Was all the outstanding principal paid for?Qianduan Investor: Received notification but did not receive money

Was all the outstanding principal paid for?Qianduan Investor: Received notification but did not receive money
On April 27, many investors who had participated in the declaration to the sauna, Yewang confirmed that the news received today showed that the declared debts / product rights and interests had passed the review, and Hangzhou Hangshen planned to purchase all the investors who have not paidPay the principal.According to the terms of the contract, Hangzhou Hangshen shall pay the transfer price in one lump sum to the investor’s designated collection account within ten working days from the implementation of the agreement.The Air Force, Hangzhou Hangshen, as the main body of the acquisition, will make a tender offer for investors’ money claims and a package of rights including recovery rights.According to the partial transfer agreement obtained by Sauna and Yewang, Hangzhou Hangshen will acquire all unclaimed creditor’s rights / product rights and their accompanying investments invested by investors on the Qianduan platform at the consideration of 100% of the outstanding principal and the accompanying investmentRevenue, overdue interest, penalty interest, liquidated damages, etc., as well as the corresponding subordinate rights of the creditor ‘s / product equity, including but not limited to: (a) “Qianduan Platform Service Agreement” and other relevant contracts to request payment of paymentGold, index, penalty interest, liquidated damages, loss compensation or product equity, right to income and its ancillary rights; (b) the right to claim expenses for the realization of claims, product equity and its fruits, and the debtor or any third partyThe right to claim damages for damages such as copyrights, damages, etc .; (c) Investors in criminal cases who have received ownership reimbursement due to public security organs and judicial organs for recovering criminal suspects, criminals and other illegal gains, and confiscation of property, etc.,Compensation, compensation and other rights; (d) All civil rights and interests recourse against third parties arising from the introduction of third parties, the provision of sales services and other services (including but not limited to financial services) by investors.Sauna, Ye Wang Li Dawei Zhang Shuxin Editor Li Weijia Proofreading Li Shihui

Letter brothers are trapped in regional defense, NBA and FIBA rules are very different

Letter brothers are trapped in regional defense, NBA and FIBA rules are very different
On September 10, the 2019 Basketball World Cup officially began the contest of the knockout stage, and the only remaining 8 teams caught the fight.Before the game, it was considered that the Greek team won the championship. Because the “Alphabet Brother” could not fully adapt to the FIBA game rules, it stopped in the top 16.The traditional European strong team Lithuania is also affected by the FIBA rules. Because the referee misinterpreted the ball at a critical moment, he was blocked from the top 8.From the venue, the game time, to the regulations on timeouts, fouls, interference with the ball, the three-second zone, and the referee’s own penalty criteria, the FIBA rules adopted in this World Cup are indeed very different from the NBA rules.In the end, there have been multiple moments that have fans and even players participating in the team.Case 1 Li Nan disputed the suspension of the Chinese men’s basketball group match against Poland in the last minute. In addition to Zhou Qi’s consecutive mistakes, Li Nan’s suspension of the team’s lead was also questioned by fans.First of all, this is related to FIBA’s rules on suspension.After all, in the NBA, only coaches in FIBA can call a timeout when the ball is dead.Looking back at the game video, you will find that Li Nan had already called a timeout before the Polish team took the second free throw.Only after the Chinese team serves, the suspension takes effect immediately, instead of “the Chinese team holds the ball and instead calls the opponent to suspend tactics.”Case 2 Zhao Rui was sent off in the NBA for two fake throws. The fake throw and the opponent’s offensive foul were only separated by a line.For a long time, if the referee decided that someone had defended the player and fell, he would only give a warning.Until recent years, the league has issued anti-fake fall regulations, if repeated violations of the regulations, will be punished at a different price after the game.Below the rankings, FIBA has almost zero tolerance for falling.In the FIBA field, the referee is allowed to award a technical foul to the player who fell.In the contest between the Chinese and Korean men’s basketball teams in this World Cup qualifying match, Zhao Rui was sentenced to two technical fouls for two false falls and was sent off.Therefore, the former “Brazil film emperor” in the NBA, known as “fall”, has converged a lot in the World Cup.Case 3 Lithuania was mistakenly missed the top eight European powerhouse Lithuania team had a chance to break through from Australia, France team, and advanced to the quarterfinals, but because of a misinterpretation of the ball, the World Cup journey was ended in advance.On the evening of September 7, the Lithuanian team and the French team did not win or lose until the last minute.There are 30 left in the last quarter.In 8 seconds, Lithuanian player Valanciunas made two free throws. After the second ball touched the rim, it still fell. French player Gobert set the ball out, which indirectly led to the Lithuanian team’s defeat.According to FIBA regulations, although after the basketball and the rim are over, the player does not interfere with the ball, but this player cannot touch the rim.The slow motion clearly shows that Gobert’s hand hit the basket, which is a clear violation of the ball.After the game, the Lithuanian men’s basketball coach even scolded the referee at the press conference.As for the NBA, basketball can only touch the ball after leaving the rim, otherwise it will interfere with the ball.Although the FIBA issued a statement shortly afterwards, confirming that Gobert had interfered with the ball violation, the duty referee had a serious misjudgment and said that the law enforcement team of that game would not enforce any remaining games of the 2019 World Cup.However, the result of the match could not be changed and the Lithuanian team was unjustly eliminated.Case 4 “Alphabet Brothers” struggled to divide into NBA stadiums, FIBA stadiums do not have the “defense three seconds” regulations, which makes many NBA players who are not familiar with FIBA stadiums feel uncomfortable.Walker, Mitchell and other players of the American men’s basketball team are known for their breakthroughs. However, when they came to the World Cup, facing many defensive players in the penalty area of the opponent, they often returned without success.The Turkish men’s basketball team pushed the “dream team” to overtime, which simplified the use of this rule.There is no “defense for three seconds”, the most affected star must be the Xinke regular season MVP “letter brother”.The Greek team lost to the Brazil team by 1 point. The opponent also used the lack of the “defense for three seconds” rule, which greatly restricted the “letter of the letter” breakthrough space.Sauna, Ye Wang Xu Bangyin editor Wang Xihuang proofreading Li Shihui

