Yifeng Pharmacy (603939): Performance maintained a fast growth and steady growth in the growth of old stores

Yifeng Pharmacy (603939): Performance maintained a fast growth and steady growth in the growth of old stores
Event: On August 20, the company released its semi-annual report for 2019: the company achieved revenue of 50 in the first half of the year.4.8 billion, an increase of 68 in ten years.65%; net profit attributable to mother 3.08 billion, an increase of 36 in ten years.78%; deduct non-net profit 3.3.0 billion, an increase of 46 in ten years.69%; net operating cash flow 4.3.3 billion, an increase of 146 in ten years.09%.EPS0.82 yuan / share.The company’s overall performance growth in the first half of the year is in line with our previous expectations. At the same time, the company issued a public plan for the issuance of convertible bonds with a planned issue size of no more than 15.81 megabytes, with a term of six years from the date of issue. Comments: 1.The performance maintained a rapid growth, and the internal growth rate of the old store increased steadily. Looking at the first half of the quarter, the company’s revenue maintained rapid growth, and Q1 and Q2 achieved revenue 24 respectively.6.9 billion (+66.67%), 25.7.9 billion (+70.59%); net profit attributable to mother 1.4.7 billion (+45.77%), 1.6.1 billion (+29.47%); deduct non-net profit1.4.2 billion (+47.98%), 1.6.1 billion (+45.57%).In the first half of the year, the revenue growth rate was as high as 69%, and operating cash flow continued to increase, mainly due to the promotion of endogenous + consolidation. Although the company acquired 204 stores in the first half of the year, mainly in Changsha, Shanghai, Jiangsu and other advantageous areas, plus emergingThe consolidation only took place in September, and the extension contributed a lot to the performance, but the company’s old store endogenous growth rate is not inferior. It is estimated that the old store’s endogenous growth during the same period is about 8% for 18 years, 19Q1 is about 9%, and 19H1 is expected to be about 10%. The company’s major provincial subsidiaries have all achieved profitability. The net profit in the first half of the year was for Xinxing Pharmacy, Jiangsu Yifeng, Shanghai Yifeng, Jiangxi Yifeng, and Jingzhou Guangshengtang.1%, 6.97%, 6.89%, 7.50%, 5.96%.In the first half of the year, the company achieved a gross profit margin of 39.09%, net interest rate 6.76%. A sophisticated standardized operating system is the basic guarantee for the company to successfully achieve inter-provincial operations and rapid and efficient replication. 2.New opening + mergers and acquisitions, operating efficiency continued to improve to the first half, the total number of Yifeng pharmacy stores reached 4,127 (including 256 franchise stores), a net increase of 516 stores in the first half, including 3南京夜网68 new stores (including new franchise stores87), acquired 204 stores and closed 56, covering Hunan, Hubei, Shanghai, Jiangsu, Jiangxi, Zhejiang, Guangdong, Hebei, and nine provinces and municipalities in Beijing. All major provincial subsidiaries achieved profit. In terms of different regions, Central and South China increased by 214, closed 34, and 1,813 at the end of the reporting period; East China added 332, closed 22, and 1,792 at the end of the reporting period; in North China, 26 new, 522 at the end of the reporting period, and new storesMainly located in Central South and East China.The “regional focus” strategy enables the company to quickly occupy the regional market, obtain an average profit level above the industry, and increase sales and profit. With the company’s regional market share and bargaining power increasing, operating efficiency has also steadily improved.From the perspective of the average daily average Ping effect of different direct-operated store types (yuan / square meter, tax included), the flagship store increased from 115 yuan in the initial period to 137 yuan in the first half, and the regional center store increased from 62.13 yuan to 62.95 yuan from 56 for medium-sized community stores.11 yuan to 61.74 yuan for community stores from 58.02 yuan increased to 58.71 yuan, total from 61.05 yuan to 62.39 yuan, the closing rate remained at about 1%. 3.Multi-level acceptance of prescription outflows, the proportion of medical insurance in East China gradually increased, and the company’s model of prescription outflows continued to advance: 1) Continue to strengthen the location layout of hospital-side stores from multiple aspects such as location selection strategies and assessment mechanisms, and strive to achieve more than Grade AFull coverage of the hospital; 2) Professional management of chronic diseases and prescription drugs, analysis and research of chronic disease and prescription drug customers through membership system and customer service research, development of chronic disease counters, special zones, special stores, equipped with professional staff,Patients provide professional goal management, medication guidance and medication reminders to improve the compliance of members and customers; 3) Vigorously promote strategic cooperation with prescription drug manufacturers to build DTP professional pharmacies.By the end of 18, the company had established more than 20 DTP professional pharmacies, operating 42 negotiated reimbursed medical insurance reimbursement products and nearly 200 hospital prescription products, and established DTP / DTC strategic partnerships with nearly 80 suppliers. From the perspective of medical insurance stores, as of 19H1, the company has 2,923 medical insurance stores, accounting for 75 of the total number of stores.51% (initial 74.96%), of which the number of medical insurance stores in Central South, East China, and North China accounted for 84.73%, 64.37%, 78.54%, East China is the region with the most stringent medical insurance qualification approval, earlier (61.32%) the largest increase.The company’s relatively low proportion of medical insurance designated drug stores in East China has gradually improved. The increase in the number of medical insurance stores has become a new growth point for the company in the future. 4.Refined management output and integration capabilities will greatly improve the profitability of mergers and acquisitions. Since the company went public in February 2015, it has successfully completed more than 50 mergers and acquisitions, involving nearly 2,000 stores, and most of the projects have achieved performance expectations.In November 2018, the company completed the largest M & A project delivery since its establishment-Hebei Xinxing Pharmacy Project.As a result, the company has comprehensively and deeply integrated from important aspects such as culture, commodities, operations, manpower and finance. At present, the gross profit level and profitability of emerging pharmacies have been significantly improved, which has accumulated valuable assets for the company to integrate major M & A projectsexperience.Excellent industry mergers and acquisitions integration capabilities help the company to expand rapidly. 5. It is planned to issue convertible bonds to comprehensively enhance the company’s competitiveness. The company’s convertible bond plan does not exceed 15 in scale.810,000 yuan, mainly used in Jiangsu Yifeng product sorting and processing project (1.600 million), Shanghai Yifeng Product Intelligent Sorting Center Project (1.3 billion), the first phase of Jiangxi Yifeng Pharmaceutical Industrial Park (0.800 million), new chain drug stores (12.5.9 billion), old store upgrades (1 billion), digital intelligent management platform construction (0.4 billion), recharge (3.900 million). The construction of Jiangsu, Shanghai, and Jiangxi logistics centers is required by the “regional focus strategy”, which can reduce the drug distribution costs within the company system, improve the effectiveness of regional subsidiaries, enhance the company’s market competitiveness in East China, and provide a future for the company.Opening new stores and providing good distribution support to sinking blank markets. Newly-established chain pharmacies, mainly in Hunan, Shanghai, Jiangsu, Jiangxi, Hubei, Guangdong, and Hebei provinces and cities, totaled 1,500 new chain stores. This is to continue to consolidate and develop the company’s existing competitive advantage in Hunan Province.The inevitable move of market share in other provinces will help the company to obtain scarce and valuable store resources. The old store upgrade project is mainly to upgrade and transform Hubei, Jiangsu, Jiangxi, Shanghai, Guangdong, and Hunan provinces and cities to a total of 538 directly-operated chain stores.The software and hardware systems of some old stores have been upgraded to share the advantages of Yifeng Pharmacy in procurement, operation, logistics, and services, while improving the recognition and influence of the Yifeng brand. Profit forecast: Quantifiable assessment indicators and incentive mechanisms strengthen the company’s refined management capabilities. The acquisition of high-quality regional leaders will bring about an increase in income and profits. It is estimated that the net profit for 2019-2021 will be 5 respectively.81, 7.78, 10.4.7 billion, corresponding to PE is 48, 36, 27 times.The company focuses on regional strategy, refined management and increased regional concentration have led to stable growth in performance and maintained a “Buy” rating. Risk warning: Store performance after mergers and acquisitions is less than expected.

