Month: March 2020

N Liangpin (603719): Online and offline double-flowered snack faucet

N Liangpin (603719): Online and offline double-flowered snack faucet

N Liangpin (603719): Online and offline double-flowered snack faucet

Originated from the offline grasp of the line, the two-line blooming snacks leader Liangpinpu was established in August 2006 and is headquartered in Wuhan, Hubei. The company has built an omni-channel sales network with “store terminals and online platforms as its core”.

Off-line channels, the company adheres to the strategic layout of “deep cultivation in central China and radiates the whole country”. On June 30, 2019, the company set up a total of 2,237 terminal stores 四川耍耍网 in Hubei, Jiangxi, Hunan, Sichuan and other regions.

For online channels, the company has achieved comprehensive coverage of online channels in accordance with the development principles of “platform e-commerce + social e-commerce + self-operated channels”.

  The quantity and price of snack food will rise in the future, and there is no national retail brand of snack food market space of nearly 500 billion yuan. The CAGR of 2011-2017 is 6%, and the volume has increased (3.

3%) higher than the price increase (2.


In terms of different channels, the online growth rate is much faster than the industry, and the offline share is high (about 90%).

In the future, the national income will gradually increase and the consumption upgrade will continue. The leisure and snack industry is gradually heating up, and the overall 武汉夜网论坛 market size continues to expand. Among them, the volume increase: the increase in disposable income of residents drives the increase in consumption;

  Snack foods have the characteristics of scattered categories, low biological properties of manufacturers, delayed consumption, and similar standard products. From the perspective of categories, they have the characteristics of retail brand predominance and online and offline parallelism.

The three online squirrels / bamboo flavors / good-quality shops have a stable layout, gradually differentiate from other brands, and gradually increase the concentration of leading brands in the future. The offline sales model is diversified and the regional brand scale; in terms of all channels, there is no countryThe emergence of retail brands.

Looking at the future of the industry, the online leader is still a common defense battle, and the cost-effectiveness ratio is slowly increasing. New retail is expected to solve the traditional offline disadvantages and help market development.

  The company’s revenue has steadily increased, its net interest rate has continued to increase, and its supply chain management capabilities have continued to grow. From 2015 to 2018, the company’s operating income increased from 3.1 billion to 7.4 billion, with a CAGR of 26.

52%, deducting non-net profit from the mother.

32 ppm increased to 2.

08 thousand yuan, CAGR is 85.


  The gross profit margin constant remained at around 32%, which is in the midstream of the industry, and the net profit margin continued to rise from 1 in 2016.

57% increased to 4 in 2019H1.

46%, second only to three squirrels in the same mode.

  The revenue and profit of Liangpinpu have grown steadily from the company’s supply chain management capabilities and good brand power.

The company connects upstream suppliers, downstream customers, and various partners such as logistics and sales platforms through research and development, procurement, logistics distribution and operations.It also continuously carries out continuous information construction and replacement to achieve the full system management of core business., Finally formed a benign closed loop of consumer experience and product development.

  Pioneer of omni-channel marketing network, the company entered the new era of nationalization. The company plans to raise funds this time4.

200 million US dollars for “omni-channel marketing network construction project”, “warehouse and logistics system construction project”, “good product information system digital upgrade project” and “food R & D center and testing center transformation and upgrade project”.

The company’s offline store layout is concentrated in central China, and other areas are relatively weak. At the same time, some old stores have shortcomings such as small overall areas and old decoration. If the fund-raising project can be successfully completed, the company’s development will enter a new stage.

  Profit forecast We predict that the company’s operating income for 2019-2021 will be 7.7 billion, 9.2 billion, and 11.3 billion, and the net profit will be 3 respectively.

3.8 billion, 4.

1.3 billion, 5.

31 trillion, the diluted EPS are 0.

84 yuan, 1.

03 yuan, 1.

The 32 yuan leisure snack market has a lot of space, and there is no omni-channel leading brand.

At present, the whole channel of leisure snacks is still in the development stage of the industry, and enterprises mainly occupy the market through horse racing enclosures.

We believe that Liangpinpu started off-line, entered the online market, has strong cross-channel operation capabilities, and has the potential to become a leading channel brand in the future.

Focusing on the development stage of the industry and the company’s core competitiveness, we propose to use PS to estimate, and a reasonable PS in 2020 is 2-2.

5 times.

Combined with our forecast of the company’s 2020 performance, a reasonable estimate range is 46-57 yuan.

China Eastern Airlines (600115): World Tastes Oriental Charm

China Eastern Airlines (600115): World Tastes Oriental Charm

China Eastern Airlines (600115): World Tastes Oriental Charm

One of the three major state-owned airlines.

The company is headquartered in Shanghai and is one of the three major state-owned airlines in China.

On the basis of the original company, China Eastern Airlines merged with Northwest China Airlines and reorganized with China’s Yunnan; it was the first flight of China Civil Aviation to be listed in Hong Kong, New York and Shanghai.

The company achieved operating income of 934 in Q3 2019.

0 million yuan, the net 杭州桑拿网 profit of 43.

700 million.

Relying on geographical advantages such as Shanghai, the network effect of the hub appears.

