Tianchuang Fashion (603608): The main business adjusts and gradually recovers. Overweight intelligent manufacturing promotes the steady improvement of performance.

Tianchuang Fashion (603608): The main business adjusts and gradually recovers. Overweight intelligent manufacturing promotes the steady improvement of performance.

Investment points: The company’s performance has grown steadily, and net profit attributable to mothers increased by 29% in 18 years, slightly lower than expected.

1) The company’s performance has maintained steady growth.

18 years to achieve operating income of 20.

50,000 yuan, an increase of 18 in ten years.

4%; net profit attributable to mother 2.

4 ppm, an increase of 28 in ten years.

9%, deducting non-net profit is 2.

100 million US dollars, an annual increase of 27%, mainly due to the consolidation of the kid technology.

2) The net profit of the main business of shoes and clothing has increased.

If we reduce the impact of the kid’s technology consolidation, the main business income of shoes and clothing in 18 years will increase by 2.

3% to 17.

4 trillion, the net profit attributable to mother decreased by 22% to 1 in ten years.

4 trillion, mainly due to the payment of 8.87 million yuan in idle land costs in 18 years, and increased marketing and publicity efforts, resulting in increased costs.

3) The growth rate in the fourth quarter was slightly attached.

4Q18 achieved operating income 5.

800 million, an increase of 10 in ten years.

4%, net profit attributable to mothers was 55.70 million yuan, an annual increase of 15%.

4) The dividend ratio is relatively stable.

The company pays dividends for every 10 shares.

5 yuan, the dividend ratio reaches 43%, and the yield is about 2.


Gross profit margin decreased slightly, expenses were well controlled during the period, net interest margin steadily increased, and asset quality was healthy.

1) Gross profit margin for 18 years decreased by 1 compared with the same period last year.

7pct to 56%, mainly due to the consolidation of kiddie technology.

Selling expense ratio decreased by 1.

4 points to 28.

6%, the management expense ratio (including research and development expenses) decreased by 0.

8 points to 13.

5%, leading to a 1% increase in net interest rate.

2pct to 11.


2) The accounts receivable turnover days in 18 years decreased by 3 days to 58 days compared with the same period last year; the inventory turnover days decreased by 21 days to 180 days compared with the same period last year.

At the same time, operating cash flow increased by 33.65 million yuan to 3 trillion over the same period of the previous year, and asset quality was relatively healthy.

Adhere to the multi-brand strategy and build a complementary brand matrix.

1) The main brand KISSCAT continues to adjust.

In 18 years KISSCAT achieved income 8.

4 ‰, a decline of 4 per year.

8%.In 18 years, there were 44 to 1,007 stores with net clearance (660 directly operated + 347 joined), and the single store revenue was basically the same as the same period last year.

2) The mid-to-high-end brands ZsaZsaZsu and tigrisso continue to grow rapidly.

In 18 years ZsaZsaZsu realized income1.

500 million, an annual increase of 23%.

In 18 years, there was a net increase of 34 stores to 146 (directly operated 137 + joined 9).

18 years tigrisso realized income4.

600 million, an increase of 14% in ten years.

In 2018, there was a net increase of 9 stores to 427 (directly operated 326 + joined 101), the same store growth rate is expected to exceed 10%.

3) The KissKitty positioning has been adjusted.

In 18 years KissKitty achieved income1.

700 million, a year-on-year decrease of 15%.

In 18 years, there were 10 to 255 stores closed (directly operated 190 + joined 65), the same store growth rate has improved.

4) Other brands have grown steadily.

Total revenue of other brands in 18 years1.

2 ‰, an increase of 25% in ten years.

In 18 years, there was a net increase of 9 to 90 stores (64 directly-managed stores + 26 franchisees), and the same store growth rate is expected to exceed 10%.

Offline stores continued to adjust, and e-commerce channels recovered in the fourth quarter.

1) The offline channel structure has been continuously optimized, and the number of stores in 19 years is expected to achieve a net increase.

The total number of company stores in 1918 was 1925, basically the same as the same period last year.

Among them, there were 1,377 directly-operated stores, a net increase of 91, accounting for 72%; 548 franchised stores, with a net clearance of 93.

2) Actively adjusted online, showing a recovery trend.

18 years of online income2.

5 trillion, a year-on-year growth of 8%, of which e-commerce revenue in the fourth quarter was about 88.12 million yuan, an increase of 7.

2%, an improvement from the negative growth in the third quarter, it is expected that e-commerce is expected to improve quarter by quarter in 19 years.

