Feile Audio was put on file-huge loss of 3.3 billion net assets was negative, just warned last month

Feile Audio was filed: huge loss of 3.3 billion net assets was negative, just warned last month
Original title: May plummet!”China’s First Share” was filed for investigation: a huge loss of 3.3 billion in net assets was negative. It was just warned last month Source: China Fund reported that it never expected that one of the eight old shares known as “China’s First Share” was “Xiaofei””Le” is now facing a number of crises.  On the evening of July 3, Feilo Audio (right protection) issued an announcement saying that it had received a letter of investigation from the Securities and Futures Commission of the People’s Republic of China. Because the company was suspected of information disclosure violations, the Securities and Futures Commission decided to file an investigation into the company.  Prior to these investigations, Feile Audio was disrupted due to inflated revenues and profits, and large performances.The hidden dangers of goodwill impairment due to mergers and acquisitions in the past have also caused the company’s fundamentals to continue to deteriorate.  What is even more worrying is that Feilo Audio, which has a bleak performance, may face the risk of delisting in the future, which also hurts institutions and investors who were once bullish.  The market opened on July 4th, Feile Audio’s stock plunged 8.8%, sustainable minimum hit 3.4 yuan.At noon, Feilo Audio was included as 3.50 yuan, down 6.67%.  Feilo Acoustics has received a warning letter from the Securities Regulatory Bureau when it was filed for investigation, which has impacted the hearts of countless old shareholders.  Feile Audio (commonly known as “Xiao Feile”), which appears to be the “China’s First Share,” disclosed a notice on the evening of July 3 stating that it had received a “Notice of Investigation” from the China Securities Regulatory Commission because the company was suspected of information disclosureIn violation of laws and regulations, according to the relevant provisions of the Securities Law, the CSRC decided to file an investigation into Feile Audio.  From the above announcement, the reasons for the suspected violations in this investigation are not clear.However, in the case of Air Force Feile Audio, it may still be related to the company’s inflated performance in the past financial reports and a financial bath.  On June 11, Shanghai Securities Regulatory Bureau issued a ticket to Feilo Audio.The above-mentioned ticket pointed out that the company had a false increase in operating income and net profit in the recognition of some construction project revenues in 2017, which led to a change in the semi-annual and third-quarter results of the year.Due to inaccurate disclosure of performance information and false statements of financial information in violation of relevant regulations, the Shanghai Securities Regulatory Bureau decided to issue an administrative supervision measure to Feile Audio.  Judging from the above-mentioned suspected content, Feile Audio made great efforts to modify the project income and inflated profits. At the same time, it also fanned the semi-annual performance in 2017, and then readjusted it in the 2018 annual report season.Major issues in its information disclosure.  According to reports, on July 13, 2017, Feile Audio announced the 2017 semi-annual results pre-announcement announcement, which is expected to increase the net profit attributable to shareholders of listed companies by about 400% in the first six months of 2017; October 2017On the 11th, the company issued a January-September 2017 performance pre-announcement announcement, stating that from January to September 2017, it is expected that the net profit attributable to shareholders of listed companies will increase by about 360%.  On April 28, 2018, Feile Audio issued an announcement on the correction of accounting errors in the previous period, and adjusted for one of the accounting errors in the 2017 semi-annual report and the third quarterly report, which gradually reduced its operating income from January to June 2017.5.1 billion yuan, net profit attributable to shareholders of listed companies.8 billion yuan, after the reduction in 2017 semi-annual results increased 104% over the same period last year; continued to reduce operating income from January to September 201717.$ 4.2 billion, net profit attributable to shareholders of listed companies.5.2 billion yuan. After the reduction, the January-September 2017 performance increased by 54% compared with the same period last year.  After such a series of performance adjustments, revenue disappeared out of thin air17.42 ppm, net profit growth has also been reduced several times, the performance difference is very obvious.  The glory of “China’s First Share” is no longer the plunge caused by huge losses. Many old shareholders still have many deep memories. As the “China’s First Share”, Feile Audio was once the capitalPopular companies have also overlapped in important parts of China’s securities market history.  Data show that, before the Shanghai Stock Exchange was opened in the 1980s, Feile Audio’s stock had already been issued nationwide.On September 26, 1986, as the nation’s first joint-stock pilot company that issued shares to the public, Feilo Audio’s stock was listed and traded on the Industrial and Commercial Bank of China Shanghai Jing’an Trust Business Department.  In November 1986, Feile Audio’s stock was presented as a gift to foreign guests as a national leader, becoming the first new Chinese stock owned by a foreigner.On December 19, 1990, Feile Audio’s stock was transferred to the Shanghai Stock Exchange and became a popular stock sought by tens of thousands of people. At that time, it 杭州夜网论坛 had reached a maximum of 600 US stocks.4 yuan.  