Zhengbang Technology (002157) 2018 Annual Report Review: Expansion of Hog Production Capacity Boosts 2019 Performance

Zhengbang Technology (002157) 2018 Annual Report Review: Expansion of Hog Production Capacity Boosts 2019 Performance

Event: The company released the 2018 annual report and the 2019 first quarter report on the evening of April 19.

The company achieved revenue of 221 in FY2018.

1.3 billion, an annual increase of 7.

27%; net profit attributable to mothers1.

$ 9.3 billion, 63 years ago.

twenty one%.

The company achieved revenue of 51 in the first quarter of 2019.

9.4 billion, an annual increase of 4.

74%; net profit attributable to mother is -4.

1.4 billion US dollars, 743 the previous ten years.


Opinion: Subject to the sluggish market of pig prices, the gross 北京夜网 profit margin has slightly decreased.

The company’s consolidated gross profit margin decreased slightly in 20181.

40 digits, the hog breeding market in 2018 in the main years continued to decline.

In 2018, the gross profit margin of feed business increased slightly, among which the gross profit margin of pig feed, poultry feed and breeding business reached 12.

31%, 4.

15% and 7.

93%, rising by 0 each year.

35 averages, 0.

20 digits and -6.

48 singles; subject to the replacement of pig prices in 2018, the gross profit of the breeding business is as prominent as possible23.


Product optimization of feed business and enhanced profitability.

In the reporting year, the company’s pig feed sales share increased from 46% last year to 55% this year, and the comprehensive gross profit margin of the feed business increased from 7 last year.

31% rose to 9 this year.


Profitability of feed business has been improved.

Pig and poultry feed sales reached 263.

65 free radicals and 188.

37 inches, an increase of 6 per year.

71% and -27.


It is expected that the continuous increase in the number of pigs produced by the company will increase the company’s sales of pig feed. In 2019, the sales of pig and poultry feed will increase by 30% and 10%.

The “company + farmer / farmer” model continues to advance, with production capacity expanding and deepening large-scale farmers in the entire industrial chain.

The company’s slaughtering volume in 2018 reached 553.

99 million heads, an increase of 61 in ten years.


We expect the company to benefit from the “company + farmers / farmers” asset-light model production capacity to resume rapid expansion in 2019. It is expected that the number of listings in 2019 will reach 7.5 million heads, which will continue to grow35.38%.

1Q19 company gradually listed 168.

760,000 heads, an increase of 58 in ten years.

88%, the expansion trend of production capacity is determined.

Investment suggestion: downgrade to cautious recommendation.

We believe that due to the swine fever production in Africa, de-swine pig prices have entered an upward trajectory, the company’s rapid increase in production capacity and overlapping pig price increases will drive the company’s highly resilient growth in 2019.

We expect the company’s slaughter volume in 2019 and 2020 to be 7.5 million and 9.75 million, respectively, and the average selling price of hogs will be 16.

0 yuan / kg and 18.

0 yuan / kg.

The complete cost of pig farming is 13 respectively.

8 yuan / kg and 13.

5 yuan / kg net profit attributable to mothers from 2019 to 202023.

1.3 billion and 54.

$ 7.5 billion with a budget gain of zero.

99 yuan and 2.

26 yuan corresponds to PE assessment 20 times and 8 times.

Considering that the company has achieved significant growth close to the beginning of the year.

6 times, expectation has fully reflected the target performance expectations, we downgrade to cautious recommendation.

Risk reminders: The prices of downstream 成都桑拿网 aquaculture products are sluggish; the outbreak of large animal diseases; the prices of commodity raw materials have increased significantly.

China Merchants Bank (600036): FINTECH estimates a small step

China Merchants Bank (600036): FINTECH estimates a small step

In 2017, China Merchants Bank officially announced the positioning goal of “Fintech Bank”, benchmarked FinTech companies, and further developed and deepened FinTech Bank as its strategic goal of “Light Bank”.

As the domestic fintech starts, it is the first listed commercial bank to benchmark fintech companies. What is the current fintech development status of 成都桑拿网 China Merchants Bank, and how far is it from fintech companies?

This paper combed China Merchants Bank’s fintech development strategy and development status in detail, and found the advantages and disadvantages of China Merchants Bank’s fintech development process through benchmarking analysis of the same industry. By analyzing the plan of “comprehensive benchmarking fintech company”, it clarifiedThe strategy and direction of China Merchants Bank’s financial technology development.

