Dongzhu Ecology (603359): Achieving outstanding market results

Dongzhu Ecology (603359): Achieving outstanding market results

Key Investment Events: The company released its 2018 annual report.

Realized operating income of 15 in 2018.

90,000 yuan, an annual increase of 30.

2%; realize net profit attributable to shareholders of listed companies.

3 ‰, an increase of 34 per year.

2%; EPS is 1.

02 yuan.

The improvement of the performance growth in the second half of the year has improved, and the orders in hand are redundant: the company’s operating income for the first quarter of 2018 was 3.

6,4.

8, 3.

4,4.

10,000 yuan, an increase of 51 in ten years.

9%, 67.

5%, 1.

7%, 12.

4%, net profit attributable to mothers is 0.

7, 1.

1, 0.

6, 0.

90,000 yuan, an increase of 65 in ten years.

0%, 87.

4%, -17.

0%, 23.

6%.

In terms of business, revenue from wetland business9.

20,000 yuan, an annual increase of 24.

1%, accounting for 57.

6%, at least an improvement. In the end, the company’s municipal greening business grew faster after the company obtained the municipal first-class qualification. Dengzhou 穰 Deng Avenue, Runan County National Road City, and the impact of several two municipal projects on revenue contribution.

The company Q4 won the new bid 6.

6 trillion, newly signed contract 6.

3 ppm, gradually increasing the amount of new bids by 30.

3 trillion, 25 new projects are gradually signed.

800 million.

The company plans to send 1 out of 10.

50 yuan (including tax), the dividend rate is 14.

7%.

Profitability remains stable: The company’s gross profit margin in 2018 was 28.

2%, 0 per year.The two units were mainly due to the increase in the proportion of municipal greening business.

The highest net interest rate is 20.

41%, an increase of 0 a year.

6 total, period cost 5.

3%, a decline of 0 per year.

A total of 78, of which 3 were administrative expenses.

8%, financial expenses expense -0.

3%.

Company Inventory 17.

0 million yuan, compared with 9 at the beginning of the year.

The increase of US $ 800 million was mainly due to the reported growth in business growth and the increase in completed and unsettled projects.

Sufficient funds and good cash flow: The company has monetary funds in hand at the end of 201812.

30,000 yuan, abundant funds, asset-liability ratio of 43.

6%, continued to maintain the industry’s internal level, net cash flow from operating activities-0.

7 trillion, a marked improvement from the first three quarters, and a decrease of 0 from last year.

9 trillion, mainly due to the increase in project procurement payments and deposits reported in combination.

At the same time, the company has no bank loans, interest-bearing debts, and the controlling shareholder and Dong Jiangao have not pledged equity. The company’s financial status is good. The balance sheet has the potential for transfer and expansion, and future development is expected.

Orders may continue to exceed expectations: The company issued an announcement of its main operating data for the 杭州桑拿 first quarter, and the company has won 73 new bids since 2019.

8.3 billion, with a new winning bid of 52.

24 ppm, an increase of 73% over the same period last year.

The company’s active layout of the country’s wetlands and national forest reserves in the early stage will continue to translate into high-quality orders. It is expected that the company’s orders will continue to exceed expectations, providing effective protection for rapid growth of orders, and continued heavy volume of orders in hand, which is expected to drive the subsequent performanceFast rising channel.

The company actively develops and develops the market: The company vigorously develops the market from both business and regional perspectives.

In addition to continuing to focus on the main business of wetlands, the company actively deploys 杭州桑拿网 desert parks and national forest reserves projects to gradually achieve full coverage of large ecological restoration industries; the company cooperates with local construction and design enterprises replaced by comprehensive strengths, and takes advantage of local partners’ advantages in local resources.The company’s business expansion capabilities have been further enhanced. It is reported that the merged company has established more than ten branches in the Yangtze River Delta, the Greater Bay Area, the Bohai Rim and other regions, which will contribute a large number of high-quality projects to the company.

Profit forecast and rating.

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

52, 2.

05, 2.

86 yuan, corresponding to PE is 13, 10, 7 times. Considering the company’s rapid growth in future performance, maintain the “Buy” rating.

Risk reminder: project progress, project payment may be less than expected, business expansion or risk may be less than expected.

GAC Group (601238): Japanese joint venture continues to grow, AIONS accelerates climb

GAC Group (601238): Japanese joint venture continues to grow, AIONS accelerates climb

Japanese joint ventures have continued to grow, and the scale of independent brands has gradually increased. According to the company’s June production and sales announcement, the company will gradually achieve 99 automobile sales from January to June 2019.

