Zhongzhi Shares (600038) 2019 Interim Report Review: Accelerated Performance Growth Industry Will Usher in High Prosperity

Zhongzhi Shares (600038) 2019 Interim Report Review: Accelerated Performance Growth Industry Will Usher in High Prosperity

2019 Interim Report Performance Growth Exceeds Expectations: The company released the 2019 Interim Report and achieved revenue of 69.

One million yuan, an annual increase of 28.

75%; realized net profit attributable to shareholders of the listed company is 2.

410,000 yuan, an increase of 35 in ten years.

5%; net profit after deduction is 2.

32 ppm, an increase of 35 in ten years.


In the income statement, the company’s R & D expenses are zero.

0.94 million yuan, an increase of 96 over the same period last year.

28%. The accelerated R & D and finalization of the new model may be the leader in significantly increasing R & D costs.

On the balance sheet, the contractual debt component is 42.

9.6 billion, compared with the debt of 58 in the previous period.

00 million, down 25 a year.

92%, indicating that the company is accelerating production of order contracts for many years.

The Harbin branch contributed the most to the profit growth: from the perspective of the company’s four branches, the revenue of the Harbin branch was 18.

520,000 yuan, an increase of 76 in ten years.

54%; Jingdezhen’s revenue was 47.

72 ppm, an increase of 10 in ten years.

75%; Baoding segment revenue is 1.

960,000 yuan, an increase of 67 in ten years.

69%; Tianjin branch revenue is zero.

01 billion, a year-on-year decrease of 49.


Among them, the Harbin State Department has undertaken the production and development of straight straight 9, straight 19, Y12, EC120, H245 and related helicopter parts; the Jingdezhen branch has undertaken naphthalene straight 8, straight 10, straight 11, AC series and helicopter parts.Production is developed.

The new type of helicopter is a 10-ton helicopter, which has a large demand for products, and the remaining helicopters in this field are still 23 Black Hawk helicopters imported from the United States.

With the mass production of the new 10-ton military-civilian helicopter, it is expected that the blank in this field will also become the company’s main growth point.

The demand for civilian models will become a new driving force for the company’s future performance growth: the company’s AC series civilian helicopters have developed into 1-ton, 2-ton, 4-ton, and 13-ton full-spectrum products.

At present, the conventional aviation emergency rescue system is still in its infancy, which is far from the expected division.

Taking Germany as an example, Germany is currently equipped with 53 helicopter rescue stations, and a helicopter take-off and landing point is built every 50 millimeters to ensure that the helicopter can reach any place where rescue needs occur within 5 to 10 minutes.

As the main equipment for aviation emergency rescue, there are very few helicopters that can be used for emergency rescue missions in general. The 天津夜网 construction of aviation emergency rescue system has a very urgent need for helicopters.

Investment advice: We predict that the company’s EPS for 2019-2021 will be 1.

10 yuan, 1.

38 yuan and 172 yuan, corresponding to PE, 43 times, 34 times and 27 times, respectively, given a “recommended” rating.

Risk Warning: Progress of New Model Exceeds Expectations, Progress of General Aviation Development Is Slow

Tianbang shares (002124): The performance is in line with the expected breeding growth target

Tianbang shares (002124): The performance is in line with the expected breeding growth target

In 2019H1, the company’s net profit attributable to its mother decreased year by year by 555.

90%, in line with expectations. The company released the semi-annual report for 2019, and the company achieved operating income of 29.

410,000 yuan, an increase of 57 in ten years.

90%; net profit attributable to mother -3.

67 trillion, down 555 a year.


In a single quarter, the company achieved operating income of 16 in 19Q2.

950,000 yuan, an increase of 66 in ten years.

38%; net profit attributable to mother-0.

32 ppm, a decrease of 166 per year.

23%, in line with market expectations.

We expect that the company’s EPS will be 0 in 2019-21.



45 yuan, maintain “Buy” rating.

The pig price went up, and the company’s profitability significantly improved. In terms of pig breeding, the company produced 151 pigs in 19H1.

740 thousand heads, an increase of 69 in ten years.


In 19Q1, affected by the overall benefits of pig prices and rising costs, the company ‘s pig breeding business was cut by US $ 300 million. In the second quarter, pig prices were transformed and profitability improved significantly.

We are wholesale, 19H1, alternative 3 for pig breeding business.

6.3 billion (full cost 14.

79 yuan / kg); in terms of feed, the company reports the output, and the company sells aquatic products10.

3In the initial period, it increased by 24 every year.

0%, of which sales of specialty aquatic materials increased by 36%.

Affected by the loss of industry capacity, the company’s pig feed sales fell 21% year-on-year.

Our budget, 19H1, the company’s feed business contributed 0 profit.

In terms of biological products, the swine fever epidemic in Africa caused a significant decline in the pig inventory. In 19H1, the company’s biological products realized a net profit of 18.25 million yuan, a 65% decrease.

The epidemic affects the pace of slaughter of pigs. In 2019, about 2.6 million pigs will be slaughtered. In 19H1, the company focuses on pig breeding work on the prevention and control of the African swine fever epidemic, and at the same time, it steadily promotes the construction of productivity.4 new modern sow farms and 1 modern 杭州夜生活网 breeding farm.

