Jianlang Hardware (002791): Revenue growth hits record high and performance achieves rapid growth

Jianlang Hardware (002791): Revenue growth hits record high and performance achieves rapid growth

Event: The company released a semi-annual report: the company achieved revenue of 20 in 19H1.

89 ‰, an increase of 31 in ten years.

96%; net profit attributable to mother 1.

21 ppm, an increase of 283 in ten years.

69%; deduct non-attributed net profit1.

190,000 yuan, an increase of 345 in ten years.


Among them, the single 南宁桑拿 and second quarter achieved revenue of 12.

880,000 yuan, an increase of 32 in ten years.

38%; net profit attributable to mother 1.

14 ppm, an increase of 87 in ten years.

59%; deduct non-attributed net profit1.

14 ppm, an increase of 89 in ten years.


Opinion: Revenue growth hits a record high, and profits have grown significantly.

In terms of quarters, the company achieved revenues of 19Q1 / Q28.


880,000 yuan, an annual increase of 31.

30% / 32.


19Q1 / Q2 achieved net profit attributable to mother 0, respectively.


14 ppm, a 123-year increase.

02% / 87.


19Q1 / Q2 achieved net profit after deduction of non-return to mother 0.


140,000 yuan, an increase of 114 in ten years.

89% / 89.


In terms of products, in the company’s traditional business, door and window hardware / point support / gate control / stainless steel guardrail structural accessories achieved revenue of 12 respectively.




920,000 yuan, respectively, short-term changes of +36.

09% / -8.

25% / + 4.

42% / + 42.03%.

The scale effect of the door and window hardware business gradually emerged, realizing rapid revenue growth.

Revenue from household and other construction hardware products was 1.

8.9 billion and 1.

7.1 billion, an increase of 63 in ten years.

32% and 78.

58%, mainly because the new categories cultivated in the early stage have gradually begun to increase volume, and sales have increased rapidly.

Gross profit margin improved significantly, and operating efficiency improved.

The company’s gross profit margin for 19H1 was 40.

16%, an increase of 2 per year.

18 points.

Door and window hardware / point-of-support products gross margins were 43.

49% / 33.

33%, respectively +3.

07pct / 3.

At 81pct, after the expansion of the capacity of the door and window hardware business, the scale effect appeared, driving the gross profit rate to increase.

In 19H1, the accounts receivable and inventory turnover days were 110 respectively.

1 and 138.

5 days, 10 drops per year.

36 and 5 days, operational efficiency improved.

Earnings forecast and estimation: EPS are expected to be 0 in 19-21.

93, 1.

21, 1.

52 yuan, corresponding PE is 20X, 15X, 12X.

Give “Buy” rating.

Risk warning: real estate industry fluctuates, raw material prices rise

Tongfu Microelectronics (002156) Dynamic Research: Major Bases Collaborate to Advance AMD Cooperation

Tongfu Microelectronics (002156) Dynamic Research: Major Bases Collaborate to Advance AMD Cooperation
Event: The company released the third quarter performance forecast: the net profit attributable to the mother in the first three quarters of 2019 is expected2.20?2.3 billion, an annual increase of about 67.1% -74.7%; Expected to deduct non-attributed net profit 2.31-2.41 trillion, an increase of about 79 in ten years.1% -86.8%.Corresponding single third quarter net profit attributable to mother.72-0.820,000 yuan, an increase of 43% -63% in ten years;89-0.99 million yuan, an increase of 80% -101% in ten years.It is estimated that the first three quarters of amortized employee shareholding plan share payments will total 1,147.470,000 yuan. Opinion: The performance continues to grow rapidly, and the business convergence effect is beginning to show.In the first half of this year, the company’s packaging / Internet business respectively achieved revenue6.05/7.90 ‰, increasing by 15 each year.74% / 80.95%, Internet business achieved rapid growth.In terms of different products, color packaging cartons and boxes / environmental paper bags / QSR food-grade packaging achieved revenue 4 respectively.79/0.53/0.25 trillion, an increase of 9 each year.17% / 65.twenty 杭州夜网论坛 two%/-.In this issue, the company realized cross-border e-commerce business5.5.7 billion, a rapid growth of 53 per year.34%.The company’s performance has continued to grow at a high speed. It is initially the company’s use of long-term accumulated high-quality customer resources, perfect supply chain management and brand influence to develop the Internet business market, and timely grasp product and service directions, packaging and the Internet according to industry demand.Business synergies have emerged.The company’s cross-border e-commerce business accurately locates users on social platforms through data analysis, and the e-commerce business continues to grow rapidly.At the same time, the company acquired Anhui Weizhi this year and merged the gradual construction of the fixed-increasing project. The company will gradually complete the layout of the QSR packaging and make full use of the high-frequency properties of fast-moving consumer goods to help the online advertisers ‘offline drainage.Realize the deep integration of online advertising and offline packaging business, forming extremely high business barriers.In the future, the synergy effect of online and offline businesses will gradually become apparent, and the company’s revenue is expected to continue to grow at a high speed. Profit forecast and estimation: The company’s EPS for 19-21 is expected to be 1.31, 1.74, 2.21 yuan, corresponding PE is 15X, 11X, 9X.Maintain “Buy” rating. Risk warning: the original substantial price increase, business development is not smooth

