China Merchants Highway (001965): The performance is in line with expectations The tail-spinning effect of road property acquisitions leads to faster growth

China Merchants Highway (001965): The performance is in line with expectations The tail-spinning effect of road property acquisitions leads to faster growth

The 1H results are in line with our expected 1H revenue36.

88 ppm, one year + 35%; gross profit exceeds + 27%, 杭州夜网 gross profit margin drops 3 ppt; net profit attributable to mother 23.

01 yuan, corresponding to a relative profit of 0.

37 yuan a year + 14%.

2Q revenue grew 41% per year and net profit increased 12% per year, in line with our expectations of 14% annual growth.

1H investment income increased 8% to 18 in ten years.

US $ 0.7 billion (mainly a joint venture highway company), contributing 66% of the profit margin, ranking slightly above 1 ppt in the past year, mainly due to higher profit growth brought by the acquisition of controlling highways.

Main stock companies: Ninghu Expressway and Shandong Expressway, due to the disposable income of the same period last year, contributed to the continuous increase in investment income during the period.

1H’s main business sub-segments: Investment and operation (including 西安耍耍网 highway and photovoltaic operations) revenue / gross accounted for 72% / 95% of total revenue / gross gross profit, and revenue / gross margin exceeded 26% / 24% growth.The tailspin effect of the acquisition of road products (increased the revenue of Chongqing, Guizhou for 4 months, Shanghai and Chongqing for 4 months, and Fufu for 6 months), the total traffic flow / income increased by 11% / 10%, and the endogenous increase was 5%/ 3%.

The revenue of the transportation technology sector (CASC) increased by 53% each year, and the gross profit increased by 82%, and the business was developing well. The smart transportation sector currently has a smaller volume, but it is growing faster, with revenue increasing by 245%, and gross profit increasing by 9 times.

Financial situation: Financial expenses increase by 80% per year (increments of 2.

US $ 1.2 billion, mainly due to new bond issuance and new interest-bearing debts from newly acquired companies since the second half of 2018.

The company’s final account has 9.6 billion in monetary funds.

Asset-liability ratio is 41%. It is estimated to increase 3PPT at the beginning of the period, but it is still healthy to divide with peers.

Development Trends We expect the net profit of 2H to exceed the growth rate to be slower than 1H, which is mainly based on the absence of the tailspin effect of acquisitions. The increase in tolls on the holding section will return to the endogenous growth of single digits.

We expect that the company will continue to actively acquire road property in recent years, and the revenue and profit of the main road industry will maintain a double-digit growth.

At the same time, we suggest to pay attention to the growth of transportation technology and intelligent transportation in the company’s highway industry chain.

Earnings forecasts and projections maintain 2019/20 net profit forecasts44.

1.2 billion (+ 13% y / y) / 50.

95 percent (+ 16%).

At present, it generally corresponds to 2019/20.

1x / 9.

6 times price-earnings ratio, 3.

6% / 4.

2% dividend yield.

We maintain our Outperform Industry Rating and Target Price of 10.

20 yuan, corresponding to April 2019/20.

3 times / 12.

4 times price-earnings ratio, 29% growth potential.

The risk industry policies are negative; economic growth is less than expected; capital costs increase.

Yunnan Baiyao (000538) Quarterly Comment: Stable Development Looks Forward to Ten Years

Yunnan Baiyao (000538) Quarterly Comment: Stable Development Looks Forward to Ten Years

The core view of the first quarter results in line with expectations.

The company announced a quarterly report and achieved operating income of 69 in the first quarter of 1919.

7.3 billion, an increase of 10 in ten years.

04%, the net profit attributable to shareholders of the listed company is 8.

46 ppm, a ten-year increase4.

97%, deducting non-net profit is 7.

55 ppm, a ten-year increase of 8.

54%, performance in line with expectations, and maintained steady growth in the first quarter.

In terms of expenses, the company’s 杭州桑拿 selling expenses were 11.

90%, about 2 less than the same period last year.

56 units, administrative expenses1.

66%, R & D expenses 0.

41%, basically maintained at a relatively stable level.

Each sector is expected to develop steadily.

Under the influence of the “toothpaste incident” last year and the destocking of channels, the company’s various segments have maintained relatively stable development in the first quarter. It is expected that the growth rate of the commercial sector will remain at about 15%, and the growth of the healthy sector is good.The Chinese medicine resources sector still maintains a rapid growth rate of about 20%. Due to the impact of channel destocking, the pharmaceutical sector is expected to change to a certain extent, and is expected to expand by about 20%.