The company takes Shanghai and Beijing as dual hubs, and through SkyTeam’s blessing, it optimizes route layout and capacity deployment to build a global air transportation network.

Relying on Shanghai’s excellent location advantages, through SkyTeam partners, the company’s route network can reach 1,150 destinations in 175 countries and regions.

The company has always been committed to updating and optimizing the fleet structure, with an average fleet age of 5.

In 7 years, the aircraft age advantage ranks among the top in the world, and it has become one of the parking lots with the most streamlined and efficient fleet in the world’s large parking lots.

China Eastern Airlines maintains the stable 上海夜网论坛 operation of the Beijing-Shanghai Line of the Golden Commercial Line at the Capital Airport, and all other flights in Beijing are transferred to Daxing Airport, actively building a new comprehensive transportation hub at Beijing Daxing Airport.

Aviation demand has been stable for a long time, and the halving of the Civil Aviation Development Fund is positive for the air transport industry.

According to Airbus ‘” Global Market Forecast (2019-2038) “study, it is shown that regardless of changes in the external economic environment, in the long history of history, the global air transport volume doubles approximately every 15 years, that is, in the next 20 years During the year, revenue passenger kilometers will remain at 4.

The compound growth rate of 3% can lead to strong certainty in the future restructuring of the internal market demand of the air transport industry, and signs of more optimistic development prospects.

From July 1, 2019, the Civil Aviation Administration issued a document that will begin to halve the collection standards for civil aviation development funds that are referenced back.

The implementation of this policy can directly reduce the company’s operating costs. It will contribute to performance in the second half of 2019, and it will benefit greatly in 2020.

Earnings forecasts and investment advice.

China Eastern Airlines seized the opportunity invested by Daxing Airport and Pudong S1 Satellite Hall, and the Beijing hub and Shanghai hub responded synergistically to form a route network layout of “Double Dragons Going to Sea”.

We believe that the aviation sector is at the bottom of the industry. Through market segmentation, the structure of supply and demand has improved, the exchange rate of oil prices has stabilized, and the earnings of aviation stocks will significantly improve.

We estimate that the net profit attributable to mothers will be 45 in 2019-2021.

6 billion, 73.

4 billion, 86.

180,000 yuan, an increase of 68 in ten years.

3%, 61.

0%, 17.

4%, EPS are 0.

28, 0.

45, 0.

53, the current unanimous corresponding PE is 20 for 2019-2021.

9X, 13.

0X, 11.


The company currently has a PB of 1.

4 times, we recommend to company 1.

5 times the PB estimate, the corresponding target price in 2020 is 6.

23 yuan.

Covered for the first time, giving an “overweight” rating. Risk reminders: Macroeconomics exceeds expected risks; jet fuel price fluctuation risks; exchange rate fluctuation risks.

Juneyao Airlines (603885) Quarterly Review: 1Q Performance Extends and Breaks Through Cost Expansion

Juneyao Airlines (603885) Quarterly Review: 1Q Performance Extends and Breaks Through Cost Expansion

Juneyao Airlines (603885) Quarterly Review: 1Q Performance Extends and Breaks Through Cost Expansion

Net profit for the first quarter of 19 decreased by 7.

5%, mainly due to cost expansion; optimistic about the industry’s economic growth, maintain “buy” 1Q19, Juneyao Airlines achieved revenue 41.

3.2 billion, with a previous appreciation of 14.

5%; each return to the net profit of the mother decreases by 7.

5% to 4.

00 ppm, compared to our Air Force forecast of 4.

The 南京夜网6 billion yuan was down 13%, mainly due to a higher-than-expected increase in costs.

In the first quarter, despite the drop in oil prices3.

8%, but due to the introduction of 787, depreciation, landing and other related costs increased, the main business costs increased by 18 in ten years.

8%, dragging down the gross margin extension 3.

0 per share; budget, financial expenses increased by 109 due to increased index expenditure.


In the first quarter of 19, the company’s load factor decreased slightly.

3 averages, but projected budget increase of about 0.


We lower the EPS of 2019E / 20E / 21E to 0 according to the latest operating conditions of the company.



68 yuan, updated target price to 18.


40 yuan, optimistic about the aviation boom upward, maintain “buy.”

The supply growth rate in the first quarter of 1919 was fast, the demand was stable, and the load factor was steadily decreased. It is expected that the duration of the austerity policy provided by the Civil Aviation Authority of the 2018/19 winter season will be improved.

9 up to 14.

5%, domestic and international routes each narrowed by 0.


4 units.

Demand performance is relatively stable, and the growth rate of total demand has increased from the same period last year1.

8 up to 14.

1%, driving the total passenger load factor to stabilize and slightly decrease to 0.

3 up to 85.

2%; the growth rate of domestic line demand is rapidly expanding3.

1 goes to 13.

9%, load factor slightly increased by 0.

One single, the growth rate of international demand has narrowed4.

2 up to 14.

3%, passenger load factor temporarily reduced by 2.

3 units.

We analyze the company’s expected revenue management, or adopt an abandon asking price strategy, which is expected to decrease by about 0.5%.