After more than 30 years of development, Feile Audio’s main business has also changed from audio business to lighting business.Now the company has become a diversified industrial company integrating green lighting industry, IC card industry, electronic component industry, computer system integration and software development.However, in the past two years, Feile Audio’s performance has not been satisfactory.  According to the 2018 annual report, the revenue of Feile Audio in 2018 was 33.02 billion, down 39 every year.35%.Among them, the revenue from the production and sales of light source appliances and lamps was 29.9.4 billion yuan, accounting for 90% of total revenue.76%.Lighting equipment installation project revenue was 2.2.1 billion yuan, accounting for 6.69%.Revenue from 北京夜网 sales of audio products and engineering services was zero.400 million, revenue accounted for 1.2%.  From the perspective of the company’s profitability, the performance of Feile Audio in 2018 has seen huge losses.Data show that the company’s net profit attributable to its parent in 2018 was -32.9.5 billion, down 6064 a year.90%.  The huge loss in performance also triggered an expected plunge.In 2018 alone, Feile Audio’s advancement was from 9 at the beginning of the year.1 yuan all the way down to 3 at the end of the year.3 yuan, which may fall as much as 63%, and the market value has evaporated more than 5.8 billion yuan.  Two mergers and acquisitions have hidden hidden dangers of 1.5 billion huge goodwill. The contraction in 2017 was 1.7 billion US dollars, and the performance in 2018 was a huge loss of 3.3 billion US dollars.M & A related.  In order to develop the industrial chain and upgrade its main business, in December 2014, Feilo Acoustics acquired Beijing Shen’an Group 72, jointly held by Shen’an, by issuing shares.25% of the shares, the Beijing Shen’an Group of Shen’an joint holders was acquired in cash12.75% equity and 15% equity of Beijing Shenan Group held by Zhuang Shenan.According to the information disclosed at the time, a total of 10 mergers and acquisitions occurred.4.4 billion goodwill.  Three years after the merger, Shen’an Group’s coefficient has fulfilled its performance commitments, and the 2017 commitment period has just passed, and Shen’an’s performance has seen a significant decline.In 2017, the net profit of Shen’an Group was only 1473.280,000 yuan, a decrease of 94 per year.07%.In 2018, Feilo Audio made a full impairment of the goodwill of Shen’an Group.  At the time, Feile Audio called, “Beijing Shenan was tightened by the PPP policy, and some projects with previously recognized revenue had no timely bidding procedures in the current period, and some projects had deviations from completion estimates and receivables.The provision for impairment provision and inventory depreciation provision increased significantly compared with the previous year, which resulted in a significant decrease in sales revenue and net profit. “  From the above-mentioned claim that it was not seriously out of the business, the advance of the project’s recognized revenue led to a false increase in performance, coupled with the possible false accounting problems in this project, leading to major violations of listed companies.  In May 2018, the Shanghai Stock Exchange’s inquiry to Feile Audio also pointed out the problem of the confirmed income deviation of the above items.The inquiry letter disclosed that the Beijing Shenan Group’s 2017 construction project had been confirmed after the existence of revenue was cancelled. The revenue was confirmed without timely summary of the bidding process in the current period, and the degree of deviation in the completion progress estimates.The Shanghai Stock Exchange requires the company to provide details.  Different, in December 2015, Feile Audio started with 1.At a price of 38.4 billion euros, 80% of the equity of the main body of the Xiwannian Group was acquired.However, after the acquisition, Xiwannian Group did not meet expectations.In 2016 and 2017, Xiwannian Group realized operating income of 3 respectively. 6.2 billion and 3.2.6 billion euros, net profit from continuing operations was 12.32 million euros, 2.78 million euros, and profitability continued to decline.  Regarding the reasons for the decrease in the operating income of the Xiwannian Group, Feilo Audio said that it is the first traditional lighting industry in the market with fierce competition and shrinking scale, which is affected by the industry’s prosperity.The goodwill formed by Feile Audio’s merger with Xiwannian Group in 20184.800 million is expected to accrue in full.  The risk of a negative delisting of net assets is imminent. Investors are hurting more. The poor performance of Feilo Audio may eventually lead to the risk of delisting.  In addition to the huge burden of goodwill, Feile Audio’s asset performance is even more shocking.According to the data for the first quarter of 2019, Feile Audio’s net assets are only -0.8.3 billion yuan.According to the announcement on April 5, Feile Audio’s cumulative amount involved was RMB 3.800 million, the company as a defendant in 32 cases.  For the holders of Feile Audio, the company’s heavy crisis will even allow it to continue to experience pressure on its transitional performance, and its follow-up may also face the situation of continued expansion.According to the latest list of the top ten shareholders of tradable shares, Central Huijin, Zhengjin Company, and trust funds all hold Feilo Audio’s stock.  In order to solve the breakthrough of Feile Audio, the major shareholder Yidian Group has also transfused blood to listed companies for financial assistance.According to incomplete statistics, from November last year to April this year, major shareholders have provided 8 financial aids for Feile Audio, totaling 25.500 million US dollars, the purpose of borrowing is mainly used to supplement the liquidity of listed companies.  However, in the face of financial downturns, huge amounts of goodwill, and regulatory crises, it is not known whether Feile Audio still has a vitality, but it is certain that investors will continue to faceRound torment.

