Author: admin

Home / Author: admin

Shuanghui Development (000895): Q2 pig price grows rapidly, company’s short-term profit is under pressure

Event: The company announced the 2019 Interim Report, with a total operating income of 254 in the first half of the year.

5.5 billion yuan, an increase of 7.

26%, net profit attributable to mother 23.

82 trillion, the same minus 0.

16%, ROE is 17.

55%, EPS is 0.

72 yuan.

Of which Q2’s total operating income was 134.

81 trillion, with an increase of 15.

50%, net profit attributable to mother 11.

02 billion.

Affected by the rapid rise in pig prices, Q2 slaughtering volume and head profit increased.

2019 H1 company slaughter income is 150.

3.9 billion, an annual increase of 7.

79%, with a slaughter volume of 857.

790,000 heads, an increase of 3 per year.

67%.

According to data from the Ministry of Agriculture, affected by African swine fever, the number of pigs slaughtered in the first half of this year fell by 25.

8%, promote the rapid growth of pig prices, the company’s Q2 slaughter volume of 385.

09 million heads, a decrease of 11 a year.

57% in the second quarter.

47 yuan, an increase of 16 yuan per year, a decrease of 38 yuan.

Although the company 厦门夜网 has used a small amount of low-priced inventory, its head-to-head profit has still significantly narrowed.

In the first half of the year, due to the Sino-US trade friction, the tariff rate on imported frozen meat was increased to 62%, which affected the company’s frozen product imports.

However, since August, the price of hogs has continued to rise and has reached a historical high of 22 yuan / kg. While further increasing the cost pressure of the company, it has also widened the hog price gap between China and the United States, even in the case of considering the impact of tariffThe cost advantage of pork imports in the United States is also becoming more and more obvious. It is expected that the company’s frozen product imports in the second half of the year are expected to increase, stabilizing pressure on cost growth.

Optimization of high-temperature product structure and cost increase profitability of front-end meat products.

In terms of meat products, 2019H1 total revenue was 119.

3.0 billion, an annual increase of 4.

21%, of which high-temperature products income 76.

6.5 billion, an annual increase of 7.

52%, low-temperature product income 42.

38 billion, a ten-year average of 1.

29%, high temperature products perform better, while low temperature products are still in the adjustment stage.

The overall sales of meat products in the first half of the year were basically unchanged from the same period last year, of which Q2 sales were about 40 inches.

In terms of ton prices, due to two price increases in 2019H1, coupled with better promotion of new products of high temperature products, and optimization of product structure, the ton price of meat products increased by 4pct in the first half of the year, but due to the increase in costs, it still faces profitability of meat products.Capacity, the operating profit of meat products in the first half fell 16.
.

80pct to 19.

4.2 billion.
Earnings forecast and investment suggestions: Reduce the company’s EPS for 2019-2021 to 1.
55, 1.

64, 1.

89 yuan, corresponding to PE is 14X / 13X / 12X. Due to the impact of African swine fever on the company’s cost end in the short term, the company’s level is adjusted to “overweight” level.

Risk warning: food safety risks, African swine fever epidemic intensifies

Kangli Elevator (002367): Net profit margin returns significantly and profitability continues to be repaired

Kangli Elevator Announces Third Quarter Report 19: Operating Income 27.

2 billion, 19 years growth.

8%; net profit attributable to mother 2.

1.0 billion, a year-on-year increase of 224%; net profit attributable to mothers in 19 years2.

4-2.

600 million, fully in line with the expectations of our air force.

Net profit is expected to be 2 in 19-20.

5.3 billion / 3.

4.2 billion, corresponding to PE is 27 times / 20 times, the industry’s margins are improving, turning point in 19 years, the performance of the next year is flexible, and upgraded to “strongly recommended-A” rating.

Net interest rate rebounded significantly, and profitability continued to repair.

Revenue for the first three quarters of 1927.

200 million (+19.

81%), net profit attributable to mother 200 million (+ 224%), of which Q3 net profit attributable to mother in single quarter was 98 million (+ 354%).

The first lies in: (1) Gross profit margin, net profit margin continued to rise, and profitability was significantly repaired: Q3 gross profit margin was 29.

5%, an increase of 3 per year.

7pct, net interest rate 7.

4%, an increase of 4 per year.

5pct, mainly because ① the company’s previous control of the product’s sales price decline has shown a certain effect, compared with the same period last year, manufacturing costs have decreased, and as steel prices fell, the company negotiated with suppliers to achieve a certain rangeThe price of purchased parts was adjusted, so that the price of raw materials fell to the cost of main raw materials and the cost of purchased parts.

(2) The sales and management expense ratios were further reduced, and Q3 non-recurring income totaled 39 million: the first three quarters benefited from the company’s refined expense management and the sales expense ratio was 11.

8%, a decrease of 3 per year.

8pct, management expense ratio 7.

6%, reduced by 0 every year.

6pct; Q3 net operating cash flow 2.

