Why is it difficult for the United States to expel Cuban diplomats?

Why is it difficult for the United 杭州夜网论坛 States to expel Cuban diplomats?
The U.S. State Department Prime Minister confirmed on the 9th that the U.S. government had expelled diplomats who replaced Cuban embassies in the United States in May, citing that prior to that, a number of U.S. embassy personnel in Cuba had physical conditions.  US media reported that those US personnel were conspired.  [Emergency incident]Female representative Heather Norte said at a regular press conference that beginning in late 2016, some U.S. embassy staff in Cuba encountered unknown incidents and showed various symptoms.These symptoms are not life-threatening. The aforementioned U.S. personnel have returned to the United States. She also said that after the incident, the United States expelled the diplomatic staff of the Cuban Embassy in the United States on May 23 this year.  However, Nortel kept silent on the details of the incident and symptoms, saying only that the United States attaches great importance to these incidents, and that ensuring the safety of American citizens at home and abroad is the top priority of our work. At the same time, according to international conventions, the Cuban government has responsibilities and obligations.Protect the security of US diplomats.  On December 17, 2014, observers of the then US President Barack and Cuban leader Raúl Castro respectively announced the start of normalization of relations.In July 2015, resettlement resumed diplomatic relations that had been interrupted for more than half a century.  However, the new US President Donald, who took office in January of this year, made targeted adjustments to the Obama administration’s policies toward Cuba, reversing US-Cuba relations, and suffered criticism from the Cuban government.  [Ancient, Russian secret calculation?As for the events that Norte said, the Associated Press reported on the 9th that some US officials reported that in the fall of 2016, some US diplomats and some family members of the Embassy in Cuba suffered hearing loss for unknown reasons.The hearing loss of some people is so severe that they must have returned to their country after their term has ended prematurely.  It is reported that the US side investigated for several months and found that the diplomatic personnel were secretly attacked by advanced sonic weapons inside or outside the residence.  These people’s homes are owned and maintained by the Cuban Government.In retaliation, the United States expelled Cuban diplomats in May.  Some officials who know the inside story of the US investigation are competent. Investigators also suspect that the attack was not initiated by the Cuban government, but came from a third country, such as Russia. Cuba may not know.  Norte said the US investigation is continuing.  [Cuba: Investigation is underway]The Cuban Ministry of 杭州桑拿 Foreign Affairs later issued a statement saying that the U.S.’s drive to expel diplomats from Cuba was unfounded, and Cuba has never and will never allow any diplomatic personnel on Cuban territory to engage in activities that are unfavorable to their families.  The statement said that the Cuban side learned of the above incident from the United States in February this year, and then under the instruction of the Cuban government’s top leadership, an expert group was set up to urgently conduct a detailed investigation and strengthen protection measures for the residence of US embassies and diplomats.  The Russian government did not immediately comment on the incident.(Hui Xiaoshuang) (Xinhua News Agency special feature) Original title: Why is it difficult for the US to expel Cuban diplomats?

Baby-friendly Room (603214) 2018 Annual Report Review: Store Expansion Accelerates Endogenous + Outreach to Continue to Improve Performance

Baby-friendly Room (603214) 2018 Annual Report Review: Store Expansion Accelerates Endogenous + Outreach to Continue to Improve Performance

The report reads that the company achieved revenue 21 in 2018.

35 ppm, an increase of 18 years.

12%; net profit attributable to mother 1.

200,000 yuan, an annual increase of 28.

twenty three%.

  Key points of investment: Revenue has grown steadily, and milk powder sales remain the main source of income. Operating income in 2018 was 21.

35 ppm, an increase of 18 years.

21%, net profit attributable to mother 1.

20 billion US dollars increased by 28.

twenty two%.

In the fourth quarter, single-quarter revenue was 6.

15 ppm, an increase of 19 in ten years.

16%, net profit 深圳spa会所 attributable to mother 0.

54 ppm, an increase of 18 years.


In terms of different models, offline stores are still the main source of sales revenue, and the growth rate of e-commerce revenue has accelerated.

Store sales in 2018 were 18.

870,000 yuan, an increase of 14 in ten years.

97%, e-commerce revenue was 4,534.

790,000 yuan, an annual increase of 138.

97%, mainly due to the low base in the past, this year’s mobile phone application has significantly increased e-commerce revenue; other business revenue1.

21 ppm, a 10-year increase2.


In terms of products, milk powder is still the largest contributor to revenue.

Milk powder revenue in 20189.

84 ppm, an increase of 29 in ten years.

77%, with an income share of 46.

08%; income from supplies is 5.

30 ppm, an increase of 9 in ten years.

42%, revenue accounted for 24.


The gross profit margin has increased, the expense ratio has increased slightly and the company’s brand power has been strengthened, and 北京夜网 the scale advantage has gradually emerged.

