Eton Electronics (603328): The first quarterly report meets the expected exchange gains and losses impact decomposition

Eton Electronics (603328): The first quarterly report meets the expected exchange gains and losses impact decomposition

The company released the 2019 first quarter report.

The company released the first quarter of 2019 report and achieved operating income7.

07 billion, down 3 every year.

91%; realized net profit attributable to shareholders of listed companies.

140,000 yuan, an increase of 32 in ten years.

99%; Realize net profit attributable to shareholders of listed companies in place of non-recurring gains and losses.

0.6 million yuan, an increase of 43 in ten years.

02%; basic profit return is 0.

11 yuan.

The impact of foreign exchange gains and losses, the increase in financial costs was significantly reduced.

The company’s financial expenses for the first quarter of 2019 totaled 7.93 million yuan, compared with 66.23 million in the same period last year, which significantly reduced financial expenses.

The appreciation of RMB against USD against USD in the first quarter of 2018 reduced the company’s exchange loss due to the appreciation of RMB to RMB 77.9 million; in the first quarter of 2019, the RMB exchange rate also showed an upward trend. From the company’s first quarter financial expenses, the impact of exchange loss gains hasReduced.

As more than 80% of the company’s sales are overseas and settled in US dollars, the RMB exchange rate has an impact on the company’s financial expenses, but the company can reduce the exchange rate impact by accelerating foreign exchange settlement and sales.

We don’t think exchange gains and losses will cause much drag on the company’s performance.

The product structure continued to be optimized, and automotive PCBs became the main source of revenue.

In recent years, under the strategic guidance of “quality first, cost leadership, technology leadership”, the company has continued to optimize the product structure, strived to expand the proportion of high value-added products such as automotive electronics, medical and industrial, and enhanced the company’s profitability.

Automotive PCB has become the company’s main source of revenue and profits. The company’s automotive electronics customers include Valeo, Delphi, Continental, Bosch and other world-renowned Tier1 manufacturers.

The company has a relatively high share in Valeo’s automotive PCB business, and has begun to deliver small batches of automotive lamps.

Valeo’s automotive light sales rank second in the world, and Koito’s automotive lights rank first in the world and in China. We are still optimistic about the development of the company’s automotive PCB business.

5G construction started, and the PCB industry maintained a high degree of prosperity.

5G construction was officially launched in 2019. As the “mother of electronics”, PCB will obviously benefit from the construction of 5G infrastructure and the application of emerging scenarios.

It is expected that the number of 5G base stations and the value of single-substrate PCBs will greatly increase, bringing huge increases to the PCB industry; expansion, 5G driving the development of consumer electronics, automotive electronics, VR / AR and other technologies will also inject new into the industrypower.

As a domestic PCB leader, the company has a deep layout in the fields of automotive electronics, communication equipment and other fields, and will definitely benefit from the continued high prosperity 深圳桑拿网 of the industry.

Investment suggestion: Considering the high prosperity of the PCB industry and the continuous adjustment of the company’s product structure, we maintain our profit forecast for the company. The company’s 2019-2020 revenue is expected to be 37.

60, 43.

06 and 49.

6.1 billion, with net profit of 6.

92, 8.

10 and 9.

1 billion, EPS is 0.

69, 0.

81 and 0.

91 yuan, corresponding to PE is 16.

2, 13.

8 and 12.

We think the reasonable price range is 13.

8 yuan to 16.2 yuan, maintain “Buy” rating.

Risk warning: RMB exchange rate fluctuations bring exchange losses; customer expansion is less than expected.

Lixun Precision (002475): Expansion of high-speed expansion of production capacity in the third quarter looks forward to future development