1 trillion, little change in one year; due to receiving 1371.

Government subsidies of RMB 60,000 and gains from disposal of wealth management products of the company321.

60,000 yuan, the company’s net cash flow from investment activities4.

3 billion, a previous significant increase of 48.

5%.

Orders in hand maintained a 12% growth.

As of the end of the third quarter of 19, the company is executing 58 effective orders.

US $ 4.4 billion (excluding the Beijing New Airport Section of the Intercity Railway Tie Line, which has not won the bid but received a deposit, and a total of 5 from Beijing to Zhangjiakou Railway).

3.8 billion).

Affected by the 天津夜网 loose currency in the first half of the year and the improvement of the actual completion, the company’s shipment volume has maintained a higher growth. Since the fourth quarter of 2018, orders have started to rebound, and it has maintained a certain level of growth. The number of replacements will continue to increase, and the scale effect willContinue to appear.

The company actively deploys elevators for people’s livelihood in old buildings, which is in line with the general direction of the elevator industry.

Kangli’s wholly-owned subsidiary “Happiness Plus Elevator” is currently using single-elevator sales, dual-engineering business model for the market, and develops an agent system. Through independent engineering and cooperative development projects, construction is being carried out in Beijing, Chengde, Jinan and 苏州夜网论坛 other places.There is a model project of adding elevators to happiness, and newly launched elevator selection products for the elevator market of existing buildings in existing buildings.

The industry inflection point improved in 19 years, the market structure improved significantly, and the price stopped the decline, and gradually improved in 20 years.

Fundamentally, the “disordered competition and price war” is getting worse. Due to the lack of long-term development strategic planning, some machines often deviate from the management and control of the supply chain and focus on pure price competition. Therefore, these elevator companies have not formed R & D., A virtuous circle of production and sales.

Many elevator companies lack the technology and conditions for upstream elevator parts production, the industry is down and the profit space is further compressed. At the same time, the bargaining power of large upstream elevator parts suppliers is also weak, which further weakens the elevator companies’ technological innovation capabilities.A vicious circle has formed.The industry’s overall gross profit margin in 18 years, the net profit rate hit a record low over the years, and even the industry giants have fallen into a “trough pain period.”The operation of the industry also promotes the continued improvement of the industry structure.

In-industry research understands that the current industry prices have generally stopped the decline.

Continue to recommend Kangli Elevator and upgrade it to “Highly Recommended-A”.

The profit recovery brought about by the “scale effect + improvement of the pattern” will continue. The elevator is expected to start a three-year industry boom cycle. At present, the biggest risk comes from the cost side (steel and rare earth prices).

19 years has been a turning point in the performance of the elevator industry, and renewal demand in the next few years will lengthen the boom cycle, until the company has orders 58 in hand on September 30.

400 million, a previous increase of 12%, also verified this judgment.

Net profit of Kangli Elevator is expected to be 2 in 19-20.

500 million / 3.

400 million, corresponding to PE is 27 times / 20 times, raised to “strongly recommended-A” level.

Risk reminders: (1) Steel price increase: The main raw material of elevators is steel. If the price of steel rises, it will significantly affect the gross profit of the product; (2) Rare earth price fluctuation risk: the remaining is the main raw materials of elevator key components traction machinePrice (3) The growth rate of real estate is lower than expected: Real estate is still the largest downstream of the elevator industry. If the real estate completion area exceeds too quickly, it will significantly affect elevator demand.

(4) Asset impairment losses.

Main funds net allow 47.2 billion long list institutions to grab 19 shares

For stocks, please read Jin Qilin analyst research report, authoritative, professional, timely, and comprehensive, to help you tap potential potential opportunities!

  [26th Funding Plan Chart]The net funding of main funds decreased by 47.2 billion. The institutions grabbed 19 shares. Source: Securities Times Network original Hu Huaxiong On February 26, the overall A-share market fell.

The final close, the Shanghai Composite Index closed at 2987.

93 points, down 0.

83%, SZSE Component Index closed at 11,497.

55 points, down 3.

02%, the GEM index closed at 2180.

7 points, down 4.

66%.

The total turnover of the two cities was 13,126.

900 million yuan, a decrease of 1026 over the previous trading day.

2.6 billion.

  1. The two cities have a net replacement of 471 funds throughout the day.

Today’s 6.9 billion yuan in Shanghai and Shenzhen’s main cities opened a net decrease of 199.

8.3 billion, a net decrease of 143 late.

2.8 billion, the two cities a net replacement of 471 funds throughout the day.

6.9 billion yuan.

  2, Shanghai and Shenzhen 300 today’s main fund net replacement 113.

6.1 billion CSI 300 today ‘s net replacement of 113 main funds.

6.1 billion, the GEM net reduction of 114.

6.8 billion yuan, a small net decrease of 144.

8.2 billion.

The Shanghai Stock Connect saw a net decrease of 4.

3.3 billion yuan, Shenzhen Stock Connect net reduction of 35.

