Huadian International (600027): Coal price center drops, repairs profitability, capacity continues to expand, and performance improves

Huadian International (600027): Coal price center drops, repairs profitability, capacity continues to expand, and performance improves

The main points of the report describe the company’s disclosure of the 2019 results pre-announcement announcement: The company expects the 2019 results to increase by 15 after the 2018 restatement.

500 million to 19.

0 million yuan, an increase of about 90% -110% a year.

Incident Review Capacity expansion or damage to power generation space, electricity and revenue scale is expected to be stable.

In 2019, the growth of national power demand tended to be weak, which resulted in a sudden change in the production rhythm of power generation. From January to December, the national power generation reached 714.2 billion kWh, only an increase of 3.


Among them, due to the compression of the protected energy in the power generation space, the annual thermal power generation capacity is only 5,1654 billion kWh, a longer growth1.

9%, the growth rate is reduced by 4 every year.

1 unit.

According to the latest data, from January to November in Shandong Province, where the company’s large number of units are located, the thermal power generation capacity is alternately placed.

8% to 470.2 billion kilowatt-hours, meanwhile, the average utilization hours of thermal power in the province are reduced every 240 hours to 4041 hours.

Considering that the company will successively put into production a number of projects in Laizhou # 3, # 4 and other multi-kilowatt units in 2019, the expansion of capacity may play a positive role in the company’s electricity and revenue scale.

The central price of coal continued to fall, and profitability accelerated repair.

From the perspective of fuel cost, the central price of coal in the market will steadily move down in 2019, so that the Shandong coal price index will reach 559.

98 yuan tons, a decrease of 45 compared with the same period last year.

33 yuan / ton, a decrease of 7.

49%, a decline exceeding the national average.

Among them, in the second half of the company’s intensive production of large-capacity thermal power units, the coal price index of Shandong Province continued to drop 48.

79 yuan / ton, a decrease of 8.

16%, which is conducive to the new unit to contribute more profits.

At this point in time, we believe that the focus of thermal power performance improvement has shifted to cost improvement, and the company’s own cumulative expansion will help accelerate profit recovery: the company is expected to achieve profitability in 2019.

800 million to 36.

30,000 yuan, an annual increase of 90% -110%.

The Group’s asset deposits are expected, and the extension development is worth looking forward to.

As of the end of 2018, the non-listed conventional energy power generation assets of the group-controlled power generation enterprises have been put into operation: Huadian Jiangsu Energy, Huadian Xinjiang Power and other 15 internal companies or branches.

After excluding Wuchang Thermal Power, which has been injected into Huadian International on September 1, 2019, the remaining 14 companies have put into operation an installed capacity of 44.65 million kilowatts, and have approved an installed capacity of 3.5 million kilowatts.Listed companies, in the long run, the scale of assets will continue to increase.

Investment suggestions and estimates: Based on the company’s latest announcement, we adjust the company’s profit forecast: It is expected that the company’s EPS for 2019-2021 will be 0.

35 yuan, 0.

46 yuan and 0.

56 yuan, the corresponding PE 武汉夜网论坛 is 10 respectively.

40 times, 7.

85 times and 6.

47 times.

Considering that the company’s current profitability is expected to continue to rise, maintain the company’s “Buy” rating.

Risk Warning: 1.

Risk of deterioration of power supply and demand environment; 2.

Coal prices are at risk of unsustainable growth.

Oupai Home Furnishing (603833): Tree roots are deep and stable

Oupai Home Furnishing (603833): Tree roots are deep and stable

Key points of investment: industry leaders, big homes in full swing.

The company is a benchmarking company in the domestic custom home furnishing industry and is committed to providing consumers with one-stop home design solutions, high-quality home product configuration and user-friendly home comprehensive services.

Start with custom cabinets and extend to whole-house products.

In 2018, the company’s overall cabinet sales were the first in the country, and the overall wardrobe sales were the second in the country. The sales of custom wooden doors were the top four in the country.

The custom home industry bonus gradually faded, and the shuffle proceeded in an orderly manner.

Affected by the decline in the real estate market, the growth of custom home furnishing companies slowed down.

The final market dividend and traffic dividend are gradually fading.

In fact, we believe that the custom home furnishing industry can still outperform the industry characteristics of high-quality large companies.

With reference to mature overseas markets, the penetration rate of some categories continues to increase, and industry concentration has gradually increased.

According to our calculations, based on the total income of cabinets, wardrobes and whole house customization, the CR3 in the Chinese market is only 14.

