Honglu Steel Structure (002541): High-growth revenue growth caused by the release of production capacity, government subsidies carried down this period

Honglu Steel Structure (002541): High-growth revenue growth caused by the release of production capacity, government subsidies carried down this period
The company recently announced the third quarter of 2019 report, and achieved operating income of 76 in the first three quarters.4.1 billion, an annual increase of 47.99%; net profit attributable to the parent company3.38 ppm, an increase of ten years.58%.Net profit attributable to parent company after deduction 2.740,000 yuan, an increase of 58 in ten years.07%, commented as follows: production capacity released, revenue maintained high growth, gross 武汉夜生活网 profit margin decreased and the newly signed sales contract amount in the third quarter was 47.3.6 billion, of which the engineering order is 1.50,000 yuan, accounting for 2.22%, the material order is 46.310,000 yuan, accounting for 97.78%.The order structure continued to be optimized, the proportion of steel structure processing business increased, and the order growth rate was also ok.In recent years, the government has actively promoted the prefabricated steel structure construction, which usually has less steel than the earlier residential buildings, and the future market demand is considerable. As the industry leader, the company’s orders are expected to continue to increase steadily.  The company achieved operating income of 76 in the first three quarters.41 trillion, with an increase of 47.99% in the third quarter achieved 北京夜网 operating income of 28.6.2 billion, an increase of 40.46%.Mainly due to the continuous expansion of steel structure capacity in the company’s order structure and the continuous release of new capacity.Gross profit margin for the first three quarters of 13.27%, a year down 2.Eight averages, the gross profit margin for the third quarter alone was 14.89%, a slight increase of one year.66 units.The improvement in the gross profit margin in this period may be due to the considerable decline in steel prices during the quarter and the decrease in raw material costs; the gross profit margin of new production capacity has gradually reached normal levels.  The government subsidy has decreased, and the net profit after deduction is increased by the company during the first three quarters.93%, falling by 2 every year.07 averages.Of which selling expenses are 1.46%, a decrease of 0 every year.The 57 averages reflect a certain scale effect; management costs accumulate4.44%, a decline of 0 per year.88 units, or due to the improvement of corporate management efficiency; financial expenses1.03%, 0 per year.62 units, or due to the company’s interest in this year, denied that the annual decrease; the research and development expenses were reset2.24%, rising by 0 every year.59 units, or due to increased R & D investment in this period.During the year, the company recognized that the government subsidy income carried forward decreased to zero.800 million, a year-on-year decrease of 62.26%, the newly recognized deferred income of government subsidies in this period4.480,000 yuan, an increase of 70 from the end of last year.82%.In summary, the net profit attributable to the mother is finally realized.$ 3.8 billion increased by only 1 last year.58%, and the net profit of the parent company after deduction is 2.7.4 billion, a sharp increase of 58 previously.07%.  Cash inflows continued to flow in, and the company’s cash-to-cash ratio was zero in the first three quarters while steel prices were down.9972, a decrease of 18 per year.The 9 single ones are mainly due to the decrease in cash flow from sales receipts in the current period; the company’s cash payout ratio is zero.9012, a decline of 5 per year.4 averages.  The net cash flow from operating activities of the company in the third quarter of 2019 was net inflow5.31 trillion, a decrease of 53 a year.37%, the inventory in this period increased by 18.31% was due to increased purchases in this period.The company’s asset-liability ratio is 60.88%, a slight increase from the end of 2018 by 3.33 units, or due to business growth investment required, due to an increase in accounts payable.  It is suggested that new production capacity should be released continuously, revenue will continue to grow at a high speed, gross profit margin will increase slightly in the single quarter, and the expense ratio will decrease slightly during the period.The carry-over of government subsidies in this period was slower than expected, resulting in a net profit return to motherhood only increased by one.5%.It is expected that deferred revenue from government subsidies will contribute to profits one after the end of the year and beyond.We lower the EPS for 2019-2021 to 0.91, 1.18, 1.47 yuan / share (the original forecast was 1.)02, 1.30, 1.63 yuan / share), corresponding PE is 9, 7, 6 times.Temporarily maintain “Buy” rating.  Risk reminder: policy push falls short of expectations, steel prices increase sharply, and government subsidy income decreases

Debon (603056) Annual Report Comment: Costs and Costs During the High-speed Growth and Transformation of Express Delivery Business

Debon (603056) Annual Report Comment: Costs and Costs During the High-speed Growth and Transformation of Express Delivery Business

Debon shares announced the 2018 annual report.

In 2018, the company achieved 230 operating income.

2.5 billion / + 13.

15% (/ means every year, the same below), realizing net profit attributable to mothers of $ 700 million / +28.

13%, net profit after deduction is 4

5.6 billion / + 45.

29%, achieving a basic income of 0.

74 yuan / 杭州夜生活网 share.

Of which 18Q4, the company achieved revenue of 69.

7.4 billion / + 22.

24%, net profit attributable to mother 2.

4.1 billion / + 27.