04 trillion (here, the net inflow of China-Shanghai Stock Connect and Shenzhen Stock Connect is based on the amount used on the day, which is slightly different from the net purchase amount of the transaction, but the meaning is generally the same).

  3. Net inflow of building decoration industry12.

Of the 28 Shenwan Tier 1 industries with a total value of RMB 0.2 billion, 6 industries realized net capital inflows, including construction and decoration industry net inflows.

02 billion first.

  4. Net inflow of large-scale central SOEs12.

In terms of the 3.5 billion top concept sector, large infrastructural central SOEs today saw a net inflow of funds from conceptual segments such as new urbanization, prefabricated construction, etc., among 青岛夜网 which large infrastructural central SOEs had a net inflow.

3.5 billion.

  5. The main inflow of amethyst storage funds 3.

8.4 billion (Note: The main force of net inflow statistics in this table is different from the net purchase statistics of the institutions in the previous and next tables) 6.The data on the list shows that institutions appeared in 35 shares, of which 19 shares such as Su Daweige showed a net purchase of institutional funds, and 16 shares including Xiangdian shares showed a net sale of institutional funds.

  7, the top ten active stocks of Shanghai Stock Connect and Shenzhen Stock Connect 8, the latest institutions focus on individual stocks

68% disinfectant liquid led the rise

Afternoon comment: The three major indexes fluctuated and the index rose 2.

68% disinfectant liquid led the rise

News from Sina Finance News on February 6th, the three major indexes opened mixed. After opening, they quickly weakened, and then oscillated. The disk, pharmaceutical and cloud office sectors led the gains.

The market closed earlier in the morning, and the exponential growth rate expanded. The index rose by more than 2%. In general, individual stocks rose more and less, with more than 100 daily limit.

At the close of the morning, the Shanghai Composite Index was quoted at 2845.

89 points, up 0.

99%; Shencheng Index reported 10505.

43 points, up 1.

94%.

59 points, up 2.

68%.

  From the surface of the disk, disinfectant, masks, cloud games and other sectors ranked the top of the list, while liquor, automotive, and banking sectors ranked the top of the list.

  Hot sections: 1. Agricultural plantation Dunhuang seed industry closure board, Fengle seed industry, Wanxiang Denong, new farming development, etc. have followed up.

  On the news, on the afternoon of February 5, the “Document No. 1” was released, focusing on agriculture, rural areas, farmers, and development goals in a consistent and clear manner to ensure that a well-off society can be achieved on schedule.

This is also the 17th consecutive year of “Document One” since 2004 focusing on the “agriculture, rural areas and farmers” area.

  2. Disinfectants Taihe Technology, Lianchuang Co., Ltd., Yueyang Changxing, and other sealing boards, Binhua Co., Ltd., Jiangsu Thorpe, etc. have all risen prominently.

  According to the news, according to the 杭州桑拿网 official Weibo “Wuhan release” of Wuhan Internet Information Office, the evening news of February 3, Wuhan will be disinfected on a large scale around key areas such as hospitals and markets.Yu Sheng, elimination area is expected to reach more than 5 million square meters.

  News: 1. The General Office of the Ministry of Commerce issued a notice on organizing the resumption of business operations of commercial enterprises.

  2. “Pneumonitis diagnosis and treatment plan for new type of coronavirus infection (fifth trial version)”, taking “suspected cases with pneumonia imaging features” as the clinical diagnosis case standard in Hubei Province, which suggests that the diagnosis of new type of coronavirus in Hubei area no longer depends on nucleic acidsTest results.

  3. Foxconn’s China plant will gradually resume production 杭州龙凤网 next week, and it is expected to resume production in another 2-3 weeks.

  4. Xu Ming, general manager of the National Equity Reform Company, stated in a signed article in the “Financial Times” that the merger and transfer of the listing system, the smooth connection of multi-level capital markets, and the role of the NEEQ market.

At present, the CSRC is in the process of publicly seeking opinions on the supplementary procedures for the transfer of listing system in due course.

  5. Yesterday, Ali’s various mobile office applications “Ding Ding” jumped to the top of Apple’s free App Store rankings, WeChat ranked third, and Kingsoft’s WPS Office ranked second.

  6. On February 6, Luyan Pharmaceutical said on the interactive platform that after inquiries, the company had records of sales of Abidol, but did not find records of sales of darunavir.

  7. The entrepreneurial dark horse stated on the interactive platform on February 6 that the company’s “Dark Horse University” app is an online industry acceleration cloud platform and a product for the company’s distance education system.

The platform integrates a number of functions and services such as entrepreneurship laboratory, entrepreneurial consultation room, dark horse class, entrepreneurship quiz and alumni association, so as to solve the core problems encountered in the development of SMEs in a timely and efficient manner.

Due to the current epidemic situation, the company has also opened public welfare courses to help SMEs actively adjust to deal with the impact of the epidemic situation.