Oil prices have fallen, but the company’s main business costs and financial expense growth have quickly dragged down performance. It is said that the latest data have been obtained. The ex-factory price of aviation kerosene fell in the first quarter of 1919.

8%, which is good for performance.

Since October 2018, the company has introduced a total of four aircraft, which has accelerated the growth of related costs such as takeoffs and landings, depreciation, and promoted the increase in main business costs in the first quarter.

8%; index costs increase (approximately RMB 50 million per year in 1Q19), increasing financial costs by 109.


Consider: 1) due to higher oil prices in 2018, the depreciation of the RMB has created a low base for performance; 2) Boeing 737MAX8 is grounded or extended to the summer season leading to supply and demand, the expansion of deregulation continues to advance, trying to promote both passenger load factor and air tickets; 3) 787 subsequently flew the Pudong transit Helsinki to Manchester and other international companies with rich business structures. Net profit is expected to increase in 19 years.

Update target price range to 18.


40 yuan to maintain “Buy” According to the latest operating conditions, we raised the related costs such as ups and downs, depreciation, slightly lowered the target forecast, lowered the 19E / 20E / 21E annual net profit forecast by 15 each.

2% / 12.

9% / 11.

6% to 14.



1.8 billion.

We refer to the company’s 3-year estimated multiple (mean 2).

96x PB), considering the industry’s upward certainty, give 3.


2x 2019PB (20南京桑拿网 19BVPS is 6.

07 yuan), update the target price range to 18.


40 yuan, maintain “Buy” rating.

Risk reminders: Oil prices continue to increase, the appreciation of the RMB, the speed of high-speed rail, the trend of economic growth, force majeure such as major epidemics or natural disasters, and growth at peak hours is not as expected.

Shenzhen Airport (000089): Q3 passenger growth picks up in 2019, optimistic about Guangdong, Hong Kong and Macau Greater Bay Area core assets

Shenzhen Airport (000089): Q3 passenger growth picks up in 2019, optimistic about Guangdong, Hong Kong and Macau Greater Bay Area core assets

Shenzhen Airport (000089): Q3 passenger growth picks up in 2019, optimistic about Guangdong, Hong Kong and Macau Greater Bay Area core assets

Event: On October 25, 2019, the company released three quarterly reports. From January to September 2019, the company achieved operating income of 28.

10 trillion, +5 for ten years.

50%; realize net profit attributable to shareholders of listed companies.

800,000 yuan, at least -16.

68%; Realize net profit attributable to shareholders of listed companies in place of non-recurring gains and losses5.

4 trillion, +1 a year.


In Q3, the airport passenger growth rate has picked up, but it is said that due to the decrease in revenue from aviation value-added services, the airport revenue growth rate is lower than the passenger trillion growth rate, and the gross profit margin has decreased.

Shenzhen Airport achieved 39.35 million passenger explosions from January to September 2019, each time +7.


Among them, Q3 achieved 13.51 million passenger explosions, +10 per year.

03%, the growth rate of passenger explosion in the third quarter warmed up.

According to the company’s semi-annual report, the company stated that due to the macroeconomic impact of the removal of high-level pillar billboards and indoor advertising in Shenzhen Airport in May 2018, the customer distribution weakened and the media vacancy rate increased, resulting in a decline in aviation value-added revenue.

We judge this factor or the continuous value-added aviation business of the company in the third quarter. As a result, the airport’s overall operating revenue growth rate is lower than the passenger explosion growth rate. The company’s gross margin expiration date is 30 on January 9, 2018.

52% to 26 from January to September 2019.


Non-recurring losses caused the company’s first three quarters of performance to increase, but the matter was a one-time event.

According to the company’s announcement, the company received a judgment from the company v. Zhenghong Technology in the lease contract dispute in June 2019, ruling that the company compensated Zhenghong Technology for economic loss of 0.

6.9 billion yuan.

Regarding this matter, the company has confirmed the estimated liabilities in the first half of 2019.

69 ppm, this matter is a one-time event.

 In the medium term, we will face some capital expenditure pressure, but the production capacity will be increased accordingly.

According to the company’s semi-annual report and other announcements, the company’s main projects currently under construction include investment68.

$ 100 million satellite hall project with a total investment of 6.

Adaptation of 300 million tons of T3 terminal building and total investment5.

$ 2.7 billion “Future Airport” project (including Phase I and Phase II).

According to the company’s announcement, the satellite hall project is expected to be completed in 2021; the adaptive renovation of the T3 terminal is expected to be completed in 2020; the “Future Airport” project is expected to be basically completed by the end of 2019, and the second phase 杭州夜生活 is expected to be basically completed in 2020investment.

According to our estimates, these projects are expected to increase depreciation and amortization costs by about 200 million per year after they are put into production.

According to the company announcement, the construction area of the satellite hall is 23.

50,000 square meters, the target passenger explosion is 22 million passengers per year.

Although the commissioning of the satellite hall will increase costs, it will also increase airport throughput, ease passenger throughput pressure, and achieve economies of scale.

In the long run, policies such as the “Guangdong-Hong Kong-Macao Greater Bay Area” and “Supporting Shenzhen to build a leading socialist demonstration zone with Chinese characteristics” will accelerate the construction of a high-level international aviation hub at Shenzhen Airport.