In terms of gross profit margin, Q1’s comprehensive gross profit margin was 28.

30%, about 2 less than the same period last year.

The 16 tiers are expected to be mainly related to the relative increase in the proportion of commercial business.

Motivation and rationalization, optimistic about the company’s long-term development.

At present, the company’s incentive reform has entered the final stage of integration. The company absorbed and merged Yunnan Baiyao Holdings, which further increased the control of Yunnan Province’s SASAC and Xinhua Capital, which is conducive to the company’s major events and decision-making.Smooth; reorganization, in order to further motivate the leadership and core employees of Baiyao, the company is expected to repurchase the company’s shareholding system from the secondary market to implement the employee stock ownership plan, change the gradual implementation of the company’s incentive plan, and be optimistic about the company’s long-term development financial forecast and investment recommendationsThe company’s pharmaceutical business is relatively under pressure, which may affect its 19-year performance. We slightly adjust our profit forecast. It is estimated that the EPS for 2019-2011 will be 3 respectively.



50 yuan (previous forecast was 3 for 19-20 years).


48 yuan), according to a comparable company, the company is given a 24x valuation in 2019, with a corresponding target price of 85.

92 yuan, maintain BUY rating.

Risk prompts that reform progress is not up to expectations; the company’s pharmaceutical business sales are not up to expectations

Guoxin’s new strategy for refinancing comments: the direction of the era of technological innovation continues

Guoxin’s new strategy for refinancing comments: the direction of the era of technological innovation continues

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  再融资新规点评:鼓励股权融资,“科技创新大时代”方向继续(国信策略)  原创 追寻价值之路   文 燕翔、许茹纯、朱成成  事项:  2020年2月14日,证监会消息,为深化金融Supply-side structural reforms, improving the refinancing market-based restraint mechanism, enhancing the ability of the capital market to serve the real economy, and 武汉夜网论坛 helping listed companies fight the epidemic and restore production. The CSRC issued the
<上市公司证券发行管理办法>Decision “on the amendment
<创业板上市公司证券发行管理暂行办法>Decision “on the amendment
<上市公司非公开发行股票实施细则>“” (Hereinafter referred to as the “Refinancing Rules”) shall be implemented as of the date of promulgation.
  Comments: 1. The new rules have relaxed the pricing and reduction restrictions on non-public offering of shares.
  The Securities and Futures Commission had solicited opinions on the refinancing rules for the main board (small and medium-sized boards), GEM, and science and technology board on November 8, 2019.
The officially announced policies are generally not significantly different from the previous comments.
The main revised rules include: adjusting the pricing and lock-up mechanism of non-public offering of shares, changing the issue price from not less than 10% off to the 南京桑拿论坛 average price of the company’s stocks 20 trading days before the pricing reference date, and changing the lock-up period from 36 months to 12 monthsThe months are shortened to 18 months and 6 months, respectively, and the relevant restrictions of the reduction rules are not applicable; the number of objects of non-public offering of shares on the main board (small and medium-sized boards) and the GEM shall be adjusted from no more than 10 and 5 respectively.For no more than 35 people.
Generally speaking, whether it is pricing or reductions, the rules and restrictions have been relaxed.
  2,鼓励股权融资,支持实体经济  本次《再融资规则》的出台落地,我们认为反映了非常明确的政策方向,即改革完善资本市场基础制度,促进多层次资本市场健康稳定发展,提高直接融资Especially the proportion of equity financing.
Looking into the future, we believe that on the one hand, the state’s policies on encouraging technological innovation and improving the basic system of the capital market are expected to be introduced one after another.
On the other hand, under the influence of the “Refinancing Rules”, we expect that the amount of equity financing, including private placements, is expected to increase significantly.
  3,利好资本市场,“科技创新大时代”方向继续  我们认为,此次《再融资规则》的出台有利于完善资本市场制度建设、丰富相关金融产品、提振市场投资者人气,总体而言对The stock market is a good one. With the relatively abundant liquidity in the current market, the stock market is expected to continue.
Structurally, we continue to maintain the views of the previous 2020 annual strategy meeting. We believe that the direction of the “big era of scientific and technological innovation” is expected to continue. It is recommended in the section to focus on the technology industry represented by computers and media, and will benefit significantlySecurities industry with increased equity financing.

