Zoomlion (000157): Phoenix Nirvana reborn once quarterly results exceeded expectations

Zoomlion (000157): Phoenix Nirvana reborn once quarterly results exceeded expectations

Event: On April 7, 2019, the company issued a notice for the first quarter of 2019. In the first quarter of 2019, the company realized net profit attributable to mothers8.

5?
10

500 million, ten years +125.

61%?
178.

69%, the basic profit return is 0.

11?
0.

13 yuan.

Opinion: The company’s first-quarter performance forecast exceeds expectations.

The prosperity of the construction machinery industry in 2都市夜网 019 continues, especially the sales growth rate of post-cycle products such as cranes and concrete machinery is still relatively high. The company’s advantageous business is fully utilized, and the profit growth in the first quarter is raised. The profit forecast is raised, and it is strongly recommended.

The industry boom continued, and the company’s tower crane profits continued to be released.

In the first quarter of 2019, the prosperity of the construction machinery industry continued. The company’s construction machinery segment’s operating income increased compared with the same period of last year, especially the tower crane business. The company’s tower crane business has grown to become the first brand in the domestic industry, and its sales scale has reached the world’s firstFirst, the total output value exceeded 5 billion US dollars in 2018, creating a profit and tax of nearly 1 billion US dollars, with a market share of about 40%. We judge that the market share in 2019 is expected to reach 50%. At present, the company’s tower cranes have ample orders on hand and are still in short supply.State, and the utilization rate of ton-meters from Pangyuan leased tower cranes was verified, 71 in March.

4%, a new high of nearly 4 years, indicating better downstream construction and strong demand for tower cranes. We judge that the growth rate of tower crane revenue in the first quarter was more than 100%, and the gross profit margin was 33%?
About 35%, providing the company with performance value added, and the demand for tower cranes is expected to be sustainable.

Profitability continued to increase, and operating cash flow hit a record high.

① Profitability has been continuously enhanced.

The company’s overall gross profit margin reached 27 in 2018.

09%, ten years +5.

74pct, net interest rate is 6.

82%, ten years +1.

46pct, significantly improved profitability.

The company’s Q1 / Q2 / Q3 / Q4 gross profit margins were 25 in 2018.

33%, 25.

79%, 28.

18%, 29.

07%. In 2018, the company concentrated on the release of the second mobile phone. The gross profit margin increased significantly quarter by quarter. In the first quarter of 2019, even the market price was fiercely competitive.Will improve.

② Operating cash flow hit a record high.

The company has a strong sense of risk control, strictly controls the payment terms, and the cash flow has significantly improved. The average down payment ratio has reached 40%, and the overdue rate of new machine sales is less than 1%.

Operating cash flow reached 50 in 2018.

6.4 billion, a record high, and step into a healthy and sustainable development path.

In 2019, the company has more clearly expected growth and continues to advance4.

0 product engineering, product sales repayments have further improved, and cash flow will still be good.

Investment suggestion: It is expected that the company’s net profit attributable to its mother will be 31 in 2019-2021.

74, 42.

17 and 51.

4 青岛夜网billion, up 57 previously.

15%, 32.
86% and 21.

89%; corresponding to EPS 0.

41, 0.
54 and 0.

66 yuan, corresponding to PE12, 9, 8 times.

Maintaining a strong recommendation rating risk reminder: Infrastructure investment is less than expected, and downstream fixed asset investment has increased significantly.

Three Trees (603737): Scale Effect Shows High Growth Performance Beyond Expectations

Three Trees (603737): Scale Effect Shows High Growth Performance Beyond Expectations

The company achieved operating income of 38 in the first three quarters of 2019.

3.9 billion (+67.

00%) to achieve net profit attributable to the parent 2.

7.2 billion (ten years +110.

80%) to achieve net profit after deduction.

310,000 yuan (+112 a year.

86%).

In the third quarter alone, the company achieved revenue of 16.

370,000 yuan (ten years +68.

17%, +4 from the previous quarter.

20%); realize net profit attributable to mother 1.

540,000 yuan (ten years +120.

19%, +28.

33青岛夜网 %), net profit after deduction is 1.

4.9 billion (+118.

23%, +47.

12%).

The effect of scale is beginning to appear.

With the expansion of the company’s sales volume, the effect of scale gradually emerged, and the three fees in the first three quarters totaled.

35 trillion (previously + 57%), three fee rate 30% (decade -1.

80pct); the company’s three fees in the third quarter4.

250 thousand yuan (ten years +56.

25%), three-fee rate of 26% (ten years -1.

99pct).

Driven by the scale increase at the 2B end, although the company’s overall gross profit margin is 39.

09% (one year-0.

93pct) showing a downward trend, but the net interest rate started to rise7.

43% (ten years +1.

81pct).

Home improvement wall paint fell at a high rate of growth.

The company’s “Rural Surrounding Cities Strategy” has achieved excellent results in third and fourth tier cities, and is currently expanding the development of first and second tier cities.