  8. On the interactive platform, Asia-Pacific Pharmaceuticals (rights protection) stated that the company was concerned about the “or addition of ribavirin” to the antiretroviral treatment in the treatment plan in the fifth edition of the New Coronavirus Diagnosis and Treatment Guidelines.

The company’s antiviral drugs for injection of ribavirin are suitable for viral respiratory infections and infections caused by other viruses, and the company is actively organizing production.

  Market view: CITIC believes that in the short term, as the epidemic situation has not yet been completely controlled and market confidence has not yet fully recovered, the Shanghai Index may form a wide range of shocks around 2800 points.

In the medium and long term, the long-term positive trend of the Chinese economy remains unchanged, and the dividends of the capital market opening up will continue to be released, so the logic of medium and long-term investment has not changed.

In operation, it is recommended that short-term investors appropriately control their positions, wait for market segmentation, and actively deploy the securities firm sector, as well as the recent high-tech sectors such as online education and cloud computing that have gradually strengthened.

For the catering, tourism, and transportation sectors that have been impacted by the disaster and epidemic, we suggest that short-term efforts should still be avoided.

Adoma A (000553): Relying on China’s leading non-patent pesticide leader

Saronda, the predecessor of the world’s leading non-proprietary pesticide giant, is an important domestic manufacturer of pesticide raw materials. It introduced related products acephate, and the production capacity of spermine ranked first in the country. In 2017, the company acquired Andamy, and becameThe world’s largest generic pesticide company.

The company achieved revenue of 256 in 2018.

2 trillion, an increase of 7 in ten years.

5%, achieving a net profit of 24.

0 million yuan, an increase of 55 in ten years.

4%.

In the future, based on the increase in the market share of generic pesticides and the completion of internal resource integration, the company is expected to benefit from the increase in the gross profit margin of its product portfolio and the rapid growth of internal business. We expect the company’s earnings per share from 2018 to 2020 to be 0.

59, 0.

68, 0.

85 yuan, for the first time, give “overweight” rating.

  The demand for pesticides has steadily increased, and the expansion of the generic drug market has increased. In 2018, pesticide sales continued to recover weakly, and the initial global growth increased.

From 2% to 55.6 billion US dollars, since 2019, wheat and corn have maintained a bottom shock, and the overall strong oil price has been positive for agrochemical demand.

The supply side of the industry has undergone shuffling. After the merger and acquisition tide, the groups have become more differentiated and the competition between companies has increased.

The progress of research and development of patented drugs has gradually increased, and the current varieties have gradually exceeded expectations. The share of non-patented products has continued to grow. The market capacity in 2017 exceeded 40 billion US dollars, which is beneficial to the company’s non-patented drug companies.

  The products provided by the company and the multiple advantages of the channel Adoma is the main component of the company. Its core competitiveness mainly includes: sinking channels through a rich product line and a global sales network to achieve a steady increase in product sales.The market has a total of 5 by 2010.

1% increase to 6 in 2018.

9%; replace low-end products by dating differentiated products with high gross profit margins to enhance profitability, and the combined gross profit margins from 27 in 2010.

5%南京桑拿论坛 to 33 in 2018.

3%; A large amount of expenditure is on registered pesticide registration certificates, and the number of registration certificates is the world’s leading (more than 5,000 in 2017). In the future, it will take longer to obtain registration certificates, the cost increase trend will be obvious, and the company’s competitive advantage will continue to increase.

  China’s market potential has broken through, and investment projects have strengthened its advantages. China is the world’s third largest pesticide market. In 2017, it was about 6 billion US dollars, but the market concentration decreased.

Adoma entered the Chinese market in 2014, and its business has developed rapidly. This type of domestic products in 20182.

$ 7.5 billion, an annual increase of 7.

5%.

After the merger of the company and Adoma, the company gradually promoted the integration of the industrial chain. Through the fund-raising project, an operating network with a basic structure of “Jingzhou (original medicine)-Huaian (formulation)-Nanjing (development)” was laid out. It is expected to optimize its own supply after completionChain and give full play to the synergy effect.

  And as the core pesticide platform of China’s chemical industry, it is also expected to gradually develop its strength in integrating the group and even the domestic agrochemical industry.

  For the first coverage, we give an “overweight” rating. We estimate that the company’s net profit for 2019-2021 will be 14 respectively.

4, 16.

6, 20.

80,000 yuan, the corresponding EPS is 0.

59, 0.

68, 0.

RMB 85; combined with the comparable company’s estimated level (average 14 times PE in 2019) and the company’s subsequent performance growth, considering that the company’s amortization expenses affect about $ 600 million in net profit each year, and the company is a global non-patented pesticide leader, giving the company 201919-22 times PE, corresponding target price is 11.

21-12.

98 yuan, corresponding to 1 in 2019 PB.

23-1.

42 times, the first coverage is given an “overweight” rating.

  Risk Warning: Downstream demand is not up to the expected risk, and raw material prices fluctuate greatly.

Lingsteel (600231): Changes in performance, slight change in equity structure

On the evening of October 30, the company announced the third quarter report of 2019.

