Sany Heavy Industry Co., Ltd. (600031): Cash Flow and Profit Upward Balance Sheet Excellent

Sany Heavy Industry Co., Ltd. (600031): Cash Flow and Profit Upward Balance Sheet Excellent

The results of the first quarter report grew rapidly, in line with expectations for 2019Q1 revenue of 21.3 billion / year +75.

杭州桑拿洗浴会所
1%, net profit attributable to mother is about 32.

2 ppm / + 114.

At 7%, the company ‘s three main products ‘market share continues to increase, competition is further strengthened, profitability continues to increase, cash flow hits a record high, asset quality is optimized, and the company ‘s profit forecast is raised. We expect 2019?
The EPS in 2021 will be 1.

21/1.

44/1.

66 yuan (original price 1.

09/1.

29/1.

52 yuan), PE is 10.

2/8.

5/7.

3 times, maintaining a target of 14.

7?

16.

33 yuan, corresponding to PE in 2019 is 12.

2?

13.

5x, maintain “Buy” rating.

In the first quarter of 2019, the market share of the three main products increased rapidly, and their competitive advantages were further strengthened.

3%, the market share increased to 26.

By the end of 2018, the number of units will be increased by 3 units. The total sales volume of the automobile crane industry reached 3187 units / + 121% year-on-year, and the market share reached 25.

7%, 6 units higher than the end of 2018.

The market competitiveness of concrete machinery and pile machinery has also continued to improve.

In Q1, the gross profit margin was stable, the growth of the expense ratio decreased, and the profitability improved significantly. In 2019, the ROE of the company reached 8 in Q1.

4%, an increase of 2 per year.

82 averages; combined gross margin is 30.

72%, down by 1 every year.

The five single ones, mainly due to the rapid growth of crane products with reduced gross profit, have brought about the impact of changes in product structure. The gross profit margin of each product line is basically stable;

6%, an increase of 2.

84 units.

Period expense rate 11.

98%, sales expense ratio, management expense ratio, and financial expense ratio are 6.

75% / 4.

66% / 0.

57%, a year-on-year decrease of 2 respectively.

17/0.
5/2.

93 units.

The operating cash flow reached a record high, and the company’s operating cash flow has a net cash flow of 38.
23 ppm / + 47.

5%, a record high in the first quarter.

Money and cash 153.

US $ 600 million, a record high; the book balance of accounts receivable and bills is US $ 60 billion, an increase of approximately 5 billion compared with the end of 2018, and inventories of 10.9 billion, a constant increase of 27.

5%, the increase is much smaller than the increase in revenue; credit impairment losses in the first quarter1.

5.9 billion, continuing to decrease every year.

We raise our profit forecast and maintain the “Buy” rating. The sales volume of the construction machinery industry exceeded expectations in the first quarter, the market share of Sany accelerated, and the competitive advantages of the three main products of excavators, concrete and truck cranes were further strengthened.

The company’s profitability continues to increase, cash flow hits a record high, and asset quality is optimized. We have increased the revenue growth rate of excavators and concrete machinery business and raised the company’s 2019?
Profit forecast for 2021, with estimated revenues of 751.92 / 862 / 96.5 billion yuan and net profits of 103/125.

7/146.

700 million, EPS is 1.

23/1.

5/1.

75 yuan (the original price is 1.

09/1.

29/1.

52 yuan), PE is 10.

0/8.

2/7.

0 times.

Due to the expected change in credit policy in the short term, it is estimated to be suppressed. We are optimistic about the long-term growth space brought by the company’s competitive advantage and maintain the company’s target forecast of 14.

7?16.

33 yuan, corresponding to PE in 2019 is 12.

2?13.

5x, maintain “Buy” rating.

Risk warning: The domestic economy is down faster than expected; the growth rate of infrastructure investment has not increased as expected, and real estate investment has continued to narrow; the industry’s competitive environment has deteriorated; the market for new products has not been smooth;The impact of profits.