Hengyi Petrochemical (000703) Annual Report Comment Report: Refining and Chemical Projects with Performance in Accordance with Expectations Entered the Ending Stage

Hengyi 杭州夜生活网 Petrochemical (000703) Annual Report Comment Report: Refining and Chemical Projects with Performance in Accordance with Expectations Entered the Ending Stage

Revenue and profits have increased, in line with expectations of the company’s 2018 annual report, which is expected to achieve total operating income of 849.

48 ppm,南宁桑拿 +28 a year.

79%; realize net profit attributable to shareholders of listed companies.

62 trillion, ten years +16.

47%, specific to each quarter, Q1-Q4 achieved net profit attributable to mothers respectively7.



04 / -2.

In the fourth quarter, the crude oil price showed a unilateral rapid decline in the fourth quarter, and the industry’s profit passively shifted. The company’s inventory price loss was accrued by 1.

24 billion.

The main business is in good operating condition, and the increase in financial expenses is a drag on performance. In terms of PTA, the holding subsidiary Zhejiang Yisheng reported a net profit6.

4.9 billion, PTA sales of 495.

62 is the highest, with a forecasted net profit of 131 yuan per ton, exceeding the net profit of Hengli PTA ton (339 yuan per ton). Looking ahead to 2019, the domestic PTA supply side increase is quite limited, and the demand increase is still there. The PTA market supply and demand is expected to further tightenIt is expected that PTA profits will reach a level before 2018; in terms of polyester, the reported consolidated holding subsidiaries Hengyi Limited, Hengyi Polymers, Hengyi High-tech, Jiaxing Yipeng, Taicang Yifeng, and Shuangtuo New Materials will achieve net totals.Profit 8.

1.8 billion, the total production and sales volume of polyester products was 325.

8 The highest is that for domestic polyesters, the report still maintains full production inside, and the joint venture company Hengyi Caprolactam reports that it can achieve net profit.

3.3 billion, better efficiency; Zhejiang Commercial Bank reported a net profit of 115.

600 million, the company shares 4%, corresponding to investment income 4.

6.2 billion.

In terms of expenses, the reporting expenses are company management expenses5.

01 billion, previously +19.

61%; selling expenses 3.

18 billion, previously about +93.

53%. Initially, the company’s polyester scale expanded during the reporting period, and the delivery volume increased, which led to an increase in transportation costs in this period’s sales expenses. The company’s door-to-door sales approach enhanced customer recognition and stickiness; financial expenses reached 7

4.6 billion, previously significant +154.

46%, which is the initial 18-year exchange loss1.

5.5 billion, and 17 years to achieve positive exchange gains1.

2.1 billion. In addition, it is reported that the temporary Brunei PMB project has entered a critical stage, and investment expenditures and long-term and short-term loans have increased. The report caused the company’s index expenditure to reach 9.

1.5 billion (17 years interest expense 3.

5.9 billion), can withstand the drag on performance.

