extension imagination, it maintains a “buy” rating.

Risk Warning: Offline sales are below expectations, new business development is below expectations, and brand collaboration is below expectations

Aerospace Electric (002025): Q3 development investment drives gross profit margin to stabilize and gradually rise, and performance is expected to accompany the industry’s rebound

Aerospace Electric (002025): Q3 development investment drives gross profit margin to stabilize and gradually rise, and performance is expected to accompany the industry’s rebound
Q3’s performance was stable, and R & D growth led to a steady recovery in gross profit margin: On October 21, the company released its 19Q3 quarterly report, with revenue of 25 in the first three quarters.12 ‰, +28 a year.11%, net profit attributable to mother 2.97 ppm, +11 for ten years.The gross profit margin was 34% from 34 in the first half.8% rebounded to 36.8%, R & D expenses 2.66 trillion, ten years +28.6%; single quarter revenue 8.9.3 billion, ten years +12.68%, net profit attributable to mother 1.09 million yuan, ten years +0.09%, single quarter R & D expenses1.45 ppm, + 32% per year, the company’s performance is expected to achieve a double rebound in gross profit margin and sales. Performance review by sub-segment: In the first half of the year, product sales 四川耍耍网 took the lead in bottoming out, and expected performance recovery is expected. Connectors are electrical connections between system or complete circuit units, components for signal transmission, and are the products with the highest proportion of aerospace appliances in revenue (58 in 2018).2%, 2019H1 accounted for 61.4%), 2019 H1 connector product revenue9.94 ‰, + 58% a year, the growth rate increased by 77.7 units.The products that account for the company’s revenue ranking 2-3 are: Motor product revenue 4.31 ppm, +14 a year.6%, relay product revenue 1.36 trillion, +36 a year.7%, an increase of 59.2 units. Leading military connector companies are expected to fully benefit from the arrival of the industry’s upward inflection point. Military connectors are the basic components necessary to form a complete weaponry system. They 苏州夜网论坛 are divided from commercial connectors. It is a special, sensitive connector with a strong and reliable structure.Extremely high performance, high cost, and resistance to harsh environments.According to China Industry Information Network and China Report Network, the previous military connector market will maintain high growth, and industry concentration will increase. The market size in 2018 was nearly $ 9 billion, and the market share of the top 6 companies reached 78% (2013-(Up to 19 goals in 2018), it is expected that the last two industries in the “Thirteenth Five-Year Plan” will accelerate growth, and by 2020, the industry scale is expected to reach $ 12.5 billion. As the backbone enterprise of the Soviet military connector, Aerospace Appliance is expected to fully benefit from the inflection point of the industry. Invested in the establishment of a new company in Guangdong, China, and laid out the field of civilian connectors. The company opened its growth track in March 2019.US $ 20.0 billion in own funds and a joint venture with Dongguan Yangming to establish Guangdong Huaying (51% holding), the business scope will cover civilian connectors, precision molds and precision parts research and development, production and sales, goods, technology import and export business.Shareholder Dongguan Yang Ming promised that within 36 months from April 19, Guangdong Huajing should gradually realize a deduction of non-net profit of not less than 37.5 million yuan (excluding design and development by aerospace appliances, entrusting Guangdong Huajing to produce production connectionsProfit from the product).According to the Prospective Industry Research Institute, the total annual scale of the connector industry in 2018 is about 2600 trillion, of which military products account for about 6%, and the space for civilian connectors is vast.We believe that the company’s strategy for the layout of civilian products is expected to further push the company into the medium and long-term growth track. Earnings forecast and rating: The welcoming point of the military connector industry. The company continued to deploy mid-to-high-end products in the early stage. The overall product structure focuses on core high-margin products to improve quality and efficiency, thereby reducing sales of old products.Revenue from 2019-2021 to 24.63% / 27.35% / 30.83% lowered to 26% / 25% / 24%, revenue was 35.7/44.6/55.300 million, net profit attributable to mother is 4.25/5.10/6.1.3 billion, EPS is 0.99/1.19/1.43 yuan, the closing price of 24 on October 24.92 yuan, corresponding to 25 for PE.31/21.13/17.58x, maintain “Buy” rating. Risk reminder: The military connector industry’s growth rate is lower than expected, and the company’s civilian product technology inheritance is slower than the industry.

