COSCO SHIPPING (601919) Quarterly Report Commentary: Single Box Revenue Contrarian Growth

COSCO SHIPPING (601919) Quarterly Report Commentary: Single Box Revenue Contrarian Growth

Event: COSCO Haikong disclosed Q3 results and achieved operating income of 1116.

1.7 billion, an annual growth of 35.

9%; net profit attributable to mother 21.

1.6 billion, a significant increase of 145 every year.

3%; net profit deducted from non-attributed mother 18.

900 million, a year of 武汉夜网论坛 losses.

  The freight rate significantly outperformed the market, and the operating capacity advantage was fully displayed!

In Q3 2019, the freight rate of the container shipping market was weak, with an average CCFI of 822 points, a year-on-year decrease of 1.

72%, with an average SCFI of 790.

5 points, down 9 each year.


However, benefiting from the control of Haikong’s grasp of the global economic structure and the early shift of capacity to emerging markets, Q3 recorded a container volume of 664 in a single quarter.

320,000 TEUs, an increase of 1 in ten years.

92%; flight revenue 355.

1.6 billion, an annual increase of 7.

12% outstanding results.

In terms of freight rate, the Group’s Q3 single-season single-container shipping revenue reached 5,346.

22 yuan, compared with 5086 in the same period last year.深圳桑拿网

65 yuan increased by 5.

10%, even excluding RMB depreciation2.

The impact of 82% still significantly outperformed the market.

  The completion of Long Beach Wharf on October 24 is expected to bring high one-time income and abundant cash flow to the company, which is the basis for the subsequent business development potential.

During the company’s acquisition of OOCL, OOCL, COSCO Haikong and the U.S. Department of Homeland Security and the Ministry of Justice concluded a national security agreement near OOCL’s US Long Beach terminal and announced the sale of the asset on April 30 this year.Book value 104.

500 million yuan.

On October 25, COSCO SHIPPING announced that the delivery was completed on October 24, and the high cash income is expected to be reflected in the 2019 annual report.

  The country vigorously promotes the blockchain, GSBN advances beyond expectations, consolidating the leading position of the industry.

On October 24th, the Political Bureau of the CPC Central Committee conducted the eighteenth collective study on blockchain technology. Chairman Xi Jinping’s profound explanation of the significance and development direction of the development of blockchain technology has changed and replaced the development achievements of blockchain technology.Important deployment.

COSCO controls gradually integrates the GSBN, a blockchain alliance, to promote the formulation of digital standards and information sharing in the industry, and improve the efficiency of industry operations and the quality of customer service.

In the first half of 2018, and Jianong jointly completed the Ecuadorian banana origin tracing project, enabling consumers to scan the QR code to convert it to the origin of food. This is the first commercialization of blockchain technology in the shipping industry.application.
Based on national industry support, we believe that Haikong is expected to be at the forefront in the application of blockchain technology, thus increasing customer stickiness and consolidating the industry’s leading position.

  Investment suggestion: The IMO sulfur restriction order will be officially implemented early next year. Starting from the fourth quarter, some ships will begin to switch to low-sulfur oil, leading to rising fuel costs, while the industry’s long-term oversupply pattern has led to low freight rates and insufficient cost passing capacity.

This round of shocks may push the industry into a period of de-capacity production, and high-yielding alternative companies are expected to be the final winners. Haikong Q3’s own operating capacity has completed the contrarian growth of single-box revenue, showing outstanding performance; quantification, the promotion of digital technology applicationsIt is expected to accelerate with industrial support to further strengthen customer stickiness.

Regardless of the assets disposal income of Long Beach Terminal, the company’s net profit for 2019-2021 is expected to be 29.

71, 32.

74, 58.

7 billion yuan, corresponding to 19-21PE19.

0X, 17.

2X, 9.6X, maintain “Buy” rating.

  Risk reminder: Macroeconomic downturn unexpectedly, fuel oil costs up unexpectedly, industry competition pattern exceeds expectations, security accidents, etc.

Gree Electric (000651): Beautiful revenue growth over the past 18 years

Gree Electric (000651): Beautiful revenue growth over the past 18 years

Gree Electric released the 2018 annual report.

The company initially realized a total operating income of 2000.

2.4 billion, with operating income of 1981.

23 ppm, an increase of 33 in ten years.

61%; net profit attributable to mother was 262.

30,000 yuan, an increase of 16 in ten years.


Among them, Q4 achieved total operating income of 499.

74 trillion, +31 ten years ago.

53%; net profit attributable to mother is 50.

840,000 yuan, at least -26.


The 2018 dividend distribution plan is to distribute 15 yuan for every 10 shares to all shareholders, a total of 90.

2.4 billion.

In the semi-annual of 2018, the company distributed a cash payment of RMB 6 to all shareholders for every 10 shares, a total of 36.

09 million yuan.

Looking at the two dividends in total, the dividend distribution ratio in 2018 reached 48.

twenty one%.

The company’s 19Q1 revenue and profit increased by a small number.

1Q1 achieved operating income of 405.

48 ppm, a ten-year increase2.

49%; net profit attributable to mother 56.

72 ppm, an increase of ten years.