Does Cannavaro take classes or leave classes?The operation of Evergrande is shocking and unreadable

Does Cannavaro take classes or leave classes?The operation of Evergrande is shocking and unreadable
Is Cannavaro’s position at Evergrande still stable?For Guangzhou Evergrande coach Cannavaro, this week was really difficult to pass-lost to Pu and Red Diamonds at home, blocked by opponents with a total score of 3-0 outside the AFC Champions League final; tonight the Chinese Super League is at homeAn embarrassing 2-2 draw against Henan Jianye, with only 1 point left in the standings.After the preliminary game, Evergrande’s official website immediately announced that Cannavaro will go to the headquarters of the Group tomorrow at 12 noon tomorrow to participate in the Evergrande corporate culture class. During his study, Zheng Zhi will act as the team coach.This announcement caused heated discussion. Cannavaro did not even participate in the post-match press conference with Henan Jianye, but his brother Paul attended instead.At the press conference, Paul explained why Cashuai did not attend the press conference. When asked about the question of “Cannavaro attending the class”, he only said that he would not comment on the group’s decision.According to Sauna and Yewang, Evergrande Group does provide corporate culture classes, and Cannavaro does go to “classes.”The Italian recently led his team’s poor record. In addition to the promotion to the AFC Champions League final, the Chinese Super League has only scored 5 points in the fifth round of the league. The previous lead in the standings has disappeared.Cannavaro waved to the waiting media when he left the stadium, saying: “Thank you.Judging by Evergrande’s previous style of rewards and penalties, the sudden release of the “Class Announcement” at this time was obviously dissatisfied with Cannavarolo.It’s just that the Evergrande Air Force directly issued announcements for the departure or appointment of the head coach. The Italians’ “going to class” operation this time is really a bit confusing.Editor Zhang Yunfeng proofreading Fan Jinchun

Qiaqia Food (002557) Quarterly Report Comment: Misalignment of Spring Festival Causes Revenue Breakdown and Price Increase to Benefit Net Profit Level

Qiaqia Food (002557) Quarterly Report Comment: Misalignment of Spring Festival Causes Revenue Breakdown and Price Increase to Benefit Net Profit Level

Event: Qiaqia Foods released the first quarter report of 2019: The company achieved revenue 10 in the first quarter.

400 million, +1 a year.

26%; realized net profit attributable to mother 1.

1.4 billion, 35 per year.

75%; budget benefit 0.

22 yuan, +48 a year.


Key points of investment: The misalignment of the Spring Festival affects 杭州桑拿网 Q1 income, and the star single products remain heavy.

The company’s first-quarter revenue was mainly due to the consolidation. The Spring Festival in 19 was off-peak, and the distributors’ stocks were carried out in December.

2.7 billion, +9 per year.

76%; the reorganization of the company reduced Jiangsu Qiakang business and Huakui trading business in 18 years, and the revenue impact was about 40 million.

Star products blue bags and daily nuts still maintained high growth, achieving an average income of 1.

About 800 million, the growth rate is about 25% and 30%.

The traditional red bag benefited from the price increase effect last year, achieving a growth of about 5%.

The increase in prices drove up the net net interest rate.

The company’s gross profit margin for the first quarter was 30.

28%, ten years +1.

45%, mainly because of the price increase effect last year and the rapid volume increase of blue bags and yellow bags with higher gross profit.

In terms of expenses, the expense ratio for the period was the same as last year, of which sales expenses were 13.

82% (+0.

21%), mainly because the promotion of new products has increased the placement of advertising costs; the management expense ratio (including research and development) is 5.

25% (+0.

58%), financial expense ratio -0.

6% (-0.


With the increase in gross profit margin in a single quarter, the net profit margin increased from 18 in Q1 to 8.

39% rose to 11 in 19Q1.


The volume of sales brought about by the subsequent contraction of scale effects is expected to continue to improve.

Profit forecast and investment advice.