Northeast Pharmaceutical (000597): Rapid growth in preparations and bad debts affect performance

Northeast Pharmaceutical (000597): Rapid growth in preparations and bad debts affect performance

Event: The company released its annual report: The company achieved revenue of 74 in 2018.

6.7 billion, an annual increase of 31.

54%; net profit attributable to mother is 1.

9.5 billion, an annual increase of 64.

04%; net profit after deduction is 0.

4.2 billion, down 63 every year.

18%; EPS per share 杭州桑拿网 is 0.

36 yuan.

Key points of investment: The growth rate of APIs is relatively small due to relocation, and the preparation business is growing rapidly.

Revenue for the fourth quarter of 201818.

4.9 billion, an annual increase of 24.

53%, compared to Q1 (36.

39%), the second quarter (34.

61%) and Q3 (31.

(07%) has improved, but from the perspective of each quarter’s revenue scale, basically maintained a stable trend.

In terms of the annual discrete business in 2018, the sales revenue of APIs was 15.

7.2 billion, an annual increase of 4.

55%, sales volume of API is 2.

35 years, with an annual increase of 1.

94%; of which VC series revenue is 8.

00ppm, the ten-year average of 3.

35%, which is mainly related to the price deviation of VC since the end of December 2017.

In addition, due to the relocation of the factory area, the production of some APIs has also improved, so sales growth has been slow. Except for the relocation of offset products, the expected increase in output is 24.

1%; therefore we believe that after the successful completion of the relocation in 2019, the growth rate of API revenue is expected to increase.

In terms of preparations, it achieved revenue of 29 in 2018.

$ 3.5 billion, an increase of 47 per year.

86%, sales of preparations increase by 17 per year.

50%; It is expected that the intestinal health, core products such as carbopregnancy and levocarnitine will continue to maintain rapid growth momentum.

Bad debt loss 2.

16 trillion USD deducted non-net profit maximize expansion.

The consolidated gross profit margin for 2018 was 41.

38%, an increase of 1 per year.

84 digits, an increase of 0 from the previous quarter.

In 27 years, it was mainly due to the increase in the gross profit margin of the preparation business, of which the gross profit margin of the bulk drug in 2018 was 52.

27%, a decline of 3 per year.

22 units; the gross profit margin of the preparation business in 2018 was 68.

12%, an increase of 7 per year.

82 inches.In terms of performance, the net profit after deducting non-attribution to mothers in 2018 was 0.

$ 4.2 billion, mainly due to asset losses2.

US $ 5.9 billion caused this, while bad debt losses from asset losses2.

1.6 billion, compared with only 0 in the same period last year.

1.7 billion, and 0.

$ 3.2 billion in inventory loss and 0.

11 trillion of goodwill is impaired.

In addition, the net profit attributable to mothers in 2018 was 1.

9.5 billion, an annual increase of 64.

04%, mainly due to a substantial increase in non-operating income, the annual non-operating income is 1.

4.5 billion US dollars, an annual increase of 85.

90%, the first is supplement 1.

$ 3.2 billion in compensation for demolition.

Fangda continued to advance, and the consistency evaluation progressed smoothly.

In July 2018, Fangda became the main shareholder and carried out a series of management reforms of the company. First, it started to reduce costs and increase efficiency, and diversified the entire chain from procurement, production, and sales to reduce costs and increase efficiency.

In addition, the company comprehensively studied Liaoning Fangda from top to bottom, cadres and employees quickly changed their ideas, strengthened problem-oriented and results-oriented, and the horse racing work also began trials in November 2018, covering 70 units of the company.