GAC Group (601238) Quarterly Review: Self-restrained Japanese Beautiful

GAC Group (601238) Quarterly Review: Self-restrained Japanese Beautiful

Investment Highlights Event: GAC Group announced in the third quarter of 2019 that the company achieved operating income of USD 43 billion in the first three quarters of 2019, a year-on-year decrease of 19%.

6%; net profit attributable to shareholders of listed companies 63.

35 trillion, down 35 a year.


  Opinion: Independently under pressure, the beautiful Japanese GAC 杭州夜网论坛 Trumpchi increased production and sales in the first three quarters by 26.

0 million and 27.

70,000 vehicles, a decrease of 37 each year.

8% and 29.

8%, the first three quarters of Trumpchi’s destocking effect is obvious, the average thickness of bicycles in the third quarter rebounded slightly, Q3 / Q4 part of inventory pressure.

The company’s gross profit margin for the first three quarters was 7.

8%, about 1 in the first half.

Three averages, due to the industry’s poor economy in the third quarter, Chuanqi’s single quarter gross profit has been inserted through.

We believe that through the de-stocking of Chuanqi and the launch of the new GS4, under the pressure of independent short-term pressure, the long-term profitability can be restored.

  In the first three quarters of 2019, GAC Honda had accumulated sales of 57.

30,000 vehicles, an increase of 10 in ten years.

14%, GAC Toyota gradually sold 49.

620,000 vehicles, an increase of 17 per year.


The sales volume of Japanese models of the company has been growing steadily. GAC Toyota ‘s terminal retail price has almost no concessions, and its inventory has continued to decrease. In the future, the company will still benefit from GAC Toyota ‘s new product cycle. It is expected to launch compact SUVs with strong incremental certainty.

  Profit forecast and estimation We estimate that the company’s operating income in 2019, 2020 and 2021 will be 64.4 billion yuan, 73.9 billion yuan, 83.4 billion yuan, and the net profit attributable to the mother will be 9.5 billion yuan, 10.9 billion yuan, and 12.2 billion yuan.Is 0.

93 yuan, 1.

07 yuan, 1.

20 yuan, comprehensive consideration, maintain “Buy” rating.

  Risks indicate the overall risk of automobile sales, the promotion of new products of independent brands is less than expected, and the sales growth of GAC Fick series models is lower than expected.