BTG Hotels (600258): Mid- to high-end hotels continue to look forward to the stabilization of Q4 operating data

BTG Hotels (600258): Mid- to high-end hotels continue to look forward to the stabilization of Q4 operating data
Report Summary: Events: The company released the third quarter report of 2019, and the company achieved operating income in the first three quarters of 62.3 ppm / -2.16%, attributable net profit 7.19 ppm / -10.27%, net profit after deduction 6$ 8.9 billion / + 3.75%, budget benefit 0.73. The increase in the proportion of mid- to high-end continues to support revenue, and the speed of opening stores in 2020 will not decrease.At the end of September, the number of mid- to high-end hotels opened by the company was 814, with a total of nearly 100,000 rooms, and the proportion of mid-to-high-end rooms was 24.2% / + 4.5 points., Middle- and high-end revenue accounted for 38% / +5.One, the three main products of mid-to-high end include Heyi Hotel, Home Inn Select and Home Inn Business Travel. The total number of mid-to-high end will be close to 1,000 by the end of the year.The company aims to open 800 stores in 2019, including 500 core brands. The company opened a total of 430 stores from January to September, closed 257 stores, and opened a net of 173. It is basically confirmed that this year’s opening plan will be successfully completed.The decrease in the number of stores closed in the first three quarters was mainly due to the transfer of statistical caliber of 47 stores of the company’s comma apartment and the termination or renovation of hotel properties.The number of stores to be opened in 2020 will not be less than that in 2019, and the specific needs to be adjusted according to market conditions, but the company’s focus on exhibitions will still focus on core brands. Q3 is still under pressure under multiple influences, and we expect Q4 operating data to stabilize.Q3’s overall same store Occ / ADR / RevPAR is -3.1 / -2.6% /-6.1% qoq Q2 such as home caliber operating data (-2.1 / -1.1% /-3.6%) continued to decrease.The operating pressure of Q3 comes from two aspects: the general environment and eventual factors. The hotel industry’s prosperity has weakened against the background of a weak macro economy. In particular, 重庆耍耍网 the demand for high-proportioned business and tourist sources is weak, and the overall business scale is severe.A celebration in Beijing caused some hotels in Beijing to fail to open, which affected RevPAR to a certain extent, and the high base effect brought about by the football incident that existed in the same period last year put pressure on Q3 performance.The company currently has 3314 franchised stores, accounting for 79.4% / + 2.9 points.Along with the increasing number of franchise stores, the company’s anti-cyclical capability has been continuously enhanced, and there is an internal performance end in the industry’s down range. To some extent, the direct-operated stores have been affected by the general environment.Since October, the company’s operating data is in a stable range, stronger than Q3 but still weaker than Q2. Considering that the weak data in 2018 occurred in November and December, the effect of the low base of Q4 is more obvious.There is a contradiction in data stabilization probability. Actively carry out work to improve efficiency and reduce fees, stabilize cash flow and reduce debt burden.The Q3 company’s sales / management / financial expense ratios decreased by 0.3 points / 0.1/0.39 points., The cost side presents a variety of aspects to varying degrees of inclusion.Stable and healthy operating cash flow effectively reduced the company’s increase in revenue; the company’s occupancy ratio gradually decreased with the support of technical upgrades, and the closed stores also reduced labor costs accordingly; the promotion of system automation has made the company to some extentCompression: Considering that the company’s old store upgrade and reconstruction project continues to advance, the maintenance cost is relatively reduced. Investment suggestion: Considering that the company’s proportion of mid- to high-end hotels continues to increase, and the number of consolidated franchise stores is increasing, the company’s anti-cyclical ability is constantly increasing, and its performance is somewhat influenced by the large environmental impact, and the industry’s concentration is optimistic under macro pressureSpeed up.With the background of underestimation and leading market share continuing to increase, we expect the company to achieve operating income of 88 in 2019-2021.13, 92.69, 101.9.8 billion; net profit attributable to mothers was 9.48, 10.97, 13.1.5 billion, EPS is 0.96 yuan, 1.11 yuan, 1.33 yuan, the corresponding PE is 17 respectively.46X, 15.09X, 12.59X.Maintain the “Recommended” level. Risk reminders: 1. Macroeconomic downturn 2. New store expansion slower than expected 3. Risk of franchise management

Multi-sectoral cooperation in stock pledge risk release

Multi-sectoral cooperation in stock pledge risk release

After the role of the stock pledge risk system in 2018, the equity pledge risk of equity-listed companies has been released to some extent. It is generally believed that this risk will be gradually resolved.