At the core of the report, the company achieved profit attributable to its mother4.

22 ‰, 66 in the previous decade.

96%; Realize basic profit income of 0.

15 yuan / share, 66 in the previous decade.

96%.

The company achieved net profit attributable to its mother in the third quarter of 0.

42 trillion, down 86 from the second quarter.

50%.

The sales price of finished products decreased and the cost of raw materials increased, and the company’s third quarter performance increased significantly.
The company’s main products are profiles, strips, etc., of which profiles account for more than 78%.

Since the third quarter of this year, iron ore prices have remained high.

According to Steel Federation data, the spot price of 62% Australian fines in the third quarter was 101.

33 US dollars / dry ton, an increase of 1 from the second quarter.

5%.

Under the situation of rising 深圳桑拿网 cost pressure, the company’s main product rebar price is still on the rise in the third quarter: with rebar HRB400: 20mm, according to the data from the Steel Federation, the average price of rebar in the third quarter in Shenyang was 3765 yuanTons, a decrease of 134 yuan / ton, a decrease of 3.

44%.

Rising raw material costs and changes in sales prices of raw materials are the initial factors that affect the company’s third quarter performance.

At the same time, the company’s output continued to increase slightly in the third quarter.

According to the company’s announcement, the company’s output in the third quarter of section, plate and strip, and pipe were 119.

5 initial, 30.

3 early, 2.

7 nominal, totaling 152.

5 digits, an increase of 2 from the previous month.

98%.

The shareholding structure has changed 杭州桑拿 slightly from the first half of the year. After the company decided to increase and lift the ban earlier, the shareholding structure has undergone a change this year.

As of the third quarterly report, Tianjin Taiyue and Jiujiang Pinggang are the company’s second and third largest shareholders, of which Tianjin Taiyue holds company 5.

5.3 billion shares, accounting for 19% of total equity.

94%; Jiujiang Pinggang holds the company’s share capital3.

1.1 billion shares, accounting for 11 of the total share capital.

twenty three%.

Compared with the semi-annual report, the company’s shareholding structure has changed slightly: Tianjin Taiyue and Jiujiang Pinggang’s shareholding ratio will remain unchanged in the second quarter, but Jiujiang Pinggang Iron and Steel Co., Ltd. is an actual control enterprise of Liaoning Fangda Group Industrial Co., Ltd. and the actual controllerWei added 754 shares.

80,000 shares, the new shares accounted for 0.

27%.

Later changes in equity structure and the impact on the company’s operations still require further attention.

“Hold” rating Since the beginning of this year, the price of raw materials such as iron ore has risen, which has increased the company’s operating costs, while changes in the sales price of ordinary steel have intensified the company’s product profits.

The combined company’s third-quarter performance was lower than expected, and we believe that the company’s performance may be affected to some extent.

Therefore, we will change the company’s EPS for 2019-2021 from 0.
28 yuan / share, 0.
29 yuan / share, 0.

32 yuan / share adjusted to 0.

18 yuan / share, 0.

22 yuan / share, 0.

25 yuan / share, adjusted the company’s rating from “buy” to “hold”.

Risk reminder: The demand side is less than expected, and the prices of upstream raw materials fluctuate sharply.

Huafa (600325): Obvious advantages in resource endowment, growth flexibility

The company achieved operating income of 237 million in 2018, a year-on-year increase of 18.

8%; net profit attributable to mother 22.

80,000 yuan, an increase of 41 in ten years.

9%, earnings per share is 1.

08 yuan.

More sales have blossomed, and the ROE level has increased significantly: the company’s profit growth rate is significantly higher than revenue, mainly due to long-term equity investment income and a substantial increase of 295.

6 times to 6.

08 million yuan, ROE is expected to increase significantly from 20174.

9 up to 17.

5%.

The company achieved a budget of USD 58.2 billion in 2018, an annual increase of 87.

6%.

New construction area of 513.

60,000 square meters, with an 南京夜网 average annual increase of 133%. The increase in the scale of construction will further increase the saleable volume. It is expected that the company will exceed 80 billion yuan in 2019.

The layout has been expanded, and soil reserves in core areas are abundant: the company plans to add about 310 new building areas in 2018.

60,000 square meters, an increase of 11 in ten years.

9%, the total land value of equity is about 18 billion, accounting for 30% of the set.

9%.

The company newly entered Dalian and Qingdao in 2018, and won the Beijing Fangshan plot through bidding and auctioning. At present, the company has formed 6 major areas in Zhuhai, South China, East China, Central China, North China, Shandong, and Beijing Company’s “6 + 1Area layout.

As of the end of 2018, the company’s land reserve scale was 7.5 million 北京桑拿洗浴保健 square meters.

Among them, Wuhan, Shanghai, Nanjing, and Hangzhou are the core areas of Central China. The land reserve in East China accounts for 47%, and the Guangdong-Hong Kong-Macao Greater Bay Area with Zhuhai, Guangzhou, and Shenzhen as the core.
The financing channels were widened, and the net debt ratio was still at a high level: the increase in the scale of sales carry-over and the expansion of the company’s monetary funds increased by 71% to 191.