Zijin Mining (601899): 1H19 performance meets expectations; variety performance tends to differentiate

Zijin Mining (601899): 1H19 performance meets expectations; variety performance tends to differentiate
The 1H19 results are in line with our expectations of the company’s 1H19 results: revenue of 67.2 billion US dollars, an annual increase of 35%, attributed to the mother’s net profit18.50,000 yuan, corresponding profit 0.08 yuan, a reduction of 27% per year, in line with expectations, mainly due to the decline in copper and zinc prices, as well as rising costs of major products.In the second quarter of 19, the company’s revenue was 38.2 billion U.S. dollars, an increase of 42%, + 31% MoM, and net profit of the mother company9.800 million, a year-on-year decrease of 32%, and a month-on-month increase of + 12%. Comments: 1) Copper sector: Cost growth exceeded expectations.Company 1H19 Mineral Copper 17.1 Initially, + 43% per year, with the increase mainly coming from Kolwezi, Dobaoshan and the acquired Boer Copper, 2Q19 was 8.7 Initially, + 45% per year / + 3 per month.4%; 1H19 mineral copper average price 3.6 million / ton, down 3 per year.7%, 19Q2 is 3.4 million / ton, ten years / monthly -8% /-11%. Unit sales cost of 1H19 mineral copper is RMB 19,996 / ton, multiple times + 15%.2) Gold sector: both volume and price rose.1H19 Mineral Gold 19.1 ton, + 13% a year, 9 in the second quarter of 19.4 tons, previous / mom + 1.6% /-3.0%; The average price of 1H19 mineral gold is 275 yuan / gram, and later + 8%, 2Q19 is 277 yuan / gram, each time / ring rate + 10% / +1.7%; 1H19 mineral gold unit sales cost 175 yuan / gram, + 2% each time.3) Zinc sector: Product prices have fallen sharply. 1H19 mineral zinc 18.7 Initially, before + 26%, the increase mainly came from the acquisition of Bisha, compared to 9 in the second quarter of 19.3 Initially, weekly / mom +26% /-0.8%; 1H19 mineral zinc average price 1.2 million / ton, -27% at the beginning of the year, 1 in the second quarter of 190 million / ton, -34% /-19% at the beginning of the year / moon; 1H19 mineral zinc sales cost is 0.6 million / ton, ten years + 19%.4) Due to the scope of the merger of new mergers and acquisitions, the sales expenses, management expenses and financial expenses of the company increased by 200 million, 5 billion and 1 in 1H2019, respectively.9 trillion, for a total of 8.900 million. Development Trend Copper is still the main source of profit for the company.1H19’s copper / zinc / gold gross profit ratio was 36% / 17% / 25%, and other businesses (silver, iron ore, etc.) contributed 22%, and the target for the same period last year was 37% / 27% / 20% / 17%.Copper is still the largest contributor to gross profit, and due to the sharp drop in zinc prices, zinc’s profit copper wire decreased by 10ppt.Looking into the second half of 无锡夜网 the year, benefiting from the increase in gold prices, it is expected that the profit contribution of the gold sector will increase. Earnings forecast and expected company performance are in line with expectations, we maintain our 2019/20 profit forecast of 0.15/0.18 yuan. The current A-share contradiction corresponds to 21 in 2020.1x price-earnings ratio.The current H shares can continue to correspond to 202014.9 times price-earnings ratio.The stock maintains an Outperform rating and a 4.Target price of 10 yuan, corresponding to 23.4 times 2020 price-earnings ratio, compared with the recent merger of 10.8% upside.H shares maintain outperform industry rating and 3.80 reached the target price, corresponding to 19.4 times the 2020 P / E ratio, 30 compared with the previous inclusion.1% upside. Risk demand fell short of expectations; metal prices fell sharply.

CCB (601939) Annual Report 2018 Review: Steady Growth and Significant Improvement in Capital Adequacy Ratio

CCB (601939) Annual Report 2018 Review: Steady Growth and Significant Improvement in Capital Adequacy Ratio

Core points: 1.

The event company released its 2018 annual report.


Our Analysis and Judgment 1) PPOP exceeded growth by 7.

98%, solid performance in 2018, the company achieved operating income of 6588.

91 ppm, a five-year increase of 5.

99%; net profit attributable to mother 2546.

55 ppm, a five-year increase of 5.

11%; operating profit before provision (PPOP) 4595.

20,000 yuan, an increase of 7 in ten years.

98%; ROA is 1.

13%, basically the same as 2017, with a ROE of 14.

04%, reducing by 0 every year.

76 averages; basic EPS1.

00 yuan, an annual increase of 4.


On the whole, the company’s performance is basically stable.

  2) Net interest margin widened by 10BP, and net interest income increased by 7 per year.

48% benefited from the moderate growth of interest-earning assets, expansion and reduction of standards, improvement in asset income and structural optimization. The company’s net interest margin widened and the index’s net income increased.