With the enhancement of the company’s brand power, the company’s 2C terminal is in a high-speed development stage, and the company’s home improvement wall paint production in the first three quarters.

90 inches (at least + 43%), with sales of 9.

62 Initially (at least + 43%), the average selling price was 6 due to product structure changes.

92 yuan / kg (one year -11.

96%), achieving revenue of 6.

6.6 billion yuan (+26 per year).

25%).In the third quarter alone, the output of home improvement wall paints has been realized.

36 inches (previously + 25%, -34% MoM), sales volume 3.

18 inches (previously + 29%, -29% MoM).

Engineering wall paint maintains a high growth rate.

Driven by the transformation of old communities and the increase in the proportion of hardcover rooms, the engineering wall paint segment continued to grow at a high speed. At the same time, the company expanded the supporting sales of interior wall engineering products, thereby increasing sales and lowering unit prices.

The company achieved an output of 38 in the first three quarters.

49% growth (at least + 71%), 36 sales.

38 inches (previously + 67%) with an average unit price of 5.

02 yuan / kg (one year -3.

83%), achieving revenue of 18.

260,000 yuan (ten years +61.

07%).

In the third quarter alone, the output of engineering wall paints reached 16.

32 inches (previously + 65%, +1 mom).

22%) and sales of 15.

57 inches (previously + 57%, +0 chain.

66%).

Increase earnings forecast and maintain investment rating: The company’s sales maintained rapid growth with prominent scale effects. It raised its profit forecast and expects to achieve net profit attributable 都市夜网to mothers in 2019-2021.

21/6.

16/8.

34 trillion, corresponding PE is 29/19/14 times, upgrade to “Buy” rating.

Risk reminder: The price of the product drops sharply, and the launch of new projects is less risk than expected.

Cree Electromechanical (603960): Semi-annual report results maintain high-speed growth R & D promotion continues to strengthen

Cree Electromechanical (603960): Semi-annual report results maintain high-speed growth R & D promotion continues to strengthen

Event: The company released its semi-annual report for 2019, and the company achieved operating income in the first half of the year3.

4.8 billion, an annual increase of 45.

33%; Net profit was 55 million yuan, a year-on-year increase of 62.

62%; the net profit attributable to the parent company is 45.95 million yuan, an annual increase of 62.

58%.

  High-speed growth in the first half of the year: The company’s high-speed growth in the first half of 2019 continued to meet our expectations.

Most of the orders for the company’s 2018 anniversary with Bosch in Germany were mostly delivered in half of 2019.

At the same time, Shanghai Zhongyuan achieved the full period of consolidation, and the production capacity of the products of the National Six Standard continued to increase. The dual factors promoted the rapid growth of the company’s performance.

In the first half of 2019, sales of fuel distributors in the automotive engine parts and components business were 112.

630,000 pieces, 92 fuel pipe sales.

460,000 pieces of cooling water pipes sold for 189.

140,000 pieces.

  New year orders appear and cash flow performance is dazzling: in the first half of 2019, the company’s flexible automation equipment and industrial robot systems business appeared new orders.

70 trillion, compared with 2 in the same period last year.

$ 8.8 billion, a year later.

The decline of the new senior management in the first half of the year was mainly delayed by the core client’s board of directors from April to June, and the approval time of the corresponding annual annual fixed asset budget and purchase plan of the client was also postponed to June.

We expect that by eliminating the estimated influencing factors, the company’s orders are expected to be released in the second half of the year.

The company’s net cash flow from operating activities in the first half of the year was 53.94 million yuan, achieving 9,537 annually.

35% growth, rich and bright.

The significant improvement in cash flow was mainly due to the expansion of sales scale and the acceleration of the turnover of accounts receivable. At the same time, the Bosch order in Germany realized the change in delivery in the first half of the year, and jointly promoted the significant increase in cash flow.

  Technology-oriented, R & D promotion is continuously strengthened: The company has cultivated in the automotive electronics field for many years, and has accumulated many core technologies through independent research and development.

In the first half of 2019, the company continued to strengthen research and development investment and achieved higher results in IGBT module packaging and testing 北京spa会所 equipment technology. Some of the existing company’s technologies have been successfully applied to the PM4 (fourth-generation high-frequency power module) project of United Automotive Electronics.

In addition, the company has expanded the fields of optical communications and 5G wireless communications, and its products have been supplied to Finisar, a well-known manufacturer of optical communications devices worldwide.

  Investment suggestion: We are optimistic about the company’s future growth, benefiting from the increase in the size of the automotive electronics market and the increase in domestic flexible automation rates, as well as through layout strategies such as acquisition and integration of the industrial chain.

We maintain the company’s net profit at 2019-2021.

21, 1.

82, 2.

39 trillion, corresponding to 0 EPS.

69, 1.

04, 1.

36 yuan, maintain “Buy” rating.