77%, net profit after deduction to mother 1.

4.5 billion / + 94.


In the fourth quarter of 2018, the net profit after deduction of non-return to mothers accounted for the previous 30.

29% and 31.

80%, gross margin for the fourth quarter was 13.

86%, slightly below level 14.

The 1% gross profit margin level is also lower than the gross profit margin of the fourth quarter of 201714.

33% level.

The company plans to distribute a cash dividend of 2 for every 10 shares.

19 yuan (including tax), a total of about 2 cash dividends will be distributed.

10,000 yuan, accounting for 30% of the company’s net profit attributable to mothers in 2018.

Operational data: business volume completed in 20184.

8.3 billion pieces / +54.

21% (2015-2018 average annual compound growth rate is 69.

twenty one%).

The express delivery business volume is 4.

4.7 billion pieces / +63.

87% of the express business income was 113.

97 ppm / +64.

50%, express single piece income is 25.

49 yuan / +0.

39% (In 2018, the national express delivery business volume was 507.

100 million pieces / + 26.

6%; national express delivery business revenue was 6038.

4 ppm / + 21.8%), the express business income was 112.

06 ppm / -13.


Revenue: Express delivery business accounted for a rapid increase in revenue.

Express business: In 2018, the express business volume was 4.

4.7 billion pieces / +63.

87% (The company’s business volume totals 4.

8.3 billion votes / +54.

21%), the proportion of express delivery business to revenue increased to 49.

50% (34 in 2017.

05%), exceeding the proportion of express business.

Express business: Affected by the optimization and upgrade of the company’s product structure and strategic adjustment of the vehicle business, the express business revenue was 112.

06 billion / -13.

76%, express transportation business’s share of revenue overlaps to 48.

67% (63 in 2017.


Other business: Other business income was 4.

22 ppm / -1.

44%, mainly due to the impact of financial business substitution in 2017. Excluding this effect, other business income increased by 5%.


Cost Expenditure: Proper cost control and significant expansion in R & D.

In 2018, the company’s operating costs were 197.

$ 7.9 billion / + 12.

13% (below revenue growth rate of 13.

15%), the period expenses are controlled within a reasonable range, and the R & D expenses are 1.

3 ppm / + 82.

77%, ranking grows rapidly in 2017, mainly due to the company’s progress in intelligentization, technology, and R & D projects.

Gross profit margin for 2018 was 14.

10%, an increase of 0 from 2017.

78 units, the proportion of express delivery business increased (by 34.

05% increased to 49.

50%) and the gross margin of the express delivery business increased simultaneously (from 5.

45% increased to 9.

32%) is the first reason for the company’s gross margin increase in 2018.

The company’s vehicle business has entered a strategic adjustment period. The express car business’s high-margin precision car-sharing business and advantage business, precision card airliner / urban transportation, have steadily developed, supplemented by technology promotion to reduce costs and increase efficiency.

64% increased to 19.


We believe that the adjustment of the vehicle business strategy has gradually improved the rise of express shipping gross profit margin, and has also promoted the company’s overall freight rate to continue to decline2.

3%, which enables the company to invest limited resources into more cost-effective businesses.

The expansion of the company’s express delivery business also directly leads to an increase in labor costs of nearly 22% per year, but the cost increase is far lower than the increase in the revenue side of the express delivery business.We have seen the company keep costs and expenses within a reasonable range during its strategic transformation.

Profit forecast and investment advice.

Comparable companies have an average PS of 2 in 19 years.

04 times, because the company entered the express delivery market much later than comparable companies. At present, the express delivery business continues to increase in the company’s revenue ratio. Refer to Yunda Co., Yuantong Express, Shentong Express, and SF Holdings 2019PS3.

72 times, 1.

19 times, 1.

86 times and 1.

4 times, considering that the company’s revenue scale and market value are small, the business model is closer to SF Holdings (the same is the direct business model), giving the company 0 in 2019.


85 times PS, corresponding to a reasonable market value of 218.


670,000 yuan, corresponding to a reasonable budget range of 22.


24 yuan, maintain the “preliminary market” rating.

risk warning.

The rapid growth of macroeconomic growth and the sharp rise in labor costs have led to the effective capture of the market through price strategies, and significant increases in oil prices.

Hanlan Environment (600323) released comments: it plans to sign some projects with Shengyun Asset Transfer Agreement to strengthen capacity reserves

Hanlan Environment (600323) released comments: it plans to sign some projects with Shengyun “Asset Transfer Agreement” to strengthen capacity reserves

The company plans to sign part of the project “Asset Transfer Agreement” involving a production capacity of 4,300 tons / day. The company announced recently that following the signing of the “Waste Incineration Power Generation Project Investment and Cooperation 苏州桑拿网 Framework Agreement” with Shengyun Environmental 爱北京体验网 Protection in June 2019, the company plans to establish a contract with Shengyun Environmental Protection in the near future.And Huai’an Zhongke Environmental Protection signed part of the “Asset Transfer Agreement” involving Jining Phase II (800 tons / day), announcing City Phase II (1000 tons / day), Haiyang Project (500 tons / day), Wulanchabu(1200 tons / day), five projects in Huaian Phase II (800 tons / day) franchise, with a total capacity of 4,300 tons / day, of which the first four projects Shengyun Environmental Protection have the right to agree on the principle of mutual agreement in 2021 4 The copyright repurchase right before the 30th of the month, the above “Agreement” will take effect after being approved by Shengyun Environmental Protection’s internal decision-making authority.