Bank of China (601988) 2018 Annual Report Comment: Provision Coverage Rate Increased Significantly

Bank of China (601988) 2018 Annual Report Comment: Provision Coverage Rate Increased Significantly

Bank of China disclosed in its 2018 annual report that Bank of China achieved a net profit of RMB 18.01 million in 2018, a year-on-year increase of 4.


The profitability is stable in 2018.

8%, a decline of 0 per year.

Two single ones, mainly the ROA decreased by 0.

03 leaders.

From the analysis of DuPont, the decline in ROA is mainly affected by the decrease in program fees and commission net income / average assets, and the increase in asset impairment losses / average assets. The former is related to the decline in wealth management income under the impact of new asset management regulations.The company increased its provision and accrual.

Net interest / average assets increased slightly, making a positive contribution to ROA.

Overall, the company’s profitability is stable.

Net interest margin rebounded month-on-month, and the Bank of China performed better in deposits. In the third quarter, it adjusted the calculation method of the average daily net interest margin, but the fourth and third quarters were comparable.

In the fourth quarter, the net interest margin for a single quarter was 1.

93%, up 2bps from the third quarter, and performed better.

From the perspective of yield and interest rate, it mainly benefits from the rapid 杭州桑拿 rise in asset-side yield.

From the semi-annual data, the cost of deposits in the second half of the year decreased by 1bp compared with the first half, and personal demand deposits increased by 12% earlier at the end of the year, showing outstanding performance.

The quality of assets remained stable, and the provision coverage ratio increased. From the perspective of NPL indicators, asset quality was stable.

At the end of the year, the non-performing loan rate fell by 1bp from the end of the third quarter, which was basically the same; the attention rate decreased slightly by 3bps from the middle of the year; and the overdue rate at the end of the year was 1.

87%, which fell to the initial level after a rise in the middle of the year, which is even better; the year-end non-performing / overdue loans for more than 90 北京桑拿洗浴保健 days were 123%, which remained stable compared to the middle of the year;

87%, a slight increase of 9bps from the first half.

On the whole, BOC’s asset quality remained stable in the second half of the year, and the upswing of the NPL ratio was similar to the overall trend of the industry.

Finally, the asset impairment loss / excessive increase in average assets in the ROA decomposition is mainly related to the company’s increase in the provision of reserves.