960,000 vehicles, at least -1.

69%; of which Guangzhou Automobile Honda has a cumulative sales of 39.

450,000 vehicles, +16 per year.

41%; GAC Toyota’s progressive sales 31.

120,000 vehicles, +21 in the past.

86%; independent brands are gradually selling 18.

690,000, at least -30.

30%.

According to the data of the Federation of Passenger Unions, the cumulative wholesale sales volume of generalized passenger cars from January to June was -14% per year.

We believe that the company ‘s Japanese joint venture Toyota Honda ‘s sales exceeded the industry ‘s growth rate, showing strong product competitiveness, and the growth rate of its own brand ‘s sales was slower than the industry ‘s, which may weigh on the company ‘s performance.

Looking forward to 2019, we believe that the company will continue to benefit from the strong sales performance of Japanese joint venture models. It is expected that the company’s EPS for 2019-21 will be 0.

97/1.

07/1.

22 yuan, maintaining the “overweight” level.

The 6-month auto sales growth rate turned positive, and the production capacity of Aion S accelerated to climb. According to the data of the China Merchants Association, in June 2019, the independent Trumpchi brand achieved sales of 4.

40,000 vehicles, +18 a year.

92%, of which the main aircraft GS4 achieved sales of about 1.

780,000, up from +24.

8%, we think the national five cleared the warehouse, the increase in preferential strength is the main factor for sales growth.

Sales of new energy Aion S models reached 2016, + 95%重庆耍耍网 month-on-month.

According to the official information of GAC New Energy, as of July 8th, Aion S orders have exceeded 50,000 units. The company plans to deliver 3,000 and 5,000 vehicles in July / August, respectively, and its production capacity is accelerating.

Aion S subsidized price 13.

From 98 million, with a 510 km comprehensive range, Adigo automatic driving system and AI digital cockpit, we believe that Aion S has significant competitiveness with domestic and joint venture electric models in the same price range.

Guangfeng Guangben, a joint venture, continued to grow. Guangfei Ke and Guang Mitsubishi performed weaker.

550,000 vehicles, +8 in the past.

82%, of which Camry sales 1.

550,000 cars, Ralink 1.

390,000, New Highlander 0.

860,000 units; Guangben sales 7.

130,000 vehicles, +8 in the past.

63%, of which Fit sales 1.

560,000 units, Lingpai 1.

270,000, Accord 1.

950,000 units; Guangfeike achieved sales of 5,177 units, up to -54.

47%, cumulative sales from January to June 3.

580,000 vehicles -48 per year.

99%; Guang Mitsubishi achieved sales of 1.10,000 vehicles, at least -8.

59%, cumulative sales from January to June 6.

30,000, at least -16.

06%.

We believe that through the introduction of GAC Toyota and GAC Honda ‘s subsequent benchmarking of the RAV4 and C-RV sister models, we expect that sales of Guangfeng and Guangben will continue to grow well; Guangfick and Guangzhou Mitsubishi are subject to traffic accidents.Short-term sales are unlikely to improve significantly.

Benefiting from the strong performance of Japanese joint venture car companies, maintaining the “overweight” rating According to the data of the China Automobile Association, Japanese cars accounted for 21% of domestic passenger car sales in the first six months of 2019.

5%, +3 per night.

7pct, Japanese aircraft market share increased significantly.

Considering the increasingly fierce competition in the passenger car market, and the company’s own brands are facing growing pressure, we have lowered the company’s profit forecast. It is expected that the company’s net profit attributable to its mothers in 2019-21 will be 99.

12/109.

82/124.

5.5 billion (down 15.

74% / 13.

75% / 11.

93%), the corresponding EPS is 0.

97/1.

07/1.

22 yuan.

The average PE of comparable companies in the industry in 2019 is estimated to be about 18.

8 times, considering the increase in the company’s own brand sales growth rate, giving the company a 14-15 times PE estimate for 2019, and adjusting the target price to 13.

58-14.

55 yuan, maintaining the “overweight” level.

Risk warning: Passenger car market sales are less than expected; the company’s new product launch progress and sales are less than expected; the company’s new energy business development is less than expected; capacity expansion progress is less than expected.

China Merchants Shekou (001979) Annual Report 2018 Review: High-speed Sales Growth Enjoys Greater Bay Area Bonus in the Future

China Merchants Shekou (001979) Annual Report 2018 Review: High-speed Sales Growth Enjoys Greater Bay Area Bonus in the Future

Event: The company released its 2018 annual report, which reported a merger and achieved operating income of 882.