Realize net profit after deduction of non-return to mother 51.

1.4 billion, an annual increase of 22.


In the same period last year, the investment income and gains and losses from changes in fair value recorded in the non-China economy were as high as 13.

200 million US dollars, resulting in the overall non-economic part of the impact on profits, the company’s 19Q1 revenue of this part was reduced to 3.

300 million yuan.

Earnings reached 2,000 trillion at the beginning of 18, and the revenue growth was beautiful.

In terms of main business, the air conditioner initially achieved revenue of 1,556.

8% ten percent, an annual increase of 26.

2%; 18H2 affected by the end of the industry’s replenishment inventory cycle, air-conditioning revenue growth in the second half of the short-term to 16.


However, the rapid growth of other business segments of the company in the second half of the year kept the annual revenue growth rate at 33.

3%, up to 2000 trillion.

In terms of sub-sectors, the small home appliance business has long-term growth of 64.9% reached 37.

USD 9.4 billion, long-term growth in smart manufacturing46.

2% reached 31.

09 ppm, an increase in other main businesses, mainly sales of parts and components84.

0% up to 80.

07 million yuan, and other business long-term growth of 71% to 275.

300 million; by region, the company’s main business, internal sales realized revenue of 1483.

20,000 yuan, an annual increase of 30.

5%; export sales are expected to achieve revenue of 222.

7 ppm, an increase of 20 in ten years.


The decrease in the proportion of air-conditioning business resulted in an improvement in the gross rate, and the increase in the management expense ratio resulted in a decrease in the net profit ratio.

In terms of single air conditioner business, gross profit margin for 18H2 air conditioners increased by 2.

5pct to 38.

5%, but based on the high growth rate of other business segments, the gross margin level is lower than the gross margin of air conditioning business, the company’s gradual change in operating gross margin.

63 points to 30.

23%, the final gross sales margin (gross margin-sales expense ratio) increased by 0 every year.

98 points.

The company’s 18 lowest management expenses (including research and development expenses) rate increased by 1.

63pct, in which the R & D expense ratio is increased by 1.

08 points.

Taken together, the gross-to-sales ratio has decreased, and the combined management expense ratio has increased, and the company’s overall net profit rate has decreased by one.

83pct to 13.


In 19Q1, the gross sales margin increased slightly, and half of the net profit margin dropped slightly.

In 19Q1, the company’s comprehensive gross profit margin dropped by 0.

32pct, the selling expense ratio drops by 0 every year.

70pct, gross pin difference goes up by 0 per second.

38pct, we judge that the company may give some support to dealers on the rebate policy.

The management expense rate increases by 0 every year.

4 points to 5.

2%, of which the R & D expense rate rose 0 in six months.

24pct to 3.

0%, long-term financial expense ratio rose to 0.

22pct to -0.

06%, the final Q1 net interest rate fell slightly to 0 in the short term.

11 points to 13.


Short-term operating pressure has increased, and the overall statement remains healthy.

At the end of the period, other current coefficients increased by 30 trillion from Q3, and advance receipts decreased by $ 3.7 billion from Q3, indicating an increase in short-term accrued rebates and increased operating pressure from dealers.However, the company’s net operating cash flow at the end of the period was 269.

4 megabits +64.

9%, cash + wealth management + bill assets of nearly 160 billion yuan, the overall operating quality and asset quality remain.

In 19Q1, the company’s other current debts and advance receipts increased slightly from the previous month (other current resistance +9 trillion, advance receipts +400 million US dollars). We judge that the company’s Q1 operating conditions have remained basically stable compared to the end of last year.

Investment advice and profit forecast.

After the 17th Annual Report did not pay dividends, Gree’s original high-grade debt investment logic increased in uncertainty, but we believe that the distribution of dividends will continue to increase after the distribution and transfer event.

From a fundamental point of view, we judge the company’s industry leader’s advantages to be intact, the estimation and performance matching are still high, and the long-term value remains stable.

We believe that in the long run, the ceiling of air-conditioning is still far away, and the leading market is gradually shaking under the logic of strong Hengqiang. From the perspective of prediction, the company’s absolute estimate is still low, and the PE industry in the benchmark industry and international leading companies have obvious discounts.

The difference 北京男士会所 between the company’s original and Midea Group is poor. We believe that one is that the company’s business structure is single, the dispersion is not smooth, and the other is that the company as a state-owned enterprise, the overall corporate governance and executive incentive mechanism is not as beautiful.

However, in general, the company ‘s domestic consumer electronics sector is growing, and after the completion of the distribution and transfer event, we believe that the corporate governance structure is expected to be better optimized, and the estimated difference with Midea is expected to narrow.

Therefore, we predict that EPS will be 5 in 19-21.

01 yuan, 5.

85 yuan, 6.

84 yuan, giving a 10-12xPE estimate for 19 years, corresponding to a reasonable value range of 50.

10 yuan-60.

12 yuan, maintain the “preliminary market” rating.

risk warning.

Channel inventory risk, terminal demand is less than expected.

Anjing Food (603345): The performance is much higher than expected.

Anjing Food (603345): The performance is much higher than expected.

Event: The company announced the 2019 performance report, realizing revenue, net profit attributable to mothers, and net profit attributable to non-mothers 52.

