Yangnong Chemical (600486): Chrysanthemum boom boosts high-performance new projects

Yangnong Chemical (600486): Chrysanthemum boom boosts high-performance new projects

In the evening of April 1, the company released its 2018 annual report, reporting that the two companies achieved operating income of 52.

910,000 yuan, an increase of 19 in ten years.

21%, net profit attributable to mother 8.

95 ppm, an increase of 55 in ten years.

73%, deducting non-net profit 8.

880,000 yuan, an increase of 73 in ten years.

01%, of which in the fourth quarter of a single quarter achieved operating 杭州桑拿网 income9.

4.6 billion, down 26 each year.

75%, down 24.

26%, net profit attributable to mother 1.

09 billion, a year-on-year decrease of 34.

9%, down 51.

12%; 2018 operating net cash flow of the company13.

2 ‰, an increase of 15 in ten years.

94%, it is planned to distribute cash for every 10 shares8.

7 yuan (including tax), the total amount of cash paid is about 2.

700 million, still needs to be approved by the shareholders’ meeting.

Investment points benefited from the increase in the price of pyrethroid, and the apparent growth of the pesticide business reported that the company’s pesticide business achieved revenue26.

50,000 yuan, an increase of 38 in ten years.

91%, sales volume 1.

25 for the first time, growing by 11.

2%, gross profit 8.

68 ppm, an increase of 56 in ten years.

1%, mainly 无锡桑拿网 due to rising product prices, the average price of internal company pesticides21.

2 million / ton, previously up 24.


Under the strict supervision of safety and environmental protection, at the end of 2018, the market prices of the company’s core products of kungfufen and bifenthrin were 36, respectively.

50,000 yuan and 420,000 yuan / ton, an increase of 46% and 44 respectively.

8%, the company has the advantage of industrial chain integration, fully benefit from the price increase.

In the fourth quarter, the company’s pesticide business achieved revenue.

32 ppm, an increase of 20 from the previous month.

3%, average product price 23.

4 million / ton, up 14 from the previous month.

1%, the current market price of kefir and bifenthrin are 35.

50,000 yuan and 400,000 yuan / ton, respectively, an increase of 42.

5% and 11.

1%. After the outbreak of the Xiangshui incident, the company’s merger was affected, and a new round of safety and environmental supervision was triggered. It is expected that the company’s pyrethroid price is expected to maintain a high level.

The herbicide business volume rose and the price fell, and the company’s herbicide business achieved revenue in 2018.20,000 yuan, an increase of 2% in ten years, and sales of 5.

16 for the first time, growing by 6 annually.

6%, gross profit 6.

0.4 billion, down by 1 every year.

38%, preliminary company average herbicide price 3.

920,000 yuan / ton, temporarily decreased by 4.

3%, mainly due to the improvement in the proportion of higher-priced dicamba sales. In 2018, the company’s dicamba sales and prices remained basically unchanged.

7 million / ton, up 11 per year.

Sales increased by 62%, and the herbicide business was generally stable.

Single-quarter company herbicide revenue in the fourth quarter2.

04 billion, down 62.

8%, average product price 2.

54 million / ton, down 45 from the previous month.

2%, mainly due to the Sino-U.S. Trade friction caused a sharp decline in exports in the fourth quarter, especially dicamba.

The current market price of dicamba is 9.

6 million / ton, the market price of glyphosate is 2.

5 million tons / ton, basically the same as the same period last year. After the easing of Sino-US trade friction and safety and environmental protection, it is expected that the herbicide business is expected to increase steadily.

Foreign exchange gains have increased significantly, and financial management earnings may continue to a small extent until the end of 2018. The company has USD 72.87 million in U.S. dollars and cash and accounts receivable1.

USD 1.6 billion, benefiting from the depreciation of RMB to USD. In 2018, the company’s exchange gain was 69.27 million yuan, while the previous year’s exchange loss was 61.57 million yuan. As the company began to use foreign exchange forward settlement in the first half of the year, it locked the foreign exchange exchange in advance, which brought fairness.The loss of value change was 30.66 million yuan.

The cumulative appreciation of the RMB against the USD in the first quarter of 2019 was about 2.

5%, the company may have a certain exchange loss without the foreign exchange forward settlement.

In 2018, the company’s net investment income was 54.56 million yuan, of which 85.73 million yuan was the income of wealth management products and 31.17 million yuan was lost in the delivery of forward exchange contracts. In 2019, the company’s wealth management products are mainly short-term. It is expected that the wealth management product income may fluctuate slightly.

The new project is advancing rapidly, and the company’s 1,000-ton / year pyrazoxystrobin production capacity is about to usher in a fast-growing company. It will be put into production at the end of 2018. It is currently in full production and sales; the planned investment is 20.

The US $ 200 million Rudong Phase III project has entered the final stage of environmental impact assessment. It is expected to start construction in the middle of 2019 and gradually contribute to performance growth by the end of 2019. At the same time, the company plans to invest in 2.

$ 500 million construction 3.

26 / year pesticide preparation projects, investment 4

US $ 300 million to build 3,800 tons / year of bifenthrin, 1,000 tons / year of fluorophenamine, 120 tons / year of santhrin and 200 tons / year of hydroxyphenyl pesticides.

At the beginning of 2019, the company completed the transfer of 5% of each of Youshi Chemical and Youjia Plant Protection, so that the shareholding ratio of high-quality assets reached 100%. The proposed cash transfer of Sinochem International to merge Sinochem Crops and Agro-Research is expected to be completed.The company will strengthen the integrated layout of research, production and sales. At the same time, the company proposes to acquire Nantong Baoye Company in cash. After the completion of the acquisition, the company will increase the generation of fungicides and 200 acres of land, and the future growth space is broad.

