China National Heavy Industry Corporation (601989): Improved development quality and improved performance are expected to usher in a turning point

China National Heavy Industry Corporation (601989): Improve the quality of development and improve performance is expected to usher in an inflection point

Event: The company released its semi-annual report for 2019.

The report initially achieved operating income of 168.

8.6 billion, down 13 each year.

91%; net profit attributable to mother is 11.

49 ppm, an increase of 20 per year.

twenty four%.

Proactively adjust business strategies, and operating income improves every year.

Facing the unfavorable situation in the international shipping market, the company adheres to the bottom line of “not accepting margin orders with less than zero or negative cash flow” to prevent and control risks from the source of orders.

Reports first-class company operating income of 168.

86 ppm, 北京桑拿体验网 a decrease of 13 per year.

91%, by product: 1) Revenue from marine defense and marine development equipment 75.

44 ppm, an increase of 21 in ten years.

65%, accounting for 44 of total revenue.

68%, mainly due to the increase in the income of temporarily confirmed products in the report; 2) Marine transportation equipment, deep-sea equipment and ship repair and modification, strategic emerging industries and other business income were 28.



5.0 billion, down 43 each year.

88% / 73.

95% / 4.

44%, due to the decrease in products reporting active recognition of revenue, and the other was due to the company’s active adjustment and optimization of business strategies.

The thorough governance work has been effective and the profitability has been effectively improved.

The company vigorously promoted the rigorous treatment of the premises and made up for corporate governance. In the second half of 2018, the company completed Shanzhuang Heavy Industry, the sale of the subsidiary of Qingdao Wuchuan Subsidiary, and the subsidiary Dachuan Offshore entered into the reorganization process, which effectively reduced the substitution of listed companiessource.

The company closely focused on its core business, strengthened the control of cost and expense, and the expense ratio during the period decreased by 0 compared with the same period of the previous year.

59 points.

Benefiting from the improvement in the disposal of inefficient assets and the improvement in the quality of development, a series of companies are reported to realize net profit attributable to their mothers.

4.9 billion (+20.

24%), sales gross margin increased by 1 over the same period last year.

69pct to 11.

54%, the gross profit margin of the products of the main business plan all achieved different degrees of improvement.

Asset integration to improve asset quality will benefit from the rapid development of the naval equipment market.

The merger of North and South Ships kicked off the integration and reorganization of the shipbuilding industry.

35% equity, Wuhan Shipbuilding 15.

99% equity participation in China Power’s asset reorganization will help the company focus on the responsibility of the main owner and revitalize the existing assets.

The company is the main supplier of naval equipment. It undertakes the R & D and production of too many major military equipment. The naval vessel equipment will still be at the peak of construction. The company’s future performance will benefit from the rapid development of the naval equipment market.

Profit forecast and investment advice: It is estimated that the revenue for 2019-2021 will be 450.



8.9 billion, net profit attributable to mother is 15.38/16.


82 trillion, EPS is 0.



08 yuan, the current expected corresponding PE is 89/84/77 times, the first coverage, given an “overweight rating.”

Risk warning: Civil ship recovery is less than expected; military products are not listed as fast as expected.

Shenzhen Energy (000027): Net profit of clean energy increased sharply, shares of companies dragged down performance

Shenzhen Energy (000027): Net profit of clean energy increased sharply, shares of companies dragged down performance

Event: The company released its 2018 annual report and achieved operating income of 185.

27 ppm, an increase of 19 years.

18%; net profit attributable to mother 6.

91 ‰, a decrease of 7 per year.

83%, lower than Shenwan Hongyuan’s expected 8.

4.6 billion.

  Key points of investment: The utilization hours of coal-fired units have decreased, and the amount of clean energy power generation has increased significantly.

The company achieved 342 power generation in 2018.

1.8 billion kWh, an increase of 18 per year.


Among them, coal power generation capacity 204.

570,000 kilowatts, an increase of 20 in ten years.

6%, mainly due to the impact of the Guodian Korla 2 * 350,000 kilowatt units commissioned in the second half of 2017.

In May 2018, northwest Yunnan to Shenzhen ± 800 kV UHV DC was put into operation. The utilization hours of Shenzhen’s local coal-fired power generation units were impacted by the impact. The company’s coal-fired power plant units’ average utilization hours in 2018 decreased by 169 hours.