The total book value of the above five proposed transfer projects.

48 ppm with an estimated value of 2.

According to the announcement, the book value of the four projects directly held by Shengyun was 210,000 yuan.

145 trillion, with an assessed value of 2.

235 ppm; Huaian Second Futures has a face value of 0.

332 trillion, the evaluation value is 0.

37.2 billion.

In view of the above projects, most of which are under construction in Dublin, it is expected that the company’s solid waste capacity reserve will be effectively strengthened after the transfer.

The company has ample solid waste production capacity in hand, and the South China Sea model is the basis for the layout of solid waste integration. According to announcement statistics, the company’s current waste incineration capacity is in operation.

13 announcements / day, under construction and preliminary super 1.

2 daily / day (excluding Sheng operation); according to the Interim Report, 1000 tons / day of southern Zhangzhou has been commissioned in 2019, and the 1500 tons / day of the South China Sea Phase III can be completed by the end of September.

Under the background of waste classification, the company has developed to the front-end classification and collection and operation (the company has signed the ownership transfer framework agreement with Shenzhen Guoyuan Environment, mainly engaged in urban and rural environmental sanitation), exploring corresponding businesses near existing projects, and achieving synergy and collaboration.

The successful release of SDIC Power as a war investment, the proposed issuance of convertible bonds to accelerate the construction of the project, maintaining the “buy” rating is expected to the company’s EPS in 2019-2021 respectively.

22, 1.

45 and 1.

70 yuan / share, corresponding to the latest PE of 15 respectively.

4, 12.

9, 11.

0 times.

The company’s location advantage is obvious, the multi-business layout enhances the growth certainty, and the non-performing performance maintains about 20% growth. We give 17 times PE valuation in 2019, corresponding to 20.

The fair value of 66 yuan / share. The company successfully dated SDIC Power as the three shareholders. It plans to issue convertible bonds for investment in solid waste projects and maintain a “buy” rating.

Risks indicate that the construction progress of the water plant is higher than expected, and the construction progress of the solid waste project is not up to expectations; the return on assets of new construction projects is falling; the downstream demand for gas is not up to expectations; the purchase price of gas has increased significantly.

Sinopec (600028): Natural gas and chemicals continue to increase production in line with expected growth

Sinopec (600028): Natural gas and chemicals continue to increase production in line with expected growth

Event: The company announced that it realized revenue of 28911 in 2018.

800 million, an annual increase of 22.

5%, net profit attributable to mother 630.

9 billion, an annual increase of 23.


Dividend paid up and down 0.

26 yuan, the initial dividend of 508.

5 billion.

Rising oil and gas driven revenue growth, Q4 was affected by the Lianhua incident and oil prices: the company’s oil and gas equivalent output increased slightly in 2018.

6%, the 厦门夜网 output of refined oil increased by 2.

7%, refined oil sales fell 0.

2%, the output of chemical products fell by 0%.


Revenues from the exploration and development, refining, chemicals, marketing and distribution segments increase each year.


Rising oil prices have driven upward and downstream prices. The average price of Brent crude oil in 2018 was 71.

0 USD / barrel, up 31 before.


Expenses during 20184.

8%, 1 percentage point reduction per year.

In the fourth quarter, due to the continued drop in oil prices and the impact of the Lianhua event, the single-quarter performance was alternated 152.

700 million.

Lianhua expects contradictions 40.

2 billion, a previous loss of 78.

8 billion.

The Lianhua incident is a one-time impact. Lianhua represents the frontline level of crude oil trade in China. After the incident, the company’s risk management and control will inevitably be stricter.

As oil prices stabilize and improve, the company’s performance is expected to continue to improve ahead of time.

Crude oil production remained stable, and natural gas and chemical products grew rapidly: Domestic natural gas demand maintained rapid growth, and the annual report showed that the apparent internal natural gas consumption was 280.3 billion cubic meters, increasing continuously18.


Apparent consumption of refined oil 3.

2.5 billion tons, an annual increase of 6.


The company’s planned capital expenditure for 2019 is 136.3 billion, of which the exploration and development segment is 59.6 billion, an increase of 17.4 billion; the refining segment is 27.9 billion, which has remained flat for a long time; the marketing and distribution segment is 21.8 billion, an increase of 4 billion; the chemical segment is 23.3 billion, an increase of3.7 billion.
Production of crude oil is planned for 20192.

8.8 billion barrels; natural gas production is 1019.1 billion cubic feet; processed crude oil2.4.6 billion tons; producing 1212 ethylene additives.