Earnings forecasts and estimates do not take into consideration the acquisition and consolidation of Sinochem crops, agricultural research companies and Nantong Baoye. We expect the company to be in 2019?
Realize net profit attributable to mothers in 2021.

15 billion, 11.

65 billion, 14.

78 ppm, an increase of 13 in ten years.

4%, 14.

77%, 26.

63%, EPS is 3.

28 yuan, 3.

76 yuan, 4.

76 yuan, the current expected corresponding PE is 18 times, 15 times, 12 times, maintaining the “buy” level.

Risk warnings 1. Product sales and prices exceed expectations; 2. The exchange rate has increased significantly; 3. New projects have been put into production less than expected

Haitong Securities (600837) Annual Report Commentary: Broker’s weak self-operated performance Diversified internationalization steadily advances

Haitong Securities (600837) Annual Report Commentary: Broker’s weak self-operated performance Diversified internationalization steadily advances

Event: The company released its 2018 annual report and achieved operating income of 237.

$ 6.5 billion, an average of 15 in ten years.

79%, net profit 杭州桑拿 attributable to mother 52.

11 ppm, a 39-year average of 39.

54%; total assets 5746.

2.4 billion yuan, an increase of 7 from the end of the previous year.

47%, net assets attributable to the mother 1,178.

USD 5.9 billion, an increase of 0 from the end of the previous year.


Subsidiaries realized revenue of 142.

8.3 billion, accounting for 55%.

Investment points: The overall performance is slightly weaker, and the position of the first echelon is solid.

The company’s 2018 operating income temporarily decreased by 15.

79%, mainly dragged down by brokers and self-employed businesses, and costs, especially management fees, are somewhat rigid, with net profit attributable to mothers falling by 39.


Although the company’s performance indicators have improved, revenue and net profit growth are among the largest brokers, but the position of the first echelon is still solid. According to the information disclosed, the company’s revenue is ranked second in the industry and its parent net profit ranks.Industry fourth.

Net interest income increased against the trend, and Haitong Hengxin seeks for a better development in the future.

The company achieved net interest income of 48 in 2018.

200,000 yuan, an annual increase of 31.

49%, mainly due to the better development of financing business and net income from financing lease rates36.

9.8 billion, an annual increase of 38.

twenty two%.

In February 2019, Haitong Hengxin’s overseas listing was approved by the Securities Regulatory Commission and is yet to be approved by the Hong Kong Stock Exchange. This will help broaden Haitong Hengxin’s financing channels, strengthen capital strength, expand overseas business, and help further expand and strengthen the leasing business.
The decline in the average volume and price led to a decrease in brokers’ income and an increase in fund sales.

We calculated based on the company’s financial report data, and the company achieved a net brokerage income of 30 in 2018.

06, 23 times a year.


In terms of brokerage business, although the market share of stock-based trading volume has increased slightly, under the dual influence of market trading volume swaps and commission rates being slightly downgraded, brokers’ net income has been replaced.

But at the same time, we see that in the context of the sluggish transaction volume, the company realized a net commission fee and commission income of 0 in 2018.

9.3 billion, an annual increase of 72.

85%, wealth management transformation has improved.

The investment bank’s business performance was stable, and its overseas presence became a stabilizer.

We calculated based on the company’s financial report. In 2018, the company achieved net investment bank income of 32.

17 trillion, only three years a year.

38%, the ten-year industry average.

In the context of the domestic IPO issuance speed in 2018, and the poor market conditions will hinder growth, the overseas market is active. Haitong International has become a stabilizer for investment banking business. In 2018, Haitong International ranked first in the underwriting of equity financing projects in the Hong Kong market.

It has performed well in bond financing business, with domestic bond financing increasing by 40% and completing 180 bond issuance projects overseas.

In the future, the science and technology innovation board will land and implement the registration system. The market will continue to focus on left-hand investment banks, transform Haitong International into a stable development period, and overseas business will continue to expand in the future. Self-employed investment increased significantly, and asset management performance transformed the industry.

We calculated based on the company’s financial report, and realized self-operated income of 35 in 2018.

16 trillion, exceeding the expected minimum of 64.

96%, mainly because equity accounted for a relatively high proportion, and the next part of the revenue from the change in accounting policies was transferred to cutting-edge net income subjects.

In 2018, the company realized asset management income19.

2.5 billion, a slight drop of 8 every year.

The 25% industry is mainly due to the increase in the proportion of active asset management and the increase in fund management fee income.

Investment suggestion: The company’s trust and self-operated business dragged down in 2018, and its performance has improved, but it still ranks first in the industry.

Internationalization and diversification are leading the way.In 2018, the subsidiary’s revenue accounted for 55%, and overseas revenue accounted for 28%.

Considering the recovery of market trading in 2019, Haitong Hengxin will broaden the financing channels for listing on the Hong Kong stock market, and the 20 billion fixed increase plan is expected to continue to advance. We are still optimistic about the company’s development and maintain an “overweight” investment rating.

Risk factors: market volatility exceeds expectations, operating conditions are lower than expected, international business risks

Sunway (603333): Multi-point business blossoms and rapid growth

Sunway (603333): Multi-point business blossoms and rapid growth

Event: Shangwei shares released the semi-annual report for 2019, reporting that the combined company realized revenue9.

08 million yuan, an increase of 36 in ten years.

04%; net profit attributable to mother is 0.

630,000 yuan, an increase of 135 in ten years.

53%; basic profit income is 0.

12 yuan / share, an annual increase of 140%; increase the average return on net assets4.

34%, an increase of 2 every year.


The overall business has blossomed at various points and promoted rapid growth in performance. In the first half of the year, the company continued to consolidate and expand domestic and foreign markets, and achieved comprehensive growth in various businesses. Specifically: 1) The company’s strengths in traditional areas such as steel smelting, petrochemicals, and electrical equipmentCompetitive advantages have been continuously consolidated and strengthened, service levels and city share have been continuously improved, and sales revenue has been achieved in the first half of the year.