4 trillion, the average net debt ratio decreased by 48 from 2017.

The two averages reached 215%, but they are still relatively high, and the short-term debt pressure has also increased.

In terms of capital operations, the company issued a plan to support the purchase of securities through the stock exchange.

500 million US dollars, long-term rental apartment real estate investment trust funds, supply chain ABS financing business and other innovative product businesses have been approved, the expansion of financing channels significantly optimized the capital structure, the company’s comprehensive financing costs remained at 5.

87% level.

Earnings forecast and rating: The company’s EPS for 2019-2020 is expected to be 1.

45 yuan, 1.

75 yuan, maintain “Buy” rating.

Zoomlion (000157): 2019 first quarter report is in line with expected profitability and further improvement in revenue quality

Event: Zoomlion disclosed the first quarter report of 2019 on April 29, achieving 90% of revenue.

17 ppm, an increase of 41 in ten years.

76%; net profit attributable to mother 10.

20,000 yuan, an increase of 165 in ten years.

98%; deduct non-net profit 8.

20 ppm, an increase of 192 in ten years.

28%.

Opinion: The 2019 first quarter report is in line with expectations, and profitability and income quality have further improved.

In Q1 2019, the company achieved a total revenue of 90.

1.7 billion (+41 years ago).

76%), net profit attributable to mother 10.

02 billion percent (+165.

98%), deducting non-net profit 8.

200,000 yuan (ten years +192.

28%). After the second mobile phone and the legal jet are cleared, the income statement is further repaired, which verifies our judgment of performance flexibility.

Important income indicators have further improved: In the first quarter of 2019, the company’s gross sales margin and net profit margin were 30.

01% / 10.

88%, ten years +4.

68 / + 5.

05pct, ring than +0.

94 / + 2.

14pct; period expense ratio (including research and development) is 18.

51% a year -1.

33pct, +2 chain.

97pct, 四川耍耍网 of which management (including R & D) / finance / sales expense ratio ratio -1.

72 / + 0.

00 / + 0.

39 points, +1.

53 / + 1.

43 / + 0.

01pct, mainly due to the increase in R & D investment and interest expenses; ROE / ROA are 2 respectively.

59% / 1.

02% for one year.

59 / + 0.

58pct, +0.

70 / + 0.

28 points.

In 2019Q1, the company’s fixed assets / construction in progress were 52 respectively.95/7.

410,000 yuan, -1 compared with the end of 2018.

44 / + 1.

We believe that the company’s depreciation stalls have less pressure and further dilute fixed costs through scale effects. The annual gross profit margin and net profit margin for 2019 will continue to increase.

The cost of funds is expected to decrease, and wealth management income will increase. Profits: The company has bonds with expansive 深圳spa会所 scale due in 2019/2020. We believe that the company is expected to reduce financial expenses by issuing bonds with yield.

USD 8.2 billion, which was mainly contributed by financial investments such as structured deposits from monetary funds obtained from the strategic sale of environmental business.

Operations are more efficient and cash flow is further improved.

High-speed sales growth: In the first quarter of 2019, Zoomlion sold 3,429 truck cranes, a year-on-year increase of + 81%, a month-on-month increase of + 100%, and a market share of 27.

62%, ten years +1.

67pct, +4 from the previous quarter.

99pct, the market share increased significantly.

Strict credit sales: 2019Q1, the company’s accounts receivable / inventory turnover ratios are 0.

39/0.

63 times, +0 a year.

10 / + 0.

09 times, operating efficiency improved; the balance of accounts receivable and bills receivable was 250 trillion, of which accounts receivable was 23.6 billion US dollars, only an increase of 6.
.

500 million US dollars, credit sales risk control is more stringent, sales receivables increased significantly, operating net cash flow reached 18.

67 ppm, previously + 312%, reached the highest level of cash flow in history in the previous quarter.

The core main business will still have demand elasticity in 2019, and its incremental business strategy is clear.

The core business: the three factors of infrastructure stimulation + environmental protection drive + life update co-drive. The company believes that the company’s mobile crane and concrete equipment revenue in 2019 will still account for about 15% of the flexibility. In 2018, the historical burden of mobile phones and legal aircraft was fully clearedOn the basis of this, profits are expected to be released in excess.

Incremental business: The policy has boosted the proportion of prefabricated buildings to boost the demand for large PC towers. China United is an industry leader with pricing power. We believe that tower cranes’ 2019 tower crane contribution to revenue is expected to exceed 2 billion.
The company restarted the excavator business and is expected to form a production capacity of 5,000 units in 2019. Considering the excavator market competition and the company’s sales channel restrictions, we believe that the excavator’s 2019 revenue contribution is expected to be around 12 trillion.