The provision coverage ratio at the end of the year was 182%, a sharp increase of 14 percentage points from the end of the first three quarters.

Investment recommendations BOC’s fundamentals remain stable, the overall performance is in line with expectations, and maintain a “Buy” rating.

Risks suggest that the continued weakening of macroeconomic expectations may adversely affect the quality of bank assets.

Mercury Home Textiles (603365) 2018 Annual Report Review: E-commerce Growth Picks Up and Offline Growth Stable

Mercury Home Textiles (603365) 2018 Annual Report Review: E-commerce Growth Picks Up and Offline Growth Stable

Guide to this report: In the 杭州夜生活网 face of the impact of social e-commerce platforms, the company actively adjusted its e-commerce operation strategy. Online sales resumed growth in the fourth quarter. It is expected that the growth rate will accelerate and increase in the future.

  Investment points: Maintain Overweight rating: As the company adjusts its e-commerce business gradually, the online revenue growth rate and gross profit margin will increase in the future.

Taking into account the impact of the e-commerce business adjustment, the EPS for 2019-2021 is reduced to 1.

22 (-0.

15) / 1.

38 (-0.

23) / 1.

54 yuan, the industry estimates that the central bank will go up, giving the industry an average of 18 times the PE in 2019, raising the target price to 21.

96 yuan.

The adjustment of e-commerce business lowered revenue growth and gross profit margin.

The company’s operating income in 2018 was 27.

19 billion (+ 10% year-on-year.

44%), net profit attributable to mother 2.

8.5 billion, an increase of 10.

77%, performance was slightly lower than expected.

Of which e-commerce revenue is 10.

2.2 billion, previously +7.

28%, online gross margin 42.

46%, with a decrease of 2.


The poor performance of e-commerce is mainly due to the impact of low-cost social platforms, and Q2 and Q3 online sales experienced negative growth.

The low-margin platform distribution business grew rapidly, driving down profitability.

Upgrade offline channels, and actively develop social e-commerce platforms online.

In offline channels, the company has achieved rapid market occupation and development through the dealer model in third and fourth tier cities, and vigorously promoted the improvement of store image.

Online channels, the company actively settled on social platforms and achieved rapid growth.

At the same time, the internal organizational structure was adjusted to launch products targeted at sub-segments, and Q4 e-commerce sales resumed.

It is expected that the overall growth rate of e-commerce sales will accelerate in 2019.

Stores continued to expand the proportion of large stores, and the advantages of e-commerce were consolidated.

In 2018, the number of offline stores increased by about 100, and the number of existing channels is expected to exceed 2,800.

The proportion of large stores above 200 square meters has increased, and the quality of single stores has improved. It is expected that about 100 stores will be opened in 2019.

The volume and effect of offline channels rose, reflecting the foundation of performance.

With the end of online destocking and full coverage of e-commerce platforms, it is expected to continue to expand market share in the future.

Risk warning: E-commerce sales are less than expected, and store development is less than expected.

The truth of foreign investors buying A shares: 200 billion yuan in goods swept in the year, Shenzhen City becomes the focus of hunting

The truth of foreign investors buying A shares: 200 billion yuan in goods swept in the year, Shenzhen City becomes the focus of hunting

The truth about foreign investors buying A shares!

The stock market is down, why does Northbound Capital insist on buying and buying?

During the year, 200 billion yuan of goods were scanned, and Shenzhen and foreign investors were unable to understand the actions of Qianqian Securities when it was becoming the focus of fund hunting!

  At the beginning of this year, many people felt that foreign countries could participate in the A-share market.

But when the market runs to September or October of this year, you will find that foreign countries are not so magical.

Judging from the performance of the market, it can be said that they cannot defeat industrial capital.

However, from the data point of view, foreign countries do not care what market participants think of their investment actions. They only have one strategy, which is “buy, buy and buy”!

  WIND data show that on October 18th (Friday), the capital of Northbound decreased by 12%.

At $ 4.5 billion, net inflows were interrupted for six consecutive days.

At this point, the capital of the north has flowed into the net in 1992.

5.4 billion.

Since November 17, 2014, the Northbound Passage has been opened for nearly 5 years.

  As of October 18, foreign countries have made net purchases for 5 consecutive years, with a total net purchase of more than 8,400 trillion.

Recently, Shenzhen’s stocks are obviously more optimistic about foreign stocks, and the net inflow of funds is stronger than that of the Shanghai stock market. During the A-share sell-off on the 18th, Shenzhen’s stock market is still 2.

Net inflow of 4.6 billion funds.

  Unless the A-shares have risen too much, the strategy choice in most foreign countries is “buy”. What do they think?

Is A-share really safe now?

  What stocks Kitakami Capital holds? First, let’s take a look at what Kitakami Capital bought.

Judging from the Shanghai stock market situation, as of October 17, the transaction data, Beijing Capital currently holds a total of 871 shares, the company with the highest proportion of outstanding shares is Shanghai Airport, followed by Founder Securities (rights), Angel Yeast,Hongfa shares, etc.

There are 13 companies holding over 10% of the outstanding shares.

  Let’s take a look at the market performance of these stocks this year. The overall performance of companies with a high proportion of outstanding shares is indeed quite good. Weir shares rose 232 during the year.

