Sunshine City (000671): Sales exceed 200 billion yuan to maintain prudent financial end continuous improvement

Sunshine City (000671): Sales exceed 200 billion yuan to maintain prudent financial end continuous improvement
Recent situation of the company We have recently investigated the fundamental situation of the company. Comments on the initial sales exceeded 20 million yuan, 2020 raw materials to achieve double-digit growth.The company has accumulated a total caliber of US $ 211 billion from January to December, an annual increase of 30%, corresponding to an average sales price of 12,694 yuan per square meter, and a sales equity ratio of 66%, which is 11 digits lower than 2018 (77%) (Crere caliber).We expect the company to exceed 220 billion (more than 10% increase) in 2020. At the same time, with the high equity proportion of land acquired this year, construction and market will gradually start to enter, and the proportion of sales equity will also rebound significantly. The estimated growth rate of equity is expected to exceed 20%. Keep the ground prudent, and the proportion of equity has picked up.From January to November, the company added 9.37 million square meters of soil storage, with a total land price of 4.78 million yuan, and the average land price was 4,919 yuan / square meter, accounting for 40% of the current average sales price.The company’s land acquisition amount accounted for 26% of the current period, which is more cautious than 2018 (34%), and the proportion of supplementary land reserve equity rose to 78%, reaching a new high in the past two years (66% / 55% in 2017/2018).80% of the company’s new soil deposits are located in first-tier and second-tier cities and third-tier and fourth-tier cities in the metropolitan area, and 56% of them have been acquired through acquisitions, an increase of 18 percentage points from 2018 (38%).We expect the company to maintain a prudent terrain of trials next year, and may seek more high-quality acquisitions and acquisition opportunities in land acquisition methods. The financial side continues to improve, and financing costs are expected to decrease.In the first three quarters of this year, the company’s net cash flow from operating activities was 11.3 billion, which has been positive since 2017; at the end of the quarter, the company’s cash on hand increased by 17% earlier to 443 trillion, and the short-term loan ratio reached 1.The historical growth rate of 36 times, the net denial rate earlier (221%) down 48 substitutions to 173%.We estimate that with the external net financing of 0, the company’s sales repayment in the second half of 2019 will replace the land consideration and its own volume expenditure, and the cash in hand will increase to 73.4 billion at the end of the year. In the second half of this year, Fitch raised the 重庆耍耍网 company’s long-term foreign currency issuer default rating and senior unsecured bond grades from B, B- to B +, and B respectively. Standard & Poor’s raised the company’s individual credit status assessment from B to B +.We expect that with the continuous improvement of the company’s financial end, more rating agencies will upgrade the company’s credit rating and drive down financing costs. It is recommended to keep the sustainable profit forecast unchanged, and the company is currently trading at 5.4x 2020e price-earnings ratio, significantly lower than the average level of comparable leading A-share real estate companies (6.6 times).Taking into account the company’s solid sales growth, continuous improvement in the financial end and market risk appetite, we raise our target price by 14% to 11.01 yuan, maintain outperform industry rating.The new target price corresponds to 重庆耍耍网 a 7x 2020e price-earnings ratio, implying 29% upside. The progress of risk settlement was less than expected; the improvement of the financial side was less than expected.

Livzon Group (000513): Shareholding Plan and Shareholder Return Announcement Help Long-term Growth

Livzon Group (000513): Shareholding Plan 杭州夜网论坛 and Shareholder Return Announcement Help Long-term Growth

This report reads: The company’s innovation and transformation path is clear. Recently, the “Announcement of the Medium- and Long-term Business Partner’s Shareholding Plan (Draft)” and the “2019-2021 Shareholders’ Income Plan” have helped its long-term development and maintain its overweight rating.

Investment Highlights: Maintain Overweight rating.

The company’s innovation and transformation path is clear, maintaining the EPS forecast for 2019-2021 to 1.



00 yuan, taking into account the improvement of long-term incentives, clear shareholder returns, raise the target price to 39.

5 yuan (+4.

7 yuan), corresponding to PE 25X in 2020, maintain the overweight rating.

Improve long-term incentives and motivate employees.