The company seized the opportunity of increasing demand for natural gas and chemical products, focused on the production of shale gas projects and gas storage, accelerated the implementation of major projects such as Sinochem Refining and Chemicals, and maintained the growth of natural gas and refining chemical production and sales.

The listing of the sales sector continues to advance, and future development is expected: In 2014, the company announced that the sales company had dated 1070 funds for 25 investors.

9.4 billion, accounting for 29 after the capital increase.


On 25, 2015, investors paid a total of 1,050 in payment.

4.4 billion (about 29 sales companies.

58% equity), which is equivalent to an estimated 355.1 billion after the investment.

The company announced in 2017 that Sinopec Sales Co., Ltd. plans to list 10% of its shares overseas.

The annual report shows that the net assets of the sales company are 2080.

700 million, net profit 219.

9 billion.

After the sales segment has dated private capital, explore the new model of “Internet + gas stations + convenience stores + integrated services”. Non-oil business maintains rapid growth. Considering the influence of Sinopec’s gas station brands, it will enhance the vitality of sales business and assets after independent listing.Estimated level.

Investment suggestion: EPS 0 is expected in 2019-2021.



64 yuan, maintain Buy-A rating, 6-month target price of 6.

6 yuan, corresponding to PE 11/10/10 times.

Risk warning: Oil prices continue to fall, and demand for refined oil and chemicals has grown less than expected.

Gold and Molybdenum (601958): Molybdenum prices surged and performance increased significantly

Gold and Molybdenum (601958): Molybdenum prices surged and performance increased significantly
The company’s attributable net profit in 2018 increased by 256% every year. The company achieved operating income of 87 in 2018.78 ppm, a reduction of 13 per year.99%; net profit attributable to mother 3.810,000 yuan, an annual increase of 256%, expected average ROE is 2.96%, an increase of 2 every year.12 averages.Among them, the fourth quarter achieved revenue of 22.96 ‰, an increase of 10 per year.67%, an increase of 0 from the previous month.39%; net profit attributable to mother 1.54 ppm, an increase of 123% per year and an increase of 97 from the previous month.44%. Due to the high rise in molybdenum prices, the company’s performance was higher than our expectations.We expect the company’s EPS for 2019-21 to be zero.13/0.17/0.19 yuan to maintain the overweight level. The molybdenum price surged in the fourth quarter, and the performance increased significantly.The average price of Henan molybdenum concentrate in 2018 was 1,725 yuan / ton, surpassing the increase of 42.2%; the average price of molybdenum oxide is 1827 yuan / ton degree, an increase of 39 per year.6%; Molybdenum price is 12.01 million / ton, an increase of 39 per year.2%.The company’s primary molybdenum product gross margin reached 35.71%, an increase of 12 per year.80 units.Especially in the fourth quarter, the average prices of molybdenum concentrate, molybdenum oxide and ferromolybdenum were 1925 yuan / ton, 2027 yuan / ton, respectively.210,000 yuan / ton, continued to rise 9 in the third quarter.1%, 8.2%, 4.8%, so the company’s gross profit in the fourth quarter reached 6.1.5 billion, an increase of 54.5%.In addition, the company’s fourth quarter management expenses were only zero.43 trillion, a decrease of 0 from the previous month.850,000 yuan, the above factors comprehensive strength company fourth-quarter performance was better than expected. The company’s production and sales have increased. In 19 years, the supply and demand pattern of molybdenum may be tightened. In addition to price increases, the company’s increase in production and sales has also increased its performance.The company’s molybdenum concentrate output in 2018 was 4.74 Initially, it is increased by 4 per year.68%; sales are 5.21 Initially, it increases by 13 every year.twenty one%. The company’s Jinduicheng molybdenum ore and Ruyang Donggou molybdenum ore produce 1372 and 711 ore, respectively, with grades of 0.08% and 0.12%.The company plans to produce molybdenum concentrates in 20194.8 nominal.The International Molybdenum Association forecasts that the annual demand for molybdenum in 2019 will reach 9.5 samples, the growth rate reached 6.Due to the restrictions of environmental protection policies, the growth of molybdenum supply may be limited, and the growth rate is in the range of 2% -5%.The International Molybdenum Association expects that the balance between molybdenum supply and demand will tighten and that the price center will continue to rise. Continue to extend the downstream of the product, and the added value is expected to improve the company’s breakthrough in improving product added value during the year.The company’s new product market has achieved remarkable results. The new six-generation target has obtained customer certification 天津夜网 and achieved batch supply. It has reached cooperation with the world’s largest organic molybdenum producer.In terms of research and development, the company reached a strategic cooperation with Xi’an Jiaotong University to jointly build a research center for the preparation of refractory metal pipes and special-shaped parts; the company’s nuclear-grade thin-walled molybdenum alloy pipe project entered the second stage of research and development.The added value of the company’s products is expected to further increase in the future. The PB estimate is low, and we maintain our overweight rating. We maintain our assumptions on relative prices, company product output, and costs. It is expected that the company’s EPS in 2019-21 will be zero.13/0.17/0.19 yuan, 19-20 forecast remains unchanged from last time.The company’s BVPS is 武汉夜网论坛 expected to be 4 in 19 years.17 yuan.Refer to comparable company’s 19 year Wind consensus expectations 2.41 times the PB estimate, and the company has averaged 2 since 13 past.03 times the PB estimate, we conservatively give the company 19 years 2.0-2.2 PB, corresponding to the expected target interval of 8.34-9.17 yuan to maintain the overweight level. Risk warning: the price of molybdenum falls; the company’s product output falls short of expectations; the demand for molybdenum falls short of expectations.