  On January 3, Yang Ouwen, the head of the financial product team of the Sichuan Financial Securities Research Institute, said in an interview with the “Securities Daily” reporter that “the market value of stock pledges below the closing and warning lines at the end of 2018 has decreasedWith the gradual availability of special funds for conversion, the risk of stock pledges is still gradually being resolved.

At the same time, stock pledge and mortgage as a reasonable financing channel, the number of transactions in 2019 may continue to grow steadily.

In order to resolve risks, maintain market stability, and better serve the real economy, in the second half of 2018, policies will orderly guide securities companies, insurance companies, local governments and other financial institutions in the capital market to set up special products to invest in stocks with higher risks of pledge.enterprise.

  Since the third quarter of 2018, financial management departments have coordinated and guided, promoted locally, and market consensus has resolved the initial establishment of a stock pledge risk system mechanism.

Local governments have acted in various ways to assist listed companies in various ways.

Governments in Shenzhen, Beijing, Zhejiang, Guangdong, Shanghai, Xiamen and other regions have issued plans to set up rescue funds; at the market level, the Shanghai and Shenzhen Exchanges issued special bonds for relief.

Various market entities actively assisted in raising funds to mitigate the risk of pledged mortgages, such as securities companies, insurance institutions, private equity funds, etc., actively joined the teams that eased the pledge of listed company stocks.

  Some people believe that the financial sector works together to provide guidance and coordination. Market participants will postpone settlement and breach of contract through measures such as negotiation and extension, supplementary guarantees, etc., and will reduce the risk of market stampede.

In addition, the new holdings reduction policy, liquidation mechanism, and judicial proceedings also played a role in risk mitigation.

  Yang Ouwen said that from the perspective of the industry and individual stocks, electronics, chemicals, media, textiles, clothing, pharmaceuticals, and biological industries have obvious early-stage risk exposures. Combined with the stability of incremental funds, long-term value investment style, and the characteristics of equity investment, it can be predictedHigh-tech industrial enterprises with stable operations, strong profitability, and strategic planning may be relieved of 武汉夜网论坛 funding pressure.

And in this process, financial institutions will be more directly involved in the real economy, reducing the financing costs of industrial enterprises while better serving the real economy.

  ”Market entities should be more rational and objective in dealing with stock pledge risks. To completely resolve stock pledge risks, companies still need to exert their initiative and solve stock pledge risks.

On January 3, a chief person told a reporter of the Securities Daily that during the process of relief and risk mitigation, the supervisors always adhered to the principles of marketization, rule of law, and classified policies.Definitely clear.

In particular, some controlling shareholders have shown serious behaviors such as illegally occupying listed company funds in the process of disposing of their own risks, and held strict accountability.

Tin Industry Co., Ltd. (000960): Achieving Steady Growth in Performance; Tin Business Profits Being Gradually Improved