As of the end of the reporting period, the company’s productive biological assets have reached 3.

780,000 yuan, down 26 from the beginning of the year.

54%, but a decrease of 5 compared with the end of the period.


We expect that in 2019, the company will produce around 2.6 million pigs.

The rapid increase in breeding coincides with the upward cycle. Maintaining the “Buy” rating is affected by African swine fever. The de-swap rate of hog production is much higher than the previous cycle, and farmers are cautious in recultivation. We expect that the supply of hogs will be insufficient in the next 1-2 years.The facts will support pig prices to remain high.

At the same time, considering the effect of African swine fever on the pace of slaughter, we adjusted the company’s slaughter volume of 2.6 / 3.佛山桑拿网5 million heads in 2019-2020 (previously variable 3 / 5.2 million heads), and predicted that the slaughter volume in 2021 will be 4.5 million heads.

Accordingly, we expect that the company’s EPS will be 0 in 2019-2020.


83 yuan (previous average 0.69/2.

40 yuan), and forecast an EPS of 1 in 2021.

45 yuan.

With reference to the average 9XPE estimated level of comparable companies in 2020, we give companies 8-10XPE in 2020 with a corresponding target price of 14.


30 yuan, given a “buy” rating.

Risk reminder: pig price does not rise as expected, the amount of slaughter is less than expected, and the epidemic is at risk.

Perfect World (002624) 2019 Interim Review: 2019H1 Performance Slightly Exceeds Forecast Limits Mobile Games Business Continues to Drive Revenue Growth

Perfect World (002624) 2019 Interim Review: 2019H1 Performance Slightly Exceeds Forecast Limits Mobile Games Business Continues to Drive Revenue Growth

Core views: First, the event company’s operating income in 2019H1 was 36.

56 trillion, a year down 0.

29%; net profit 南宁桑拿 attributable to shareholders of listed companies10.

20 ppm, an increase of 30 in ten years.

50%; deduct non-attributed net profit 9.

73 ppm, an increase of 37 in ten years.


  Second, our analysis and judgment The company’s mobile game business continued to develop in 2019, and a number of boutique games have been launched, bringing excellent flow to the company. At the same time, the company responded to market demand, the main theme of the film and television works reserve, and expected games and film and television worksThe subsequent business will continue to drive the company’s performance growth.

  (I) Mobile game business drives revenue growth, authorizes operations to advance sales rate improvement report progress, the company ‘s gaming business has steadily improved, and achieved operating income in the 天津夜网 first half of 2019.

7.8 billion, an annual increase of 8.

06%; operating costs reached 7.

67 ppm, a decrease of 11 per year.

91%; the overall gross profit margin of the mobile game business increased by 6.

04% to 73.


Among them, mobile game revenues increase by 39 each year.

42% to 16.

89 million, contributing to the main revenue elasticity of the game business.

The company’s self-developed “end-to-hand” game “Perfect World” performed brilliantly, with over 1 billion monthly turnover in the first month, and once it went online, it ranked first on the iOS bestseller list for more than 20 days, becoming a phenomenal explosive mobile game.

The company’s self-developed mobile game “Four Seasons Songs in Cloud Dreams” and “The Condor Heroes 2” also brought good profits to the company.

At the same time, due to the company ‘s authorized third-party agency distribution and operating model for key games, the sales rate in the first half of the year decreased2.


  (2) A number of TV dramas recognized revenue, replaced the cinema business to drive a report on gross margin improvement, and the film and television business revenue.

79 trillion, due to the exclusion of the cinema line business, revenue fell 22 per year.

42%; after excluding the impact of the cinema business, the company’s film and television business revenue increased by 32 per year.

25%; gross margin reached 50.

94%, an annual increase of 11.


In the first half of the year, a number of high-quality TV dramas confirmed revenue. The company’s productions of “Little Girl Flowers”, “Youth Fight”, “July and Anson” and other fine-quality TV dramas have been aired one after another.
At the same time, as the company divested its cinema business, the overall gross profit margin of the film and television business increased and increased11.

86% to 50.


  (3) The game product reserves are abundant, the film and television dramas are re-approved with the main game version of the main theme project, the industry policy has been improved, and the company’s performance has been continuously repaired.

  The company continues to expand the research and development of new games and the layout of the subdivided game market. Currently, there are several hand games such as “My Origin”, “Dream Collection Cygnus”, “New Demon Land”, “Xin Xiao Ao Jiang Hu”, etc.Covering MMORPG, ARPG, SLG and other types, it is expected to continue to drive the company’s revenue.

  In terms of film and television business, the company actively responded to market needs and invested in filming a number of main theme dramas. Among them, 10 TV dramas such as “Return” were selected into the “2018-2022 Selected Key TV Dramas”; The ministry was selected into the list of “Excellent Repertory Shows Celebrated by the 70th Anniversary of the Founding of New China”.

In the context of the severe regulation of the film and television industry, the company’s main melody film monoclonal antibody risk capability has relatively improved, and it is expected that the company’s film and television business will perform better in the second half of the year.

  Third, the investment proposal estimates that the company’s net profit attributable to the mother in 19/20 will be 20 respectively.

8.7 billion / 24.42 ppm, an increase of 22 in ten years.

3% / 17.