SAIC Group (600104) 19-year performance preview comment: 19Q4 results are lower than expected and wait for bottoming out

SAIC Group (600104) 19-year performance preview comment: 19Q4 results are lower than expected and wait for bottoming out

Event: On January 13, 2020, the company issued a 2019 performance forecast. The net profit attributable to mothers in 2019 was 25.6 billion, -29% per year / mom; net profit attributable to non-mothers was deducted 21.
400 million, only -34%.

The net profit attributable to mothers in the fourth quarter of 19 exceeded the expected subdivision range and exceeded market expectations.

The company released a performance forecast. In 2019, net profit attributable to mothers will be 25.6 billion, and thereafter -29%; net profit attributable to non-mothers will be 21.4 billion, up to -34%.

Among them 19Q4 belonged to mother net profit 48.

100 million, ten years -42.

3%, -31.

6%; net profit deducted from non-mother 25.

900 million, ten years -63.

5%, -59.

1%; of which 19Q4 non-recurring gains and losses22.

300 million, an increase of 15 from 19Q3.


19Q4 company returned mother net profit exceeded expectations, the main reasons are expected: 1) GM’s performance has been dragged down (19Q4 GM sales during the same period -29%); 2) innovative business (hike road trip, car enjoy home, global car enjoy, etc.) competitionforce.

19Q4 sales downgraded 4 quarter.

3%, it is expected that the decline in the income side in 19Q4 is smaller than the decline in the profit side.

The company’s overall sales in 2019 were 623.

70,000, at least -11.


Among them, the overall sales volume of the company in 19Q4 was 182.

30,000, at least -4.

3%, +23.

4%; 19Q4 Volkswagen / GM / Autonomous / Wuling sales were 61/38.



30,000, at least +11.

2% /-28.

9% / + 4.

7% /-5.

5%, +28.

9% /-1% / + 26.

3% / + 39.


Among them, GM’s sales pressure resistance is expected to be mainly due to the weak market acceptance of the three-cylinder engine, and the old GM models are under pressure from the weak overall industry.

In Q4 of 19, the company’s overall sales were ten years.

3%, we expect the company’s 19Q4 income-side scale to be significantly smaller than the return to its profit margin.

In 2020, it will be lightly loaded and wait for the bottom to rebound and maintain the “buy” level.

We judge the industry’s overall sales to recover weakly in 2020, and the company will also have a number of new cars in 2020: SAIC Volkswagen will launch Viloran, Tuyue Pure Electric and Volkswagen’s MEB new platform pure electric ID models; SAIC GM will launch new cars such as Angoke Banner, XT6;The SAIC-Audi joint venture is also expected to land.
Based on the weak recovery of the 重庆耍耍网 industry and the increase of the company’s new cars, we expect the company’s sales volume to reach positive in 2020, and its profits will gradually recover.
Taking into account the 19-year return to mother’s net profit is slightly lower than expected, we lowered the company’s profit forecast. It is estimated that 2020-2021 will return to the mother’s net profit of 302.327 billion, respectively, maintain a “buy” rating.

Risk reminder: The industry’s sales recovery is less than expected, and the company’s new model launch is less than expected;

Midea Group’s (000333) Semi-annual Report 2019 Review: Market Share Continues to Increase and Profitability Hits New Record