Lixun Precision (002475): Expansion of high-speed expansion of production capacity in the third quarter looks forward to future development
Key Investment Events: The company released its 2019 third quarter performance report, and achieved operating income of 378 in the first three quarters.4 ‰, an increase of 71 per year.0%, gross margin of 20.5%, a decline of 0 per year.2 units, net profit attributable to parent company is 28.900 million, an annual increase of 74.3%, net profit is 0.54 yuan, an annual increase of 74.2%.The company achieved operating income of 164 in the third quarter.0 million yuan, an increase of 62.2%, gross profit margin 22.1%, rising by 0 every year.2 per share, net profit attributable to shareholders of the listed company is 13.900 million, an annual increase of 66.7%. The profit of the third quarter revenue continued to rise, and the gross profit margin was basically stable: the company’s single quarter revenue and net profit in the third quarter of 2019 increased by 62 each year.2% and 66.At 7%, the growth rate index declined in the second quarter, but continued the trend of continued high-speed growth. The peak of smart wearable device stocks brought by the traditional industry peak season in the third quarter was the main driving force for the company’s performance growth.In terms of gross profit margin, the company’s overall gross profit margin remained 杭州桑拿网 relatively stable, and even the gross profit margin fell in the first three quarters.Two averages, single quarter gross margin increased by 0 in the third quarter.2 quantity, the fluctuation range is small, the product structure change is the main influencing factor, the company’s ability in cost management and control remains relatively stable. Annual expenses continue to be paid, and the cash flow situation has improved significantly: The company’s expense ratio level in the first three quarters of 2019 has declined, but the expense ratio in the third quarter of the third quarter has increased month-on-quarter, mainly due to management expenses brought by the company’s business growthRise and R & D investment increase.Among them, the management expense ratio and R & D expense ratio increased by 0 in the third quarter 杭州桑拿 respectively.4 and 0.Eight is two.3% and 8.0%, the sales expense ratio decreased by 0.Two are 0.8%, a significant decline in one year.In anticipation of increasing competition in the industry, the company insists on expanding its technological capabilities to achieve rapid development of various business segments.The first three quarters of operating net cash flow increased significantly to 61.1 ppm, a 194-year increase.6%, which shows the company’s operation optimization in terms of accounting period management. The outlook for 2019 is positive, and the growth potential of the various sectors is consolidated: The company expects that net profit attributable to shareholders of listed companies will increase by 45% in 2019?55% is 39.5 billion?42.200000000.From the company’s operating performance expectations, the optimistic trend is expected to continue in the fourth quarter.In terms of different industries, 1) wearable devices, antennas and wireless charging modules of core consumer electronics customers still have ideal growth opportunities, and the follow-up of Android camp vendors is the source of incremental growth; 2) 4G of the communications equipment industry company The 5G business continues to advance, especially through the acceleration of the pace of 5G construction. Including Huawei’s core manufacturers will significantly improve the scale and promote the growth of the company’s business; 3) The automotive electronics industry breaks through the depth of the company’s layout and new energyThe penetration rate of automobiles has increased, and the company’s automotive electronics business also has the opportunity to enter a track of rapid growth.From the perspective of the company’s scale, the expansion of production capacity has added a good foundation for business development. The company issued an announcement intending to increase its production capacity of smart wearable device products by expanding its wholly-owned subsidiary, Lixun Zhizuo, with its own capital of US $ 600 million.The industry is expected to have good growth. Investment suggestion: Our company predicts that the annual income from 2019 to 2021 will be 0.76, 1.03 and 1.17 yuan.Return on net assets were 20 respectively.3%, 21.7% and 19.8%, maintain the Buy-A recommendation. Risk warning: The size of smart wearables of major customers is less than expected; 5G communication construction has fallen short of expectations; the replacement volume of automotive electronics has fallen short of expectations; and the gross profit margin caused by market competition has fallen.

Kangli Elevator (002367): Beneficial industry is getting better

Kangli Elevator (002367): Beneficial industry is getting better

Event: The company released the 2019 semi-annual performance forecast. It is estimated that the net profit attributable to shareholders of listed companies in the first half of 2019 will be 9,730.

20,000 yuan-1.

50,000 yuan, an increase of 140% -160% in ten years.

Core views: ① The acceleration of real estate construction drives the elevator output beyond expectations, the elevator industry is booming, the company’s revenue scale has increased significantly and the profit level has increased, and the company’s net profit growth in 2019H1 will increase; considering that the acceleration of real estate construction will inevitably drive the real estate completed area data to improve,We judge that the elevator sales data is gradually reflected in the good follow-up, and the company’s high growth performance is highly certain.

② In the medium and long term, there is a huge market for retrofitting elevators in old buildings in developing countries. The State Council will speed up the renovation of old towns in cities and towns and will inevitably accelerate the outbreak of retrofitting elevators in old buildings. At the same time, it will consider upgrading, shantytown renovation, and rail transit.The demand for elevators in traditional real estate and other fields, the demand for elevators in Croatia continues to increase rapidly.

The company binds strategic large customers with overlapping tracks and escalators business, which has made rapid progress, and the foundation for growth has been gradually consolidated.

The growth in revenue has increased significantly, and the profit level has resumed. The company’s net profit increased in the first half of 2019.

① The net profit attributable to shareholders of listed companies in the first half of 2019 was 9,730.

20,000 yuan-1.

05 million US dollars, a year-on-year increase of 140% -160%. It is estimated that the amount of non-recurring gains and losses on net profit will be about 29.22 million yuan, and the increase in net profit after deduction is even more significant.

② The company ‘s net profit has grown from growth to revenue growth and net profit margins have increased: On the revenue side, the elevator industry ‘s prosperity has gradually improved, and the conversion rate of on-hand orders has gradually improved. The company ‘s operating income in the first half of the year has increased by approximately 17%; in terms of profitability, it has controlled product sales in the previous periodThe expected growth effect of falling prices, the reasonable increase in the prices of raw materials, the increase in gross profit margin, and the decrease in sales expenses year-on-year compared to 2018, thereby improving the company’s net profit level.

The elevator industry boom degree logic was verified logically, and some elevator industries entered the upward phase.

① In “Finding the Boom Point and Relative Certainty-The Annual Investment Strategy for the Machinery Industry 2019” released on December 26, 2018, we took the lead to point out that the boom point of the elevator industry has appeared.