The company intends to exercise distribution incentives for core managers serving in the company that have an important role in overall performance and mid- and long-term development. The incentive fund will be based on the deduction of non-attributed net profit in 2018 as the base, and will be assessed on an annual basis (2019-2028).The realized net profit composite indicator is used as the implementation of the nuclear indicator, and the excess progressive accrual of each period of reward funds is implemented. The composite progressive strength of 15% or more of the excess progressive accrual ratio is 0 (composite strength ≤ 15%), 25% (15%) 20%).

This is conducive to the long-term incentives and constraints of the core management team, motivates employees and ensures the realization of long-term business goals.

Clarify shareholder returns and demonstrate development confidence.

The company’s plan for 2019-2021 actively adopts cash distribution of profits, and the annual cash distribution of profits exceeds 80% of the distributable profits realized in the current year, which fully reflects the 杭州夜网论坛 confidence in future development.

Ap injections are expected to accelerate the volume.

Ipraprazole injections entered the medical insurance negotiations, and the medical insurance payment standard was 156 yuan, a price reduction of about 39%, which was in line with expectations.

Since it was approved for production in January 2018, according to IQIVA data, it has 1081 every year in 2018.

910,000 yuan, 5684 in the first three quarters of 2019.

100,000 yuan, a rapid growth.

Coming soon to enter medical insurance, it is expected to further accelerate the volume, promote the increase of chemical medicine revenue, and continue to improve the product structure.

Risk reminder: the risk of fluctuations in drug prices; the risk of uncertainty in the development of new drugs

Pan Wei Network (603039) Interim Review: The growth rate of advance receipts has improved, and the construction of marketing service system has accelerated

Pan Wei Network (603039) Interim Review: The growth rate of advance receipts has improved, and the construction of marketing service system has 北京夜网 accelerated

Core point of view: The company released its 19-year interim report: 19H1 total operating income of 5 trillion, long-term growth of 26.

0%; operating profit 4802.

60,000 yuan, an annual increase of 35.

3%; net profit attributable to mother 4919.

40,000 yuan, an annual increase of 35.

7%; net profit after deduction is 35.7 million yuan, an annual increase of 16.

4% by business: Software-e.

Biological income 2.

9 ‰, an increase of 18 per year.



Office income 907.

80,000 yuan, an increase of 24 per year.


Implementation of service income 1.

9 ‰, an increase of 40 per year.


The growth rate of implementation services is higher than that of software products, and the scale of revenue is gradually catching up with software products, reflecting the strong demand for 天津夜网 customization such as secondary development of customers, and product applications continue to deepen.

Sales expense settlement 70.

1%, increasing by 0 every year.

6 points.

The revenue share of the company and local service teams is included in sales expenses, and the overall sales expense ratio is relatively stable, reflecting that the company’s division ratio with local service teams is relatively stable.

Accounts received in advance 5.

30,000 yuan, an increase of 19 in ten years.

3%, a growth rate of 19 pct lower than the same period in 18 years, replacing 6 pct in 19Q1.

Presumably the reason may be that some of the company’s customers are cautious due to the downward pressure on their operating IT spending.

The accelerated growth of advance receipts may indicate that the growth rate of revenue in the third quarter is under pressure.

Although it may be under pressure in the short term, the company is a high-quality internal collaborative office software company, and the industry still has room for development.

The 19-21 results are expected to be 0.

96, 1.

25, 1.

65 yuan / share is expected to the company’s 19-year EPS is 0.

96 yuan / share, corresponding to 71 times PE.

The company is an internal collaborative office software head enterprise, and the downstream secondary development demand is strong.

Since the 18-year report and evaluation, comparable company UFIDA’s valuation has substantially improved, and UFIDA’s business has advanced faster. With reference to the company’s historical forecast center, we are still 74 times PE for the company in 19 years, with a reasonable value of 71.

04 yuan / share, maintaining the “overweight” rating.

Risks indicate that the expected decline in downstream expenditure will continue to affect revenue growth, the development of cloud products is not ideal, and the risk of industry closure.