  Risk Warning: Concentration risks for customers and downstream application industries; acquisition of Zhongyuan integration is less than expected

Fang Xinghai’s A-share reform ideas promote the implementation of the science and technology board and the pilot registration system as soon as possible

Fang Xinghai’s A-share reform ideas promote the implementation of the science and technology board and the pilot registration system as soon as possible

On January 12, Fang Xinghai, Vice Chairman of the China Securities Regulatory Commission, delivered a speech while attending the Twenty-third China Capital Market Forum in Beijing, explaining in detail the statement of the Central Economic Work Conference on capital market reform, which aroused great market attention.

  ”The market-oriented reform of the capital market is urgently required, but it cannot be rushed.

We are glad that from the speeches of the leaders of relevant supervisors, we can perceive that the senior management has a clear idea of capital market reform, considers the long-term, and is steadily advancing.

When an executive of a securities firm was interviewed by a reporter from the International Financial News, it was difficult to hide the opposition and expectations in his heart.

  A person in charge of the Beijing Sales Department of a futures company said: “The leaders of the Securities Regulatory Commission pointed out in the speech that stock index futures and thought that the current liberalization of stock index futures trading measures was not enough, and that it would be further liberalized, and suggested that the limit of daily limit for new stocks be lifted.
These are the performance tools of market transaction volume and transaction activity, and they all point to the market-oriented reform of the capital market.

“So, what are the specific requirements of the Central Economic Work Conference on capital market reform?

How does Fang Xinghai, the vice chairman of the Securities and Futures Commission, interpret it?

  Background From December 19 to 21, 2018, the Central Economic Work Conference was held in Beijing Antiques.

The part of the communiqué on accelerating the reform of the economic system specifically mentions capital market reform: the capital market has a full-fledged role in financial operations, and it is necessary to deepen reform to create a standardized, transparent, open, and dynamic,Adequate capital markets, improve the quality of listed companies, improve the trading system, guide the entry of more medium and long-term funds, and promote the establishment of a science and technology board on the Shanghai Stock Exchange and the trial registration system as soon as possible.

  1 The capital market plays a role in the financial operation.

  ”I think that reforms to restructure capital markets in the future will play a leading role in financial reforms.

The reform of the financial system is the thing of the morning glory in the capital market.

Fang Xinghai said.

  Fang Xinghai talked about his understanding from the macro and micro levels.

He believes that from a macro perspective, this means that the capital market has its most critical role in the financial system, otherwise it will not affect the whole body at the same time. In addition, from a micro perspective, it will enter the development stage and the innovation-driven stage.There must be equity investments that are more capable of absorbing risks to promote further economic growth at this stage.

Both macro and micro, there is an urgent need to develop the capital market, so that equity financing plays a more important role in the entire financial system.

  2 We must deepen reforms to create a standardized, transparent, open, dynamic, and profitable capital market.

  In this regard, Fang Xinghai further refined the detailed explanation, and also revealed the reform ideas and directions of the capital market, including the study of removing the 44% limit limit of the first day price of new shares, and stock index futures should be relaxed.

  ”Normative, transparent, we used to say that.

However, for the first time, an open, dynamic and competitive capital market was so clearly presented at a central conference.

Fang Xinghai said.
  He adjusted his understanding of the three important adjectives “open,” “vigorous,” and “controversial” in detail with examples, and an example actually corresponds to corresponding reform measures.

  Regarding “openness”, Fang Xinghai said that the net inflow of foreign countries has increased substantially. “Last year, the net inflow population reached 300 billion U.S. dollars. This year I expect the inflow of foreign exchange population to increase. 600 billion can be expected.

At the same time, Fang Xinghai also disclosed that there are now some large international investment banks with US, Japanese, and European capitals in the process of obtaining 51% equity. After three years, in fact, equity financing will reach 100%.;; Recently, Dow Jones also announced its withdrawal from A-shares, which will bring about 15 billion US dollars into A-shares; continue to open the futures market to the outside world, so that China’s futures prices have a very large global influence.

  Regarding “dynamics” and “interests”, Fang Xinghai said that capital market participants must be very full, transactions are very active, and pricing is reasonable.

Regarding “dynamic”, Fang Xinghai has two examples to illustrate: it is proposed to cancel the 44% limit limit on the first day of listing of new shares, and further relax stock index futures trading measures.

He believes that the current relevant regulations will definitely affect the trading vitality of the market.

  ”Some shocks from outside, our capital market will shake a little, rise and fall a little, but it will return to normal immediately. This is called profitable.

Fang Xinghai put forward his own understanding of the market. The most important point is that the pricing is reasonable.

  Regarding reasonable pricing, he believes that prices are not what the regulatory authorities say. There must be various means and tools to allow the market to fully play, so that the prices set are reasonable.

At present, there are very few tools, so the CSRC has stepped up the introduction of a variety of tools that can be used by both long and short sides.