Advancement of China Merchants Bank’s fintech strategy As early as 2010, China Merchants Bank started to build mobile banking applications and launched the WeChat public account in 2013, leading in fintech awareness; In 2016, China Merchants Bank officially stated that it would accelerate the fintech strategy, Promote the company’s transition to a “networked, data-based, intelligent” future bank, and clarify the “mobile-first” strategy in the retail finance sector, the “online” strategy in the wholesale finance sector, and the R & D strategy for risk management prediction models; 2017In 2010, China Merchants Bank also clarified the goals of Fintech banks, and in 2018 proposed a benchmark for Fintech companies to embrace banks3.

0 era.

In terms of retail, wholesale and risk management, China Merchants Bank is leading the development of fintech in the retail end, and vigorously uses fintech, mainly two major mobile apps, “China Merchants Bank” and “Handheld Life”.

In 2018, China Merchants Bank proposed to use monthly active users (MAU) as the “North Star” indicator for the development of retail business, which led to the transformation of the entire concept of China Merchants Bank ‘s retail business to digitalization. The MAU of the two major apps reached 8104.

670,000, an increase of 47 from the end of last year.

twenty four%.

We believe that retail-side fintech applications have improved customer acquisition capabilities, improved service accuracy, promoted the development of credit card business, and promoted the implementation of a cardless strategy.

On the wholesale side, 2018 has begun to deepen the fintech layout, and we believe this is the latest highlight of its fintech.

In terms of risk management, dating big data and fintech have comprehensively improved risk identification and early warning capabilities.

Benchmarking analysis of fintech strategies of listed banks: The advantage of fintech development at the retail end has become an inevitable option for each bank’s strategy.

A comparative analysis of the fintech development of ICBC, CCB, Minsheng and CITIC found that: although banks have been increasing their emphasis on fintech, China Merchants Bank still has no financial technology sector, especially the combination of fintech and retail business.Terrible territories.

Benchmarking analysis of fintech companies: Advantages In the business and data resources end, China Merchants Bank has developed fintech technologies through benchmarking fintech companies, while taking advantage of banks’ unique advantages in wholesale business and data resources, which is different from fintech companies.Development, there is still much to be done in the field of fintech in the future.

In addition to the fundamental reasons for the increase in revenue and net profit, NIM rebound, decline in non-performing ratio, and prominent retail advantages, we believe that the advantages of China Merchants Bank’s financial technology are more prominent, and the development of financial technology in this yearIt is expected that the substantial impact of the retail side will gradually emerge, strengthening the advantages of the retail side; obtaining a retail premium can exceed 100%.

It mainly comes from the two dimensions of quantity and quality: first, entering the card-free era, mobile phone apps replace bank cards, and at the same time leveraging MAU assessment incentives, the number of retail customers will increase geometrically.

Currently 1.

2.5 billion retail customers are expected to reach around 300 million in the future. It is not a problem. Second, after the strength of financial technology, customer portraits will be improved, products and services will be more accurate for customers, and the contribution of unit customers will increase.

Fintech’s application in the public domain and risk management will also reduce business operating costs and increase business contribution.

We expect the company’s operating income 北京桑拿洗浴保健 to increase by 13% / 15% annually in 19/20, the net profit attributable to mothers to increase by 16% / 17% over ten years, and the EPS to be 3 respectively.

70 yuan / 4.

33 yuan, BVPS is 23.

64 yuan / 26.

23 yuan, the corresponding PE is 9.


2, the corresponding PB is 1.



Maintain “Buy” rating, with a six-month target price of 43 yuan, corresponding to 1.

8 times PB.

Tianshun Wind Energy (002531) Quarterly Report Review: First Quarterly Reported Results Basically Meet Expectations

Tianshun Wind Energy (002531) Quarterly Report Review: First Quarterly Reported Results Basically Meet Expectations

Event: On April 29, 2019, Tianshun Wind Energy released the 2019 first quarter report.

The income has grown rapidly, and the first-quarter results are basically in line with expectations.

In Q1 2019, the company realized revenue 8.

170,000 yuan, an increase of 35 in ten years.

87%, achieved net profit attributable to mother 0.

870,000 yuan, an increase of 6 in ten years.

26%, net profit after deduction is 0.

85 ppm, an increase of 9 in ten years.

81%, with an expected average ROE of 1.

65%, zero for one year.


The proportion of the three fees increased slightly, and the operating cash flow continued to improve.

Due to the increase in domestic wind tower renovation volume, freight costs increased in sales costs, and the company’s sales costs in 2019Q1 were zero.

29 ppm, an increase of 89 in ten years.

84%, selling expenses 3.

4%, an increase of 1 pct per year.

At the same time, the company’s Q1 R & D expenses reached zero.

22 trillion, an increase of 547 per year.

7%, R & D expenses accounted for 2%.