Cutting-edge sector: The company has further streamlined its product line, adjusted its product structure, accelerated its intelligent layout, and implemented strict cost management. The agricultural machinery sector is expected to continue to narrow.

Estimates and grades: Increase earnings forecasts and maintain “overweight” grades.

Increase the profit forecast, the company was expected to achieve net profit attributable to mothers in 2019/2020/202126.

40/30.

07/28.

3.6 billion, is now expected to achieve net profit attributable to mothers in 2019/2020/202136.

39/37.

82/33.

960,000 yuan, corresponding to EPS0.

47/0.

48/0.

43 yuan, corresponding to PE11 / 10 / 11X. Considering the continuous improvement of the company’s operating quality, the continuous optimization of asset quality, and the profit is still elastic, giving 13 times PE in 2019 with a target price of 6.

11 yuan, corresponding to about 23% growth space.

Sanyou Chemical (600409) 2019 performance preview comment: the bottom of the viscose staple fiber proved the performance improvement inflection point upwards

Event: The company issued a 2019 performance forecast, reported and achieved net profit attributable to its mother.

200 million, a year-on-year decrease of 55% and a deduction of non-net profit of 6.

300 million, a year-on-year decrease of 62%; of which the net profit attributable to the mother in the fourth quarter of the year1.

900 million, an increase of 35.

5%, deducting non-net profit 1.

100 million, down 20 from the previous month.

2%, in line with expectations.

Investment summary: The core product price declines in 2019 are mainly responsible for maximizing performance.

In 2019, the market for viscose staple fiber, silicone, and light soda ash is obvious, and the market for heavy soda ash is generally flat with the same period of last year.

The average market price of viscose staple fiber in 2019 is 11,933 yuan / ton, which is down by 19 each year.

3%, the price gap temporarily reduced 1364 yuan / ton, mainly due to the increase in the industry’s supplementary production capacity, the overall supply surplus.

The average DMC market price in 2019 was 18,803 yuan / ton, a year-on-year decrease of 36.

1%, the price gap temporarily narrowed 8782 yuan / ton, mainly due to insufficient demand in overseas markets, a large increase in production capacity is expected to be put into production.

In 2019, the average market prices of young and heavy soda ash were 1,725 yuan and 1,919 yuan / ton, respectively, and they fell 7 times.

8%, 1.

The price difference has been reduced by 83% / ton and 30 yuan / ton respectively. The soda ash industry has maintained a tight balance between supply and demand and increased production capacity. The market size has changed little.

In 2019, the average market prices of PVC and caustic soda were 6,759 yuan and 3022 yuan / ton, respectively, and they continued to fall by 0.

1% and 26%, mainly due to weak downstream market demand for caustic soda.

In the fourth quarter, the market for major products declined, resulting in a decrease in the non-performance results.

In the fourth quarter, except for heavy soda ash, PVC, and caustic soda, the prices of other products were basically stable compared to the previous month, and the 上海夜网论坛 prices of other products fell overall.

In the fourth quarter, the average prices of viscose staple fiber, light soda ash, and DMC market were RMB 10,564, RMB 1,587, and RMB 17,459 / t, respectively, which were down 9 from the previous month.

2%, 2.

1%, 11.

4%.

In the fourth quarter, viscose staple fiber, light soda ash, heavy soda ash, and DMC spreads decreased by 693 yuan, 68 yuan, 38 yuan, and 1963 yuan / ton, respectively.

The company’s viscose staple fiber sales have grown significantly, and the industry is expected to gradually recover.

In the second half of 2018, the company added 25 / year viscose staple fiber production capacity, and the incremental contribution in 2019 is obvious.

The viscose staple fiber industry is currently in a serious situation and has entered the bottom of the industry. In the future, some supplementary production capacity changes, and some backward production capacity will withdraw, and the industry is expected to usher in recovery.

The company is a leader in the viscose staple fiber industry, with a high proportion of high-end differentiated products. It also has raw materials such as caustic soda, which helps to benefit from the recovery of the viscose staple fiber industry.

Profit forecast and investment recommendations: The company is a domestic double-header of viscose staple fiber and soda ash, and its performance is expected to bottom out. It is expected that the company’s EPS in 2019-2021 will be 0.

35, 0.

42, 0.

59 yuan, the current sustainable corresponding PE is 18 respectively.

2, 15.

1, 10.

8 times, maintaining the “overweight” level.

Risk warning: the price of raw materials fluctuates sharply; the price of products drops sharply; product sales are lower than expected

Tianmu Lake (603136): Leading Strategy for Private Scenic Spotlight Focuses on “Deluxe Leisure Travel Destination Operators”

The company is a privately-run listed company operating in scenic spots. Its main attractions are hot spring operations and hotel business. The actual controller Meng Guangcai holds 51 shares.

45%, the equity is relatively concentrated.

Most of the management team are founding shareholders with rich management and market experience.

Tianmu Lake’s stock business has reached a mature stage, with an average annual growth of 20%.