59%, the total market share of all eight custom home listed companies is only 20.


In the future, the customized home furnishing company will gradually accelerate the nationwide production capacity layout. Consumers’ environmental protection requirements for home furnishings continue to increase, and some small and medium-sized enterprises in the industry are out of the market in the winter. The concentration of the customized home furnishing industry is further enhanced.

The distribution channel has deep roots and the bulk business has developed rapidly.

The company’s dealer resources and the number of dealers have obviously merged with other companies in the industry.

Bulk business from July 2014.

94% of the revenue share developed to December 2018.

51% of revenue.

In 2018, in addition to the bulk business of cabinets, the bulk business of wardrobes, wooden doors and bathrooms has developed rapidly.

In addition, the gross profit margin of the company’s bulk channels in 2018 was as high as 49.

48%, indicating that the company has certain competitive advantages over its peers in terms of customer selection and product negotiation.

The big home set sail and actively embraced new channels and models.

A rich matrix of categories and brands, complete layout of cabinets, wardrobes, wooden doors, bathrooms and home accessories, linking the “Europa” and “Europe” brands to mid-to-high-end brands, and “Europe” positioning to the public just need, different brands in differentThe marketing strategies at different levels should cooperate to further consolidate and expand the company’s market share and competitive advantage.

In 2018, the company actively explored in the assembly of 北京夜网 large homes, and the landing effect was noticeable.

As of the end of 2018, there are 22 cities in the city where the home furnishings are installed, and the home furnishings have contributed more than 100 million yuan to the first performance.

The new business model of “Enhancement and Enabling” has opened up a new path for the company to realize the big home strategy, and is expected to become one of the main engines for the company’s performance growth in the next 3-5 years.

Covered for the first time and given a “Buy” rating.

The company is expected to achieve revenue of 138 in 2019-2021.



78 ppm, an increase of 20 in ten years.

3% / 21.

5% / 18.

2%, net profit attributable to mother 18.



89 ppm, an increase of 20 in ten years.
6% / 21.
2% / 17.


The closing price 淡水桑拿网 on May 30, 2019 was 112.

36 yuan corresponding to PE is 24.

90X / 20.

55X / 17.


In the medium and long term, we believe that it is a good time to lay out a custom home furnishing leader. If real estate completion data improves in the second half of the year, the home furnishing company is expected to usher in a new round of repairs.

Considering that the company’s leading position is stable, the performance growth potential of the engineering channel and the assembly channel is large, and the leading company has a leading price premium compared to comparable companies. We believe that the company’s reasonable estimate for 2019 is 28-32 times PE, corresponding to 126.


32 yuan.

Covered for the first time and given a “Buy” rating.
Risk reminders: Real estate boom continues to be sluggish, assembly business advances less than expected, and informatization construction falls short of expectations