The slight increase in the proportion of the three fees temporarily affected the company’s profitability.

However, the company’s operating cash flow continued to improve, and the company’s operating cash flow in 2019Q1 was -1.

89 ‰, an increase of 31 in ten years.

23%, cash flow continued to improve last year.

The advance payment has been substantially improved, waiting for the release of orders in hand.

In Q1 of 2019, the company’s fund received in advance was 4.

1.2 billion, an annual increase of 288.

7%, an increase of 142.


The company’s significant increase in hand orders helped the growth of pre-receipts.

In 2018, the company completed the technical transformation of the old capacity in Taicang, Baotou and Zhuhai. In April 2019, the company also announced that it plans to build a 10-year wind tower capacity in Shandong Tancheng.

The 杭州风月网 technical transformation of old production capacity and the landing of new production capacity are expected to break the company’s production capacity growth and help improve performance.

All 100MW of Xiemaling Wind Farm is connected to the grid, 50MW of Licun Phase II and 150MW of Wucheng are nearing completion, and the scale of wind direction is expanding.

As of the end of 2018, the company’s operating wind farm capacity was 465MW.

According to company news, on April 12, all 100MW of Tongbai Xiemaling Wind Farm was connected to the grid, of which 85MW had been connected to the grid at the end of 2018, adding 15MW of grid-connected capacity.

On April 16th, the first batch of 50MW wind farms in Licun Phase II of the company realized grid-connected power generation, and all subsequent grid-connected power generations are just around the corner.

At the same time, on December 27, 2018, 75 wind turbines of the company’s 150MW wind farm have been hoisted, and the project is nearing completion.

Subsequent wind farms are gradually connected to the grid, which is expected to expand the company’s power generation scale and promote performance growth. Profit forecast: It is expected that the company’s revenue for 2019-2021 will be 50.



2.3 billion, net profit attributable to mothers6.



810,000 yuan, an increase of 46 in ten years.

4% / 30.

6% / 20.

5%, corresponding to PE of 13.



7 times.

Risk Warning: The price of steel products fell less than expected; the pace of wind farm grid connection was less than expected; blade customer development was less than expected; wind tower capacity was released less than expected

Magang (600808) 2018 Annual Report Comments: Long Product Profitability Improves High Score Attraction

Magang (600808) 2018 Annual Report Comments: Long Product Profitability Improves High Score Attraction
The company’s preliminary operating income for 2018 was 819.52 ppm, an increase of 11 years.91%, net profit attributable to mother 59.43 ppm, an increase of 43 in ten years.94%.In terms of profit distribution, a preliminary cash dividend of 0 was found.36 yuan (including tax), the dividend ratio is 46.6%.The company’s production capacity has improved, profitability has improved significantly, and the current high dividend yield is attractive. The production capacity was maximized and reached a new high, and the output was stable under the background of de-capacity.In 2018, the company increased the production capacity of pig iron, crude steel and steel to 98%, 91% and 95%, respectively.With the exit of 100 iron smelting production capacity and 128 crude steel production capacity to complete the three-year de-capacity target, the output was basically the same as the final production. The minimum values of pig iron, crude steel and steel production were 1800, 1964 and 1870 respectively.A total of 1873 steel products were initially sold, with an annual increase of 0.37%, the production and sales rate of major steel 武汉夜生活网 products are all over 100%. The price center has been rising significantly, and the profitability of long products has improved.In 2018, the company’s product price center increased significantly, and its steel tonnage income was 3930.24 yuan, an annual increase of 8.90%.Affected by the increase in raw material prices and the increase in repair and maintenance costs, the gross profit per ton was 542.41 yuan, equivalent to 1 each year.76%.The volume and price of long products rose in 2018, and profitability improved. The average price of long products per ton was 3697.75 yuan, an annual increase of 11.34%, gross profit margin increased to 17.25%, while sales increase by 1 every year.13%, Q4 single season sales of 217.85 for the first time, the proportion of steel has further increased to 50.36%; the plate is affected by the weak trend of production and sales of downstream automobiles and home appliances.67 nominal, accounting for 48.24%, gross margin blood pressure 2.89 up to 11.50%. Operating net cash flow increased significantly, and the capital structure was further optimized.The company’s net cash flow from operating activities increased significantly. The net cash flow from operating activities in 2018 was 138.70 ppm, an increase of 201 in ten years.54%.The capital structure has improved significantly, with asset and liability restructuring at the end of 201858.38%, a decline of 3 per year.With 89 shares, the company optimized its debt structure by reducing and repaying debts and issuing short-term financing bonds. The dividend ratio has increased significantly, and high dividends are attractive.In 2018, it is planned to distribute 0 cash dividends to all shareholders of the company.36 yuan (including tax), the cash dividend amount is 27.72 ppm, dividend payout fee 46.64%, an increase of 15 per year.87 digits, based on the closing price of March 22, 20194.Calculated at RMB 01 per share, the company’s dividend yield is as high as 8.At 85%, full attraction can be obtained. Risk factors: Lower-than-expected demand from downstream automotive and home appliance industries; supply side releases investment expectations beyond expectations; since the fourth quarter of 2018, steel prices have shown deviations in variation, and due to environmental protection and production restriction policies, the steel price hub is expected to be 2019Will be lower than 2018.At the same time, due to the impact of foreign mining accidents, iron ore prices have risen significantly. It is expected that the overall cost of raw materials for steel companies will be raised, so we will forecast the company’s EPS for 2019-20 from 0.76/0.80 yuan is reduced to 0.61/0.62 yuan, plus 0 EPS forecast for 2021.63 yuan.The company is the leader of Anhui steel enterprises, with obvious regional advantages, a balanced and continuously optimized product structure, and a high percentage of dividends that slightly exceeded expectations.We think the company’s estimate will continue to rise, according to 8x PE estimates in 2019, corresponding to a target price of 4.88 yuan, maintain “Buy” rating.