67, 3.

73, 3.

3.5 billion, an increase of 23 each year.

66%, 38.

14%, 38.

10% in the fourth quarter alone, the net profit attributable to mothers, net profit attributable to non-mothers17.

74, 1.

35, 1.

2.2 billion yuan, an increase of 34.

5%, 82.

9%, 79.


In the fourth quarter alone, revenue and profit were much higher than expected.

Large single products continued to be rapidly increased in volume, and the overall effect of price increases was prominent. New products such as fresh locks were explosive: we estimate that the company’s 19-year volume increase contributed 15% +, and the ton price increase contributed single digits.

The single-quarter and fourth-quarter revenues in 1919 were significantly higher than expected, related to several factors.

First, Xiaomi Dumpling, Egg Dumpling and other large single products continued to rapidly increase volume. Second, in response to cost increases, the company has raised prices many times since September 18, respectively in late September and mid-December 18 (the effect is basically the same).(Reflected in 19 years), at the end of August, mid-September, end of October, and mid-November, the price was raised directly or indirectly six times. In the fourth quarter of 19, the comprehensive effect of previous price increases was fully enjoyed, and the price contribution was higher thanThe first level; the third is the January 25, 2020 Spring Festival, 11 days in advance, a small part of the sales reflected in December; the fourth is the omni-channel market launch in October, positioning the mid-end innovative new product-240g vacuum lock fresh packaging,Once listed, it is ready for candidates to seek.

It is expected that the gross profit margin will increase in the fourth quarter, and the profit elasticity brought by the decline in the expense ratio: the profit growth in the fourth quarter of 19 alone will increase, and the net interest rate will increase by 2 to 7.

6%, the company launched a stock incentive plan, amortization of 0 in 19 years.

1.6 billion, it is estimated to confirm that in the fourth quarter, if additional expenses are restored, the net profit margin in the fourth quarter alone will be as high as 8.

33%, an increase of 2.

72 points.

One is the increase in prices and the increase in the proportion of high-margin products. Each year, the company’s chicken meat prices are stocked at a periodical low point in the last 7 months, and some of the chicken meat costs in the fourth quarter are relatively large.Interest rates have improved, the budget tax ratio has fallen, and the scale 合肥夜网 effect has driven down the expense ratio during the period, which has led to a significant increase in net increments.

The epidemic situation only affects in the short term and does not change the company’s long-term development path: the company’s channel structure accounts for 85% + of dealers, the e-commerce accounted for 12%, and the direct supply of food and beverages is 2%.Of the commercial supermarket, the overall company C-end accounted for 30% +.

We expect that the stock market sales during the peak season before the Spring Festival this year will continue in the last four quarters. After the epidemic prevention and control, C-end sales will benefit, and some products will be out of stock.

The B-end is affected by the catering channels, and the company is also actively deploying between different channels.

In mid-February, the company’s factories resumed production.

In the early stage of the review 19, the company responded to the African swine fever incident and resolutely adopted all imported pork + optimized formula to control risks in a short period of time.

The company suffered sales in January of 19, and gradually recovered in February. Sales in March had high retaliatory growth.

We believe that the company has a rapid and efficient market response capability and internal control management capability in the face of major external emergencies.

The company is good at the land sales model, which can achieve better economic efficiency while nationalizing the production capacity.

The company’s deep cultivation in quality, channels, accumulation of R & D capabilities based on local consumption characteristics, and gradually leading scale advantages allow the company to maintain a faster development momentum than the industry.

After the epidemic situation has subsided, the company adheres to the medium and long-term strategy of catering efforts and will continue to capture the growing demand of the catering industry for prominent dishes.

Earnings forecast and rating: Facing the increase in costs in 2019, the company responded by repeatedly raising prices slightly and choosing appropriate reserves of raw materials in advance to respond to price increases while achieving steady volume increases.

We have judged that the most difficult year for the company’s costs has passed.

Survival caused by surimi’s company’s procurement volume and procurement costs are stable; pork’s share of raw materials is reduced in complexity; meanwhile, imported meat is imported this year, and the average price fluctuates during the same period;The downward trend adopts a flexible procurement model compared with last year to enjoy the relief of cost pressure brought by the downward phase.

The company implemented a fair incentive plan at the end of last year. After the completion of this, all executives held shares of each other, and also tied middle managers and business backbones, which was more conducive to motivating the team.

The first evaluation goals for the 2019 incentives were also successfully achieved. We expect to pass the Henan factory (mainly hot pot materials) twice this year and next year, the production capacity of Wuxi noodles will be put into operation, the capacity of the Sichuan factory will continue to be released, and the production capacity of the Hubei factory will be doubled.number.
Excluding equity incentive amortization, profit growth will be faster than revenue growth.

Considering incentive amortization (19?
2021 is 0 before tax.


12, 0.

43 ppm) and additional issuance, expected to be 19 years?
The EPS in 2021 is 1.


72, 2.

47 yuan / share, taking into account amortization before tax in 20201.

1.2 billion, influence, give a buy rating of 30 times 2021, with a target price of 74.

11 yuan.