We estimate that the release of the stock business performance can maintain an average annual growth rate of nearly 20%. Among them, the growth of passenger flow and the increase in customer orders average about 8%, the scale effect is about 8%, and the cost optimization is about 2%.

The company’s 16/17/18 revenue was 4.

22/4.

61/4.

8.9 billion, respectively increased by -0.

27% / 9.

22% / 6.

24%; 16/17/18 deducted non-returned mother’s net profit is 0.

68/0.

83/0.

9.4 billion, an increase of 31.

35% / 21.

90% / 12.

29%.

In the fourth quarter of 2018, the company carried out observation and maintenance in a single quarter to increase employee salaries, resulting in a significant decrease in net profit (only 0 in a single quarter).

(03 billion profit, 48% reduction in one year), the impact of one-time events is limited, and the company will return to growth in the future.

Revenue is mainly from the business of large scenic spots, accounting for 74%.

The proportion of secondary consumption gradually increased, and the “ticket economy” was gradually realized.

For 18 years, the company has contributed revenue by big attractions / hotels / travel agencies / others.

61/0.

95/0.

12/0.

2.1 billion, accounting for 74% / 19% / 3% / 4% respectively.

According to product categories, Shanshui Garden / Nanshan Zhuhai / Hot Springs / Water World / Hotel / Travel Agency contributed revenue1.

60/1.

29/0.

55/0.

17/0.

95/0.

12/0.

2.1 billion, accounting for 33% / 26% / 11% / 3% / 19% / 3% / 4%.

Ticket income accounts for less than 50% of the revenue of major attractions and about 25% of total revenue. The company has gradually realized the “ticket economy”.

Fundraising project 2.

400 million, the second phase of Yushui Hot Spring is expected to be put into operation at the end of 19, and it is expected to increase its performance by 2020 to about 35 million.The new project focuses on high-end customers and is expected to cost more than 2500 yuan per unit (in the past, the business unit price was 300 to 500 yuan).

The total investment of the second phase of the hot spring project is 2.

40 billion (IPO fundraising 2.

It is expected to be completed and put into operation in December 19th. The new project will focus on the high-end market, with an annualized revenue of about 83.22 million and an annualized profit after tax of about 37.8 million.

We estimate that in 2020/2021, it is expected to contribute 731.381.15 million in revenue and 348.4 / 3杭州桑拿926 million in profit after tax.

Convertible bond items 3.

2.2 billion. It is planned to build a sightseeing tour bus and upgrade the ropeway. It is conservatively estimated that the increase in performance in 2021 will be about 45 million.

The total investment of Shanshuiyuan sightseeing tram and Nanshan Zhuhai cableway upgrade project3.

2.2 billion (300 million yuan in convertible bonds). It is conservatively estimated that the two projects will be completed by the end of 2020 and the annualized profit after tax will be about 53.48 million.

We estimate that the sightseeing tram / ropeway upgrade project will contribute 30.94 / 1452 million in after-tax profits in 2021, which is expected to contribute a total of 45.46 million in after-tax profits.

The strategy focuses on “light luxury leisure destination 南京桑拿网 operators” and gradually realizes the expansion from 1 to N.

Around the first- and second-tier cities, there is a lack of high-quality leisure and tourism products, and the market space is huge.

The demand for high-end leisure travel for tourists has increased, but the total market supply of light luxury products. Ctrip.com shows that the number of peripheral travel products in the Beijing / Yangtze River Delta / Pearl River Delta region with unit prices exceeding 2,000 yuan accounted for nearly 2 respectively.

36% / 2.

07% / 2.

97%.

Tianmu Lake’s ability to deeply cultivate a single scenic spot has been verified, and it is expected to become a light luxury leisure destination operator in the future, with expansion from 1 to N.

The company’s cash flow is relatively higher than that of its peers, with a high proportion of accounts received in advance and a clear margin of safety.

Strong profitability, low asset-liability ratio, and great potential for future expansion.

The company’s operating cash flow / deductible non-returned net profit continued to more than doubled, and its 18 years of pre-revenue / revenue reached 7.

5%, the quality of performance is higher than peers.

The company’s ROE continued to rise above 13%, and its ROA rose to 9 in 18 years.

2%, asset-liability ratio decreased by 20.

2%, considering that the long-term borrowing rate is less than 5%, which is much higher than the ROA level, and has a long-term expansion potential.

Profit forecast and investment advice: Buy rating.

It is estimated that the company’s net profit after deduction of non-return to mother in 19-21 is 1.

29/1.

87/2.

6.6 billion, with a growth rate of 37% / 45% / 42% and a CAGR of 44%, corresponding to a PE of 23/16/11.

Considering the growth of the company’s expansion and the expected safety margin, we think its reasonable market value in 19 years is 5.2 billion, with a target price of 64 yuan, corresponding to a PE valuation of 40 times.

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

Risk reminder: the risk of attraction tickets and ropeway charging standards, force majeure risk, franchise renewal risk, security risk, macroeconomic fluctuation risk