Suning Tesco (002024): Sales scale grows faster, gross margin improves

Suning Tesco (002024): Sales scale grows faster, gross margin improves
Event: The company achieved revenue of 622 in the first quarter of 2019.40,000 yuan, an increase of 25 in ten years.4% (Main business income increased by 25 in ten years.6%), net profit attributable to mother 1.4 ppm, an increase of 22 in ten years.2%. The gross profit margin remained stable, and the expense ratio increased slightly during the period: (1) the adjustment of the commodity structure and the optimization of the supply chain improved the gross profit margin.In Q1 2019, gross profit margin decreased by 0.47pp to 15.9%, +0.9pp, an improvement of 18 years earlier.(2) Staff costs and warehousing expenses increased, and the amortization of employee shareholding plan expenses resulted in an increase in operating expense ratio by +1.5%.Expense rate increased by 1 during Q1 2019.9pp to 17.3%.The sales expense ratio increased by 1.3pp to 13.2%, the management expense rate rose by 0.19pp to 3.1%, the financial expense ratio rose by 0.41pp to 0.8%, mainly due to the increase in bank borrowings and the provision of bond indexes. Improve the omni-channel layout and promote the development of all-scenario retail.The total number of Q1 company stores in 2019 is 1.20 thousand (self-operated 9,758, joined 2571), a net increase of 877.(1) Suning Tesco Plaza: The company operates 17 Suning Tesco Plazas, 8 reserve projects, and 1 new operating square.(2) Suning stores: The company has a total of 5,098 Suning stores and Diya Tiantian self-operated stores, 72 Diya Tiantian franchised stores, 930 new stores opened, and 1,046 contracted reserves.(3) Suning Tesco Retail Cloud: The company has 4,805 retail cloud stores (2306 directly-operated stores and 2,499 franchise stores), a net increase of 366 (-62 directly-operated stores; 428 franchises).(4) 3C home life specialty stores: The company has 2116 specialty stores, including 427 cloud stores, 1666 regular stores (86 flagship stores, 1181 community stores, 399 center stores), and 23 county stores.(5) Red children, Su Xiansheng: There are 163 mothers and infants of red children and 9 Su Xiansheng supermarkets, with a net increase of 6 and 1 respectively. The sales scale maintained rapid growth, and the logistics and financial business steadily improved.(1) Sales scale: The sales volume (including tax) of the company’s products in Q1 2019 was 869.3 ‰, +25 a year.4%.The scale of online platform commodity transactions is 541.2 ppm (tax included), +36 for ten years.1%, of which the scale of self-operated goods sales was 379.1 ppm (tax included), +40 for ten years.9%, the scale of open platform commodity transactions was 162.200 million (including tax).(2) Logistics and financial business: In Q1 of 2019, Suning Logistics and Tiantian Express have a total area of 9.64 million square meters of warehousing and related ancillary facilities, and express network 2.70,000 logistics networks covering 351 prefecture-level 杭州夜生活网 cities across the country.Consumption quota for consumer finance business is +229 per year.7%, the supply chain finance business investment amount + 78% per year. Profit forecast and rating.It is expected that net profit attributable to mothers will be 154 in 2019-2021.200 million, 36.700 million, 42.200 million, the EPS is 1.66 yuan, 0.39 yuan, 0.45 yuan, corresponding PE is 8/33/29 times.Considering that the company is still at the stall, the “overweight” level is maintained during the channel sinking process. Risk reminder: market risk, foreign exchange risk, store expansion speed is not up to expected risk.

Shanxi Fenjiu (600809): Performance growth accelerates and sustained outbreaks outside the province

Shanxi Fenjiu (600809): Performance growth accelerates and sustained outbreaks outside the province

The incident described the company’s revenue for the first three quarters of 91.

3 ‰, +25 a year.

7%, the net profit attributable to the mother is 170,000 yuan, +33.

4%; of which Q3 income is 27.

500 million, ten years +34.

5%, net profit attributable to mother 5.

100 million, +53 a year.


Core point 1. Growth accelerated, markets outside the province continued to explode, and advance receipts remained high: the company’s market strength in the third quarter, revenue and profits significantly accelerated compared with the first half; by region, the company maintained a growth in the number of provinces, but Q3 outside the provinceThe speed reached 140%, mainly driven by the province. At the end of the third quarter, the company’s revenue outside the province accounted for more than 50%.

Q3 gross profit margin and selling expense ratio were -4.

9% /-7.

5 points to 63.

9% / 10.

3% is expected to be related to the cost-based solution. The scale of expansion will continue to expand in the future, and the sales expense ratio will have further room to fall.

Sales receipts / operating net cash flow twice in the first three quarters +66.

3% / + 449.

4% to 104.

4 ‰ / 19 ‰, showing that the receivables are in good condition and operating quality is high; the advance payment at the end of the period was 18.

400 million, +3.

600 million, ten years +10.

5 megabytes, the reservoir capacity is sufficient, the actual fundamental performance is expected to be more optimistic.

2. The growth of Bolifen maintains a high level, and the blue-and-white Q3 speeds up: the national layout speeds up (finally by the end of 18, the company has covered terminal 31.

(90,000 in 19 years, the target is 550,000), Bophin terminal distribution and channel expansion brought rapid volume, Q3 growth remained at a high level; blue and white New Year’s control volume is quite price-oriented, long-term, channel feedback growth in the first halfAbove the double digits, the market in the third quarter of the year exerted strength and the growth rate increased.

In the past two years, the company has been adopting the product strategy of “grasping the two ends with the middle” and relying on blue and white to promote the brand image. This 南京夜网论坛 year, the amount of blue and white flowers has risen, and the future high-end market share will remain a core focus. In addition, light bottlesThe wine market has been accelerating the concentration and upgrading in the past two years. The price advantage of Bofen at 40-50 yuan is obvious. The company regards Bofen as a key player in the cultivation of fragrance products and is expected to become a national single product in this price range in the future.