The construction of the Brunei refinery and chemical project has entered the final stage. Among them, the installation has been completed. According to the annual report of China Communications, the company’s construction in progress amounted to 17.4 billion, 18Q4 was under construction amounted to 11.1 billion, and 18Q4 was under construction in a single quarter of 6.3 billion.The Lai PMB refining and chemical project is under construction, and during the disclosure date of this report, the project has gradually incurred an investment of USD 300,965,000 during the construction period, and the overall construction progress of the project has been gradually completed92.


The company’s profit forecast, forecast and investment rating company will fully accelerate the Brunei refining and chemical project. The project is expected to enter the commissioning phase in the second quarter of 2019 and enter commercial operations in the third quarter.

In the previous report, it was assumed that the Brunei project will achieve 20% / 90% of full-load readjustment in 19/20. The original profit forecast for 19/20 is net profit.


200 million, adjusted 19/20 net profit forecast upwards to 39.


200 million, and added a 21-year profit forecast54.

100 million, corresponding to the current sustainable PE is 11.9/8.


7x, maintain “Buy” rating.

Risk reminder: polyester filament and PTA profit review; risk of refining and refining projects being less than expected

Wuliangye (000858) Incident Comment: The first batch of resumption products have been issued for adjustment to cope with compensatory consumption

Wuliangye (000858) Incident Comment: The first batch of resumption products have been issued for adjustment to cope with compensatory consumption

Event: According to media reports, the first batch of products resumed last week have been issued from the headquarters of Yibin Wuliangye Group.

This is the first batch of products with low inventory levels nationwide after Wuliangye promoted the orderly resumption of work.

  Comment: After the epidemic, the consumption potential was suspended to seize the opportunity. Wuliangye took the lead in adjusting and adjusting to allocate channel pressure, and redeeming the terminal rewards in advance to reduce the dealer’s cash flow pressure.

A few days ago, Wuliangye issued the “Notice on Precise Policy, Not One-size-fits-all, and Do a Good Job in the Recent Market”, and on the re-optimization, the company proposed the following plan: In the key support, it has the ability, strength, good inventory, and autonomyAt the same time as the expected dealers, for those dealers who have the ability but have pressure to sell recently, reduce the plan in time; for those dealers who have the ability but have short-term capital turnover difficulties, the Wupin Department together with the finance company and the cooperative bank will provideWith customized financial support, gradually, there is no simple task of assigning group purchase targets to dealers.

At present, wine companies are generally under pressure to sell and stocks are high. In addition, March and March itself are the off-season sales season for liquor, and the inventory digestion time will be further extended. In this context, Wuliangye took the lead in actively adjusting the distribution, and through priority to meet salesGood market demand, while customizing financial support policies to ease channel pressure and release channel risks.

In addition, in the past April and May, the existing terminal rewards will be redeemed until February, which will help to become a dealer’s cash flow pressure. The completion of the underwriting of the dealer’s market expenses within 2 南京桑拿网 working days shows that the company’s service efficiency is continuously improving, which is beneficial to the company.Long-term healthy development.

  The company’s goals were achieved steadily.

This round of the epidemic only temporarily restrains the consumption scene. Although short-term pressure is generally sold, the retaliatory consumption after the epidemic will hedge a part of the loss. Wuliangye’s national plan for rebalancing will help seize the opportunity of consumption after the epidemic.

In addition, as Wuliangye’s overall marketing performance during the New Year’s Day is good and it has fully achieved its peak season sales target, it is expected that the impact of the epidemic will be reflected in the second quarter statement.

  In the long run, benefiting from the gradual release of channel reform dividends, continued return of brand value, continuous improvement of product matrix, and improvement of channel profits, the company will enter the stage of transformation and growth. It has good potential in the high-end wine market and has room for future growth.

  Maintain the company’s “overweight” rating. We expect the company’s operating income to be 500 in 2019, 2020 and 2021.


5 667

500 million, the previous growth rate was 25.

1%, 15.

3% and 15.

6%, net profit was 174.


0 and 253.

200 million, EPS is 4 respectively.

5, 5.

4 and 6.

5 yuan / share.

  Risk reminders: the business climate of the liquor industry declines; food safety risks; company channel expansion risks.