  3 Improve the quality of listed companies and improve the trading system to guide more medium- and long-term funds into the market.

  ”In 2018, there was a strange phenomenon. Domestic investors were afraid to buy stocks, and foreign investors desperately bought Chinese stocks.

how to explain?

“Fang Xinghai pointed out,” It is the investment fund 武汉夜生活网 structure that has played a role.

“Because domestic investors, whether retail investors or institutions, must be regarded as profit or loss in the end, the market continues to judge whether it has reached the bottom in the downward phase of the market and is afraid to enter without reaching the bottom.

The investment period of foreign investors is 3 to 5 years, or even more. Judging from the general trend, the Chinese stock market is undervalued, and the Chinese economy is optimistic in the long run. It should not be at such an estimated level.  At the same time, Fang Xinghai said that he would do his best to continue to introduce a large amount of international long-term funds into the Chinese stock market, including entering the Chinese futures market.

  4 Promote the implementation of the science and technology board and the pilot registration system as soon as possible.

  Some brokerage professionals said that promoting the implementation of the science and technology board and the pilot registration system has become the most important thing in the capital market.

  ”Here is a keyword everyone should pay attention to, which is ‘landing as soon as possible’.

“In his speech, Fang Xinghai highlighted the word” as soon as possible “.

  Fang Xinghai finally stated that the CSRC is guiding and cooperating with the Shanghai Stock Exchange to work day and night on the basis of fully listening to market opinions and the opinions of various ministries and commissions to complete this very important and glorious task as soon as possible.

  While explaining the requirements of the Central Economic Work Conference on capital market reforms, Fang Xinghai’s speech directly responded to specific requirements through actual reform measures. If these reform measures are merged one by one, it will surely inject “heart force” into the capital market.

  ”In fact, the regulatory authorities have been closely planning the continuous deepening of reforms in the capital market.

As a specific player in the market, we also call for further reform.

In my opinion, first of all I am very pleased to see that reform is just around the corner, and secondly I feel that such reform can come earlier and be transformed!

The executives of a medium-sized brokerage firm in Beijing referred to the reform measures pointed out in the above speech, and their excitement overflowed with words.

  (International Finance News reporter Liu Xinyu)

Huaxia Happiness (600340): Financial stability stabilized, payment improved, and quality growth maintained

Huaxia Happiness (600340): Financial stability stabilized, payment improved, and quality growth maintained

Revenue is steadily growing with quality.

The company’s operating income in Q1 2019 was 643.

20,000 yuan, an annual increase of 42.

5%, net profit to mother 97.

5 ppm, an increase of 23 in ten years.

7%.

In terms of expenses, the company’s three expenses (sales expenses, management expenses, and financial expenses) were approximately US $ 6.5 billion, a continuous decrease of 11%, and the effect of reducing fees and increasing efficiency was significant.

In terms of profit margin, the company’s overall gross profit margin in Q1 2019 reached 40.

4%, at least 2018Q1-3 replaced 4.

97 averages, 2019Q1-3 overall net margin is 15.

2%, at least 2018Q1-3 reduced by 2.

3 averages, ROE is about 25.

19%, an increase of 6 per year.

19 units.

The financing was smooth, and the efficiency of operating repayment was improved.

As of the third quarter of 2019, the company’s total assets were 4,453 trillion, an increase of 8 compared with the end of 2018.

69%, the net assets attributable to the mother is about 4.77 million yuan, an 南宁桑拿 increase of 8 year-on-year.

88%.

The company’s pre-receivables of USD 135 billion, we expect to gradually carry over to the company’s operating income and profits within the next three years, which will help lock in the company’s future operating performance.

From the company’s cash flow statement, in the first three quarters of 2019, the company cumulatively sold goods and provided labor services with cash received of approximately US $ 63.1 billion, an increase of 19%. In the third quarter of 2019, cash receipts in the third quarter of approximately US $ 23.4 billion, exceedingUp 45%.

As of the third quarter of 2019, the company’s total asset-liability ratio was approximately 84.

9%, a decrease of 1 from the end of 2018.

7 single, excluding the advance account debt ratio of 78.

4%, a decrease of 1 from the end of 2018.

5 units.

In 2019Q1-3, the company’s cash 杭州夜网 inflow from fund raising activities was about 93.9 billion US dollars, a year-on-year increase of 66%.

Overall, we believe that the company has steadily reduced its leverage, maintained smooth financing channels, and continuously improved the efficiency of its operating repayments.

Sales rebounded, and the results of expansion in other places continued to show.

The company’s budget for the third quarter of 2019 was approximately US $ 36.1 billion, an increase of 33% year-on-year, and the sales area was 3.6 million square meters, an increase of 44% year-on-year.

As of the third quarter of 2019, the company has gradually listed 1006 in the first three quarters.

45 ‰, ten years ago 6.

56%, with a sales area of 9.11 million square meters, adjacent to 5.

29%.