01%, corresponding to PE respectively 16.

0x / 13.

7x, give recommendation level.

  Fourth, the risk reminds that the game flow is lower than the expected risk, the film and television production income is lower than the expected risk, and the risk that the industry’s policy supervision will become severe.

Guizhou Moutai (600519) quick review of major events: preliminary test results fluctuate steadily and confidence remains unchanged

Guizhou Moutai (600519) quick review of major events: preliminary test results fluctuate steadily and confidence remains unchanged
Matters: The company announced the preliminary accounting of production and operation on the morning of the 2nd: the production of Moutai base wine in 2019 will be about 4.99 constant, about 2 series of wine-based wine.51 budget; total operating income of about 88.5 billion in 2019, an increase of about 15% per year; net profit attributable to mothers is about 40.5 billion, an increase of about 15%.The company’s planned annual operating income for 2020 will increase by 10%.The opinions are as follows: Guoxin’s point of view: We believe that the company continues to consolidate the foundation of the market and channels. The business goals and planned volume both show confidence in stable growth. In a benign development track that places more emphasis on quality, there is no need to waste excessive short-term performance.The brand value continued to increase, and the EPS for 2019-2021 was slightly reduced according to the operating announcement to 32.82/38.70/44.76 yuan, corresponding to 34/29/25 times PE, one-year target assessment of 1314-1396 yuan, maintain “Buy” rating.  Opinion: The preliminary test results of Q4 exceeded expectations, and the group’s goal was successfully completed. From the announcement, the 19Q4 revenue was estimated to increase by 25 billion yuan.5%, the fourth quarter returns to the parent profit of 100.500 million with a decrease of 4.1%, lower than market expectations.Preliminary accounting data Audit by a statutory accounting firm, there is uncertainty. Refer to the preliminary accounting data announced on the same day last year (income increased by about 23%, profit increased by about 25%) and the disclosure of the final annual report (income increased by 26%, profit equal(30% increase).The Moutai Work Conference was announced yesterday. The Moutai Group’s operating income in 2019 will be 100.3 billion U.S. dollars, a year-on-year increase of 17%. Net profit will be 46 billion U.S. dollars, a year-on-year increase of 16%. A budget of 416 will be achieved, an increase of more than 8%. The annual target plan will be fully completed.The “13th Five-Year Plan” was completed by the year.  The reasons for the expected decline in performance due to the high base and confirmation rhythm are expected to include the following reasons: 1. 18Q4 intensified the launch of non-standard wine, and the shipment volume increased significantly. At the same time, some expenses rushed back at the end of the year, resulting in a single quarter sales expense ratio of only -1.23%, two factors caused Q4 revenue to increase by 34%, profit increased by 48%, 19Q4 performance under a high base; The Spring Festival was earlier this year. Before the implementation of 1-2 months in advance in December 19, the progress of payment and delivery was advanced, but it is not expected to be recognized as revenue. The advance receipt of the company’s statement in 18Q4 increased by 2.4 billion yuan.Recent findings show that the 2020Q1 plan has been implemented in December, and the channels have gradually arrived. The approval price is between 2450-2500. The overall stability has increased slightly with the arrival of the peak season, and the market demand is strong. Expect performance in the peak season.  Stable and stable growth, optimistic about medium and long-term dividends. The 佛山桑拿网 company’s planned revenue will increase by 10%, which is in line with the previous target of stable growth in 2020. The volume of Moutai in 2020 is planned3.45 was initially calculated, compared to the same period last year.1 a plan to improve 11.3%, the volume exceeded market expectations.Yesterday ‘s meeting revealed that the company ‘s expected goal is to complete 110 billion operating income in 2020, an increase of 10%, and a net profit of 50.5 billion, an increase of 10%. We believe that the company continues to strengthen the market and channel foundation, and the reform of the marketing system is expected to stimulate growth vitality.Long-term high-end liquor consumption dividends continue, optimistic about the steady development of the leader and the continuous improvement of brand value.  Earnings forecast rating We believe that the company continues to consolidate the market and channel foundation. The business goals and planned volume both show confidence in stable growth and are in a benign development track of greater quality. It is not necessary to excessively extend short-term performance changes. We are optimistic about the company’s leading mid-to-long-term stable development and brand valueContinue to improve, according to the operating announcement, slightly lower the EPS for 2019-2021 to 32.82/38.70/44.76 yuan, corresponding to 34/29/25 times PE, one-year target assessment of 1314-1396 yuan, maintain “Buy” rating.  Risks suggest that the industry’s business climate is changing; the channel expansion is slow; capacity building is not up to expectations;

China Communications (688009): Leading Enterprise in Global Rail Transit Control System

China Communications (688009): Leading Enterprise in Global Rail Transit Control System

Adhering to the strategy of “focusing on one industry and related diversification”, we will build a leading enterprise in the global rail traffic control system.

The company is the world’s leading provider of rail traffic control systems and has mature products and services across the entire industry chain.

The main business of China Tonghao is the two major categories of rail transit control systems and general contracting. The related services of rail transit control systems include the design and integration of rail transit control systems, equipment manufacturing and system delivery services.