Shengyi Technology (600183) Third Quarterly Report Review: Profitability continues to improve, waiting for demand and capacity release

Shengyi Technology (600183) Third Quarterly Report Review: Profitability continues to improve, waiting for demand and capacity release

Brief evaluation of the company’s revenue in the first three quarters of 94.

700 million, five years growth.

5%, net profit attributable to mother 10.

4 ppm, an increase of 28 in ten years.

7%, of which the net profit after 重庆耍耍网 deduction is 10.

0 million yuan, an increase of 28 in ten years.

7%, of which Q3 single-quarter revenue was 35.

0 million yuan, 10 years and a 10-month increase.

4% and 8.

0%, net profit attributable to mother 4.

1 ppm, a year-on-year increase of 49.

1% and 8.


In terms of profitability, gross profit and net profit in the first three quarters reached 26.

8% and 11.

9%, an increase of 6 per year.

4pct and 2.

3pct, of which Q3 single quarter gross margin and net profit reached 28.

4% and 12.

7%, an increase of 8 per year.

2pct and 3.

5pct, an increase of 1 from the previous quarter.

3pct and 0.

1pct, single quarter profitability continued to improve slightly.

The demand for business analysis comes at a time of restoration and restoration, providing compression to open up alternative space. From the perspective of the company’s Q3 single 重庆耍耍网 season, we believe that although the company’s new production capacity has expanded and contributed contribution performance, the unit price of the company’s products has improved, thereby further improving profitability.On the whole, the operation is stable and upward.

From the perspective of the general situation of copper clad laminates, 5G centralized mining will soon enter the demand side. By then, various basic materials of copper clad laminates will usher in conversion and repair. This month, they will replace Panasonic, Japan ‘s copper clad manufacturer, and Japan ‘s copper clad factory in Koriyama, Fukushima Prefecture.Due to the flood disaster, it is expected to take two months to resume work. During the high-end order or transfer of the plant, the capacity will be replaced by the industrial chain, which will open up alternative space.

The price of ordinary copper clad laminates may continue, waiting for high-frequency and PCB production capacity: Against the background of an industry where both supply and demand are good, the company’s three major businesses are expected to usher in growth: 1) ordinary CCL reaches the replacement repair brought by 5GThe price is stable, and the company’s new production capacity in Shaanxi and Jiujiang has been actively deployed, and the performance has been released; 2) CCL customers have been smoothly introduced, and the production capacity planning is expected to be completed successfully. Next 5G orders are expected to contribute further performance; 3) PCBThe Dongcheng production expansion project will be successfully completed in 19 years, and the first phase of the Ji’an project will also be put into construction as planned, which is expected to achieve 5G dividend growth.

Investment recommendations Based on the company ‘s current capacity development and gross margin improvement, we have reduced our company ‘s revenue expectations but maintained our net profit expectations. We predict 19?
The company’s net profit attributable to mothers will reach 14 in 21 years.

100 million, 18.

300 million, 22.

400 million, according to current expectations, the corresponding PE is 41 times, 32 times and 26 times. Considering the company’s excellent layout and the conversion of copper clad laminate business is scarce, we believe that the company can enjoy a certain premium and we maintain our target price of 36.

2 yuan, continue to give a “buy” rating.

Risks indicate that the downstream economy is worse than expected; increased competition leads to increased competition; and major shareholders reduce their risk.

Tongling Nonferrous (000630) Company’s 2018 Annual Report Comments: Sulfuric acid significantly boosted performance and product structure steadily upgraded