Risks suggest that the impact of the epidemic has expanded, sales have fallen short of expectations, and chicken meat cost growth has exceeded expectations

Hengli Hydraulics (601100): Excavator business continues to grow Non-digging business begins to contribute incremental

Hengli Hydraulics (601100): Excavator business continues to grow Non-digging business begins to contribute incremental

Core point of view: The company released its 2019 Interim Report to achieve operating income27.

93 ppm, an increase of 29 in ten years.

05%, realizing net profit attributable to mother 6.

71 ppm, a 44-year increase of 44.


Net cash flow from operating activities 7.

950,000 yuan, an increase of 313 in ten years.


The excavator business continued to grow, and the hydraulic technology of its subsidiary doubled its operating income. According to the company announcement, the company reported that it had achieved 25 excavator cylinders.

560,000, a year-on-year increase of 13%, sales reached 12.

33 ppm, an increase of 25% per year.

The sales volume of hydraulic technology pump valves of subsidiaries continued to increase, and the revenue of hydraulic technology increased by 100% every year. Small digging pump valves continued to maintain a high market share. Zhongda digging hydraulic parts were fully supported in large quantities in major OEMs.

At the same time, the company’s new product, 6-50 tons of rotary motors, began to be put on the market and was verified in small batches at the main engine factory.

In terms of financial performance, Q2’s single-quarter growth rate, revenue and net profit end achieved growth 2 respectively.

55% and 12.

34%, but gradually expanded the scale, gross and net profit margins set a new high since the current recovery.

The non-excavator business is beginning to emerge, and the application of hydraulic pressure in the non-excavation field is gradually expanding. The non-excavation business includes two categories: (1) non-standard oil cylinders, which are mainly used in the marine and maritime, shield, and aerial work platforms;Hydraulic products, including injection molding machines, energy equipment, etc.

In the first half of the year, the company’s hydraulic pump valve system continued to penetrate and improve in the field of non-excavation. The field of high-altitude operation vehicles began to support customers at home and abroad in large quantities, and industrial hydraulic products began to increase in volume.

In the first half of the year, the casting business achieved a 30% increase in casting volume and realized revenue2.

3 ppm, an annual increase of 21%, and it is expected that the casting capacity will increase to 5 by the end of the year.

5 nominal.

Applications in the non-digging field will provide strong support for the company’s medium and long-term growth.

Investment suggestion: The company is expected to realize operating income in 19-21.



73 trillion, EPS is 1.



78 yuan / share.

The company is a leading domestic manufacturer of hydraulic parts. The 19-year PE of comparable companies in the same industry is estimated to be 26x. We give the company 26x PE in 19, and the company’s reasonable value is about 36.

92 yuan / share, we continue 杭州桑拿 to give the company a “buy” rating.

Risk reminder: The demand of the downstream engineering machinery industry decreases; the demand for new pump and valve products is less than expected; the intensified competition in the industry leads to the decline in gross profit margin; the company’s capacity release is less than expected.

Institution, hot money confrontation garbage classification concept Zhang Jian Equal seat frequent

Institution, hot money confrontation garbage classification concept Zhang Jian Equal seat frequent

Institutions, hot money confrontation garbage classification concept stocks, “Zhang Jianping”, “Chengdu Gang” and other seats to replace the existing garbage classification is in full swing, A-share market, “junk” concept stocks are also hot.

  On June 25, the waste sorting concept stock YTO shares (601038.

(SH) Routine upside, recorded 7 consecutive boards, reported 11.

87 yuan.

Hong Kong First Tractor Stock (0038.

HK) also rose for 7 consecutive days, up nearly 30% in the last 7 trading days, to 2.

25 builds.

  The rest of the waste classification and environmental protection stocks also performed well.

Chinese Teana (000035.

SZ), Green Power (601330.

(SH) daily limit, Ryoma Sanitation (603686).

SH) Increase by 4.

55%, China Reinvestment Ring (600217).

SH), Tianqi shares (right protection) (002009.

SZ) rose by 3.

07%, 2.


  What’s interesting is that, unlike the previous monopoly on hot money hype, the junk concept stocks have soared, and institutions have also participated in it, showing a number of well-known hot money and institutional duels.

  Hot patronage “Zhang Jianping” and “Chengdu Gang” faced a surge in patronage. On the evening of June 25, YTO shares suggested risk weighing. The main business of the existing company has not changed. The main products are full-scale agricultural production.The series of wheeled and tracked tractors, non-road diesel engines and key components, do not involve businesses related to waste classification.

The sanitation vehicle products such as Dongfanghong garbage compression transfer station and compression garbage truck produced by the company’s controlling shareholder, YTO Group, have nothing to do with the company.

  YTO shares also ranked on the list because of the 20% change in the closing price increase within three consecutive trading days.

The data shows that the total turnover for the day was 5.

7.5 billion yuan, buying on the Dragon Tiger List is 9191.

460,000 yuan, the sales amount is 1.

2.1 billion yuan.

  The unreasonable spike is clearly related to the hype.

Among the top five in the list, the well-known hot money “Zhang Jianping” Guotai Junan Securities Shanghai Jiangsu Road bought 1539.

740,000 yuan, ranking third.