The acceleration of real estate construction in 2019 will drive the increase in elevator output. In May 2019, domestic elevators, escalators and elevators increased their output by 14%.

30%, 1-May incremental crops increase by 17 per second.

00%, both single month and cumulative output growth exceeded market expectations, verifying our judgment that 2018 will be the turning point of the elevator industry.

② Taking into account the acceleration of land construction in 2019, it will inevitably lead to the improvement of the data on the area of completed land projects. We judge that the elevator sales data will gradually change and become better, and the cost of beneficiary raw materials will decrease. Elevator companies will usher in profit repair.

③ In the medium and long term, the demand for retrofitting elevators in old buildings is conservatively estimated to exceed 1 million units, and the market size is more than 500 billion. On June 19, 2019, the National People ‘s Congress will accelerate the transformation of towns in accordance with the Central Economic Work Conference and the “Government Work Report”Working in old neighborhoods will inevitably accelerate the outbreak of the elevator market for retrofitting old buildings. At the same time, consideration will be given to upgrades, shantytown renovations, rail transit, traditional real estate and other areas. Demand for elevators will continue to increase.

Continuously binding strategic large customers with overlapping tracks and escalators business has made rapid progress, and the company’s growth foundation has been gradually consolidated.

① In a fiercely competitive environment, the major customer for development strategy is the development strategy formulated by the company. At present, the company has cooperated with Country Garden, Changfeng Real Estate, Rongsheng Real Estate, Ocean Real Estate, Hailiang Real Estate, Zhengshang Real Estate, and HelensburgEstablish a long-term strategic cooperative relationship, which will bring incremental income to the company in the future.

② In 2016, the company began to focus on the rail transit escalator market and achieved significant results. In 2018, the company repeatedly won bids for domestic rail transit elevator projects and competed with foreign brands. In 2018, the company’s new expenditure on rail transit escalators exceeded 600 million yuan.In 2019, it is expected to exceed 1 billion. Through the gap between the company’s high-end escalator products and famous foreign brands, the company’s competition in the field of rail transit escalators will continue to increase, and the rail transit escalator business is expected to become the company’s largest revenue growth point.

Investment suggestion: We expect the company’s net profit for 2019-2021 to be 2 respectively.

85, 3.

8天津夜网4, 4.

5.6 billion yuan, with annual growth rates of 1730% and 34 respectively.

83%, 18.

88%, corresponding EPS is 0.

36, 0.

48, 0.

57 yuan, corresponding to 22 for PE.

96, 17.

03, 14.

33 times.

Maintain the company’s “Highly Recommended” investment rating.

Risk warning: The real estate completed area is less than expected, and fierce competition in the industry has led to further declines in elevator prices, and steel prices have fallen more than expected.

Quanzhu (603030): The performance of the whole decoration continued to grow, and the release of strategic investors to promote future development

Quanzhu (603030): The performance of the whole decoration continued to grow, and the release of strategic investors to promote future development

Thanks to the continuous growth of the complete decoration business, the company’s performance has grown rapidly, and there are sufficient orders in hand. In 2019H1, the company completed operating income34.

2.7 billion, an increase of 27.

67%, gross profit margin 12.

56%, a slight increase of 0.

3 units.

In the context of the overall gradual contraction of downstream land, the company still achieved high performance growth, mainly due to the steady advancement of the full renovation policy, while the market for fully decorated finished houses is relatively low, and there is sufficient room for incremental increase in the demand for full renovationThe company’s major customers are large real estate companies. Therefore, under the concentration of leading real estate developers who supplement the real estate’s financing ability, the company’s business has better protection.

The company’s new contract 南宁桑拿 amount for 2019H1 is 67.

49 trillion, the same increase of 5.

04%, of which 56 are full renovations in the new decade.

21 trillion, the same increase of 51.

81%, continued to maintain rapid growth.

As of June 30, 2019, the company has signed contracts to be implemented with a contract value of 133.

3.4 billion, plus contracts that have not yet been signed between China and China.

670,000 yuan, the company has 138 contracts in hand.

10,000 yuan, about 2 in 2018 revenue.

12 times, high orders in hand provide support for the company’s future performance.

During the same caliber period, the expense ratio decreased, and the net profit attributable to mothers increased, and the company’s expense ratio during the 2019H1 period was 6.

56%, a decrease of 0 every year.

40 units.

Of which selling expenses are 0.

70%, a decline of 0 every year.

11 units; management expenses 2.

21%, compared with the same period of last year, the management expense ratio of the same caliber fell by 0.

93 units, or due to scale effects due to the expansion of business volume; financial expenses1.

80%, rising by 0 every year.

The growth of 53 single companies with a decrease in interest income may be caused by changes in downstream real estate developers to protect the company’s liquidity; R & D expenses.

84%, rising by 0 every year.

08 averages.

The company accrues 0 for asset impairment and credit impairment.

60 ppm, an increase of 0 from the previous value.

US $ 2.8 billion was mainly due to the increase in accounts receivable and the increase in bad debt losses.

In summary, the company achieved zero net profit attributable to its mother.

9.7 billion, an increase of 34.