On February 18, 2019, the Central Committee of the Communist Party of China and the State Council issued the “Outline of Development Planning for the Guangdong-Hong Kong-Macao Greater Bay Area”;opinion”.

We believe that the issuance of the above policies will benefit the economic development of Shenzhen in the long term. As a gateway airport in Shenzhen, the development of Shenzhen will also bring opportunities to the development of the airport.The competitiveness of the airport.

  Investment suggestion: It is estimated that the company’s net profit attributable to mother will be about 6 in 2019-2021.

500 million / 7.

500 million / 6.

800 million, about -2 previously.8% / + 14.

8% /-8.

9%, covering for the first time, give “overweight” rating.

  Risk reminder: Macroeconomic downturn affects air travel demand; regional competition is intensifying.

Carbon yuan technology (603133) 2019 Q3 performance review: Q3 single quarter results return to positive angle of attack, new cooling products landing profit rise

Carbon yuan technology (603133) 2019 Q3 performance review: Q3 single quarter results return to positive angle of attack, new cooling products landing profit rise

Carbon yuan technology (603133) 2019 Q3 performance review: Q3 single quarter results return to positive angle of attack, new cooling products landing profit rise
Event: On the evening of October 29, the company released the 2019 third quarter report.The company’s first three quarterly reports achieved operating income3.49 trillion, down 10 a year.59%; net profit attributable to mothers may reach 1484.550,000 yuan, a decline of 131 each year.8%.  The company’s net profit after deduction for the first three quarters increased by 22 million yuan, and then decreased by 161.81%. The company’s Q3 single quarter revenue improved, achieving the first quarter of this year’s return to the mother net profit for the first time.The first three quarters of the company are temporary, mainly due to the first two quarters of supplementation.The company’s single quarter of 2019Q3 achieved operating income1.43 ppm, a ten-year increase of 7.44% (Q2 quarter down 20.13%), up 21 from the previous month.19%, net profit attributable to mother was 980 in Q3 2019.770,000 yuan (1605 limit last quarter.850,000).2019Q3 deducted non-return mother net profit 796.74 million (previous quarter forecast was 1884.930,000), although still in the same period last year, Q3 is the company’s first quarterly turnaround after two consecutive interruptions. The company’s Q3 single quarter gross margin recovered significantly, new cooling products landed, and the upward trend in profitability was determined.The company’s gross profit margin for the first three quarters of 2019 was 17.81%, an increase of 4 over the same period last year.37.Among them, Q3 single-quarter sales gross margin, net profit margins were 24.11% and 7.53%, an increase of about 9 in Q2.48 pct and 22.4 pct, it is estimated that they have increased by 1.42 pcts and dropped by 3.36 pct. Taiwanese manufacturers have a first-mover advantage in the heat pipe and VC solutions, and the flagship flagship machine in the second half of the year will have a significant pull.Taiwanese companies including Chaozhong, Shuanghong, Taishuo, Qihong, Lizhi and Jiance have alternative technological capabilities in the field of heat pipes, and VC hot-plates occupy 70% of the global market share.According to the Taiwanese heat sink leader Shuanghong in the Q3 law, it will predict that in Q4 2019, due to the expansion of flagship models of Huawei (Huawei, OV, etc.), Shuanghong’s 2019 revenue is expected to 杭州夜生活网 increase by 30%, and the growth rate next year is expected to reach 25%. Carbon Yuan Technology is expected to catch up with its Taiwan counterparts in the 5G era and realize a comprehensive domestic replacement of medium and high-end cooling solutions.Carbon Element Technology has won the trust of Samsung, Huawei, VIVO, OPPO, etc. in the era of graphite films.In the new field of mobile phone terminals, new technological requirements have given mainland manufacturers a chance to catch up.The company currently provides complete terminal cooling solutions including high reliability graphite, ultra-thin heat pipes and VC.The company’s heat pipe product factory (ultra-thin heat pipe and VC board) was completed and put into operation in the second quarter of 2019.The company’s R & D expenditure in the first three quarters increased by 76 each year.22%, accounting for 9 of the first three quarters of revenue.25%.Among them, Q3 R & D expenditure reached the highest level in history in a single quarter, with an annual increase of 121.10%, an increase of 25.17%, accounting for 9 of single quarter revenue.41%, also the highest level in history.According to the official website of Carbon Yuan Technology, the company’s current heat pipe products can achieve a flattening thickness.Below 3mm, the resonance coefficient is more than 20000w / mk, which solves the problem that the current heat pipe with a diameter of more than 5mm cannot be flattened.This problem is below 35mm thickness.The technology level of carbon yuan is leading, and its core capabilities are gradually catching up with its counterparts in Taiwan. Graphene, heat pipes, and VC will penetrate 5G smartphones, and stand-alone heat dissipation ASP will be significantly improved: Traditional mobile phone heat dissipation materials are mainly TIM materials (conductive interface materials) such as graphite sheets and molten gels.At present, heat pipes and VCs (heat equalizing boards) are gradually infiltrating into smart phone terminals from computers, servers and other fields.5G smart terminals are expected to popularize the cooling solution of graphite film + heat pipe or graphite film + VC.Huawei’s Mate 20 X took the lead in using graphene + VC heat dissipation solutions, and Samsung’s new flagship Note 10 also adopted VC heat dissipation for the first time.With the increase in the penetration rate of heat pipes and VCs in smartphones, the single-machine cooling ASP in the 5G era is expected to reach 3?Above 4 US dollars, achieving a three-fold increase in value.In the next few years, we expect 5G to usher in a new wave of phone replacements: According to IDC forecasts, the smartphone industry is expected to resume growth in the second half of 2019, and by 2023, the global smartphone scale is expected to reach 15.4.2 billion units, 5G mobile phone penetration rate reached 25%. Investment advice: We expect the company in 2019?Income in 2021 will be 6.5 billion (+17.86%), 11.1.8 billion (+71.65%), 15.2.2 billion (+33.27%), the net profit attributable to shareholders of the listed company is 0.6.1 billion (+13.44%), 1.5.1 billion (+147.45%), 2.400 million (+58.97%), the corresponding EPS is 0.29 yuan, 0.72 yuan, 1.14 yuan, corresponding to PE is 59 times, 24 times, 15 times.Based on the company’s future development expectations driven by 5G, we maintain the “Buy-A” investment rating and target price of 25.10 yuan, corresponding to 35 times the dynamic assessment in 2019. Risk warning: The international trade environment is distorted. At present, 5G mobile phones have not reached the stage of large-scale application. The upstream industrial chain of the company is at risk of being replaced by technology.

