Depth-Company-New Beiyang (002376): Increase in the proportion of new business 8PCT expansion capacity will support higher growth

Depth * Company * New Beiyang (002376): Increase in new business share 8PCT Expansion capacity will support higher growth

On April 10, the company issued a performance announcement: revenue of 26 in 2018.

400 million, net profit attributed to mother 3.

8 billion, an annual increase of 41.

6% and 32.


The proportion of strategic new business in the three major industries continued to increase, traditional businesses effectively explored the international market, and the comparative advantage of the estimated scale was maintained under steady growth, maintaining a BUY rating.

  Key points of support level The continued increase in the proportion of new business has led to stable and better performance.

The company’s performance is in line with the expectations of the express report.

By industry: New business (finance / logistics / new retail) and traditional business revenues increased by 58 respectively.

7% and 6.

6%, the proportion of new business increased significantly 8.


By product: The revenue of key basic components / machines and system integration products / services increased by -5.

5% / 58.

2% / 44.

8%, the whole machine is basically in the form of products in emerging industries, and the gross profit margin increased by 1.

0pct, the gross margin of traditional business represented by parts and components by 2015 61.

9% continued to 54.


Driven by the dual enhancement of new business “quantity and quality”, the performance promoted stability and improvement.

  New business market expansion is strong enough to maintain long-term performance.

All three emerging industries are welcoming space expansion.

(1) Financial industry: the emergence of self-service equipment replacement caused by smart outlets. STM and TCR / UCR gradually moved from testing to implementation. The introduction of core module advantages will continue to lead the cash transformation and clearing machine business.The growth rate reached over 600 billion yuan.

8%, electronic ordering, and the penetration rate of express delivery cabinets are constantly increasing; (3) New retail self-service vending machine ownership has increased by nearly 62%, and the output value has reached 200 billion yuan.

The company increased the capacity of 南京夜网 smart devices by 40% to 350,000 units per year through fixed increase.

  Convertible bonds are progressing smoothly, and they are optimistic about expanding to a new level.

Due to the characteristics of the hardware equipment R & D and manufacturing industry, the operating cash flow in 2018 was 1.

7 billion down 60.


The company is preparing to issue 9.

3.7 billion convertible bonds, supplementing liquidity and continuing to expand the capacity of smart retail equipment, has been approved by the municipal SASAC.

If the fundraising is successful, the company’s new business capacity expansion is expected to reach a new level.

  Estimated for 2019?
Net profit in 2021 is 5.

75, 7.

01 and 8.

6.8 billion, EPS is 0.
86, 1.

05 and 1.
30 yuan (assuming that the convertible bonds expand smoothly after completion in 2无锡夜网019, 2019?
Increased by 9 in 2020.

32%, 8.

18%), corresponding to PE, 20, 16 and 13 times.

The company’s new business broke through smoothly, leading to continued good performance and stable traditional main business. It is estimated that it has a comparative advantage in the sector and maintains a Buy rating.

  The main risks faced by ratings are that new industry demand is less than expected; convertible bonds are not progressing as expected.

Debang (603056): 2019 performance forecast is not up to expectations but fourth quarter cost control has achieved initial results

Debang (603056): 2019 performance forecast is not up to expectations but fourth quarter cost control has achieved initial results

Predicted profit decline by 45-65% YoY Debon has released its 2019 annual performance forecast. The company expects profit decline in 2019 to fall by 45% -65% to 2.


800 million, the performance forecast center is 3.

1 ppm, lower than our democratic expectations (CICC expects 2019E 4).

600 million US dollars, deducting non-net profit at least 78% -98% to less than 100 million per year.

The company expects a profit of 1 in 4Q19E.


700 million, an annual increase of -46% -12%.

Attention points We expect the 4Q19 cost control to show initial results, and the gross profit margin will stabilize and rebound: Debang’s excessive price cuts and revenue expansion affected the performance of 成都桑拿网 the profit side in the 1-3Q19. In the fourth quarter, Debon raised the freight rate and selected quality customers forServices, we expect revenue growth to reach less than 10%. In addition, due to the existence of high operating leverage, single-quarter profit is expected to perform better in the fourth quarter.

In the first quarter of the 20th year of the spring, construction time was short and continued pressure on costs: due to the impact of “Wuhan pneumonia”, we expect that Debon’s spring construction time will be shortened, and the first quarter profit may still be a substitute.