Tongling Nonferrous (000630) Company’s 2018 Annual Report Comments: Sulfuric acid significantly boosted performance and product structure steadily upgraded
This report reads: The company’s annual performance is in line with expectations, and the rise in the volume and price of sulfuric acid has significantly boosted the performance; the company’s high-end lithium foil will continue to be released in the future, and the company’s product structure upgrade is worth looking forward to. Key points of investment: The annual report performance is in line with expectations, maintaining an overweight rating.2018 preliminary revenue was 845.89 ‰, +2 for ten years.62%; net profit attributable to mother 7.09 million yuan, +31 a year.99%; deduct non-attributed net profit 5.1.8 billion, +17 a year.62%; Q4 company revenue was 232.2.7 billion per year 6.69%; net profit attributable to mother 0.470,000 yuan, at least -67.16%, deducting non-attributed net profit -1.3.7 billion.Taking into account the mismatch of copper mine and smelter expansion cycle, smelting fees have a long-term trend, the company’s 2019/2020 EPS forecast is lowered to zero.09/0.10 yuan (previous value was 0.13/0.16 yuan), the new forecast for 2021 is 0.10 yuan, taking into account the company’s product structure upgrade, given 2020 EPS32 estimates, lower the target price to 3.2 yuan / share (previous 武汉夜网论坛 value was 3.47 yuan / share), the current space 17.6%, maintain overweight rating. The sulfuric acid sector significantly boosted expected performance.In 2018, the company’s copper chloride / copper concentrate / gold / silver / copper production was 132.86/5.37 averages / 9.55 tons / 342.07 tons / 422.28 Initially, the company’s sulfuric acid volume and price rose, and the gross profit of chemical products was +3 for two years.7 ppm; It is estimated that the production of lithium foil will be completed for nearly one year. The copper smelting fee will become a conversion trend in 2018, and the company’s copper product gross profit will be 31.200,000 yuan, at least -1.3.6 billion.In terms of impairment, the company accrued 7 in 2018.05 million assets impairment loss; due to accumulated RMB appreciation, the company’s net 佛山桑拿网 exchange loss2.93 trillion, financial expenses +5 every six months.1.3 billion. The products are becoming more advanced, and the recovery of the RMB has helped the company’s performance to rebound.The company’s lithium foil production capacity is expected to reach 1 at the end of 2019.75 For the first time, the impact of the reduction of halogen copper smelting fees was hedged.Under the stricter environmental protection, the company’s sulfuric acid profit is expected to remain high.The company plans to produce 139/5 halogen copper / copper concentrate in 2019.44 cobalt and 39 copper.18 For the first time, the company’s exchange loss will be narrowed by the consolidation of the RMB exchange rate, which is optimistic about the company’s steady development. Catalyst: Accelerated production capacity launch, approval of the listing of the subsidiary’s science and technology board Risk prompt: Acceleration of smelting charges

Preliminary Monetary Policy Committee: Monetary policy attaches more importance to moderation

Preliminary Monetary Policy Committee: Monetary policy attaches more importance to moderation

The preliminary website reported on the 27th that the People’s Bank of China’s monetary policy committee’s regular fourth quarter 2018 meeting was elected in Beijing on the 26th.

Leaders of the conference promoted a sound monetary policy, strengthened the vitality of micro-entities and formed a virtuous circle of capital market functions, and promoted a virtuous circle of the national economy as a whole.

  The meeting held that the current long-term economy has maintained steady development, economic growth has remained unchanged, total supply and demand have been basically balanced, growth momentum has been rapidly transformed, the RMB exchange rate and market expectations have been generally stable, and the ability to respond to external shocks has been enhanced.

Steady and neutral monetary policy has achieved better performance, macro leverage has stabilized, financial risk prevention and control performance has been outstanding, and financial support for the real economy has been further strengthened.

There have been positive changes in the structural adjustment of the domestic economic and financial sector, but there are still some deep-seated problems and prominent contradictions. The international economic and financial trends are more complicated and face more severe challenges.

  The meeting pointed out that it is necessary to continue to pay close attention to the marginal changes in international and domestic economic and financial indicators, increase the awareness of distress, increase counter-cyclical adjustments, and improve the forward-looking, focused and targeted monetary policy.

A stable monetary policy should pay more attention to tightness and moderateness, maintain a reasonable and sufficient liquidity, and maintain a reasonable increase in the scale of monetary credit and social financing.

We will continue to deepen the reform of the financial system, improve the dual-chain segmented framework of monetary policy and macro-prudential policy, and further unblock the channels of monetary policy.

  The meeting was held to optimize the financing structure and credit structure in accordance with the requirements of deepening supply-side structural reforms, and strive to make financial support for private enterprises compatible with the contribution of private enterprises 深圳桑拿网 to economic and social development.Promote a sound monetary policy, strengthen the vitality of micro-subjects and play a role in the capital market to form a virtuous circle of triangles, and promote a virtuous circle of the national economy as a whole.