At 7%, Baiyun Airport surged 120.

Only 44% of Fuyao Glass saw a slight decline.

  However, on the whole, 28 of the 871 stocks doubled during the year, and 555 stocks rose less than 20%, and there were a lot of lightning strikes, so the rich winning percentage was discounted.

  Looking at the situation in Shenzhen, as of the 17th, foreign holdings of Shenzhen’s 1136 stocks accounted for the highest proportion of the market capitalization of China Test, with a share of nearly 22.

99%, Yixintang, Tiger Pharmaceuticals, Midea Group and other shares hold the top shareholdings.

A total of 16 stocks accounted for more than 10% of the circulating market capitalization.

  Similarly, companies with a higher proportion of Beihang Capital’s shares in tradable shares performed quite well during the year.

Among the top 25 stocks in terms of shareholdings in circulation, none of them fell during the year, and four stocks doubled during the year, namely Wuliangye, Tiger Pharmaceuticals, Huatest and Jereh.

  Among these 1136 stocks, a total of 49 stocks have doubled, and the stock with the largest increase is Leading Intelligence, which increased by 278 during the year.

4%, Hudian shares, Wuhan Fangu (rights), Shengbang shares, Shuangta Food and Yisheng shares all increased more than twice.

There are also 655 stocks that have risen below 20%, a slightly smaller proportion than the Shanghai stock market, but there are also a large number of stocks that burst.

  How much potential does the foreign country have? So, does the foreign country still have the potential to buy in the near future?

  According to estimates by Guosheng Securities, considering that the size of global index-type tracking funds has remained basically stable, the distribution of mid-cap stocks has a certain diversion effect relative to large-cap stocks. It is assumed that the incremental funds are allocated to large-cap stocks.It is expected that the incremental funds obtained by large-cap stocks and mid-cap stocks will be approximately US $ 18.9 billion and US $ 12.6 billion, respectively, approximately 132 billion yuan and 88 billion yuan, totaling approximately 220 billion yuan.

  According to the statistics of the MSCI’s current disclosure of A-share mid-cap and large-cap stocks, there is a significant difference in the proportion of large-cap stocks and mid-cap stocks. The large-cap stocks are mainly driven by non-bank, food and beverage, pharmaceutical, real estate andHome appliances; and the funds driven by mid-cap stocks are mainly distributed in medicine, computers, electronics, chemicals and 杭州品茶夜网 food and beverages.

  Judging from the distribution of market capitalization of some listed industries, large-cap stocks prefer financial real estate and large consumer industries, while mid-cap stocks give more focus to growth industries such as computers and electronics.

Although mid-cap stocks receive less capital than large-cap stocks, the current market value of mid-cap stocks is also much smaller than large-cap stocks, and 88 billion buying orders can still stir up a lot of spray.

  From the overall situation, although the market is sluggish and some stocks have been estimated to be relatively high, the pace of redundant and continuous scanning of goods has been stopped, especially in the recent Shenzhen market, which has been frequently scanned for goods.Since October, the Shenzhen Stock Connect has bought 91 net.

0.5 billion shares.

  Let’s take a look at the Shanghai market. October’s performance was significantly weaker than Shenzhen’s, and the oxides in July and August were also much weaker than Shenzhen’s.

  Let’s take another look at the truth of foreign A-share purchases. According to rough statistics, from November 17, 2014 to the present, important shareholders of listed companies have reduced their holdings by approximately USD 652.1 billion.

From the perspective of the market’s buying and selling power, the purchasing power of Kitakami Capital is slightly higher than the pressure to reduce holdings.

So, under this background of non-crazy cash flow, what causes foreign capital to continue to enter the market?

Brokerage China reporters interviewed several foreign investment managers based in Hong Kong.

  Brokerage China Reporter: What is your basis for continuing to buy A shares, and why is it so different from domestic investment?

  Investment manager: The operation of large funds is more about macro factors. Relatively speaking, China’s fundamentals are better than that of most economies. This is the most important reason for foreign investors to buy A shares.

In addition, domestic-funded institutions have some annual assessment tasks, but foreign assessment mechanisms are not the same as those in the Mainland.

We also have our own set of evaluation methods and value recognition.

  Broker China Reporter: If the fundamentals are good, why are there so many industrial capitals to be reduced?

  Investment manager: Among A-share listed companies, there are indeed some problems in the manufacturing industry, so foreign capital allocation is relatively small.

Our focus is on consumer, financial and other defensive industries.

  Broker China reporter: It is estimated that these stocks allocated by foreign countries have always been very high. Why are they still buying?

  Investment manager: In the past, A-share consumer stocks were traded at a discount, much lower than foreign consumer stocks’ valuations. Now it is foreign countries who buy them into international estimates.

At present, the consumption of A shares will not be obviously bubble, and one point is basically regarded as a premium for growth.

  By the end of last week, Anta is estimated to be the same as Nike, Moutai is similar to Diageo, and Polaia is similar to Shiseido and fancl, so it may be basically in place.

Therefore, from the perspective of capital allocation, consumption may also face structural adjustment.

  Reporter of Brokerage China: The Ministry of Finance is working with relevant departments to study and draft the consumption tax law. What do you think?