3. The state reform has released the brand potential and it is clear for a long time, but the growth rate will naturally fall under the high base: along with the current industry recovery and the national reform dividend, fenjiu has maintained a rapid growth trend for the past two years, and the internal mechanism and marketing system have also becomeReal improvement: At the end of last year, the company launched an equity plan to further increase the speed of employee incentives. In the future, it will continue to optimize internal management and market-oriented operations. The company ‘s brand potential will continue to be released and its growth potential will continue.

However, after the base is raised, the growth rate is expected to decline normally, and the expansion of the channel in the early stage brings performance flexibility. It is recommended that the next focus be on the company’s sales promotion effect.

4. Profit forecast and rating: It is estimated that EPS for 19-21 will be 2 respectively.



45 yuan, corresponding to PE37 / 30/24 times. Due to the expansion of the company’s brand advantages, it has the potential for national development and long-term growth potential. Maintain the “strong recommendation” rating!

5. Risk warnings: (1) intensified market competition will increase costs and affect profits; (2) development and sales outside the province are lower than expected; (3) changes in economic growth cause high-end liquor prices to fall, squeezing demand for blue and white; (4)Food safety risks.

Yunhai Metal (002182) Annual Report Comments: Magnesium Price Helps Improve Profitability and Lighten Up

Yunhai Metal (002182) Annual Report Comments: Magnesium Price Helps Improve Profitability and Lighten Up

The company that issued the 18-year annual report and realized net profit growth released the 18-year annual report on March 20: the operating income in 2018 was 51.

10,000 yuan, an increase of 3 in ten years.

54%; net profit attributable to mothers3.

30 ppm, an increase of 112 in ten years.

83%; net profit after deduction is 2.

09 million yuan, an increase of 91 in ten years.

11%, EPS is 0.

51 yuan.

In the fourth quarter of 2018, it achieved revenue of 12.

90 ppm, a decrease of 2 per year.

92%; net profit attributable to mother 0.

820,000 yuan, an increase of 356 in ten years.


The company’s performance is basically in line with our expected average level; as a leader in the domestic magnesium industry, we believe that the company is trying to continue to benefit from the development of high magnesium prices and lightening trends. It is expected that EPS in 19-21 will be zero.

52, 0.

61, 0.

67 yuan to maintain the “overweight” level.

Increasing profits from non-recurring gains and losses, 18-year growth in magnesium prices has promoted profitability, and it is reported that Suzhou Yunhai, a subsidiary of the company, received government demolition compensation, and 18 years of 杭州桑拿网 gradual company government subsidies, asset disposal gains and benefits, etc.Is 1.

2.1 billion; the company announced in March 18, the relocation framework agreement with the management committee of Nanjing Lishui High-tech Zone, we expect to relocate in 19-21.

Benefiting from factors such as higher magnesium prices and technological transformation, the company’s gross profit margin for magnesium alloy products reached 17 in 18 years.


98%, an increase of 3 over the same period in 2017.

15 units; the company’s air conditioning flat tube business income increased by 40.

12%, gross margin reached 27.

48%, an increase of 0 every year.

99 averages.

Against the background of the booming magnesium industry, the company’s profitability continued to improve.

The supply of raw magnesium has contracted due to 都市夜网 environmental impact, and long-term lightweighting is expected to boost demand. According to statistics from the Nonferrous Metals Association, in 2018, due to environmental protection and production restrictions, domestic raw magnesium production reached 86 substitutions, a decrease of 5.

4%; average magnesium price reaches 1.

65 million / ton, 10 years later.


Domestic short-term consumption is 45 per year, an annual increase of 7%.

According to our calculations, by March 19, the company’s gross profit per ton of magnesium was relatively high in the past five years, and we expect the company’s raw magnesium output to reach more than 8 in 19 years.

According to the company’s annual report, weight loss of automobiles can reduce consumer benefits and improve safety; we believe that there is room for development in the automotive lightweight market to conduct transmission, which will help long-term demand for magnesium alloys.

Baosteel Metal successfully acquired shares, magnesium wheels and auto parts projects continued to advance. According to the company’s announcement, on December 25, 2018, by signing the “Share Transfer Agreement”, the company’s actual controller held 8% of the shares of the listed company.7.The price of RMB 02 per share was transferred to Baosteel Metal, and part of the shares were transferred.

According to the annual report, in 2018, the company increased the development of new die-casting parts, increased the production of microchannel flat tubes, and also established a new die-casting company in India to lay out the wheel industry. In terms of automotive lightweight, major products such as magnesium alloy steering wheel skeletons have been formed.