Increased efforts to collect funds from projects and improved cash flow. The company’s cash-to-cash ratio in 2018 was zero.

7183, a decline of 13 per year.

1 single, or driven by revenue growth; the company’s payout ratio is 0.

7,568, down 12 every year.4 units.

The net cash flow generated by the company’s operating activities in 2019H1 is -1.

2.6 billion, previously improved by 59.

24%, of which cash flow inflows increased over the same period last year.

6.1 billion yuan, thanks to the company’s efforts to expand project payments.

The company’s asset interest rate is 76.

39%, a slight increase of 0 before the end of 2018.

26 units, or borrowings and accounts payable increased due to additional expenses required for business growth.

Dating strategic investors supported the company’s performance growth, and merged convertible bond issuance to increase liquidity reporting changes. The company dated strategic investor Guosheng Haitong.

Guosheng Haitong invested RMB 300 million to subscribe for the wholly-owned subsidiary of the company to build new registered capital.

130,000 yuan, corresponding to the whole building decoration after capital increase18.

50% equity.

Due to the tightening of the real estate capital chain, the project funds paid to the company lags behind, and the company’s working capital tends to be tight. After the completion of the capital increase, the capital status of the whole building decoration will be improved, thereby enhancing the company’s business expansion capabilities.

We believe that by dating regional state-owned assets as strategic investors, the company can obtain recognized support in terms of funding, project construction, and management capabilities.

In addition, the company announced on August 29 the public offering of convertible corporate bond announcement, the proposed scale of funds to be raised does not exceed 400 million US dollars in relief.

Investment suggestion As a leader in the complete decoration industry, the company’s 2019H1 revenue will continue to grow at a high speed, and full decoration will have redundant orders in hand. In the case of continuous changes in real estate, the company will increase the settlement of receivables and significantly improve its cash flow situation.

As a strategic investor of the company’s wholly-owned subsidiaries, the company’s funding pressure can be further eased. At the same time, with the support of regional state-owned assets, it is expected to increase the company’s business expansion capabilities, and the future performance growth will continue or improve.

Based on the limited recovery of the industry’s liquidity environment in 2019, the continuation of the land area policy, and other factors, the company adjusted its net profit attributable to its parent to 3 in 19-21.

30, 3.

99, 5.

1.9 billion (previous forecast 3.


68, 5.

94), the corresponding EPS is 0.

61, 0.

74, 0.

96 yuan / share, PE is 10, 8, 7 and maintain the “buy” level.

Risk reminder: The growth of long-term fixed asset investment is accelerating and the company’s business repayment is not up to expectations

SDIC Power (600886): Fine Product SDIC: Different Views on Water and Fire are Compatible and Leading

SDIC Power (600886): Fine Product SDIC: Different Views on Water and Fire are Compatible and Leading

Key points of the report: Take a closer look at the state investment in early 2019. We have written an in-depth report “The thermal power cycle is up, and hydropower is growing.”

After one year, we re-examine the coaxial research and conduct a more in-depth analysis: What are the new changes in the thermal power business in the face of the impact of thermal power asset disposal and the floating electricity price mechanism?

The operation time of Yazhong Power Station has been extended. How about the profitability of Midstream Power Station itself?

How much gain can it bring to downstream power 四川耍耍网 stations?

In addition, the company’s hydropower and thermal power have different operating characteristics. How should the company’s intrinsic value be evaluated?

Asset optimization merger cost down link, electricity price mechanism adjustment is difficult to hinder performance improvement trend The company intends to transfer all the equity of 6 participating holding companies including SDIC Xuancheng, and the “equity transaction contract” has now occurred.

The transfer of inefficient thermal power assets is beneficial to the company’s thermal power structure optimization and profitability improvement.

Although the evolution of the floating electricity price mechanism may cause the company’s average thermal power price to change, it is expected to hedge the impact of electricity price adjustments on the company’s performance under the expectation that coal prices will continue to decline.

The Yazhong River Midstream Hydropower Station will be the company’s main incremental power source in the future. The first units of the Lianghekou and Yangfanggou hydropower stations are expected to start production in 2021.

As the main benefits of Lianghekou Hydropower Station are reflected in the compensation benefits of the downward hydropower station, in addition to the incremental contribution of the midstream hydropower station to be put into operation in the future, the profitability of the downstream hydropower stations already in operation on the Yalong River has also been obtained.Enhanced.

In addition, the Yazhong-China DC transmission line has entered the stage of full-scale construction. It is planned to be put into operation at the low end in the first half of 2020, and the whole line will be open by the end of 2021. It is expected to ensure the smooth delivery of Yazhong generator power.

Discussion on the value of SDIC power: The SOTP segment is estimated to take into account the company’s equal emphasis on water and fire, and the differences in the operating characteristics of hydropower and thermal power. Therefore, we consider the use of segment assessment to discuss the value of the company.

The segment forecast result is much higher than the company’s internal forecast, reflecting that the internal forecast may change the forecast for the next ten years. The company is expected to continue to improve the company’s performance and the release of dividends in the future, replacing the scale of future electricity prices for hydropower. MidstreamThe uncertainty and time cost of long-term construction of power plants are also factors that affect SDIC’s power estimation.