We will further expand the opening up of finance to the outside world and enhance the vitality and interests of the financial industry.

  Bank of Communications (5.

720, 0.

04, 0.

70%) Chief Financial Analyst E Yongjian of the Financial Research Center said that the expression “promoting a sound monetary policy, enhancing micro-vigor and forming a virtuous circle between capital market functions” is worthy of attention, and its main meaning may be to highlight the need for overall coordination.Give full play to the synergy of monetary policy, fiscal and taxation policies 南京夜网 and the capital market to better serve the real economy. It also means that future monetary policy will further increase the intensity of targeted adjustments. It is expected that in 2019 there will be greater efforts and higher frequency of targeted downgrade standards., Refinancing, targeted medium-term borrowing facilities and other policies.

  In addition, the meeting pointed out that we must conscientiously implement the spirit of the Nineteenth National Congress of the Contracting Party and the Central Economic Work Conference, continue to follow the decision-making arrangements of the Central Committee of the Party, adhere to the general tone of work in progress while maintaining stability, employment, finance, and foreign trade., Stable and prosperous, stable investment, stable expectations, innovative and perfect macro-scales, comprehensive use of multiple monetary policy tools, maintaining the basic stability of the RMB exchange rate at a reasonable and balanced level, and maintaining a balance between the exchange rate, exchange rate, and balance of payments, etc.Promote the stable and healthy development of the economy, stabilize market expectations, fight the battle against financial risks, and keep the bottom line of preventing systemic financial risks.

SAIC Group (600104) quarterly report comments: first quarter results, sales are basically in sync with the industry and look forward to the inflection point

SAIC Group (600104) quarterly report comments: first quarter results, sales are basically in sync with the industry and look forward to the inflection point

The event company released the first quarter report of 2019: total operating income of US $ 202 billion, approximately -16%; net profit attributable to mothers of US $ 8.3 billion, each time -15%; non-net profit of US $ 7.6 billion, -14% to date; incremental average net assetsThe rate of return (ROE) is 3.

44%, a decrease of 0 from the same period last year.

78 units.

Opinions In the first quarter, the industry boom continued its downturn, the company’s performance was under pressure, and the data basically kept pace with the industry.

According to the China Automobile Association, passenger vehicle sales in the first quarter of 2019 were 5.26 million units, every -14%; meanwhile, the company’s total car sales were 1.53 million units, each -16%; revenue, net 北京养生会所 profit attributable to the mother, correspondingly, 16%,15%.
The short-term deduction of non-net profit is slightly better than the net profit attributable to the mother, which is mainly due to the decrease in non-recurring earnings in the first quarter of 2019.Fair value generates income.

[Joint venture brand]SAIC Volkswagen sold 470,000 vehicles in the first quarter, -9% in half a year. The product structure is reasonable. In the future, it is expected that the SAIC Audi project will accelerate its implementation and help SAIC to enter the luxury market.

SAIC-GM / SAIC-GM-Wuling’s sales in the first quarter reached 430,000 units, every 13% /-25%; the brand continued to actively go to the warehouse.

In the first quarter, joint ventures and joint ventures contributed US $ 6.1 billion in investment income, -13% per 夜来香体验网 year, mainly due to the increase in product promotion efforts during the destocking process of joint venture brand terminals.

[Independent Brands]Technology and product reserves are still ahead.

SAIC passenger cars sold 150,000 units in the first quarter, -18% in half a year. Despite the growth rate, SAIC independently grasped the key layout in electric intelligence: 1) In the electric field, the company’s new round of “Sandian” core technology innovation andNew electric vehicle exclusive architecture development and other projects have continued to advance. Infineon has cooperated with Infineon to achieve batch production and delivery of IGBT products. Fuel cell (SAIC 300) trial production test power has reached the world’s leading level; 2) in the intelligent field, with Alibaba, Mobileye, ChinaIndustry giants such as China Mobile and Huawei have deepened cross-border cooperation.