Jinzhou Pipeline (002443) In-depth report: Welded pipe business has a strong accumulation of quality and a steady improvement in operating quality

Jinzhou Pipeline (002443) In-depth report: Welded pipe business has a strong accumulation of quality and a steady improvement in operating quality
Report Summary: Benefiting from the prosperity of the oil and gas industry, profitability continued to improve after 2014, and the short-term trend remains unchanged.The company’s revenue source is mainly galvanized pipe, but the profit proportion is gradually decreasing; the revenue increase mainly comes from spiral welded pipe, straight seam submerged arc welded pipe and high frequency welded pipe products. The profit proportion of the above products has steadily increased due to oil and gas pipelines.Demand is good, and the expansion of the purchase and sales gap has led to a continued rebound in gross profit margins. In 2018, it achieved the best profit level in history. It is expected that the high profit level will remain or even continue to improve for a long time. High-quality capacity is yet to be released, and the product structure is continuously optimized to improve profitability.After the steel-plastic pipe production line is put into operation, it is currently investing in 3 new short-term high-quality thin-wall stainless steel pipe fittings production lines, and the product structure continues to be optimized.The company currently has a welded pipe capacity of 130 mm and a comprehensive capacity utilization rate of 75%?80%, the production capacity of steel-plastic pipe production line is to be fully utilized, and the annual production capacity of spiral welded pipes still has 20 tons of release space. Increasing the proportion of oil and gas consumption will increase the demand for welded pipes. After the pipe network is independent, the company will welcome the development opportunity again.Fundamentally, “coal to gas” has accelerated the optimization of the upstream energy structure; instead, the current natural gas pipeline still has some problems with insufficient mileage and facility capacity.We predict 深圳桑拿网 that the growth rate of galvanized pipe production and sales will remain at 5% to 10% after 2018, and the market size will exceed 100 billion yuan. The investment in natural gas pipeline construction by 2025 is expected to exceed 1 trillion yuan.The national oil and gas pipeline network company is expected to be established in the second half of the year. It will break the monopoly of oil and gas welded pipe supply in the past in the oil system, and the outer pipe factory is expected to expand its business. The poorly managed pipe factory was cleared, and the high-quality enterprise became the final winner.The company insists on budget operation, and the rate has remained at least a part of the rate over the past 10 years. The total capital turnover rate has been higher than that of its peers for a long time, maintaining 杭州夜生活网 low-debt operations and a very healthy capital structure.The initial peers gradually withdrew from the welded pipe business due to excess capacity and deteriorating profitability. The company’s accumulated wealth in the welded pipe business led to profitability. Company profit forecast and investment grade: We expect revenues of 48 in 2019, 2020 and 2021.07 billion, 47.2.5 billion, 50.74 trillion, EPS is 0.51, 0.67, 0.83, corresponding PE is 14, respectively.2X, 10.8X, 8.7 times.According to the preliminary comparison with the company and the horizontal comparison with its peers, we believe that the company’s reasonable PE and PB in 2019 are 20X and 2, respectively.3, the stock price corresponding to 3 months is 10.2 yuan, maintaining the company’s “highly recommended” level. Risk Warning: (1) The downstream demand of core products is lower than expected; (2) The price of raw materials exceeds expectations

China Life (601628): Both sides of assets and liabilities surpass expectations

China Life (601628): Both sides of assets and liabilities surpass expectations

This report reads: The company’s investment income growth in the first three quarters was better than expected, and the NBV exceeded growth also exceeded expectations.

At the same time, the scale of the company’s agents has continued to expand, and the number of starters in 2020 is expected to exceed market expectations.

Investment Highlights: Maintain “Overweight” rating and maintain target price at 37.

RMB 66, corresponding to a P / EV of 1 in 2019.

12 times: The company’s 3 quarterly report shows that investment income has grown and new business value has increased by 20.

4%, asset-side and debt-side are better than expected.

Raise the 10-year net profit forecast for 2019-2021 to 612.

0.6 billion (488.

8.3 billion, +25.

21 %%), 683.

3.5 billion (531.

7.6 billion, +28.

51%) and 748.

7.5 billion (622.

580,000 yuan, + 20.