Xiaozi Technology continued to exceed expectations, and the main business of footwear and clothing increased smart manufacturing to create a flexible supply chain.

1) Kid Technology has continuously exceeded its performance commitments.

In 18 years, the kid’s technology realized revenue of 300 million US dollars, an increase of 31% year-on-year; realized net profit of 1 trillion attributable to mothers, an increase of 47%, the second consecutive year in excess of performance performance commitments (18 years commitment to achieve net profit of 84.5 million yuan).

2) Issue of 600 million convertible bonds and increase smart manufacturing.

The company plans to issue US $ 600 million convertible bonds to build an intelligent manufacturing base and 4 automated intelligent production lines and 4 flexible production lines to enhance the level of automation, digitalization, and intelligent production supply chain.

The company is a leading company in the women’s shoes industry. The offline channel continues to optimize the structure, and the online gradually resumes growth. It promotes continued growth in performance and maintains the “overweight” level.

The company’s offline stores are adjusted in place. It is expected that the number of stores in 19 years will be expected to increase. The online experience will start to recover in the fourth quarter, and it will be better quarter by quarter in 19 years.

Considering that the number of the company’s stores slightly exceeded expectations, it lowered its profit forecast for 19-20 years and increased its profit forecast for 21 years. It is expected that the net profit attributable to the mother in 19-21 will be 2.



700 million (was 3).


8 ppm), the 北京夜网 corresponding EPS is 0.


85 yuan, PE is 16/14/12 times, maintaining the “overweight” level.

Guolian Co., Ltd. (603613) Coverage Report for the First Time

Guolian Co., Ltd. (603613) Coverage Report for the First Time

Leading B2B comprehensive service platform, similar to the “Pinduoduo” e-commerce model has run through the company relying on Guolian Resource Network, Duoduo Platform, Guolian full network and other platforms to develop industry information services, vertical e-commerce services, Internet technology services and other three major businessesPlate.

Relying on the large number of user resources accumulated by the Guolian Resource Network, the company has built three vertical e-commerce platforms: Tuduoduo, Weiduoduo, and Boduoduo. The main focus is on the self-operated collective procurement model, with third-party consignment as a supplement to provide services.

The business model of the company’s e-commerce platform is similar to Pinduoduo. It implements a core supplier strategy for the upstream and a centralized procurement strategy for the downstream. It gains stronger bargaining power by pooling a large number of orders.

The three major multi-platform verification models have worked, and are expanding to more vertical industries, driving the company’s rapid growth in performance.

The growth period of the industry is still far from the ceiling. Widening and deepening will promote the continued high growth of B2B vertical e-commerce in the next few years. The policy of 15 years has continued to promote the gradual replacement of user habits and the rapid development of the industry.

The ceiling of the company’s business is far.

On the customer side, the current progress of the information platform users’ conversion of e-commerce users is only about 1.

4%, while large category expansion has 30 times growth space.

In terms of industry penetration rate, the company’s advantageous product transaction volume only accounts for 2% of the overall industry size, and there is great room for expansion.

In terms of industrial chain extension, the company has a precedent for doubling the scale of industrial chain expansion 天津夜网 along a single advantage product.

On the whole, the company continues to expand customers and deep industries, and it is expected to continue high growth in the next few years.

Do deeper customers to expand the profit model, enter the industry Internet leader. The company’s current industry services are mainly based on the project system. In the future, it will gradually change its product output, expand the profit model, and build an industry Internet leader.

Logistics and warehousing services are expected to increase the value of the service chain and expand the company’s data dimension.

Supply chain financial services assist upstream and downstream to control risks, and the company focuses on developing an open property rights loan model.

Build a smart factory seeking to help the upstream and downstream traditional 苏州桑拿网 industries upgrade and improve industry efficiency.

Investment suggestions are optimistic that the company’s e-commerce platform will maintain rapid growth while expanding to more categories.

We are optimistic about the company’s deepening of the industry and building a leading industrial Internet.

It is expected that the company will realize net profit in 2019-2021.



610,000 yuan, corresponding to EPS 1.



57 yuan / share, for the first time coverage, give “overweight” rating risk reminder: self-operated e-commerce bears price changes and customer credit risk; prepayment mode capital occupation; macroeconomic fluctuations lead to weak downstream demand; industry competition intensifies.