It is expected that in the second half of 2019, the auto consumption policy will be boosted, and the industry inflection point will drive the elasticity of independent sales.

The investment expansion trend remains unchanged, and short-term performance pressure is expected to continue into the second quarter of 2019.

The automobile consumption cycle has shifted from destocking to de-capacity. In the future, inefficient production capacity is gradually cleared. SAIC is expected to realize the survival of the fittest, and is optimistic about the long-term competition pattern of leading companies.

In the short term, according to Tianfeng Motor’s investment clock, the industry cycle inflection point is expected to come in the middle of 19 years, and the first and second quarters of the entire vehicle will face pressure from performance changes.

Profit forecast: It is estimated that the company’s net profit attributable to its mother will be 37.2 / 399/43 billion in 2019-2021, and the EPS will be 3 respectively.



68 yuan, corresponding to PE 8.



3 times.

Maintain the “overweight” rating.

Risk reminder: downside risks to the auto market; sales of old models fail to meet expectations; new models are not listed as expected.

Real Madrid Technology (603181): Annual Report Meets Expectations

Real Madrid Technology (603181): Annual Report Meets Expectations
The annual increase in net profit in 2018 was 33%, basically in line with expectations. Real Madrid Technology released its 2018 annual report on March 28, and the company achieved revenue of 17.20,000 yuan, an annual increase of 2.2%; net profit 1.9.7 billion, an increase of 33 previously.3%, the performance was basically in line with expectations.Press 2.According to the latest equity calculation of 10 billion shares, the corresponding EPS is 0.99 yuan.Among them, Q4 achieved revenue of 4.6.3 billion, downgraded 北京夜网 by 3 every year.6%; net profit is 0.610,000 yuan, an increase of 23 in ten years.6%.The company plans to distribute 3 yuan (including tax) for every 10 shares and increase 4 shares.We expect the company’s EPS for 2019-2021 to be 1.26/1.52/1.80 yuan to maintain the “overweight” level. Both the volume and price of the small variety segment went up, the cost control optimization improved the profitability report growth, and the company’s large variety segment decreased its production capacity due to product structure adjustments, achieving sales of 7.In April, it was downgraded by 19 every year.1%, average price 1.10,000 yuan / ton, previously downgraded to 0.7%, revenue 7.1 ‰, the price was reduced ten years ago.7%, gross profit margin fell to 0.5 points to 13.5%.Both the volume and price of small varieties rose, achieving sales of 6.55 at least, adding 15 annually.1%, average price 1.54 million / ton, an increase of 9 in ten years.9%, revenue 10.1 billion, an increase of 26 a year.5%, gross margin decreased by 0.6pct to 23.7% (mainly because the company’s propylene oxide procurement costs increased by 11 in 2018.5%).Operating net cash flow of the company 2.05% is 10%, with a year-on-year increase of 134%. The sales / management / financial expense ratios change by -0 every second.3/0.0 / -1.5 points to 2.0% / 5.5% / 0.3%.In terms of subsidiaries, Lukean achieved a net profit of zero.8.2 billion, an increase of 34 in ten years.0%. Downstream product upgrades have driven demand growth, and the company’s comprehensive competitive advantage is obvious. The company is a leading domestic specialty surfactant company.Along with downstream coatings, silicones, pesticide preparations, water treatment agents, personal care and other fields of high-end upgrades continue, the demand for special non-ionic surfactants continues to expand.The company is relatively relatively domestic, and has many product categories, advanced technology, rich customers and good shapes, and has comprehensive competitive advantages.According to Baichuan Information, the quotation of the company’s main raw materials (Liaoyang Petrochemical) was 0 in late March.820,000 yuan / ton, year-to-date has been reduced by 5%, the price of epoxy resin in East China1.00 million / ton, down 4 year to date.3%, which is good for the company’s gross margin repair. The release of investment project capacity and 10 candidate new projects will help grow the company7.7 Initial special polyether, high-end synthetic ester project is expected to be put into production in December 2019, 0.8 Polyetheramine is expected to be put into production in March 2020, and the company expects the project revenue to be 12.8 trillion, net profit (at 15% tax rate) 0.9.4 billion.The project focuses on application areas such as coatings, new silicone materials, lubricants and personal care, with good profit prospects.In addition the company invests 9.A project of 10 new material resins and special industrial surfactants with a construction cost of 7 trillion US dollars has been started and is expected to be put into production by December 2020. The company maintaining the “overweight” rating is a leading domestic specialty surfactant company. We predict that the company’s net profit for 2019-2021 will be 2.53/3.03/3.60 ppm, corresponding to EPS of 1.26/1.52/1.80 yuan, based on the comparable company’s estimated level (average 22 times PE in 2019), taking into account the company’s business differences, given 19-21 佛山桑拿网 times PE in 2019, corresponding to a target price of 23.94-26.46 yuan (original value of 23.94-25.20 yuan), maintaining the “overweight” level. Risk reminder: Downstream demand does not meet expected risks, and core technology is at risk of confidentiality.