Maide Medical (A17221): Leading medical smart device provider with multiple automation technologies

Maide Medical (A17221): Leading medical smart device provider with multiple automation technologies

Maide Medical (A17221): Leading medical smart device provider with multiple automation technologies
Investment points: Focus on automation and intelligence, a leading domestic medical consumables manufacturing equipment provider.Founded in 2003, the company is a leading provider of intelligent manufacturing equipment for medical consumables.On the basis of equipment automation technology, the company relies on Zhejiang Meide Medical Intelligent Manufacturing Key Enterprise Research Institute, continuously develops intelligent control system technology, successfully develops GMP data management platform, realizes equipment interconnection, data analysis, builds digital workshop, and realizes intelligenceproduce.The company’s main products include safety infusion and blood purification. The safety infusion category includes automatic assembly needles for medical injection needles, automatic assembly machines for medical blood collection needles, etc., and blood purification products include automatic assembly machines for syringes and automatic blood circuits.Assembly machines, etc.The controlling shareholder Lin Junhua holds the company 68 in total.68% of the shares are the actual controllers of the company. High performance growth and higher gross profit margin.The company’s operating income for 2016-2018 was 1.39, 1.73, 2.US $ 1.5 billion, net profit attributable to mothers was 2340, 5584, and 56.01 million yuan; net cash flows from operating activities were 4031, 7202, and 3114 million; gross margins were 51.05%, 52.05%, 48.57%; R & D expenses account for 9% of revenue.82%, 7.97%, 9.04%; asset-liability ratios are 24.85%, 19.03%, 22.50%.Benefiting from the growing demand for terminals and the gradual increase in recognition of its own product market, the company’s performance has shown a higher growth trend.The comparative advantages of technology and product quality can supplement the company’s downstream bargaining power, so the company’s gross profit margin remains at a high level. Master a variety of core technologies and plan to raise funds to increase production capacity.Through independent innovation, the company has multiple core technologies for automated intelligent manufacturing, which have reached international leadership in various fields or are in the domestic blank.At present, the company’s core technologies are two: one is the automated assembly and detection technology of safety infusion consumables. The company deeply integrates automation technology with medical consumables technology, breaking through the high-speed multi-feedway automatic feeding technology, medical soft catheter shaping technology, etc.The core technology realizes the automated production of safe infusion medical consumables and improves the production efficiency and product quality of consumables.The second is the automatic packaging and assembly technology of blood purification consumables. After years of independent exploration, the company has continuously broken through technical difficulties, gradually mastered core technologies such as syringe packaging technology, dialyzer wet water test and drying technology, and overcame automatic dialyzer packaging.Assemble difficult problems and successfully achieve product 上海夜网论坛 domestic production. The company plans to raise funds 3.US $ 3.9 billion to increase product capacity. Meet the first set of listing standards for science and technology board. The company’s net profit attributable to its parent in 2017 and 2018 was 55.84 million yuan and 56.01 million yuan, respectively, and the market value is expected to be no less than 1 billion yuan.The company meets the “expected market value of not less than RMB 1 billion, the net profit of the last two years replaced positive and gradually the net profit of not less than RMB 50 million, or the expected market value of not less than RMB 1 billion, the net profit of the last year is positiveAnd the operating income is not less than 10,000 yuan “listing standards.Risk warning: competition intensifies risks, policy risks

China Chemical (601117): The gross profit margin of the engineering business has increased and the cost rate control has declined reasonably

China Chemical (601117): The gross profit margin of the engineering business has increased and the cost rate control has declined reasonably

China Chemical (601117): The gross profit margin of the engineering business has increased and the cost rate control has declined reasonably

The company recently announced its semi-annual report for 2019, which achieved operating income of 385 in the first half of the year.