According to the expected improvement of its future performance, it raised its target price to 37.

66 yuan (34.

96 yuan, +7.

7%), maintaining the “overweight” rating.

The performance of the investment side exceeded expectations, and the expected profit is expected to exceed market expectations: the company achieved total investment income in the first three quarters of this year.

72%, an increase of 231 BP compared to the same period last year, with a net investment return of 4.

83%, an increase of 21 BP compared to the same period last year.

According to the company’s 3 quarterly report, the increase in investment yield comes from the continuous increase in the yield of fixed income assets, and the increase in investment in stocks in the secondary market.

Due to the better performance of the stock market in the first half 杭州桑拿 of this year, the overall market in the third quarter showed a trend of first low and then high. Therefore, the company’s investment performance in the third quarter is expected to promote exceeding market expectations.

The company’s dividend is linked to net profit. The dividend payment rates for 2016-2018 were 35%, 35% and 40% respectively. This year, the company’s net profit is expected to increase, which is expected to bring a significant increase in the amount of dividends.

The debt-end product structure has been significantly optimized, and it is expected to start well in 2020. The company’s first-year payment business in the first three quarters accounted for 98% of new long-term insurance orders.

07%, an annual increase of 8.


The premium paid for the first year of 10 years and above accounted for 51% of the premium paid for several years.

06%, an increase of 15 a year.


The company’s product structure continued to improve, driving the company’s new business value in the first three quarters to increase by 20 per year.


At the same time, the company’s agent channel maintained growth, and the number of agents in the insurance channel reached 166 at the end of the third quarter.

30,000 people, an increase of 15 compared to the end of last year.

6%, an increase of 5 at the end of the earlier quarter.

7%, the agent channel increased against the market, better than expected.More importantly, the average monthly effective sales manpower of the company’s agent channel increased by 37 per year.

4%, showing the quality of the team, scale up.

Considering that the company’s products and preparation cycles for 2020 starters are relatively adequate this year, against the background of a steady increase in the size of agents, it is expected that the performance of 2020 starters will exceed market expectations.

Catalyst: 2020 start-up data surpasses expected risk prompts: Capital market volatility; potential impact of falling interest rates on investment

Rongsheng Development (002146): Steady sales performance and high increase in leverage continue to decline

Rongsheng Development (002146): Steady sales performance and high increase in leverage continue to decline
Event Rongsheng Development released the first quarter of 2019 report: the company achieved operating income of 66 in the first quarter of 2019.58 ppm, a decrease of 4 per year.66%; net profit attributable to mother 7.82 ppm, an increase of 30 in ten years.18%; Estimated increase in average net asset income by 2.30%, an annual increase of 0.14 single; 0 for basic profit.18 yuan. Opinions Net profit continued to increase every year in the first quarter, and future performance is highly certain.In the first quarter of 2019, Rongsheng Development achieved operating income of 66.58 ppm, a decrease of 4 per year.66%; net profit attributable to mother 7.82 ppm, an increase of 30 in ten years.18%.The performance growth rate is higher than the revenue growth rate mainly due to the following: 1) The company’s disposal of the financial assets sold in the first quarter and the return on the investment income of associates have improved, driving the company to realize investment income.06 million US dollars, turn negative into positive one year; 2) Gains and losses from changes in fair value 623.30,000 yuan, an increase of 97 in ten years.63%.In the first quarter of 2019, the company’s net sales margin reached 10.73%, an increase of 0 every year.73 units.As of the end of the first quarter of 2019, the company received advance account 918.USD 5.6 billion, a 25% increase each year, a definitive indicator of future company performance. Sales grew 杭州桑拿 steadily and investment remained prudent.The company achieved sales of 166 in the first quarter of 2019.9.2 billion, an annual increase of 13.94%; sales area 153.7000 square meters, an increase of 4 in ten years.10%.In the first quarter of 2019, the company continued to be cautious in acquiring land, and its average land price remained low.In Langfang, Huizhou, Shijiazhuang, Ningbo and other cities, 9 projects were gradually acquired, and the planned construction area was 1.34 million square meters, a decrease of 27%; the amount of land acquisition was 23.600 million, a year-on-year decrease of 41%, the average floor price is only 1767 yuan / square meter.As of the end of 2018, the company’s total land reserve was 3613.540,000 square meters, which can meet the company’s development needs for about 3 years. In terms of financing channels, the level of leverage continued to fall.As of the first quarter of 2019, the company’s asset-liability ratio was 83.7%, after excluding advance accounts, the asset-liability ratio is only 43.7%, down by 1 compared with the same period last year.1,4.1 unit, leverage level is further reduced.The company approved 30 million special leases for housing leases in the first quarter, 11.67 trillion corporate bonds and 10 trillion private placement bonds; overseas wholly-owned subsidiaries successfully issued 3 recently.$ 2.5 billion in bonds with a maturity of 3 years and a coupon rate of 8%.Several financing channels help companies keep financing costs low. Investment suggestion: Rongsheng develops rich soil reserves, speeds up land acquisition, and focuses resources on the Beijing-Tianjin-Hebei, Yangtze River Delta, and Pearl River Delta regions. The value ushers in a revaluation opportunity; the company’s rapid turnover, multiple brands, and cost control to ensure sales performance;+ Kanglv + Finance + X “is expected to further highlight the synergy of diversified business.We expect the company EPS to be 2 in 2019-2021.23, 2.85, 3.58 yuan, corresponding to PE is 4.60, 3.59, 2.87 times, maintain “Buy” rating. Risk reminders: industry sales fluctuations; policy adjustments leading to operational risks (shed reform, restructuring, budget policies, etc.); changes in the financing environment (mortgages, development loans, interest rate adjustments, etc.); corporate operational risks (personnel changes, construction, land acquisition, etc.)The risk of exchange rate fluctuations; the monetization of the shed reform is not up to expectations.