40,000 yuan, an increase of 98 ten years ago.

53%; 2) In terms of rail transit, in 2018, the company successfully independently developed high-flame-retardant and low-release B1 cable products for rail transit, which was widely recognized. In the first half of this year, the company has successively participated in more than 20 cities including Beijing, Xi’an and Chengdu.The construction of subway projects, as well as the construction of Shanghai-Nanjing line, Shanghai-Tongtong line, Ningqi line, Changgan line, Jingyuan line and other intercity rail railways, achieved sales revenue1.

59 billion US dollars, a sharp increase of 103 over the same period.

85%; 3) In the field of nuclear power and new energy, in the first half of the year, the company successfully won the bid for “Hualong One” world’s first demonstration project-China Nuclear Fuqing Nuclear Power Station Unit 5 & 6 and the world’s first high-temperature gas-cooled reactor nuclear power plant demonstration project-Shidaowan Nuclear Power PlantAt the same time, photovoltaic cable orders have achieved substantial growth, and wind power orders have maintained steady growth, and this part has achieved sales revenue.

27 ppm, a sharp increase of 262 previously.

86%; 4) Overseas expansion is bearing fruit. In 18 years, the company specifically established an international business unit and conducted strategic cooperation with Sinosteel Group, focusing on the development of countries along the Belt and Road. In the first half of this year, the company’s overseas market achieved steady growth and sales revenue reached 1.

390,000 yuan, an increase of 34 in ten years.


The product structure has been continuously optimized, and the level of accounts receivable management and control has improved significantly: the comprehensive gross profit margin reached 21 in the first half of the year.

05%, an increase of 3 a year.

87 pcts, which reached the highest level in recent years, and achieved a net profit growth rate much higher than revenue growth rate. This is mainly due to the company’s continuous optimization of its product structure, the high value-added product market can achieve rapid growth, and the sales revenue ratio reached 31 in the first half of the year.

50%, an increase of 14 per year.

56 tablets

In addition, the company 上海夜网论坛 gradually and continuously improved the management of accounts receivable, and strengthened to adopt different management methods for accounts receivable before, during, and after the event to reduce the risk of accounts receivable.

In the first half of the year, the risk prevention and control level of the company’s accounts receivable improved significantly, and the ratio of accounts receivable to revenue decreased further.

11 cases, the sales fund return rate increased by 22 each year.


The high performance of equity incentives demonstrates confidence: in 2018, the company completed the grant of 9.54 million shares to 135 incentive objects that met the grant conditions. The incentive objects included company directors, senior managers, middle managers and core backbones, corresponding to the unlocking conditionsNet profit in 2020 is 0.

5/1/2 ppm, the high requirements of fair incentives fully demonstrate the participation in the company’s future business confidence.

Investment suggestion: We expect the company’s 2019-2021 revenue to be 22/29/37 trillion, with growth rates of 38% / 33% / 28% respectively; net profit attributable to mothers will be 1.



65 ppm, with a growth rate of 124% / 63% / 26% respectively; maintaining the “overweight-a” rating with a 6-month target price of 10 yuan.

Risk Warning: Increased competition leads to an increase in gross profit margin; prices of major raw materials such as copper continue to rise.

This year’s pension is expected to accelerate the admission of trillions of funds for A shares ballast

This year’s pension is expected to accelerate the admission of trillions of funds for A shares “ballast”

On June 2, Yi Huiman, the chairman of the Securities Regulatory Commission, pointed out the direction of the next capital market reform in an interview with reporters, 南京桑拿网 and guided the entry of medium and long-term funds into the market.

  In response, Shang Zhenyu, the managing director and chief research officer of China Post Securities, told the Securities Daily that this year is the year of the capital market system change. The launch of the science and technology board will completely change the ecology of the capital market and will be geared towards institutional investors.The market is mainly converted. At the same time, the A-share market is expected to be in the historical bottom area. It is an excellent period for long-term capital to enter the market.

  It is worth noting that since this year, as the “ballast stone” of the A-share market, pensions have entered the market frequently.

Among them, as the first pillar of pensions, the scale of state pension entrusted investments 武汉夜网论坛 is 6,248.

6.9 billion yuan was invested in operations.

The Ministry of Human Resources and Social Security also clarified the list of provinces (autonomous regions, municipalities) that started entrusting investment in the basic pension insurance fund for urban and rural residents in 2019 and 2020 to ensure the steady advancement of pensions into the market.

In terms of the second pillar, more than ten provinces this year have promoted entrusted investment work for professional annuities, and at the same time, the first provincial professional annuity has started market-oriented operations.

In the third pillar, pension target funds have also received increasing attention from society.

  Wu Yongzu, deputy director of the Ministry of Industry of the Chongyang Institute of Finance of Renmin University of China, told a reporter from the Securities Daily that from the situation in the country, the overall accumulated pension balance reached 5 trillion yuan, but most of it was placed in banks for interest.The rate of return even exceeds the growth rate of CPI in the same period each year.

With the acceleration of this financial reform, the speed of pension investment in the stock market has also accelerated. It is expected that by the end of this year, pensions may bring nearly A trillion yuan of funds to A shares.

  ”Pensions are typical long-term funds. They accelerate market entry, re-optimistic about the long-term development of the Chinese stock market, bring confidence to other investors, increase the proportion of funds converted to growth lines, investors pay more attention to value investment, and investment culture will change., The phenomenon of skyrocketing and slumping will be reduced.

“Yi Yongzu said.