Will it affect your configuration?

  Investment manager: On the whole, the central government has made it clear that the overall tax burden must be kept basically stable.

It can be understood that, in the form of consumption tax, some of them are initially transferred to the locality.

Local governments will use the benefits in a targeted manner and have the incentive to stimulate consumption.

At present, the external environment is unstable and the interior cannot be driven by real estate. Consumption is the only item of GDP that can be relied on.

Because foreign countries see this clearly, they are directly consuming.

From this point of view, I even think this (consumption tax law) is a positive.

  Brokerage China reporter: Recently, China’s housing stocks have been very strong, which has even driven real estate stocks in A shares, and foreign exchange is alloting real estate in A shares, but at the same time, the government has clearly not taken real estate as a short-term economic stimulus.

What kind of logic is this?

  Investment manager: First of all, make sure that not all real estate companies will be okay, but this time is the easiest time for leading companies.

First, the loan interest rate is cheap, and second, the land acquisition cost is low.

House prices have not decreased much.

Many A-share fund managers still treat all real estate stocks as cyclical stocks.

Even if the current stock market is not growing, the integration bonus is enough for many leaders to eat.

  Brokerage China Reporter: Since many manufacturing industries are in difficult times, why have so many foreign investors bought Shenzhen stocks recently?

  Investment manager: This should be an arbitrage behavior.

You can see that the situation was similar in July and August. At that time, MSCI had to expand its capacity, so there was a lot of money to go to Shenzhen to play games. Because Shenzhen’s stocks are generally small, incremental funds have a larger marginal impact on market value.

This time is also similar. In November, the percentage of MSCI entering the mid-cap stocks increased to 20% at one time, and some foreign capitals will deploy these stocks in advance.

  However, please note that most of the mid-cap stocks mentioned here are concentrated in the Shenzhen Stock Exchange. In addition, the size of the funds in the mid-cap stocks this time will have a greater impact on the market value of the relevant stocks than the large-cap stocks.Judging from the distribution of mid-cap stocks, most of them are in Shenzhen, so Shenzhen is more concerned about capital.

Greenland Holdings (600606): Profit growth rate hits record high

Greenland Holdings (600606): Profit growth rate hits record high
Core Views The company released a performance report. In the first half of 2019, it realized revenue of US $ 2016 billion, ten years + 28%; net profit attributable to mothers was US $ 8.8 billion, + 46% for the whole year; the average ROE was 12.16%, ten years +2.93 units.The company’s performance was in line with expectations, and its growth rate hit a new high since its 佛山桑拿网 listing. The value of new products was guaranteed, while the financial leverage continued to decline. The diversified industries increased profits.We maintain EPS for 2019-2021.15.1.38, 1.Earnings forecast of 65 yuan, maintain “Buy” rating. Profit growth hit a new high since listing. Sales growth increased. Company performance increased in the first half of the year. Profit growth hit a new high since listing. Mainly due to continuous improvement in carry-over scale and quality.In 2017 and 2018, the company’s sales growth rate was 20% and 26%, accumulating high-quality carryover resources, accelerated carry-over in the first half of the year, completion of 5.94 million square meters, each time + 47%, we expect the actual business gross margin to continue to improveAnd strive to break through 28%.In the first half of the year, the company stepped up the push for new goods, with a new construction of 26.39 million square meters, a year of + 49%; realized sales area of 14.87 million square meters, a sales value of 167.7 billion U.S. dollars, each year + 10%, 3%, 1319 trillion in repayment.Driven by high-quality projects such as intercity space stations, the third and fourth line highways have grown by more than 50% against the trend, but the reason for the overall stable sales is that some projects in second-tier cities such as Nanjing and Suzhou are affected by the first city and one policy, and the delivery of goods has been delayed to the next level.Half a year. Increased value and quality and quantity, financial leverage continued to decline. In the first half of the year, the company focused on key areas such as first-line spillovers, second-tier provincial capitals, and prefecture-level city high-speed rail stations. There were 58 new projects, with a construction area of 22.02 million square meters (equity construction area of 19.68 million square meters)., The total land price of 556 trillion, + 26% per year, the total value of 2622 trillion, according to the data of Kerer ranked second in the industry.The company’s soil storage structure has been further optimized. The supplementary value of the first and second lines is over 60%, and the newly-built residential buildings are over 70%. At the same time, the cost of land acquisition is maintained, and the floor price is less than 2700 yuan per square meter. The intercity space station accurately acquires land.Increased 8 projects including Qingdao, Suqian, and Suzhou, with a supplementary value of about 33 billion yuan.The company has taken into account the speed of high-level development and reduced leverage, replacing the asset-liability ratio of accounts received in advance, which is lower than the end of 20182.85 up to 81.55%, successfully issued 13.500 million US dollars of debt, actively promote ABS financing and cooperation between banks and enterprises. Multi-industry synergy, upgrading science and technology gene companies to promote “real estate +” industrial synergy.The large infrastructure construction lays a solid foundation. In the first half of the year, the value of newly signed contracts was US $ 179 billion, approximately + 16%. The acquisition of Henan Highway Engineering Company increased revenue and profits. A large financial strengthening platform, upgrading science and technology genes, shares in Deep Blue Technology, City Cloud International, Tuya Smart, Baicaibang, Ruiwei technology, high-tech enterprises and industrial synergy matrix preliminary formation.Big consumption optimizes industry content, commerce and trade: Xi’an and Tianjin trade ports are under construction, 4 new G-Super stores are opened; hotel tourism: new management and export of 12 overseas hotels, the release of four long-term rental brands, holdings of Shanghai Airlines and China TravelEstablished a joint venture exhibition company; Kangyang: Exploring a new model of Kangyanggu and acquiring Guizhou medicinal materials. In the beginning of the new era of trillions, we maintain the “Buy” rating. We maintain the EPS for 2019-2021.15.1.38, 1.65 yuan profit forecast.Refer to comparable companies for July 2019.8 times the PE estimate, we 成都桑拿网 think the company’s reasonable PE estimate for 2019 is 7.5-8.5 times, target price 8.63-9.78 yuan, maintain “Buy” rating. Risk reminder: there is uncertainty in the pace, scope and intensity of industrial policy advancement; overlapping real estate fundamentals may drag down sales of the company; tight industry financing, and capital construction capital increase pressure on the capital chain.