From the perspective of sales distribution, the company’s sales area in Q1 2019 accounted for about 38% of the sales area in the Central Beijing area, and about 62% of the sales area in the non-Beijing area. The expansion of sales in different locations gradually became significant.

The real estate sales carry-over area of the company in Q1 2019 accounted for about 73% of the total sales volume in Beijing, and about 27% in non-transit Beijing. The regional distribution of sales and carry-over was different, and gradually replaced the sales in non-round Beijing areas.Initial adjustments will be made and future performance releases are still expected.

Continue to explore and deepen cooperation with Ping An.

In August 2019, the company and China Ping An Life Insurance Co., Ltd. launched a real estate project cooperation: the company took 53.

87 billion yuan transferred 100% equity and debts of Beijing Wusheng Technology Co., Ltd. to Ping An Life, Ping An Life entrusted its subsidiaries to build properties on its behalf to provide subsequent property management services to the properties.We think this is not only a sign of the company’s active exploration in commercial and related businesses, but also shows that the company and Ping An continue to expand and complement each other’s resource advantages.

Investment suggestion: “Budget market”.

We predict that the company’s EPS in 2019 will be about 4.

93 yuan, giving the company an 8-10 times PE estimate for 2019, the corresponding market value is about 1185-1482 trillion, and the corresponding reasonable value range is 39.

46-49.

33 yuan, corresponding to 0 for PEG in 2019.

28-0.

35.

Risk reminder: The industrial park has a large amount of business investment, a long business cycle, and complex business interruptions.

Gree Electric (000651): Operation stabilized in the first half of the year, Q2 profit growth increased QoQ

Gree Electric (000651): Operation stabilized in the first half of the year, Q2 profit growth increased QoQ

Gree Electric released the 2019 semi-annual report.

Total operating income 983.

4.1 billion / + 6.

89%, net profit attributable to mother 137.

5 billion / + 7.

37%.

Revenue and profit were slightly higher than market expectations.

In terms of air-conditioning business, it has maintained steady growth.

According to the financial report, we judge that in the first half of the year 1) the gross profit margin increased slightly in line with the decline in the price of raw materials, reflecting the continuous flat exchange price; 2) the quantity and quantity increased slightly; 3) the sales rebate increased steadily and the data of Zhongyikang reflected the price reduction promotionNot started; 4) Enterprise inventory and 杭州桑拿 industry online channel inventory, reflecting the company’s product backlog in the channel; 5) Sales costs increased while sales rebates did not increase, reflecting that sales have stronger incentives this year, but some dealers may have cashed inRebate now; 6) The annual advance of accounts receivable increases, reflecting a certain growth in picking up goods in the future.

On the whole, the company’s operation during the reporting period was stable, and its volume and price performance was slightly higher than market expectations. The increase in sales policy incentives was the highlight of the reporting period. How to motivate destocking was the next focus.

Other businesses also maintained steady growth.

1) The income of household appliances grows rapidly but is mainly due to the cardinal effect under the consolidation of Jinghong refrigerators. Excluding this factor, the forecast of household appliances income remains stable; 2) The revenue of smart equipment and accessories business with a small income volume has increased slightly; 3)Other businesses with contradictory revenue volume and raw materials-related businesses achieved double-digit growth, which was faster than the air-conditioning business.

The growth rate of profit in the second quarter was significantly higher than that in the first quarter, due to the sharp increase in interest income.

In Q2, the growth rate of mother net profit increased by 12%, and in Q1, the growth rate of mother net profit increased by 2%.

Q2 financial expenses budget -1.

9%, Q1 financial expense ratio -0.

1%, the other expense ratio changes are relatively small, and the net net ratio is 13 from Q1.

9% increased to 14 in Q2.
.

2%.

The surge in interest income came from the surge in proprietary loans and foreign exchange income.

Profit forecast and investment suggestions: The company’s main business and other businesses have maintained stable and rising expectations in the report, eliminating investors’ right to operate the company, and the results are at the top of market expectations.

The market currently pays attention to the company’s channel inventory is relatively high. It is expected that the company will launch low-end products in the new cold year. Destocking is expected to increase prices and reduce prices, and revenue will remain stable.

Adjusted profit forecast, EPS is expected to be 4 in 2019-21.

78/5.

44/6.

13 yuan, 20190830 closing price corresponding to PE is 12/10/9 times.