However, in the long run, the company began to increase profits after Cui Weixing (the founder) returned to specific business decisions. It is expected that in 2020, it will achieve more than 30% performance growth under a low base (the biggest incremental point is 3Q20).

In terms of business, we expect the express business revenue to grow by 30% in 2019 and the express business revenue to grow by 0-5%.

And express delivery revenue growth rate shows a high front and then a low, fast express growth speed shows a front low and then a high, leading for the company’s strategy in the first half of 2019 priority for express income, while the second half of the priority for profit protection.

From the perspective of gross profit margin, due to poor cost control in the first half of the year, we expect to bring 2ppt to about 12% in 2019.

Estimates and recommendations We lower our 2019/20 profit forecast by 24% / 14% to 3.


62 ppm (corresponding growth rate -50% / 31%), profit forecast for 20215.

50,000 yuan (corresponding to 9% growth rate).

The current sustainable correspondence is 2020 / 2021e 22.


9x P / E, we temporarily maintain the target price of 12 yuan, corresponding to 24.


8x 2020 / 2021e price-earnings ratio, the current price has 9% growth space relative to the target price, and maintain a neutral rating.

Risks Macroeconomic downturn, deteriorating competition, and changes in the home appliance and furniture industry

Slow heartbeat causes dizziness and fatigue

Slow heartbeat causes dizziness and fatigue
Guangdong reader Ms. Duan asked: I checked my heartbeat slowly, about 40 beats per minute, and I often had dizziness, blackness, and even syncope.Is this disease serious?Do you need treatment?Fang Yongkuan, the former chief physician of the Department of Cardiology, Nanhua Hospital, Nanhua University, answered that sinus bradycardia is the most common type of slow heartbeat.The heartbeat originates from the sinoatrial node. It is located at the entrance of the superior vena cava of the left atrium and has a network of myocytes. It is the pacing point that controls the normal activity of the heart. It is mostly supplied by the right coronary artery.The heartbeat speed, that is, the frequency of sinoatrial node excitement changes with age, the 夜来香体验网 highest for babies born, followed by young children, slightly slower for adults, and gradually slower for older people.Normal adult is 60?100 beats / min, less than 60 beats / min are called sinus bradycardia.Sinus bradycardia is caused by hypervagal or sympathetic tone and organic shift of the sinoatrial node itself.Common in the elderly and athletes, bradycardia can also occur during normal sleep, also seen in vomiting, anorexia nervosa, carotid sinus stimulation, meningitis, intracranial tumor recovery, myxedema, and sick sinus node synthesisSymptoms, bisexual jaundice, hyperkalemia, recovery period of infectious diseases, etc.About 10%?15% of patients with acute MI have sinus bradycardia.A variety of drugs can also cause bradycardia, such as vagal stimulants, beta blockers, calcium antagonists, and amiodarone.Significant sinus bradycardia often indicates sick sinus node 杭州夜网论坛 syndrome, or a precursor to cardiac arrest, and should be highly vigilant.The disease is generally asymptomatic. If the heartbeat is slow or accompanied by organic heart disease, it can lead to a decrease in cardiac output, dizziness, fatigue, and even syncope, long angina pectoris, and heart failure.The disease is generally benign. If asymptomatic, you do not need to take medication for treatment, you can follow up regularly.If dizziness, fatigue and other symptoms appear, take atropine or asthma under the guidance of a doctor to increase heart rate.If the heartbeat is slow and syncope occurs, a pacemaker can be installed.In addition, in addition to sinus bradycardia, slow heartbeat is also found in atrioventricular block, escape rhythm, slow atrial flutter, and atrial fibrillation. Patients can go to the hospital’s cardiology department to do an electrocardiogram to confirm the diagnosis.▲