Japanese government supports Tokyo Olympics Organizing Committee: Olympics will be antique as scheduled

Japanese government supports Tokyo Olympics Organizing Committee: Olympics will be antique as scheduled
Original title: The Japanese government supports the Tokyo Olympics Organizing Committee: The 北京spa会所 Olympics will be antique as scheduled Xinhua News Agency, Tokyo, February 21st (Reporter Wang Zijiang) Japanese government official and Chief Cabinet Secretary Takayoshi Wei said on the 21st that the Tokyo Olympic and Paralympic GamesAntiques as planned.  Yiwei made the above statement at the press conference on the day. He said: “We will work closely with the International Olympic Committee, the Tokyo Olympic Committee and the Tokyo Municipal Government to continue preparations to ensure that athletes and spectatorsFeeling safe during the contest.”The recent outbreak of new coronavirus pneumonia has added some difficulties to Tokyo’s preparations for the Olympic and Paralympic Games, but Japan has insisted that there will be no alternatives to the Olympics.  After the Japanese Ministry of Health, Labour and Welfare asked organizers of large-scale events earlier this week to reconsider the need for these events, the Tokyo Marathon, which is one of the six major marathons in the world, canceled the popular event, and the Nagoya Women’s Marathon also didSame decision.On the 20th, the Tokyo Paralympic Hardball Test, originally scheduled to begin on the 南京夜网论坛 28th, announced the earliest antiques.  Beginning in March, there will be 18 more Olympic and Paralympic test games to be held in Tokyo. The representative of the Tokyo Olympic Organizing Committee, Masaru Takaya, said the day before that these games “absolutely” will not be changed or cancelled.  The major test that the Tokyo Olympics Organizing Committee will face next is the torch relay, which will begin on March 26, and the torch will be passed throughout Japan.Olympic Minister Seiko Hashimoto suggested after the cabinet meeting that day that if he feels that he is not in good health, it is best not to watch the torch relay.

Hengyi Petrochemical (000703): Performance growth meets expectations Brunei project steadily advances

Hengyi Petrochemical (000703): Performance growth meets expectations Brunei project steadily advances

The company’s attributable net profit in 2018 increased by 16 per year.

47%, in line with our expectations.

In 2018, the company achieved total operating income of 849.

48 ppm, an increase of 28 over the same period last year.

79%, net profit attributable to mother 19.

62 ppm, an increase of 16 in ten years.


The increase in performance was mainly due to the continued business cycle of the company in the areas of fine pair substitution (PTA), polyester fiber, and caprolactam (CPL) and the continuous improvement of the company’s competitiveness.

In the fourth quarter of 2018, due to the decline in oil prices, the increase in industrial chain profits, narrowing and inventory losses, and other factors, caused a single quarter loss2.

4.3 billion.

Corporate expenses increased significantly in 2018, of which financial expenses7.

4.6 billion, an annual increase of 4.

5.3 billion, mainly due to interest rate expenses and exchange losses.

In terms of areas: 2018 PTA business gross profit margin increased1.

56 averages reached 6.


Holding company Zhejiang Yisheng Net profit 6.

4.9 billion (the same period last year 3.

4.3 billion), associate Hainan Yisheng achieved net profit4.

5.7 billion (0 for the same period last year.

5.3 billion), Dalian Yisheng invested a net profit of 100 million.

0.8 billion (1 year ago).

6.2 billion), the PTA supply and demand pattern is improving in 2019, and the company is expected to continue to maintain high profitability in the PTA field.

In addition, the company has a shareholding company, Zheshang Bank (the company’s shareholding ratio is 4).

00%) Net profit attributable to parent company in 2018 was 114.

9 ‰, an increase of 4 in ten years.


Horizontal mergers and acquisitions expansion, consolidating the leading level of polyester industry.

In 2018, the company’s polyester business gross margin slightly shot to 1 repeat to 9.

11%, the company practiced the “capital + mergers and acquisitions + integration” industrial development model. In 2018, the shareholder Hengyi Group was injected into the polyester polyester company and Shuangtu New Materials, increasing the polyester production capacity by 144.