Changbai Mountain (603099): Considerable increase in passenger flow Cost + Expense control support continues to narrow

Changbai Mountain (603099): Considerable increase in passenger flow Cost + Expense control support continues to narrow
Event: The company released an interim report and realized operating income in 2019H1.30,000 yuan, an increase of 17 in ten years.9%, net profit attributable to mothers-23.49 million yuan, narrowed by 43 a year.9%, deducting non-net profit of -23.48 million yuan, narrowed by 44 a year.2%; of which Q2 achieved revenue of 78.68 million yuan in a single quarter, an increase of 20 per year.1%, the net profit attributable to the mother was 1.63 million yuan, which exceeded the negative and turned positive.At the same time, the company announced its business goals for 2019: to achieve 5 trillion in revenue and 55.05 million yuan in net profit. The increase in passenger flow contributed to revenue, and Lanjing Hot Spring was dragged down by the impact of maintenance.As of 2019H, Changbai Mountain Scenic Area has received a total of 59 tourists.50,000 people (yoy + 5.8%), the North Scenic Spot / West Scenic Spot received 46 tourists respectively.70,000 person-times (yoy + 7.5%) / 12.80,000 person-times (yoy + 13.3%).Due to the impact of the off-peak season, the third quarter is generally the company’s main revenue and profit contribution range.From the perspective of each wholly-owned subsidiary: 1) Tianchi Hotel Business achieved revenue of 1647.60,000 yuan (yoy-3.9%), of which hotel revenue was 12.17 million yuan (-5% year-on-year.1%), the volcano hot spring club income 430.70,000 (30 compared with the same period last year.4%), effective cost and expenses control and operation of Tianchi Hotel reduced the loss 无锡桑拿网 by 46.7%; 2) Lanjing Hot Spring was repaired and maintained by the pipeline, and its revenue dropped significantly to 12.10,000 (-91% YoY), net profit increased by 144.80,000 yuan (+341 compared with the same period last year).5%); 3) Tianchi International Travel benefited from active market expansion and doubled its revenue to 514.90,000 (yoy + 104%), the net amount narrowed slightly.4) Yuehua Company and Tianchi Consulting respectively achieved revenue of 556.30,000 (+8 compared with the same period last year).8%) / 2393.90,000 (yoy + 117.4%). The cost control and gross profit margin of the three rates decreased slightly, the gross profit was corrected, and the decrease in net profit narrowed significantly.The improvement in overall revenue levels and effective cost control helped the gross profit margin to change from negative to positive 4.6%, improvements in operating efficiency, such as digital operations, have significantly improved the efficiency of scenic spot management, and the management expense ratio has dropped to 14.3% (-5% YoY).3pp), sales expense ratio, and management expense ratio increased slightly to 4% (+0 compared to the same period last year).1pp) / 0.6% (+0 year-on-year.1pp), the long-term overall three-rate steady replacement.9% (-5% compared to the same period last year).2pp).The double improvement of gross profit margin and expense ratio promoted the improvement and narrowing of the company’s overall net profit.9%, attraction operation and profitability have improved. We will continue to optimize our tourism products and business structure, and look forward to improving transportation and a better political environment to promote continued growth in passenger flow.1) The company has exclusive resource endowments such as scenic road operation rights and hot spring mining rights. It always adheres to the development direction of “Tourism as the core, diversified and multi-format development, and strengthens and extends the tourism industry chain extension”.Expansion of existing attractions resources and scope of operation and management has achieved multi-point expansion.2) The second-phase expansion project of Changbaishan Airport is progressing smoothly. The annual passenger explosion will increase from the current 700,000 to 1 million, and it is expected to reach 2 million by 2025. The Dunbai High Speed Rail and the Shenbai High Speed Rail are expected to operate in 2020-2021.The relaxation of China-DPRK relations and the emergence of border tourism will continue to drive the growth of tourists in the future. Earnings forecast and grade: EPS for 2019-2012 are expected to be 0.28 yuan, 0.30 yuan, 0.33 yuan, corresponding PE is 34X, 31X, 28X, maintaining the “overweight” level. Risk Warning: Macroeconomic or continued downturn, risk of natural disasters, or the number of tourists may grow less than expected.