In 2018, the company’s net interest margin rose to 2.

31%, an increase of 10BP per year; net interest realized 4862.

78 ppm, a ten-year increase of 7.


In 2018, the company’s average interest-generating assets balance was 21.

25 trillion, an annual increase of 3.


In the environment of continuous and continuous reduction of the standard, the company adopted measures such as optimizing the asset-liability structure and strengthening asset-liability pricing management to improve the interest margin level. The interest-generating asset yield rose more than the interest paid to offset the increase in interest payment.

Asset structure budget, the average balance of corporate loans and advances in 201813.

07 trillion yuan, an annual increase of 5.

99%, accounting for 61% of interest-earning assets.

53%, increase by 1 every year.

42 units.

Among them, personal retail loans accounted for 39%.

53%, an increase of 2.

74 units.

Debt structure budget, the average balance of corporate deposits in 2018 was 16.

71 trillion, an annual increase of 4.
20%, accounting for interest-bearing 淡水桑拿网 denials, the average balance is as high as 84.

Among them, demand deposits accounted for 52.

89%, a year up 0.

The average value of 08 is maintained at a high level, and the cost advantage is significant.

Pricing management budget. In 2018, the average income of the company’s loan business increased by 4.

34%, up 16BP in one year.

Under the ranking, the average cost ratio of the deposit business is 1.

39%, only 6BP increase each year.

  3) Intermediate business income has picked up quarter by quarter, and bank card and e-banking businesses have performed well in 2018.

13 ppm, a ten-year increase2.

02%; other non-interest income 495.

78 ppm, a decrease of 3 per year.


In terms of intermediate business, the growth rate of net fee and commission income picked up quarter by quarter.

In 2018, the company’s net fee and commission income was 1230.

35 ppm, a ten-year increase4.

45%, Q1-Q4 single season advance growth rate were -2.

16% / 6.

00% / 7.

65% / 9.

76%, showing a seasonal warming trend.

In terms of different industries, bank card and e-banking business revenues increased respectively.

35% and 98.

96%, which became the main factor for the increase in net fee and commission income; the wealth management product business income was affected by factors such as the implementation of new capital management regulations and the rise in the issuance cost of wealth management products, and the decline was 44.


Among other non-interest income, investment income increased significantly by 127.

52%, after the initial conversion of new financial instruments, the interest income from financial assets measured at fair value and whose changes are included in the current profit and loss is reclassified to investment income items.

  4) The stability of asset quality is good, and the capital adequacy ratio has been further improved. The company’s asset quality has remained basically stable.

As of the end of 2018, the balance of non-performing loans was 2008.

810,000 yuan, an increase of 85 over 2017.

90 ppm; NPL ratio 1.

46%, a decrease of 0 from 2017.

03 shareholders; attention-oriented loans accounted for 2.

81%, a decrease of 0 from 2017.

02 single; NPL provision coverage rate was 208.

37%, an increase of 37 from 2017.

29 units.

The company’s capital adequacy ratio has increased.

As of the end of 2018, the amount of CCB’s capital replenishment was 17.
19%, an increase of 1 from 2017.
69 levels, continue to maintain the leading level in the industry.

Among them, the core tier 1 capital adequacy ratio / tier 1 capital adequacy ratio were 13 respectively.

83% / 14.

42%, an increase of 0 over 2017.


71 units.

During the reporting period, the company completed the issuance of 830 million U.S. dollars in regional secondary capital bonds, effectively supplementing capital strength, enhancing risk defense capabilities, and providing protection for future stable development.


Investment suggestion As one of the four major state-owned banks, the capital adequacy ratio is leading the industry; the asset-side structure has continued to optimize, the retail share has increased, and the housing finance business has obvious advantages; the debt-side deposit ratio exceeds 80%, and the cost advantage is outstanding;With the development strategy of fintech, we will continue to improve our business competitiveness, and we can expect continued steady growth in our future performance.

The company is currently estimated to be at a historically low level and the cost-effective ratio is relatively high.

Based on the company’s fundamentals and sustainable resilience, we give a “recommended” rating and forecast EPS1 for 2019-2020.


10 yuan, corresponding to the current expected PE 6.

50X / 6.

20 times.


Risks indicate the risk of accelerated asset growth due to the accelerated economic growth.

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