CPIC (601601): No fear of marginal improvement in short-term new pressured investment end

CPIC (601601): No fear of marginal improvement in short-term new pressured investment end

Reserves are released, the expense ratio is stable, the investment side is improved, and profit growth is promoted.

In Q1 2019, the company achieved a net profit of 5.5 billion (YoY + 46%).

Mainly due to: 1) Total premiums increased steadily and the expense ratio was stable: 19Q1 company’s life insurance premium income was 92.9 billion (YoY + 3%), and property insurance premium income was 35.4 billion (YoY + 13%).

Fee and commission expenses decreased by 9% (the same as the decrease in new orders). The fee and commission expenses rate was YoY-2pct, and the management expense rate was YoY + 2pct. The expense rate was basically flat.

2) 750-day moving average online migration, negative growth of new orders, resulting in release of reserves and increased profits: the insurance liability reserve drawn by the company in 19Q1 decreased by 7%, accounting for 47% of premium income (YoY-6pct).

Relatively speaking, the new life insurance in 19Q1 saw a negative growth of 9%, which was the primary reason for the decline in insurance liability reserves.

At the same time, it is estimated that as of the end of 19Q1, the 750-day movement of the ten-year government bond maturity yield is relatively 3.

38%, which was 8bps higher at the end of 18Q1. Generally speaking, insurance companies will raise the assumption of discount rates for traditional insurance reserves and reduce the provision for insurance contract reserves.

Assuming that the company has not adjusted its reserve discount rate assumption, the change in the proportion of 19Q1 reserve withdrawals in premium income should be the same as the decline in new orders.

However, the change in the actual withdrawal rate is lower than the decrease in new orders. Therefore, we can rule out that the company’s actuarial assumptions or adjustments are more cautious.

3) The elasticity of equity assets is prominent, and the return on investment has picked up.

1Q1 total investment yield 4.

6% (+ 4pct year-on-year), with a net investment return of 4.

4% (year-on-year + 2pct), comprehensive investment return rate (estimated) 7.

4% (+ 3pct year-on-year).

Mainly related to investment income, gains and losses from changes in fair value, and other comprehensive income increased by RMB 2,918,680 million, respectively, to RMB 1,55,117,200 million.

Life insurance: New orders have a slight negative growth. It is expected that the improvement of the structure will help the NBV decline more narrowly.

1) 19Q1 life insurance premiums were 929 trillion (YoY + 3%), total new orders were 20.8 billion yuan (YoY-9%), new individual and group insurance orders were 17.4 billion (YoY-13%), and 34 trillion (year-on-year growth19%).

Among them, the proportion 北京夜网 of a long-term insurance business is likely to increase.

The improvement of the “open door” business structure directly promotes the improvement of NBVM. It is expected that the decline in NBV will gradually be lower than that of new orders, and the pressure on new orders will be eased from Q2.

2) Renewal premiums of 687 million (YoY + 11%). The growth rate has fallen or the overall premium growth rate may have fallen this year due to the decline in the premiums paid in 2018.

Property insurance: Car insurance increased steadily, and non-vehicles increased rapidly, helping the insurance premiums continue to grow.

19Q1 property insurance premiums were 35.4 billion (YoY + 13%), a growth rate of 6 pct lower than the same period last year, mainly due to the increase in auto insurance premiums.