80,000 yuan, an increase of 16 in ten years.

3%; net profit attributable to mother 152.

40,000 yuan, an increase of 20 in ten years.

4%.

The budget for 2018 was US $ 170.6 billion, an increase of 51 per year.

26%; sales area of 8.27 million square meters, an annual increase of 45.

15%.

Viewpoint: Bright sales performance. Future growth is expected. In 2018, the company will realize a scale of US $ 170.6 billion, an annual increase of 51.

26%; sales area of 8.27 million square meters, an increase of 45.

15%.

In the context of the rapid growth of the area and value of commercial housing sales in the country this year, the company’s sales have maintained rapid growth.

In terms of layout, the company has abundant resources in the Guangdong-Hong Kong-Macao Greater Bay Area. Nearly ten million square meters of high-quality resources are being planned, developed and constructed in an orderly manner. It is expected that in the future, it will benefit from the policy dividend of the Guangdong-Hong Kong-Macao integrated national strategy.period.

In terms of resource acquisition, the company actively and steadily obtained land, and had too many reserve resources to ensure future sales.

The company initially added 80 projects and expanded the project’s resources by 13.57 million square meters, reaching 1 to expand its sales area.

64 times.

The company’s sales target for 2019 is 200 billion, an increase of 17% over the previous year.

Steady growth in performance. Gross profit margin increased in 2018. The company achieved operating income of 882.

8 ten percent, an increase of 16 per year.

3%.

The main reason for the increase in revenue is the increase in settlement area and settlement average price in the current period.

In terms of different industries, the company’s community development and operation revenue still accounted for the highest proportion, reaching 89% of the total operating income; the park development and operation revenue reached the largest increase, reaching 43%, which was mainly the carry-over office of the Shenzhen Prince’s Business Plaza project.To.

In 2018, the company achieved net profit attributable to its mother 152.

400 million, an annual increase of 20.

4%.

The increase in settlement income and the increase in gross profit margin have driven the growth of net profit.

The company’s gross profit margin for the year was 39.南京夜网论坛

5%, an increase of 1 from last year.

8 averages.

In addition, the company’s investment income increased by 125% to US $ 6.5 billion, mainly due to the increase in income from the transfer of assets and the investment income of joint ventures.

Coordinated development of three major sectors and comprehensive layout of innovative formats.In 2018, the company continued to focus on the three major business sectors of park development and operation, community development and operation, and cruise industry construction and operation, with an integrated development model of “Qiangang-Central District-Houcheng”.To participate in the urbanization construction of China and the important cohorts of the “Belt and Road”.

In terms of residential business, the company has deployed in nearly 60 cities and regions. Long-term rental apartments are developing rapidly. It is mainly based on asset-light rental and transformation, and the existing commercial-oriented transformation. It has gradually developed a full-cycle business model of melting and retreating.On the basis, it comprehensively covers 13 domestic first-tier cities including Beijing, Shanghai, Guangzhou, Nanjing, Hangzhou, Suzhou, Wuhan, Chengdu, Chongqing and Hong Kong. The net debt ratio of core second-tier cities has dropped. Financing costs have remained low in 2018, and the company’s net debt ratio is only 45.%, A decrease of 13 mergers compared to 2017, maintaining a continuous level in the industry.

In terms of financing, in the context of the overall tightening of the industry’s financing environment, the company made good market predictions, adjusted financing strategies in a timely manner, and deepened cooperation with financial institutions, adding US $ 200 billion of medium-term notes, ultra-short-term financing quotas, and smoothIssuing corporate bonds, ultra short-term financing bills, and perpetual direct votes for 13 billion yuan.

The core capital company reported a total cost of capital of 4.

85%, continue to maintain industry-leading advantages.

Investment recommendations and grades: We estimate the company’s operating income for 2018-2020 will be 108.1 billion, 129.9 billion US dollars and 154.3 billion US dollars, net profit attributable to the mothers will be 20.3 billion, 24.3 billion and 28.4 billion US dollars, and budget revenue will be 2.

57 yuan, 3.

07 yuan and 3.59 yuan, corresponding to PE is 8.

7X, 7.

2X and 6.

2 times.

Maintain the “Highly Recommended” rating.

Risk Warning: The overall performance of the real estate market is down.

Dahua (002236): 1Q19 Revenue Growth Exceeds Industry’s Average Repurchase Plan Reveals Company Confidence

Dahua (002236): 1Q19 Revenue Growth Exceeds Industry’s Average Repurchase Plan Reveals Company Confidence

1Q19 results exceeded expectations Dahua shares announced 1Q19 results: operating income.