Temporary entry restrictions hurt Australian economy

Temporary entry restrictions hurt Australian economy
People’s Daily Online, Sydney, February 21st. On February 20th, the Australian government again announced the extension of temporary entry restrictions and re-evaluation twice 武汉夜网论坛 a week.All visitors departing or transiting from China are not allowed in Australia.Too many tourism and education practitioners said the travel ban is causing huge losses to Australian tourism, international education and related industries.China is Australia’s largest tourist source country. The period from January to February was the peak period for Chinese tourists to visit Australia.The Australian government’s immigration restrictions have brought the number of Chinese tourists to almost zero, and the tourism industry, which was originally affected by the mountain fire, has made matters worse.According to ABC, Felicia, chief executive officer of the Tourism Commission of Victoria, Australia?Mariani said that the industry is currently in a “crash” due to a large decrease in Chinese tourists.Statistics show that Victoria has 9.20,000 people are directly or indirectly engaged in tourism-related work. Chinese tourists have contributed $ 3.4 billion in tourism to Victoria’s tourism industry, accounting for 39% of local tourism revenue.The implementation of the ban has caused severe blows to major Victorian tourist attractions such as Phillip Island, the Great Ocean Road, and Evacuation Hills.At present, the Australian Tourism Industry Index has written to the Australian Government seeking emergency financial assistance.This is “I think the biggest impact of the restrictions is on the tourism industry, especially our travel agencies. The impact is cliff-like.”” International education is Australia’s third largest export industry, and China is Australia’s largest source country for international students.The total contribution of international education to the Australian economy in 2018 amounted to A $ 37.6 billion, and more than 240,000 jobs were converted.According to Australian media reports, over 100,000 Chinese students may not be able to return to Australia to attend classes on time due to restrictions.The implementation of temporary entry restrictions may bring economic losses of $ 8 billion to the Australian education industry, and a large number of students may turn to Britain, Canada and other countries to study abroad.Wang Ailin, general manager of the Australian dollar International Education Group, which provides consulting services to Chinese students, said the restrictions have had a very big impact on the international education industry.Take your own company as an example. The number of students who come to the office to consult has dropped significantly in the past two weeks.In addition, many related industries are also suffering from breakthroughs.Chinatown was originally one of Sydney’s closest locations. Visitors and international students were restricted from entering, and a large number of restaurants or shops had a sudden drop in traffic.Mr Zhang, who runs a huge hot pot restaurant in Chinatown, said, “For businesses, not having students come back is a serious blow.If the restrictions last for three months, I think the restaurants in Chinatown should be closed at least half.”(Cui Yaoyuan Di Di Chen Chen Zixin)

Hanlan Environment (600323) Company Annual Report Comments: The project steadily promotes the continuous improvement of ROE

Hanlan Environment (600323) Company Annual Report Comments: The project steadily promotes the continuous improvement of ROE

The company’s attributable net profit increased by 34% in 2018.

In 2018, the company achieved operating income of 48.

48 ppm, an increase of 15% per year; net profit attributable to shareholders of listed companies8.

76 ppm, an increase of 34% each year; net profit after deduction is returned to the mother7.

2.2 billion, a year-on-year increase of 22%.

Basic benefits 1.

14 yuan, dividend distribution plan for every 10 shares of cash2.

0 yuan.

The company’s revenue growth has benefited from solid waste and gas business growth. In addition to revenue growth, net profit growth has also resulted from a significant increase in investment income and a decline in sales and management rates.

The company’s gross profit margin decreased, and the sales expense ratio and management expense ratio decreased.

In 2018, the company’s solid waste treatment, gas, water, and drainage business revenues increased by 24%, 20%, 0%, and 22%, respectively.

The increase in revenue was mainly due to the higher share of solid waste and gas business growth.

In 2018, the company’s comprehensive gross profit margin was 30%, a year-on-year decrease of 1.

68 units.

Among them, the solid waste and gas business gross margins decreased by 4 respectively.

85, 0.

55pct, gross profit margin of water supply and drainage business increased by 2.

22, 3.

At 13pct, the decrease in gross profit margin was mainly due to the decrease in the gross profit margin of the solid waste business, which was caused by the increase in environmental protection and safety requirements, the expansion of technological transformation and the increase in material prices.

In 2018, the company’s sales expenses and management expenses as a percentage of revenue decreased by 0.

23, 1.

33pct, financial expenses as a percentage of revenue increased by 0.

15 marks.

As a regional comprehensive public utility company, the company has stable cash flow, ROE has been steadily improved, and the projects on hand are rich and steady growth is expected.

The company operates waste incineration, gas, water supply, and drainage businesses in Nanhai District of Foshan City. At the same time, the solid waste business has achieved a national layout, with net profit attributable to mothers in 20188.

7.6 billion, net operating cash flow16.

52 trillion, the company’s ROE from 9 in 2015.