Jinhui Wine (603919): High-end growth accelerates short-term pressure on gross profit margin

Jinhui Wine (603919): High-end growth accelerates short-term pressure on gross profit margin
The event company released the first quarter of 2019 report and achieved total operating revenue for the first quarter5.140,000 yuan: an increase of 5 in ten years.5%; net profit attributable to mother 1.900 million, down 9 every year.9%; net profit after deduction to mother 1.05 billion US dollars, down ten years ago.1%.The main factor for the decline in profits was the decline in gross profit margin, which was 58 in the first quarter.0%, down 4 each year.0pct, mainly due to short-term fluctuations such as rising raw material prices and promotional discounts. A brief comment on high-end growth continues to accelerate, maintaining a good overall situation. In terms of product structure, mid-range products are upgraded to high-end products.At present, the scale of the liquor market in Gansu Province is about 5.5-6 billion, and the company accounts for more than 20%. It is a leading enterprise in the province and is about 10pcs ahead of the second brand in the province.In recent years, under the trend of baijiu consumption upgrade in Gansu Province, the company as the regional leader has the deepest gains and the product structure has been upgraded significantly.公司高档产品指对外杂质在100元/ 500ml以上的产品,主要代表有金徽十八年,世纪金徽五星,柔和金徽系列,金徽正能量系列,中档产品指对外杂质30元至 100元/ 500ml products mainly include Century Gold Emblem Samsung, Century Gold Emblem Four Stars, etc. Low-end products refer to products with a foreign price of 30 yuan / 500ml, which mainly represent Century Gold Emblem Two Stars, Golden Emblem aging, etc .; Q1 2019The income of high-, middle- and low-grade products is 5, respectively.320,000 yuan (+37.5%), 8.7.8 billion (+ -9.8%), 0.5.3 billion (-14.3%),高中低档收入占比约40%\56%\4%。In terms of growth rate, high-end products have accelerated significantly. The growth rate has increased from 32% at the end of 18 to about 38%. In terms of the proportion, the income of low-end products has remained at a low level.高中低档收入占比分别为36%\60%\4%。 By region, the scale outside the province continued to expand rapidly.Lanzhou and its surroundings, and southeast Gansu are the company’s main base markets, with revenues of 1 in the first quarter.5.4 billion (+1.5%), 2.10 billion (-1.4%), basically stable.The growth rate in the province is stable, which is not as high as last year. It is mainly due to the peak of the Spring Festival. The company’s revenue mainly comes from western Gansu and areas outside the province. In the first quarter of 2019, the income growth outside the province was 72.8%, the proportion 杭州桑拿养生会所 of revenue increased rapidly from 9% in 2018 to 13%. The gross profit margin in the first quarter fell under the pressure of promotion and cost; the expense ratio increased slightly during the period, and future improvements are expected.Affected by rising raw material costs and promotional activities during the Spring Festival, the company’s overall gross profit margin declined.0pct.During the period, the overall expense ratio rose slightly, of which the sales expense ratio dropped slightly.1 point, the rate of management expenses (including research and development expenses) increased by 1.7pct, the financial expense ratio is basically flat. Earnings forecast and estimation: We expect the company’s revenue growth rate to be 13 in 2019-2021.2%, 15.9%, 10.8%, net profit growth rate was 14 respectively.9%, 20.1%, 15.3%, the corresponding EPS is 0.82, 0.98, 1.13 yuan, the company’s latest closing price (4.23) 15.13 yuan, corresponding to PE for 2019-2021 is 18.5, 15.4, 13.4 times. Risk warning: Food safety risks, market expansion outside the province and growth rate of premium wines are less than expected

China Unicom (600050): MoM improvement in line with expectations

China Unicom (600050): MoM improvement in line with expectations

Event On October 21, 2019, the company released three quarterly reports. In the first three quarters, the company realized revenue of US $ 2171 trillion, which was replaced by 1.

18%, net profit attributed to mother 43.

16 ppm, an increase of 24 in ten years.

38%, net of non-attributed net profit 39.

69 ppm, a ten-year average of 11.


Brief Comment 1. The performance improved month-on-month and generally met expectations.

In the first three quarters of 2019, the company focused on cost control and accelerated Internet-based transformation. Net profit attributable to mothers reached 43.

16 ppm, an increase of 24 in ten years.

38%, achieving rapid growth.

In Q3 2019, the company achieved revenue of 721.

6.7 billion, revenue growth for the first time this year turned positive, reaching 2.

21%, 2019 Q1 and Q2 exceeded growth rates were -2.

39%, -3.


Among them, the company’s mobile main business income was affected by speed reduction and fee reduction, and the cancellation of traffic roaming fees implemented in the second half of 2018 decreased by 6.

1%, but the decrease is narrower than the mid-term report.

5 points.

The company’s industrial Internet revenue reached 24.3 billion, an increase of 40.