4.8 billion, an annual increase of 20.

2%, and 21 in 4Q18.

3% is basically flat; higher than the industry leader Haikang 6.
.

2%.

Gross profit margin 37.

4%, down 1 from the previous month.

1ppt, net profit attributable to mother 3.

1.6 billion, an annual increase of 7.

0%.

The net operating profit after the impact of supplementary fair incentive expenses was 3.

6.6 billion, an annual increase of 23.

6%, the performance exceeded market expectations.

The company expects that the net profit growth of the parent company in 1H19 will be 0%?
15%, corresponding to -3% growth rate in 2Q19?
18% (median 7.

5%), basically the same as 1Q19.

Development trend 1Q19 Why is Dahua’s revenue growth better than Haikang?

Dahua’s revenue growth rate in 2016-2018 was higher than that of Haikang 5, due to a small revenue base (Dahua’s revenue scale was 47% of Haikang in 2018) and other reasons.

9ppt?
10.

1ppt, average 7.

6ppt.

(1) product development cycle and product competitiveness, (2) customer structure (diversified Dahua SME customers, high proportion of Hikvision government customers), and (3) channel and pricing strategies.

Net profit exceeded expectations and cash flow improved: while maintaining a stable gross profit margin, the company’s expense control was initially shown, and sales expenses were extended at a growth rate of 16.

0%, ranking 1Q18 dropped 24ppt, and management fees gradually decreased by 1 after the 杭州桑拿 impact of equity incentives.

2%.

In addition, due to the increase in the reduction ratio of research and development expenses, income expenses have decreased by 57 per year.

75%.

The company’s inventory level in 1Q19 decreased year by year1.

3%, roughly speaking, Haikang’s 1Q19 inventory increased by 10.

4%.

In terms of cash flow, the company’s operating cash flow in 1Q19 was -17.

2.8 billion, a year-on-year decrease of 34.

4%, mainly due to the supplementary period in the first quarter, the company expanded its supplementation.

The repurchase plan shows the company’s confidence: the company announced the share repurchase plan, the repurchase funds are 2?
400 million, the repurchase stock price does not exceed 25.
37 yuan, which is mainly used for the later equity incentive or employee stock ownership 南京桑拿论坛 plan.

We think the company’s repurchase fully shows the company’s confidence in future development.

Earnings forecast We maintain our 2019 / 20e net profit earnings forecast27.

78/32.

07 billion unchanged, corresponding to 10% / 15% growth rate.
Estimates and recommendations Companies currently sustainably correspond to 19/20 years17.

5/15.

2x P / E.

We maintain our “Recommended” rating and raise our target price by 15% to 23 due to better-than-expected first quarter results.

00 yuan, corresponding to 19/20 24.

8/21.

5x P / E, compared with 42% of current expectations.

Macro demand for risk continued to decrease; industry solutions fell short of expectations.

Fiberhome Communications (600498) 2018 Performance Express Review Comments: Steady Growth in Revenue Meets Turning Point in 2019

Fiberhome Communications (600498) 2018 Performance Express Review Comments: Steady Growth in Revenue Meets Turning Point in 2019

I. Overview of the event The company released the 2018 performance forecast: operating income of 242.

36 ppm, an increase of 15 in ten years.

10%; net profit attributable to shareholders of listed 重庆耍耍网 companies8.

41 ppm, a 10-year increase2.

05%.

Second, analyze and judge the steady growth of revenue, short-term pressure on profits, the company’s revenue in 2018 achieved stable growth, and net profit showed a slight increase.

In the fourth quarter, it achieved revenue of 68.

6.5 billion yuan, an increase of 14% compared to the same period last year; net profit attributable to mothers2.

11 ‰, a year-on-year decrease of 7%, which is expected to be caused by the increase in the expense ratio.

At the end of 4G, the company’s performance was under short-term pressure due to the impact of the expansion of operator capital expenditures.

Mobile SPN bidding is about to start. In 2019, the company will be the leading company in the optical network equipment industry. The 100G OTN products, IP RAN and PON products are among the top three telecom operators in terms of technology.

During the 5G period, China Mobile will invest heavily in SPN. It is expected that the first batch of bidding and procurement will be launched recently. The company has undergone multiple rounds of SPN system testing in the early stage, and has achieved good staged progress, further expanding and further improving.