1.7 billion, an increase of 13 in ten years.

26%; net profit attributable to shareholders of listed companies16.

20,000 yuan, an increase of 47 in ten years.


In the new year, the single-speed growth rate is high, and the performance of chemical and infrastructure orders is outstanding. On January 7, 2019, the company’s new transmission single 950.

43 ppm, a ten-year increase4.


Among them: the domestic new starting point list 630.

740,000 yuan, an increase of 31 in ten years.

86%; overseas new year single 319.

69 trillion, a decrease of 25.

12%, mainly because last year reached the highest level in history over the same period, the base figure.

In terms of industries in the first half of 19, new chemical orders were 610.

52 ppm, an increase of 44 in ten years.

40%, of which coal chemical and petrochemical new breakthrough units increased by an average of over 70%. In the context of the new coal chemical strategy, orders in related fields are expected to continue to grow; infrastructure new breakthrough orders are 240.

570,000 yuan, an increase of 334.

36%, mainly due to the company’s rapid integration of Xiong’an New District, Guangdong-Hong Kong-Macao Greater Bay Area and the Yangtze River Economic Belt and other national strategies, signed a number of new infrastructure projects; environmental protection business development effects have begun to appear, a new breakthrough single 34.

25 ppm, a ten-year increase of 7.


Revenue grew steadily, and the gross profit margin of engineering contracting business steadily increased the reported operating income of first-tier companies 385.

1.7 billion, an increase of 13 in ten years.

26%, of which the territorial business realized operating income of 255.

390,000 yuan, an increase of 10 in ten years.

84%; revenue from overseas operations was 128.

50,000 yuan, an increase of 19 in ten years.

09%, mainly due to the company’s efforts to increase overseas development.

In the first half of 19, the company’s overall gross profit margin was 12.

29%, an annual increase of 0.

37 single ones, of which the gross profit margin of the company’s profitable core project contracting business increased by 1.

Three of them are mainly due to the company’s accelerated implementation of projects, and its operating income has grown rapidly; the gross profit margin of industrial and other businesses has dropped5.

79 units, mainly due to the Indonesian plant’s production affected by rising natural gas prices, as well as real estate project sales and initial decline.

The period expense ratio is reasonably controlled, the R & D investment is increased, and the net profit is increased. The company period expense ratio6.

20%, a decline of 0 every year.

17 units.

The selling expense ratio is 0.

43%, a decrease of 0 per year.

09 units; management expense ratio 2.88%, a decline of 0 every year.

28 units, mainly for office, travel and other expenses reduced; R & D expense ratio2.

67%, rising by 0 every year.

22 per share, mainly due to the company’s increase in technology research and development investment;

23%, a decline of 0 per year.

01 averages.

Total assets impairment losses and credit impairment losses incurred by the company.

870,000 yuan, an annual increase of 35.

42%,合肥夜网 mainly due to the increase in bad debt losses.

Taken together, the company achieved net profit attributable to shareholders of listed companies in the first half of 19 years.

20,000 yuan, an increase of 47 in ten years.


Operating cash flow was under pressure, and the company’s asset-liability ratio reported a slight increase.

8661, a decrease of 0 every year.

08 partnerships; payout ratio is 0.

7860, up 3 every year.

89 single, mainly due to the expansion of revenue to pay extra cash.

Taken together, the company’s net cash flow from operating activities in 19H1 was -15.

54 ppm, a decrease of 147 per year.


The company’s asset-liability ratio is 64.

96%, an increase of 1 from the end of last year.

05 average, but still at the lowest level among the eight major construction central enterprises.

Investment suggestion The company’s new long-term single major improvement, through the implementation of the project in hand, the subsequent sustainable sustained growth.

We maintain our “Buy” rating and slightly increase our EPS-20 forecast for 2019-2021.

51, 0.

67, 0.

83 yuan / share (the original EPS was 0.

49, 0.

61 yuan, 0.

77 / share), corresponding PE is 11, 8, 7 times.

Maintain target price of 8 yuan.

Risk warning: orders fall below expectations, exchange rate risks, oil price fluctuations affect upstream investment boom

Jiuli Special Material (002318): Earlier Expected 3Q Profit Increase

Jiuli Special Material (002318): Earlier Expected 3Q Profit Increase

Jiuli Special Material (002318): Earlier Expected 3Q Profit Increase

Event description The company announced the third quarter of 2019 performance forecast amendment announcement, the company expects to achieve net profit attributable to shareholders of listed companies in the first three quarters of about 3.


880,000 yuan, an annual increase of 60%?

Based on this calculation, the company achieved net profit attributable to shareholders of listed companies in the third quarter1.

340,000 yuan?

77 ppm, an increase of 61 in ten years.


92% month-on-month change of -3.


25%, based on the latest share capital, the company’s EPS in the third quarter was 0.

16 yuan?

21 yuan, EPS in the second quarter is 0.

17 yuan.

Event comment The downstream boom + inventory price fallback is ready to be reversed. The third quarter results increase rapidly: the company’s operating performance in the past two years has been relatively good. The second quarter profit of this year hit a record high. The third quarter profit will help continue to improve quarter-on-quarter.