Investment advice Based on the latest operating and financial data, it is expected that the company’s EPS for 2019-2021 will be 0.

75 yuan, 0.

82 yuan and 0.

87 yuan, the corresponding PE is 10 respectively.

52 times, 9.

60 times and 9.

09 times.

Although the increase in the electricity price of Yalong River under the influence of market electricity in recent years has affected the company’s performance, considering the restoration of the thermal power business’s profitability and the commissioning of Yazhong Generator is expected to increase the company’s profitability from both incremental contributions and compensation, giving the company a “buy”grade.

Risk Warning: 1.

Risk of unsustainable growth in coal prices; risk of deterioration in power supply and demand; 2.

Risk of incoming water changes; electricity price risk under market influence.

Zhongshun Jierou (002511) Company Dynamics Review: Layout of Bamboo Pulp and Paper + Employee Shareholding Sun Revitalizes and Expands Brand Matrix

Zhongshun Jierou (002511) Company Dynamics Review: Layout of Bamboo Pulp and Paper + Employee Shareholding “Sun” Revitalizes and Expands Brand Matrix

Event: Layout of 30 initial bamboo pulp and paper integration projects, the second phase of employee shareholding was released.

1) Project investment: The company plans to invest 40.

RMB 870,000 was built in Lidu Industrial Park, Dazhou City, Sichuan Province, with a 30-index / year bamboo pulp and paper integration project, of which 杭州桑拿 bamboo pulp and household paper production capacity were 31.

8, 30 budget / year.

The total project construction period is expected to be 70 months (nearly 6 years), and the annual income after construction is 30.

30,000 yuan, annual profit after tax is 2.

1.7 billion with a payback period of 12.

04 years (including construction period).

Project funds will be raised mainly through own funds, supplemented by bank borrowing and other financing methods.

2) Employee shareholding: The board of directors has approved the second phase of the employee shareholding budget, and the maximum amount of funds to be raised is 50 million yuan. The relevant asset management institutions subscribe for the inferior shares of the trust plan, and the upper limit is 100 million yuan.

A total of 9 directors and senior management personnel participated in the employee stock ownership plan, accounting for 56% of the total share of the employee stock ownership plan, and other employees are expected to not exceed 71, and the total subscription share accounts for the total share of the employee stock ownership plan.Is 44%.

The price of the shares repurchased by the employee’s share-holding plan for the company to repurchase the special account is 8.

08 yuan / share.

The layout of bamboo pulp smooths the cost, and the sub-brand “Sun” is perfected to improve the brand matrix.

From the perspective of cost, China’s forest resources are scarce. Most of the raw materials used for the production of tissue paper are imported wood pulp, which is affected by changes in international wood pulp prices.

The area of bamboo forest in China accounts for about 1/3 of the world’s bamboo forest area, and it is the country with the richest bamboo forest resources in the world.

The performance of bamboo pulp is between coniferous pulp and broadleaf pulp, which is superior to that of grass and wood pulp. It is an effective substitute for wood pulp. Increasing the ratio of bamboo pulp can help smooth the cost change.

According to the preliminary industry overview, the proportion of bamboo pulp in tissue paper raw materials has been increasing year by year.

The company’s bamboo pulp production line was invested in one time and completed in three years. The paper production line was constructed in three phases, with 10 tons of crops put in each phase. The remaining bamboo pulp company could sell the product during the period.

The company grasps bamboo pulp resources and is committed to shaping the middle and low-end sub-brand “Sun”, which is complementary to “Jierou” mid-to-high-end positioning.

The company’s product matrix covered by the full range of mid-to-low end refers to the goal of 20 billion household papers by 2025.

The second phase of employee shareholdings arrived on schedule, and the core team’s interests were tied.

The company’s first phase of employee stock ownership plan 2831.

02 million shares have been sold and terminated.

From October 30 to December 4, 2018, the company gradually repurchased 1,170 shares through a special account for share repurchase.

960,000 shares are ready for the second phase of employee stock ownership plan.

The employee shareholding plan was successfully connected to the first phase and tied to the core team’s interests.

At present, the company’s tissue paper has a good momentum of development, and the field of personal care has developed smoothly. The company stimulates the company’s vitality in an all-round way through equity incentives + employee shareholding at multiple levels, enhances the breadth and depth of channels, and advances to the health care leader.

Investment suggestion: The company’s cost was at a high level in the same period last year, and the cost side of Q2 continued to fall. The income side price benefited from tax and fee reductions and remained unchanged. It is expected that Q2 will have elastic resistance.

In addition, this year, the company has launched commercial sales channels, and the commercial sales space is broad. The company’s retail end advantages have gradually changed, and production synergy has been gradually improved to improve capacity utilization and profitability.

With the steady growth of production capacity and the continuous introduction of new products, the company’s market share has been continuously improved, and its growth is better.

The company’s EPS for 2019-2020 is predicted to be 0.