1) Commercial 深圳桑拿网 vehicle fares have been deepened and new car sales have increased. In 19Q1, auto insurance premium income was only 23.7 billion yuan (YoY + 6%), which is expected to achieve a steady growth in auto insurance.

The fee reform was deepened, and the integration of newspapers and banks continued to advance. Under the pressure of expense ratios, leading insurance companies have a broad stock of businesses, and have outstanding channels, pricing and fixed loss advantages.

2) Non-auto insurance premiums of 117 million (+ 28% year-on-year) maintained a high increase, mainly due to the assistance of guarantee insurance, liability insurance and agricultural insurance, which is expected to become a new growth point for property insurance premiums.

The margin of investment has improved significantly, and the style of asset allocation is stable without changing the elasticity of equity assets.

1Q1 CPIC’s income from investment assets accounted for 82.

6% (from the end of last year-0.

5pct); stocks and equity funds account for 6.

7% (+1 from the end of the previous year.

1pct), which is still at the level of listed peers. It is expected that the increase in the proportion will be mainly due to the increase in market value, rather than actively adding positions.

Under the neutral assumption, the bond yield is 4.

5%, non-standard rate of return 7.

1%, CPIC 19Q1 stock + equity fund income increased negative.

Combined with the stock market’s 30% increase in 19Q1 and other comprehensive income increasing by $ 6.8 billion, we assume that the stock + equity fund yield of 5% will gradually increase CPIC’s total investment yield to 5 in 2019.


Investment suggestion: Life insurance new order pressure will be eased from Q2, and the decline will gradually narrow; business structure continues to be optimized, NBVM is improved, and NBV is expected to turn positive in 19H1.Auto insurance has increased steadily, while non-vehicle insurance has increased steadily, helping to increase the property insurance premiums steadily; leading insurance companies have outstanding pricing and fixed loss advantages, which is expected to achieve excess underwriting profit compared to the industry.

The stock market bottomed out and the 10-year Treasury yield steadily rose. The investment side will show a definitive marginal improvement.

At present the company meets the corresponding P / EV of 2019-2021 is 0.

9x, 0.

8x, 0.

7 times, maintaining the highly recommended level.

Risk warning: interest rates continue to fall, market volatility, investment income growth; premium growth is less than expected.

Macalline (601828): Two-wheel drive for leading brands and operational capabilities in the home retail channel

Macalline (601828): Two-wheel drive for leading brands and operational capabilities in the home retail channel
Macalline’s leading home actually landed on A shares, forming a Ssangyong competition pattern.The Red Star Macalline Air Force was listed on the Hong Kong Stock Exchange 无锡夜网 in 2016, and officially entered the A-share market in 2018.On October 17, the restructuring of Wuhan Zhongshang was approved by the Securities Regulatory Commission, and the house will actually use Wuhan Zhongshang to land in a stock market and become another listed home retail giant after Red Star Macalline.The current market forms a double-headed structure. Macalline’s revenue continues to accelerate.Red Star Macalline’s three-year revenue has gradually doubled since it was listed in June 2016 (6.11%, 14.54%, 30.17%), but the revenue overrun ratio of new retail in the past two years has been slightly lower, and has remained stable at about 13%. Macalline’s gross profit margin remains relatively high, with diverse sources of income.In 2018, the gross profit margin of Red Star Macalline (65%) was significantly higher than the gross profit margin of new retail (45%).Mainly stems from two points: 1) Red Star Macalline has performed more prominently in its main business “leasing management”.Red Star Macalline has effectively controlled property costs while ensuring high merchant rents and property management fees due to its core areas in various towns around its own stores and its own long-term management experience.2) Red Star Macalline ‘s other major business “commissioned” has a higher gross profit, with a gross profit margin of 60.36%.  The gross profit margin of some projects even reached 90%, which was mainly due to the labor cost of its commissioned business, and other costs decreased. Double taps cut the national furniture market, and Macalline has a slight advantage.Macalline has maintained the number of stores in the past three years.  In 2018, Red Star Macalline (308 stores) had the largest number of new retail stores (285 stores). Macalline’s management model has more control and more balance between various sources of income: 1) It is also an asset-light expansion. Red Star Macalon’s management model has more operating control over its shopping malls.Therefore, it is more convenient to standardize process management, cost control, provide high-quality services, enhance brand awareness, and help build a good consumer reputation.2) Red Star Macalline’s operating income channels are more balanced.Leasing management accounts for about 50% of total revenue, 29% for commissioned business, 10% for construction and design services, and 3% for merchandise sales. Profit forecast and rating: Considering the company’s strong brand power, management and operation capabilities, high bargaining power for fully competitive home B-end customers, and continuous and rapid expansion of store revenue, it is expected to achieve revenue 168 in 2019-2021.14/198.62/231.320,000 yuan, net profit attributable to mother 49.64/55.26/60.17 trillion, eps are 1.40/1.56/1.69 yuan, corresponding to the price-earnings ratio of 7 on October 29, 2019.9/7.1/6.5 times, the first coverage given a “prudent overweight” rating.Risk Warning: Store Expansion Is Less Than Expected