While adhering to the dual main business of “melon seeds + nuts”, the company is reforming and raising prices for old products, and looks forward to the intensive cultivation of channels and continuous improvement of products. We expect the company’s revenue growth rate to be 17 in 2019-2021.

19% / 15.

53% / 15.

28%; net profit growth rate is 20.

43% / 21.

04% / 18.

98%; EPS is 1.

47 yuan, the corresponding PE is 22X / 18X / 15X.

Maintain recommended level.

risk warning.

Food safety issues, new product launches were less than expected.

Mona Lisa (002918) Research Report: Tengxian Base will be put into production one after another, with high growth and guaranteed performance

Mona Lisa (002918) Research Report: Tengxian Base will be put into production one after another, with high growth and guaranteed performance
Event: Recently, we conducted a research on the company’s current operating situation and industry development situation in the company’s Foshan base, and inspected various types of tile products of the company.  Key points for the survey: 1. Industry indicators: the industry is picking up, the industry layout of small companies remains unchanged, and the trend of leading brand concentration is gradually increasing1. The industry has begun to pick up. In 2019, the output of major ceramic tile products in H1 has rebounded to a certain extent and industry profits have increasedThe growth of cracks.According to information from the Institute of Foresight Research, after the industry experienced its peak since 2012 to 2017, it will gradually increase in 2018, mainly due to severe environmental policy restrictions, deleveraging in the real estate industry, and trade wars.In the first half of 2019, benefiting from the improvement in the delivery of hardcover houses and the advent of the peak period of completion, the industry has seen a recovery, and the production of ceramic tiles, porcelain tiles, and sanitary ceramic products increased.8%, 8.6%, 10.3%; At the same time as the output increased, the profits of building ceramics and sanitary ceramics increased by 26.3%, 34.5%.  2. In the pattern of “big industry and small company”, leading companies in the brand are not afraid of the industry’s downturn, and both revenue and market share are up.In 2018, the operating income of building ceramic enterprises above designated size was 299.3 billion yuan, a decline of more than 1,600 per thousand compared with 2017, while the top 20 industry sales were only 44 billion yuan, accounting for only 14.7%, the pattern of small companies in large industries is very obvious.  Despite the overall growth rate of the industry, the operating income and market share of branded companies have both increased.Such as A shares listed Diou Home (Oshennuo) and the company, revenue from 13 in 2015.4.4 billion, 15.82 trillion rose to 36 in 2018.82 trillion and 32 trillion, an increase of 173.96%, 102.28%; market share from 0 in 2015 respectively.36%, 0.36% increased to 1 in 2018.23%, 1.07%.  3. Consumption upgrading and channel sinking will become the key to the breakthrough of industry companies in the future.Overall, the frequency of consumption upgrades to promote the ceramic tile industry is getting faster and faster. Generally, it will be updated once every 1-2 years. As a result, dealer stores must renovate every two years. Brand companies have the financial resources to do so.In addition, while small and medium-sized enterprises can only go out, and comprehensive environmental protection and emission reduction policies have been adopted, the ceramic tile industry has closed at a rate of 300 companies per year in the past two years.In addition, due to the high saturation of the first- and second-tier cities, ceramic tile companies need to sink their sales channels to third- and fourth-tier cities and even towns. They also need a lot of expenses, and only the leading brands can afford it.  4. The proportion of real estate developers and hardcover housing delivery increased, that is, the engineering model (2B), which further aggravated the industry’s concentration on leading brands.The conditions for developers to choose ceramic tile suppliers: environmental protection, supply capacity, and production capacity quality, which are basically in the top 8 brands in the brand’s real estate buyers’ procurement catalog.From the current ranking of the ceramic tile industry, the top six are Marco Polo, New Pearl, Dongpeng, Ossino, Nobel, and Mona Lisa.  5, on the Fujin base.Around 2008, the Foshan ceramics industry carried out environmental protection rectification. With the “Teng cage for birds” industry transfer strategy, as the undertaking and back garden for Foshan ceramics industry transfer, Tengxian began to provide ceramic raw materials for Foshan and began to develop the ceramics industry.With a planned area of 25,800 acres of land, it is estimated that 70 groups of 200 ceramic production lines will be constructed, and the annual output value will reach 30 billion yuan and the supporting output value will reach 10 billion yuan after all are put into operation.At present, there are 15 ceramics companies in Tengxian, and 9 ceramics companies that directly penetrate Foshan, including Mona Lisa Group, Osheno Ceramics, etc., accounting for 60% of the entire Tengxian ceramics industry., Accounting for 70%.Among them, Mona Lisa Group, Osheno Ceramics, and Jianyi Ceramics are branch production bases headquartered in Foshan.Almost 90% of “Tengxian Ceramics” products use the “Foshan Ceramics” brand.The main advantages of the Tengxian base that can undertake Foshan ceramics are the advantages of kaolin resources and transportation advantages: the raw material transportation distance of Tengxian is only 20-30 kilometers, which is about one tenth of that of Foshan and Qingyuan; and the reserve of kaolin in Tengxian is about6.700 million tons, can be used for 200 production lines for more than 150 years.  