Shuijingfang (600779) 2019 Third Quarterly Report Review: Beautiful Performance Looks Forward to High-end Continuous Force

Shuijingfang (600779) 2019 Third Quarterly Report Review: Beautiful Performance Looks Forward to High-end Continuous Force

Core point of view Q3’s performance is beautiful, the second high-end continued heavy volume, steady expansion outside the province.

Equity incentives show confidence, and look forward to the company’s long-term stable development through high-end brand building and national market development, maintaining a “buy” rating.

In Q3 2019, the revenue / net profit increased by 20% / 53%, and the performance exceeded expectations.

The company achieved operating income of 26Q1 to Q32019.

500 million, an increase of 23.

9%; net profit attributable to mother 6.

400 million, an increase of 38.


2019Q3 revenue 9.

600 million, an increase of 19.

7%, net of non-attributed net profit 42.

600 million, an increase of 42.

6%, net profit attributable to mother 3.

0 billion, an increase of 52.

6%, mainly because 0 received industrial development support funds.

3 南宁桑拿 billion.

2019Q3 profit margin 31.

1%, the same increase of 6.

7Pcts, exceeding market expectations, mainly due to the obvious decline in single quarter expense sales, Q3 sales rate of 22.

9%, down by 5.


The company’s expense plan based on the actual sales situation in the quarter has a certain change in quarterly expenses, and the gradual sales expense rate remains at 28% -30%.

In Q3 2019, the company received about 1.1 billion in cash from sales, an increase of about 34%, and it performed well.

The volume of core products has continued to develop outside the province, with steady revenue growth.

In Q1-Q3 2019, the company’s revenue increased by 24%, of which sales volume increased by 24%, average price maintained, and structural changes / direct price increases brought about price changes of -2% / + 2%, respectively.

In terms of products, high-end products realized income of 25.

400 million yuan, an increase of 23%, and mid-range / low-grade base wine achieved zero income.

600 million / 0.

400 million, a 39% / 78% increase.

Among them, the high-end core single product continued to increase, and the revenue of Zhenjiu No. 8 and well installation increased by 27%, which led to the company’s rapid growth; however, the revenue of high-end products + master collectors decreased by 16%, mainly due to the company’s initiative to adjust high-end liquorchannel.