Tin Industry Co., Ltd. (000960): Achieving Steady Growth in Performance; Tin Business Profits Being Gradually Improved
Investment Highlights The company released the 2019 first quarter report: 2019Q1, the company achieved revenue of 89.570,000 yuan, ten-year average of 0.85%, an increase of 8 from the previous month.18%; net profit attributable to mothers1.94 ppm, a ten-year increase of 9.67%, an increase of 26.64%; realized non-net profit attributable to mothers1.93 ppm, an increase of 7 per year.81%, an increase of 257.4%, the performance is in line with market expectations. In the first quarter of 2019, the improvement of the company’s gross profit margin may lie in the rise in tin prices and the contribution of zinc smelting performance, and the company’s tin performance contribution proportion is gradually increasing.The company’s overall gross profit margin in Q1 2019 reached 9.85%, compared with 11 in 2018Q4.08% fluctuated slightly from 9 in 2018Q1.22% rose slightly.① The core factor for the improvement of Q1 gross profit margin lies in the rise in tin prices and the increase in smelting and processing fees to hedge against the rise in zinc ingot prices: in Q1 2019, the tin and zinc prices increased by 0 sequentially.93% and formaldehyde 1.18%, reaching 14.74 million / ton and 2.20,000 yuan / ton, more than 1.32% and up to 15%; but benefiting from the wholly-owned subsidiary Yunxi Wenshanshan Zinc’s annual output of 10 zinc, a 60-ton conversion production line was completed in the fourth quarter of 2018 for trial production.97 times to 208.At 8 USD / ton, the increase in profits brought by zinc smelting and processing has made up for the impact of the decline in zinc prices to some extent. It is expected that the profits of zinc smelting and processing will help increase the company’s performance in the future.② What needs experts is that the proportion of the performance profit of the tin business is gradually increasing: by the end of December 2018, the company proposed to establish CCB Finance to implement cash increase in the capital conversion of its subsidiary Hualian Zinc, and the company’s controlling ratio also increased from 75.74% → 68.55%, in the first quarter of 2019, Hualian Zinc and Tin’s contribution to the company’s overall performance improved, and the increase in zinc prices led to Hualian Zinc and Tin’s profits decreased, which replaced 27 from minority shareholders’ equity.4% to 0.23 trillion can also reflect a reduction in the contribution of zinc concentrate business to the company’s performance.But scale, 2019Q1, the parent company’s net profit has increased by more than 496% to 1.US $ 2.3 billion, and the main source of profit of the parent company is the tin business. Since then, it may reflect that in the first quarter of 2019, the company’s share of profits contributed by the tin business has gradually increased.③ In addition, the three expenses and R & D expenses increased by an additional 10.65% to 5.The RMB 09 million was mainly due to the small increase in management and R & D expenses, of which R & D expenses increased by 161.5% to 0.27 trillion, sales and financial expenses are basically flat every year.At the same time, Q1 was affected by fluctuations in the forward exchange rate hedging instrument, resulting in a 444 change in fair value gains.61% to -0.32 ppm, molecular weight 191.13%, this subject 杭州夜网 is one of the important reasons dragging down Q1 performance. Earnings forecast and rating: Under the background of the logic of the exhaustion of resources in Myanmar, bullish on the rise in tin prices in 2019 and maintaining profitability in 2019-2021, it is expected to achieve net profit attributable to mothers respectively11.300 million, 14.300 million, 15.1 ppm, EPS is 0.68 yuan, 0.86 yuan, 0.91 yuan, calculated at the price on April 26, PE is 17 respectively.2X, 13.6X, 12.8 times.Maintain the level of “prudent overweight”. Risk Tips: The risk of large fluctuations in tin and zinc prices; financial risks; other risk factors

Jiangsu Leasing (600901): Focusing on serving small and medium-sized ROE industries, leading the practice of “financial supply-side structural reform”

Jiangsu Leasing (600901): Focusing on serving small and medium-sized ROE industries, leading the practice of “financial supply-side structural reform”

Jiangsu Leasing’s business model is highly in line with the direction of “financial supply-side structural reform” 1) On February 22, General Secretary Xi Jinping pointed out “increasing the number and proportion of business of small and medium-sized financial institutions, improving small and micro enterprises and financial services for agriculture, rural areas and farmers.”

It can be seen that the adjustment of the internal structure of indirect financing (focusing on small and medium-sized enterprises), as well as the promotion of direct financing and the development of the capital market, is also the focus of “financial supply-side structural reform”.

During the two sessions, Guo Shuqing, secretary of the People ‘s Bank of China ‘s party committee and chairman of the China Banking and Insurance Regulatory Commission, clearly stated that “solving loans to small and micro enterprises and private enterprises, credit support, and financial support is the most important component of financial supply-side structural reforms”.

2) Jiangsu Leasing was established in 1985. It is one of the enterprises that initially carried out financial leasing business in China. It is also the first domestic financial leasing company listed on the A-share market.

The company’s development 杭州桑拿网 philosophy is “serving small and medium-sized enterprises, serving agriculture, rural areas and farmers, and serving people’s livelihood.” The business model is “deep into the market, differentiated marketing, provide differentiated products different from bank loans, and resolve SME financing difficulties through multiple channels.”The total proportion of receivable financing leases accounted for more than 90%.

Customers further “sinked” in 2018, with 2,457 new contracts in the first half of 2018, an annual increase of 201%.

“Focus on small and medium-sized enterprises” goes beyond policy guidance (we can expect further favorable policies), it can also improve bargaining power, diversify asset risks, and the market has a broad future.