Risk reminder: Air conditioner price war in the new cold year, competition with Oaks is more intense, and the dividend rate is reduced

Pengding Holdings (002938) 2019 Interim Report: 5G RF Transmission Lines for Core Quality Assets in the Electronics Industry

Pengding Holdings (002938) 2019 Interim Report: 5G RF Transmission Lines for Core Quality Assets in the Electronics Industry
19H1 net profit is expected to grow 42%, exceeding market expectations of 19 H1 revenue of 93.3.9 billion, down by 1 every year.49%, net profit 6.09 million yuan, an increase of 41 in ten years.60%.Gross profit margin 19.95%, ten years + 2.26 pct; net interest rate 6.52%, ten years +1.98%.Among them, 19Q2 revenue was 51.02 trillion, +11 a year.深圳桑拿网37%, net profit attributable to mother 4.24 ppm, +68 a year.88%.Gross profit margin 20.92%, a month-on-month increase of 2.1 PCT, net interest rate 8.32%.The increase in gross profit margin was mainly due to the expansion of the company’s consumer electronics business and the improvement of factory automation efficiency, which led to the company’s rapid profit growth.International A major customer orders affected the expected next trade in advance in the trade war to drive revenue growth slightly higher than expected.The higher-than-expected net profit was mainly due to the company’s IPO funds raised interest income of 0.92 trillion yuan, foreign exchange gains of 437 million, the same period of 18 years were 9.52 million and exchange losses of 0.9 billion.Excluding the impact of financial expenses, the company’s net profit was basically flat.  In terms of different business segments, the revenue of consumer electronics and computer products increased rapidly, and the revenue of communications board (mobile phone) products63.70 ppm, a decrease of 15 per year.20%, gross profit margin 19.07%, an annual increase of 1.91 points.In the first half of the year, due to the adverse effects of the trade war and the macro environment, the company’s mobile phone revenue improved, while the gross profit margin continued to increase, showing the company’s advantages in automated production and cost management.  Revenue from consumer electronics and computer boards29.62 trillion, an increase of 51 in ten years.05%, gross profit 21.81%, an annual increase of 2.17 points.The company actively explores the fields of watches, pads and wearables to achieve better results and achieve better revenue growth.  In order to welcome the release of new machines for customers, the company accelerated the construction of production capacity in major plants. The company’s construction projects increased by 28 compared with the end of last year.38%, gradually accelerating the progress of project construction, in which the construction of Qingding Huaian Phase III (flexible multilayer board) plant has been completed (construction progress 81%), and has entered the acceptance stage, and the Qinhuangdao high-end HDI project has entered the equipment installation phase (construction progress) 95%).In the construction of Shenzhen No. 2 Plant, the first-phase plant has been capped, and it is expected that the first-phase project will be completed within the year.It appears that the company is ready for the peak consumer electronics demand season in the second half of the year.  The company’s operating efficiency is good, and the debt ratio is reduced. The company’s ROE is 2 in a single quarter.39, an increase of about 1 quarter.36pct, asset-liability ratio level is 28.70%, about 5 in the initial period.91pct, accounts receivable turnover days are 87 days, about 3 days down at the end of the first quarter, and inventory turnover days are 53 days, which is equivalent to an increase of 3 days at the end of the first quarter, all at the industry’s best level.  Stable growth and profitable high-quality assets, given a “buy” ratingNet profit attributable to mothers in 202030.24/34.57 trillion, forecast yoy growth rate 9.1% / 11.5%, corresponding to 29/25 times PE of 2019-2020. As the global leader of FPC, the company enjoys a predicted premium and maintains a “buy” rating.  Risks prompt lower-than-expected downstream sales of large customers, and PCB industry demand is lower than expected

Guizhou Moutai (600519) 2019 Interim Report Review: Set 100 Billion Target for Sustainable and Steady Development