The company focuses on the research and exploration of rail transit control system technology, and is committed to providing safe and efficient core support for national rail transit operations. It has become the world’s leading provider of rail transit control system solutions and has industry-leading R & D and integration capabilities.To provide customers with integrated services for the entire industrial chain of rail transit control systems.

The participation in the science and technology board this time raised funds to invest in R & D and production, effectively improving the company’s comprehensive competitiveness.

The rail transit industry maintains a high level of prosperity, and technology builds the company’s core barriers to competition.

The rail transportation industry where China Tonghao is located is represented by high-speed rail, general railway, and other railway industries, as well as urban rail industries represented by subways, light rails, trams, and magnetic levitation. The railway and urban rail industries maintain relatively high prosperity.

Initially, the demand for updating and upgrading the railway stock market control system is gradually increasing, and the supplementary lines of urban rail transit are increasing rapidly.

The core technology builds the leading position of the company’s global rail transit control system. The company has a long history and has become the industry’s first-mover advantage. With the support of the core technology advantage, the company can 武汉夜网论坛 provide downstream customers with integrated industrial chain integrated services and improve the company’s comprehensive profitability.At the same time, it explores overseas markets, broadens the company’s profit path, and helps the company’s long-term sustainable development.

Profit forecast and investment rating: According to the industry development profile, market competition pattern and the company’s orders in hand, the company is expected to achieve revenue of 477 in 2019-2021.



2.6 billion, an annual increase of 19.

31% / 19.

13% / 20.

At 50%, the net profit attributable to the parent company was 39.



83 ppm, an increase of 15 in ten years.

61% / 17.

07% / 16.


According to PE’s relative estimation method, CRRC ‘s comparable companies CRRC, Zhonghe Technology, and Mind Control are listed in the A-share market with an estimated PE level of 15-30 times. ChinaCompass is a reasonable level in this estimation range.Covered for the first time and given an “overweight” rating.

Risk reminders: Rail transit investment is seriously deteriorating; the competitive landscape is deteriorating; macro-systemic risks.

Wanda Film (002739) In-depth analysis of the company: the realization of the film industry chain layout leading operation efficiency is prominent, but short-term pressured by the industry

Wanda Film (002739) In-depth analysis of the company: the realization of the film industry chain layout leading operation efficiency is prominent, but short-term pressured by the industry

Investment Highlights: The company was established in 2005 and is a leading domestic cinema company.

As of the end of 2018, Wanda Film had 5,279 screens, surpassing growth by 15.

49%, the market share for several consecutive years ranked first in the cinema and film investment company, with obvious advantages.

The company has shown high efficiency in terms of single-screen productivity, average attendance per person, attendance, and average fare.

The company has a reasonable income structure for theaters. Non-ticket revenue with a high gross profit margin accounts for a relatively high proportion, which can hedge the impact of the decline in the gross profit margin of the projection business to a certain extent.

The company acquired Wanda Film and Television to realize the layout of the entire industry chain.

The company issued 33 shares.

The additional issue price of 20 yuan per share was 3.

1.7 billion shares, a total of 105.

24 trillion transaction price to acquire Wanda Film 95.

7683% equity has realized the layout of the entire film industry chain. After the acquisition is completed, Wanda Films has achieved upstream coverage of Wanda Films, which includes main movies, TV series, games and other content; Midstream covers Wuzhou Films, where Wanda Films is a shareholderThe main film promotion and distribution business; the downstream covers domestic Wanda theaters and foreign Hoyts theaters, including broadcast channels, Wanda media and publicity for advertising, and online time ticketing and peripheral derivatives.

All additional issues were completed on May 27.

Investment rating and profit forecast: In the domestic film market, the number of box office moviegoers in 2018 was only 8 respectively.

69% and 5.

A low-speed growth rate of 92%; from the situation in January-April 2019, both the box office and the number of movie viewers cited negative growth in the same period of 2018, which also led to the company’s operating performance growth in the first quarter of 2019.
We believe that with the country’s stated goal of reaching 80,000 screens by 2020, it is difficult to correct the competition pressure between theaters in the short term, and the alternate box office growth rate has shifted, causing the single screen to gradually decline.To face relatively large pressure on business 重庆耍耍网 performance.

However, considering that the company relies on the Wanda commercial real estate project, it has the dual advantages of a small number of rental costs and operating efficiency that is significantly higher than the industry average. In addition, under the pressure of the industry, some theater funds have already withdrawn.The turning point in performance will occur around 2021.

Rated in the North American market (mainly the United States and Canada) 3.

7 times (male) / 3.

4 (female) per capita viewings, the current per capita viewings in China is only 1.

2 times, still in a difficult growth space, so long-term optimistic about the company’s growth potential in the downstream cinema business.

Without taking into account the inevitable factors of Wanda Film and Television, the company still uses the 17 before the company’s additional offering.

Based on the calculation of 6.1 billion shares, the company’s EPS for 2019-2021 is expected to be 0.



07 yuan, according to the closing price of 18 on May 28.

Calculated at 96 yuan, the corresponding PE is 25.



7 times.

If Wanda Film’s promised net profit is used as a reference for consolidation, the company’s additional issue will be used.

7.8 billion shares of equity as a base, corresponding to a fully diluted EPS of approximately 1 in 2019-2021.



52 yuan, according to the closing price of 18 on May 28.