5 Initially, the total net profit of Jiaxing Yipeng and Taicang Yifeng for deducting non-returning mothers in 2018 was 22,946.

130,000 yuan, performance promised to complete the budget 100.

64%; Shuangtuo New Material’s net profit attributable to mothers after replacing non-recurring gains and losses in 2018 was 22,311.

50,000 yuan, performance promised to complete the budget 103.


By the end of 18, the company’s polyester production capacity reached 630 tons, and the company also raised 29.

500 million US dollars of supporting funds for the new 75-inch polyester upgrade project, to further enrich the polyester product structure and enhance the advantages of the development of the industrial chain.

The Brunei project is advancing steadily, opening up the polyester industry chain.The construction of the Brunei Refining and Chemical Project has entered the final stage, in which the units have successively completed the CCCC.

By the end of 2018, Brunei’s overall construction investment30.

1 billion US dollars, progress is gradually completed 92.

78%, the project is advancing steadily as planned, the process pipeline installation 成都桑拿网 is nearing completion, all units have been delivered as planned, and some public projects have begun operation.

It is expected that the test run in the second quarter of 2019 will fully open the petrochemical-chemical fiber industry chain.

Investment suggestion: Considering the company’s Brunei project production progress, adjust the company in 2019?
The EPS forecast for 2020 is zero.

98 yuan and 1.

70 yuan (1 before adjustment.

94 yuan, 2.

48 yuan), plus EPS forecast 2 in 2021.

RMB 27, taking into account the growth brought by the company’s subsequent projects, the corresponding PE is 17 times, 10 times and 7 times, respectively, and maintain the “overweight” rating.

Risk warning: The price of oil has fallen sharply, the spread of the polyester industry chain has narrowed severely, and the progress of Brunei’s refining and chemical project has fallen 南宁桑拿 behind expectations.

Xinhua Insurance (601336): The bancassurance channel dragged down the new business value exceeded expectations. The performance of agent channels was in line with expectations.

Xinhua Insurance (601336): The bancassurance channel dragged down the new business value exceeded expectations. The performance of agent channels was in line with expectations.

The 1H19 performance was basically in line with our expectations. Xinhua Insurance announced its semi-annual 武汉夜生活网 report for 2019: the value of new business fell 9% year-on-year, lower than market expectations of 9%.

The embedded value increased by 11% compared with the beginning of the year, and slightly exceeded market expectations by 1%.

Shareholders’ equity increased by 17% from the beginning of the year.

The net profit attributable to the parent company exceeded the previous increase of 82%.

Development Trend The value of new business is lower than expected, and the value of major new bancassurance business has dropped significantly.

The value of new business decreased by 9%, which was lower than the market expectation of 9%, mainly due to the significant drop of 64% beyond the expected value of the new business of bancassurance, which was mainly driven by the sharp decline in the value ratio.

Agent channel performance was in line.

The new business value of the agency channel decreased by 3% each year, basically in line with expectations.

The production capacity of agents (standard premium caliber) decreased by 7% year-on-year, slightly lower than expected. The number of agents increased by 4% compared with the beginning of the year, and the performance was transformed into the same industry (Ping An-9%, Taiping-8%).

The embedded value was slightly higher than expected.

The embedded value increased by 11% compared with the beginning of the year and slightly exceeded market expectations by 1%, mainly due to stronger-than-expected investment deviation.

Net profit has increased significantly, and the actual return on investment is not weak.

Net profit growth increased by 82%, mainly due to the return of 18 years brought by the new insurance industry regulations.

Although the company’s total investment rate of return declined slightly, it was mainly due to the rhythm of financial income recognition, and our calculated comprehensive investment rate of return increased significantly.

0 averages to 5.

7%, not weak.

Earnings Forecasts and Estimates As the value of new business is less than expected, we lower our 2019e / 20e new business value forecast1.

7%, 1.


Xinhua Insurance-A / H is currently trading at 0.


5x 2019 P / EV.

We maintain the company’s Outperform rating.

However, taking into account the increasing pressure on the growth of new business value in the second half of the year, the target price of Xinhua Insurance-A / H is lowered by 10%, replaced by 12% to 60 yuan and 46, corresponding to 0 respectively.

9, 0.

6x 2019 PEV and 18%, 37% upside.

Risk A shares continued to decline severely; 2Q19 new single quarter negative growth; long-term interest rates fell rapidly.

Hailan House (600398): Reissue repurchase plan dividend + repurchase accounted for over 70% of net profit in 2018

Hailan House (600398): Reissue repurchase plan dividend + repurchase accounted for over 70% of net profit in 2018

The company issued the second repurchase announcement.

The company intends to sell it at no more than 12 yuan / share (2019/7/23 closing price: 8).

35 yuan / share) at a price of 6.


3.6 billion (accounting for market value of 1/23/2019 1.

9% -2.


The company’s net profit attributable to mothers in 2018 was 34.

$ 5.5 billion, repurchase quota accounts for 20% of net profit?
30%, consistent with the 5-year repurchase program ratio released in December 2018.

The company’s dividend payout ratio in 2018 is 49%, and the lower limit of the dividend + the repurchase amount accounts for nearly 70% of the net profit; the company’s average dividend payout decreased by 64% in 2014-2017. We believe that the net profit return has been increased again after the announcementproportion.