Shenzhen vigorously develops gas turbine power generation in the year. The average utilization hours of the company’s gas generating units in 2018 increased by 292 hours, achieving a power generation volume of 71.

4.8 billion kWh, a temporary increase of 7.


Benefiting from wind power, the scale of photovoltaic installed capacity expanded, and the company achieved wind power generation in 201816.

6.5 billion kWh, a temporary increase of 62.

3%, achieving photovoltaic power generation 11.

9.6 billion kilowatts, a temporary increase of 30.


The impact of Guangdong’s gas tariff reduction is limited, and the profitability of new energy and other businesses has increased rapidly. The performance of its holding subsidiaries has been in line with expectations.

In August 2018, Guangdong Province reduced the gas pipe transmission cost of power plants to zero.

15 yuan / cubic meter. In September, the on-grid electricity price of gas generating units in the province was lowered. The company’s Dongguan Zhangyang and Huizhou Fengda lowered 5 cents / kWh (the total installed capacity accounts for about 30%).

It is absolutely difficult for the reduction of pipe transportation fees to cover the reduction of on-grid tariffs, but the eastern power plants with expanded profitability are not within the scope of this on-grid tariff adjustment, and the company is affected.

The company’s wind power and photovoltaic business in 2018 achieved a total net profit of 5.

32 ppm, an increase of 35 per year.

7%; gas business is growing rapidly, and the gas supply in 2018 is about 3.

9.5 billion cubic meters, an annual increase of 152%, and revenue from gas business12.

600 million, an annual increase of 149.

8%; income from sale of power garden real estate.

5.8 billion.

In 2018, the company’s holding subsidiaries’ business income and profit levels were in line with expectations.

The scale of equity participation in thermal power expanded, and the performance of Shenzhen Diefu LNG Terminal was released slowly, dragging down the company’s overall performance.

The company’s lower than expected net profit attributable to mothers in 2018 mainly comes from two aspects. Due to the high electricity and coal prices in Guizhou Province and the poor utilization hours, the company’s 49% stake in Zhifa Power has expanded and contributed investment income -1 in 2018.

1.5 billion.
The CNOOC Shenzhen Diefu LNG receiving terminal, which the company holds 30% of the company’s shares, was put into production in September 2018, and the annual turnover of the design was 400 errors. Due to the small initial turnover of the 杭州夜网 receiving station, the project was submitted in 2018, corresponding to the company’s investment income-4.62 million yuan, which actually exceeded expectations, and expects the subsequent capacity release.
Earnings forecasts and estimates: Combine the performance of the participating companies in 2018, taking into account the expected decline in coal prices and a 3 unit reduction, we adjust the 19-20 year earnings forecast to 16.

68, 19.

2.8 billion (14 before adjustment).

23 and 18.

19ppm), plus 2021 attributable net profit forecast23.

480,000 yuan, corresponding to EPS 0.

42, 0.

49 and 0.

59 yuan / share, the current corresponding PE is expected to be 16, 13, and 11 times, respectively, maintaining the “overweight” rating.

Taoli Bread (603866): Short-term fluctuations in profits in 3Q19 keep steady growth

Taoli Bread (603866): Short-term fluctuations in profits in 3Q19 keep steady growth

The revenue in the third quarter of 19 was in line with market expectations, and the profit was lower than market expectations.

2.2 billion (+16.

9%), net profit attributable to mother 5.

30,000 yuan (+8.

7%); single quarter revenue of +15 in the third quarter of 19

2%, in line with market expectations, net profit attributable to the mother for a single quarter for six months.

2%, due to increased market input and reduced government subsidies, profits exceeded expectations.

Development Trend 3Q19 revenue maintained steady growth, and the Northeast market performed well.

The company’s 3Q19 revenue increased by 15.

2%, even though it grew slightly from 2Q19, it still maintained a steady growth.

By region, the first three quarters of Northeast China’s revenue accounted for an increase compared to the first half of the year2.

4ppt to 48.

4%, we judge the area where the company’s growth is accelerating. In combination with grassroots research, we believe that the Northeast District, as the main market for the base market and the main battlefield for Mid-Autumn Festival moon cake sales, benefits from increased marketing efforts and achieves rapid growth in an increasingly competitive environment.
We estimate that in the third quarter, the market outside the Northeast showed different degrees of growth due to the increase in the base number, but still maintained a steady growth rate. Looking forward gradually, we expect that this year’s revenue may achieve 17% growth.