  When talking about what aspects of the capital markets of developing countries need to be improved in order to guide long-term funds into the market, Liu Xiangdong, deputy representative of the Economic Research Department of the China International Economic Exchange Center, told the Securities Daily reporter that at present, guiding long-term funds into the market is stillThe capital market needs to be improved, especially in terms of information disclosure, penalties for violations, and withdrawal mechanisms. It is true that these stable funds can achieve the purpose of preserving and increasing value through long-term investments without being exposed to various “thunderstorm” risks.And the loss is first-rate.

Therefore, in order to improve the elimination mechanism of the capital market, it is necessary to further improve it, defeat more institutional investors to stay in the capital market, and form a positive effect of good currency expelling bad currency.

  Yongzu believes that to guide long-term capital to enter the market, at least the following three aspects of work are promoted: First, China’s stock market must increase its opening up to the outside world.

China’s stock market is dominated by small and medium investors. Dating more long-term funds, especially overseas long-term funds, is conducive to mature market experience in stock market trading and improving investment culture.

  The second is to speed up the pace of capital market reform, improve laws and regulations, and in particular strengthen investor protection, so that offenders pay the price, truly allow promising companies to obtain funds, increase market activity, and create healthierMarket environment.

  The third is to allow the market to play its role and fully motivate intermediary agencies.

Accounting firms, law firms, investment banks, etc. play an important role in the capital market, and the quality of their research results is at the same time affecting the integrity of this capital market.

Therefore, vigorously developing intermediary institutions will also facilitate the rapid entry of long-term funds into the capital market.

(Securities Daily) Trainee reporter Meng Ke (this article comes from China News Network)

Jiangshan Oupai (603208) Investment Value Analysis Report: Engineering business promotes wooden door tiers to build a multi-polar growth pole

Jiangshan Oupai (603208) Investment Value Analysis Report: Engineering business promotes wooden door tiers to build a multi-polar growth pole

More than ten years of deep plowing of wooden doors has made it a leading enterprise in the wooden door industry: The company is a professional wooden door manufacturing company. Its core products are solid wood composite doors and plywood molded doors, and its wooden door product line has a rich layout.

The company has deeply cultivated the wooden door industry for more than ten years, and has now grown into a leader in the industry. It has formed obvious advantages in many aspects such as brand, quality, design, and large-scale production. It is an important cornerstone that drives the company’s continued growth.

The company achieved operating income in the first quarter of 20192.

42 ppm, an increase of 21 in ten years.

51%; net profit attributable to mother 1041.

270,000 yuan, an increase of 9 in ten years.


The wooden door industry has great prospects, and there is a gap in the market share of leading wooden door companies. There is room for improvement: According to the China Wood and Wood Products Industry Distribution Association, the annual output value of the wooden door industry in 2017 has reached 146 billion US dollars, and the compound growth rate from 2010 to 2017 is about 10%.The industry maintained a good development trend.

In terms of competition pattern, according to the China Forestry Industry Report, the market concentration of domestic wooden door industry has been replaced (CR2 output value accounts for less than 3% in 15 years), and more than 10,000 wooden door companies in the industry have been terminated in 17 years, with many regional brands.

We believe that through the gradual improvement of the wooden door industry barriers, the improvement of consumers’ requirements for the quality of wooden doors and the trend of fine decoration, the industry concentration has gradually advanced. In the process, leading enterprises have used various comprehensive advantages to achieve urban land occupation.Continuous improvement.

Engineering business: Together with the real estate leader, the engineering business has become the core growth point of performance.

The company entered the engineering business in 2012 and continued to develop substantial real estate engineering customers. At present, it has reached long-term strategic cooperation agreements with local real estate industry leaders such as Vanke, Evergrande, China Shipping, Poly, Sunshine City, etc., of which Evergrande promises to be in 2017-2021.The amount of intentional purchase reached US $ 2 billion.

We believe that the company has been in the engineering business for many years, and has formed obvious advantages in engineering business reputation, product quality, supply chain stability, large-scale production and other aspects. Gradually increasing production capacity and gradually putting into production, we judge that the company’s engineering business income is expected to increaseMaintaining high growth has become one of the core driving forces for the company’s development.

Profit forecast and evaluation level: As a leading company in the wooden door industry, the company focuses on the layout of engineering channels, shifts the continuous development of downstream customers and the heavy volume of orders from core customers. We believe that the company’s engineering business will maintain rapid growth, thereby driving the company’s overall performance to achieveHigh growth.

In summary, we estimate that the company’s net profit attributable to the parent in 2019-2021 北京夜生活 will be 2 respectively.

01, 2.

51, 3.

10,000 yuan, corresponding to 2 EPS.

48, 3.

10, 3.

72 yuan, the current expected corresponding PE is 12X, 10X, 8X.

Combining the absolute valuation method and the relative estimation method, we give the company 17 times PE in 2019, corresponding to a target price of 42.

16 yuan, the first coverage given a “buy” rating.

Risk warning: production capacity is less than expected risk; raw material price fluctuation risk; accounts receivable growth and risk of bad debts.

Shanghai Jahwa (600315): New media marketing continues to force online sales expenses to increase too fast

Shanghai Jahwa (600315): New media marketing continues to force online sales expenses to increase too fast

Revenue growth in 2019 6.

4%, in line with expectations, net profit attributable to mothers increased by 3.

1%, slightly lower than expected.

1) 19 years of annual income growth 6.

4% to 76.

0 million yuan, net profit attributable to mothers increased by 3 per year.

1% to 5.

6 billion US dollars, net profit attributable to non-attributed mothers increased by 16%.

9% to 3.

80,000 yuan, non-recurring gains and losses are mainly due to the subsidiary Jahwa Pharmaceutical’s relocation confirmation asset disposal income.

400 million; 2) In Q4 19, new media marketing spending increased during Double Eleven, dragging down profits.