The ROE of Jiangsu Leasing has been in the top two in the industry (stable over 15%) since 2015. The NPL ratio is stable below 1%, and the net interest margin has been higher than 3% for a long time. The decline in market interest rates is conducive to the improvement of net interest margins and counter-cyclical adjustment of macroeconomic policies.Conducive to improving the NPL ratio 1) The duration of assets leased by Jiangsu is significantly longer than the duration of negative debts. The maturity period of interest-bearing debt of the company is generally within one year, and the collection period of the company’s financial lease is generally more than three years.

Therefore, while the company has liquidity risks, it can obviously benefit from the increase in net interest margin brought by the decline in market interest rates.

2) The Central Economic Working Conference proposed that “macro policies should strengthen counter-cyclical adjustments”. At present, these policies are supporting SMEs and private enterprises. This macro environment is also conducive to improving the asset quality of Jiangsu Leasing, which focuses on SMEs.

Investment suggestion: Jiangsu Leasing “Serving Small and Medium-sized Enterprises, Serving Agriculture, Countryside, Peasants and People ‘s Livelihoods” has long been advocating the direction of “financial supply-side structural reform”. At present, policies such as counter-cyclical adjustments, wide currency and wide credit are clearly beneficial to Jiangsu LeasingImproved net interest margin and NPL ratio.

The financial leasing industry has broad space for development, and Jiangsu Leasing’s profitability ranks at the forefront of the industry, and its development trend is good.

We expect earnings per share for 2018-2020 to be zero.



58 yuan, net profit growth rate was 13 respectively.

97% / 24.

39% / 20.


The company’s market development space is broad, business growth breakthroughs, and the company’s unique business model, there is no clear comparable company, so we consider using PEG pricing.

Based on the above assumptions, the 2018-2020 net profit composite advantage is 19.

51%, given 19.

5x 2019PE, corresponding to a target price of 9.

36 yuan, covering the legal “buy” rating for the first time.

Risk reminders: The rising interest rate affects the company’s financing costs; the increase in the bad debt ratio of investment projects; the liquidity risk caused by the mismatch of capital terms;

Wuliangye (000858): Quick response and precise strategy

Wuliangye (000858): Quick response 杭州夜网论坛 and precise strategy

The company’s response policy to the impact of the epidemic was promulgated with high efficiency, and the company has grasped the precise policy in the direction, and has not implemented a one-size-fits-all, effective and effective implementation principle. The strengthening of its refined management capabilities has been fully verified.

The introduction of the response policy helps stabilize channel expectations, further reduce the value of the approval price, and at the same time, the pre-holiday sales are better, and there is enough room for adjustment of the release. Therefore, achieving the goal is still a high probability event.

At present, the company’s sustainable safety margin strength maintains a one-year target price of 165 yuan and breaks through the oversold layout opportunities again.

Efficiently introduce response policies:四川耍耍网 Do not engage in a one-size-fits-all approach, optimize and reorganize categories, and be prepared to meet compensatory consumption.

The company strengthened market surveys after the holiday, and reported that the distributor’s inventory remained at about 10%. In January, the core terminal mobile sales reached about 80%. Combined with our grassroots research, the company’s sales were good before the holiday, and the Spring Festival was less affected by the epidemic. At present, there is only one channel inventory.Around the month.

The company’s response to the epidemic situation in the near future is to grasp the precise policy in the direction, not to implement a one-size-fits-all, effective and effective implementation principle. The specific response measures are as follows: (1) Scientific and precise policy, and optimization and adjustment of dealer classification.

Each marketing theater optimizes the adjustment plan for March, focusing on supporting dealers with strong strength, good inventory and independent intentions, reducing the increase in time in response to selling pressure, and at the same time providing dealers with pressure on short-term capital turnover, providing customized financestand by.
It is required that all theaters absolutely prohibit the hard assignment of group purchase target tasks to dealers.

(2) Accelerate the verification of market expenses, and promptly honor terminal point rewards.

The company requires that the market expenses and materials not reported by the dealer be verified within two working days.

The terminal for better implementation of the points program in the past six months ensures that all rewards will be implemented before the end of February.

(3) Effectively help solve practical problems and be prepared to meet compensatory consumption.

All theaters are required to strengthen communication between all parties during the epidemic, effectively help solve practical difficulties and problems, and prepare ahead of time for the deployment of compensatory consumption opportunities after the epidemic.

Later outlook: Stabilize the approval price level, strive to reduce the impact of the epidemic, and do not adjust long-term goals.