We believe that the company continues to expand in the field of magnesium material processing, and continues to expand in the areas of lightweighting and high-end manufacturing.
The direction of weight reduction is continued, and the company’s “overweight” rating is maintained due to the company’s relocation agreement with the Nanjing Municipal Government. Based on the 18-year compensation redistribution, we expect the company to still receive government relocation compensation in 19-21The company’s revenue is expected to be 53 in 19-21.
71, 60.

52, 67.

310,000 yuan, net profit to mother is 3.

38, 3.

94, 4.

34 ppm (net profit without supplement is 2).



7.8 billion), with a net increase of 27 in 19-20.

1%, 22.

7%, 18, 15, 14 times for the former PE.

With reference to the average PE of 19 times in the same industry in 19 years, it is recognized that the company is a leader in the magnesium industry, given a certain estimated premium, and given a 19-year PE estimation interval of 19-21 times, corresponding to a target price of 9.


92 yuan (7 for Ford.


99 yuan), maintaining the “overweight” level.

Risk warnings: Low expectations for lightweight progress; low expectations for R & D and capacity release; low expectations for magnesium prices.

Perfect World (002624): Performance Meets Expectations Focus on Q4 Key New Tour Online

Perfect World (002624): Performance Meets Expectations Focus on Q4 Key New Tour Online

Investment Highlights Event: The company achieved operating income in the first three quarters of 201958.

12 ppm, an increase of 5 per year.

43%, net profit attributable to mother 14.

76 ‰, an increase of 12% per year, and the net deduction of non-net profit14.

20 ppm, an increase of 28 per year.

47%, of which 21 achieved operating income in the third quarter.

56 ppm, an increase of 16 per year.

77%, net profit attributable to mothers4.

55 ‰, a year-on-year decrease of 15%, and realizing non-net profit attributable to mothers4.

47 ppm, an increase of 12 per year.


The performance was in line with expectations and was at the mid-upper level.

The company’s revenue in the first three quarters increased by 5 per year.

43%, the low growth rate was mainly due to the impact of changing the theater business in August last year, and the revenue recognition of Xinyou was different. Excluding the impact of the theater business, revenue increased in the first three quarters.

10%, the “Perfect World” mobile game launched in 2019H1, “Yun Meng Shi Shi Ge” uses the agency model, the revenue is only recognized as distribution revenue, and the revenue and cost amounts under the authorized operation model are reduced.

The company’s gross profit margin for the first three quarters was 65.

7% + 6 pct per year with a gross profit of 38.

180,000 yuan, an increase of 16% in ten years; the total period expense ratio is 41.

3% (decade +0.

6 points.

), Where the selling expense ratio is 14.

2% (ten years +1.


), Management expense ratio 7.

7% (one year -1 pct.

), R & D expense ratio 17.

3% (decade +0.

3 points

), Financial expense ratio 2.

0% (one year-0.

1% pct).

Expense rate during Q3 was 43.

5%, (+3 per night.


), Where the sales expense ratio is 22.

3% (+8 per night.

3 points

), Mainly due to the increase in new tourism promotion purchases, management expense ratio 6.
.3% (twice -2.

4% pct.

), R & D expense ratio 13.

6% (year -1.

7 points.

), Financial expense ratio 1.

3% per second (-0.

9 points.

The company’s first three quarters of net profit 14.

76 ppm, an increase of 12% over a ten-year period, and a non-net profit of 14

20 ppm, an increase of 28 in ten years.

47%, the gap between the two is mainly due to the disposal of Zulong’s equity in the third quarter of last year and the investment return on investment in the US global film.

In the first three quarters, the company’s net cash flow from operating activities was 8.

170,000 yuan, ranking -4 in the same period last year.

US $ 8.3 billion, a significant improvement, was mainly due to the increase in game flows in this period and the decrease in cash expenditures brought by the stable development of the film and television business.

The 无锡桑拿网 ranking of Q3’s head games is stable. Focus on Q4’s “My Origins” and other new masterpieces coming online. The film and television inventory is gradually digested. It is expected that after the normal schedule of playback, profits will be released.

Q3 “Perfect World” ranking slightly shifted, but still maintained a relatively high position, iOS games best-selling list ranked between 5-25 in the past three months, the “Grand Condor 2” iOS game launched on September 10The best-selling list maintained between 8-28.

Q4 is expected to launch “My Origins” (Sandbox Evolution MMO, Tencent 6-star product, 11.

