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.

Shuanghui Development (000895) 19Q1 Comment: Performance exceeded expectations and slaughter volume and profit hit a new high

Shuanghui Development (000895) 19Q1 Comment: Performance exceeded expectations and slaughter volume and profit hit a new high

Investment highlights: Event: The company released its 2019 first quarter report, with revenue of 12 billion yuan, a slight decrease of 0 in ten years.

3%, net profit attributable to mother 12.

7.9 billion, an increase of 20 in ten years.

At 3%, we forecast the company’s 19Q1 revenue and net profit attributable to mothers to increase by -2% and 12%, respectively. The company’s performance exceeds market expectations.

Investment rating and estimation: Maintain profit forecast, forecast EPS for 2019-2021 to be 1.

6 yuan, 1.

82 yuan, 2 yuan, each increase by 7.

7%, 13.

6%, 9.

5%, the current sustainable corresponding PE for 2019-2021 is 16x, 14x, 13x, maintain BUY rating.

We are optimistic about the company’s core logic: 1. Under the African swine fever epidemic, the local government’s crackdown on private slaughter will bring space to large-scale slaughter companies. At the same time, due to the existence of regional price differences and brand premiums, the company is expected to achieve scaleGood for both.

2. The most difficult period for meat products has passed. Since 2018, the company has adjusted all aspects of research and development, products, channels, marketing, personnel and incentives around “adjusting the structure”, and determined the long-term improvement trend.

3. At the high point of the pig cycle, the company is expected to once again leapfrog the ton price and ton profit, and the cost pressure is less than the market’s pessimistic expectations.

4. From the three perspectives of capacity utilization, net interest rate and dividend rate, the company is expected to maintain high ROE and high conversion rate.

In 19Q1, slaughter volume and profit rose to a record high, exceeding market expectations.

1Q1 slaughter income 70.

07 billion, a decline of 0 every year.

62%, of which 57 were foreign trade income.

3.4 billion, down 5 previously.

2%, inward income 12.

7.3 billion, an increase of 27% over the same period. The decline in foreign trade income was mainly due to the decline in pig prices. The price of white strip meat in 19Q1 fell by 6%, and the sales of raw fresh meat increased by 1%.

Looking at the volume and price, the slaughter volume in 19Q1 was 472.

70,000 heads, an increase of 20 in ten years.

71%, slaughter volume still achieved double-digit growth under the high base of 18Q1 and the African swine fever epidemic, exceeding market expectations.

The slaughter volume growth rate is significantly higher than the external sales growth rate. The main reasons are: 1. The internal transfer has increased significantly; 2. The inventory has increased significantly.

Profit side, slaughter operating profit 5.

3.6 billion, an increase of 131 in ten years.

54%, operating margin of 7.

65%, an increase of 4 per year.

At 37%, the average profit of slaughter heads has increased by 130% each year, and the profit of slaughter volume has reached a record high.

The main reasons for the significant increase in slaughtering profits are: 1. Productivity increased by slaughtering volume and lower unit cost; 2. Spreads exist in the African swine fever epidemic. Shuanghui takes full advantage of the capacity of the nationwide layout to realize the allocation of orders among regions.; 3, increase the proportion of frozen products increased.

Looking ahead to 2019, the upward pressure on pig prices exists objectively. The market generally believes that rising pig prices will not be able to bear the pressure on large amounts of slaughter, but we believe that this company is still expected to achieve both volume and profit.

In 19Q1, the slaughter volume and profit increased, which gradually increased the basis for alternative slaughtering business growth.

Under the African swine fever epidemic, the local government’s crackdown on private slaughter will bring market space to large-scale slaughtering companies. The company will also actively seize the opportunity to continue to promote the “slaughter on scale” strategy. We are still optimistic about Shuanghui slaughtering in the medium and long term.Increase in occupancy and release of profit elasticity.

As the volume and price of meat products have risen, income has gradually improved, and profits are under pressure, but there is no need to be overly pessimistic.

1Q19 meat products revenue 58.

6.4 billion, an annual increase of 4.

At 16%, the sales volume is 38, with an annual increase of 2%.3%, the ton price increases by 1 every year.

8%. With the direct price increase at the end of 18 and a high base of sales in 18Q1, the sales of meat products in 19Q1 still achieved a small increase. The ton price increased and the major structural upgrades and direct price increases.

We expect that premium meat products will still achieve both volume and price increases, and revenue will further improve.

On the profit side, the operating profit of meat products in 19Q1 was 9.

6.9 billion, down 9% in the past, average profit per ton fell 11%, the main reasons for the pressure on meat products are: 1. Increased market share due to direct price increases and product structure adjustment; 2. Increased employee compensation; 3. Excellent chicken pricesimprovement.

The general increase in pig prices in the market has brought tremendous pressure on the cost of Shuanghui meat products, but in fact pig prices are not the core variable that affects the profitability of meat products. The company can increase prices by directly increasing prices, increasing imports, and stocking frozen meat.To calm down cost fluctuations.

In the past 10 years, every significant jump in the ton price and ton profit of Shuanghui meat products was achieved at the high point of the pig cycle. In 2019, the pig price has entered the upward cycle again. The company has twice directly conducted some meat products.Raise prices to cope with pressure from rising costs.

After President Ma Xiangjie took office at the end of 2017, the company opened a new path for meat product adjustment and reform.

Since 2018, the company has made a series of adjustments on all aspects of meat products, including R & D, products, channels, marketing, personnel, and incentives. The adjustment of product structure is a long-term process, and low-end products will be eliminated.Facing the pain, the situation of coexistence of new and old products will persist for a long time. Due to the fragmentation of industry demand and the company’s strategic choice in product development, it may be difficult to produce a second large single product of the “king of kings” level.Recovery in meat sales is slow.