In the future, the company will benefit from the demand for transmission, capacity expansion and upgrade of 5G scale construction, and it will usher in a turning point in performance in 2019.

Breakthrough in overseas business, equity incentives show confidence In 2018, the company focused on expanding in the international market, improved the balance of the product market layout, and achieved breakthroughs in new customers. The business is mainly distributed in Southeast Asia, South America, and Eastern Europe.More than 50%.

The company released the third equity incentive plan since its listing this year. This is the largest number of people ever released, which can fully stimulate the enthusiasm of executives and core management, business and technical backbones, and show confidence in their long-term development. According to the unlocking conditions,Based on the 2017 net profit, the compound length of net profit in 2019 is not less than 15%.

Third, profit forecast and investment advice The company is the core target of the domestic communication equipment field, and it is expected to benefit from the growth of 5G’s demand for network construction in the future.

It is expected that the EPS for 2018-2020 will be 0.

75, 1.

00 and 1.

40 yuan, the corresponding PE is 45 times, 34 times and 24 times.

The company’s lowest PE value and expected in the past year are 29 times and 38 times, respectively.

Maintain the “Recommended” level.

4. Risk warning: 5G commercial progress is less than expected; industry competition is intensifying.

CRRC (601766): Improve quality and efficiency

CRRC (601766): Improve quality and efficiency

The company 北京夜网 announced the semi-annual report for 2019, and the company achieved operating income of 961 in the first half of 2019.

47 ppm, an increase of 11 years.

42%; realized net profit of 55.

65 ppm, an increase of 12 in ten years.

63%; realized net profit attributable to mother 47.

810,000 yuan, an increase of 16 in ten years.

10%.

In the first half of 2019, the company continued to promote quality improvement activities and achieved steady growth in operating results.

Focusing on the main business of rail transit, the revenue from the railway equipment segment and the urban rail segment increased by dozens of times.

The company achieved operating income of 961 in the first half of 2019.

47 ppm, an increase of 11 years.

42%, the main revenue growth contribution comes from the railway equipment and urban rail sectors.

In the first half of 2019, the railway equipment segment realized revenue of 538.

82 ppm, an increase of 20 in ten years.

25%, the urban rail sector realized income of 178.

20 ppm, an increase of 37 in ten years.

67%.

Among them, in the railway equipment sector, trains and passenger cars contributed the largest increase in revenue of the railway equipment sector, and trains, buses and locomotives achieved revenues of 303 respectively.

02 ppm, 58.

33 ppm and 102.

64 ppm, an increase of 53 per year.

5.3 billion, 38.

01 billion and 10.

61 ppm, an increase of 21 per year.

26%, 187.

06% and 11.

53%; truck revenue was 74.

83 ‰, a decrease of 11 per year.

4 billion, down 13 a year.

twenty two%.

The new industry and modern service industry realized income of 208 respectively.

8.5 billion and 35.

60 ppm, with a 10-year decline of 0.

54% and 52.

79%.

The gross profit margin decreased slightly, the net profit margin increased, the expense ratio decreased slightly during the period, and the improvement of quality and efficiency was significant.

The company’s gross profit margin for the first half of 2019 was 22.

47%, a decrease of 0 per year.79 units; company net margin is 5.

79%, increasing by 0 every year.

06 averages.

In terms of business segments, the gross profit margin of the railway equipment segment was 23.

86%, a decrease of 1 per year.

There are 48 single items. The main reason is that the structure of the products delivered during the reporting period is different from that of last year, and the gross profit margin of the corresponding products is different; the gross profit margin of the urban rail sector is 16.

75%, down by 1 every year.

The 32 averages, first of all, are the increase in the contribution of urban rail project revenue in the urban rail sector, but the gross profit margin of urban rail projects is lower than that of urban rail vehicles, affecting the gross margin level of the sector.

Company expenses during the first half of 201914.

26%, down by 1 every year.

18 units.

Among them, selling expenses expenses 3.

14%, an increase of 0 every year.

23 single, first and foremost; management expenses 6.

23%, a decline of 0 per year.

74 units; R & D expenses 4.

56%, a decrease of 0 every year.

10 units; financial expenses 0.

33%, 西安耍耍网 increasing by -0 per year.

56 units.

The increase in the sales expense ratio was mainly due to the increase in the estimated product quality margin. The decrease in the financial expense ratio was mainly due to the decrease in supplementary net expenses and exchange losses.

Earnings forecast and investment rating: The investment in railway fixed assets has remained high, and the market has gradually increased after rail transit. The company’s performance in 2019 will grow steadily.