Yuyuan Garden (600655): Jewelry stores are expanding rapidly and real estate contributes an important increase

Yuyuan Garden (600655): Jewelry stores are expanding rapidly and real estate contributes an important increase
Investment highlights The high growth results from the injection of real estate business and the good performance of the main business.2019Q1 company net profit +141.67%, the growth rate of performance significantly exceeds the growth rate of gross profit margin.Q1 gross profit margin increased substantially 2.63pp to 18.06%, the proportion of high-margin real estate business increased significantly, although Q1 real estate gross margin has decreased.77pp but still 22.99%, significantly higher than 6.69% (previously decreased by 0.36pp).In addition, resorts and catering gross margins increased by 1.79pp, 2.06pp to 86.37%, 67.13% are all businesses with higher gross margins.In addition, the company’s expense ratio increased by 1 during the first quarter.32pp to 12.61%, mainly for management, and the financial rate increased by 1.04pp, up 0.75pp. Jewellery stores expanded rapidly, and land revenue contributed an important increase.2019Q1 company revenue +39.22%, a significant improvement over the fourth quarter of last year (Q4 2018 revenue decreased by 8.5%).In terms of categories, 1) the company’s traditional main business jewelry fashion income +8.85%, accounting for 65 of the company’s first quarter revenue.9%.In the first quarter, there were 183 net openings, of which 4,179 were directly operated stores and franchised stores, and a total of 2,273 stores at the end of the period.Since 2019, the company’s jewelry business has accelerated significantly. Regardless of the rebranding of Yayi Jewellery, the substantial changes in franchisee policies have shown the changes in the mechanism brought about by the new introduction of injection and the improvement of operating efficiency.It has exceeded the average value of last year (the number of jewellery stores of the company increased by 137 in 2018). The new franchise policy has been continuously rolled out, and the expansion of franchise stores has maintained a high speed.2) Real estate business income + 821.01%, revenue increase accounted for more than 70% of the first quarter revenue increase, is the first quarter of high revenue growth.3) Resorts (proportion 4).6%) and catering business (accounting for 2.4%) revenue increased by 19.38%, 38.57%, of which the high growth rate of the catering business is mainly due to the growth brought about by the acquisition of Songhelou in August 18th. Implement the idea of “endogenous growth, extension, and integrated development”, continue to be happy, and fashion industry.1) Jewellery business brand upgrade, 北京夜网 dual brands covering all cities.The company’s jewelry business is driven by two-wheel drive of Lao Temple Gold and Yayi Jewellery, both of which are undergoing brand upgrades, remodeling, and differentiated coverage in first-, second-, and third- and fourth-tier cities.2) Outward mergers and acquisitions center around the company’s main business and arrange upstream and downstream to increase the customer base and product coverage.3) Timely launch of budget stock incentive plan and budget plan to fully bind employees’ interests.4) High index ratio and self-owned properties highlight value advantages.The company expects dividends for every 10 shares in 20182.7 yuan, ranking high in the industry.The company pre-excluded the MSCI index in 2018, approximately 3% dividend yield, and its own properties exceeding 160,000 square meters in Shanghai, Japan and other places, which is extremely attractive for overseas investors who correct stable shareholder returns and high-quality assets.Look at the previous upward space. Profit forecast: It is estimated that the operating income for 2019-2021 will be 409.93\431.48\447.8.8 billion, the net profit attributable to mothers will be 36 in the next three years.09\38.83\41.02 ppm, EPS is 0.93\1.00\1.06 yuan expected.The closing prices on April 29, 2019 corresponded to PE of 9, respectively.7 \9.0\8.5 times lower than the industry average, maintaining the level of “prudent increase in holdings”. Risk Warning: The store is less than expected, the real estate business is less than expected, and the outbound M & A is less than expected

Graduation and opening ceremonies of this spring are cancelled in many places in Japan

Graduation and opening ceremonies of this spring are cancelled in many places in Japan

People’s Daily Online, Tokyo, February 26. According to the “Daily News” report, affected by the new coronavirus pneumonia epidemic, Japan has successively cancelled the school’s graduation ceremony and opening ceremony.

  Near Pacific University announced on the 25th that it would cancel the graduation ceremony for antiques in March and the opening ceremony for April.