Second, the company’s scale: Focus on R & D and innovation. The Tengxian base helps the company to enter the top three and further guarantee the company’s high growth.1 The company is positioned in the high-end ceramic building and ceramic products market, and its R & D capabilities are expanded. The products are basically in demand.status.The company has always been at the forefront of the industry in product development and innovation. Each year in Qingyuan, the R & D and technology-related investment in the Foshan base is about 300 million yuan, reaching about 10%.As of the end of June 2019, Mona Lisa had a total of 658 patents, including 86 invention patents (夜来香体验网including 3 foreign invention patents), 67 utility model patents, and 505 appearance designs.Since 2010, Mona Lisa has participated in the ISO / TC189 international ceramic sheet (brick) standard formulation for eight consecutive years as a member of the editor-in-chief, and has gradually drafted the “Thin Ceramic Tile (Plate)” ISO / NP17888 standard on behalf of China, For China’s manufacturing leaders to speak in the international market.The company enhances the added value and benefits of its products through technological innovation and enhanced industrial design, because its products are basically in the state of funding substitution. In the first three quarters of 2019, the prices of certain types of products increased steadily.  2. The B-end will continue to exert force, and it is expected that the proportion of the B-end and the C-end will reach about 5: 5.The C-end is mainly a retail model, which mainly refers to distributors picking up goods directly from the company. The downstream includes government, engineering, and households. The B-end is mainly aimed at real estate developers, that is, the engineering model. At present, the company has signed up to nearly 60 real estate developers, includingVanke, Evergrande, Country Garden, Sunac, etc. In the first three quarters of 2019, the ratio of B-end to C-end has reached the scale of 4: 6.Seven lines along the Tengxian base will be put into production in 2020. Increasing the proportion of B-ends will be the focus of the company’s sales in the future.  3. The increase in the first three quarters was mainly due to the opening of new stores and delivery by the sinking channel.The company’s operating income for the first three quarters of 201926.RMB 760,000 (the company’s operating income was 22 in the first three quarters of 2018.7.9 billion), an increase of 17 in ten years.44%, and the company added more than 160 dealers this year, with a total of more than 900 dealers. The data are relatively matched, and the added dealers basically belong to the township areas where the channels sink to economically developed areas.In the future, the number of supplementary distributors of the company is expected to be no less than 200, and channel sinking is imperative.  4. The sales staff of the Fujin County base and the settlement model at the 2B end caused a deviation in the growth rate in the third quarter of a single quarter.Third quarter single quarter profit1.39 ppm, a 10-year increase3.31%, the growth rate compared with the second quarter of a single quarter, down 25.The 11 PCTs are basically: First, the sales staff has increased by nearly 20%, mainly to prepare for 7 of the 11 lines in the Tengxian base in 2020, and the second is the real estate developer’s confirmation model.The supplier currently uses the Quartet (supplier, demander, construction party, and supervisor) to confirm that the time is between 3-6 months and the accounting period is half a year to one year.  5. The original plan of the Tengxian base was to add 10 new production lines with a capacity of 72 million square meters, and then plan to add another production line with a total capacity of 88 million square meters. It is expected that all production will be reached by the end of 2021, when the company’s production capacity will reach 1.About 6 billion square meters, we expect to reach more than 6 billion U.S. dollars, will enter the top three in the industry in one fell swoop. With the increasing concentration of the industry and the leading brand effect, it will bring an inestimable effect on the company’s future development.  3. Investment suggestions and risk tips 1. Our thinking on the industry: The overall ceramic tile industry is in the stage of clearing and transformation. Whether R & D strength, brand awareness, and product update frequency can meet consumer demand is the key to an enterprise’s success.  The logic of “big industry and small company” is not a big problem at present, but referring to the development history of the decoration industry, from the perspective of considering the cost of expansion and the development of similar industries, we estimate that the 3-5% market share should be the industryThe ceiling of the business.  2. According to the market share of 3-5%, the industry is estimated to be about 400 billion in 2018, which is about 120-200 billion.According to this calculation, the company’s size is expected to be about 38 million in 2019, so we don’t think there will be any problems in the next 3-5 years of growth.  3. We estimate that the revenue in 2019, 2020 and 2021 will be 38.5.2 billion, 48.9.3 billion, 59.US $ 3.6 billion, an increase of 20%, 27%, and 21% in one year. The net profit attributable to the mother in the next three years will be 4.4.6 billion, 5.6.3 billion, 7.1.5 billion, with EPS of 1.11 yuan, 1.40 yuan, 1.78 yuan.For the first coverage, the company was given a buy rating with a target price of 21 yuan, corresponding to 15 times PE in 2020.  4. Risk reminder: The start-up progress of the Tengxian base is not expected, and it is a systematic risk.