We believe that through a series of measures, it is expected to improve overall operating efficiency, further increase employee motivation, and be conducive to long-term healthy development.

In terms of consistency evaluation, the company has carried out consistency evaluation of 32 products and 41 varieties. A total of 18 products have completed pre-intermediate-level experiments, 9 products have undergone pre-BE experiments, and 1 variety has entered bioequivalent.During the sex test phase, the submission of the application materials for one breed has been completed.

Maintain the “Recommended” level.

As the company conducted equity incentives at the end of 2018, it is assumed that the amortization cost for 杭州桑拿网 2019-2020 is 21774.

30,000 yuan and 7044.

540,000 yuan, EPS is expected to be 0 in 2019-2021.

19 yuan, 0.

59 yuan and 0.

79 yuan.

Considering the improvement of Fangda and the continuous growth of its performance after the entry, we maintain the “recommended” level.

Risk warning: changes in the price of the drug substance; rapid increase in sales expenses; sales promotion is not up to expectations;

Makihara (002714): The highest pig price in history is expected to continue to grow

Makihara (002714): The highest pig price in history is expected to continue to grow

Report Summary: On the evening of March 26, the company released its 2018 annual report. The report was consolidated and the company realized sales revenue of 133.

880,000 yuan, an increase of 33 in ten years.

32%, net profit attributable to mother 5.

20 ppm, a decrease of 78 per year.


A dividend of 0 is paid for every 10 shares.

50 yuan (including tax), dividends paid 6.


In addition, the company expects operating results for the first quarter of 2019 to be possible.

200 million-5.

600 million.

  From a cost-to-income perspective, the net profit of the pig farming business is approximately 1.

0.5 billion.

At 5.

Of the US $ 200 million net profit attributable to mothers, the government subsidies related to daily business activities are about 3.

750,000 yuan, investment income and exchange losses total about 0.

4 ppm, so the company ‘s pig business only realized a net profit of about 1 from the revenue and cost of the main business.

50,000 yuan, head net profit 9.

5 yuan.

  The volume of slaughtering continued to grow rapidly, and the sales ratio of commercial pigs increased.

The company sells 1,101 live pigs.

10,000 heads, an increase of 52 in ten years.

14%, of which sales of commercial pigs, piglets and breeding pigs were 1,010 respectively.



80,000 heads, with an annual increase or decrease of 92.

8% /-55.

4% /-32.


The average price of primary pig sales is 11.

62 yuan / kg, down 19 before.

70%, budget decline is a supplementary 佛山桑拿网 precursor to the company’s maximization of net profit.

According to the company’s annual report guidelines, the number of listings in 2019 is expected to be 13-15 million heads.

At the end of 2018, at least the average growth of fixed assets and construction in progress, 50 million funds will be raised in 2018, corresponding to 4.75 million hair power, and the sharp increase in pig prices in 2019 and 2020 will bring real improvements in profit, which will strongly support the companyThe number of listings will increase from 2019 to 2021, and it is estimated that the number of listings will be 14, 1, 17 and 21 million heads in three years.

  African swine fever has raised the cost of epidemic prevention, and is facing the reality that raising breeding costs and reducing head profitability.

The African swine fever 杭州桑拿养生会所 epidemic broke out in 2018.The company is located in Henan, a severely affected area. In order to strengthen the epidemic prevention and control, the company added a new air system inside the pighouse, strengthened disinfection, replacement and upgrading and upgrading of the pighouse, which will inevitably cause unit costs.On the upside, according to the expectations of the quarterly performance indicators, the unit complete cost will rise to about 12.

5 yuan / kg, head average profit fell by about 100 yuan, but under the potential expectation that pig prices hit a record high, we believe that the company’s performance is still dominated by high yields, and the average head profit level in 2020 can reach at least 600-700 yuanLeft and right historical highs.