We expect the company to realize net profit attributable to mothers for 2019-2021 of 135.

64/161.

40/192.

91 trillion, EPS is 0.

47/0.

56/0.

67 yuan, maintain “Buy” rating.

Risk reminder: the scale of railway fixed asset investment is expanded; macro-systematic risks.

Jianlang Hardware (002791) Company Comments: Interim Report Exceeds Expected Pre-increasing Profitability

Jianlang Hardware (002791) Company Comments: Interim Report Exceeds Expected Pre-increasing Profitability

The company released the 2019 interim report performance forecast: it is expected to achieve net profit attributable to mother 9503.

460,000-11815.

110,000 yuan, an annual increase of 202.

20% -275.

71%, exceeding market expectations.

The interim report’s pre-increasing performance exceeded expectations, platform synergy and scale effects were gradually released, and the profitability recovery trend was determined.

The company locates construction hardware integration suppliers, focusing on the integration direction of construction hardware products. While maintaining the steady growth of existing door and window hardware and other advantageous products, it also increases investment in smart locks through the sharing of brands, customer resources, sales channels, and production capabilities.And other smart home, sanitary and hardcover room hardware products, initially formed a strategic layout of architectural hardware integration suppliers with building doors, windows, curtain wall hardware as the core.

With the gradual maturity of new product cultivation and channel sales capabilities, and revenue growth reaching a higher level, we expect the company’s sales growth in the second quarter of 2019 to continue the rapid growth trend of Q1, with continued expansion of multi-category expansion.

We believe that the company’s multi-category integrated supply model has reached an extremely deep moat, the scale and synergies have gradually been released, the continuous increase in sales per capita output value has brought about 合肥夜网 a rebound in profit margins and improved operating cash flow.

Channels + services + management gradually establish a competitive advantage, and the multi-category layout gradually enters the harvest period.

1) “Jianlang” is the first domestic brand of door and window hardware, and its revenue scale far exceeds other racks.

2) Provide one-stop purchasing and technical services to customers through self-built leading and perfect direct sales channels.

The sales team has more than 3800 people, and the sales network covers all domestic first-tier cities and key second- and third-tier city markets.

3) The long-term service relationship can help the company deeply explore the potential of customer demand. New categories and existing models are complementary and highly synergistic, sharing sales and customer channels.

4) More than 30 transit warehouses have been established nationwide, improving delivery and after-sales efficiency.

5) Digitize the entire business process, optimize management, improve efficiency, and expand management boundaries.

Investment suggestion: The construction hardware industry is very fragmented with many categories and specifications.

The company invested a lot in the early stage to establish a wide-ranging front-end marketing network and a strong back-office management system, and built a multi-product line integrated supply platform, which has been affected to some extent.

With the gradual development of multiple categories and the rationalization of channel expansion, the scale effect and synergies of integrated suppliers have gradually been released, and the revenue growth rate has been stepped forward for three consecutive quarters. With the increase in per capita sales value of sales, the trend of rising profitability has changedLarge, performance flexibility has been demonstrated; meanwhile, new category expansion and market expansion models have also been initially clarified, and multi-product expansion is expected to continue to increase in the future.

We estimate the company’s net profit attributable to its parent to be 2 in 2019-2021.

72, 3.

84 and 4.

9.9 billion yuan, corresponding to 0 EPS.

8, 1.

2 and 1.

6 yuan, corresponding to PE is 20, 14, 11 times; maintain the “buy” level.

Risk reminders: the risk of downward macroeconomic growth and related policy changes, the risk of sharp changes in raw material prices, the risk of intensified market competition, and the risks brought about by new business expansion.

Southeast Grid (002135): Stable performance growth, net profit margin increased

Southeast Grid (002135): Stable performance growth, net profit margin increased

Southeast Grid released its 2018 annual report: the company achieved revenue of 86.

9.5 billion, an increase of 11 in ten years.

59%; net profit attributable to mothers1.

710,000 yuan, an increase of 64 in ten years.

81%, including 25 in the fourth quarter.

17 ppm, a ten-year increase4.

09%.

At the same time, the company announced the profit distribution plan for 2018: a cash dividend of 0 for every 10 shares.

17 yuan.

In 2018, the company’s steel structure business newly added a contract value of 81.

79 trillion, and has won the order of 25 for which the contract has not been extended.

7.8 billion, with sufficient orders in hand, is expected to guarantee future performance growth.

北京体验网 The company’s revenue: quarterly, Q1, Q2, Q3 and Q4 increased by -1 compared with the same period last year.