Tracing back to the source, the company’s third-quarter profit was higher than the high growth mainly due to the continued boom in downstream oil and gas refining demand, the reversal of some inventory depreciation provisions, the expansion of overseas export profits and the improvement of foreign exchange earnings.

(1) In recent years, the oil and gas boom has driven the rapid recovery of the refining and chemical industry. In the first eight months of this year, the investment in oil and gas exploration and pipeline transportation increased by 42.

3% and 32.

8%, reflecting the continued strong demand in the oil and gas industry chain, promptly generating the company ‘s third-quarter product shipments and sales revenue slightly higher than expected; (2) The company made provision for inventory declines of approximately 25.48 million yuan in the first half of this year, and this year ‘s mid-term inventory declines provisionThe ending amount was about 28.87 million yuan.

As the prices of raw materials and finished products continued to rise, the company reversed some inventory depreciation provisions in the third quarter, gradually increasing the profit elasticity; (3) The exchange rate accelerated depreciation, and the company’s overseas product profits and exchange income also improved.

In short, the company is in the middle of the industrial chain transition, and its typical cost-plus pricing model can ensure relatively stable profitability.

In terms of flexibility, 淡水桑拿网 it is because of the downstream prosperity that pushes the bargaining power of the company’s high-end stainless steel pipes, and the gross profit margin will naturally increase; in terms of volume, the company mainly achieves volume growth by increasing the yield rate.

In the end, under the optimization of volume and profit, performance increased rapidly.

Both performance and theme, stability and flexibility coexist: The company merges the dual concepts of oil and gas and nuclear power. The current performance of the oil and gas business has increased rapidly, consolidating the foundation of stable operations. If the progress of nuclear power restarts and accelerates, the company will become a nuclear power management vertical company, and it is expected to share nuclear power upstream.The cyclical dividend further gains earnings flexibility.

It is expected that the company’s EPS in 2019 and 2020 will be 0.

57 yuan, 0.

63 yuan, maintain “Buy” rating.

Risk Warning: 1.

Oil and gas refining demand has dropped significantly; 2.

Progress in nuclear power demand is not up to expectations.

The remote office stock was recommended by the big singles to grab the five core targets of the industrial chain

The remote office stock was recommended by the big singles to grab the five core targets of the industrial chain

The remote office stock was recommended by the big singles to grab the five core targets of the industrial chain
For stocks, please read Jin Qilin analyst research report, authoritative, professional, timely, and comprehensive, to help you tap potential potential opportunities!  Eleven remote office stocks were selected by large singles. Funding agencies recommended the five core targets of the industry chain: Voice of the Securities Daily. Original Securities Daily. On February 22, the Ministry of Industry and Information Technology accelerated the development of 5G, and resumed the work of the information and communications industry.Work video conference call.The conference clearly stated that it is necessary to accelerate the pace of 5G business, and proposed to promote the development of the information and communication industry in four aspects: strengthening overall coordination, accelerating construction progress, promoting integration and development, and rich application scenarios.  Analysts generally believe that under the influence of the epidemic, local governments issued requirements for reorganization and resumption of work, and the demand for the remote office market broke out after the Spring Festival.The news from the Ministry of Industry and Information Technology will further stimulate the activity and investment sentiment of the remote office sector.Data show that since the Spring Festival, the remote office sector has performed relatively strongly. On February 21, six stocks in the sector closed at the limit price, and the overall volume of the sector increased by 5%, ranking first in the growth of Oriental Fortune.  In terms of performance of individual stocks, 22 stocks in the intra-block trade showed a general increase last week, 20 stocks increased, 2 stocks declined, and the proportion of growth stocks was 90.91%, Huichang Communication, Chuling Information and Beixinyuan have the highest rises during the week, and the weekly rises are more than 23%. The conversion includes 6 internal shares including Huaping, Hengxin Oriental, and Monternet.The weekly increase was over 10%.From the perspective of the flow of funds in oversized orders, last week, 11 stocks in the sector showed a net buying trend of oversized orders, buying a total of 9.26 trillion US dollars, of which Monternet Group’s oversized single net inflow ranked first in the sector, and gradually net purchase of 22,553.540,000 yuan, Huichang Telecom and Beixinyuan ranked second and third, with net purchases of 18,303 respectively.690,000 yuan and 12,171.09 million 都市夜网 yuan.  From a fundamental point of view, due to the rigid demand of enterprises for remote conferences, video conference products have changed from auxiliary tools to the core of various remote office tools.Remote office is divided into collaborative office, communication, document, task management, hardware video conference, cloud video conference.Driven by the development of cloud computing, the domestic telecommuting industry starts from a single point and gradually develops into a platform-based product in the form of functional overlay. Cloud video has become the core function of telecommuting.  Huaxi Securities said that the epidemic prevention and control drove the remote office explosion, the industry penetration rate is expected to gradually increase, leading manufacturers will focus on benefiting from the development, and recommend the “cloud + end + network + screen” end-天津夜网to-end ecological Yealink network to actively enter the “cloud”Video + Education” in the 100 billion track of the smooth communication, other industry chains benefit the target video conferencing products and enterprise live broadcast products have achieved a deep integration of 263, in the field of video conferencing industry video, network presentation, MoyunsanSuzhou Keda, a large series of products, focuses on vertical product lines including Qixin Group in smart party building, smart medical care, and smart education, the leader in cloud communications industry, Zhongjia Bochuang, and remote office software Jinshan Office, Zhiyuan Internet.  Minsheng Securities believes that the development of unified communications systems is gradually embracing possibilities through the improvement of corporate office demand in various aspects such as telephone conference systems, video conference systems and information systems.The epidemic has promoted the increase in demand for remote office video conferencing terminals, and the development of 5G is expected to bring new development opportunities for cloud-based industries such as remote office and video conference.Suggested attention: Yealink Networks, Huichang Communication, CV Source, Suzhou Kodak, two six three, and other core objects of the telecommunications industry chain.