The company’s consolidated gross profit margin for 2018 was 28.

77%, an annual increase of 0.

36 pct, of which the core product milk powder gross margin is 20.

36%, an annual increase of 1.

24 pct, mainly due to the increase in the company ‘s milk powder sales in the high gross profit margin of ultra-high-end milk powder increased, cotton spinning gross profit margin of 43.

78%, an annual increase of 4.In 2009 pct, the company’s own products with high gross profit are mainly cotton spinning. In the future, the proportion of its own products will increase, and the company’s gross profit margin will increase further.

  The expense ratio rose slightly during the period, and increased by zero in ten years.

56 pct, mainly due to the increase in sales expense ratio of newly opened stores.

The store expanded steadily, and endogenous + extension helped to continue to improve future performance. In 2018, the company opened 45 new stores, closed 11 stores, and opened 34 net stores. The number of stores at the end of the period increased by 223.

0%, the total operating area of the store is 13.

50,000 square meters, an increase of 21 a year.


The structure of newly opened stores has been optimized, the proportion of mall stores has gradually increased, and the proportion of street stores has decreased. The newly opened stores are located in the Yangtze River Delta and Fujian.

The store opening will accelerate in 2019, with plans to open 50-60 new direct-operated stores, mainly to accelerate the expansion of the South China region.

At the same time, the company actively expanded out of the country through outbound mergers and acquisitions. On November 30, 2018, it announced its intention to invest in Chongqing Taicheng. On March 26, 2019, it transferred and increased capital. The company will then use this as a base to expand into the southwest region.

Earnings forecasts and estimates predict that the company will achieve revenue in 2019-2021.

85, 29.

03, 33.

82 ppm, an increase of 16 in ten years.

36%, 16.

83%, 16.

50%, net profit attributable to mothers is 1.

50, 1.

88, 2.

30 ppm, an increase of 25 in ten years.

13%, 25.

49%, 22.

26%, the current sustainable corresponding PE for 2019-2021 is 28.

58, 22.

95, 18.

71. The company is currently a scarce and high-quality listing target in the mother and infant retail industry. Considering the certainty of the company’s performance growth and the industry’s huge space, it is given an “overweight” rating.

Risks suggest less-than-expected store expansion

Panzhihua Iron and Vanadium Titanium (000629) Acquisition Announcement Comments: Valuation of Underlying Assets Restructuring Cash Acquisition Increases Profit

Panzhihua Iron and Vanadium Titanium (000629) Acquisition Announcement Comments: Valuation of Underlying Assets Restructuring Cash Acquisition Increases Profit

Event: The company intends to purchase the entire operating assets and liabilities of the vanadium products branch of Pangang Group Xichang Steel Vanadium Co., Ltd. in cash, with the total transaction consideration.

5.8 billion.

Xichang Steel Vanadium and the company are controlled by the same actual controller, Angang Group, and this transaction constitutes a connected transaction.

Comment: Xichang Steel’s vanadium output is close to the main body of the listed company. After the acquisition, the company’s scale will be expanded.

The company’s headquarters Pangang Vanadium Titanium has a vanadium pentoxide production capacity2.

2 The first acquisition, the acquisition of the 返回码: 500 网站打不开?重查 target Xichang Steel vanadium annual capacity.

8 was established, which is close to a listed company. After the merger, the total production capacity of the listed company will reach the 4 index, accounting for nearly half of the national production capacity, becoming the world’s largest vanadium products company, and the scale effect is further highlighted.

Estimate of acquisition.

Xichang Steel Vanadium’s net profit in 2018 and the first half of 2019 were 2 billion and 8 respectively.

500 million, the purchase consideration is 62.

5.8 billion, based on the performance of these two years, the acquisition of PE is only three times and three.

7 times.

The PE of the original listing entity was 7.

7 times and 10 times.

The valuation of the acquisition target is extremely low.

Cash acquisitions increase EPS, PE is expected to further reduce.

Prior to the transaction, the performance of listed companies in 2018 and the first half of 2019 was 3.1 billion and 12 billion, respectively.

After the completion of the transaction, the pro forma performance of listed companies in 2018 and January-June 2019 was 5.1 billion and 20 billion, respectively, and the results in 2018 and the first half of 2019 increased by 64% and 71% respectively.

Before the acquisition, based on the 2018 and first half of 2019 results, PE was 7 respectively.

7 times and 10 times.

After acquisition, PE was 4.

7 times and 6 times.

Estimated to decline further.

The asset-liability ratio increased significantly.

The company’s three quarterly report showed that the currency and cash were 3.7 billion, and the currency of the acquisition target in 2019 was less than 1 billion.

The purchase consideration was 62.

5.8 billion, need to increase debt for acquisitions.