Gross profit margin remained high in 3Q19.

The company’s gross profit margin in 3Q19 was 39.

6%, +0 per year.

2ppt, -0 ring.

3ppt, staying at a high level, we judge that the product structure upgrade and the release of scale effects are still continuing. The slight decrease in the gross profit margin in the single quarter was mainly due to the company’s increased market promotion efforts due to the intensified competition.

We expect the company’s overall consolidated gross margin to remain at a relatively high level of 39-40%.

The increase in the expense ratio and the decrease in other income are the main reasons for the decline in profit growth.

Company 3Q19 selling expenses expenses 20.

9%, ten years +1.

5ppt, the upward and upward trend continues each year, mainly due to increased market expenses in the Northeast base camp and key expansion areas, and increased investment 武汉夜网论坛 in moon cakes during the Mid-Autumn Festival.

We judge that the highest selling expense ratio will remain at a high level to ensure the company’s market share is steadily increasing, which is conducive to market development and leveraging revenue growth.

In the third quarter of 19, other income decreased by 15.03 million to 5.32 million yuan, which was mainly due to the decrease in government subsidies. If this is excluded, it will affect the operating profit to achieve a positive median growth.

Earnings forecasts and estimates are mainly due to increased market expenses and lowered EPS estimates for 2019/20203.


5% to 1.


24 yuan.

Maintain target price of 55 yuan, corresponding to 50/44 times P / E in 2019/2020, maintain outperform industry rating, current price corresponds to 42/36 times P / E in 2019/2020, with 22% upside.

Risk area expansion risks, increased industry competition, raw material price fluctuations, food safety risks

Panwei Network (603039) 2018 Annual Report Comments: Q4 Performance Exceeds Expectations, Future Growth Guaranteed

Panwei Network (603039) 2018 Annual Report Comments: Q4 Performance Exceeds Expectations, Future Growth Guaranteed


Incident company announced the 2018 annual report, the company combined to achieve revenue 10.

04 million, an increase of 42 every year.

51%; net profit attributable to the mother for reporting purposes is 1.

14 ‰, an increase of 31 per year.

64%; net profit after deduction is 0.

94 million, an increase of 42 every year.



Our Analysis and Judgment 1) The revenue growth rate exceeded expectations, the profitability was steadily improved, 北京桑拿洗浴保健 and the gradual expansion of revenue growth rate was mainly accelerated by the acceptance of end projects.49%, the highest in 18 years.

While the company increased sales efforts, the expenses were properly controlled and profitability was in line with expectations.

In terms of products, E-cology is still the mainstay of revenue. We believe that in transforming the digital transformation trend of enterprises, such deep application OA products as E-cology will maintain high demand in the future.

2) High growth in advance accounts, future performance is guaranteed The company currently has too many orders in hand, and advance accounts are up to 5.

300 million, an increase of 23% over the beginning of the period.

Initially, there were more than 3,000 new customers, and the contribution of new customers’ revenue accounted for as much as 60%. It verified that the company’s products had significant competitive advantages and strong sales capabilities.

The needs of OA corporate customers are rigid. Q1 of 19 and a series of performance are fully guaranteed, and the company’s 19-year performance will continue to be optimistic.

3) The product fits the user’s needs, high R & D is favorable for future growth segmentation, the company’s electronic contract application scenarios and OA diversion are more abundant, and the “WeChat + pan-micro + contract lock + Shanghai CA” is fully integrated into the four-in-one, which is perfect for OA customersDemand.

The high growth in the number of users and orders confirms that the company’s product lines are advancing smoothly and the development momentum is improving.

In addition, the annual R & D investment in 20181.

25 trillion, a year-on-year increase of 39%, accounting for 12% of revenue.

50%, far exceeding the industry average.

There are 537 R & D personnel, accounting for 46 of the total number of companies.


The company guarantees product upgrades with high R & D efforts, keeps pace with customer needs, and product competitiveness will continue to expand.

We believe that the future concentration of the OA market will further increase. As a leader in OA segmentation, Panway Micro will continue to expand its comprehensive competitive advantages in products, brands, channels and other aspects, and it is optimistic in the long run.


Investment recommendations We expect the company’s EPS to be 1 in 2019-2021.



52 yuan, corresponding to a dynamic price-earnings ratio of 65/54/39 times, considering the high degree of industry prosperity and the company’s scarcity, the price is underestimated, the first rating given to “recommended” rating.