12 Start pre-download, 11.

15 Open the unlimited number and no reduction file test, currently over 13 million appointments), “Dream Collection Cygnus” (existing version number), “Xiao Xiao Ao Jiang Hu” (existing version 成都桑拿网 number) and other new mobile game masterpieces,In addition, there are a lot of research projects, mobile games include “Remains of War”, “Magic Tower” and so on, and console games include “Perfect World Motherboard” and “Torch Light”.

In terms of film and television, Q3 broadcasted two episodes of “Old Tavern” and “Unknown to Shanyue” and confirmed the revenue. Due to the schedule of the previous episode, the company’s inventory pressure increased, and the inventory pressure will gradually increase after the broadcast of the normal fileReduced release.
The company’s film and television drama team is stable, and it is expected to continue to launch high-quality dramas in the long term, contributing to the increase in profits.

Earnings forecast and investment grade: We expect the company’s operating income for 2019-2021 to be 84.

900 million, 96.

300 million, 105.

300 million, net profit attributable to mothers was 21.

300 million, 24.

600 million, 27.

200 million, the EPS is 1.

64 yuan, 1.

90 yuan, 2.

10 yuan, corresponding to the current expected PE is 18, 15, 14X, the company’s product matrix is gradually improved, self-research capabilities gradually continue to be verified, optimistic about the company’s development prospects, maintain a “buy” rating.

Risk Warning: The pace of the game launch is less than expected; the product flow on the right continues to decrease; regulatory risks.

Wanda Films (002739) Company Review: After Reorganization, It Will Enter the Pan-entertainment Platform and Expansion Channels will Cause 18 Years of Single Screen Replacement

Wanda Films (002739) Company Review: After Reorganization, It Will Enter the Pan-entertainment Platform and Expansion Channels will Cause 18 Years of Single Screen Replacement

The acquisition of Wanda Film by Wanda Film was conditionally approved by the Securities and Futures Commission.

According to the company’s acquisition budget: 1) The company will acquire Wanda Film 95.

7683% equity, trading price 105.


2) All acquisitions are paid by issuing shares, and the issue price is 33.

20 yuan / share, the total share capital of the listed company will increase to 20 after completion.

7.8 billion shares; 3) Wanda Television’s committed net profit for 2018-2021 is not less than 7 respectively.

6.3 billion, 8.

8.8 billion, 10.

6.9 billion, 12.

7.4 billion.

After this reorganization meeting, we believe that the adjustment indicates that the company will successfully advance to the Pan-entertainment platform company, and also shows that the regulatory side affirmed the company’s size and supported its development.

At the same time, in combination with the previous Century Huatong’s acquisition of Shanda, whether it is games or movies, the continuous reorganization passed successfully also shows that the media has gradually loosened its capital supervision.

At the same time, the company disclosed the 18-year performance report, and realized revenue of 141 in 2018.

0 million yuan, an increase of 6 in ten years.

59%, net profit attributable to mothers12.

900 million, down 14 a year.

72%, the profit is below the adjusted performance forecast.

Looking at the single quarter split, the company’s revenue was 31 in 18Q4.

9.6 billion, a five-year growth of 5.

0%, 18Q4 net profit of 24.41 million yuan, a decline of 90% each year.

The overall performance in 18 years did not meet the previous expectations, mainly due to the company’s movie studios continued to grow, and the box office growth rate was slower than the movie studio and screen growth rate, and the single screen gradually continued to decline.

Wanda box office revenue increased by 8 per year in 2018.

9% (summation at home and abroad), the number of cinemas (summation at home and abroad) increased in ten years.


The company’s 18Q4 performance has made a breakthrough, which was mainly replaced by the domestic 18Q4 box office.

According to the statistics of Yien, based on the statistics of film investment, Wanda’s domestic box office in 18Q4 was changed to up and down 7.


Investment suggestion: According to the company’s 杭州夜网 18-year performance report and subsequent box office expectations, we adjust the company’s net profit for 18-20 years, from 15.

63 ppm / 17.

69 ppm / 20.

41 million adjusted to 12.

9.3 billion / 14.

22 ppm / 16.

18 ppm, with annual growth rates of -14.

7% / 10.

0% / 13.

8%.According to the performance commitment of the company’s acquisition plan, the company’s pro forma net profit for the years 19-20 was 22.

7.3 billion / 26.

4.2 billion.

As a platform company with few shares, we continue to be optimistic about its long-term value. The reorganization of the company to obtain a conditional meeting has also driven Wanda to take an important step towards an integrated entertainment platform.

For the scale of the film industry, due to the slower growth rate of the Spring Festival, the box office of 19Q1 and above needs to pay attention to whether the key projects have brought about a boost. At the same time, it is also recommended to pay attention to the changes in the single screen volume and market share of high-quality leading cinema lines.