According to the 2019 half-year report, the asset-liability ratio increased from 29% to 69% after the transaction was completed, and the asset-liability ratio increased significantly.

Performance flexibility has been further enhanced.

The company’s costs are basically unchanged, so the performance is extremely flexible, and price increases can be mostly converted into profits.

If the later cracks on water-repellent steel bars or stricter environmental protection on the production side of vanadium products, vanadium prices will still increase room.

After the successful acquisition, the total output will reach 4 units, and the increase in vanadium price per 1 million will probably bring about 3.

200 million results rose, great flexibility.

Earnings forecasts, estimates and investment ratings.

The company’s acquisition target has strong profitability, low acquisition valuation, increased performance of listed companies after injection, and no diluted profits after cash acquisition, and the company’s overall performance has declined significantly.

It is estimated that after the completion of the company’s acquisition, the operating income for 2019-2021 will be 197.


22/205.78 trillion (previous forecast was 133.


81 /-billion billion US dollars, net profit attributable to mothers can reach 2.9 billion / 3.2 billion / 35 billion (the original forecast was 36.


55 / -10,000 yuan), the corresponding EPS is 0.



41 yuan (previous forecast was 0.


45 / -yuan) corresponding to an estimate of 8.



8, in the expected position in the resource stocks.

Give a 10x estimate with a target price of 3.

4 yuan, maintaining the “strong push” level.

Risk warning: vanadium prices continue to fall, acquisition progress and results fall short of expectations

BOE A (000725): Counter-cyclical expansion boosts revenue, panel price bottoms out, drags profits

BOE A (000725): Counter-cyclical expansion boosts revenue, panel price bottoms out, drags profits

Event: The company recently released the third quarter report for 2019, and the company achieved revenue of 857 in the first three quarters.

22 ppm, an increase of 23 in ten years.

4%, operating profit 11.

29 ‰, 70 years ago.

4%, net profit attributable to mother 18.

52 ppm, -45 per year.

18%, deducting non-net profit -1.

89 ‰, ten years -110.

13%, in line with expectations.

Single quarter revenue of 306 in 3Q19.

8.3 billion, a 10-year growth rate of 18.

1%, the main diabetes Hefei 10.

5th generation production line contribution.

Hefei 10.

The 5th generation line was put into production in early 2018, with a designed production capacity of 120K / month, mainly producing 65-inch and 75-inch panels.

The production line has reached full capacity in the first half of this year, so the production capacity in the third quarter has continued to increase compared with the same period last year, driving the company’s revenue growth.

Panel prices continued to bottom out, dragging down the company’s profit margin.

In the third quarter, panel prices continued to bottom out. Among them, the price of 32-inch panels changed from US $ 41 in June to US $ 32 in September.

Affected by this, the gross profit margin of 3Q19 companies decreased by 4 from the previous month.

1 up to 11.

8%, down 6 previously.

5pcts, a new low since 2Q16.

The single-quarter operating profit in the third quarter of 19 began to exceed 5 for the first time since 2Q16.

8.8 billion yuan.

Construction in progress is at a high level and inventory turnover has improved.

Projects under construction in the third quarter of 1960.

9.9 billion, a record high, mainly Wuhan G10.

5, Chengdu G6, Mianyang G6 and other production lines.

The panel industry is an investment-driven industry, and the company’s countercyclical expansion is the key to establishing a competitive advantage.

The inventory turnover rate in the third quarter was 249.

9%, compared with 199 in the second quarter.

2% and 3Q18 of 213.

4% supplementation improved.

Maintain the “overweight” rating.

Panel prices have continued to decline, and major panel manufacturers have all been shrinking to varying degrees. Due to competition and profit pressures, overseas companies have sought transformation.

Both Samsung SDC and LGD have stated their intention to successively switch LCD production lines to OLED.

As global panel makers, the transformation of Samsung and LGD is expected to provide improvements to the industry.

However, considering that the 淡水桑拿网 adjustment of overseas production lines has exceeded expectations, we will forecast the company’s profit for 2019-2021 from the previous 27.10, 56.

70 and 99.

79 trillion is down to 23.

57, 41.

72 and 92.

8.7 billion, corresponding to 53.

0x, 29.

9x and 13.

4x, maintaining “overweight” rating.

Risk warning events: Domestic manufacturers’ new capacity release exceeds expectations; overseas production line adjustments are postponed; downstream demand for panels is gradually expected.

Hailan House (600398): Revenue growth of major brands accelerates and marginal improvement in asset quality

Hailan House (600398): Revenue growth of major brands accelerates and marginal improvement in asset quality

In 19Q3, the growth rate of the main brand’s revenue increased to 14%, which has shown a quarter-to-quarter improvement since the beginning of this year. Overlaping the British consolidation and the incremental contribution of the new brand, the overall revenue growth of the 19Q3 company increased by 31%.