The steady increase of 17% to 15% in 2018 is mainly due to the increase in the proportion of gas business, which has led to a steady increase in asset turnover.

According to the company’s 2018 annual report, the company still has a total budget of $ 8.2 billion in construction projects, mainly solid waste and sewage projects. Through the successive commissioning of these projects, we expect to bring stable performance growth to the company.

Profit forecast and estimation.

We expect to achieve net profit attributable to the parent company in 2019-21.

79, 11.

69, 13.

900,000 yuan, the corresponding EPS is 1.

28, 1.


81 yuan.

The company is one of the leading companies in the domestic solid waste industry. Its original “Hanlan model” has become the benchmark for comprehensive solid waste disposal. The company’s strategy is stable, and it continues to maintain steady growth, and its ROE continues 南宁桑拿 to improve.The company has 15-18 times PE in 2019, corresponding to a reasonable value range of 19.20-23.

04 yuan, maintaining the sustainable market rating.

risk warning.

(1) The construction progress of solid waste and water treatment projects is less than expected; (2) the upstream price of natural gas has risen; (3) the subsidy policy for waste incineration power generation has changed.

Jinhui Liquor (603919): Dingzeng smoothly releases product upgrades and management progress

Jinhui Liquor (603919): Dingzeng smoothly releases product upgrades and management progress
Comment event: On the evening of May 27, Jinhuijiu issued the “Announcement on the Results of Non-public Issuance of Shares and Changes in Shares”, marking the completion of the non-public offering of shares. I. The scale of fundraising was basically in line with expectations. There was a premium on the closing price on the trading day before the registration date in which the issue price was proportionally divided. The current issue of 26.2 million shares and the total issued share capital of 390.2 million shares; the current issue price of 14.00 yuan / share, based on the closing price of the previous trading day on the equity registration date (May 24).Calculated at 82 yuan / share, premium 1.3%.The total subscription amount is 3.670,000 yuan, which is less than 5.After USD 3 billion, the sponsor (the lead underwriter) negotiated with the issuer and decided not to start the additional subscription process.After replacing the issuance-related expenses, the actual net amount of funds raised was 3.6 billion, basically in line with expectations. 2. The funds will be used for technical transformation and production and the construction of comprehensive supporting centers. Product upgrades and management will promote the gradual advancement of the plan. The funds raised will be used for the technical renovation project of Longnan Chun Workshop, the construction project of Jinhui wine and comprehensive supporting centers, and supplementary flows.funds.According to the introduction of the prospectus, priority will be given to the technical transformation of the workshop and the replenishment of working capital.Matching the above investment projects with the company’s development strategy will effectively promote the company’s product quality, product structure and brand culture, which will help optimize the company’s liquor product structure, improve management efficiency and management level, and further enhance the company’s profitability. The annual growth rate of the company’s high-end liquors above 100 yuan was 13 from 2016 to 2018.57%, 23.21%, 31.87%, at the stage of accelerated upgrade.The high-quality finished wine requires high-quality base wine and the maturity period of the aging. The company needs to expand the capacity of the existing wine storage to further enhance the company’s ability to mature the base wine.The technical renovation of the Nanchun workshop is expected to ensure and accelerate the progress of the company’s liquor product structure upgrade. Jinhui wine production and comprehensive supporting center construction project. Through the construction of a full chain, a full production line, a full-cycle intelligent production management system and a wine body detection and design system, the scientific, accurate, and effective management decision of Jinhui wine can be enhanced.Improve the company’s production management level and operational efficiency. In addition, after the completion of the issuance, the company’s total assets and net assets increased by a certain amount, the asset-liability ratio and financial risk were reduced, which strengthened the company’s ability to resist risks, expanded the growth space of the company’s asset scale, and provided a basis for the company’s further development. Third, state-owned capital participation boosted market confidence, and dealers and core employees held shares with a new vitality of “second venture” Among the 5 investors who were finally allocated in this offering, other institutional investors were allocated 13.93 million shares, accounting forThe highest 53.16%.Among them, the Central Enterprise Poor Area Industrial Investment Fund Co., Ltd. and the Poor Area Industrial Development Fund Co., Ltd. respectively subscribed for 714.30,000 shares, 357.10,000 shares, accounting for 27 of the