Calculated at 96 yuan, the corresponding PE is 17 respectively.

47 times.

We are optimistic about the company as a leader of the cinema channel. Under the circumstances that the cinema industry generally suffers from overcoming operating pressures, the company has demonstrated alternative operating advantages and its operating efficiency is in the leading position in the industry.Certain upside.

At the same time, the company also realized the layout of the entire industry chain in the process of acquiring Wanda Film and Television, becoming a relatively rare company in China that can realize the link to the entire film industry.

Due to the prosperity of the industry, the company’s performance still needs to bear relatively large pressure in the short term, coupled with the company’s high existing goodwill, there are certain risks. Therefore, the company’s “overweight” rating is given for the first time under comprehensive consideration.

Risk reminder: the risk of goodwill impairment; the box office growth of the movie is lower than expected; the inefficient operation of the cinema line affects the performance

Jinhe Industrial (002597): Q2 performance will grow sequentially and Dingyuan will continue to build

Jinhe Industrial (002597): Q2 performance will grow sequentially and Dingyuan will continue to build
Event: Jinhe Industrial announced its 2019 Interim Report, and the company achieved revenue 19 in the first half of the year.780,000 yuan (at least -12.32%), realizing net profit attributable to mothers4.10,000 yuan (-26 per year).07%); 19Q2 achieved revenue of 10.69 ppm (at least -4.42%, +17.68%), realizing net profit attributable to mothers2.2.1 billion yuan (-12 per year).17%, +22.16%). Comments: Jinhe’s 19Q2 performance increased month-on-month. We analyzed the rise in prices of hydrogen peroxide and other products, and the technical transformation of sucralose increased production and sales.Jinhe 19Q2 gross margin was 34.6% compared with 31 in 19Q1.There was a slight increase of 2%. From the perspective of the price changes of the company’s products and raw materials, hydrogen peroxide (19Q2 price + 9%), nitric acid (19Q2 price + 9%), and sulfur (19Q2 price-9%) were the main factors.contribution.In addition, the sucralose technical transformation and expansion project (nominal annual output of 1,500 tons-> 3000 tons) was completed at the end of February and the main project was transformed into a trial production state, which resulted in increased sales and reduced costs. Dingyuan continued to build in the first phase, which helped its performance continue to grow steadily. As of June 31, the company has a total of Dingyuan (the budget number 8).600 million), expansion and expansion of sucralose (budget number 2.500 million) and other 10 total budgets14.9.1 billion projects are under construction and the remaining investment is about 900 million; the current asset-liability ratio is only 30.2%, better operating cash and abundant funds. On July 10, the company’s biomass cogeneration project was put into operation and connected to the grid for power generation.After that, in the first phase of Dingyuan (total investment of 8 billion to 1 billion), 1 cracked furfural (which is the raw material for maltol production), 4 chloride sulfite (which is the raw material for sucralose production) and public works projects will also be put into trial operation. Deepen the furfural industry chain layout: In the same month, Jinxuan Technology submitted an environmental impact assessment, stating that 5,000 tons of maltol in the original phase of Dingyuan was no longer under construction, and a new investment was planned3.600 million US dollars to build 600 tons of furanone, 3,000 tons of Jiale musk, 2,000 tons of 2-methylfuran, 3,000 tons of 2-methyltetrahydrofuran, 1,000 tons of furan ammonium salt and other projects, construction period of 12 months.We analyze this move to “retreat and advance” to temporarily avoid intensifying the competition in the maltol market, but at the same time continue to strengthen the overall competition in the furfural industry chain and ensure the leading position of the maltol market. To further enhance the cost competitiveness of sucralose: the company’s sucralose cost may be significantly reduced; at the same time, the company focuses on by-product recycling, solvent reduction and recovery, energy conservation optimization, and improvement of disposal capacity to further reduce sucralose productionCosts increase the basis. Actively develop towards consumer terminals, and launch “Ailetian” brand products through Internet channels. Stock repurchase demonstrated confidence, and the first phase of the core employee stock ownership plan enhanced incentives. On May 10, the company passed the forecast by zero.75-1.500 million U.S. dollars of its own funds were used for centralized bidding to repurchase shares for the subsequent implementation of employee shareholding plans or equity incentives; until July 31, the company converted to repurchase 6.38 million 杭州桑拿 shares with a total transaction amount of 1.20,000 yuan (excluding transaction costs). On August 12, the company released the first core employee shareholding plan. The company has no more than 755 directors and supervisors. Middle-level core management and business technology backbones can subscribe for shares at a price of 16 yuan per share, and raise the most funds.0 million.In addition, the actual controller, Mr. Yang Le, promised to invest in Jinrui during the reorganization of the employee’s shareholding plan holders. Mr. Yang Le will introduce the principal part of the replacement to supplement it. Investment suggestion: Jinhe Industrial is a high-quality Baima chemical company. It has developed from coal chemical industry and now has a global leading position in food additives such as acesulfame, sucralose, methoxy / benzyl maltol, and is still deepening its layoutFurfural industrial chain, strengthen cost competitiveness of sucralose, and deepen moat.Since 18 years, the price of portable products has fallen. The company’s performance has exceeded pressure. At present, the price risk of most products has been fully exposed, and Dingyuan’s follow-up project construction is continuously advancing to bring more volume to promote the company’s stable development. Investment suggestion: Buy-A investment rating is given for the first time with a 6-month target price of 25 yuan.We expect the company’s net profit for 2019-2021 to be 8 respectively.06, 9.17, 10.2 billion, the corresponding returns are 1.44、1.64, 1.79 yuan / share, target price of 25 yuan is equivalent to P / E of 17 respectively.4, 15.2, 14.0 times. Risk reminder: the risk of pressure on chemical product prices, the risk of new projects failing to meet expectations, and the risk of increased competition in the industry