On the 19th and 21st, the well-known hot money Huafu Securities Lianjiang Danfeng East Road appeared twice in the top five list.

  It is obvious that the well-known hot money “Zhang Jianping” seems to have a crush on junk stocks. On June 25, another seat of “Zhang Jianping” CITIC Securities’ Hangzhou Yan’an Road Sales Department appeared in the top five list of China Teana to buy.Out of 711.

770,000 yuan.

Of course, China Tianmao suffered from Shenzhen Stock Connect seats, institutional seats were sold, and 1016 were sold.

830,000 yuan, 821.

210,000 yuan.

  China Re-Zhonghuan rose sharply for three consecutive days from June 19th to 21st, and its Dragon Tiger list showed a confrontation between hot money and institutions.

  On the 21st, the seats of the two institutions respectively bought 3,618.

930,000 yuan, 2242.

060000, ranked first and fourth; “Chengdu Gang” Huatai Securities Chengdu Shujin Road, the well-known hot money Huafu Securities Xiamen Hubin South Road bought 2945 respectively.150,000 yuan, 2300.

670,000 yuan, ranking second and third.

  However, in the reselling list of China Resources Capital, two more institutional seats appeared, selling 6,116, respectively.

610,000 yuan, 5797.

450,000, ranked first and second; veteran hot money Guoxin Securities Shenzhen Hongling Middle Road sold 3222.

230,000 yuan, ranking fifth.

  The well-known hot money “Chengdu Gang” also favored junk concept stocks. On the 24th, its seat was Huatai Securities’ Shujin Road to buy 1007.

970,000 yuan ranked Yiqiu Resources (right protection) (601388.

(SH) The Long Tiger list bought first; on the 21st, another seat of the “Chengdu Gang” CITIC Securities (Shandong) Zibo Branch bought 1309.

850,000 yuan appeared Enlightened Sand (000826.

SZ) ranked third in the Long Tiger Ranking. On the 20th, another seat of the “Chengdu Gang” CITIC Construction Investment Securities Co., Ltd. sold the South First Ring Road to 5907.

960,000 yuan appeared in Boteng shares (300,363.

SZ) Dragon Tiger List.

  Institutional seats also appeared in the Enlightenment Sands and Botten Shares list.

On the 21st, Enlightened was sold by the agency for 12.3 million. On the 20th, while encountering the hot money “Chengdu Gang” fled, the agency bought Boteng shares 1257.

760,000 yuan.

  New potential of environmental protection sector The growth of this round of waste classification concept stocks comes from the strong promotion of policies.

  On the surface, according to the Xinhua News Agency, the revised draft of the Solid Waste Pollution Environment Law was first submitted to the Standing Committee of the National People’s Congress on the 25th.

The draft has a special chapter on “Supplement of Environmental Pollution by Domestic Garbage”.

The draft proposes that the state promote the classification system for domestic waste.

Local 上海夜网论坛 people’s governments at or above the county level adopt a classification method that is in line with local conditions, and speed up the establishment of a garbage disposal system that separates and distributes, collects, transports, and treats domestic garbage to achieve effective coverage of the garbage classification system.

  Although the growth of the above stocks has speculation, it is not without investment logic.

  Shanghai Securities reminded that the recent frequent garbage classification policies, the impact of the advancement of waste classification on the solid waste industry’s entire industrial chain extension, the improvement of the front-end collection and transportation system, and the opening of the wet waste treatment market are also the basis for the subsequent development of a circular economy.

The high 深圳桑拿网 degree of prosperity of the segment continues, and the development of the solid waste industry chain is accelerated under the promotion of waste separation and classification. The track waste kitchen waste treatment market is divided, and the resource recovery and utilization field promotes the rapid opening.

  Guolian Securities believes that in the future, we can continue to seize opportunities from the main lines of performance and environmental work focus.

In the monitoring sector, garbage treatment, hazardous waste disposal, and soil remediation, under the background that the industry’s prosperity is still high, the driving force of performance will still be maintained. We continue to be optimistic about the performance of related companies in this field.Han blue environment, Longma sanitation and high energy environment.

Jinjiang Co., Ltd. (600754): Steady operation of the hotel’s main business and fair value changes to increase results