Guizhou Moutai (600519): Q2 performance is lower than expected long-term goals are completed

Guizhou Moutai (600519): Q2 performance is lower than expected long-term goals are completed
Event: The company announced its operating data for the first half of 2019, and its total operating income for the first half of the year was US $ 41.2 billion, an annual increase of 16%.9%, net return to mother profit of 19.9 billion, an increase of 26 year-on-year.2%.Among them Q2 income is 187.2 ‰, an increase of 11 in ten years.1%, net profit attributable to mother 86.70,000 yuan, an increase of 19 in ten years.6%. The apparent growth rate of revenue in Q2 was lower than expected, and the delivery progress was normal.The company’s Q2 apparent revenue and profit growth were 11 respectively.1%, 19.6%, lower than market expectations, but from the perspective of tracked shipments, the first half of the shipment progress was faster than planned. The dealers have received July and some August shipments at the end of June.Actual shipments are expected at 1.5 is higher than the above, of which the shipment in the second quarter is about 7,000 tons.By product, Feitian Ships 1.2 Initially, non-standard products were shipped 3,000 tons.The reasons for the expected decline in apparent performance are as follows: 1) The company confirmed a prepayment of USD 3.2 billion in 18Q2, resulting in a high base; 2) The company has adjusted its channels and cancelled more than 400 dealers since this yearCommerce and distribution rights, reset the planned amount of 6,000 tons, but the group marketing company responsible for direct sales channels has not yet fully promoted operations, and the planned sales volume of direct sales channels will be mainly released in the second half of the year.However, from the highest point of view, because the company requires dealers to focus on the second half of the payment at the end of June, it has actually basically locked in the second half of the revenue. In addition, the market demand for high-end liquor is stable.There is ample room for commercial profits, so we think it 西安耍耍网 is not a big problem for the company to exceed the 14% revenue target. The overall volume of Moutai liquor is expected to be 1 in the second half of the year.Around 8 or so. The tight supply and demand situation in the medium and long term will continue. The company actively builds direct sales channels and gradually improves its marketing system.At the annual shareholder meeting, the company stated that by the completion of the capacity expansion project in 2020, Maotai Liquor will be formed.6 Absolute production capacity will not be expanded for a long time in the future. From a medium and long-term perspective, the tight supply and demand situation of Moutai will continue, and the brand premium will become more apparent.Based on stable market prices, the company promoted the consideration of channel segmentation, and changed the 6000-ton plan redistributed from the distribution channel to participate in e-commerce, supermarket and other direct-operated channels, alleviating market supply pressure, reducing dealers’ illegal stockpiling of wine, and unfortunately sellingThe occurrence of the phenomenon.In the future, no new Moutai dealers will be developed. In the next 2-3 years, the proportion of direct sales is expected to rise to 30%. Profit forecast and investment advice: The company’s EPS for 2019-2021 is expected to be 33.26, 39.76, 45.87 yuan, corresponding to PE is 29.6X / 24.8X / 21.5x, maintain “Buy” rating. Risk reminder: macroeconomic downturn, blocked sales, approval price drops sharply

Wuliangye (000858) Annual Report 2018 Review: Marketing Reform Accelerates Landing, Actively Seeks Change, Stimulates Vigor

Wuliangye (000858杭州桑拿) Annual Report 2018 Review: Marketing Reform Accelerates Landing, Actively Seeks Change, Stimulates Vigor

Event: The company released its 2018 annual report. In 2018, the company achieved an operating income of 400.

30,000 yuan, an increase of 32.

6%, net profit attributable to mother 133.

800 million, an increase of 38.

4%, the performance is in line with the pre-announcement.

4Q18 achieved 107 operating income.

80,000 yuan, an increase of 31.

3%, net profit attributable to mother 38.

9 trillion, the same increase of 43.


Net cash flow from initial operations increased by 26.

1%, performing well.

It is planned to pay a cash dividend of 17 yuan for every 10 shares with a dividend rate of 49.


The 18-year performance ended smoothly, and the 19-year goal was aggressive.

The company’s ten-year operating income reached 40 billion yuan, an increase of over 30%, exceeding the initial guidance target.

In terms of business, alcohol revenue was 377.

500 million, an increase of 34.

4%, including high-priced wine income 301.

900 million, an increase of 41.

1%. The actual amount of Wuliangye is expected to slightly exceed the plan of 2 with the same increase of about 20%. The increase in ton price is also close to 20%. The rapid increase in ton price is expected to be mainly due to: 1) Puwu 789 yuan, the price increased by 7%; 2) 1618 and low-grade Wuliangye air tickets increased far more than Puwu and some high-priced series of wine structure significantly increased contribution.

Low and middle-priced wine income 75.

600 million, an increase of 12.

9%, the whole series of wine maintained a steady growth, and the ton price increased by 7.


Since the suspension of the stock market in June 18, the company actively straightened out the channel inventory in the second half of the year. The Q4 channel shipment and sales rhythm was better than Q3, and the sales during the Spring Festival accelerated significantly.

In terms of this year’s goals, the Group proposes to complete the 100 billion target ahead of time and strive to promote the second venture. The company’s revenue target is 50 billion, maintaining a growth rate of about 25%, of which Wuliangye Plan2.

The sales volume of 3 speakers increased by about 15%. Among them, according to the feedback from the Spring Candy Club, Pu has gradually returned to 1 in 50 years.