Risks suggest that industry competition is intensifying; order growth is decreasing.

Hisense Home Appliances (000921): Underestimated Central Air Conditioning Leader

Hisense Home Appliances (000921): Underestimated Central Air Conditioning Leader

Investment point recommendation logic: Due to the multi-machine configuration of one household, air conditioner is the only category that still has a broad market space among the gradually developed large white electricity. The growth attribute has been optimistic about the market.

As the most determined consumption upgrade direction of the air-conditioning market in the future, central air-conditioning has a very broad market space.

Hitachi has the second largest market share in developing countries in the multi-connection field, second only to Daikin, and the gap is narrowing.

At the high level, this part of the income was reflected in the company’s statements through investment income at that time. The market was worried about its continuity and stability. It switched to Hitachi’s consolidation and the company became the most pure domestic central air-conditioning target for A shares.

Competition in traditional businesses has intensified, and channels have sunk to protect sales.

Saturated markets and sluggish real estate have led to increasing competition in the company’s traditional air-washing business.

The company’s refrigerator (Hisense + Rongsheng) has the second largest market share, but due to the rapid rise of Midea and other brands, the company’s market share has slightly shifted, and the market share of air-conditioning products has remained stable at a low level.

The company continues to promote the channel sinking strategy. At present, the sales growth of products in the fourth-tier market is ahead of other markets. The ratio of production to sales has continued to increase. The company’s channel sinking strategy has achieved initial results.

Consolidated Hisense Hitachi, transforming domestic central air-conditioning leading enterprises.

In March 2019, the company transferred its joint-stock holding Hisense Hitachi 0 to 2,500 million.

2% equity holding 49.

2%, becoming a shareholder of Hisense Hitachi. At the same time, the board of directors of Hisense Hitachi increased from seven to nine, of which the board of directors appointed by the company increased from three to five, and Hisense Hitachi will be consolidated.

The company’s right to speak to Hitachi’s business is further strengthened, and corporate governance will better leverage synergies.

The consolidation is expected to significantly increase the company’s revenue in 2019.

The hardcover market helped the development of central air-conditioning, and the three major brands competed for the central air-conditioning leader.

The domestic hardcover market is constantly developing. According to data from the National Information Center, the market share of central air conditioners 武汉夜生活 in the hardcover market is three times that of split air conditioners.

The company owns three major brands of “Hitachi + Hisense + York” in the domestic central air-conditioning field, and currently replaces the industry’s second position in the multi-online field of central air-conditioning, with a market share of 22.

3%, the only difference between the market’s first Daikin is 0.

2 units, the company’s central air-conditioning business can be expected in the future.

Earnings forecasts and investment advice.

The company’s EPS for 2019-2021 is expected to be 1.

09 yuan, 1.

24 yuan, 1.

41 yuan, the net profit attributable to mothers will remain 13 in the next three years.

6% composite strength.

Considering that the company is the leader of A-share central air-conditioning, with reference to the average PE of comparable companies, the company is given an estimated 16 times in 2019, the first coverage, and a “buy” rating with a target price of 17.

44 yuan.

Risk warning: the risk of continued downturn in the real estate market; the risk of large fluctuations in raw material prices; the risk of changes in Hisense’s equity structure.

Caesars Travel (000796) Review of Major Events

Caesars Travel (000796) Review of Major Events

Matters: Caesars Tourism announced on the evening of June 12 that the company plans to purchase HNA Hotel10.

09% equity, and also signed a strategic cooperation agreement; sold 100% equity of Baoji International Trade Hotel and Shaanxi Guomao Industry.

The Air Force, according to the sky eye inspection, showed that the company and China Overseas Personnel Service Co., Ltd. established Tianjin Zhongfu Duty Free Co., Ltd.

  Guoxin Social Service’s viewpoints: 1) The company has a stake in HNA Hotel and plans to cooperate strategically, and strives to guide each other to exert synergy effects; 2) The company replaces the non-core assets of the China World Trade Hotel and Guomao Industrial, promoting the improvement of the company’s capital and liability 杭州夜网论坛 structure and the company’s profitCapabilities; 3) Cooperate with Zhongde Service to set up a joint venture company for duty-free goods and test the business of duty-free shops.

Taken together, we expect the company to have EPS0 in 2019-2021.



50 yuan, corresponding to an estimated 20/17/14 times.