Jinjiang Co., Ltd. (600754): Steady operation of the hotel’s main business and fair value changes to increase results
Event: The company disclosed a quarterly report, and net profit attributable to mothers increased by 28 each year.2% of operating income in Q1 2019 was 33.37 ppm, a ten-year increase2.7%, net profit attributable to mother 2.950,000 yuan, an increase of 28 in ten years.2%, net profit after deduction is 70.84 million yuan, an annual increase of 2.5%, including the increase in the fair value of tradable financial assets and the investment income obtained from the sale of Bank of Beijing stocks, which affects profit before tax.01 billion. The hotel business grew steadily. The profit of Plato increased and the net profit of Vienna declined. The company’s hotel business achieved operating income in the first quarter.80 ppm, a ten-year increase2.7%, domestic hotel revenue 24.40,000 yuan, an increase of 4 in ten years.7%.According to the company’s disclosure, the hotel business revenue is expected to be 35 in the second quarter.91-39.69 ppm, with a ten-year growth rate of[-1.1% 9.3%], of which 25 are domestic hotel business.65-28.350,000 yuan, the annual growth rate is[0.5%, 11.1%].At the subsidiary level, the former Jinjiang Department achieved operating income in 19Q16.12 ppm, a decrease of 3 per year.1%, realized a net profit of 12.6 million yuan, a year-on-year decrease of 74.2%.The performance of Jinjiang Department was mainly due to the compensation for land relocation of Jinjiang Star in the previous year. At the same time, changes in the operation of the first quarter of the Jinjiang Department and the termination of direct-operated stores also affected the current performance change.Platinum Tao achieved operating income of 9 in Q1.8.4 billion, up from 1 previously.7%, net profit 2.5.3 billion, a year-on-year increase of 309%.Vienna’s Q1 19 achieved operating income6.80 ppm, an increase of 14 in ten years.1%, with a net profit of 50.1 million yuan, a decrease of over 19%.The 5% decline in Vienna’s net profit is expected to be related to the increase in labor costs. Expansion of store expansion, same-store operation of economy and mid-end hotels under pressure in the first quarter of 2019, the company opened 313 new hotels, 188 net openings, an increase compared to the same period last year, of which net-end hotels increased by 204, total number of mid-end hotelsReached 2667, the proportion increased to 34.9%.Operating performance, due to the downward impact of the industry’s outlook, the company’s internal hotel occupancy rate as a whole declined4.3 points, the average room rate is driven by the increase in the proportion of mid-end hotels, which increases by 7 per year.3%, RevPar advances by 1.2%.Same-store baseline, Jinjiang’s overall same-store RevPar dropped by 4 in 19Q1.2%, of which mid-to-high-end 武汉桑拿 same-store stores fell by 1.2%, budget hotels fell 6.9%. Investment suggestion: under the short-term economic downturn and pressured by profit growth, the medium- and long-term growth logic remains unchanged. In the first quarter, the company was affected by the downturn in the hotel industry and labor costs during its own conversion period.Logical changes, the company’s core competitiveness lies in mid-end brand and scale advantages, leading in the integration of individual hotels, and transformed into the company’s internal background integration and promotion, the company’s operating efficiency will also be improved.The company’s EPS is expected to be 1 in 19-21.22 yuan / 1.38 yuan / 1.67 yuan, corresponding to PE is 21, 18, 15 times, the company’s average price-earnings ratio since 35 years.9 times, the current expectation is at the bottom of history. Taking into account the company’s leading position in the domestic hotel integration process and the expected cost control brought by the future internal integration promotion, it will give a reasonable value of 32 at 19 times PE 32.94 yuan / share, maintain “Buy” rating. Risk warnings: 1) The decline of the macro economy may affect the recovery of the industry.2) The internal integration effect of the company was less than expected.3) The progress of the company’s direct-operated stores was worse than expected.

Zoomlion (000157) company dynamic comment: steady downstream demand growth and steady improvement

Zoomlion (000157) company dynamic comment: steady downstream demand growth and steady improvement

Event: On January 16, 2020, the company announced the 2019 annual performance forecast. The company expects to realize a net profit attributable to its mother of US $ 4.3 to 4.5 billion in 2019, an increase of 112.

89% to 122.


Significant growth in performance and long-term stability.

The company expects to achieve a net profit of $ 4.3 billion to $ 4.5 billion in 2019, an increase of 122 per year.

89% to 122.


The company’s Q1-Q3 2019 has achieved revenue growth of 41.

76% / 51.

23% 50.

96%, achieving a net growth rate of 165.

98% / 198.

11% 167.

At 08%, the company’s performance continued to improve, and the growth rate maintained a high level and stable growth range, mainly due to the following four aspects: the prosperity of the construction machinery industry, deepening intelligent manufacturing, focusing on emerging products, continuing to promote overseas base construction and effective cost control.

Benefiting from the steady growth of downstream demand such as real estate and infrastructure, the company’s main core product market share ranks among the top two in the country, which is expected to benefit significantly from the high prosperity of the construction machinery industry.

Due to the steady growth of real estate and infrastructure demand in the downstream industry in 2019, the construction machinery industry continues to boom. According to the Construction Machinery Industry Association’s forecast, the overall industry sales in 2019 will increase by more than 10%.

The company’s three core products, the tower crane market share of over 40%, ranked first in the country; truck cranes postponed to 2019Q3, the market share reached 28%, ranked second in the country; concrete machinery and Sany Heavy Industry tied for duopoly.

The company’s three core product leaders have a significant level. Taking advantage of the rapid development of the construction machinery industry, its high market share has helped its performance increase significantly.

Deepen intelligent manufacturing and focus on emerging products.

The company is intelligent again, as of the third quarter of 2019, concrete pump trucks, tower cranes, construction cranes, etc.4.

The market coverage of the core products of the 0 series has increased. Intelligent factories for tower cranes and intelligent production lines for high-altitude operation machinery have been completed. Intelligent, automated and flexible production has been achieved, and market competitiveness has been further strengthened.

In terms of emerging products, the company’s technical advantages in lifting equipment have driven the aerial platform business. Until the first half of 2019, the company’s aerial platform platform revenue exceeded 1.