We believe that the company’s rapid response to the epidemic after the holiday and the enhanced marketing reform and management capabilities have been fully reflected. This is inseparable from the 19 years of integrated reform of the marketing system, the addition of marketing team personnel, and the introduction of digital systems. The reform results are still expected to follow upAchieve sustained release.

After the introduction of the response policy, channel confidence is expected to stabilize, and the reduction in the fluctuation of approval prices will be further reduced.

Considering that Wuliangye’s channel inventory is light and there is room for adjustments in the delivery schedule, it is expected that the May 1st and Dragon Boat Festival will still be adopted in the second quarter, in conjunction with the company’s capillary sink optimization and supplementation, which will help achieve double-digit growth in the first half of the year.

Investment suggestion: The epidemic response measures are effective, the probability of achieving the target is high, the approval price has the potential to rise after the epidemic, and it can cope with the continuous oversold opportunities.

Wuliangye was less affected by the epidemic, and the company’s endogenous reform performance was continuously released. The refined management ability was significantly enhanced, and there was too much room for adjustment, so the probability of achieving the target was high.

We maintain our EPS forecast for 19-21.

48, 5.

40 and 6.

23 yuan, the current company is sustainable, and the safety margin still overlaps, enough to cope with the continuous oversold opportunities, maintain a one-year target price of 165 yuan, corresponding to 20 times 30 times or 21 times 26 times PE, maintain “strongly recommended -A” investmentRating.

Risk warning: epidemic control progress, consumption is less than expected, refined control fails to meet expectations

Yuyuan shares (600655) semi-annual report comment: 19H1 revenue increased by 34 in ten years.62% continue to launch long-term incentive plans

Yuyuan shares (600655) semi-annual report comment: 19H1 revenue increased by 34 in ten years.62% continue to launch long-term incentive plans
Event company 2019H1 achieved revenue of 196.53 ppm, an increase of 34 in ten years.62% (an increase of 98 from the previous decade’s adjustment.72%); net profit attributable to mother 10.2.1 billion, an increase of 9 in ten years.31% (a year-on-year increase of 174 over the previous decade.73%). Comments ① Revenue: The company’s 2019H1 revenue is 196.5.3 billion, a year-on-year increase of 34.62%, mainly due to the increase in operating income of the jewellery and fashion business and the delivery of property development projects.①Industry: The company’s revenue mainly comes from the two major operating segments of jewelry fashion and property development and sales.Jewellery Fashion Revenue 100.96 ppm, an increase of 15 in ten years.深圳桑拿按摩网91%, accounting for 51.32%; property development and sales revenue 82.4.0 billion, accounting for 41.42%, an increase of 71 per year.78%.②By region: the company’s domestic revenue is 192.1.1 billion, accounting for 97.75%, an annual increase of 33.43%; foreign income 4.4.1 billion, accounting for 2.25%, an annual increase of 119.60%. ② The company’s gross profit margin for 2019H1 is 24.10% each year, an increase of 3 after the same period last year.02pct is mainly due to the high growth rate of property development and sales revenue of companies with higher gross profit margins. The percentage of total revenue from property development and sales revenues has increased, driving up the company’s overall gross profit margin.Jewellery fashion gross margin is 7.79%, a year up 0.95pct; 佛山桑拿 gross profit margin of property development and sales business is 26.95%, increase by 2 every year.75 points. ③ The company’s expenses during the 2019 H1 period are 10.66%, an increase of 0.91 points.Sales expense ratio: The company’s 2019H1 sales expense is 6.830,000 yuan, an increase of 27 in ten years.66%, selling expenses 3.47%, a decrease of 0 per year.19 points.Management expense ratio: The company’s 2019H1 management expense is 10.7.3 billion, an increase of 53 in ten years.56%, administrative expenses 5.46%, rising by 0 every year.67pct is mainly due to the report that the management company’s management expenses increased due to the expansion of business scale including mergers and acquisitions compared with the same period of last year.Financial expense ratio: The company’s 2019H1 financial expenses are 3.3.8 billion, an increase of 79 every year.08%; financial expenses1.72%, increasing by 0 every year.43pct, mainly due to the increase in the reported budget financing costs compared to the same period last year. ④ Net profit to mother: Net profit to mother 10.2.1 billion, an annual increase of 9 in the same period last year.31%, mainly due to the increase in the company’s operating income and increase in gross profit margin. ⑤Key operating indicators: The number of newly opened gold jewelry stores exceeded the same period of last year: The company expanded its jewelry and fashion chain network with direct retail and wholesale as its main business model.As of the end of H1 2019, the number of gold and jewelry chain outlets reached 2,417.Gold purchase, production and sales: The company’s 2019H1 gold purchases / production / sales were 29,692, respectively.00 pounds / 32,616.25 pounds / 35,417.At 84 pounds, platinum purchases / production / sales were 137.13 GBP / 87.£ 8/213.54 pounds. Profit forecasting and estimation The company develops industrial transformation around the concept of “happiness, fashion” and the dual operation mode of “industrial operation + industrial investment”.Jewellery and fashion business grows steadily and develops a safe margin; property development and sales business expands into new growth points and forms synergy with the business travel and cultural sector; high-speed growth in the resort business or a new engine for future performanceIt is estimated that the net profit for 2019-2021 will be 33.35/40.12/40.1.1 billion, the current market value corresponds to 10/8 / 8xPE, maintaining the buying level. Risk reminder: Macroeconomic growth is not up to expectations, the jewelry industry is recovering less than expected, and synergies are less than expected