Guangyuyuan (600771) 2018 Annual Report Comments: Continue to maintain rapid growth and improve the quality of operations as the next stage of focus

Guangyuyuan (600771) 2018 Annual Report Comments: Continue to maintain rapid growth and improve the quality of operations as the next stage of focus

The report guide company released the 2018 annual report.

Main points of investment: The main business has grown rapidly, and the companies that reported collective outbreaks of core products achieved operating income.

180,000 yuan, an increase of 38.

51%, net profit attributable to mother 3.

74 trillion, the same increase of 57.

98%, net profit after deducting non-return to mother 3.

7.6 billion, an increase of 81.

43%, achieving EPS1.

06 yuan, with an increase of 58.

twenty one%.

By quarter, Q4 company achieved operating income5.

9.7 billion, an increase of 38.

57%, net profit attributable to mother 1.

4.8 billion, an increase of 11.

2%, net profit after returning to mother 1.

5.3 billion, an increase of 35.


In terms of different products, the company’s main varieties, Ding Kun Dan Shui Mi Wan, An Gong Niu Huang Wan, and Niu Huang Qing Xin Wan each grew at a rate of 107.

61%, 153.

96%, 196.

01%, both achieved more than double the growth, the high growth momentum is expected to continue, Turtle Age set due to prescription drug restrictions for long-term growth.

76%, through the promotion of health wine in the future, the growth rate of turtle age set is expected to increase again.

The health wine sales model has taken shape, and has begun to focus on promoting the company’s development strategy of “taking food and beverage as the core, commercial supermarkets, and pharmacies as the two wings”, insisting on focusing on the high-end healthy wine market, and has been completed in Shanxi, Zhejiang, Jiangsu, Guangdong, and FujianChannel layout, rapid replication of the successful experience of the model market, close integration between online and offline, differentiated marketing around key areas and target consumer groups, and cooperation with retail platforms such as Tmall and online to continuously accumulate consumer groups,Reported that the company’s health wine sales reached 52.55 million yuan, an annual increase of 106.


The next 3-5 years is expected to become the outbreak of the company’s health wine business.

The improvement of operating quality is the key goal of the next stage. Due to the high unit price of the company’s products, the weak brand power in the early stage of development, the bargaining power of relative channel vendors is limited, and the terminal expansion speed is rapid. Since the launch of the OTC strategy in 2016, hospitals above the second levelThe number of terminals increased from 1,498 at the end of 2015 to more than 6,000 at the end of the reporting period, and the number of OTC terminals increased from 20,000 at the end of 2015 to nearly 150,000 at the end of the reporting period. As a result, accounts receivable continued to increase, affecting the health of financial indicators.

The company sets its 夜来香体验网 operating target for 2019 to be “revenue 2 billion and net profit 4”.

200 million “, we believe that this year the company hopes to ensure stable growth in performance while continuously optimizing the structure, improving the quality of operations, and solving the problems left over from the previous period.

With the continuous improvement of the company’s brand power and the increasing number of consumer groups, we believe that it is expected to complete the improvement of operating quality during the year.

Profit forecast and estimation We believe that the company’s brand has a long history, excellent product quality, a broad industry space, a clear direction for the company’s development, a good start, and continued high-speed growth in the future is a high probability event.