In five months, Laopu ‘s May-May plan to pay is basically completed. Q1 shipments are expected to be close to 8,000 tons. The collector ‘s version of Wuliangye will be raised to 859 yuan. The eight-generation Puwu new product is expected to be invoiced to 879-889 yuan, so the average price of the Pu Wu factory is about 830 yuan, the price increased by 5.

2%, the remaining Wuliangye series is expected to adjust prices simultaneously, the range may be greater than the Puwu.

The company’s 18-year performance has been successfully closed, and its 19-year revenue and investment volume targets have been positive. The company strives to achieve new marketing reforms through product promotion, digital channel management, and control and distribution models.

The advance receipts performed strongly and profitability improved.

The company’s alcoholic gross margin was 77.

59%, an increase of 0.

88pct, of which the gross margin of high-priced wine is 84.

3%, a slight decrease of 0.

86 points, the gross profit margin of low and medium price wine 50.

77%, an increase of 1.07.

In terms of expense ratio, the sales expense ratio is 9.

4%, down by 2.

6pcts; management expense ratio 5.

8%, down by 1.

7 cases. Since 2017, the continuous decline in the expense ratio indicates that the expense management and operating efficiency have been improved; the increase in the consumption tax rate has led to an increase in the business tax rate3.

2pcs to 14.


Company net profit is 35.

1%, an increase of 1.

7pcts, profitability continues to improve.

The company received advance payment 67 at the end of Q4.

10,000 yuan, an increase of 42.

The 7 trillion performance is strong, mainly because after November, dealers have successively made payments to Lao Puwu in 19 years.

Actively seek change, and channel improvement can be expected.

The company’s actions have been reorganized since the beginning of the company. Before the holiday, it benefited from the high price of Maotai and tight sales. It also increased its promotional efforts and exceeded its expected performance.In March, the brand marketing conference launched an upgraded version of Pu Five, which disclosed the details of digital management and control and distribution policy. The listing of ultra-high-end 501 new products continued to increase brand value.

We believe that the improvement of the marketing structure is conducive to improving the ability of intensive cultivation and quick response to the market. The upgraded version of the Fifth Listing will fully adopt the code-scoring system to achieve refinement and digital channel management. The price system will also be determined to improve.To 820-830 yuan.

Regarding the realization path of the company’s expected growth goals, we believe that the current company actively seeks changes. On the basis of improving brand strength, the focus is on breakthroughs in marketing and channel reforms. Through digital management, the supply chain, channels and consumers are realized.Comprehensive preferences and the operation of the control-distribution model are important changes in the company’s channel management. The strategy execution ability is used to actively and actively increase channel profits, and channel margin improvement is expected.

Profit forecast, estimation, and investment grade: The company’s 18-year performance has been successfully closed, and its 19-year goal has been aggressive. The current company’s marketing reforms are full of momentum, and it has a clear and proactive approach to brand, channel and marketing.Active change is expected to bring channel improvement. In the short term, the approval price will gradually rise. In the medium term, channel integration and management will continue to improve.

We predict the company’s EPS for 2019-2021.



82 yuan (the original 2019-20 forecast 4).


80 yuan), the current expected PE is 21/17/15 times, giving 19 times 25 times PE, raising the target price to 105 yuan, the target market value of 400 billion, maintaining “strong push” rating.

Risk reminders: risks of macroeconomic changes; product demand falls short of expectations; channel reforms fail to meet expectations.