It is reported that the opening ceremony of Jiangsu University plans to invite the alumni of the university and music producer Tsunku to perform. It is expected that there will be one.

50,000 people participated, but due to the risk of contagion, it was eventually canceled, and the principal and guests of the live broadcast were replaced.

  International Liberal University also announced on the 25th that it will postpone the antique graduation and opening ceremonies. The date has not been determined.

International Liberal University has an overseas exchange study system. All students will go to study abroad for one year during their stay in the university. Once the infection occurs, it will affect the cooperation between 北京夜网 the university and overseas universities.

In addition, Ritsumeikan Asia Pacific University, where half of the students are international students, also announced the cancellation of the graduation ceremony in March and the opening ceremony in April, and considered rescheduling antiques.

  Toho University originally planned an antique graduation ceremony at the Makuhari Messe in Chiba City on March 15th. It was also affected by the epidemic and changed in various departments, and the simple certificate award ceremony for antiques in various disciplines.

The Tsuzuki Gakuen Education Group also cancelled the graduation ceremonies of six universities, including the First Pharmaceutical University, Japan Pharmaceutical University, and 38 of them, high schools, specialized schools, and kindergartens.

(Compiled: Yuan Meng Reviewer: Chen 杭州夜网论坛 Jianjun) Original title: Affected by the epidemic, many places in Japan canceled graduation and opening ceremonies this spring

Sany Heavy Industry Co., Ltd. (600031): Interim Report Performance Exceeds Expectations and Continues to Be Optimistic about Company Value

Sany Heavy Industry Co., Ltd. (600031): Interim Report Performance Exceeds Expectations and Continues to Be Optimistic about Company Value

The half-year notice was released, and the net profit exceeded market expectations.

The company released the forecast of the first half of 2019. It is estimated that the net profit attributable to shareholders of listed companies in the first half of 2019 will be 65 trillion to 7 billion U.S. dollars, which will increase by 31 in the same period last year.

11 ppm-36.

11 ‰, an increase of 91 per year.

82% to 106.


The construction machinery industry boomed, and industry sales continued to grow.

Affected by the shortcomings of infrastructure construction, environmental protection policy tightened by environmental protection, equipment upgrades, infrastructure repairs, and other factors are favorable. The continued recovery of downstream demand in the construction machinery industry has driven the continuous growth in sales of mining machinery.

According to the industry statistics of the China Construction Machinery Industry Association’s Excavation Machinery Branch, from January to June 2019, 25 mainframe manufacturing companies were separately counted, and they sold various excavation machinery products13.

70,000 units, an increase of 14 in ten years.


Domestic market sales (excluding Hong Kong, Macao and Taiwan) 12.

50,000 units, an increase of 12 in ten years.


Export sales 1.

20,000 units, an increase of 38 in ten years.


The company’s product competitiveness has been further strengthened, and its market share has been further improved.

The company’s excavator product sales have maintained double-digit growth since the beginning of the year, and the growth rate has clearly exceeded the industry average.

The company sells excavators 3 from January to May.

130,000 units, an increase of 34 in ten years.

08%, the market share reached 25.

63%, an increase of 3.

6 points.

From January to April, 4,380 truck cranes were sold, an increase of 118 per year.

02%, the market share reached 24.

93%, market share increased by 5.

69 points.

Concrete machinery is still in a high business climate, and the company’s pump truck products rank 无锡桑拿网 first in the market.

The post-cycle product is expected to have a high growth trend of relay excavators, supporting the company’s performance growth.

According to the normal start sequence, we expect that the two segments of concrete machinery and lifting machinery will relay the high growth trend of excavators.

At the same time, due to the acceleration of infrastructure investment and the tightening of environmental protection policies in the second half of the year, it is expected that excavators, cranes, and concrete machinery will maintain higher growth.

The company is a leading enterprise in concrete machinery, and the domestic market share of lifting machinery is the second. It is expected that the company’s 2019 performance will fully benefit the high growth trend of concrete machinery and lifting machinery in the industry.

Profit forecast and investment advice.

We expect the company’s revenues to be 693 in 2019-2021.

5.7 billion, 850.
5.4 billion, 935.

600,000 yuan, a year-on-year increase of +24.
2%, +22.

6%, + 10%.

Based on the company’s effective control of expenses and better expectations of the company’s product sales growth rate, the company’s net profit attributable to the parent for 2019-2021 is increased by 94.

7.3 billion, 117.

6.5 billion, 140.

250,000 yuan, +54 compared with the same period last year.

9%, +24.

2%, +19.

2%, the increase is 25.

04%, 22.