However, due to the increase in incubation expenses for new brands, net profit fell by 13%.

In the medium and 深圳桑拿网 long term, the company’s leading players in the field of mass leisure have consolidated steadily, and have a platform for development. The same brand of the main brand strives to maintain positive growth, and the new brand is advancing smoothly.

At the same time, online and offline omnichannels will accelerate interoperability and build a new retail system.

The existing company has a market value of 32.9 billion yuan, corresponding to 19PE9X, an estimate, and taking into account the high proportion of dividends, maintain the “strongly recommended-A” level.

The growth of the main brand and the consolidation of the British brand boosted the revenue performance, but the increase in expenses for the incubation of new brands caused the growth of the profit side to be slower than the income side.

19Q1-Q3 company revenue increased by 12 every year.

63% to 146.

$ 8.9 billion, with operating profit falling by 1 every year.

71% to 34.

At $ 4.6 billion, net profit attributable to mothers declines by 0 every year.

46% to 26.

1.6 billion, achieving a budget benefit of zero.

59 yuan.

In terms of quarters, affected by the acceleration of the growth of the main brands and the incremental revenue contributed by the new brands, the revenue growth in 19Q3 increased by 31% to 39.

68 ppm; decrease in operating profit / net profit attributable to increased expenses for new brand incubation expenses16.

73% / 12.


Revenue growth of major brands accelerated, and incremental revenue contributed by new brands drove revenue growth of 12 in the first three quarters.

6% by brand: 1) Hailan’s main brand 19Q1-Q3 revenue increased by 7.

26% to 86.

28 billion, of which Q1-Q3 single quarter growth rate was 2% / 9% / 14%.

2) New brands (including boys and girls, OVV, Hailan Select, AEX, and Yingshi) successfully hatched and contributed revenue6.


3) St. Keno’s grew steadily, and its revenue in Q1 to Q3 increased 31 year-on-year.

18% to 15.

18 billion.

In terms of different channels: 1) Driven by the expansion of the main brand’s channels and the recovery of same-store growth, the contribution of new brands overlapped, and revenue in 19Q1-Q3 increased by 13%.

The number and area of stores still maintained a rapid growth. In 19Q1-Q3, the main brands of Hailan opened a net of 220 to 5,517; other brands (Hailan Preferred, AXE, OVV, boys and girls, Yingshi) increased by 592 to 1,559.

AiJu Rabbit no longer exceeds the report scope since Q3.

2) Online revenue in the first three quarters of 19 increased by 9.


The scale of inventory and accounts receivable was properly controlled; the net cash flow from operating activities improved significantly.

The inventory digestion accelerated, and the inventory size at the end of 19Q3 decreased by 2 compared with the same period last year.

93% to 94.

4.9 billion yuan.

The scale of accounts receivable and bills decreased by 7 compared with the same period last year.

59% to 8.7.4 billion.

Net cash flow from operating activities increased by 47 as compared with the same period in 2018.

6% to 2.

01 billion.

Affected by the decline in the gross profit margin of the main brand and the increase in the expenditure of new brand incubation expenses, the net profit margin of 19Q1-Q3 decreased slightly.

34PCT to 17.


Influencing factors include: 1) The overall gross profit margin has dropped.

66 points to 41.


Among them, the gross profit margin of Hailan’s main brand decreased by 1.

89pct to 43.

At 14%, San Keno’s gross profit margin was basically flat at 51 year-on-year.

08%; 2) The expense ratio increased by 2.

46pct to 17.


Total management expenses and R & D expense ratios increased by 1.

33pct to 7.

18%; Expansion of directly-operated stores led to an increase in sales expense ratio1.

07pct to 10.

17%; the increase in amortized bond interest rates led to a 0% increase in financial expense ratios.

06pct to -0.


3) Asset impairment losses decrease by 0 each year.

6.2 billion to 2.

1.1 billion yuan.

4) One-time investment income of 0 for the transfer of Aiju Rabbit.

5.6 billion yuan.

Profit forecast and investment grade: As a leader in casual apparel, in the short term, the company continues to optimize in terms of product power, channels, and inventory management. The sales rate and age structure can also be optimized. Under the background of gradually rising operating quality, it will be converted in 19 years.The company actively promotes channel / brand / category expansion and channel structure optimization, and its performance promotes the maintenance of a weak recovery.

In the medium and long term, the company’s leader is vertically stable and has a platform for development. In cooperation with Tencent, it combines the high efficiency of the Internet with the offline experience to open up the online and full-channel layout.

The approval of the convertible bond project is expected to accelerate the company’s informatization layout and warehousing and logistics system construction, and make early preparations for the new retail layout.

Taking into account the impact of the British Union and the release of Aiju Rabbit, the EPS of the fine-tuning company for 2019-2021 is 0.