However, the 武汉夜网论坛 company’s senior management team has a clear understanding of its own past problems, and has clarified its strategies and adjustment measures for the current contradictions. The thinking and direction are correct, but the process is long, and the long-term improvement and good trend aredefinite.

Highest performing catalyst: Higher-than-expected revenue and profit growth Core assumptions Risk: Food safety incident

British parliament debates Brexit debate

British parliament debates “Brexit” debate
According to the BBC report on the 9th, the British Parliament has started a new five-day debate on Teresa May ‘s draft Brexit agreement starting today, in preparation for the budget on the 15th.However, during the preliminary voting process that day, a controversial amendment was passed again, causing Teresa May to be hit twice in two places.  The British “Guardian” said on the 9th that the British Parliament sought to pass an amendment that day, if the Brexit agreement is finally passed, the Teresa May government needs to submit a new Brexit plan at 3.The amendment is also said to allow lawmakers to propose May ‘s proposal to replace May.In the end, the amendment was adopted by 308 votes in favor and 297 against.On the day of democracy, the British Parliament also passed amendments to the Finance Bill.The amendment requires the British government to prepare for a hard Brexit (ie, a no-deal Brexit) before it can be financed by a vote in Parliament.British Labor Party leader Corbin said the amendment was an important step to prevent a hard Brexit, and pointed out that Theresa May completely eliminated the possibility of a hard Brexit.Two points in a row defeated in the parliamentary key vote, adding to the situation.However, Britain’s Brexit Secretary Barkley said that unless the Brexit 天津夜网 agreement is finally rejected, Britain will not intervene in the deadline of leaving the EU on March 29.  With the continuous expansion of the date of Brexit, all sectors of the UK are preparing for a possible Brexit situation.The UK Department of Transport has also conducted a non-agreement Brexit simulation exercise to ensure that the port of Dover, which is the entrance and exit of the British-French subsea tunnel, can be kept open to ensure supplies.(Niu Ruizheng) Original title: Britain will start five-day debate on Brexit, Teresa May loses key vote again

China Construction (601668) 2019 Third Quarterly Report Review: Orders pick up and performance accelerates

China Construction (601668) 2019 Third Quarterly Report Review: Orders pick up and performance accelerates

The performance has grown steadily, and infrastructure revenue has accelerated. In the first three quarters of 2019, the company achieved revenues of $ 973.600 billion, an increase of 15 per year.

8%; net profit attributable to mothers was 30 billion yuan, a year-on-year increase of 9.

8%. The growth rate of net profit is lower than the growth rate of revenue.

In terms of business, housing construction realized operating income of 60.18 million yuan in the first three quarters, with an annual increase of 15%.

3%; infrastructure realized revenue of 220.8 billion yuan, a year-on-year increase of 14.

3%; Real estate business realized revenue of 145 billion yuan, a year-on-year increase of 22.

8%; solid performance and accelerated infrastructure construction.

The profitability is stable, and the asset-liability ratio continues to decline. The company’s gross profit margin for the first three quarters of 2019 was 10.

43%, a decrease of 0 per year.

06pct; net interest rate is 4.

52%, increasing by 0 every year.

02 points.

Period expenses 3.

59%, an increase of 0 a year.

06pct; in which the management expense rate is increased by 0.

41 points to 2.

51%, the financial expense ratio decreased by 0.

37pct to 0.

78%, sales expense ratio increased by 0.

02pct to 0.

30%.

Asset and liability accounting 76.

02%, down 2 every year.

61pct, the resistivity drops significantly.

Operating net cash flow was $ 106.6 billion, an increase of more than one year, and $ 65 billion in the same period last year.

Q3 performance growth accelerated The company’s 18Q4, 19Q1, Q2 and Q3 respectively achieved revenues of 358.8 billion yuan, 297.5 billion yuan, 38878 billion yuan, and 288.1 billion yuan, an increase of more than 26.

70%, 10.

15%, 21.

67%, 14.

55%; net profit was 10.9 billion, 8.9 billion, 11.5 billion, 9.7 billion, an increase of 52.

83%, 8.

76%, 4.

16%, 18.

5%, second-quarter results were mainly affected by minority shareholders’ equity, and third-quarter results accelerated significantly.

Orders are picking up. Companies with ample orders in hand have signed new contracts of 20.388 trillion yuan in the first three quarters of 2019, an increase of 9.

0%, orders pick up.

In terms of business, housing construction in the new millennium alone was $ 139.93 billion, an increase of 17 per year.

1%; US $ 321.9 billion for infrastructure in the new millennium, a year-on-year decrease of 24.8%; the newly signed contract for survey and design was 8.6 billion yuan, a year-on-year decrease of 1.

9%; real estate budget of 269.9 billion yuan, an increase of 30 year-on-year.

4%.

The value of newly signed contracts for overseas business was US $ 108.9 billion, a decrease of 6 per year.

8%, mainly due to the impact of undertaking large overseas projects in the same period last year.

Investment 天津夜网 suggestion: Housing construction leader, maintain “Buy” rating company is the absolute leader in the field of housing construction, there are plenty of orders in hand, it is estimated that it is at a historically low level, we maintain the previous profit forecast, it is estimated that the earnings per share in 19-21 are 1.

01/1.

10/1.

21 yuan, corresponding to PE 5.

5/5.

0/4.

6 times.

A reasonable estimate is 6-7 times, corresponding to a price of 6.

06-7.

07 yuan, maintain “Buy” rating.

Risk warning: bad debts of accounts receivable, fixed asset investment schedule, slow order placement, etc.