700 million, mass production through the arm-type intelligent production 深圳桑拿网 line of aerial work platforms, the company is expected to become the first echelon enterprises in the field of aerial work platforms.

In addition, earthmoving machinery has aggressively attacked the market, completed the national provincial sales service network layout, and launched new ZE60E-10 and ZE75E-10 small digging products. Its fuel consumption and efficiency advantages are outstanding, and it is expected to become the company’s future strong growth point.

Continue to promote the expansion and upgrading of overseas bases.

The company is a major equipment manufacturing enterprise benefiting from the “Belt and Road” strategy. It has built industrial parks or production bases in countries along the “Belt and Road” countries such as Belarus, Kazakhstan, India, Pakistan, India, and Thailand, and has achieved the transition 西安耍耍网 from “going global” to”Going in” overseas development strategy of localized operation, deeply cultivating overseas markets.

The construction of the company’s Zhongbai Industrial Park project was completed and put into operation at the end of 2019; the planning and design of the Indian Industrial Park was completed and it will be built into a comprehensive production and manufacturing base integrating research, production and sales along the Belt and Road. The company continues to promote overseas development.

Investment suggestion: Aiming at the high degree of prosperity in the construction machinery industry, the company has achieved outstanding results in deepening the research and development of new products in intelligent manufacturing, and gradually promoted overseas development. The company is expected to continue high growth.

According to model calculations, the net profit attributable to mothers is expected to be 44 in 2019-2021.

6.2 billion, 53.

5.8 billion, 59.

280,000 yuan, EPS is 0.

57 yuan, 0.

68 yuan, 0.

76 yuan, corresponding to PE is 10 times, 9 times, 8 times.

Risk reminder: raw material risk, exchange rate risk, R & D advancement, infrastructure investment growth rate is less than expected, loosening of national environmental protection policy leads to increased equipment renewal demand, increased market competition, and company market share risk

Yangquan Coal Industry (600348): Profit growth comes from double drop in volume and price of purchased coal

Yangquan Coal Industry (600348): Profit growth comes from double drop in volume and price of purchased coal
In the first half of 2019, net profit increased by 20 in ten years.06%: The company achieved revenue of 155 in the first 杭州桑拿 half of 2019.26 ppm, a decline of 7 per year.68%; Realized net profit attributable to mother 10.63 ppm, an increase of 20 in ten years.06%; gross margin is 20.36%, an increase of 3 per year.3 averages, net profit decreased by 6.85%, rising by 1 every year.58 averages, EPS is 0.44 yuan. The decline in revenues and the increase in profits mainly came from the purchase of coal by outsourced groups, and the decline in prices: in the first half of the year, the company’s coal sales fell by 3,432, but by 511%, of which the procurement group coal 1652 growth rate, a continuous decline of 16.01%; the sales price per ton of coal is 419 yuan, which will decrease by 4 in the future.34%; The prices of Q2 Procurement Group’s No. 3 Mine, Minmetals, and Changgou Mine have fallen twice respectively.33%, 5.41% and 29.78%, under the influence of 杭州桑拿 the double reduction in the volume and price of purchased coal, the company’s cost per ton of coal sold was 337.9 yuan, down 7 before.9%, which is greater than the price drop. The gross profit per ton of coal is 81 yuan, which increases by 12 every year.50% is the top priority of the company’s profit growth.In the first half of the year, the company’s coal segment achieved revenue of 143.92 ppm, a decrease of 9 per year.25%, achieving a gross profit of 27.97 ppm, an increase of 8 per year.09%, the company’s coal board rose 3 per year.11 up to 19.43%. The decline in sales of high-end products has led to a significant decline in product prices: From the perspective of product production and sales structure, the company’s high prices in the first half of the year and high gross profit sales of powdered coal fell by 21.From 14% to 138 tons, the proportion of sales volume dropped by 1 percentage point to 4%. The price and gross profit of powdered coal per ton of coal were 844 yuan and 307 yuan, respectively, each time -0.12% and 21.83%; lump coal sales increased by 11.93% to 244 budget, sales price fell by 7.9% to 616 yuan / ton; the largest-scale end coal sales continued to fall by 5.31% to the 2940 budget, with sales prices down 26.2% to 138 yuan / ton. Q3 performance is under pressure: 2019 anthracite end coal, lump coal prices show a downward trend quarter by quarter. According to the price calculation in late August, Q3 Yangquan end coal, small block and medium block sales prices are down by Q2 from Q2.10.85%, 9.38% and 8.64%, a decrease of 6-7 percentage points from Q2; the company’s Q3 acquisition of coal prices increased by 1.3% -2.9%, under the double pinch of price and cost, Q3 company is expected to narrow the gross profit per ton of coal. The company has certain endogenous growth space and potential for extension: The company’s Pingshu Coal Industry has approved that its production capacity will be increased from 90 to 500, and the capacity replacement index has been transformed. It has been approved by the National Energy Administration within 4 months, and it can contribute 200 replacements to the company after it reaches full capacityThe planned increase in production is planned; the proposed Boli coal mine has a budget investment of US $ 3.6 billion and a production capacity of 500 tons / year. The company’s shareholding is 70% and it is expected to start production in 2022.In terms of external expansion: In the context of Shanxi’s national reform, the Group’s asset injection is expected to make a breakthrough, and the company can gradually change from a semi-production and semi-trading business model to a production-oriented enterprise, thereby promoting the improvement of profitability per ton of coal. Investment suggestion: We maintain the company’s return from 2019 to 2021 to be 0.80 yuan, 0. 83 yuan and 0.With a forecast of 84 yuan, the return on net assets is 12 respectively.4%, 11.8% and 11.1%, maintaining the overweight-A recommendation. Risk warning: economic growth is lower than expected; environmental protection supervision is stricter than expected; project construction fails to meet expectations.