Suning Tesco (002024) in-depth tracking report

Suning Tesco (002024) in-depth tracking report
The 3C chain of offline appliances is the cornerstone of Suning’s profit and cash flow. The current layout is optimized, channels are sinking, expansion expectations are doubled, and the bargaining power of the industrial chain is improved.Online experience optimization, from top to high frequency, from price war to product acquisition, scene acquisition.The ecological layout of multi-format, logistics, and finance is becoming more and more perfect, and multi-dimensional realization is expected.The Suning estimation system is expected to change from the current offline estimation to the comprehensive ecosystem estimation. 南宁桑拿 Growing during the transformation, the 100 billion leaders have returned to a higher growth rate.Continuous evolution, has experienced professional chain, dual-line integration, ecological construction, in 2018 the company’s omni-channel GMV / revenue + 39% year-on-year + + 31%. Industry: intensified differentiation, dual-line integration, and ecologicalization of leading companies.It is estimated that the CAGR of 3C retail sales of home appliances in 2019-21 is 6%, and the low line continues to be high.The home appliance 3C duopoly JD.com/Suning has an overall channel share of 23% / 12%. JD.com started with 3C, and Suning Qiang is in home appliances.Rebalancing the two lines, there is a lot of room for improvement in offline concentration, and the low-level expansion of home appliance chain stores will increase the value of the industrial chain.The online penetration rate of FMCG products is less than 10%, and the industry CR5 / CR100 is only 4% / 10%. The business model is in an iterative period, and it has become a leading place for e-commerce leaders.Leading ecological development, from operating commodities, traffic to operating users. Offline: Optimize the layout, expand and upgrade, reshape the industrial chain, and strengthen bargaining power.High-end home appliances and set-purchase drive the re-evaluation of offline scene values. In 2018, the main categories of high-end products in the offline home appliance market accounted for about 30% -45%, far exceeding online.Gome is in a slump, and Suning enters the KA channel to enrich the scene and increase its share.The retail cloud developed the counties and towns, changing the brand’s third- and fourth-level distributors to Suning franchised stores, and promoting the restructuring of the industrial chain.In 2019-21, the county and township market revenue is expected to be about 4.1 billion / 7.9 billion / 11.6 billion.Suning Appliance’s 3C offline mid-to-long-term expansion is expected to double to 20%, bargaining power is improved, and profitability is steadily rising. Online: From average to high frequency, from price wars to product acquisition, scene acquisition.Experience optimization and explosive drainage promoted the compound annual growth rate of online GMV in 2010-18 to 79%.Expand the fast-moving consumer goods with the “primary warehouse + store warehouse” model, make fresh, improve the structure of the customer base, and increase the frequency of shopping.From price war to product acquisition, scene acquisition, platform monetization rate is only about 2%, platform prosperity and traffic monetization will promote each other. The ecology is gradually becoming more and more diversified; the technology is driven to provide sufficient long-term growth momentum.The logistics and financial reconstruction of the ecology are expected to be transformed from earning the difference between purchase and sales to multi-dimensional value creation: the entire logistics industry chain layout, financial innovation, activation of precipitation assets, and assistance in storage expansion. It is expected that the storage area will reach 1,500 in the next three years, and overall profitability is expected in 2019.Finance has an open budget space for external development, and has licenses and industry synergy advantages.Compared with JD.com’s financial analysis, the inflection point of competition has now arrived. Risk factors: E-commerce gross margin improvement is not up to expectations; new category expansion exceeds expectations. Investment suggestions: The company ‘s offline appliance 3C market share has increased, and its bargaining power has increased; online categories have expanded, experience has been optimized, and GMV has continued to grow at a high rate; multiple formats, ecological layouts have been perfected, and monetization methods have become increasingly diverse.Maintain the 2019-21 vested net profit forecast at 24.500 million / 28.600 million / 43.80,000 yuan, the corresponding EPS is 0.26/0.31/0.47 yuan.Adopt segment assessment: give 0 online in 2019.16 times P / GMV is 47 billion; offline retail 18 times PE is 93.6 billion; Suning Financial Services is estimated at 56 billion, with 41% equity corresponding to 23 billion; the target city size is 163.6 billion, corresponding to a target price of 17.6 yuan, maintain “Buy” rating.

Depth-Company-Tianci Materials (002709): Layout of Convertible Bonds and Overweight Industry Chain

Depth * Company * Tianci Materials (002709): Layout of Convertible Bonds and Overweight Industry Chain

The company issued a convertible bond plan, and the proposed fundraising will not exceed 11.

US $ 400 million for investment in the construction of a 40 t / a sulfur acid production project and a 20 t / a high cobalt nickel hydroxide project (Phase A, Phase A) to supplement working capital.

The company’s financial volume has increased steadily, and the industrial chain layout has been further improved; the level of holdings has been maintained.

  The key points of the support level have issued a convertible bond plan, and the proposed fundraising does not exceed 11.

400 million yuan: The company issued a convertible bond plan, and the proposed budget for raising funds does not exceed 11.

US $ 400 million for investment in a 40 t / a sulfur acid production project (total investment 2).

3.4 billion, plans to raise funds 1.

US $ 9.4 billion project with an annual output of 20 tons of high cobalt nickel hydroxide (Phase A, Phase A) (total investment 11).

7.3 billion, to raise funds6.

06 ppm), supplementing working capital (planned to raise no more than 3 funds.


  The industrial chain layout has been further improved: the company has built an industrial chain layout of mineral processing-lithium carbonate-lithium hexafluorophosphate-potassium sulfate, mineral processing-lithium carbonate-iron phosphate-lithium iron phosphate, and formed a horizontal strategic layout of a variety of materials.

The implementation of the fund-raising project is expected to further improve the company’s industrial chain layout: sulfate, sulfuric acid is an important raw material for lithium hexafluorophosphate, high cobalt nickel hydroxide and lithium iron phosphate, and it is the basic raw material for the company’s circular economy system.The acid project is expected to ensure self-supplied raw materials, further reduce costs, and establish a circular industry economy; reorganization, the company’s raw materials business intends to achieve the development of lithium iron phosphate-ternary materials, the high-cobalt nickel hydroxide project invested and constructed is a precursor of ternary materialsAfter the project is completed, it will be the same as the planned one.

5 The ternary materials form an up-and-down linkage every year, and exert the synergistic effect of the lithium battery material plate to continuously improve the company’s competitiveness.

  In the first phase of the price war, Stockholm’s profit recovery: fierce price competition in 2018 and the industry’s accelerated reshuffle. In the first half of 2019, the industry reshuffled once, and prices remained stable and rebounded.