Sofia (002572): Q2 growth significantly picks up and expects a better self

Sofia (002572): Q2 growth significantly picks up and expects a better self
Sofia Interim Report: The company’s 19-year interim report realized revenue 31.400 million, a five-year growth of 5.2%; net profit attributable to mother 3.9 trillion, an increase of 6% in ten years, and 0 after deduction.4%.Among them, the second quarter achieved revenue of 19.60,000 yuan, an increase of 12 in ten years.2%; net profit attributable to mother 2.8 ppm, a six-year increase of 6.8%, after deducting non-growth 7.7%. Revenue rebounded month-on-month: the company’s revenue in the first half of the year increased by 5.2%, of which the second quarter revenue increased by 12.2%, a noticeable pick-up in the first quarter from the previous quarter, in which the growth of the wardrobe business improved significantly: the first half of the wardrobe and furniture home furnishings revenue of 27.30,000 yuan, an annual increase of 3.6% in the second quarter, single-quarter revenue of 16.900 million, an increase of 11 in ten years.The average growth rate of distribution channels and bulk channels showed a trend, increasing by 2% and 23% respectively in the first half of the year; the single-quarter growth in the second quarter was 11% and 36%.From the perspective of volume and price, the company’s customer unit price was 1.09 million yuan, a year-on-year growth of 5%, of which the single-quarter and second-quarter growth was close to 10%; the number of orders slightly tilted in the first half of the year, the single-second quarter growth rate of about 4%.In response to market changes this year, the company has made positive adjustments in various aspects such as dealer management, multi-channel layout, products, and terminal performance evaluation, and the results have begun to show.In terms of dealer management, the company further strengthened the reform of weak dealers, eliminating / optimizing 36 dealers in the first half of the year, accounting for about 2.5%; at the same time, the supervision and management of dealers, to ensure the implementation of headquarters sales promotion policies in the terminal.  In terms of multi-channels, the company actively promotes the layout of engineering, home improvement, and e-commerce channels. At present, e-commerce has become an important drainage channel for first-tier cities such as Beijing, Shanghai, Guangzhou, and Shenzhen, with traffic accounting for 40% -50%.In terms of products, the company promoted the light luxury category and Kangchun board steadily. In the first half of the year, the number of Kangchun board customers was close to 20%, an increase of nearly 10pc compared to 18 years, and the revenue share was close to 10%., Launched a variety of products such as industrial style in line with contemporary consumer fashion, this year, light luxury products have gradually launched sample, welcomed by consumers.In terms of terminals, the company further strengthened the customer service level and related assessments, and strived to increase the order conversion rate while increasing the number of orders.In terms of stores, in addition to the continuous expansion of store expansion, the company’s 1,000 square meters large home store model has basically matured. This year, the opening of large home stores has accelerated. 78 stores opened in the first half of the year, reaching 176, and it is expected to open 150 new stores.The overall transformation of big home stores’ products has gradually improved the customer unit price and conversion rate, which is expected to help the company further improve its one-stop service capability. Profit forecast and investment recommendations: We estimate that the company’s net profit attributable to shareholders of listed companies in the years 19-21 will be 10 respectively.800 million, 12.500 million, 14.7 trillion, an increase of 12.3%, 15.5%, 18.1%, given a 6-month target price of 26.9 yuan, maintaining the “Buy-A” level. New business: Cabinet revenue in the first half of the year 3.10,000 yuan, an increase of 12 in ten years.3%, second quarter revenue of 2 million US dollars, an increase of more than 12%, the overall growth rate of the cabinet remained stable, and through the expansion of the scale and improvement of management, has achieved a substantial reduction in losses, an increase of 12.24 million yuan in the first half, a single quarterNearly 5.94 million yuan.At the end of the second quarter, there were 837 Simi stores, 15 more than the end of the 18th, and the target was 922 stores at the end of the 19th.The revenue of Mumen in the first half of the year was 8051 million, an annual increase of 34.2%, second quarter revenue of 52.13 million yuan, an annual increase of 33.1%.There were 195 Mumen stores at the end of the second quarter, 14 more than the end of 18 and a target of 281 stores at the end of 19th.As the scale is still increasing, the business will still increase by 2085 million in the first half of the year. Price adjustment caused a decline in gross profit margin: the company’s net profit increased by 6% in the first half, of which the second quarter increased by 6.At 8%, the company’s investment company Aofei Data was listed. The net income from changes in the fair value of the shares held accounted for 15.2 million yuan in the first half and 16.52 million yuan in the second quarter. After deducting this non-recurring profit and loss, the company’s net profit in the first half of the year increased by about 2.9%, second quarter net profit increased 重庆耍耍网 by 11.5%, the company’s net profit growth also picked up.The company’s comprehensive gross profit margin was 36 in the first half of the year.7%, 1pc above the first level, 38% gross margin in the second quarter, exceeding the first level.At 7pct, the decrease in gross profit margin was mainly due to the company’s second quarter price reduction of wardrobe products. The scale effect of cabinets, wooden doors, and wooden door products increased. In the first half of the year, the gross profit margins of wardrobes, cabinets, wooden doors, and furniture increased by -1.3, 2.3, 5.9, -1.8 points.In the first half of the year, the company’s expense ratio was 22.4%, a slight increase of 0 a year.3pct, the expense ratio during the second quarter was 20.1%, a decline of 0 per year.3 points.In the first half of the year, the company’s 西安耍耍网 sales expense rate was 11%, which increased by 0 every year.8 points, mainly due to the company’s increased marketing efforts and sales staff, sales staff salary rate in the first half of the year3.9%, an annual increase of 0.8pct, advertising rate 4 in the first half of the year.1%, flat over the same period.The company’s sales expense ratio for the second quarter was 9.9%, an annual increase of 0.5pct; the first half of the management R & D expense rate is 11%, extended 0 every year.7 points, management R & D expense rate 9 in the second quarter.8%, accumulative 1pc a year; the financial rate in the first half of the year is 0.4pct, an increase of 0 every year.2pct, the increase in interest payments from major bank borrowings.Financial expense for the second quarter was 0.4pct, an increase of 0 every year.2pct. Marginal improvement of cash flow and advances: the company’s operating cash flow in the first half of the year.300 million US dollars, about 31% at the beginning of the decade, cash flow in the second quarter6.50,000 yuan, an increase of 11% in ten years, the cash flow situation has improved.Accounts receivable of the company at the end of the reporting period 8.2 trillion, an increase of 2.3 trillion, mainly affected by bulk business.Accounts received in advance at the end of the second quarter 5.1 ‰, an increase of 1 at the end of the earlier quarter.1 trillion, the same level as in the same period in 18; accounts payable and notes 7 trillion, an increase of 2 from the end of the first quarter.2 trillion, an increase of 0 earlier in the same period of 18 years.800 million. The worst time may pass: July 19, the completion area of the house alternates with 0.6%, the decline was significantly narrower than before, the second half of 2018 was the peak period of new construction, and then gradually brought back the completion of the area, and stimulated the recovery of cyclical demand after real estate.In the second stage of the growth of the customization industry, corporate performance is greatly affected by changes in the real estate boom, and the recovery of real estate demand + low base effect. The pressure on corporate performance growth in the second half of the year will help alleviate.In the medium and long term, companies rely on their own product design, cost control, store optimization, system operation efficiency optimization and other aspects to gain a higher market share, and new formats / news such as housing installation / refurbishment / new retail / big homeThe successful layout of the channel companies have obtained a stronger driving force for sustained and steady growth.As a leading company in the field of wardrobes, the company has always had advantages in manufacturing, channel management, dealer strength, and terminal services.Over the past 18 years, the company has actively adjusted its business problems such as the lack of a competitive elimination mechanism for existing dealers, inadequate product upgrades, and inadequate layout of emerging channels, which have achieved initial results.At the same time, the company is still actively expanding its stores under the background of the weak market. It added 523 stores in 18 years. The expansion of stores in 19 years still maintained a rapid trend. Sophia, Smy cabinets, wooden doors, and large homes plan to add 300 stores each.100, 100, 150, 19H1 added -70 (almost 300 stores in the first half of the year, affecting the number of stores in stages), 12, 14, 78.The company continues to expand in a weak market environment, seize market share, and consolidate leading divisions. In the future, we expect to receive more positive feedback on the report side. Risk warning: market competition continues to deteriorate, cabinet sales progress exceeds expectations