Single quarter revenue in the fourth quarter of 19 increased by ten years.

4% to 18.

600 million, net profit attributable to mothers declines by 80 each year.

8% to 16.66 million yuan, deducting non-attribution net profit slightly lost 390,000 yuan, mainly due to double eleven live broadcast and other promotional investment.

Sales expenses increased by 10 in 19 years.

5% faster than revenue growth, is a preliminary profit slightly higher than expected.

Gross profit margin decreased slightly, new media marketing expenses and expenses improved, and accounts receivable are yet to be improved.

1) Depreciation of new factory and adjustment of product structure dragged down gross profit margin.

9 points.

In 19 years, the company’s gross profit margin fell by 0.

9 points to 61.

9%, mainly because the new factory incurred depreciation expenses of 60 million, in addition, Herborist lyophilized masks and other products with low gross profit margins increased the proportion of sales, dragging down gross profit margins.

2) Brand promotion increased, sales and management expenses increased, and net profit margin decreased slightly.

The 19-year sales expense ratio increased by 1 every year.

5pct to 42.

2%, mainly due to the double eleven cooperation key anchor live broadcast and other means, the promotion of marketing expenses increased rapidly, the management expense ratio (including research and development expenses) or slightly increased by 0.

2 points to 14.

7%, mainly due to the increase in Mayborn’s corporate value, the increase in accrued equity incentive expenses, and the net profit margin gradually increased to zero.

3pct to 7.


3) The net operating cash flow is slightly higher than the net profit, and the accounts receivable need to be improved.

The 19-year inventory increased by 5 in ten years.

8% to 9.

3 trillion, the annual increase of accounts receivable 19.

3% to 12.

The US $ 300 million was mainly due to the increase in 合肥夜网 inter-period payment of receivables from the Supermarket and e-commerce channels, which dragged down the net operating cash flow by 1 compared with the same period last year.

500 million to 7.500 million.

Brand-side mature brands are stable, emerging products are growing rapidly, online channels are growing faster, special channels are recovering, and e-commerce is growing faster.

1) Brand side: The number of major brands Liushen increased, the number of Herborist decreased, the growth rate of emerging brands was higher, and Gaufer and the United States and Canada were under pressure.

In 1919, Herborist launched the Taiji extract and freeze-dried mask series. The sales of freeze-dried mask series exceeded 100 million yuan. In 20 years, it plans to continue to promote Taiji as the main force series. The growth rate of Liushen’s revenue has dropped to a few, and antibacterial products have been actively launched to meet the market in special periodsdemand.

The second echelon brand is under pressure, Gough’s revenue is doubled twice, and the United States and Canada’s net revenue has been broken down by high single digits many times.

Emerging brands are developing better. Qichu ‘s revenue has grown more than 25%, Jiaan ‘s revenue has grown more than 40%, Yuze ‘s revenue has grown more than 80%, and Pianzai ‘s revenue has grown more than 35% +.

2) Category end: In 19 years, more than 60% of the care products category, home care products increased rapidly.

Personal care income 49.

0 ‰, increasing by 7 every year.

9%, accounting for 64.

6%, gross margin of 57.

5%; beauty skin care income 23.

600 million, basically flat, accounting for 31.

0%, gross profit margin 72.

7%; home care income 3.

30,000 yuan, an annual increase of 42.

9%, accounting for 4.

4%, gross profit margin 49.


3) Channel side: offline revenue of 50.

$ 100 million, twice a year.

6%; e-commerce and special channels have developed rapidly, achieving revenue of 25%.

80,000 yuan, an increase of 30 in ten years.


Supermarkets and mother-to-child are the largest channels to achieve a low number of growth; e-commerce is the second largest channel to achieve growth of more than 20%; the third-largest channel is under pressure to replace nearly 20%; the fourth-largest channel cosmetics franchiseThe small number of stores grew.

The company has a complete multi-brand matrix, a deep brand history, and actively embraces new media marketing to help the rapid growth of emerging brands, but some brands are still undergoing adjustments.

Taking into account the pressure of the retail environment in the first quarter of 20 years and some brands are still adjusting, we lowered the profit forecast for 20-21 years, supplemented the 22-year forecast, and expected that the net profit attributable to mothers will be 5 in 20-22.



0 million yuan (previous forecast 6-20-21).


100 million), corresponding to PE is 32/30/27 times, maintaining the overweight rating.

Triangle tyre (601163): The international third echelon leader is gradually disintegrating into the second echelon

Triangle tyre (601163): The international third echelon leader is gradually disintegrating into the second echelon

Centralized release of production capacity in 2019-2020.

We expect that the production capacity of triangular tires will be concentrated in 2019-2020: 1 million commercial vehicle tires and 4 million passenger vehicle tires will be put into production in the second phase of domestic fundraising projects in 2019, and it is expected to reach production in 2020.

The annual production capacity in 2018 was 19.35 million pieces per year, and the domestic listed companies in the tire industry ranked third.

After full production in 2020, the company’s production capacity will be expanded to 25 million pieces per year, and the industry will be further consolidated.

Actively seize the market share of new car accessories, and project tires.

More than 70% of the company’s revenue comes from the replacement tire market, but the market share of 19H1 original tires has increased: in the first half of 2019, the sales volume of the domestic supporting market increased by 10%, and the revenue of the original biased project tires increased by 16% in 2018.Tire revenue increased by 67%, and giant tire revenue increased by 5%. Mega engineering radial tires became one of the major suppliers of Caterpillar, an international giant.

19Q3 advertising costs fell, basically eliminating foreign exchange risks.

In 19Q3, the company’s net interest rate increased from 6% to 10% in 18Q3, which basically reduced advertising 杭州桑拿 costs and exchange losses: In 19H1, due to the expiration of the “National Brand Plan” advertisements, sales expenses decreased by 0.