total issue.26%, 13.63%, restricted for one year.Previous state-owned holding of a single institution.The participation of conventional capital indicates that it is optimistic about the development future of the liquor sector and the Jinhui liquor, which has boosted market confidence.In addition, Gansu Great Wall Xinglong Silk Road Fund (Limited Partnership) subscribed for 321.40,000 shares, accounting for 12.27%. Hualong Securities Co., Ltd. (Hualong Securities-Jinhui Jiuzheng Energy No. 1 Collective Asset Management Plan) was allocated 734.20,000 shares, accounting for 28 of the total issued 上海夜网论坛 shares.03%, some outstanding dealers take the shares of the holding company of the plan; the company appointments dealers as shareholders, strengthens cooperation, and actively changes to new-type manufacturer relations, narrows the distance with consumers, and fully mobilizes dealers’ enthusiasm. The first phase of the employee shareholding plan of Jinhui Wine Co., Ltd. was allocated 492.90,000 shares, accounting for 18.81%, leaders and core backbones continue to increase the company’s shares through the plan.Military company executives and main business backbones indirectly hold company shares through Zhonghui Investment, Qianhui Investment, etc., the establishment of a company to expand the scope of incentives, enhance employee cohesion and corporate competitiveness, showing the company’s confidence in future development and also helping to changeDeveloped a new vitality of 西安耍耍网 “second venture”. Fourth, the issue of the top ten shareholders’ reduction of shares was properly resolved, and the company’s governance structure was further improved. On May 24, Yingzhiyu and CITIC Industrial completed the transfer registration procedures for the transfer of the company’s shares through agreement.After the transfer of this agreement was completed, Ying Zhiyi no longer held the company’s shares, and CITIC Industrial held 20099885 shares of the company.CITIC Industrial’s shareholding ratios before and after the share registration date of the shares to be issued this time were 5 respectively.52%, 5.15%, still maintain the status of shareholder holding more than 5% of the shares.Ying Zhiyi began to reduce the company’s shares in the second half of 2018, gradually putting pressure on the short-term.At this point, the issue of reducing the holdings of the top ten shareholders has been properly resolved, eliminating market distortions. CITIC Xingye transferred the shares and merged this issuance. The company’s controlling shareholder and actual controller have not changed. The directors, supervisors, and senior management personnel are stable. This will not affect the stability of the legal person’s governance structure andEffectiveness.The shareholding of distributors and employees further improves the company’s governance structure and effectively strengthens the common interest foundation and long-term mechanism between the company, shareholders, employees and distributors. Profit forecast and grade: Jinhui Liquor is a strong brand in Northwest Liquor, which is highly recognized by consumers in Gansu and surrounding areas. In line with the consumption trend, the company is focusing on improving its product structure and exploring markets outside the province, and its income and profits have continued to grow, and the trend is improving. With the smooth issuance of fixed increase, and the advancement of workshop technical transformation projects, production and comprehensive supporting center construction projects, the company has accelerated the implementation of market development strategies based on Gansu, Northwest Development, Orderly Advancement, and Key Breakthroughs.At the same time as the leading region of liquor in Gansu region, relying on the unique product competitive advantages of Jinhui liquor and the geographical advantage of Gansu penetrating the northwest, it has promoted the development strategy of the “Northwesternization” flooding region in an orderly manner, and steadily achieved the long-term goal of China’s top ten liquor. We are optimistic about the company’s continuous growth space. We predict that the company’s revenue will increase by 10%, 12%, and 14% in 2019-2021, and that profits will increase by 12%, 20%, and 20%, respectively. The diluted EPS will be 0.75, 0.91, 1.08 yuan / share. Consider the company’s operating conditions and continued growth.Correspond to 24 times PE for 2019 results and target 18.00 yuan, “Buy” rating. Risk warning: sharp rise in costs; intensified market competition; less-than-expected development outside the province.

UFIDA (600588): Cloud business growth remains strong, domestic substitution expected

UFIDA (600588): Cloud business growth remains strong, domestic substitution expected

Investment Overview UFIDA is a leading enterprise service provider in China, providing cloud services, software, and financial services.

The Group’s first quarter performance was satisfactory, with revenue increasing by 16.

6%, cost control has also improved.

In addition, the growth of cloud services has remained strong with an annual growth rate of 95%, and it is estimated that corporate customers are also growing 46.


We give a target price of 29.

58 improved, 6 higher than the earlier target price.