  The price of lithium hexafluorophosphate rebounded after falling, which is expected to increase moderately and provide support for crude oil prices.

The company’s supporting lithium hexafluorophosphate production capacity has significantly benefited from rising industry prices and improved profitability.

  We estimate that the company’s 2019-2021 revenue will be 0.



91 yuan, corresponding to a market surplus of 32.



4 times, maintaining the overweight level.

  The main risks faced by the 杭州桑拿洗浴会所 rating are that new energy vehicle demand falls short of expectations; price competition exceeds expectations; and new capacity releases fall short of expectations.

Tongkun shares (601233) 2019 performance preview comment: the company’s performance hits a historical record forecast forecast repair

都市夜网Tongkun shares (601233) 2019 performance preview comment: the company’s performance hits a historical record forecast forecast repair

The company expects net profit attributable to mothers to be 28-30 trillion in 2019, an annual increase of 32%?
41%, a record high.

The demand for Q4 polyester filament during the off-season has led to the company’s basic profit being realized.

The company’s 19-year performance corresponding to a PE valuation of 9 times is at a historically low level, and the current front-line chemical industry leader is 17-18 times. The company estimates that there is room for upward repair in the future, maintaining a target price of 21 yuan and maintaining a “buy” rating.

The company’s performance is in line with expectations. It is expected that net profit attributable to mothers will increase by 32% per year in 2019?

The company released the 2019 performance forecast, which is expected to return to the parent net profit in advance (estimated audit, the same below) of US $ 2.8 billion to 3 billion, an increase of more than 6%.


800 million, a growth rate of 32%?
41%; Corresponding company’s net profit attributable to the parent 3 in Q4 2019.


500 million, an annual increase of 193%?
246%, -67% MoM?

The company’s 2019 performance was a historical record, in line with expectations.

During the low season of the polyester filament industry in the fourth quarter, the company maintained basic profitability, and the pricing power of leading companies gradually realized.

The concentration of polyester filament industry continued to increase, and the leading profit stability was initially realized.

The concentration of polyester filament industry has continued to increase. At present, the CRY of the POY product market is around 50%. The leading company’s profit stability has been initially realized in 2019. Tongkun’s net profit attributable to mothers in 2019 set a record high.

In 2019Q4, the average processing profit of the polyester filament POY / FDY / DTY industry was 151 / -47 / 240 yuan / ton, respectively -43% /-121% /-47%, respectively, and the chain ratio was -65% /-128% /-30%.

The fourth quarter is the traditional low season for the polyester filament industry. The industry’s profitability has dropped from the 2018 high point benchmark, but the basic profitability is guaranteed.

With the new production capacity expected, the PTA industry is near the breakeven point.

In the fourth quarter of 2019, the average single-ton processing profit of the PTA industry was -47 yuan / ton, -121% per second, and -128% MoM.

New Fengming Phase I 220 short-term PTA plant will be put into production in October 2019. It is expected that 1) the PTA industry will have a lot of new capacity in 2020, including 2 sets of 500 replacements by Hengli Petrochemical, Yisheng 300, and Xinfeng Ming Phase 220 with the lowest 220., Honggang Petrochemical 240 tons, etc. 2) Industry supply growth rate may reach more than 20%.

The new capacity is expected to suppress the PTA price and industry profit. The current PTA price has dropped to a low level below 5,000 yuan / ton (the last time in this range was the low period of 2015-2016 oil prices).

It is expected that in the next 2-3 years, the PTA industry will face the clearance of backward production capacity. The company’s PTA production line cost advantage is at the leading level in the industry, which is significantly different from the processing cost of backward production capacity.

The first phase of ZPEC commenced production at the end of 2019 and is expected to contribute to the 2020 performance increase.

The company holds a 20% stake in ZPEC, and ZPEC’s first phase of 2000 production capacity will be announced at the end of 2019. It is expected that ZPEC’s production will contribute to the company’s 2020 performance growth, thereby gradually increasing the loss of PTA industry’s profit decline.Profit continued to grow.

In addition, the company is positioned as a global leader in polyester filament, and the operation of Zhejiang Petrochemical will also help ensure the stability of the company’s raw materials.

The company’s assessment is low and is expected to repair upwards.

The current market value of the company is lower than the replacement cost, and the PE valuation corresponding to the 2019 performance is 9 times, which is at a historically low level.

Against the backdrop of the current macroeconomic expectations and the expected improvement in Sino-US trade negotiations, we believe that the current company’s forecast is low, and the price-earnings ratio of the leading companies in the chemical industry in 2019 is estimated to be 17-18 times.Repair space.

Risk factors: The risk of drastic changes in international oil prices, the risk of intensified trade disputes between China and the United States, and the subsequent progress of the first phase of Zhejiang Petrochemical is less than expected.

Investment suggestion: Maintain the company’s profit forecast for 2019-2021 to 28.



7 trillion, corresponding to EPS forecasts of 1.


93 yuan, the current sustainable corresponding PE is 9/8/7 times.

Maintain target price of 21 yuan (corresponding to 12 times PE in 2020) and maintain “Buy” rating.