95%, 23.

02%, currently corresponding PE is 11.

89x, 9.

6x, 8.


Taking into account the improvement of the construction machinery industry boom and the company’s leading addition, the company’s reasonable estimate level is 14-15 times corresponding to 2019, and the corresponding corresponding range is 15.


1 yuan, maintain BUY rating.

Chenguang Stationery (603899) 2018 Annual Report Review: Long-Term Performance Rapid Growth Acquires Shanghai Anshuo to Expand Wooden Pencil Business

Chenguang Stationery (603899) 2018 Annual Report Review: Long-Term Performance Rapid Growth 合肥夜网 Acquires Shanghai Anshuo to Expand Wooden Pencil Business

I. Overview of the event On March 25, the company released its 2018 annual report.

Reporting intelligence, the company achieved revenue of 85.

35 yuan, an annual increase of 34.

26%; realized net profit attributable to mother 8.

07 million yuan, an increase of 27 in ten years.

25%; Realize basic profit income of 0.

88 yuan.

The profit distribution plan is to pay a cash dividend of 3 yuan (including tax) to all shareholders for every 10 shares.

At the same time, the company announcement starts with 1.

9.3 billion acquisition of 56% equity of Shanghai Anshuo.

  Second, the analysis and judgment of long-term performance maintained rapid growth. In 2018, the company’s revenue increased by 34% and 27%, respectively.

By product, writing instruments, student stationery, and office stationery both went up in volume and price. Among them, writing instruments contributed 19.

46 ppm, a ten-year increase of 8.

8%, sales volume, sales unit price increased by 3 each year.

6%, 5.


Student stationery contributes income 18.

580,000 yuan, an increase of 13 in ten years.

8%, sales volume, sales unit price increase by 5 each year.

9%, 7.


Office stationery contributed 46.

1.3 billion, an increase of 62 in ten years.

8%, sales volume, sales unit price increased by 28 each year.

2%, 27.


  The expense ratio during the period was generally stable. The gross profit margin increased and improved in the reporting year. The increase in employee compensation, housing lease and other expenses increased the sales expense ratio.

28 points to 9.

25%, the management expense rate rose by 0.

09pct to 4.

45%, the R & D expense ratio dropped by 0.

34 points to 1.

34%, the increase in exchange income and interest income reduced the financial expense ratio to zero.

05pct to -0.

09%, the overall expense ratio during the period fell by 0.

01pct to 14.


Initially, the increase in the average unit price of products has increased the company’s overall gross profit margin by zero.10 points to 25.

83%, the decrease in non-operating income reduced the net interest rate by 0.

40 points to 9.


  The traditional stationery business has grown steadily, and new businesses such as Colip have rapidly developed traditional businesses. As of the end of 2018, the company had 35 first-level (provincial) partners across the country and second- and third-level partners in nearly 1,200 cities.Department “retail terminal more than 7.

60,000, a net increase of about 1,000 compared with the end of 2017, and traditional businesses achieve 16% growth each year.

In terms of new business, (1) Klipp’s national supply chain system has achieved initial results, orders from large customers have been continuously implemented, and real revenue has been achieved25.

8.6 billion, an increase of 106% in ten years.

(2) The Chenguang Life Museum (including Jiumu) has developed rapidly, and Q3 opened to join. In 2018, it has a net increase of 78 to 255 stores. It has now settled in 32 cities and achieved revenue3.

0.6 million yuan, an increase of 49% in ten years.

Realized a net profit of -30,300,000 yuan, an estimated loss of 10.85 million yuan last year.

  Acquired Shanghai Anshuo is a leading brand in the wood pencil industry, and its products are exported to more than 80 countries and regions around the world.

In 2017, Ashuo achieved revenue of 7.

3.6 billion, net profit 881.

460,000 yuan, net interest rate 1.


The budget for the first three quarters of 2018 was 61.36 million yuan, but core customers were lost again.

The company expanded its wooden pencil business through the acquisition of Anshuo. While acquiring world-leading wooden pencil supply chain resources, the company’s domestic sales business is also expected to change the company’s channels and operating system to produce synergies.

  Third, investment advice The company ‘s traditional core business provides channels and brand moats to effectively support overall performance. At the same time, it is optimistic about the development potential of the Klipp platform and living museum model, and it is expected to achieve basic income in 2019-2021.

10, 1.

38, 1.

71 yuan, corresponding PE is 32X, 25X, 20X.

Considering the company’s leading industry level, which has growth and high ROE level, it can be a premium to maintain the company’s “recommended” level.

  Fourth, risks indicate that raw material prices have risen, customer development has fallen short of expectations, and industry competition has intensified.