Jiuli Special Material (002318): Downstream Prosperity Promotes Gross Profit Increase 19H1 Net Profit Increases 59%

Jiuli Special Material (002318): Downstream Prosperity Promotes Gross Profit Increase 19H1 Net Profit Increases 59%

The company announced its semi-annual report for 2019 and achieved net profit attributable to mothers in the first half of the year2.

110,000 yuan, an increase of 59 in ten years.


The company achieved operating income of 20 in 2019H1.

9.9 billion, an increase of 7 武汉夜网论坛previously.

69%, net profit attributable to mothers2.

11 trillion, an increase of 59 in ten years.


Among them, the second quarter achieved net profit attributable to mothers.

3.9 billion, an increase of 65 per year.

31%, an increase of 93.


Opinion: The company’s main business is stainless steel pipes. The profit trend is weakly correlated with the profit of ordinary carbon steel.

The company is the country’s largest industrial stainless steel pipe manufacturing company, with a stainless steel pipe capacity of 10 inches. Its main products are stainless steel seamless pipes and welded pipes.

We believe that due to the proportion of nickel in the cost of stainless steel as the main raw material, the impact of rising iron ore prices on stainless steel prices in the first half of the year is far less than the impact on ordinary carbon steel.The company’s net profit attributable to mothers continued to grow by 59%, and had better relative returns compared to the sector.

The downstream economy is improving and the gross profit margin of products continues to increase.

About 55% of the company’s revenue in 2019H1 expands the petrochemical and natural gas field, and it will continue to increase with reference to the proportion in 20185.

03 percentages.

We believe this is mainly due to the rising prosperity of the oil and gas industry. The orders and prices from the oil and gas sector have risen. Among them, the revenue of product in Q2 2019 reached a near high.

In addition, the gross profit margin of the oil and gas sector also increased from 28 in 2018.

46% further increased to 29.


The leading level of the industry improves the bargaining power of products.

The company’s market share has ranked first in the domestic industry for many years, the industry leader is obvious, and the product has a certain bargaining power.

In the first half of the year, the company’s seamless tube gross margin was 28.

19%, gross profit margin of welded pipe 24.

95%, gross margin score continued to improve in 2018.

Dating strategic partner Yongxing Materials.

The company dated Yongxing Materials as a long-term stable supply chain partner. It plans to purchase Yongxing Materials stock for no more than 600 million yuan, and the holding amount does not exceed 10% and not more than 20% of the total equity capital of Yongxing Materials.

We believe that Yongxing Material is the company’s raw material supplier. This strategic investment will effectively optimize the company’s upstream and downstream management system, improve resource allocation efficiency, and have a more stable source of raw materials.

Investment suggestion: A certainty breakthrough in performance growth and a “continuous market” rating.

Based on our calculations, we expect the company to achieve operating income of 44-2021 respectively.

67, 46.

93, 48.

880,000 yuan, net profit attributable to mother4.

33, 4.

74, 5.

1重庆耍耍网 1 trillion, the corresponding EPS is 0.51, 0.

56, 0.

61 yuan.

Based on comparable companies and historical premium levels, we give companies 16-20 times dynamic PE in 2019 with a reasonable value range of 8.


30 yuan, given the “preliminary market” rating.

risk warning.

The prosperity of the oil and gas industry has declined; orders in hand have expanded significantly; and the economy has grown significantly.