Midea Group’s (000333) Semi-annual Report 2019 Review: Market Share Continues to Increase and Profitability Hits New Record
Midea Group released its semi-annual report for 2019, and the company achieved a total operating income of 1543 in 19H1.33 ppm, a ten-year increase of 7.37%, net profit attributable to mother 151.870,000 yuan, an increase of 17 in ten years.39%; in the single quarter, the company achieved total operating income of 788 in 19Q2.32 ppm, a ten-year increase of 7.33%, net profit attributable to mother is 90.5.8 billion, an annual increase of 17.93%, in line with our Air Force Interim Report’s forward-looking expectations. Comment: The revenue has grown steadily against the trend, and the share of the entire category has continued to increase.19H1 company achieved total operating income of 1543.3.3 billion, +7 per year.37%; 19Q2 company achieved total operating income of 788.32 trillion, ten years +7.33%. In the first half of the domestic appliance market, the company’s revenue grew steadily, and its market competitive advantage was solid.At the product level, 19H1 has maintained its leading position in all categories. HVAC, consumer electronics, robotics and automation systems achieved revenues of 714, respectively.39, 583.51, 120.24 trillion, each year +11.84%, +5.56%, -3.83%.According to Aowei Cloud Network data, the company’s main home appliance categories in the Chinese market in the first half of 2019 have achieved varying degrees of share, of which air-conditioning, washing machines (Medical Department), refrigerator offline retail share of 27.2%, 26.9%, 11.9%, both ranked second in the industry; kitchen appliances such as cooking machines, rice cookers and other kitchen appliances were separated by 38.8%, 44.0%, ranking first in the industry. Channel channels. The company continues to improve its smart supply chain channels, achieving steady growth in online and offline business.In the offline market, the report targets companies to continue to promote channel transformation and transition, expand offline channel levels, and improve channel efficiency; meanwhile, actively embrace new retail channels and accelerate online and offline market integration.In terms of the online market, Midea ‘s online sales in the first half of 2019 exceeded 32 billion, a year-on-year increase of more than 30%. In the mainstream e-commerce platforms such as JD.com, Tmall, and Suning Tesco, it continued to maintain the No. 1 industry category in the home appliance category. Profitability hit another record high and cash flow performance was outstanding.Company 19H1 maximized profits 188.90 trillion, +15 for ten years.22%; total profit in the second quarter was 111.710,000 yuan, ten years +16.29%; net profit attributable to mother is 90.5.8 billion, +17.93%, bright performance growth.19H1’s overall gross profit margin and net profit margin were 29 respectively.48%, 10.44%, +2 each year.31pct, +0.78pct.Among them, Q2’s overall gross profit margin and net profit margin were 30.55%, 12.12%, respectively +1.91pct, +0.At 96 points, profitability reached a new high, mainly due to the decline in raw material costs, product structure upgrades, the increase in production efficiency brought about by the “T + 3” efficient operating model, and the impact of exchange rate changes.In terms of expenses, the sales expense ratio, management expense ratio and R & D expense ratio of the company in 19Q2 were 12 respectively.71%, 2.71%, 2.95%, respectively -0 per year.13pct, +0.64pct, +0.29pct, the overall cost rate has remained basically stable, and the cost control ability is good.In terms of cash flow, the company’s net operating cash flow from H1 was 217.880,000 yuan, a significant increase of 186 per year.17%, mainly due to the sales of goods, the increase in cash received for providing services, and excellent cash flow performance. The strategic direction is clear and long-term development is worth looking forward to.The report’s three major strategies of “leading products, driving efficiency, and operating globally” of major companies have been steadily advanced, giving full play to the synergistic advantages of multiple brands and all categories to drive the company’s global influence to continue to increase.In terms of products, the company’s research and development promotes continuous overweight and focus on product enhancement. At the same time, high-end brands such as COLMO, Internet brand Cuckoo, young brand 南京桑拿论坛 Hualing and other brands have been gradually launched, and the brand matrix has been gradually improved.In terms of efficiency, the company adheres to the “T + 3” business model transformation, and at the same time actively integrates business units, changes channel levels, and improves operational efficiency.In terms of global layout, the company cooperates with brands such as KUKA and Toshiba for integrated operations. The report reports that the company’s overseas revenue accounts for more than 40%, and its overseas production bases are distributed in 15 countries. The overseas market opens the company’s growth ceiling.In addition, the company has completed the share replacement and Little Swan in the report performance. It is expected that the synergy advantage will be further exerted in the future. Long-term development is worth looking forward to. Investment suggestion: We maintain the company’s 19/20/21 net profit attributable to mother at 227.29/256.91/292.3.4 billion, corresponding to PE is 15/14/12 times.As a leader in the home appliance industry, the company’s multi-segment market share is at the forefront of the industry, and its product structure is continuously optimized, its brand matrix is improved, its operating efficiency is continuously improved, its incentive mechanism is improved, its competitive advantage is obvious, and its long-term development is worth looking forward to.Maintain target price of 62 yuan, corresponding to 19 times 19 years PE, maintain “strong push” level. Risk warning: terminal demand is less than expected; raw material prices fluctuate sharply; overseas market expansion risks.

China Life (601628): Low starting point for light performance

China Life (601628): Low starting point for light performance

Event: The company released its 2018 annual report and realized 114 net profit attributable to shareholders of the parent company.

0 ppm, ten years -64.

67%, corresponding to EPS.

39 yuan / share; 3183 net assets attributable to shareholders of the parent company.

700 million yuan, a decrease of 0 from the beginning of the year.

8%, corresponding to a BVPS of 11.

26 yuan / share; new life insurance business value is 495.

1.1 billion, a decrease of 17 per year.

6%; end-of-period embedded value is 7950.

52 trillion, an earlier increase of 8.

3%, corresponding to 28 EVPS.

13 yuan / share; divided into 0 dividends.

16 yuan (including tax), the dividend rate increased to 40%.

Investment highlights performance of at least -64 per year.

7% is mainly dragged down by the downturn in investment, and the risk of impairment and provision is released: the company has gradually realized net profit attributable to its mother, which has been -64.

