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.

Aonong Bio (603363) In-depth Report: The Rising Stars of Small and Beautiful Pig Breeding

Aonong Bio (603363) In-depth Report: The Rising Stars of Small and Beautiful Pig Breeding

Summary of the report: a rising star from the feed end to the pig end.

The company was founded in 2011. At the beginning, the company was mainly engaged in the production and sales of feed.

In 2014, the company started to engage in pig breeding business. At the beginning of the period, the company mainly sold breeding piglets and piglets for the feed business.

Affected by environmental protection and production restrictions in 2015, a large number of southern breeding retail farmers were affected by the retreat, and the company gradually changed to extend to the pig fattening end.

It is expected that since 2019, the contribution of the pig breeding sector will exceed that of the feed sector, becoming the company’s largest business segment, and the company’s pig breeding sector will have great flexibility in the future.

The slaughter of pigs is in the period of rapid release.

The company started to develop pig business in 2014. From 2014 to 2018, the company mainly planned the layout of breeding bases, planned breeding land, explored development methods, and built a breeding business chain.

At present, the company has completed the sow production capacity layout in Fujian, Jiangxi, Sichuan, Hubei, Guangxi, Zhejiang, Shaanxi, Shandong and other places.

At present, the company has completed the reserve of 6 million commercial pigs, and 3 million heads of production capacity have begun construction. Another 3 million heads of projects are expected to start in the second half of next year.

As of the end of the first quarter of 2019, the company had a total of 40,000 sows capable of breeding, and there were 60,000 北京男士spa会所 sow farms under construction.

It is expected that the number of sows will reach 120,000 in June-July 2020.

It is estimated that the company’s slaughter volume in 2019 and 2020 is expected to reach 800,000-1 million heads, and 1.5–2 million heads. The company’s slaughter volume in the next two years will still double the growth rate.

The company plans to reach 3 million and 6 million pigs by 2021 respectively.

Under the background of the pig cycle, the company’s profit elasticity is huge.

Assume that the company’s feed sales will maintain an annual growth rate of 5% in the next 3 years.

According to the company’s production capacity release schedule and future release plan, the company is expected to achieve 800,000, 1.5 million, 2.5 million heads of live pigs in 2019, 2020, and 2021.

Based on the average national pig 夜来香体验网 price of 18 yuan / kg, 22 yuan / kg, 20 yuan / kg in 2019, 2020 and 2021, the average weight of live pigs on the slaughter bar is 100 kg / head.3.

3.6 billion, 11.

5.4 billion, 13.

8 billion US dollars, the company’s future profit elasticity is huge.

Risk Warning: Swine Fever and Disease, Natural Disasters, Poor Pig Production

Hang Seng Electronics (600570): Financial IT leader with pricing power has a clear growth path

Hang Seng Electronics (600570): Financial IT leader with pricing power has a clear growth path

Investment Highlights: Hang Seng Electronics is a leader in financial IT, and its performance has returned to stable growth.

Since its establishment, Hang Seng has focused on the field of finance and IT, and has a full license advantage. Its products have been used in all sub-sectors.

The compound growth rate of Hang Seng’s revenue in the past five years is 23%. After experiencing the events of interest, Hang Seng has recovered its vitality in 2018, and its net profit attributable to mothers increased by 37%.

The company’s per capita indicators are well ahead of their peers, and the per capita indicators still maintain scale effects.

With the participation of Ants in Hang Seng, the two parties have begun to collaborate on products, and future development is worth looking forward to.

  Focusing on deep cultivation and productization is the core password, and pricing power is the foundation of Hang Seng’s sustainable development.

From the perspective of Hang Seng’s development history, the company has made great efforts to commercialize it from the beginning, and even increased the expenditure on R & D even in difficult times.

Hang Seng’s R & D investment accounted for more than 40% of revenue, and it was the first echelon in the entire A-share market.

With Hang Seng’s investment in productization, the company’s proportion of productized software has increased from less than 50% to 70%, greatly improving the scale effect of research and development.

Based on this, Hang Seng has gradually extended its absolute market share in each of its segmented products, and has gained the industry’s strongest pricing power.

The decline in marketing expenses, and the continued decline in receivables, and the continued rise in advances are evidence!

  The pricing power advantage allows Hang Seng to enjoy high-quality cash flow, complete its own high R & D and high staff investment, and constantly generate new products.

At present, the capital market is still in the growth stage, and there is still ample space in the future.

Financial IT investment has transformed institutions to actively empower their businesses, and Hang Seng has mastered core capabilities to continue to benefit Hang Seng’s development.

  Short-term policy-driven increase in financial IT.

With the introduction of new rules on asset management in 南京夜网 2018, the establishment of a bank wealth management subsidiary will bring a considerable market for financial IT, and an initial estimate of an additional market of 2 billion US dollars.

The progress of the science and technology board exceeded market expectations, and new financial videos were introduced frequently in the first half of this year, which continued to verify the industry’s prosperity.

We believe that the gradual improvement and application of transitional supervision technology has resulted in continuous investment from policy-driven IT.