  Profit forecast: It is estimated that the net profit attributable to mothers will be 46 in 2019-2021.7/131.


200 million, EPS is 2.



76 yuan, P / E is 24.



7 times, give “Buy” rating.

  Risk reminder: Uncontrollable risk of swine fever epidemic, the production volume is less than expected, natural disaster

Jin Huijiu (603919): The adjustment effect is obvious and the fundamentals continue to recover

Jin Huijiu (603919): The adjustment effect is obvious 四川耍耍网 and the fundamentals continue to recover
The incident described the company’s first three quarters of revenue11.06 billion, ten years +14.6%, net profit attributable to mother 1.6.3 billion a year.29%, deducting non-net profit 1.63 ppm, +5 for ten years.23%; of which the third quarter revenue 2.92 ppm, +70 a year.38%, net profit attributable to mother is 27.55 million yuan, + 878% for one year. Core point 1. Low elasticity in the third quarter. High elastic growth, continuous improvement in product structure, and accelerated growth outside the province: Q2 took the initiative to control the volume and adjust the market (increasing the appraisal intensity, etc.). Q3 achieved significant results. Revenue and profit were at a low base in the same period last year.Increase elasticity and toughness.In terms of products, high-end products 深圳桑拿网 increased by dozens in the first three quarters.2% to 5.1.2 billion (proportion increased to 46.6%), is the core driver of performance growth, of which Q3 growth reached 61.6%, driving a gross profit margin of +5 for ten years.4 points to 66.In terms of regions, areas around Lanzhou, western Gansu, and southeast Gansu accelerated in varying degrees in the third quarter. The market outside the province maintained an explosive growth trend at a low base, with Q3 growth reaching 115.8%.Q3 sales are now +112 for ten years.8% to 4.US $ 1.6 billion, the net cash flow of the operation was converted to 77.36 million yuan per second, showing that the channel was active in payment, and the return was better; the advance payment at the end of the period2.2.6 billion, previously +6379 million, +8564 million compared to the previous quarter, the real fundamental performance is expected to be more optimistic. 2. Revenue accelerates as scheduled, the company’s core focus remains unchanged, and there is room for long-term growth: in the previous report, we proposed that the company’s future core focus will be on “sustainable development in the province and sub-high-end efforts, and regional expansion beyond the province””Accelerated revenue growth.” From the three quarterly reports, the company’s fundamentals have improved significantly, revenue growth has accelerated, and high-end continued heavy volume. Structural data can clearly reflect the company’s operating direction and strength.In the long run, as one of the leading private wine companies in Gansu Province and one of the few privately-owned liquor companies in the country, the company has a strong system and outstanding management capabilities. We continue to be optimistic about the company’s future growth space. 3, overweight incentives, development potential is expected to continue to release: after employees and dealers hold shares, the company gradually continued to overweight core team incentives, released five-year development goals and core rewards and punishment programs, plans to 2023 income and deductionsNon-attributed net profit reached 30 ppm / 6 million, respectively, and 2018 performance rankings, the next five years revenue / profit compound growth rate will reach 15.45% / 19.03%, according to whether the annual performance target is achieved or not, there will be different punishment measures.The introduction of this plan has further enhanced the enthusiasm of the core management team and will continue to stimulate the company’s development potential in the future. 4. Profit forecast and rating: EPS is expected to be 0 in 19-21.79/0.91/1.08 yuan, corresponding to PE20 / 18/15 times, maintaining the “recommended” level. 5. Risk reminders: 1) Expenses increase due to increased competition; 2) Expansion outside the province is less than expected; 3) Major changes in macroeconomics affect industry demand

Taoli Bread (603866): Ten-year Sword Short-term Guarantee Champion

Taoli Bread (603866): Ten-year Sword Short-term Guarantee Champion

The industry has large space but low concentration. The company has a mature expansion model and high barriers. It is expected to steadily expand and grow into an absolute leader in the industry.