The company’s outbound tourism industry chain integration model has prominent advantages, mainly due to HNA problems and pressure from the outbound tourism industry.

It is recommended to track the outbound tourism industry trend and new growth after the company’s future controlling stake is settled, maintaining the “overweight” level.

  Comment: Share in HNA Hotel and plan strategic cooperation, mutual guidance flow and synergy effect. The company intends to invest.

8.5 billion yuan for the purchase of HNA 四川耍耍网 Hotel held by Beijing Haihongyuan10.

09% equity.

HNA’s hotel business is mainly hotels and leasing. In terms of hotel business, HNA Hotels has first-class hotels in Beijing, Guangzhou and other domestic cities such as Suzhou, Hangzhou, and Sanya.Equity is owned by Hotel Holdings and its subsidiaries, formed by swapping and self-construction. In terms of leasing business, the leasing rate of hotel holdings for external rental projects is basically above 90%, and the development is good.

In 2018, HNA Hotel revenue was 91.

63 trillion, with a net profit of 87.76 million yuan.

In terms of 2018 net profit, PE was 89 times in 2018; net profit in 2017 was 3.

3.7 billion, based on 2017 net profit, PE in 2017 is 23 times.

On the whole, the PE of this transaction is estimated to be relatively low, but considering that HNA Hotels has the hotel assets owned by it, the net asset assessment is 77.

810,000 yuan, so the transaction is mainly based on net assets pricing.

  At the same time, the listed company signed a strategic cooperation agreement with HNA Hotel to achieve synergy by giving play to their independent advantages.

The content of the cooperation mainly involves the cooperation of team travel business resources, the cooperation of free travel resource platforms, the joint marketing and cooperation of tourism products, the cooperation of recreational tourism projects, and the mutual cooperation of membership systems.

  We believe that: Co-existing strategic cooperation in HNA hotels, first of all, guide each other and make breakthroughs. In terms of group travel, free travel and recreational tourism, HNA hotels can provide hotel resources and certain customer support for Caesars tourism products., Caesar Tourism itself’s experience, resources, etc. are the guide for hotels; and, in terms of joint marketing, the two promote each other in each other’s venues or products; in terms of members, open the membership rights system and integrate policies such as swaps.

Therefore, Caesar Tourism and HNA Hotel are expected to further form a solid and long-term cooperative relationship, which will guide each other and develop in synergy.

  Stripping off some non-core assets and focusing on the main business development company intends to transfer 100% of the held Baoji International Trade Hotel and Shaanxi Guomao Industrial to Shaanxi Times Hotel Management Co., Ltd. at a transfer price of 3,931.

280,000 yuan, 2,365.

780,000 yuan.

In 2018, Guomao Hotel achieved revenue of 30.

7.5 billion, net profit -436.

870,000 yuan; Guomao Industrial realized income of 100,000 yuan and net profit of -135.

510,000 yuan.

After the completion of the issuance, it is expected to further divest non-core assets, optimize the company’s industrial structure, improve asset operation efficiency, and focus on advantageous resources to develop its main business.

  Established a joint venture company with Zhongde Service, and explored new cooperation in water-free duty-free shops. According to the sky eye survey, the company’s subsidiary, Kaiser Tongsheng Travel Agency (Group) Co., Ltd., and China Overseas Personnel Services Co., Ltd. established a joint venture company, Tianjin Zhongfu Duty Free Co.The registered capital is 12 million yuan, of which Caesar Tongsheng holds 49% of the shares, and CIC holds 51%.

The company has a duty-free shop license, which can provide a certain amount of duty-free goods for returnees with a passport in 180 seconds. There are more than 10 stores in the country including Beijing, Shanghai, Dalian, Qingdao, Hefei, and Zhejiang.The main duty-free shops in the city are located in Jing’an District, Shanghai.

Due to policy and operating factors, the current volume of the service is relatively small.

With this cooperation, the company is expected to realize Caesar’s tourism diversion capacity, which is expected to be a test of water for both parties.

  Investment suggestion: follow the trend of the outbound tourism industry, pay attention to the new growth after the company’s controlling stake is settled, temporarily maintain the “overweight” rating and temporarily maintain the company’s EPS of 19-21.


50 yuan, corresponding to an estimated 20/17/14 times.

The company’s outbound tourism industry chain integration model has prominent advantages, mainly due to HNA problems and pressure from the outbound tourism industry.

At present, in April this year, HNA tourism and concerted parties will hold 5.