Guizhou Moutai (600519) 2019 Interim Report Review: Set 100 Billion Target for Sustainable and Steady Development
Event: The company released its 2019 Interim Report and realized a total operating income of 411 in 2019H1.7 trillion, the same increase of 16.8%, net profit 武汉夜网论坛 attributable to mother is 199.500 million, an increase of 26.6%.Looking at Q2 alone, the income was 186.9 trillion, with an increase of 10.9%, net profit 87.3 trillion, the same increase of 20.3%.Production of Moutai base wine 3.44 cobalt, with the same increase of 13.1%.H1 sales rebate 433.3 trillion, the same increase of 25.2%, the net cash flow from operating activities increased by 35.8%, performance growth is logical.The company’s H1 Moutai liquor revenue was 347.9 trillion, with an increase of 18.4%, of which Q2 Moutai income 153.0 million yuan, an increase of 12.3%.The Secretary of the Air Force Baofang proposed that the volume of investment in the first half of the year should exceed 1.4 Initially, it was recently disclosed that the sales company ‘s H1 sales volume completion rate was 50%, which means that the increase in sales volume in Moutai in the first half of the year was not significant, but the average price increased significantly.The final advance payment for H1 was 122.6 trillion, a ring increase of 8.7 trillion, the same increase of 23.200 million US dollars, the number has recently been adjusted through the basic policy pass through the passivation policy, the reference is of little significance.Series H1 achieved income of 46.600 million, an increase of 16.7% in the second quarter was 25.2 trillion, with an increase of 9.5%, the number of liquor dealers decreased by 494, indicating that the series of liquor needs to stabilize the market and digest inventory, but the profit level has increased significantly.  Marketing reform is pushed forward with full force, and we expect to see heavy volume of direct sales in the second half of the year.Company H1 direct sales revenue 16.0 billion, a year-on-year decrease of 37.9%, direct sales accounted for only 4.1%, which is expected to be less than 600 tons, are sold through self-operated stores.The Group’s semi-annual work conference proposed that straightening out and improving the Moutai liquor marketing system was the most important and most overwhelming task in the first half of the year, and gradually achieved initial results.We expect the group marketing company to land as soon as possible under the plan of protecting the interests of all parties and satisfying all parties, so that the volume of direct sales can catch up with the mid-autumn festival in September and the national holiday season in October.Only with the rapid advancement of direct sales, it is possible to curb the current continuous growth of Moutai prices and avoid the risk of allowing stockholders to take advantage of Moutai’s reputational pressure.  Inflation and expense ratios continued to decline, and profitability increased steadily.Company 19H1 gross profit margin 92.2%, a year to raise 0.8pct, mainly driven by the increase in the ton price of products, especially the increase in non-standard proportions of Maotai’s zodiac wine and boutique Maotai.In terms of expense ratios, taxes and surcharges11.5%, down by 1 every year.7pcts; selling expense ratio 4.8%, down by 1 every year.4pcts, market expansion costs have further decreased, including marketing costs to the group’s e-commerce company in the past years have been saved.The company’s H1 net profit reached 51.5%, an increase of 3 per year.5.  Initially, the focus of improving profitability is still on the promotion of channel direct marketing and the increase of non-standard products.  Set a target of 100 billion yuan this year and set the year of infrastructure construction next year.The company’s leader put forward the goal of comprehensively achieving the 100 billion target plan.For the next year, the Group will determine the year of Moutai infrastructure construction. In principle, it is necessary to maintain a moderate growth while leaving a reasonable margin. Only when the basic work is really done well, is Moutai’s future development potential.This shows that Maotai’s performance growth this year can be as fast as possible, and next year is expected to stabilize.This is in line with our previous judgments. For Moutai, it has crossed the era of product-driven, channel-driven, and management-driven. The future is a strategic-driven era. It is more stable than speed, more sustainable than growth, and more important than short-term.Always have the ability to overestimate the premium.  Maintain target price of 1150 yuan, maintain “strong push” level.The scarcity and robustness of Moutai as a core asset has been unshakable for quite a long time. We look forward to the satisfactory implementation of marketing reforms by many parties as soon as possible, so as to achieve direct sales volume to adjust the market price increase rhythm and avoid the risk of large fluctuations.We slightly increase this year’s performance, keep the next year’s performance basically unchanged, and raise our EPS forecast for 2019-2021 to 35.5/40.4/47.1 yuan, maintaining a target price of 1150 yuan, corresponding to 28 times next year’s PE, maintaining the “strong push” level.  Risk reminder: The prosperity of high-end wines has declined, and market prices have fallen sharply.

Hualan Biological (002007) Third Quarterly Review: Q3 Vaccine Surpasses Expected Blood Product Contribution to Continuous Improvement

Hualan Biological (002007) Third Quarterly Review: Q3 Vaccine Surpasses Expected Blood Product Contribution to Continuous Improvement

I. Overview of the event The company’s third quarter report for 2019 released by the company achieved revenue in the first three quarters of 201926.

3.8 billion (+29.

6%), net profit attributable to mother 9.
.

6.3 billion (+26.

9%), net profit of non-attributed mother 8.
.

9 ‰ (+ 31.

3%).

Second, analysis and judgment of Q3 vaccine exceeded expectations, blood products business is stable.

Q3 single quarter revenue 12.

4 ppm, according to the current data released by the China Central Inspection and Quarantine IV and Trivalent Influenza Vaccine Batch Issuance Data, expected Q3 single quarter vaccine revenue5.

About 400 million, vaccine income exceeded expectations; blood products income of about 700 million, basically unchanged from last year.

It is estimated that the revenue of blood products in the first three quarters will be about 2.1 billion, an annual increase of 13% -14%.

The parent company report of the pure blood products business shows that the first three quarters achieved revenue10.

97 ppm (-2%), with a gross margin of 57.

1%, down 6 from the same period last year.

3pp, the gross profit margin of blood products is reduced, it is estimated that it is related to the cost confirmation method. The company’s pulping cost is currently confirmed according to the albumin injection volume. The first three quarters of the immunoglobulin and coagulation factor injection volume are less than albumin, resulting in a ton of pulp income.As a result, the gross profit margin has declined; it is also expected that the rising cost of pulp extraction will also have some impact.

The prosperity of blood products is expected to continue to improve.

Net cash flow from operating activities in the first three quarters.

60 yuan (+0.

6%) is less than the net profit; the increase in income scale and the significant increase in accounts receivable; mainly because the Q3 vaccine single quarter income increased significantly, the vaccine account period is longer than blood products, generally about 3-6 months.