41, 0.

51 yuan, corresponding to PE is 29X, 23X, maintain “strongly recommended” level.

Risk reminders: the risk of rising raw material prices; less-than-expected capacity release; industry capacity expansion exceeds demand and increased competition; less-than-expected expansion of product expansion categories; and less-than-expected marketing channel construction.

China National Travel Service (601888) Annual Report Comments: Leading Position of Fast-growing Tax-Free Business Continues to Consolidate

China National Travel Service (601888) Annual Report Comments: Leading Position 南京桑拿网 of Fast-growing Tax-Free Business Continues to Consolidate

The tax-free business has grown rapidly, and the tax-free leading region continued to consolidate 470 revenues in 18 years.

07 billion / + 66.

21%, net of non-attributed net profit 31.

44 billion / + 27.


Among them, the exempt income is 344.

8.1 billion / + 118.

74%, net profit 30.

7.8 billion / + 23.


Q1 19 revenue was 136.

9.2 billion / + 54.

72%, excluding the proceeds from disposing of China National Tourism Administration, and deducting non-attributable net profit of 15%.

8.9 billion / + 37.

37%, excluding the consolidation factor, the endogenous performance increased by about 37%, in line with expectations.

The 18-year tax-free market size was 39.5 billion, compared with 461.6 billion in the world / 110.4 billion in South Korea.

China’s exempt market share has reached 84%. It has the advantages of license and scale. It continues to integrate the domestic market, accelerates the internationalization process, continues to increase the position of global leaders, and continues to increase its gross profit margin under the effect of scale.



33 yuan with a target price of 85.


53 yuan, to maintain a buy.

Sanya Haitang Bay maintains rapid growth. Haikou and Boao stores are expected to contribute 18 years of revenue to Sanya Haitang Bay.

10 billion +31.

66%, net profit 11.

05 billion / + 21.

35%, 1.7 million shopping, and a conversion rate of 28.

5% / + 4.

7pct, guest price 4712 yuan / +1.


Dec 18 Hainan outlying island tax exemption limit from 1.

From 60,000 to 30,000 yuan, the tax exemption scope was further extended to the outlying islands of ships; January 19, Haikou (2.

20,000 square meters) / Boao (4200 square meters) temporary stores opened in the city. In the first year, in order to cultivate the market, enhance brand influence, strengthen promotion efforts, and make relatively limited profit contributions.

The official Haikou New Seaport Store is expected to be operational in 2021, with a land area of Haitang Bay.

4 times.

The Haitang Bay Hexin Island project is expected to open in 19 years, which will help form passenger synergy.

In the long run, benefiting from the construction of Sanya International Tourism Island, the number of outlying islands will increase, the islands will be tax-free and there will be ample room for growth.

Airport tax-free channels continued to be integrated, and the leading areas continued to show revenue from Shanghai Airport Duty-Free Shops (including Pudong + Hongqiao, consolidated in March 18) for 18 years.5.1 billion / net profit 4.

Revenue of 6.7 billion, excluding the consolidation factor, increased by about 40%; Capital Airport Duty Free Shop (T2 + T3 Terminal) revenue was 73.

8.9 billion yuan / net profit

7.6 billion, excluding the consolidation factor income increased by about 30%.

In March 19th, China won the bid for Beijing Daxing Airport’s tobacco, alcohol, food and aroma / high-quality tenders, with a base year operating fee of 6 as the base.

4.6 billion estimated annual needs will reach 13.

700 million, the comprehensive deduction rate is about 47%, which is close to the capital T2 deduction rate.

Taken together, the strategic layout has a more significant profit contribution. In the long run, the new store opening will further expand the sales scale of China-Free Trade, and enhance its position as an international leader.

The endogenous + epitaxial growth path is clear, and the international territory of tax-free giants continues to expand, maintaining the size of the tax-free market for the past 18 years to 39.5 billion / + 27%, compared to 461.6 billion / South Korea 110.4 billion to strengthen the space barrier.

China Exemption has the advantages of license and scale, continuously integrates the domestic market, accelerates the process of internationalization, and continuously improves its profitability.

In the 19th year, duty-free shops in Shanghai are expected to officially open in Pudong at the end of May and early June. In 1919, Beijing will actively promote the landing of duty-free shops in the city of Chaoyang.

EPS 2 was originally expected for 19/20.


59 yuan, considering the travel agency to recover the proceeds, adjusted to 19-21 EPS2.



33 yuan, the company’s historical average PE of 32 times in the past 5 years, the global market guarantees competition, tax-free leading integration, endogenous + epitaxial growth path is clear, given 19-33 times PE, target price of 85.


53 yuan, to maintain a buy.

Risk reminder: Airport bidding results are lower than expected; the risk of RMB depreciation significantly.

Sun Paper (002078): Profitability continuous repair project advances to build a complete raw material supply system

Sun Paper (002078): Profitability continuous repair project advances to build a complete raw material supply system

This report reads: The company released the third quarter report of 2019, and the performance was in line with expectations.