5% transferred to independent third parties.

  HNA currently holds 30 shares.

28%, while Caesars Sega (the founder of Chen Xiaobing, currently the president of a listed company) holds 29.

97%, the difference is the closest in history, the situation of controlling stakes game caused concern.

We recommend tracking outbound travel industry trends and new growth after the company’s future controlling stake is settled to maintain an overweight rating.

  Risks indicate macro systemic risks, exchange rate risk, lower-than-expected acquisition targets, and HNA issues.

Construction investment strategy: Is the market rising driven by MSCI?

Is the cause but not the main cause

Construction investment strategy: Is the market rising driven by MSCI?
Is the cause but not the main cause

[Construction Investment Strategy Zhang Yulong Team]Is the market growth driven by MSCI?

  Source: Yulong’s Financial Theory and Practice Event: On November 1, 2019, the Shanghai Stock Exchange Index increased by 0.

99%, Shenzhen Component Index rose 1.


The home appliance sector rose 6.

51%, leading the two cities.

  Comments: 1.
Underestimated blue chips dominate the stagflation environment. On November 1, 2019, the market grew significantly, with home appliances, building materials, banks, automobiles, and non-bank financial growth increasing.

This is consistent with the market’s performance since October 2019: undervalued blue chip stocks with abundant cash flow continue to dominate.

  After the National Day, China’s economy has exhibited stagflation.

CPI continued to rise with pork prices reaching 3.


But GDP growth rate is only 6.

0%, and the industrial added value is only 5.


The market expected CPI prices will 重庆耍耍网 continue to rise, reaching a high point before the Spring Festival in 2020.

In this case, interest rates continue to rise.

The autumn market driven by growth stocks in the third quarter of 2019 ended.

The market initially estimated and turned to undervalued blue-chip stocks.

Is the market rise related to MSCI except A shares?

  The main driver of the market today is the home appliance sector, with a growth rate of 6.

51%, while the Maotai and other food and beverage sectors, which have long been favored by foreign countries, rose only 0.

9%, the banking sector rose by 2.


If the continued inflow of foreign countries drives the market to rise, then the growth of the food and beverage, banking, and real estate sectors represented by Maotai is close to that of the home appliance sector.

Therefore, MSCI except A shares was the reason for last week, but it is not preliminary.

Household appliances performance exceeded expectations is the reason for growth. From the three quarterly results, the household appliance industry’s operating income growth rate remained stable at about 5%, but overall operating profit growth rate reached 14.

62%, higher than the quarterly report of 8.

23% and Interim 9.

68% growth rate per second.

Comparing the growth rate of food and beverage and bank performance, the growth rate of food and beverage and bank performance are comparable to the first quarter and intermediate reports, respectively, 12% and 7%.

Therefore, the better-than-expected performance of the home appliance industry is an important reason for market growth.

Investment strategy: Before the Spring Festival in January 2020, high CPI operation was the main line of the market, and the decline in interest rates was still in the process of interruption.
We maintain our upward market turbulence judgment. We will continue to underestimate and perform well in the short term, but we recommend moving from banks to more cost-effective industries such as home appliances, construction and real estate.

Long-term is still a two-wheel drive of technology + consumption.

We have always been outstanding in the context of financial supply-side reforms, the allocation value of securities firms, especially leading securities firms.

Sinopharm unanimity (000028): Revenue growth rate exceeds expected performance is expected to pick up

Sinopharm unanimity (000028): Revenue growth rate exceeds expected performance is expected to pick up

This report reads: The company ‘s revenue 成都桑拿网 exceeded market expectations, the four major distribution businesses grew rapidly, the NUS pharmacy model was upgraded, and a “new” NUS was built. Short-term investment income and financial costs dragged down performance, and performance gradually picked up. Maintain overweight rating.

Investment Highlights: Maintain Overweight rating.

Taking into account the short-term industrial investment income and increase in financial costs dragged down performance, adjust the EPS forecast for 2019-2021 to 2.



81 yuan (was 3).



11 yuan), correspondingly lowered the target price to 53.

92 yuan, corresponding to PE 16 X in 2020, maintaining an overweight rating.

Revenue exceeded market expectations.

The company’s H1 revenue in 2019 was 252.

2.8 billion (+21.

42%), net profit attributable to mother 6.

5.1 billion (+1.

42%), deducting non-net profit 6.

4 billion (+2.

63%), the performance is in line with market expectations.