The third quarterly report shows that the company’s inventory has further declined and the turnover rate has further improved.

According to our grassroots research, the company’s albumin is currently out of stock and the sales of static propane are in good condition. At present, the inventory of blood product manufacturers and 武汉夜网论坛 channels is at a normal low level.

According to the data of the Chinese People’s Procuratorate, as of the end of January-September, the issuance of albumin batches decreased by -1%, corresponding to internal demand of about 8%. The termination of the issuance of static C-batch batches during January-September decreased by -3%, corresponding to the terminal 10% +There is a gap in demand, supply and demand, and the prosperity of blood products is expected to continue to improve.

Demand for the flu market remains strong, and flu vaccines are expected to continue to grow.

According to the data of the Chinese People’s Procuratorate, in the third quarter, the number of Hualan tetravalent influenza vaccines approved was 4.5 million, and the price of trivalent influenza was about 1.53 million. It is estimated that more than 杭州桑拿 8 million of the four-valent influenza vaccines were issued annually.

According to grassroots research data, the tetravalent influenza vaccine is currently in short supply and it is expected that demand will continue to be strong next year.

The company’s production capacity will be further released next year, with a capacity of 25 million. Even with new production capacity, given the strong demand for tetravalent influenza vaccine, Hualan’s tetravalent vaccine is expected to continue to grow next year.

Third, investment recommendations We expect the company’s net profit in 2019-202114.

39/16.

76/18.

670,000 yuan, corresponding to EPS 1.

03/1.

20/1.

34. Corresponding to the current expected PE is 36/31/28 times, which is in the upper part of historical expectations. However, considering that the company’s blood product industry leader’s performance is stable, the blood product boom continues to improve, the company benefits significantly, and the flu market demand remains strong.The company’s flu vaccine is expected to continue to grow, and can enjoy a certain estimated premium for the first time coverage, given a “recommended” investment rating.

4. Risk warning: The product price decline fluctuates more than expected, the vaccine volume is less than expected, and safety risks.

Babies room (603214) 2018 financial report review: store expansion speed up + category structure optimization 18-year performance growth in line with expectations

Babies room (603214) 2018 financial report review: store expansion speed up + category structure optimization 18-year performance growth in line with expectations

Announcement: The company disclosed its 2018 financial report. The revenue and net profit attributable to the parent were 21 respectively.

35 billion and 1.

20 billion, an annual increase of 18.

12% and 28.

23%, the growth rate of operating net cash flow was -3.

66%, the company plans to distribute cash dividends for every 10 shares3.

6 yuan (including tax).

  The company’s revenue and profit maintained high growth, in line with expectations: the company’s 18-year revenue and attributable profit growth rates were 18 respectively.

12% and 28.

23%, non-profit growth of 19.

03%.

Among them, Q4 revenue and profit growth were 19 respectively.

16% and 18.

18%.

The growth rate of the company’s Q4 revenue and non-deductible profits remained flat compared with the previous three quarters, maintaining a relatively high growth rate.

The gross profit margin continued to improve, and the short-term three rate improvement improved: the company’s gross profit margin for 18 years was 28.

8%, an increase of nearly 0 in a year.

4pct, mainly benefit from continuous optimization of product categories and supply chain.

During the period, the company’s three rate levels were 21.

4%, a year to raise 0.

6pct is mainly due to the rapid increase in sales expenses. The company expanded its store expansion and marketing after the listing. It is expected that the subsequent gradual scale effect will be further reflected, and the company’s three rates will be stable.

The expansion of stores has accelerated, the e-commerce platform has grown rapidly, and the omnichannel strategy has been steadily advancing: the company has 223 stores by the end of 18, a net increase of 34 (45 new openings and 11 closures), and 21 net openings in the second half of the year.Opening store expansion further accelerated; meanwhile, e-commerce business achieved high growth, with revenue and 苏州夜网论坛 growth rates of 4,534 respectively.

RMB 790,000 / year-on-year + 139%, the company’s omni-channel strategy is advancing steadily.

  Investment suggestion: The company rebuilds the East China mother and baby retail market, continuously encrypts and expands the markets of eastern provinces and cities around the country, and the endogenous + extension channels have ample space for sinking; the latest distribution incentive scheme highlights the company’s confidence in mid- and long-term development; and in-depth smart retail marketing with TencentCooperation and promotion further enhance the company’s omni-channel marketing capabilities, accelerate the integration of the three-dimensional marketing system, and improve customer consumption experience.

We are optimistic about the company’s deterministic opportunities for performance 北京桑拿洗浴保健 growth in the next few years, and it is expected that the EPS in 19-21 will be 1.

52, 1.

92 and 2.

33 yuan, corresponding to the latest PE is 28X, 22X, 18X, maintain the company’s “Buy” rating.

  Risk warning: forecast of macroeconomic growth rate; intensified competition in the industry; same-store operating data decline.