4%, downgraded to “overweight” level, with a potential increase of 10.


(Current price as of July 18) Results Update The Group announced the first quarter of 2019 results.

First class, income 1.

25 billion yuan, up 16 each year.

6%; operating 北京夜网 profit 1.

5.5 billion yuan, an increase of about 40 million yuan over the previous year.

In addition, gross profit margin decreased by 1.

6% to 62.

5%, but the group’s cost control has improved, and sales and management expenses as a percentage of revenue decreased by 3 respectively.

5% and above 4.


Net profit is 1.

02 billion yuan, a turnaround from last year, mainly due to the group’s sale of some shares in Sui Rui Technology this year.

After excluding non-recurring gains and losses, the shareholders’ equity of the company was RMB 54.77 million, a decrease of 51 per year.


Cloud service revenue 1.

2.5 billion yuan, an increase of 95% in ten years.

At present, there are about 4.77 million enterprise users of cloud services, and about 380,000 enterprise customers, an increase of 46 per 四川耍耍网 year.


For other businesses, software business income 8.

46 billion yuan, an increase of 20 in ten years.

6%; payment service income is 0.

74 billion yuan, an increase of 230 over the same period.

1%; revenue from the sole Internet investment and financing information service business dropped 29 year-on-year.

7% to 1.

RMB 9.7 billion.

Strengthening and launching cloud products, creating a cloud ecosystem The Group launched NC Cloud 1903, which uses the latest hybrid cloud technology architecture to provide hybrid cloud solutions for large enterprises. It is believed that the new products will help the group to enter the cloud market for large enterprises.

In addition, the Group has also strengthened the marketing of NC Cloud, which is expected to scale up NC Cloud sales.

For U8 Cloud for medium-sized enterprises, the Group will accelerate research and development and strengthen its promotion in the industry.

The Group continued to build a cloud ecosystem and launched 52 models in the cloud market, including cloud-connected products, business travel services, and cloud customer service small business versions.The total number of cloud market ecological partners settled exceeded 3,500, and the total number of products and services exceeded 5,500.

We expect that the Group will increase R & D in its cloud business, which may reduce its net profit margin in the short term, but it is expected to create a long-term competitive advantage.

There are media reports of Huawei visits, domestic substitution or acceleration. The Huawei ERP team visited UFIDA Beijing Industrial Park. Therefore, there are speculations that Huawei may abandon the current SAP and use domestic ones. We think it is quite high.

Under the Sino-U.S. Trade war, Huawei became one of the United States’ targets and barred U.S. companies from providing any services to Huawei.

In order to reduce the dependence on foreign software, we believe that Huawei has sufficient incentives to convert the current foreign ERP system to domestic.

Although there is consensus on the whole, this visit also reflects Huawei’s intentions.

It is estimated that based on the net profit attributable to the parent company in 2020, we give a target price of 29.

58 yuan, an increase of 6 earlier target price.

4%, corresponding to a 75-fold decrease in market surplus, mainly reflecting the rapid development of the Group’s cloud industry services.

As the Group’s cloud business will expand R & D, its net profit margin may be reduced in the short term, but it is expected to create long-term competitive advantages.

Expecting the severity of sustainable development in the near future, we downgrade to “overweight” rating with a potential increase of 10.


Risk Warning 1.

Cloud development is worse than expected 2.

China’s economy is worsening 3.

The emergence of cloud ERP has hit traditional ERP software to some extent, especially for SME customers

Yuyuan Garden (600655): Gold Jewellery Business Performs Brightly and Steady Growth