82, 0.

87 and 0.

The forecast of 93 yuan, corresponding to 19PE9X, is an estimated value. At the same time, it takes into account the high dividend attributes and maintains the “strong recommendation-A” level.

Risk reminders: 1) The product declines moderately, causing pressure to return goods; 2) The risk of pressure on the supplier’s capital chain; 3) The unique operating model leads to a high risk of statement inventory; 4) The risk of continued weak terminal demand.

Wu Tailai (603659): High revenue growth in line with expectations

Wu Tailai (603659): High revenue growth in line with expectations

On the evening of the 11th, the company released its 18-year annual report and achieved an operating income of 33.

07 percent increased 47.

50%; achieve net profit attributable to mother 5.

0.94 million yuan, an increase of 31 in ten years.

80%; deduct non-net profit4.

950,000 yuan, an increase of 16 in ten years.

08%; nylon business: average price increases, gross profit margin decreases, future costs will decrease in 2018 to achieve annual sales volume2.

93 for the first time, growing 24 per year.

34%, with an average price of 6.

770,000 / ton per year.

54%, the company’s continuous research and development investment, new products with high cost-effective performance won customer recognition; long-term gross profit margins have shown a certain margin, the main needle coke prices maintained at a high level, and gradually graphitization capacity replacement; the company is expected to build graphitization and purchase raw materialsReduce costs; Lithium-ion equipment: Orders have steadily increased Lithium-ion equipment revenue in 20185.

53 ppm, an increase of 15 in ten years.

77%, revenue has achieved steady growth, and the account received in advance at the end of 2018 was 7.

30,000 yuan, a ratio of 6 at the end of the third quarter.

Steady growth of 3 billion US dollars, equipment business orders increased steadily; alternative restructuring business: the company’s replacement processing in 18 years2.

09 billion square millimeters, 118 in ten years.

99% rapid growth, average price 1.

RMB 53 / pingExpected; Liyang Yuequan: still in the investment period, expected to contribute 19 years of performance; aluminum plastic film: to achieve sales of 451.

64 million flats, subsequent expected contribution performance; cost: 18 years of financial expenses 0.

480,000 yuan, an increase of 156 in ten years.

27%, due to the company’s expected increase in earnings due to expansion; 19 years of high growth is guaranteed: the first quarter of 19 consecutive years of distribution has maintained high growth, and overseas and domestic TapOrder increased, and sales are guaranteed; coated film sector 1The average quarterly advance is more than one year in advance, and the expected profit can be expected; Shandong Xingfeng’s production capacity is full in 19 years, the profit is expected to double, and Inner Mongolia Xingfeng’s production 无锡夜网capacity is expanded; Investment recommendations: It is expected that the company will realize net profit in 19-21.

13, 11.

75, 16.

9.6 billion, PE is 27, 19, 13X; Risk reminder: The industry development is less than expected, and the company’s overseas customer expansion is less than expected;

Diou Home Furnishing (002798): Q1 Exceeds Expectation of New Trends in Tiled Bathrooms in Hardcover Houses

Diou Home Furnishing (002798): Q1 Exceeds Expectation of New Trends in Tiled Bathrooms in Hardcover Houses

Incident April 25, 2019, the company released the 2019 first quarter report.

The company’s total operating income in 2019Q1 was 10.

410,000 yuan, an increase of 37 in ten years.

64%; net profit attributable to shareholders of the listed company is zero.

66 ppm, an increase of 48 in ten years.

82%; net profit attributable to shareholders of listed companies is 0.

64 ppm, an increase 天津夜网of 46 in ten years.


The first-quarter results exceeded expectations.

Our analysis and judgment have obvious advantages in the channel of building ceramic engineering, retail construction is steadily, and revenue continues to increase rapidly.

47 ppm, an increase of 47 from the same period last year.

15%; realized net profit of 0.

69 ppm, an increase of 21 from the same period last year.


Subversive consolidated amortization expenses 551.

After 800,000 yuan, the net profit is zero.

6.4 billion.

The Engineering Department, Osheno has 20 years of accumulated rich engineering experience and high-quality service capabilities, and continues to maintain cooperation with existing customers such as Country Garden, Vanke, Evergrande, etc. to expand and grow at the same time, and increase customers Agile, Rongsheng, R & F,Xuhui, China Resources Land, and other large developer clients have established strategic partnerships to ensure the company’s tooling business continues to grow rapidly.

On the retail side, Eurosnow has adopted a variety of channel layouts and in-depth cultivation to divide the county-level blank spots through “full network deployment”, and promote the first-tier and second-tier cities to accelerate the in-depth layout of “urban associates and smart community service shops” to accelerate network coverage and implementThe decline of portals and services promoted the continued growth of retail channels.