7%, a substantial increase from the first three quarters of -26%, Q4 replaced by 84 in a single quarter.

700 million, mainly due to the increase and decrease in investment income in the equity market.

Yield, due to the decline in fund dividends, the net investment rate of return declined slightly.

27 points.

To 4.

64%; In addition, due to changes in the fair value of investment assets and impairment losses on AFS stock floating losses, the total investment yield / comprehensive 武汉夜生活网 investment yield fell by 1 respectively.

88 points.

/ 1.

44 points.

To 3.

28% / 3.

10%, this fair value change -81.

500 million (+38 last year.

700 million), asset impairment losses increase by +188 per year.

5% to -82.

100 million (Q4 single season -26.

Although the investment has weighed down on the performance of US $ 100 billion, in general, after the company’s significant realization of the situation in 2018, the investment investment in 2019 will be light, and the investment income is expected to grow with high flexibility.

NBV is at least -17.

6% was basically in line with expectations, and the value rate increased slightly compared with the first half of the year: the value of long-term company new business gradually decreased.

6% to 49.5 billion, the previous decline was narrowed by 6pct 天津夜网 compared to the first half.

Mainly: 1) New single premium replacement -23.

5% to 171.1 billion, but new health insurance orders +24.

1% to 50.7 billion, and the proportion of new health insurance orders increased by 11.

To 29.

6%, it is estimated that the company significantly reduced the bancassurance margin (previously -85.

5% to 86.

400 million), driving the first-year premium payment to account for the proportion of long-term insurance business from 64% to 90%. The number of new orders, duration and product structure continued to be optimized. 2) The value rate of new business has improved.Value ratio calculated by standard guarantee for ten years -3.

3 points

To 30.

5%, but compared to 23 in the first half.

9% increase, the value ratio of a type of insurance channel increased from 32% in the first half to 42% (expected to be the first half of the sales period of the limited value of the three-year annuity products).

The quality of agents has steadily improved, and the growth rate of new orders in 2019 has maintained a leading position, optimistic about subsequent value enhancement: the company actively promoted emptiness, and terminated the number of agents in the insurance channel at the end of the year by 1.44 million, up to -8.

8%, but monthly effective sales manpower for two years.

6%, the average monthly manpower sales of specific protection products is significantly +43.

At 4%, the hostage status improved steadily.

Beginning in 2019, the company will first release the “starter”, 4.

025% high-priced interest rate products help the company’s premium growth to be outstanding. It is expected that the growth rate of new orders in the first quarter will lead the industry and improve the business structure brought by the steady development of guaranteed products, which is optimistic about the company’s value increase in 2019.

In addition, after the new leader took office, he clearly put forward a blueprint for “reinvigorating China Life”, and subsequently improved the management mechanism and operating efficiency of the company, injecting new vitality into the old-fashioned life insurance leader.

Profit forecast and investment grade: The company’s investment end in 2018 will absorb losses. Equity investments are expected to enter the market lightly in 2019, and it will take the lead in launching “starters” in 2019. The premium growth rate will be excellent. It is expected that the company’s new order growth rate and NBV will lead in the first quarter.Industry.

It is expected that the company’s NBV growth rate in 2019 and 2020 will be 16 respectively.

1%, 9.

9%, the current valuation of A shares and H shares are only 0.

81, 0.

56x 2019 PEV, with a low estimation advantage in the long run, maintain the company’s “Buy” rating.

Risk reminders: 1) The subsequent sales of guaranteed products are less than expected; 2) Long-term interest rates continue to fall affecting the investment side; 3) Investment income gradually declines.

Huan’an Huaneng (601699) Company Tracking Report Shanxi Coking Coal Faucet Estimated Repairable

Huan’an Huaneng (601699) Company Tracking Report Shanxi Coking Coal Faucet Estimated Repairable

Shanxi coking coal leader has great performance flexibility.

The company’s resources are located in Shanxi Qinshui Coalfield. The main coal types are lean coal, lean lean coal and lean coal, which are high-quality power coal, injection coal, coking coal blending and chemical coal.

Until the end of 2018, the company’s cumulative gas production measurement was 3920, including 6 core main mines in the province, with a total production capacity of 3200 per year / year, and a comprehensive mine total production capacity of 720 per year.

Since 2016, the company’s raw coal production has stabilized at about 4,000, and the washing coal injection rate is about 70%?
75%, annual sales of injection coal 1200?
1400 tons, accounting for 35%?
At 40%, injection coal can partially replace coke from its use, so it has significantly benefited from the rise in coking coal and coke prices, resulting in significant elasticity.

At the same time, the company’s main coal mine is the largest large-scale and high-efficiency mine, with high-quality capacity accounting for over 80%, and obvious cost advantages, which can steadily increase the gross profit margin.

The supply of coking coal continues to be tight, and demand will improve in the short term.