The company continued to distribute high-end new products. Jingtai Silk Road and No. 8 Jubilee sold in line with expectations. The new product listing expanded the banquet market and other consumption scenarios, further improving the company’s sub-high-end product layout.

By region, 2019Q1-Q3 all regions achieved stable and rapid development, among which the central region, northern region and southern region grew faster, 25%, 27%, and 28%, the eastern region increased by 18%, and the western region. 17%.

Future prospects: Fair incentives stimulate leadership motivation, and look forward to the company’s long-term stable development through the creation of high-end brands and the development of a national market.

In July 2019, the company released a budget stock incentive plan. The incentive target included 15 people including company executives and core technology management backbones. The unlocking condition is that the growth rate of revenue in 2019 and 2020 is not lower than the average of the top ten companies in the benchmarking industry., Highlighting the company’s confidence and determination on future development.

With the expansion and tolerance of sub-high-end industries in the future, many sub-high-end companies will face greater fierce competition. The company has deeply cultivated sub-high-ends for many years, insists on the establishment of Shuijingfang high-end brands, and promotes the construction of the “5 + 5 + 5” market in an orderly manner.Brand promotion and national expansion bring long-term and continuous driving force to the company.

Risk factors: Nationalization process exceeds expectations; product sales speed indicator.

Investment suggestion: Maintain EPS forecast for 2019-2021 to 1.


19 yuan, the current price corresponding to PE is 30/23/21 times, maintain “Buy” rating.

Chenming Paper (000488): Q4 results bottomed optimistic about demand rebound

Chenming Paper (000488): Q4 results bottomed optimistic about demand rebound

[Event]The company released its 2018 annual report and achieved operating income of 288 in 2018.

76 ‰, an average of 2% over ten years, and net profit attributable to the mother is 25.

1 ‰, 33 years ago.

4%, net profit after deduction is 43%, EPS 0.

51 yuan.

Revenue in the fourth quarter was 53.

83 ‰, 28 years ago.

64%, net profit attributable to mother 0.

29 ppm, a ten-year average of 97.


[Comment]The industry demand is sluggish, and the company bottoms out.

In the second half of 2018, due to the sluggish industry demand, the price of paper continued to decline, and the fourth quarter profit almost reached its lowest level in history, with a net profit of 0.


Initially, in the fourth quarter, the price difference of wood pulp paper grades shifted by 25%, and the gross profit 武汉夜生活网 margin shifted to 24%, which gradually decreased by 11.

5 points.

In terms of different types of paper, the gross profit margin of white cardboard has decreased significantly, only 16.

23%, a year down 14.

7pct, coated paper 27.

47%, ten years ago3.

2pct, double adhesive tape is basically flat.

We judge that industry demand is likely to bottom out.

At present, there is a basic consensus on price increases in the past three months. In April, the industry generally raised prices by 200 yuan / ton.

Considering that port inventory has improved month-on-month, it is reduced by about 6%. We estimate that further price increases are expected in the future. Overlapping in April is the traditional peak season. With the support of publishing house demand, the probability of price increases can be realized.

The 杭州桑拿 new production capacity has blossomed at multiple points, enhancing the certainty of performance.

In the second half of 2018, 30 injections of chemical wood pulp were put into production, and Shouguang Meilun 40 inserted wood pulp into the commissioning to continue to reduce costs and achieve performance expansion.

The selective contraction of financial leasing business reduces risks and improves profitability.

The company has selectively contracted its financial leasing business. As of the 2018 annual report, long-term receivables79.

27 ppm, a continuous improvement from the previous month, a decrease of 7.

USD 5.8 billion, USD 4 billion of non-current assets due within one year, a decrease of USD 1.8 billion from the previous quarter.

At the same time, the company’s cash flow from operating activities continued to improve, with a net recovery of 61.

900 million.

The company has announced the gradual divestiture of non-core businesses to enhance certainty in future performance.

Profit forecast and investment income.

We expect the company’s EPS for 2019-2021 to be 0.



61 yuan, corresponding to PE is 7.

5 times, we believe that Chenming Paper’s growth is stable and sustainable, maintaining the “highly recommended” level.

risk warning.

Due to the price war brought about by the unexpected commissioning of production capacity, the price of wood pulp dropped.