As of April 10, 2019, there were more than 700 dealers and more than 1,700 dealerships.

Sanitary wares are mainly retail, and the growth of the engineering business under the synergy with Oushenuo can be expected. We estimate that the revenue of sanitary ware + acrylic panels in the company in 2019Q1 is 0.

9.4 billion.

The company’s sanitary business continues to expand its sales outlets, improve the quality of dealers, and continue to deepen its cooperation with the Internet, home improvement, and decoration companies. In terms of engineering channels, the company actively develops direct bathroom engineering business in 2018. The company’s sanitary products are expected to enter real estateTooling channels provide new growth points for performance.

In terms of profitability and expense ratio, profitability was slightly improved. In 2019Q1, the company’s gross profit margin was 33.

63%, increasing by 0 every year.

62pct; net sales margin is 6.

20%, increasing by 0 every year.

45 points.

Return on net assets (diluted) is 7.

92%, an increase of 1 each year.

76 points; period fee 25.

83%, increasing by 0 every year.

56pct, mainly due to higher sales and financial expense ratios.

Osgeno’s long-term production capacity plan is 80 million square meters, and market share is expected to increase. Osino’s current production capacity is distributed in Jiangxi, Guangdong, and Guangxi bases, totaling about 50 million square meters. Four production lines in the second phase of Guangxi will start in 2019 and can provide 30 million square meters, the three bases are expected to provide a total of 80 million square meters of throughput, corresponding to 4 billion output value. In the future, the company’s total production capacity can reach 100 million square meters, corresponding to 5 billion output value, plus OEM output value can reach about 7 billion.

Investment suggestion: We expect Diou Household to earn 54 in 2019-2020.

51, 67上海夜网论坛 .

70 ppm, an increase of 26 in ten years.

53%, 24.20%; net profit attributable to mother is 4.

97, 6.

420,000 yuan, an increase of 30 in ten years.

52%, 29.

15%, corresponding to PE of 17.

1x, 13.

2x, maintain “Buy” rating.

Risk factors: expansion of real estate sales; increased competition in the industry.