400 million US dollars, down 15%; at the same time, the risk exposure was reduced due to the use of the US dollar exchange rate. The 19H1 exchange loss was reduced by 25.72 million yuan, and the financial costs were reduced by 216.4 million US dollars, a 50% decrease from 18H1.

We believe that the decline in advertising costs and foreign exchange risk is an important reason for the net profit margin in the third quarter.

Capital expenditure has peaked, and cash flow in 19H1 improved significantly.

As of the end of 2018, all the raised funds listed in 2016 had been spent on production projects, and capital expansion had peaked.

19H1 operating cash flow 4.

200 million US dollars, an annual growth of 204%; total net cash flow2.

800 million, accounting for about 7% of the revenue, an increase of 321%.

In addition, the country adjusted the tire export tax rebate rate from 9% to 13%, and the growth rate from 16% to 13%. It is expected that the company’s tax rebate amount will increase significantly in 2019, and cash flow will improve significantly.

Raw material prices remain low, and corporate profits are expected to continue to improve.

Due to the high price of natural rubber around 2011, the new planting area of natural rubber reached a peak around 2012, corresponding to the total supply of natural rubber reached a peak around 2019.

We expect natural rubber prices to remain low in recent years.

Profit forecast and estimation.

We expect 2019-2021 net profit6.

5.3 billion, 6.

96 trillion and 7.

27 trillion, corresponding to EPS 0.

82 yuan, 0.

87 yuan and 0.

91 yuan.

Give the company 20-22 XPE in 2019 with a reasonable value range of 16.


04 yuan.

Covered for the first time, giving a “preliminary market” rating.

risk warning.

Expansion projects did not meet expectations, industry gross margin growth risks, downstream demand did not meet expectations, and international trade growth risks.

Hong Kong and Macau development gains new momentum

Hong Kong and Macau development gains new momentum

Reporter Zhu Wenbin “Build a dynamic and internationally competitive first-class bay area and world-class urban agglomeration, and create a model of outstanding development.

“On February 18, the” Guangdong-Hong Kong-Macao Greater Bay Area Development Planning Outline “(hereinafter referred to as the” Planning Outline “) was officially released, indicating the development direction of the Guangdong-Hong Kong-Macao Greater Bay Area as a world-class Greater Bay Area.

  ”The greatest feature of the” Planning Outline “lies in the role of” one country, two systems. ”

“Ding Li, director of the Regional and Enterprise Competitiveness Research Center of the Guangdong Academy of Social Sciences, said in an interview on the 19th.

  As the main axis and window for the mainland to connect the world, Hong Kong and Macau are separated by the thick outlines in the “Planning Outline”. The directors of Hong Kong and Macao correspond to the needs of the country and are the new coordinates for anchoring new coordinates for the future in the Guangdong-Hong Kong-Macao Greater Bay Area.The director’s promotion of complementary advantages is also the new driving force for the long-term prosperity and stability of Hong Kong and Macau.

  Clarify their respective development orientations “Many people believe that the” Planning Outline “is a regional development plan, but it cannot be understood in such a simple way.

Ding Li said that the “Planning Outline” has deeper strategic significance.

  In Ding Li’s view, one of the key points of the “Planning Outline” is “supporting Hong Kong and Macao to integrate the overall national development situation.”

  ”In my personal view, in the overall planning and layout, Hong Kong and Macau are located at the intersection of the” protagonists “. Through the in-depth integration and development of the Greater Bay Area, to ensure the long-term prosperity and stability of Hong Kong and Macau.

“Ding Li said.

  The “Planning Outline” clearly lists Hong Kong, Macau, Guangzhou, and Shenzhen as four major central cities in the Greater Bay Area, and each has a corresponding development orientation.

  However, the frequency of each central city’s appearance in the “Planning Outline” must be separated.

Carding statistics revealed that the number of occurrences of “Hong Kong” was 102 times, “Macau” 90 times, “Guangzhou” 41 times, and “Shenzhen” 39 times.

  Ding Li believes that in the overall development of Hong Kong and Macao, there are three main areas: the first is the circulation of resources, including the flow of strategic resources such as people, logistics, capital, and information; and the second is to build a large bay on the basis of resource circulationThe community of interests in the region requires further elaboration of the landing policy. The third is that the “2 + 9” cities in the Greater Bay Area should develop in a coordinated manner, in accordance with the clear positioning of the “Planning Outline”, deepen cooperation and achieve a win-win situation.

  He reminded that cities in the Greater Bay Area cannot just promote opening to the outside world, especially the nine cities in the Mainland, but also pay attention to “opening up to the inside”, that is, to increase internal cooperation and communication and coordination, to avoid the situation of “separated cooking” and to avoidOrder competition and internal friction.

  Hong Kong: Core strengths further strengthened On February 19, the Hong Kong Transport and Housing Bureau (Transportation Bureau) and the Civil Aviation Authority extended in Beijing to expand the “Mainland and Hong Kong Special Administrative Region Air Transport Arrangement”, and the two sides agreed to open Hong Kong and the Mainland.Sea-air multimodal transport code sharing between triangle areas.

  The two sides agreed to extend cross-border helicopter services to and from Hong Kong to destinations throughout Guangdong Province, provide passengers with high-end and fast air transport options, promote air traffic links in the Guangdong-Hong Kong-Macao Greater Bay Area, and promote the Guangdong-Hong Kong-Macao Greater Bay Area.More diversified business and economic activities.

In addition, the number of flights between Hong Kong and Shanghai Hongqiao International Airport will increase.