In the third quarter of 2019, the company realized a net profit of RMB 1.3 billion, an increase of 46 year-on-year.

61%, a significant improvement from the previous quarter.

The initial decrease in net profit after deducting non-return to motherhood is that the company’s scrapped assets in the first three quarters of 2018 caused asset disposal losses of up to 3.5 billion 杭州夜生活网 yuan.

Overall, we think the company’s third quarter report is in line with market expectations.

2. The new lease contract led to a significant increase in apparent expenses.

The company’s implementation of the new leasing standards has led to depreciation and amortization in the first three quarters of 2019, and financial expenses have increased, but rental expenses in network operation and support costs have decreased.

If the impact of the implementation of the new leasing standards is excluded, the company’s depreciation and amortization will gradually decline in the first three quarters of 20194.

5%, mainly due to the good control of capital expenditure in recent years.

Finance costs have fallen by 486 per year.

0%, mainly due to good free cash flow to help the company’s average interest-bearing 四川耍耍网 debt significantly reduced compared to the same period last year.

Network operation and support costs decreased compared to the same period last year4.

5%, mainly due to effective control of maintenance costs and electricity costs.

3. The 5G co-construction and sharing scheme will help the company accelerate 5G construction and reduce capital expenditures.

According to the “5G Network Co-construction and Sharing Framework Cooperation Agreement” signed by the company and China Telecom, the company will jointly build a 5G access network with China Telecom nationwide, with the core network being constructed separately.

The construction method of 5G access network is partition construction: Among them, the two parties will construct 5G networks in 15 cities (Beijing, Tianjin, Zhengzhou, Qingdao, Shijiazhuang 5 cities north, China Unicom operation company and China Telecom construction area ratio is 6:4; Shanghai, Chongqing, Guangzhou, Shenzhen, Hangzhou, Nanjing, Suzhou, Changsha, Wuhan, and southern Chengdu 10 cities. The ratio of China Unicom’s operating company to China Telecom’s construction area is 4: 6).

China Unicom Operating Company will independently build 9 cities in Guangdong Province, 5 cities in Zhejiang Province and 8 northern provinces outside the inherited area; China Telecom will independently build 10 cities in Guangdong Province, 5 in Zhejiang Province17 provinces in the south outside the city and potential area.

We believe that 5G co-construction and sharing will reduce the size of both parties’ capital expenditures. However, since co-construction and sharing can bring about construction speedup, it is expected that the respective capital expenditures of the two sides will need to increase from 2019 to 2021, but it may decline rapidly in the future.

Overall, China Unicom is more favorable.First, from the perspective of regional scope, the company’s undertaking is relatively long. Therefore, the overall control of the scale of capital in the future will help improve the company’s cash flow and reduce future depreciation.

Second, the two parties made it clear that they do not use settlement as a means of profit, so although the company’s network construction area is relatively small, there should not be too much pressure on settlement.

4. The company is expected to benefit from the four major industry trends. The performance growth will be the first to be more flexible. The mixed reform will be advanced in depth.

7%, profit reduced by 2.

500 million US dollars, “Yunnan model” is expected to promote replication in other provincial subsidiaries, and further release the mixed reform bonus.

Second, the company and China Telecom have reached a consensus on 5G co-construction and sharing. It has entered the substantive operation stage and is expected to reduce the company’s future capital expenditures and depreciation amortization. At the same time, it will accelerate the construction and application of 5G networks and promote cost reduction and efficiency.

Third, the company expects to build 410,000 new 4G base stations in 2019, more than 40,000 5G base stations, 4G capacity expansion and 5G commercial use, which is expected to drive the company’s B-side business to accelerate the development and the company is conducive to the development of industrial Internet.

Fourth, the unlimited package (up to speed limit) will be gradually phased out. It is expected that the company’s tariff reduction will be generally controllable in the future, and the company’s performance is expected to usher in improvement.

5. Profit forecast and rating: Considering the impact of speeding up and reducing fees and potential 5G investment, we cut the company’s net profit attributable to its parent to 58 in 2019-2020.

7.6 billion, 84.

60 ppm, EPS is 0.

19 yuan, 0.

27 yuan, corresponding PE is 32X, 22X, PB is 1.

28, 1.

24. Maintain the “overweight” rating.

Risk warning: increased competition, accelerated customer churn; speeding up and reducing fees, leading to a rapid decline in ARPU for users; 5G co-construction and sharing solutions fell short of expectations.

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

The stock market depends on the research report of Jin Qilin analysts. It is authoritative, professional, timely and comprehensive, helping you to explore potential topic opportunities!
  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