Supor (002032): Q3 results continue to be stable through the continuous cycle

Supor (002032): Q3 results continue to be stable through the continuous cycle
Event On October 30, 2019, Supor released the third quarter report of 2019. The company achieved total operating income of 148 in 2019Q1-3.96 ppm, an increase of 10 years.22%; realized net profit attributable to mother 12.48 ppm, an increase of 13 in ten years.04%; net profit deducted from non-attributed mothers was 12.22 ppm, an increase of 16 in ten years.18%. In terms of quarters, the company’s Q3 revenue reached 50 in a single quarter.61 ppm, an increase of 11 years.36%; net profit attributable to mothers4.100,000 yuan, an increase of 12 in ten years.41%; net profit deducted from non-attributed mothers4.50,000 yuan, an increase of 17 in ten years.69%. Brief comment 1, Q3 small appliances lack power, Supor through the cycle growth and steady industry ranking point of view, in the third quarter, the demand for small appliances was low, and online and offline power wasted.According to the data of Zhongyikang, the retail sales of small home appliances in Q1-3 of 2019 reached 95.4 billion yuan, down by 3%.5%, of which Q3 declines by 13 each year.3%, online, line declines were -9.9% vs. -17.9%.In terms of categories, Q3 small home appliances performed well with an overall growth rate of 23.4%; kitchen and environmental small appliances performed poorly, a decrease of about 5.5% vs. 7.6%, the pressure is significantly significant. With the overall weak consumption market, Supor achieved revenue of 50 in Q3.61 ppm, an increase of 11 years.36%, 12% / 10 faster than Q1 / Q2.1% was basically flat.The company’s domestic sales of sustainable research and development pushed new resistance to the decline of the industry, and the export sales of major shareholders SEB orders shifted steadily.Under the weak growth environment of the industry, the growth of Supor through the cycle has fully manifested. 2. The profit side grew steadily, the gross profit margin accelerated, and the improvement of research and development expenses increased the company’s net profit attributable to the mother in 2019Q34.100,000 yuan, an increase of 12 in ten years.41%; net profit after deduction is 450,000 yuan, an increase of 17 in ten years.69%, mainly contributed by the growth of business scale and low raw material prices. At the same time, due to the temporary adjustment of profitability, the growth of profit decreased.19Q1-3 company’s comprehensive gross profit margin was 30.67%, an annual increase of 0.46pct, Q3 single quarter gross margin is 30.48%, an annual increase of 1.24pct. 19Q1-3 Company’s selling expenses 15.76%, a decrease of 0 every year.36 points.Q3 single-season sales expenses cost 15.65%, an annual increase of 0.04pct; 天津夜网 19Q1-3 management expense ratio (including research and development) is 3.76%, an annual increase of 0.28 points; Q3 single season management expense ratio is 4.23%, an annual increase of 0.66pct, mainly due to research and development promotion.19Q1-3 financial expenses expense -0.43%; down one year.38pct, mainly contributed by the increase in interest on deposits. 3. R & D pushes new development to drive development, channel construction steadily sinks, products continue to innovate, and resist industry downturn.In terms of electrical appliances, in 2019, the company launched innovative products such as “this kettle electric rice cooker”, silent wall-cooking cooking machine “,” micro-pressure flat plate ironing machine “, and the market expansion was further enhanced; in the category of cooking utensils, Supor launched 深圳桑拿网 the fire-red dot titanium diamond-free smoke-free fryPots, pans and other series of pots, and other products, the market performance is excellent, consolidating the company’s advantages in cooking.GFK data shows that the six major categories of Supor woks, pressure cookers, frying pans, soup pots, steamers, and ceramic pots maintain absolute leading market share in 30 key cities offline. In terms of channel construction, Supor promoted the sinking offline, actively promoted the development of the third and fourth levels of the market, and expanded personnel distribution, product research and development, market resources, channel customer support, etc., and increased terminal coverage, coverage density, and single store sales performance.The online channels conform to the development of e-commerce and continue to improve their professional operation capabilities. 4. Outbound sales are underpinned. Domestic sales seize the transfer of SEB export orders, driving the company through the cycle.According to the company’s related transaction indicators and implementation of the SEB, we estimate that the company’s 19 years export revenue of cookware products 20 billion, electrical products 3.1 billion, overall 5.1 billion, can reach 14% growth rate, 18% gross profit margin. In terms of domestic sales, competition in the field of cookware and small kitchen appliances has intensified in recent years, and price wars have continued.We believe that there may be some pressure on short-term company performance, and the growth rate will reach the range of 10-15%.But at the same time, the company has excellent product innovation capabilities, strong channel distribution capabilities and scale advantages, and long-term competitive advantages are solid.At present, the small kitchen appliance market has formed a three-legged oligopoly pattern of “US-US-IX”. The intensified competition in the short-term market will accelerate the reshuffle of the industry and clear the small and medium-sized manufacturers. 5. Inventory declined, accounts receivable increased, Q3 cash flow increased and inventory increased. In terms of inventory, the company’s inventory in 19Q1-3 decreased earlier than the same period of 18 years, and the company’s inventory was 15 at the end of the third quarter.10 ‰, a decrease of 21 compared with the same period last year.28%, mainly due to the company’s control of the scale of inventory, accelerating the turnover rate, inventory turnover days fell from 9 days to 51 days. In terms of accounts receivable, the accounts receivable of the company in 19Q1-3 increased by 17.16% to 24.USD 6.4 billion was mainly driven by the company’s sales growth. The turnover days were 38 days, an increase of 3 days compared with the same period last year. Operating cash flow improved significantly, the company achieved operating cash flow in 19Q1-3 1.890,000 yuan, a decrease of 61 from the same period last year.46%, mainly due to increased purchases; of which Q3 achieved operating cash flow in a single quarter2.16 ppm, an increase of 124 in ten years.72%, mainly contributed by tax reimbursement and supplementary purchase reduction. Investment advice: We are optimistic about the company’s steady growth in the export market in 2019 and the expansion and improvement of the domestic market.We estimate that the company’s revenue from 2019 to 2020 will be 20.2 billion, 23.2 billion, an increase of 13%, 15%, net profit will be 1.9 billion, 22 billion, an increase of 14%, 16%, corresponding PE is 35X, 30X, maintaining”Buy” rating. Risk warning: Real estate sales are less than expected, and the growth rate of small household appliances industry is accelerating.

CNMC (000758): Strong change in profitability of copper and cobalt producers

CNMC (000758): Strong change in profitability of copper and cobalt producers

Acquired copper and cobalt producers with strong profitability. The company set up business for non-ferrous metal mining and smelting (lead zinc and rare earth) and engineering contracting. The net profit attributable to mothers in 2018 and 19 was 2, respectively.

5 and -9.

5 to -11.

800 million (asset impairment of 10 in 19 years.

500 million), the company plans to acquire China Nonferrous Mining74.

52% equity (mainly copper 北京夜生活网 and cobalt production in the army), net profit attributable to mothers for H1 in 2018 and 19 was 1 billion and 5.

2.5 billion US dollars, after the completion of the acquisition, the profitability is stronger, and the performance is expected to increase significantly.

China Nonferrous Mining: Copper and cobalt production capacity is in the release period. China Nonferrous Mining is mainly foundry copper smelting and smelting. The net profit of H1 attributable to mothers in 18-19 was 10 and 5 respectively.

2.5 billion.