Risk warning: policy supervision risks; sudden changes in the growth rate of the movie market; macroeconomic changes affecting non-ticketing demand for movie viewing and advertising; the progress and performance of film and television game projects are not up to expectations.

Liugong (000528): 2018 meets expectations and steady growth in 2019

Liugong (000528): 2018 meets expectations and steady growth in 2019

Results review The 2018 results are in line with our expectations of Liugong’s 2018 results: operating income of 180.

800 million, an annual increase of 51.

5%; net profit attributable to parent company 7.

90,000 yuan, an increase of 127 in ten years.

7%, corresponding to a relative profit of 0.

54 yuan, in line with our expectations.

In the fourth quarter of 2018, the company’s operating income and net profit attributable to the parent were 46.


750,000 yuan, an annual increase of 42.

8% / 71.


  Earthmoving machinery continued to grow rapidly.

In 2H18, the revenue of earthmoving machinery, other construction machinery and accessories was 65.


40,000 yuan, an increase of 58 in ten years.



Due to rising raw material costs, the gross profit margin of the 2H18 earthmoving machinery was 20.

2%, the same, down 2 from the previous month.



The company’s consolidated gross profit margin for 2018 was 22.

8%, reduced by 0 every year.


Thanks to the scale effect and the strengthening of cost control, the company’s sales and management (including R & D) decreased by 0 every year in 2018.


3ppt, the financial expense rate increases by 0 every year.


The company’s net sales margin in 2018 was 4.

4%, an increase of 1 per year.

  Withdrawal of asset impairment and improvement of asset quality.

The company accrued asset impairment losses in 20183.

3 ten percent, an increase of 42 per year.

2%, in which a long-term receivable impairment loss of 75.26 million yuan is accrued. We estimate that it is mainly for financial lease receivables. At present, the company’s overall asset 深圳SPA会所 impairment provision is fully adequate.

Net cash inflow from operating activities of the company in 20186.

300 million, down 39 previously.

4%, mainly due to the increase in cash from financial leasing business.  Development trend Profitability is expected to continue to rise.

In 2018, the company’s market share of excavators and loaders increased by 1, respectively.



From January to February 2019, the company’s excavator market share fell slightly to 0 overall.


Looking forward, thanks to the continuous improvement of product performance and channel performance improvement effects, we expect that the company’s market share of excavators is expected to remain stable in 2019, while large equipment sales are increasing, product structure is optimized, raw material costs are lowered and expensesThe 四川耍耍网 rate control measures helped the company’s profitability to rise.

In 2019, the company set a target for the rated growth rate of construction machinery that is 20ppt higher than the industry growth rate, which shows the company’s development confidence.

  Earnings Forecast Considering that the downstream demand of construction machinery exceeded expectations, we raised our 2019 / 20e earnings forecast5.

8% / 11.

3% to 0.


89 yuan.

  Estimates and recommendations The company currently can sustainably correspond to October 2019/20.


9x P / E, maintaining the recommended level, but as the industry assessment hub moves upwards, we target price from 7.

70 yuan increased by 20.

8% to 9.

30 yuan, corresponding to 12/11 times P / E in 19/20, compared with current 18% upside.

  The growth rate of risk infrastructure investment was lower than expected.

Jianghuawei (603078) 2019 Third Quarterly Report Review: Third Quarter Results Improved, Waiting for Production Capacity to Land

Jianghuawei (603078) 2019 Third Quarterly Report Review: Third Quarter Results Improved, Waiting for Production Capacity to Land

The company’s future production capacity will increase significantly, and it is expected to increase its performance after reaching capacity.

Taking into account the fluctuations in the prices of upstream raw materials and the impact of product capacity upon product prices, we maintain the company’s 2019-2021 EPS forecast to be 0.



27 yuan / share, maintaining the “overweight” rating.

The gross profit margin 北京夜网 of the product rebounded, and the third quarter performance improved.

The company achieved revenue in the first three quarters of 20193.

6.4 billion, +28 a year.

31%; net profit attributable to mother is 0.

33 trillion, ten years +11.


Company Q3 achieved revenue 1.

38 trillion, ten years +31.

46%, +7 from the previous quarter.

81%; net profit attributable to mother is 0.

17 trillion, +67 for ten years.

22%, +54.


Reported performance The company’s performance has improved, mainly due to the rebound in product gross margin.