82%, 45.

47%, 2.

20% and 4.

09%; in terms of industries, the company’s construction steel structure industry and chemical fiber industry continue to grow13.

75%, 7.

52%, accounting for 56.

51% and 42.

10%; parent and subsidiary increase by 14 each year.

71%, 7.

57%.

Looking at the profit side, the company achieved a comprehensive gross profit margin of 10 in 2018.

76%, a decrease of 0 from last year.

53pct, mainly due to overlap in steel structure business.

Among them, the gross profit of construction steel structure industry and chemical fiber industry decreased by 1 respectively.

55pct, 0.

21.

The company achieved a net profit margin in 20182.

08%, an increase of 0 from last year.

74pct, mainly due to the decline in the expense ratio and the proportion of asset impairment losses during the period.

The company’s 2018 period expenses including R & D expenses were injected7.

63%, a decrease of 0 compared with the same period last year.

45pct, mainly from the decline in financial expense ratio.

In terms of cash flow, the company’s net cash flow from operations in 2018 was -0.

037 yuan, down 0 from last year.

40 yuan, mainly due to the increase in cash ratio. Earnings forecast: We adjust our earnings forecast for the company, and we expect EPS for 2019-2021 to be zero.

19 yuan, 0.

22 yuan, 0.

At 24 yuan, the PE corresponding to the closing price on March 25 was 31.

0 times, 29.

0 times, 26.

2x and maintain the rating of “Prudent Overweight”.

Risk reminder: Macroeconomic downside risks, orders in hand fall below expectations, business development outside the province is below expectations, mergers and acquisitions integration is below expectations, construction projects are slow

Moutai, Guizhou (600519): Return to benign and look to the future

Moutai, Guizhou (600519): Return to benign and look to the future
The main points of the report are the events in Guizhou Moutai’s announcement of the 2019 third quarterly report: the first three quarters of 2019 achieved total operating income of 635.09 million yuan, an annual increase of 15.53%, net profit attributable to mother 304.55 ppm, an increase of 23 in ten years.13%; of which, in 19Q3, total operating income was 223.36 ppm, an increase of 13 in ten years.28%, net profit attributable to mother 105.4.0 billion, an annual increase of 17.11%. The event commented that the first three quarters of revenue growth rate exceeded the target guidance, in which the volume and price contribution of high-end wine revenue was relatively balanced.The company achieved total operating income of 635 in the first three quarters of 2019.09 million yuan, an increase of 15 in ten years.53%, higher than the expected income index of 14%, of which Moutai income is about 538.32 ppm, an increase of 16 in ten years.36%, it is expected that the contribution of volume and price to the income is relatively balanced, continuing the trend of rising volume and price; the series of wine revenue is about 70.380,000 yuan, an increase of 18 in ten years.61%, due to the adjustment of the series of liquor dealers (494 domestic dealers were eliminated in the first three quarters, and 30 new dealers were added), the sales progress was planned gradually downward. It is expected that through the optimization of the distribution system, the market competitiveness of Moutai series winesIt will be significantly enhanced and is expected to step into a benign fast growth channel. The growth rate of cash received from sales of goods and labor services was relatively bright, and the pressure on cash flow was not caused by the liquor business.Net cash inflow from operating activities in the first three quarters of 2019 was approximately 273.1.5 billion, down 3 every year.21%, mainly due to the slowdown in the growth of cash inflows from operating activities, in which the cash received from sales of goods and services provided increased.84%, but due to the decrease in the increase in the amount of funds returned by the financial company to other members of the group company, the increase in net deposits from customers and interbank deposits increased by +82 from the third quarter of last year.30 billion US dollars in the third quarter of this year.77 ppm caused pressure on the growth rate of cash flow, but this pressure 无锡夜网 did not come from the liquor business. Benefiting from structural upgrades and lower fees, the company’s profitability improved in the first three quarters.In the first three quarters of 2019, the company’s gross profit margin increased by 0.27 points to 91.83%, mainly benefited from the ton price increase effect.Taxes and surcharges fell (about -1.78pct), during which the rate of expense fell (about -1.16 pct), the first three quarters of net profit attributable to mothers increased by 23 each year.13%, significantly faster than the growth rate of income, the net profit attributable to mothers increased by 2.96 points to 47.95%, profitability has improved. The tight balance between supply and demand has not changed, and it has grown steadily in the long run.Recently, Moutai approval prices have continued to increase 北京夜生活网 generally, returning to a high level of more than 2,200 yuan, reflecting that the tight balance between supply and demand continues. The company’s growth is mainly driven by the supply side rather than the demand side. The current active adjustment is for longer-term stable growth.We expect EPS to be 34 in 2019/2020.00/40.95 yuan, corresponding to the current expected PE of about 36 times / 30 times, maintain “Buy” rating. Risk Warning: 1. High-end demand did not meet expectations, and channel adjustments did not meet expectations; 2. Liquor consumption tax adjustment and other policy risks.