Sanquan Food (002216): Increase in advance receipts, net profit margin expected to continue to rise

Sanquan Food (002216): Increase in advance receipts, net profit margin expected to continue to rise

Core point of view: advance accounts received increase, high net profit growth in the first three quarters of 19 company income42.

100,000 yuan, an increase of 0 in ten years.

43%; 19Q3 income 11.

68 ppm, a ten-year increase4.


We expect the company’s catering channel revenue to continue to grow by about 40% in 19Q3 and the impact of the swine fever incident to fade away.

Accounts received in advance for the first three quarters4.

870,000 yuan, an increase of 87 in ten years.


Net profit attributable to mothers in the first three quarters1.

170,000 yuan, an increase of 30 in ten years.

26%, 19Q3 net profit attributable to mothers increased by 280 year-on-year.


The high increase in net profit was mainly due to lower expense ratios, reduced asset impairment losses, lower yields and other gains.

In the first three quarters of 19, the gross profit margin declined and decreased by one.

52 points.

Selling expense ratio decreased by 0.

64pct, the management expense ratio (including research and development expenses) is reduced by 0.

12pct; financial expense ratio reduced by 0.


Asset impairment losses are reduced by 24 each year.

66%; income expenses are reduced by 67 per year.

90%, mainly due to the reduction in the deferred income tax assets of Longfeng.

Other gains are 0.

54 ppm, an increase of 86 in ten years.