Yuyuan Garden (600655): Gold Jewellery Business Performs Brightly and Steady Growth
Event: Yuyuan released the 2019H1 semi-annual report, reporting that a series of companies realized operating income of 196.5.3 billion, up from 34 previously.62%; net profit attributable to mother is 10.21 ppm, an increase of 9 per year.31%. Yuyuan Jewelry & Fashion Group officially changed its name, and its product channels are working together to enhance its brand image.Products: Upgrade the product structure by deeply tapping the Chinese traditional Wuyun culture; Channels: 327 net increase stores, which has exceeded the net increase stores of last year.At the same time, jewelry fashion continues to strengthen the industrial chain and extend the supply chain. In addition to completing the acquisition of the Belgian International Gemological Institute (IGI), it has jointly established a joint venture with Xingguangda, a leading integrated jewelry processing company, to promote the company’s merger of the supply of colored treasureChain level. The main business grew at a high speed, and the improvement of operations led to an increase in gross profit margins of all sectors.Operating income for the reporting period reached 196.5.3 billion (+34.62%).In terms of different businesses, the number of jewellery and fashion chain outlets reached 2,417 (327 new in 2019H1), and the acceleration of exhibition stores led to jewellery revenue of 100.9.5 billion (+15.91%), resort 4.6.7 billion (+18.41%), catering 3.9.4 billion (+45.55%).H1 gross profit margin is 24.10% (+3.02pct), sales expense ratio 3.47% (-0.19pct), the management expense ratio is 5.46% (+0.67pct), financial expense ratio 1.72% (+0.43pct), net interest rate 7.04% (+4.65pct). The newly introduced budget incentives and stock saving incentive plans demonstrate the company’s confidence in future development.This budget incentive plan was awarded to a total of 50 core executives, and 3.65 million shares of the stock budget were granted, accounting for 0 of the equity volume.094%, while granting no more than 301 to 41 middle and senior executives.80,000 shares (accounting for 0 of the total share capital).078%) budget stock.The performance evaluation target is a three-year return to the net profit 杭州桑拿网 ratio of at least a compound growth of 12% in 2018, which shows the company’s development confidence.Through the use of the enhancement of its own industrial capabilities and strategic mergers and acquisitions to expand its competitive advantage; focus on industrial operations, build good products and good brands, and provide happy and stylish lives for global household customers. Investment suggestion: The company’s jewelry fashion and cultural and catering businesses are actively transitioning and upgrading. Restructuring and injecting the company’s multi-functional real estate business has become an important support for creating fashion industry integration and offline landmarks.We expect the company’s net profit in 2019/2020 to increase by 13% and 11% each year, and the EPS will be 0.88 yuan, 0.97 yuan, the current corresponding PE for 2019/2020 is 10 respectively.5, 9.5. Risk reminders: 1) The jewelry business is fiercely competitive and homogeneous. 2) Macro policy risks faced by the real estate industry. 3) Business diversification, increasing the level of internal management.

GAC Group (601238) Quarterly Report Comment: Pressure on Independent Brands in the Third Quarter Remains, Japanese Joint Venture Supports Profits

GAC Group (601238) Quarterly Report Comment: Pressure on Independent Brands in the Third Quarter Remains, Japanese Joint Venture Supports Profits

In the third quarter of 19th, the company’s performance declined quarter-on-quarter, and the investment income of the joint venture increased at least once. It slightly decreased. According to the company’s third-quarter financial data, the company’s operating income in the first three quarters was 430.

310,000 yuan, down 19 previously.

58%; investment income of the joint venture is 73.

RMB 970,000, slightly reduced by 1.

28%; return to mother’s profit is 63.

350,000 yuan, a decrease of 35.


Among them, Q3’s operating income was 14.7 billion yuan, a decrease of more than 10%, and the net profit attributable to the mother was 140,000 yuan, a 52% annual decrease; investment income reached 25.

500 million yuan, basically flat for one year.

Under the pressure of the slowdown in the growth of the domestic auto market, the company’s weak profitability of its own brands in the third quarter decreased its sales performance, which was mainly affected by changes in the sales of its own brand GAC passenger cars. According to the production and sales report, GAC passenger cars were gradually sold in the first three quarters.

70,000 vehicles, down 29 every year.

75%; single quarter wholesale sales in the third quarter was 5.

90,000, down 36 every year.


In addition to sales variables affecting the profitability of independent brands, the company proactively destocked under the pressure of the breakdown of the domestic auto market, which resulted in certain sales promotions and sales subsidies, reducing the profitability of independent brands in the third quarter.

Japanese joint ventures continue to strongly support the reform of the overall profitable company’s merger organization and focus on strengthening the efficiency of independent brand operations and better leveraging synergies.

The joint venture Guangben, Guangfeng’s sales growth stability is still the main contribution point of the company’s investment income. In the first three quarters, Guangben and Guangfeng respectively changed their wholesale sales.

340,000 vehicles, 49.

60,000 vehicles, an increase of 10 in ten years.

14%, 17.


In addition, in September of 19, the listing of the “Deepening Strategic Cooperation Framework Agreement” between GAC Group and Toyota will help promote a new round of development cycles for the brand in the domestic market.