Its own business income exceeded market expectations, with an overall gross profit margin of 11.

15% (-0.

46pp), financial expense ratio is 0.

41% (+0.

14pp), industrial investment income1.

6.9 billion (+3.

98%), the overall net interest rate is 3.

04% (-0.

27pp), the rights of NUS Pharmacy decreased, dragging down the profit growth rate of mothers

Distribution growth picked up and four major businesses developed rapidly.

Pharmaceutical distribution achieved operating income of 194.

7.7 billion (+22.

66%), net profit attributable to mother 3.

8.2 billion (+15.

41%), gross profit margin 6.

09% (-0.


Among them, the traditional business increased by 22%, the four major businesses of retail direct sales (+ 30%), equipment consumables (+ 52%), retail diagnosis and treatment (+ 80%), and primary medical care (+ 34%) developed rapidly to build new competitive advantages.

The retail model has been upgraded to create a “new” NUS.

NUS Pharmacy achieved operating income of 61.08 thousand yuan (+18.

75%), net profit 1.

8.6 billion (+7.

63%), net profit attributable to mother 1.

5 billion (+7.

81%), retail gross profit margin 24.

60% (-0.


NUS Pharmacy accelerates the network layout of its stores (adding 318 new stores, with a total 武汉夜网论坛 of 4,591), and promoting brand upgrades, optimizing management foundation, strengthening professional pharmacy service capabilities, and creating new models.

The “new concept” pilot pharmacy launched in cooperation with Wobolian officially opened in Shanghai in the early stage. The new business operation model achieved remarkable performance, and sales increased in the first half of the year34.

8%, the number of transactions increased by 31.


With the advancement of in-depth cooperation, it is expected that the operating vitality and profitability of NUS will be further improved.

Risk Warning: Risk of uncertain business integration; risk of drug price reduction.

China Film (600977) Semi-annual Report Commentary: Net profit attributable to mothers increased by 2.

3% meet expectations

China Film (600977) Semi-annual Report Commentary: Net profit attributable to mothers increased by 2.

3% meet expectations

Core facts and events: The company achieved revenue and net profit attributable to its parent in the first half of the year48.

4 billion and 6.

8.2 billion, an increase of 4.

8% and 2.

3%, basically 0 benefits.

37 yuan, an annual increase of 2.

2%, in line with our expectations.

1H19 film distribution marketing revenue grew 9%.

Although 1H19 industry box office interval was changed to 2.

At 7%, the company ‘s film distribution and marketing revenue still increased to US $ 2.9 billion. In the end, a series of simultaneous conversions or participation in the distribution of 武汉夜网论坛 domestic films and imported films increased by 23% / 19% to 80.

100 million / 85.


In 1H19, the box office of the main control film was lower than that of the same period last year, and the production income of film and television production decreased by 15%.

1H19’s film production income was 3.

400 million, 9 films produced simultaneously or participated in the production, cumulative box office 57.

6 billion, accounting for 41% of domestic box office vs.

1H18 Part 8/76 at the box office gradually.

800 million / 24%, box office replacement of about 25%.

It is recommended to pay attention to the company’s rich reserves, including the movie “Mermaid 2”.

The single-screen box office continued to decrease, and the theater projection business revenue decreased by 6%.

1H19 company added 7 holding theaters, corresponding to 58 screens, corresponding to the growth rate of holding theaters to 6% VS.

2018 12%.

1H19 single screen box office is about 8 million VS.

1H18 8.86 million, reset about 10%.

Earnings forecast and investment advice: In view of the low prosperity of entering the box office of the movie, we lowered the company’s earnings forecast, and the basic earnings in 2019/20/21 are basically zero.



93 yuan, under the assumption of sustainable growth of 2% and WACC = 11%, the target price is 18.

20 yuan, maintain “Buy” rating.

Risk 北京桑拿体验网 Tips: Industrial Policy Risks, Variations in Upstream Film Production, Box Office Restructuring

Jiuyang Co., Ltd. (002242): Implementation of strategic transformation and upward business cycle

Jiuyang Co., Ltd. (002242): Implementation of strategic transformation and upward business cycle

The operating conditions have been gradually improved, and a high percentage of dividends have been given back to shareholders.

In 18 years, Jiuyang achieved revenue of 81.

6.9 billion yuan (+12.

7%); net profit attributable to mother 7.

5.4 billion (+9.