Dali’s cooperation in the short-term insurance market is greater than competition, and it is optimistic about the company’s long-term growth and profitability.

  Investment highlights: Investment advice: The 都市夜网 first coverage is given to EPS 1 in 2019-21.


50, 1.

92 yuan forecast, with reference to comparable companies to give 47 times PE in 2019, target price of 55 yuan, increase the level.

The split faucet has expanded steadily, and has long-term incentives to land.

The bread industry’s main business is stable in profitability, has a regional expansion with high cost performance and a stable population.

The expansion model is mature, and the market is first cultivated and then set up factories. Since 2011, it has continued to occupy fast-growing markets such as East China, South China, and North China. The central factory + wholesale model has continued to be verified.

Although the company is family-controlled, it has formed a stable and continuous employee stock ownership plan, which has solved the long-term incentive problem for many years.

Based on the Northeast and look forward to the whole country.

The Northeast market is the early stage of the company’s operation. The market cultivates the most mature sales areas and contributes 50% of its revenue and profits.

North China, East China, Southwest, and Northwest also expanded earlier, with only a certain scale and relatively mature urban markets, and then gradually penetrated into surrounding cities.

South China and Central China started late, but have a dense population and lasting potential.

In general, the bread market is close to 40 billion yuan, with a prosperous economy and a low degree of concentration. The company is expected to rely on economies of scale and rapid market expansion to accelerate industry concentration and become an absolute leader in the industry.

Sharpen a sword in ten years, profit still has room for improvement.

Central factory + short-term guarantee With more superior supply chain management capabilities and market insights, it has long cultivated the patience of the market to provide prices and cost-effective products. It is more difficult to operate, but the barriers are also deeper.

The non-zero-sum game between Dali and Taoli, the cooperation between the two is greater than the competition. The cooperation effect of the richness of products, consumer education, and industrial ecology will be more obvious. Concentration will definitely accelerate the growth of the industry.Long-term bullish on corporate growth and profitability.

Core risks: early diversification of risk due to resource input, intensified risks in short-term competition

Qilianshan (600720) semi-annual report comment: Infrastructure demand is picking up and performance hits record high