We predict that the company’s 杭州桑拿网 operating revenue for 2019-2021 will be 22 respectively.

340,000 yuan, 30.

8.1 billion and 43.

5.7 billion, with annual growth of 38.

01%, 37.

94% and 41.

39%; net profit attributable to parent company is 4, respectively.

2.5 billion, 6.200 million and 9.

21 ppm, an increase of 13 per year.

67%, 45.

82% and 48.

54%; corresponding EPS is 1.

21 yuan, 1.

76 yuan and 2.

61 yuan, corresponding to the current PE is 29 times, 20 times and 14 times, maintaining the “overweight” level.

Risks suggest that terminal sales expansion is not smooth.

The progress of health wine promotion was not up to expectations.

The rate of selling expenses remains high.

Accounts receivable cannot be recovered.

Zhejiang Dingli (603338): Third quarter revenue resumes growth and fourth quarter revenue is expected to accelerate upward

Zhejiang Dingli (603338): Third quarter revenue resumes growth and fourth quarter revenue is expected to 重庆耍耍网 accelerate upward

The company announced the third quarter of 2019: the company achieved revenue in the first three quarters of 201914.

45 ppm, a ten-year increase of 9.

02%, realizing net profit attributable to mother 4.

44 ppm, an increase of 12 in ten years.

02%, realized deduction of non-net profit 4.

14 ppm, an increase of 15 in ten years.


In Q3 2019, it achieved income 5.

97 ppm, an increase of 10 in ten years.

41%; Net profit in the third quarter of 20191.

8.3 billion, a decrease of 3 per year.

9%, realized non-net profit deduction1.

79 ppm, a six-year increase of 6.


Expenses are properly controlled in general: the sales expense ratio in the first three quarters of 2019 is reduced by 0 every year.

73 averages, each time the management expense rate is reduced by 0.

For 29 南京夜网论坛 units, the financial expense ratio decreases by 1.

04 first-level (mainly due to the increase in interest rate income and exchange income).

2019Q3 sales expense ratio is reduced by 1 every year.

89 units, down 2 from the previous month.

41 units; reduction in management expense ratio by 0.

1 unit, which is 1 lower than the previous month.

72 units; decrease in financial expense ratio by 1.

21 units, an increase of 1 from the previous quarter.

68 units.

Affected by the decrease in export gross profit margin, the gross profit margin increased in the third quarter alone: the gross profit margin in the first three quarters of 2019 reached 40.

85%, a year to raise 0.

19 averages, of which Q3 is 39.

61%, a decrease of 3 per year.

99 averages, down 1 from the previous month.

16 units.

We think it is mainly due to factors such as Sino-US trade friction.

In our view, there is little room for the gross profit margin of exports to continue to decline, and the overall gross profit margin will remain at a relatively stable level.

The new arm type is in the early stage of production and provides power for the company’s long-term growth: new versions of the upgraded arm type have been produced in small batches and put on the market.

The company’s fund-raising project “Large Intelligent Aerial Work Platform Construction Project” has also completed the construction of the main plant. It is now in the final stage of construction, equipment procurement and installation.

After the project is put into production, it can supplement 3,200 large-scale intelligent aerial work platforms, which can effectively improve the company’s production capacity of arm products, optimize the company’s product structure, enhance the company’s competitive advantage in the high-end aerial work platform market, and help develop high-end product markets.

Profit forecast and estimation: Affected by the Sino-US trade friction, the company’s short-term performance growth rate, but we believe that the company’s long-term growth logic has not changed, and we insist on recommending it for a long time.

Considering the impact of the Sino-US trade friction on the company’s short-term performance, the company’s net profit attributable to mother is expected to be 5 in 2019-2021.91/8.


700,000 yuan, an annual increase of 23.

08% / 36.

33% / 45.

06%, EPS is 1.



37 yuan.

We believe that the company’s 20-year reasonable PE estimation interval is 30-35 times and the reasonable value interval is 69.

6 yuan -81.

2 yuan, previous market rating.

Risk Warning: Low expectations at home and abroad; arm-style promotion exceeds expectations