5%), net profit after deducting non-return to mother 5.

6.9 billion (-6.


Although the main reason for the acceleration of 18Q4 revenue growth (+ 25%) was the shift in the stocking time of Double 11 from the previous September to mid-October, the growth rate of 18H2 revenue (+13).

8%), which is 2.18% higher than 18H1.

5pcts is still showing that the company’s operating conditions are in an upward cycle.

Jiuyang plans to pay a cash dividend of 8 yuan (including tax) for 10 shares, and the annual cash dividend ratio will reach 81%.

Multiple gradual growth momentum is igniting growth momentum. It is expected that revenue growth in 19 years will be 10% -15%.

18 years of food processing series, nutrition pot series, Western-style home appliances revenue growth rate of + 8% / + 19% / + 21%, farewell to 17 years of short-term stall (+3% /-4% / + 6%).
The reason is that the offline channel adjustment has dragged down the growth ability of 17 years, but we should pay more attention to the effective changes of Jiuyang in the product and marketing end in the past two years: (1) Strategic end transformation: First, positioning “Jiuyang = qualityThe category of “small household appliances” is expanding. At present, the revenue of soymilk machines accounts for more than 25%, and the growth rate of wall breakers is as high as 40% -50%. It has become a large category with revenue of more than 1 billion US dollars.For the export of sharks, the domestic sales growth rate still exceeds 10%), and the income of western-style small appliances is 10%.

800 million US dollars, of which water purifiers increased by more than 50%; Second, hand in hand with shark ninjas cut into the vacuum cleaner market while selling products overseas, the growth rate of Jiuyang’s export sales in 2018 exceeded 100%, mainly due to shark-related purchases (1.

900 million), the purchase amount in 19 years is expected to 深圳桑拿网 increase to 4.

500 million.

(2) The product side catches the pain point. Explosives frequently appear: Technology research and development is the core competitiveness of Jiuyang. In recent years, innovative varieties such as no-clean soymilk / wall breaking machines and silent wall breaking machines have been recognized by the market.

(3) Channel-side deactivation + branding presentation: offline dealers streamlined to 300 and expanded their operational capabilities and execution efficiency to maximize; build a branded marketing network on the basis of more than 40,000 sales terminals, newly openedDozens of stores in the shopping center “Jiuyang House”, dozens of brand flagship stores, brand specialty stores and other stores.

Looking to the future, adherence to the strategy of creating value and ascending the value of brand marketing will help the company develop steadily. It is expected that the company’s revenue growth rate will be 10% -15% in 2019.

Changes in product structure have led to a decline in gross profit margins, and tight demand has helped the subsequent growth.

The company’s gross profit margin in 2018 was 32.

1% (-0.

9pcts), of which the gross profit margin of food processing series / nutrition pots / western appliances dropped -1.

6 / -0.

4 / + 2.

3 pcts, the same internal inherent gross profit structure change of the first two: (1) the growth rate of relatively low-margin wall breaking machines in the food processing series is much higher than the soymilk maker with pricing power;Its gross profit margin is lower than domestic sales.

Initial selling expense ratio +1.

8pcts, but high-intensity brand publicity (CCTV advertising, Youku cooperation, etc.) can help improve brand awareness and value, the management expense rate and financial expense rate are basically stable, and the non-current asset disposal income in non-recurring gains and losses is earlier. 17Increase by 1.

At 86 ppm, the net profit attributable to mothers is reduced by 0.


In the balance sheet, observe the advance accounts + 196%, inventory goods + 41%, receivables + 39% available products, demand is tight, dealers make active payments, manufacturers prepare stocks as needed and relax account periods to support, this willProvide strong guarantee for the growth of 19H1.

The leader in high-quality small appliances re-launched and upgraded to a “buy” rating.

Jiuyang has no interest-bearing debts since its listing. Its own funds / total assets have been greater than 30% for a long time. In 2010-18, it gradually paid dividends / accumulated net profit was close to 80%. The average diluted ROE in the past three years was close to 20%.The pension insurance fund increased its shareholding ratio, and Central Huijin’s shareholding ratio was also high (4.


It is expected that the company’s net profit attributable to its parent in 2019-21 will be 8.
3, 9.
6, 10.

90,000 yuan, the current sustainable PE is 21.

3, 18.

5, 16.

2 times, upgrade the company to “Buy” rating.

Risk warning: category expansion is less than expected, and raw material prices have risen sharply.