The price of wood pulp continued to fall, the price increase in the peak season was good, and the profit level continued to be repaired.

The company’s production capacity continued to be put in place for a long period of time, the self-sufficiency rate of wood pulp was further improved, and the growth path was clear.

Investment Highlights: Raise target price to 9.

40 yuan, maintain overweight rating.

The company released the third quarter report for 2019, and Q3 profit continued to increase month-on-month, and its performance was in line with 杭州桑拿 expectations.

The long-term company has a significant cost advantage, overseas projects are ushered in the harvest period, and the self-sufficiency rate of wood pulp continues to increase.

Maintaining the company 2019?
EPS is 0 in 2021.



08 yuan, with reference to the industry to give the company about 12 times PE in 2019, raise the target price to 9.

40 yuan to maintain the overweight level.

The performance was in line with expectations, and Q3 earnings continued to increase sequentially.

The first three quarters achieved revenue of 164.

10,000 yuan, an increase of 1.

81%, net profit attributable to mother 14.

8.5 billion, down 17.

57%, gross profit margin 21.

13%, net interest rate 9.


Among them, Q3 single quarter revenue fell slightly once every ten years.

20%, net profit attributable to mother increased by 4.

37%, gross profit margin increased by 2.

07pct to 23.

84%, net interest rate increased by 1.

05pct to 10.


The price of pulp continued to fall and the price of cultural paper rose well, and the profit level continued to repair.

Q3 Global and domestic wood pulp port inventories are still at high levels, pulp prices continue to fall internally and externally, autumn cultural paper prices have risen well, manufacturers’ inventory consumption has accelerated, and profit levels have rebounded significantly.

Wood pulp prices are expected to remain low, and the company’s profit level is expected to continue to repair upwards.

Three major projects have built a complete raw material supply system, and the strategy has steadily pushed forward the continuous improvement of comprehensive strength.

In the Laos project, 40 recycled fiber pulp boards are generally operating stably, and the US waste pulp boards produced have been supplied to domestic paper machines in batches; the Guangxi Sun Beihai “Forest Pulp and Paper Integration Project” will be integrated with the Laos project to help achieve transformation and upgrade;The initial 45 characteristic cultural paper projects of this department will further increase the production capacity of high-end cultural paper and optimize the product structure.

New production capacity continues to be put in place, the self-sufficiency rate of wood pulp continues to increase, and its cost-leading advantage surpasses the industry’s ability to withstand the disadvantages of paper and pulp prices.

Risk warning: less than expected demand, fluctuations in raw material and paper prices, slower-than-expected progress in increasing capacity

Zhongju Hi-tech (600872) 2019 First Quarterly Report Review: Condiment Growth Exceeds Expectations, Profitability Continues to Improve

Zhongju Hi-tech (600872) 2019 First Quarterly Report Review: Condiment Growth Exceeds Expectations, Profitability Continues to Improve

19Q1 seasoning performance exceeded expectations.

1Q19 company achieved revenue of 12.

3.1 billion, previously +6.

72%, net profit attributable to mother 1.

8.9 billion, ten years +11.

53%, achieving a budget benefit of 0.

24 yuan.

Gross profit margin 39.

38%, ten years +0.

5pct, net interest rate 15.

38% ± 0.

7 points.

Revenue of delicious fresh 11.

6.7 billion, previously +15.

31%, net profit attributable to mother 1.

8.6 billion, previously +33.


  The growth of condiment revenue was steady, and the growth of foreign ports and other categories accelerated.

Delicious fresh 19Q1 revenue 11.

6.7 billion, +15 per year.

31%, soy sauce / chicken essence / edible oil / oyster sauce / sauces / cooking wine / vinegar to achieve revenue 7 respectively.







22 trillion, +10 each year.

0% / 25.

1% / 16.

1% / 66.

5% / 12.

7% / 90.

2% / 19.


Among them, soy sauce and sauce grew steadily, oyster sauce, cooking wine increased significantly due to the growth of the industry and positive development, and edible oil and 苏州夜网论坛 vinegar achieved high double-digit growth.

At the same time, the headquarters / real estate / Seiko each -1 times.

02 / + 0.23 / + 0.

0.2 million yuan, the sharp decline in the revenue of the headquarters stemmed from the decrease in property sales revenue in the first quarter.

By region, the income of the eastern / southern / central-western / northern region is half a year + 12.

8% / 11.

3% / 25.

6% / 19.

5%, stable growth in the south of the base camp, the expansion of the Midwest, North and other regions accelerated, a net increase of 44 dealers in the first quarter, of which mainly from the Midwest and North, an increase of 22/17, respectively, the East and South maintained a numerical growth.

  Fee control remained good and net interest rate continued to increase.

1Q1 company gross margin was 39.

38成都桑拿网%, ten years +0.

5pct is expected to result from the optimization of product structure and the pre-release of Yangxi’s production capacity to reflect the effect of scale.

Selling expense ratio 10.

14%, -0.

4 points, management cost rate 8.

28% -0 per year.

8pct, cost control continues to be good.

The increase in gross profit and surcharge control increased the overall net profit margin by 0.