The first three quarters of the company’s main products nitric acid, positive stripping fluid, aluminum etching solution, hydrogen peroxide, sulfuric acid, the average sales price shifted by +4.

07%, -18.

32%, -0.

44%, -24.

74%, -0.

33%, the price of major raw materials fell sharply, of which Q3 gross profit margin was 33.

23%, an increase of 1 from the second quarter.

67 averages.

The wet electronics chemical industry leads the way, and the production capacity is gradually landing to continue the company’s development.

The company’s product range is complete, with strong supporting capabilities, and its technical level has fully reached the international semiconductor equipment and materials organization SEMI standard G2 level, and some products have reached G3 level, which is at the forefront of domestic counterparts.

It is expected that after the company’s IPO project, Zhenjiang investment project and Sichuan investment project are completed and put into operation, the company’s high-purity wet electronic chemicals production capacity will be significantly increased; the company will have G4-G5 grade production capacity and have international competitiveness.

In the process of domestic substitution, the company’s production capacity will be gradually released, which is expected to open up long-term growth space.

The product has a wide range of applications, and the downstream customers are of high quality.

The company is one of the few domestic companies capable of supplying wet electronic chemicals for flat panel display, semiconductor and LED, photovoltaic solar energy and other fields.

The company has 8 generation lines.

The 5th generation high-generation flat panel display production line supplies high-end wet electronic chemicals, and gradually replaces imports in the field of high-end wet electronic chemicals.

With years of accumulated technical advantages, the company has a large number of well-known corporate customers in various fields.

With the rapid development of the downstream industry, the customer base that it relies on will guarantee the company’s growth. It is expected that the company’s customer structure will be concentrated in areas with better profitability in the future.

Risk factors: raw material prices fluctuate, downstream demand is less than expected, and project construction progress is less than expected. Investment suggestion: The company’s future production capacity will increase significantly, and it is expected to increase its performance after reaching production.

Taking into account the fluctuations in the prices of upstream raw materials and the impact of product capacity on product prices, we maintain the company’s EPS forecast for 2019-2021 to be zero.



27 yuan / share, maintaining the “overweight” rating.

Jiadu Technology (600728): Deepening artificial intelligence strategy with performance in line with expectations

Jiadu Technology (600728): Deepening artificial intelligence strategy with performance in line with expectations

The company released the 2019 first quarter report and achieved revenue of 8.

50 ppm, an increase of 26 in ten years.

13%; net profit attributable to mother 1.

960,000 yuan, an increase of 571 in ten years.

37%; non-recurring net profit attributable to shareholders of listed companies is 0.

1.8 billion, an increase of 10 in ten years.


Join hands with Yangchengtong to deepen its artificial intelligence strategy.

On April 30, 2019, the company signed a strategic cooperation agreement with Guangzhou Yangchengtong Co., Ltd., and jointly established a joint application center. They will use their respective advantages 都市夜网 and expertise to jointly build the core entrance of artificial intelligence, focusing on identity verification, identity recognition and transportation.Payment and other industry needs to achieve seamless connection between AI and application scenarios.

This emerging strategic cooperation is the company’s continued deepening of its artificial intelligence strategy, which will further strengthen and strengthen the three main businesses of smart rail transportation, smart city transportation, and smart city.

Orbital Jiatong’s business is leading in China.

The company has initially formed a nationwide layout in rail transit, smart cities, and ICT services, and has gained dominant market share in multiple regions.

Among them, the intelligent rail transit business has gradually covered 20 cities such as Guangzhou, Wuhan, Qingdao, Tianjin, Ningbo, and Xiamen, and is leading the country.

Smart city business has gradually covered 16 provinces including Guangdong, Xinjiang, Shandong, and Guizhou.

The core foundation of the company’s smart rail transportation, smart city transportation, and smart city is artificial intelligence.

From the company’s equity participation in cloud in 2015 from technology to the launch of new applications of AI + police, 2016-2017 joint research and development of pilot products with Guangdong public security, 2018 police video cloud full commercial use, successively landed in Guangdong, Shandong, Xinjiang and Guizhou and other places.

The company always focuses on artificial intelligence as the core of the company’s development, and the current development situation is good.

Investment suggestion: Through the long-term cultivation of rail transit business, the company’s artificial intelligence technology is extended to smart city business.

The EPS for 2019-2020 is expected to be 0.

28, 0.

38 yuan, buy-A rating, 6-month target price of 15 yuan.

Risk warning: the acquisition company 南京桑拿网 cannot complete performance gambling; industry competition is intensifying.