  As one of the freest economies in the world, Hong Kong is a center of international finance, synchronization, and trade. It is only an aviation hub with international influence. At the same time, convenient and efficient modern integrated transportation systems such as ports have become an important way for the Mainland to access the world.
  The “Planning Outline” proposes to consolidate and enhance Hong Kong’s international finance, gradually, trade centers and international aviation hubs, strengthen global offshore RMB business hubs, functions of international asset management centers and risk management centers, and promote finance, commerce, logistics, professional services, etc.Develop high-end and high value-added, vigorously develop innovation and technology, cultivate emerging industries, build international legal and dispute resolution service centers in the Asia-Pacific region, and build an international metropolis with excellent competitiveness.


“The Chief Executive of the Hong Kong Special Administrative Region, Lam Cheng Yuet E, said that day.

  As an important global financial center, Hong Kong’s financial advantages complement each other in the Guangdong-Hong Kong-Macao Greater Bay Area.

In the view of Ba Shusong, the chief Chinese economist of the Hong Kong Stock Exchange, in the future, the foreign exchange and cross-border RMB business in the Guangdong-Hong Kong-Macao Greater Bay Area can take the Greater Bay Area as a whole, making full use of the respective advantages of the Pearl River Delta and Hong Kong and Macau, and more innovationMarket tools that are compatible with the global allocation of the renminbi, convenient management methods and policies, and internationalization of the renminbi.

  Macau: Meeting the great possibility of new development 2019 is the 70th anniversary of the founding of New China and the 20th anniversary of the return of Macau.

  This year will be of special significance to Macau.

The “Planning Outline” points out Macao’s strategic positioning: building a world tourism and leisure center, a service platform for commerce and trade cooperation between China and Portuguese-speaking countries, promoting a moderately diversified economic development, and building a communication and cooperation base with Chinese culture as the mainstream and multicultural coexistence.

  ”Macao must conform to the trend of the prosperity and development of the motherland, incorporate the spring breeze brought by the” Planning Outline “, incorporate it into the overall national development, assume the mission of the era of Macao, and do our utmost with the majority of residents to greet the 70th anniversary andThe 20th anniversary of the return of Macau.
“The Chief Executive of Macau Special Administrative Region Cui Shi’an pointed out.

  A member of the Macau Legislative Assembly and the Chairman of the Macau Economic Association, Liu Zhiyi believes that the Macau SAR ‘s five-year plan for the layout of emerging industries, including the convention and exhibition industry, Chinese medicine industry, cultural and creative industries, and the SAR ‘s marine economy and financial services industry, etc.They are reflected in the “Planning Outline”.

The SAR government will further study and formulate specific supporting planning measures to promote moderate and diversified economic development. Developing countries should also take advantage of the situation to adjust or formulate development strategies and plans to seek more expansion opportunities through regional cooperation.

  Among the 11 Greater Bay Area cities, Macau is the city with the smallest area and the smallest population. It faces problems such as a single economic structure, deteriorating space development, high housing prices and high land prices.

  In the view of He Haiming, the chairman of the Macau Convention and Exhibition Industry Association, the “Planning Outline” will provide differences for the development of the Macau convention and exhibition industry. The leaders of the Macau Convention and Exhibition will focus on “One Center” (World Tourism and Leisure Center) and “One Platform” (China and Portugal).Language-speaking countries business cooperation service platform) and “one base” (the main base of Chinese culture, a multicultural coexistence exchange and cooperation base), attract and cultivate some high-quality conference and exhibition brand projects from cultural tourism and other aspects.

  The role of science and technology innovation in Hong Kong and Macao highlights “the establishment of an open regional collaborative innovation community.”

“The” Planning Outline “proposes to promote the construction of the” Guangzhou-Shenzhen-Hong Kong-Macau “science and technology innovation corridor.

  As early as November 2015, the Hong Kong Special Administrative Region Government set up the “Innovation and Technology Bureau” department and proposed “re-industrialization” of Hong Kong.

Hong Kong has explored “re-industrialization” in its strengths, and this time it has also received support from the “Planning Outline.”

  Huang Jinhui, a professor and associate dean of the Chinese University of Engineering in Hong Kong, believes that manufacturing is the main battlefield for technological innovation under the technological revolution.Hong Kong has passed a long “industrial vacuum period”. “Re-industrialization” can continue the new force of economic development and rebuild the competitiveness of the manufacturing industry. It will “storage energy” for the future of Hong Kong’s economic development and allow Hong Kong in the new industryTake advantage of the competition.

  ”If Hong Kong can be built into an international innovation and technology center with the support of the central government, and in accordance with the national development strategy and the promotion of ‘re-industrialization’ in the construction of the Greater Bay Area, Hong Kong’s manufacturing industry will usher in a new spring.

“Huang Jinhui said.

  The “Planning Outline” proposes to give full play to the capital market and financial services functions of Hong Kong, 深圳桑拿网 Macau, Shenzhen, Guangzhou, etc., and cooperate to expand diversification, internationalization, and cross-regional technological innovation investment and financing systems.

Support Hong Kong private equity funds to participate in the financing of innovative technology companies in the Greater Bay Area, allow eligible innovative technology companies to enter the Hong Kong listed fund-raising platform, and develop Hong Kong into a financing center for emerging industries in the Greater Bay Area.

  Ye Guiping, Associate Vice President of the City University of Macau, said that with the promotion of follow-up special supporting policies and measures, Guangdong, Hong Kong and Macao enterprises, universities, and research institutes have jointly established a high-level collaborative innovation platform to promote the transformation of scientific and technological achievements to achieve a sustainable development.。
At the same time, the “Planning Outline” clearly states that the construction of partner laboratories for Hong Kong and Macao State Key Laboratories will be an important change for Macao universities to improve basic research and encourage exchanges of science and technology and academic talents.

Baiyun Airport (600004): The growth rate from February to February has remained flat for half a year.