  Cloud and AI are deterministic directions, with the goal of building a fintech platform company.

Hang Seng actively deploys online and AI strategies, with the goal of evolving from a product-based company to a platform-based company.

The Hang Seng Cloud series of subsidiaries have been deployed for 16 years, and their performance has maintained rapid growth. In the past two years, 16 AI products have been launched and have been applied in many industries. The GTN platform has been devoted to ecological connection and exported its capabilities in the form of SaaS.

We believe that cloudization can cover more long-tail customers, and the SaaS model is the future trend; the AI application space represented by intelligent investment advisors has broad space, and Hang Seng is expected to start a new round of growth.

  Covered Hang Seng Electronics for the first time, giving an overweight rating.

Based on the assumption that continuous short-term financial policies continue to increase financial IT business and long-term online and AI strategies bring new growth points, we expect the company’s revenue to be 41 in 2019-2021.

41, 52.

04, 65.

09 billion, with a net profit of 9.

0, 11.

42, 14.

2.8 billion, currently corresponding to an estimated 58 in 2019-21.

1 time, 45.

8 times, 36.

6 times.

Considering that Hengsheng has a strong market share, has the strongest pricing power in the industry, and the broad space of cloud and AI markets in the future, the company’s reasonable estimated level is 68-70 times corresponding to 2019 and the corresponding span is 76-78 yuan.Give an overweight rating.

  risk warning.

Slow progress in the new financial policy; IT investment in financial institutions has fallen short of expectations; transition to innovative business

Yuanzu Shares (603886): Fundamentals continue to carry forward good advances and increase performance

Yuanzu Shares (603886): Fundamentals continue to carry forward good advances and increase performance

Key points of investment: The company announced the quarterly report for the year of 19, and achieved revenue in a single quarter3.

4.1 billion, +23 a year.

7%; net profit attributable to mother-0.

0.7 billion, +75 per year.

2%; deduct non-net profit -0.

1.5 billion, +57 per year.


The company’s change in accounting policies resulted in an increase in revenue of 0 in 1Q19.

2.7 billion yuan, net profit increased by 0.

2.2 billion.

Ping An’s point of view: The business continues to improve, and the Dragon Boat Festival peak season is worth looking forward to: Due to the adjustment of the company’s accounting policies, the advance receipts accumulated by the sleep card are counted into the quarterly revenue according to the corresponding quarters, and the company is expected to increase the revenue by zero.

42 ppm, 1Q19 actually increased revenue by zero.

2.7 billion.

Excluding the carry-over effect of advance receipts, the company’s main income in 1Q193.

12 trillion, +15 for ten years.

0%, of which cake, pastry, and fruit are respectively extended by +11.

0%, +20.

3%, +15.

7%, 1Q19 overall growth faster than 2H18 (excluding moon cakes) 9.

The 5% growth rate indicates that the industry’s prosperity is still better, and the peak season in June is expected to continue to grow further.

The gross profit rate has improved, and the cost rate is generally stable: Considering that the sleep card is carried over or does not affect the current cost and cost, we take 3.

12 ppm main business income is used as the base to count the actual gross profit margin and expense ratio level for the current period.

The company’s actual gross profit margin in 1Q19 was 62.

0%, increase by 1 a year.

5 pcts, considering the continuous improvement of raw material costs since 2H18, we estimate that the main driving factor may be the high gross profit of new products during the Spring Festival; the actual sales cost in 1Q19 can be 64.

0%, a year to raise 0.

6 points; 深圳桑拿网 1Q19 actual management expense ratio (plus R & D) is 9.

2%, 0 per year.


Looking forward to the future, the company may benefit from the reduction in decline and product price increases in 19 years. The gross profit margin may be improved compared with the previous year, and the rigid expenses such as rent and labor are continuously controlled. The sales expense ratio may be stable and fall, and it covers the advance receipts.Accounts carried forward or increased net profit by more than 30 million, the company’s performance flexibility continues to highlight.

The industry trend remains unchanged, maintaining the “recommended” level: the consumption bottom has stabilized, the optional products have improved and the company’s external environment is still good. The expansion of stores and the promotion of single stores continue to contribute to revenue growth. 杭州夜网论坛 Compact expenses are gradually diluted, and profit elasticity may continueappear.

Based on the carryover of sleep cards to increase profits, we forecast the company’s EPS for 19-20 years from 1.

20, 1.

40 yuan increased to 1.

35, 1.

54 yuan, corresponding to 19 for PE.

3X, 16.

9X, maintain the “recommended” level. Risk reminders: 1. Food safety risks: Consumers are particularly sensitive to food safety issues. If a food safety accident occurs, or it has a significant adverse impact on the company’s production and operation; 2. Risks to be overcome by relying on a single product: the company’sDependency indicators, if the market environment changes significantly, it will have a significant impact on the company ‘s performance; 3. Store rental and labor cost growth risks: The company ‘s labor and rent account for a higher ratio of operating income, and the increase in expenses may cause performance to fall short of expectations.