From the perspective of copper, the output of copper ore (copper concentrate + wet copper) in 2018 is about 8 tons, and the output of copper ore in 19-21 years is expected to be 9 substitutes, 13 substitutes and 18 substitutes.

At the same time, the copper industry is currently in a tight supply and demand situation with low inventory and stable supply and demand patterns. A rebound in copper prices will drive performance growth; from the perspective of cobalt, it is expected to be zero in 18-21 years.

1, 0.

3, 0.

5 and 0.

6 accumulation, capacity is in the release period, only 114 tons in 18 years, the accumulation of capacity increased again, the conversion of the rebound in cobalt prices, the company’s capacity conversion is expected to increase rapidly, driving the company’s performance growth.

CNMC: The zinc and lead business has not changed much, and engineering contracting is expected to bottom out. The company’s internal business is non-ferrous metal mining, smelting, and engineering contracting. The gross profit of H1 in 2011 was 71% and 19%.

The non-ferrous metal mining and smelting is mainly lead zinc and rare earth, the company’s zinc concentrate production capacity and output in 2018 were 8 and 7, respectively.

8 It is expected that the company’s zinc concentrate production capacity will increase significantly after the Indonesian Darui lead-zinc mine (51%) is put into operation in 22 years.

At the same time, the company’s zinc smelting capacity can be 21, benefiting from the higher zinc smelting processing fees and bottoming out.

The engineering contracting business has improved in 19 years and is expected to bottom out in the future.

The investment proposal does not consider the acquisition, and the net profit attributable to the parent is -9 in 19-21.

6, 2.

5, 3.

100 million; considering acquisitions and fundraising, the net profit attributable to the mother in 20-21 is expected to be 13.

1 and 17.

800 million, corresponding to PE and 19 times and 14 times, give “Buy” rating, 6-month target price of 7.

75 yuan.

Ordinary people (603883): Four questions about the ordinary people of the Hunan Army

Ordinary people (603883): Four questions about the ordinary people of the Hunan Army
Why follow the old way of joining the model? Retail pharmacies experienced the failure of the franchise model in the early 21st century. Basically, the expansion was too fast and the standardization 深圳spa会所 was low.With the development of information technology and the improvement of pharmacy management level, there is a possibility of success in today’s franchise model.In the early period of the nationwide layout of ordinary people, there was a certain constraint on the sinking of channels. The franchise model can help the company to enhance its brand strength and accelerate its expansion in second and third tier cities.The common people have their own “seven unified” franchise model, carefully select franchisees, asset-light operation, and strong profitability. Why is the ratio of total mining the lowest? Although the company’s overall mining ratio has increased to 40% in the past two years, it is still a certain distance from the industry average of 70%.In order to encourage local enthusiasm under the national layout, the 苏州桑拿网 company intentionally decentralized some procurement rights in the early stage, and at the same time, consumers in some regions have local brands to choose the cost.However, through the continuous increase in the number of SKUs, the company plans to increase the overall coordination ratio and streamline procurement categories.The company is incentivizing locals to increase the overall coordination ratio by means of returning management fees and expanding the scope of equity incentives. Does opening a big store really work? The trend of branching business districts has reduced the flow of customers in a single store, and the increase in rent and labor costs has increased the operating pressure of large stores.The company is trying to increase profitability by opening large stores, that is, to “broaden up everywhere and increase net profit.”Roughly calculated that a large store split into four small stores can undertake 90% of the revenue and bring 160% of the profit, and it is expected to be completed in the next two years. What is the company’s forward-looking layout? The company’s informatization expenditure is large, and the system of online sales, chronic disease management, and member ecology is built.Practitioner pharmacists have sufficient reserves and are less affected by policies.The company has a high medical insurance coverage rate, preliminary layout of DTP pharmacies, and strong pharmacy professional service capabilities. It is committed to prioritizing policy dividend investment advice and profit forecasting under the general trend of prescription outflows. The company’s franchising model helps channel sink, and opening large stores to increase same-store growth.A number of forward-looking layouts are expected to gradually yield results.The number of stores is expected to accelerate in the next two to three years. Through the expansion period, stores will gradually enter the mature period, and profits will enter a period of rapid growth.It is estimated that from 2019 to 2021, the company’s net profit attributable to the mother will be fine-tuned to: 5.24 (-0.16), 6.58 (-0.07) and 8.27 (+0.05) Ten thousand yuan, the corresponding basic budget benefits are: 1.84 (-0.06), 2.31 (-0.02) and 2.90 (+0.01) Yuan / share, corresponding to 40, 32 and 26 times the current expected PE.Maintain target price of 85.5 yuan / share, maintaining the company’s “overweight” investment rating. Risk warnings and other policy impacts, franchise stores fell short of expectations, off-site expansion did not meet expectations, and store integration fell short of expectations.