Supermarkets reduce losses, catering efforts, net profit margin is expected to continue to improve in 成都桑拿网 the next 3 years, the company ‘s fundamentals have improved significantly, and profitability has continued to increase in the next 3 years.

1) The company’s direct sales channel of the supermarket is continuously expanding. The company gradually expands the expenses of the supermarket, and the net profit margin of the retail channel is expected to continue to increase in the future.

2) Gradually increase the demand for catering standardization and promote the rapid growth of the catering quick-frozen semi-finished products industry. Sanquan actively plans catering channels. The company’s catering market revenue is expected to maintain a rapid growth of about 30% in the next three years.Is 6.

46%, the increase in the proportion of catering channel income promoted the company’s net profit margin.

3) The company deepens its 武汉夜网论坛 internal structure adjustment, optimizes performance appraisal, and reduces excess expenses. It pays employees an increase of 48 in cash every three quarters.

At 06%, the salary level of employees has improved significantly, which is expected to activate the vitality of the team.

Earnings forecast We expect net profit attributable to mothers in 19-21.



48 ppm, an increase of 62 in ten years.

66% / 54.

37% / 35.97%, EPS is 0.



43 yuan / share, corresponding to PE is 51/33/24 times.

With reference to a comparable company evaluation, considering the company’s high growth performance, it is given 40 times PE for 20 years, corresponding to a reasonable value of 12.

8 yuan / share, give a buy rating.

Risks indicate that the cost of raw materials has risen more than expected, causing gross margins to exceed expectations; industry competition has intensified, and expenses have exceeded expectations; food safety risks.

Jiuyang (002242): Expansion of category expansion continues internationally

Jiuyang (002242): Expansion of category expansion continues internationally

Key points of investment Soymilk started to expand to small household appliances in many categories.

Jiuyang started with a soymilk machine. In 1994, Jiuyang’s first soymilk machine was born. In 1995, Jiuyang set up a sales department, a production department, and a research and development department, and began professional operations. In 2002, it established a development strategy for the diversified operation of small appliances.; In 2008, Jiuyang was listed on the Shenzhen Stock Exchange.

Jiuyang continued to expand from soymilk machines to diversified quality small appliances, achieving stable development.

In 2018, Jiuyang accounted for 28%, 26% and 67% of cooking machines, juice extractors and soymilk machines respectively, with a market share far ahead. It ranked third in the industry in cooking appliances such as rice cookers and induction cookers, and was solid.

Category expansion and product upgrades continued: The company continued its category expansion starting from the soybean milk machine.

Soymilk’s share of revenue dropped from 50% in 2007 to about 20% in 2018.

Scale, the company’s advantage lies in the advantages of the food processing machine category, and product upgrades, from ordinary soymilk machines to unmanned soymilk machines, silent soymilk machines, wall breaking machines, etc., continue to achieve product upgrades; thus, the company continues to expand and enrichIn the field of small kitchen appliances, the acquisition of Shangkoningjia (China) in 18 years extended the product line to the field of household cleaning.

Online high-speed growth, offline retail terminal upgrades and improvements: The company continues to improve its channel layout and online and offline common development. In 2018, about 50% of the company’s revenue came from online.

This year, the company officially started the “Joyoung Jiuyang Official Flagship Store” business that directly runs the Tmall platform, realizing offline experience, online ordering, nearby delivery, and door-to-door service and other new O2O shopping experiences.

The company has more than 300 first-tier distributors and 40,000 retail terminals. The company adheres to the business philosophy of “channels around passenger flow”, continues to optimize and upgrade traditional channel terminal stores, and vigorously promotes the construction of its own channel stores, gradually forming different coverage.A three-dimensional channel sales network for the hierarchical market.

The controlling shareholder acquired Sharkninja, and cooperation at 北京夜生活网 home and abroad helped the growth: JS Global, the controlling shareholder, acquired sharkninja in 2017, and began to benefit from order transfer in 2018. The company’s overseas revenue increased significantly by 102.

2% to 2.

US $ 8.6 billion. It is expected that export orders will continue to increase in 2019. At the same time, taking advantage of shark’s advantage in cleaning small appliances, Jiuyang launches vacuum cleaners, steam mops, sweeping robots and other products. The expansion of domestic sales has been enhanced.

Earnings forecast and investment advice: Cover for the first time and give an “overweight” rating.

Based on the company’s new products to promote high-speed sales, and the collaboration with sharkninja in products and channels to help category expansion and growth in overseas sales, we expect the company’s revenue in 2019-21 will be 92.



180,000 yuan, net profit attributable to mother 7.



46 trillion, corresponding to EPS 1.



23 yuan, the current total corresponding to the 19-21 year surplus increased 20/18/16 times.

The company’s historical valuation is 20-23 times PE. Considering that the company’s channel adjustments have been completed, new products have been launched since 18 years, the value has risen, and overseas orders have increased after the merger of shareholders’ acquisition of sharkninja, and the momentum of domestic sales category expansion has increased. We believe the company’s reasonable forecast levelIn order to correspond to 23-25 times the 2019 estimate, the corresponding target price is 23.



Covered for the first time, giving “overweight” rating.
Risk Warning: Large proportion of equity pledge, new product sales are less than expected, raw material prices fluctuate, and industry competition is intensifying