Huaneng International (600011): Coastal electricity consumption growth rate declines resulting in reduced power generation, expecting coal prices to release flexibility

Huaneng International (600011): Coastal electricity consumption growth rate declines resulting in reduced power generation, expecting coal prices to release flexibility

Huaneng International (600011): Coastal electricity consumption growth rate declines resulting in reduced power generation, expecting coal prices to release flexibility

Event: The company released its 2019 Interim Report and achieved operating income of 834 in the first half of 2019.

170,000 yuan, an increase of 0 in ten years.

88%; net profit attributable to mother 38.

20 ppm, an increase of 79 in ten years.

11%, in line with Shen Wanhongyuan’s expectations.

Key points of investment: The decline in the growth rate of coastal power consumption overlaps with the impact of hydropower, and the company’s power generation interval is shortened.

In the first half of 2019, the electricity consumption of the whole society increased by ten years.

0%, a decrease of 4% over the same period in 2018.

At the same time, the regional growth of power consumption has intensified, and the company’s power generation in the eastern coastal provinces is significantly lower than that in the central and western regions. The hydropower impact caused by the more distributed distribution has generally reduced the number of thermal power utilization hours in the eastern coastal areas.

The company’s coastal provinces accounted for a relatively high installed capacity, and the overall utilization hours were disrupted. The first half of the year completed power generation in 1953.

75, a decrease of 6 per year.

15%, of which 915 was completed in the second quarter.

3.6 billion kWh, a reduction of 11 per year.


In the context of maximizing power generation, the company’s average on-grid electricity price has increased by 0 per year.

22%, reflecting the more reasonable participation of electricity market transactions.

The company’s territorial revenue in the first half of the year decreased by 25 per year.

87 trillion, the annual increase in total revenue was mainly due to the consolidation of Pakistani projects at the end of 2018.

The main business performance in the second quarter was under pressure, and the increase in profit growth was the recognition of investment income.

In the first half of the beneficiary year, the national coal price dropped by an average of 6.

83%, the company’s unit fuel costs in the first half of the year fell by 5 per year.

57%, helping the company’s performance repair.

However, in terms of quarters, the company’s profit repairs were mainly concentrated in one quarter. The rapid drift in power generation in the second quarter dragged down the performance. In the second quarter, it achieved net profit attributable to its mother.

64 ppm, only an increase of 2 from the second quarter of 2018.

5.4 billion.

It is obvious that the company realized investment income in the second quarter of this year.

7.8 billion, an increase of 3 over the same period in 2018.

99 ppm, after excluding investment income, the company’s main business performance in the second quarter showed negative growth.

The main major increase in investment income came from holdings of shares.

02% of Shenzhen Energy, Shenzhen Energy recognized quarterly sales revenue of the Power Garden project.

The fluctuation of power generation in the first half 天津夜网 of the year has weather factors, and it is expected that the fall of coal prices in the second half of the year will release elasticity.

In addition to the regional differentiation of the growth rate of power consumption, the strong El Ni?o phenomenon in the first half of the year led to more rainfall than in previous years, and the large increase in hydropower generation while gradual decline in the second quarter. At the same time, the reduction in air-conditioning loads suppressed the growth in power demand.

Since the beginning of the third quarter, the average national temperature has risen significantly, and the growth rate of electricity consumption by residents and the three industries is trying to pick up.

In terms of coal prices, it is difficult to include the initial mining difficulties in the second quarter. The downward trend in coal prices has slowed down.

With the gradual resumption of safety-reformed coal mines and the decrease in demand for coal for thermal power, we still believe that the national demand for coal supply and demand will become loose in 2019. Coal prices in the third quarter are expected to show a “not busy season” and a new round is expected in the fourth quarter.Shrinking, the company’s coal price performance elasticity is expected to be further released.

Earnings forecast and estimation: Considering the downward expectation of coal price and the expected tax rate reduction, we maintain the company’s net profit forecast for the mother company for 2019-2021 to be 50.

92, 69.

73, 76.900,000 yuan, the corresponding EPS is 0.

32, 0.

44 and 0.

49 yuan / share.

Corresponding PE is 20, 15, 13 times.

As a national thermal power leader, the company is expected to continue to benefit from the decline in national coal prices and maintain the “overweight” rating.

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