Investment suggestion The company’s main joint venture brands have high growth stability, continue to contribute investment income, and pressure on the short-term performance of independent brands. With the gradual layout of production capacity and new models, future profitability is expected to recover.

We expect the company’s EPS to be zero in 19-21.



06 yuan / share, currently expected to correspond to A shares PE of 14.



9 times.

Based on the company’s historical assessment level, we give A shares 13 times PE in 2020 with a reasonable value of 12.

RMB 0 per share; taking into account the premium situation of A 杭州龙凤夜网 / H shares, H shares are given 9 times PE with a reasonable value of 8.

3 Updates / Shares, maintain “Buy” rating on A / H shares.

Risks suggest that the automotive industry is declining; the passenger car industry is intensifying; the company’s new car sales are below expectations.

Supor (002032): Stand Out Under Consumption Upgrade and Category Expansion

Supor (002032): “Stand Out” Under Consumption Upgrade and Category Expansion
On the growth path of investment points, Supor has succeeded in1 straddles into small appliances 2 and enters from the “small electric” to the “kitchen and bathroom” and from the “kitchen” to the “living room”.There is no doubt that the company, as a cash cow with a high degree of certainty and a good dividend rate, has repeatedly been favored by the capital market and continues to enjoy the “estimated premium”, so is it possible that the 30x estimate can still be improved .Expand as follows: 1. Where does the company’s growth space come from in the next stage, and how big is the market? 2. Can Supor’s small appliances replicate the success of Midea? What’s so special about the company? 3. Discussion on Supor’s estimation system I. Growth space for the next stage? From the perspective of future growth: Supor ‘s cooking appliance sales volume comes from the increase in market share and the decline of the third and fourth lines, and the price space comes from structural upgrades. It is expected to record a growth rate of 10% over the industry in the future.Relatively higher, the space for small kitchen appliances comes from the increase in urban space occupancy + structural upgrades, and the new business space for kitchens and environmental appliances comes from category expansion, which is expected to maintain a compound growth of 15-20% in the future; the export business benefits from the transfer of SEB orders andIt is highly certain that it is expected to bring 10-15% growth in the future; the historical growth range of the retrospective company is between 佛山桑拿网 15-25%, and it is expected that the next stage will still maintain the 15-20% level. Second, what’s so special about the company? Can Supor’s small appliances replicate the success of beauty?This article believes that the challenge of Supor is “difficulty”: Can it continue the transition of multiple categories + the integration of multiple brands?In terms of corporate governance, strategic thinking, and product channel system analysis, Supor has certain potential.1.Governance structure: The professional manager system will be implemented after the company’s date of SEB, and the equity incentive will be normalized; 2.Strategic thinking: The company has shown flexible thinking in the three important rounds of transition from “channel changes” to “category expansion” to “brand complements” of high, middle and low layouts; 3上海夜网论坛. Product channel system: The company’s product innovation is in line with current quality consumption, experience consumption, channel development experience stores, living halls, and close to consumers efficiently. The company is moving in a direction consistent with consumer trends. Apart from commonality, Supor’s personalization potential?This article believes that Supor’s uniqueness / excellence is also reflected in: 1.Backed by rich brand treasure house-SEB; 2.Excellent operating ability-ROE / Profit / Efficiency.Completely achievable; brand injection also provides a foundation for complementing high, medium and low brand lines, and excellent operating capabilities provide confidence for “multi-brand integration”. Third, the current estimation system explores that the current estimation is at a historically high level. Is it a high or low estimate?Relative history, the current dynamic estimate of the company 30x is already at a historical high, but it is reasonable to combine the relative premium angle and the capital structure angle. Under the condition of high dividends, the company has limited downward space and relatively upward growth., The company’s own long-term investment value, domestic investors can evaluate their capital costs to find the right time. Profit forecast: Based on the exploration of Supor’s growth space, competitive advantages, and expectations, I believe that the company’s long-term investment value.The company’s 19-21 year performance is expected to grow 18%, 18%, 17%, EPS2.40, 2.84, 3.33 yuan, currently corresponding to PE28, 23, 20x, for the first time coverage, given an “overweight” rating. Risks suggest that the domestic economy is stalling, improper brand upgrades, unfavorable category expansion, and channel sinks are less than expected