Qilianshan (600720) semi-annual report comment: Infrastructure demand is picking up and performance hits record high
Event: The company released its semi-annual report for 2019 and achieved operating income29.100,000 yuan, an increase of 23 in ten years.86%; net profit attributable to shareholders of listed companies5.20,000 yuan, an increase of 128 in ten years.81%.  The sales volume of cement clinker increased sharply, which led to a better performance.Company revenue In the first half of the year, the company’s cement, clinker and concrete sales revenues were 25.5.5 billion, 1.2.1 billion, 2.1.4 billion, with annual growth of 17.27%, 893.77%, 60.14%.In the first half of the year, the sales volume of cement clinker 965 was increased by 200 inches per year, an increase of 26%. According to the data of Digital Cement Network, the cement output in Gansu region reached 1,860 tons in the first six months of 19, up by 16.3%, the cement output in Qinghai is 527.5 Initially, the overall output is slightly reduced4.3%, the company as the leader of Ganqing, sales growth outperformed the industry.In the first half of the year, the company’s cement clinker price was 277.5 yuan / ton, excluding 8 for the time being.83 yuan / ton, gross profit 99 tons.4 yuan / ton, up 6 before.7 yuan / ton, the gross profit margin of cement increased by 4 in ten years.54 averages reached 36.93%.The company’s sales expense ratio, management expense ratio, and financial expense ratio continued to decline, falling by 0.27%, 2.04%, 1.27%.The increase in sales is mainly due to the stable supply side, and the demand in the Northwest has recovered. Visual data show that the fixed asset investment quota in Gansu Province increased from January to June by 2.4%, while 17-18 years have been in a state of substitution, infrastructure investment increased from January to June8.7%, 3 faster than the previous May.At 7%, we believe that the loosening of currency and the issuance of special debt at the beginning of the year stimulated the recovery of local infrastructure demand, and it is expected that long-term demand is expected to maintain positive growth.  Northwest Cement’s investment logic is on the demand side, and infrastructure continues to drive the industry’s prosperity 重庆耍耍网 upward.  The amount of cement used in Northwest China is mainly concentrated in infrastructure construction. Benefiting from improved liquidity and infrastructure shortcomings, the overall cement demand in Northwest China has picked up, and Gansu Province, the company’s core region, has performed well.  In the list of major projects announced by the Gansu Provincial Development and Reform Commission at the beginning of the year, eight railway construction projects, 27 highway construction projects, and numerous major airports, water conservancy and other major infrastructure projects were designed. According to the statistics of the Gansu Provincial Development and Reform Commission, the construction and planning of the whole province will be continued from January to May this year.A total of 390 investment projects were completed in 1佛山桑拿网28 newly launched major projects.3 trillion, accounting for 31 of the annual plan.1%, an increase of 8 percentage points from the same period last year; local infrastructure is expected to maintain stable growth in the next year.  ”Cement +” is expected to contribute new profit growth points.The company still has a capacity growth in the long run. The outdated and relocated 4500t / d clinker production line in Tianshui, Gansu has been successfully ignited. The announcement shows that the project is under construction, and the 120-clinker production line of Sinoma Qilian Mountain in Tibet and the investment in Lhasa CityWith an annual output of 120 in the Qilian Mountains, the clinker production line is expected to be put into production this year and next.  In addition, the company reorganized other related businesses for common development, and adopted a cement kiln to co-process urban domestic waste. It strived to transform and complete 2-3 cement kiln co-processing hazardous waste production lines during the “13th Five-Year Plan” period, and vigorously developed aggregates.Wall and other industries, profit growth space is expected to open.  Investment suggestion: We expect the company’s revenue in 2019 and 2020 to be 67.85, 74.3.7 billion, net profit attributable to mother is 10.11, 10.9.6 billion, according to the closing price on August 14, corresponding to 19-20 PE is 6.4,5.9x, maintain “Buy” rating.  Risk warning: The infrastructure projects in the Ganqing area are worse than expected, and the price of cement has fallen sharply.

Chen Guangming’s first public fundraising fund position rose to more than 90% and increased his holdings of these stocks