Baiyun Airport (600004): The growth rate from February to February has remained flat for half a year.

The company’s recent situation Baiyun Airport announced the production data for February 2019: the number of takeoffs and landings was the same as the same period last year, and the passenger exchange rate increased by 3.

8% of the goods are mailed 12 times every ten years.


It is estimated that from January to February, the company’s takeoffs and landings increased for three years.

1%, the number of passengers increased by 6 in ten years.

2%, the goods are mailed twice every ten years.


Commentary The decline was flat from February, and the interval growth rate from March may still be replaced.

At the Baiyun Airport, the number of landings and landings in February was flat for half a year, and the growth rate in the earlier month dropped by 6%.

One single, the first is that there is a mismatch in the Spring Festival in January, and the take-off and landing growth rate is higher. On the whole, from January 2nd, 2019, the downgrading transition growth rate is 3.

1%, compared with January-February 2018 2.

9% per second increase is 0.

2 units.

Since March is before the Spring Festival after the season change, the number of landings may be reduced in February, and the Spring Festival of 2018 will continue until mid-March, with a large base. From March 2019, the number of landings exceeding the growth rate may remain low.

The difference between the growth rate of passenger volume and takeoff and landing reached 3 in February.

Eight averages, the highest since August 2018.

The company’s passenger traffic in February increased by 3 per year.

8%, a decrease of 4% over the previous month.

Nine averages, but significantly higher than the flat growth rate of departures and landings from February, we estimate that it is related to the occupancy of flights during the Spring Festival.

The annual growth rate 青岛夜网 of Spring Festival passenger traffic exceeds the company’s expected level, and the take-off and landing growth rate is slightly lower than expected.

For 40 days during the Spring Festival, Baiyun Airport completed a total of 5 aircraft takeoffs and landings.

40,000 sorties (expected takeoff and landing 5.

490,000 sorties), and increase by 1 each year.

4%, with more than 8.3 million passengers (estimated number of visitors: 81.19 million), with an increase of 4 in the future.

5% 1, compared with May 2018.

The annual growth rate of 9% is slightly interest rate2, of which nearly 2.1 million international passengers, an increase of more than 9% a year.

In addition, the company’s flight normal rate averaged over 88%, which was the best level for the Spring Festival transport in the past years, which showed that the 武汉夜生活网 company’s operating efficiency improved after the company’s capacity increased.

Estimates suggest that current companies can sustainably correspond to 2019 / 2020e 28.


5 times P / E, 1.


6 times P / B.

Maintain 2018/2019/2020 profit forecast11.



US $ 3.6 billion unchanged, maintaining a neutral rating, and considering the expected rise in market risk, raise the target price by 16.

5% to RMB 12.
00 yuan, corresponding to 2019e 25.
5 times P / E, 1.

5x P / B, corresponding to 11% of downside currently achieved.

Risks Aviation demand was less than expected; the increase in takeoffs and landings exceeded expectations; maintenance costs exceeded expectations; and the commercial operation of Terminal 2 was less than expected.

Xugong Machinery (000425): Mixed reform approved to further enhance the company’s comprehensive competitiveness

Xugong Machinery (000425): Mixed reform approved to further enhance the company’s comprehensive competitiveness

Event: The company announced that the company 佛山桑拿网 ‘s actual controlling shareholder Xugong Limited Mixed Ownership Reform Pilot Implementation Plan was approved and approved by the SASAC of Xuzhou City.

Comments on this are as follows: 1. Mixed reforms have begun. It is worth looking forward to the injection of high-quality assets into listed companies!

At present, the construction machinery assets of the entire XCMG Group that are not listed include excavators, tower cranes, concrete machinery, and mining machinery. In particular, excavators are one of the core assets of the group and were sold in 20182.

50,000 units, the market share reached 12.

3%, January-May 2019 sales 1.

690,000 units, with a market share of 13.

8%, steadily ranking third in the industry. With the continuous deepening of state-owned enterprise reform in the future, the Group’s high-quality assets are expected to be injected to further enhance the comprehensive competitiveness of listed companies.

2. Mixed reform is conducive to further energizing state-owned enterprises and is optimistic about the company’s future development prospects.

The reform of the company will gradually reduce external social capital and even employee shareholdings, which will help to give more play to the role of market players, strengthen decision-making power, increase incentives and assessments for subordinate enterprises, and fully mobilize enthusiasm. The optimization of the governance structure will further stimulate state-owned enterprisesThe vitality of the company is optimistic about the future development prospects of the company.

3. The industry is gradually weakening, and there is a lot of room for long-term international development.

First of all, the state continues to increase efforts to make up for shortcomings in areas such as infrastructure construction. The huge investment needs in railway, water conservancy, energy, municipal and new rural construction will bring favorable support to the stable development of the industry. Second, environmental protectionSevere tendencies, artificial substitution effects, and inventory renewal have supported the industry to maintain the existing sales hub platform. In addition, compared with the previous round of construction machinery, due to excessive demand for credit sales, the demand for this round of recovery is relatively high.Really, from a micro-scale perspective, the quality of customers is high, sales data is solid, accounts are recovered normally, and the probability of subsequent declines is not high. Finally, from the perspective of industrial development experience, the domestic construction machinery 深圳spa会所 industry has experienced years of development and graduallyBeing able to develop its strength, the company has accumulated rich experience in serving customers, brand development and channel construction. Moreover, after this round of recovery, the company has continuously strengthened its strength and laid an alternative foundation for international expansion.

Investment recommendations and grades: We estimate the company’s net profit in 2019-2020 to be 35 billion, 40 billion, 45 billion, PE is 11 times, 10 times, 9 times, and give a “buy” rating.

Risk Warning: Macroeconomic Prosperity Declines Highly, Infrastructure Real Estate Investment Is Less Than Expected