At present, the impact of the supply of coking coal in the domestic and international environment is mainly affected by the impact of ground pressure events and the governance of the springs in the domestic environment, and is mainly affected by Australia from the outside, including the restrictions on the import of coking coal in Australia and the recent shutdown of Australian mines.With exports decreasing, coking coal supply is expected to remain tight.

From the demand side, in January this year, the social financial data exceeded the large and increased, the credit extension policy continued, and the tax reduction policy was increased, which is expected to drive corporate risk appetite.

And this year’s exclusive special debt was released ahead of schedule. Combined with the rainy south China in February, we expect that there may be a rush in March. Therefore, short-term demand is expected to be driven by multiple factors and the short-term coking coal fundamentals are expected to strengthen.

Hybrid reform and resource integration are accelerating, and the Group has promised to solve the problem of competition in the same industry.

(1) The company actively promotes mixed reforms. At the end of 2018, the company publicly transferred some equity of its subsidiary Yuanfeng Mining and Lu’an Coking. The transfer of assets was to slow the construction of mines and reserve coking capacity, which had no impact on the company’s actual output.

(2) The Company reduced and integrated the mines with Suining Coal as the main body, increasing the company’s resource reserves and under construction capacity of 60 tons / year (Xining Coal), gradually stepping out of Shanxi’s resource integration.

(3) The company is backed by Lu’an Group. As of the end of 2018, the Group has an in-production capacity of 7230 / year, of which Shanxi’s internal production capacity is 6710 a year / year, 武汉夜生活网 with abundant resource reserves, and the Group has promised to solve the problem of competition in the same industry.
Profit forecast and estimation.

At present, coking coal enterprises are generally estimated to be low, and the new start-up in March or driving demand is good, and the underlying fundamentals continue to improve, which is expected to bring expected repairs.

As the leader of Shanxi coking coal, as of March 8, 2019, the company’s 2018PE and PB estimates are only 7.

71x and 0.

98x, significantly lower than comparable companies.

For the time being, we will not consider the depreciation and restructuring of mines and receivables. We maintain the company’s 18?
The 20-year EPS is 1.



05 yuan, according to estimates of comparable companies, give the company 18 years of performance 8?
10 南京夜网论坛 times PE, corresponding to a reasonable value interval of 8.

twenty four?

30 yuan, maintain the “preliminary market” rating.

risk warning.

Provision for large amounts of bad debts; environmental protection and production limit is not easy to grasp; downstream demand is significantly lower than expected.

Chenguang Stationery (603899) 19Q3 Review: Net Revenue and Double Expected Expectations to March into Cultural and Creative Giants

Chenguang Stationery (603899) 19Q3 Review: Net Revenue and Double Expected Expectations to March into Cultural and Creative Giants

The company achieved operating income of 79 in the first three quarters of 2019.

47 ppm, an increase of 29 in ten years.


By quarter, the company achieved operating income of 23 respectively.

5.6 billion, 24.

8.3 billion, 31.

08 million yuan, an annual increase of 28.

00%, 27.

57%, 33.


The high income growth in the third quarter was mainly due to the pull in the school flood season from August to September.

The company achieved a comprehensive gross profit margin of 26 in the first three quarters of 2019.

79%, up 1 each year.

3pcts; net interest rate 10.

2%, 0 per year.

1, the gross profit margin increased, and the decrease in net profit margin was mainly due to the increase in the expense ratio during the period.

By quarter, the company’s gross profit margins in Q1, Q2, and Q3 were 27.

07%, 25.

38%, 27.

71%, respectively -0.

1pcs, +1.

3%, +2.

The increase in gross profit margin in Q3 was mainly due to the increase in the proportion of higher value-added boutique cultural and creative products sales.

Expenses for the first three quarters of the company14.

53%, rising by 0 every year.


By item: the company’s sales expense ratio, financial expense ratio, management expense ratio, research and development expense expenses8.

82%, -0.

09%, 4.

45%, 1.

35%, a change of -0 from the same period last year.

34%, +0.

02, -0.

06, +0.


The increase in R & D expense ratio was mainly due to the company’s 武汉夜生活网 increased R & D investment and A & S’s R & D consolidation.

The company’s credit + asset impairment losses accounted for -0 in the first three quarters of 2019.

22%, a decrease of 0 from the same period last year.06; net operating cash flow is 0.

74 yuan, an increase of 0 over the same period last year.

20 yuan / share, mainly because the company strengthens the effective management of cash flow from sales, procurement and other operating activities.

From the balance sheet perspective: as of the end of the reporting period, the company’s other receivables balance1.

2.5 billion, an increase of 13 over the beginning of the period.


The company’s prepayment balance is 0.

3.3 billion, down 22 from the beginning of the period.


Earnings forecast and rating: We have adjusted our earnings forecast and expect the company’s EPS to be 1 in 19-21.


48, 1.

90 yuan / share, corresponding to PE is 41.

6x, 32.

1x, 25.

0x (based on the closing price on October 25).

Risk warning: the growth rate index of the traditional stationery industry; Klipp’s net interest rate has not improved as expected; Jiumu has opened stores less than expected.