Chen Guangming’s first public fundraising fund position rose to more than 90% and increased his holdings of these stocks
For stocks, please read Jin Qilin analyst research report, authoritative, professional, timely, and comprehensive, to help you tap potential potential opportunities!  Original title: The position of Chen Guangming’s first public equity 北京夜网 fund rose to more than 90%, and the increase in the holding of these stocks rose to 91.05%, focusing on TMT, pharmaceutical, chemical, building materials, photovoltaic and other sectors!On January 20, the 2019 Four Seasons Report of Ruiyuan Growth Value Hybrid Fund, a subsidiary of the fund leader Chen Guangming, disclosed a lot of information.  On March 26, 2019, Ruiyuan Growth Value Hybrid Fund was formally established. Facing the continuous adjustment of the market for two consecutive quarters, fund managers Fu Pengbo, Zhu Rong and Chen Yun who joined the fund manager team in early November 2019 are steadily building positions.Judging from the three quarterly reports for 2019, the fund’s stock positions have risen from 79 at the end of June 2019.96%, to 89 at the end of September 2019.30%, and further increased to 91 at the end 北京桑拿 of the fourth quarter of 2019.05% higher level.  From the perspective of industry distribution, in the fourth quarter of 2019, Ruiyuan Growth Value Hybrid Fund focused on the allocation of TMT, pharmaceutical, chemical, building materials, photovoltaic and other sub-sectors.  In terms of individual stocks, in the fourth quarter of 2019, Ruiyuan Growth Value Mixed Fund has carefully determined the layout of some scenic spots and second-new stocks, and made certain adjustments to the allocation of positions.  Near the end of the third quarter of 2019, the fund’s top ten heavy stocks at the end of the fourth quarter of the year had little change overall, and Oriental Yuhong (002271) was still the largest heavy stock; the second largest heavy stock by the end of the second quarter of 2019Lun Pharma (002422) has once again entered the list of the top ten heavy positions; Qianfang Technology (002373), the tenth largest position at the end of the third quarter of 2019, is on the list this time.  Judging from the proportion of the fund’s holdings, 6 of the top 10 heavy positions have increased their holdings.Among them, Guoci Materials (300285) received the largest share increase by fund managers, with a single quarter increase of 67.57%; Longji shares (601012), Kellett (300326) in the single quarter, the proportion of gains were also as high as 54.33%, 30.29%; Wuliangye (000858), Xinhecheng (002001) and Han’s Laser (002008) gained slightly overweight, and the overweight ratios were 13 respectively.61%, 10.03%, 2.94%.  At the same time, three stocks were reduced in the fourth quarter of 2019. They were Luxun Precision (002475), which extended its growth by more than 159% in 2019. Fund managers reduced their holdings by 59 in the fourth quarter of 2019.87% of the holdings, which was reduced from the second largest heavy stock to the ninth largest heavy stock; conversion, Oriental Yuhong and Wanhua Chemical (600309) were also slightly reduced by the fund manager, reducing the proportion of 8 respectively.08% and 6.96%.  On the whole, as of the end of 2019, the top ten heavy stocks of the fund are Dongfang Yuhong, Longji, Wanhua Chemical, National Porcelain Materials, Wuliangye, Xinhecheng, Kellett, Han’s Laser, Lixun Precision, Kelun Pharmaceuticalindustry.  Ruiyuan Growth Value Hybrid Fund holds heavy positions (as of the end of 2019, source: Wind) For the stock selection strategy in the fourth quarter of 2019, the fund manager stated in the 2019 Four Seasons Report that the individual stocks mainly selected a part of the outstanding and highly prosperous industryLeading company.  Looking ahead to the first half of 2020, the fund manager said that, in light of changes in the industry and the direction of industrial policies, the fund will continue to optimize its position structure and explore investment targets, and comprehensively utilize various investment tools in order to obtain investment returns beyond the benchmark.  The reason why the Ruiyuan Growth Value Hybrid Fund has attracted market attention is not only because it is the first public fund affiliated with Chen Guangming. The fund manager of the fund, Fu Pengbo, is also a long-term runner. Although the product has been established for less than one year, the fund’s net value has remainedSteady growth.  As of the end of the fourth quarter of 2019, Ruiyuan’s growth value was mixed with A, and the net value of C fund shares was 1.2075 yuan, 1.2038 yuan, the scale of the report, the growth rate of this type of fund share net value is 9.77%, 9.67%, compared with the benchmark income injection for the same period of performance6.09%.Since January 2020, the fund’s net worth has continued to grow, ending January 17, Class A, and Class C equity fund net worths were 1.3011 yuan, 1.2916 yuan, 30 yuan since its establishment.11%, 29.69%.  In addition, although the Ruiyuan Growth Value Mixed Fund has imposed a large amount of purchase restrictions since July 29, 2019, the total amount of single-day subscription and scheduled investment in class A class C shares of separate fund accounts does not exceed 1,000 yuan.The quarterly growth rate was very stable.The number of reports, the total subscription shares of the fund’s Class A shares.22 billion copies, Class C purchases1.0.6 billion copies.  As of the end of the fourth quarter of 2019, the total share of Ruiyuan Growth Value Hybrid Fund was 98.8.7 billion copies, with a net asset value of more than 11.9 billion, while the share and net asset value at the end of the third quarter were 92.5.5 billion copies, 10.1 billion, a significant increase.