7 points to 15.

38%, delicious fresh net interest rate of the subsidiary is 15.

9%, ten years +2.


In addition, the headquarters / real estate / SEIKO net profit was twice.

37 / + 0.

10 / -0.

One million yuan.

  The fairness mechanism is straightened out, and the target is “double hundred” in five years.

The company plans to achieve annual revenue of more than 10 billion yuan by 2023, with an annual output and sales of more than one million tons.

The “Double Hundred” target idea focuses on endogenous growth, focusing on channel, region, and product improvements, including increasing the proportion of catering, opening up new markets, and multiple categories. The growth of external ports and other categories in the first quarter accelerated the implementation of the company’s strategy.At the same time, it does not exclude the acquisition of new categories of projects in order to carry out category extension.

In addition, the company’s acquisition of the minority shareholders’ equity of the Chubang subsidiary is expected to further advance. It is expected that the condiment business will achieve transformation and growth after the follow-up mechanism is improved and the management is rationalized.

  Profit forecast, estimation and investment advice: We believe that the company’s condiment business is in good condition, and it has continuously expanded its growth space in the development of national markets, the development of catering channels and the external expansion of categories, and the gradual release of production capacity in Yangxi and the promotion of product structure.In addition, with better cost control, it is expected that the net interest rate will continue to increase in the future, and the acquisition of minority shareholders’ equity in subsidiaries will increase the performance after the advancement.

Maintain 2019 EPS forecast of 0.



51 yuan, after considering the improvement of the mechanism, the performance is expected to continue to grow, and the target price is maintained at 43.

4 yuan, corresponding to 35 times PE in 20 years, maintaining the “strong push” level.

  Risk Warning: The growth of condiments is not as expected, and the effect of improving the mechanism exceeds expectations.

Urban Development Environment (000885): Earnings growth slightly exceeds expectations Waiting for waste-to-energy projects to be put into operation

Urban Development Environment (000885): Earnings growth slightly exceeds expectations Waiting for waste-to-energy projects to be put into operation

I. Overview of the event The company announced the third quarter report of 2019, and the first three quarters achieved revenue6.

4 trillion, +20 a year.

2%, net profit attributable to mother 2.

2 ‰, +27 a year.


Second, the analysis and judgment of profit growth slightly exceeded expectations, financial expenses improved, the company’s profit increased rapidly, the growth rate is in the upper range of performance forecast, slightly higher than our expected report, and is expected to continue to improve the traffic flow of Xu Pingnan Expressway, meanwhileThe subsidiary undertakes part of the tap water installation business.

At present, the new construction project of the G312 line from the inner boundary of the Xixia to the Dinghe section of the G312 line, which accounts for 20% of the company’s operational mileage, has begun within the year, which is expected to continue to contribute to the steady growth of the high-speed segment.

In the first three quarters, the company’s repayment of some overdue loans resulted in a slight reduction in financial expenses and an earlier period of asset-liability ratio6.

4% to 61.


The scale of waste-to-energy projects in hand reaches 1.

25 announced that it will become a major profit increase company in the future. The company will continue to promote the three-year action plan of Henan Provincial Vein Industry Park. Since November 2018, it has announced that it has won / pre-bid 10 waste-to-energy projects including Runan and Dengzhou.There are also two projects, Jiyuan and Anyang, with a total capacity of 1.

25 minimum exchange rate / day, corresponding to an investment amount of 66.

300 million.

The Q3 company’s projects under construction and other non-current assets increased by nearly 400 million US dollars compared with the previous year. In the first half of the year, three projects in Huaxian, Runan and Dengzhou have been launched. According to the two-year construction period, the project will contribute to the operation in 2021.profit.
The rights issue has completed the first response to the feedback, and the source of funds for large-scale investment and construction projects, the company has announced that it will raise no more than 1.2 billion US dollars through the rights issue to repay the company’s 杭州夜网 interest-bearing debts and supplement the working capital.

The controlling shareholder Henan Investment Group and the second shareholder Zhonglian Cement promised to subscribe in full. At present, the rights issue has been approved by the shareholders’ general meeting, and the first feedback from the Securities Regulatory Commission has been replied a few days ago.

We expect that the initial rights issue will be completed next year, at which time it is expected to reduce the company’s financial costs by more than 40 million yuan, and at the same time provide protection for the landing of future aviation industrial park projects.

Third, the investment recommendation company’s order scale continues to grow, and the profit growth is slightly higher than expected, slightly increasing the company’s 2019?
Earnings per share 天津夜网 forecast for 2021 is 1.



81, corresponding to the current expected PE 7/8 / 6x, higher than the average forecast PE of the high-speed sector in 2019, 11x. At the same time, taking into account the performance growth brought by the solid waste business, maintaining the judgment of 10 billion reasonable market value unchanged, continue to give “recommendations”grade.

4. Risk warnings: 1. The policy of Henan Aviation Industrial Park has fallen short of expectations; 2. The amount of company orders received has fallen short of expectations; 3. The implementation of the project has fallen short of expectations.