The first phase of repurchase is completed, using funds 6.

6.7 billion.

In December 2018, the company announced that it will repurchase the company’s shares with funds of 20% -30% of the net profit attributable to the parent in the previous fiscal year from 2018-2022.In total, about 72.79 million shares were repurchased, with an average repurchase price of 9.

17 yuan / share, total use of funds 6.

RMB 670,000 (funds planned for repurchase plan: 6.


9.8 billion).

19Q1 The main brand resumed growth.

19Q1 company’s single brand revenue growth rate was 2.

16%, the earlier 1夜来香体验网8Q3, 18Q4 -2.

57%, -0.

42% improvement.

In our opinion, the scope of improvement of the main brands: ① product popularity and marketability; ② channel optimization brought by the development of shopping malls.

We judge that the direction of the main brand’s return to growth has been re-established. Through channel optimization in 2019, the same store will continue to improve.

The rebound in clothing retail boom will effectively boost 19H2 performance.

In June, the clothing company had a zero growth rate of 5.

2%, an earlier growth rate of 2 from January to May.

6% has improved significantly, and the growth rate of clothing retail sales in Q2 has been increasing at the same time (April, May, June: -1.

1%, 4.

1%, 5.

2%), we believe that the overall retail growth rate is repaired, and the industry’s prosperity is showing a good signal.

We expect the company’s 19H1 net profit to exceed 5% growth. With the improvement in retail growth, the company’s 19H2 revenue performance will be changed to 19H1.

Profit forecast and estimation.

We expect a net profit of 36 in 2019 and 2020.

9, 39.

700 million, a six-year growth rate of 6.

86%, 7.
The company’s 2019 PE estimation range is 12-15 times, corresponding to a reasonable value range of 10.


60 yuan, maintain the “primary market” rating.

risk warning.

Terminal retail was weak, and new brand expansion failed to meet expectations.

Shanying Paper (600567): Performance continues to be under pressure due to paper prices and domestic and overseas layouts continue to advance

Shanying Paper (600567): Performance continues to be under pressure due to paper prices and domestic and overseas layouts continue to advance

Event: The company released the third quarter report of 2019, and achieved revenue of 171 in the first three quarters.

300 million, down 4 each year.

5%; net profit attributable to mother is about 13.

200 million, down 42 a year.

8%; net profit after deducting non-return to mother is about 10.

800 million, down 44 every year.


The overall performance was affected by the decline in paper prices, but the decline in Q3 paper prices changed, and the company’s performance fluctuations narrowed accordingly. The company’s revenue changes in the third and third quarters.

33%, narrower than in the first half of the year2.

1pp; net profit attributable to mother for each extension of 34.

6%, narrower than the first half of the second quarter.


The gross profit margin is still low, and the expansion rate has begun to narrow.

The price of corrugated board of corrugated cardboard decreased quarter by quarter from the third quarter of 2018. Although the current decline has been narrowed, the price of paper is still low, and the company’s gross profit margin has been significantly affected.

3%, a decline of 2 per year.

9pp, Q3 single quarter gross margin was 17.

4%, a decline of 2 per year.


In terms of expense ratio, the sales expense ratio is 4.

2%, an increase of 0 every year.

6pp; The financial expense ratio has dropped by nearly one year due to the decrease in exchange losses.

3pp to 2.

2%; due to the increase of two new entities, WPT and Phoenix Paper, and management staff costs, the company’s management fee rate rose by 1.

1pp to 4.


To sum up, the company’s net profit attributable to the parent decreases by 5.

3pp to 7.


In terms of production and sales data, the output of base paper in the first three quarters was 352.

2 Nominal, sales were 348.

4 millimeters; the output of corrugated cardboard boxes is 9.

200 million square meters, sales volume 9.

400 million square meters.

At present, the price of waste paper series has been stable, and it is expected that the pressure on the company’s performance may gradually change.

The production capacity is maximized, and the domestic and overseas layout continues to advance.

After the company acquired Northern Europe and Liansheng, the packaging paper industry has a production capacity of nearly 500 tons and a carton production capacity of more than 1.2 billion square meters.

Domestically, after the completion of Phase I and Phase II of the Huazhong Shanying 220 entry-level high-end packaging paper project, the annual production capacity is expected to reach 127, and the company’s annual planned production capacity will be close to 600 tons.

The company continued to strengthen the overseas production capacity layout. The American Phoenix Paper started construction in May and increased its capital again in September. The company’s overseas renewable fiber and wood pulp resources layout continued to advance, and the company completed its strategy in Southeast Asia in September.With the cooperation and deployment, the company’s cost advantage is expected to be further consolidated.In addition, the company started the layout of the South China region, setting up a wholly-owned subsidiary in Zhaoqing in June, and acquiring 上海夜网论坛 70% of Zhongshan Zhongjian in July.

Earnings forecasts and investment advice.

The company’s EPS for 2019-2021 is expected to be 0.

54 yuan, 0.

63 yuan, 0.

71 yuan, corresponding to PE, 6 times, 5 times and 4 times respectively, maintaining the “overweight” level.

Risk reminder: the risk of large fluctuations in raw material prices; the risk of increasing production capacity to advance less than expected.