China Resources Sanjiu (000999): Domestic OTC Leader’s Performance Stable Growth

China Resources Sanjiu (000999): Domestic OTC Leader’s Performance Stable Growth

Introduction to this report: Performance is in line with expectations.

In the reporting year, the company’s business recorded a steady growth based on a high base in the same period last year.

We expect annual results to remain stable and steady.

Investment Highlights: Maintain “Overweight” rating.

The company achieved operating income 武汉夜生活网 of 34 in the first quarter of 2019.

8.2 billion, net profit attributable to mother 11.

6.7 billion, net of non-attributed net profit4.

3.5 billion, an increase of 3 each year.

02%, 175.

91% and 11.

At the same time, the company predicts that net profit attributable to mothers will increase by 83 per year in the first half of 2019.

91% -102.

06%, performance is in line with expectations.

Due to the disposal of Sanjiu Hospital, a subsidiary, the investment income contributed 7.

6.2 billion, leading to a higher growth rate of net profit for the current period.

We maintain our forecast for EPS2 for 2019-2021.



07 yuan, maintaining a target price of 34.

25 yuan, corresponding to 15X in 2019, maintaining the “overweight” level.

The overall performance of the report remained stable.

Due to the influence of the flu factor, the performance base for the same period last year was relatively high.

Reported performance The overall performance of the company is stable.

We expect the number of self-diagnosis segments to grow.

The prescription drug sector has a slight gradient, and the prosperity of the formula granule industry is still high, and it is expected to maintain a growth rate of more than 20%.

We are optimistic that domestic OTC leading companies will continue to grow steadily.

The company merged to continuously supplement antibiotics and cardio-cerebral-vascular oral preparations through continuous outreach mergers and acquisitions.

At the same time, as a leading OTC company, the company seized the potential of consumer upgrades and chronic disease management, and while continuously consolidating the influence of the 999 brand market, it continued to optimize its rich product structure and quickly enter the big health industry.

Relying 重庆耍耍网 on the advantages of brand products and the channel advantages of distributors and chain terminals, the company’s future steady growth can be expected.


Refined management cost control is expected to improve, and outbound mergers and acquisitions continue to advance.

risk warning.

The market for formula granules is exacerbated by competition, and cost control is less than expected.

Jihua Group (601718): Comprehensive development of dual-pronged main quarters in the main industry and new industry

Jihua Group (601718): Comprehensive development of dual-pronged main quarters in the main industry and new industry
This report reads: The company is a leader in the domestic munitions industry. Its main business continues to be upgraded. Actively expanding new businesses has become a highlight. The overall 都市夜网 performance is expected to stabilize and improve. The first coverage is given a cautious overweight rating. Investment Highlights: The first coverage gives a cautious overweight rating.EPS are expected to be 0 in 2019, 2020 and 2021.09, 0.10, 0.12 yuan per year-/ 21.26% / 13.37%, considering the company’s planned business adjustment progress and gradually stabilizing, giving the company 48 times PE in 2019 with a target price of 4.30 yuan, the first coverage given a cautious overweight rating. The munitions market was stable, and the size of the civilian professional wear market broke through.In general, the level of the National Defense Force and the munitions industry have room for development. In the future, the introduction of new fighter aircraft and the launch of domestic aircraft carriers will bring expansion of supporting forces, and the transformation of the war will promote the upgrading and upgrading of munitions.The current competition pattern of the civilian professional wear market is fragmented. Through the increase of marketization, the development of the tertiary industry will promote the growth of segmented circuits and the overall market size. The development of traditional businesses has stabilized, and has been steadily advanced and optimized.The company has extensive experience in the munitions market, expanded research and development capabilities, and continued to increase research and development investment.In 2018, the company accounted for 60% of the munitions market, covering a large number of high-quality central enterprise customers in the civilian products market. The development of new munitions products and the growth of civilian supplies orders will promote the company’s core business to grow steadily.In addition, the company’s adjustment and optimization of its production capacity structure has improved production efficiency, which is the basis for the company’s future business scale. Actively carry out business in the park, and the emerging service industry will become a bright spot for future development.The company developed the Jihuayuan project, a “1 + X” consumer integrated business model, combined with the company’s significant advantages in channel construction, composite operations, customer cooperation, etc., the project steadily advanced, and the transformation was gradually realized.With the successive promotion and operation of International Huayuan in various places, emerging businesses will help the company to improve its future performance. Risk factors: Changes in main business income, new business expansion is less than expected, and the outdoor industry is less than expected.