Pien Tze Huang (600436): Ping Tsai’s core product Q3 increased by 40%, single quarter sales accelerated significantly

Pien Tze Huang (600436): Ping Tsai’s core product Q3 increased by 40%, single quarter sales accelerated significantly

From January to September 2019, the company achieved a ten-year increase in revenue.

07%, net profit attributable to mothers grows by 20 per year.

56%, in line with expectations: The company announced the third quarter report of 2019 and achieved total operating income of 43.

4.2 billion yuan, an increase of 21.

07%; Net profit attributable to shareholders of listed companies.

09 million yuan, an increase of 20.

56%, non-recurring net profit attributable to shareholders of listed companies11.

30,000 yuan, an increase of 21.

88%.

In Q3 2019, the company realized revenue of 14.

470,000 yuan, an increase of 22.

44%; Net profit attributable to shareholders of listed companies.

630,000 yuan, an increase of 19.

87%; non-net profit attributable to shareholders of listed companies.

580,000 yuan, an increase of 19.

41%.

  Pingzai’s core product Q3 sales growth accelerated significantly, the parent company’s single quarter revenue increased by 40.

39%: Based on the data from the three quarterly reports, the company continued to promote product sales and maintain the company’s performance still in a high-speed growth trend. The growth rate of revenue and net profit both remained at a level of more than 20%.

Among them, the parent company of Q3 Company performed well and its sales composition of the company’s core product Pien Tze Huang series.

From January to September, in the company’s parent company statement, the income and net profit attributable to the parent were 18 respectively.

04 ten percent.

4.4 billion, an increase of 22 each year.

38% and 18.

03%; Q3 single-quarter parent company income and net profit attributable to parent are 6 respectively.

1.3 billion and 3.

55 ppm, an increase of up to 40 each year.

39% and 33.

At 43%, the Pianzai series products reported a rapid increase in combined sales growth.

In the third and third quarters, we saw that the sales expenses and research and development expenses of the company’s parent company’s statements increased significantly at the same time, and increased by 69 respectively.

50% and 109.

71%, all significantly exceeded revenue growth, and overall dragged down profit growth.

However, we believe that the construction of sales channels and investment in research and development are the guarantee for the company’s long-term growth and help the company to continuously strengthen its core competitiveness.

On January 9, 2019, the company’s gross profit margin was 44.

76%, 0 higher than the level of gross profit margin in the same period of 2018.

94 units.

At present, Xiamen Hongren’s consolidation is completed. The company’s main products, as well as cosmetics, daily chemical products and other products are in a steady growth trend, and the gross profit margin is relatively stable.

The total reported company net margin is 25.

82%, 0 higher than the level of net profit margin in the same period of 2018.For 42 single items, we believe that the company ‘s core products Pianzai ‘s gross profit margin and net profit margin are both at a relatively high level. The conversion of core products for further sales volume and effective control of expense ratios will continue to improve the company ‘s net profit margin.

Profit forecast and investment grade: 2019 to 2021 will usher in a period of rapid 杭州桑拿网 growth in performance, and its sales revenue is 60.

2.1 billion, 74.

74 million and 91.

27 ppm, an increase of 26 in ten years.

3%, 24.

1% and 22.

1%; net profit attributable to parent company is 14.

9.5 billion, 19.

19 ppm and 24.

33 ppm, an increase of 30 in ten years.

8%, 28.

3% and 26.

7%; EPS is 2.

48 yuan, 3.

18 yuan and 4.

03 yuan.

In view of the scale, clear curative effect of the traditional Chinese medicine industry of Pianzi 癀, and the change in the trend of “volume and price”, the space for price increases and the number of customers will be broad in the future. We believe that the company ‘s growth model is clear and is expected to becomeOne of the flags in the field of Chinese medicine health care in China, therefore, maintain the company’s “Buy” rating.

Risk warning: Pien Tze Huang’s 深圳桑拿网 price rise exceeds expectations; market promotion exceeds expectations; risk of supply and price fluctuation of raw materials and Chinese medicinal materials.