HKUST Xunfei (002230) 19-year performance preview comment: revenue goes into the tens of billions to reduce costs and increase efficiency to drive high performance growth

HKUST Xunfei (002230) 19-year performance preview comment: revenue goes into the tens of billions to reduce costs and increase efficiency to drive high performance growth
I. Overview of the event The company announced the 2019 performance forecast on February 2, 2020, realizing net profit attributable to mothers7.32-8.0.94 million yuan, an annual increase of 35% -65%.  2. Analysis and Judgment of Revenue Breakthrough 10 Billion, Net Operating Cash Flow Creates Best in History35% -65%, continue to achieve the company’s return to net profit growth rate over revenue growth rate, reflecting the company’s business profitability continued growth, cost reduction and efficiency improvement strategy is significant.The company is expected to realize net profit attributable to its mother in the fourth quarter.58-5.20 trillion, earlier in the fourth quarter of 18 attributable to the mother’s net profit3.23 ppm, an increase of 10 in ten years.8% -61.0%.  In addition, the company expects a net cash flow from operating activities of approximately 1.5 billion in 19 years, the best level in history and an annual increase of 30.7%.  The changes in the international environment have not affected the company’s 南京桑拿网 performance. The development of the artificial intelligence industry has continued to promote the company’s business. The company’s business has focused on key industries in the past 19 years, focusing on the development of related business areas based on artificial intelligence technology such as education, intelligent hardware, politics and law.Among them, in addition to the renewal rate of more than 98% in the charge of Zhixue.com, they have won the bid of Qingdao West Coast New District in December.US $ 600 billion and Bengbu Smart School15.The US $ 8.6 billion construction project will have a positive impact on the company’s 20-year performance and help the company’s education business to further set benchmarking projects.It can be seen that, in the face of changes in the international environment, the company uses its core technologies developed independently to transform the development 四川耍耍网 trend of the internal artificial intelligence industry, focus on key development areas, and achieve healthy business development while improving per capita efficiency.  Third, investment recommendations maintain the “recommended” level.As a leader in the field of artificial intelligence, the company uses AI technology to promote business development in education, politics and law, and other key areas, to achieve a rapid increase in net profit attributable to mothers in 2019.A total of 24 winning bids at the end of 2019.The US $ 4.6 billion education informatization project will have a positive impact on the company’s 20-year performance.  Therefore, we give the company an EPS of 0 to 2019-2021.41/0.59/0.81, corresponding to the current price of PE is 86X / 59X / 44X.Considering that the company’s 20-year PE is lower than that of comparable company Arcsoft Technology’s 20-year wind consensus that PE (96X) and the company’s industry category as a leader in the artificial intelligence industry.Therefore maintain the “recommended” level.  4. Risk Warning: Loss of core talent, intensified market competition, and less-than-expected development of political, legal and medical services

Sanhua Intelligent Control (002050) 2019 Interim Report Review: Performance Meets Expectations Awaits New Energy Vehicle Order Release

Sanhua Intelligent Control (002050) 2019 Interim Report Review: Performance Meets Expectations Awaits New Energy Vehicle Order Release

Investment Highlights: Net income from revenue is in line with expectations.

The company achieved 杭州桑拿网 operating income of 58 in the first half of 2019.

31 ppm, an increase of 4 per year.

31%, net profit attributable to mother 6.

93 ppm, a ten-year increase2.

35%, net profit of non-attributed mothers 6.

42 ppm, 10-year average4.

82%, the corresponding return is 0.

25 yuan / share.

Among them, the second quarter achieved operating income of 30.

50 ppm, an increase of ten years.

23%, net profit attributable to mother 4.

34 ppm, an increase of ten years.

3%, net of non-attributed net profit4.

32 ppm, with a ten-year average of zero.

69%.

The growth of the auto zero business was steady, and Yavico expanded.

In the first half of the year, air-conditioning emissions exceeded expectations, driving demand for upstream components to be released, the valve was terminated, and the four-way valve industry’s sales volume increased from January to June 2019.

8% and 0.

01%, sales of electronic expansion valve also achieved 7 from January to June.

5% growth, the traditional refrigeration business is expected to increase revenue by 4% in the first half, mainly due to the commercial refrigeration business.

Auto zero business companies have successively obtained tens of billions of orders from international first-tier vehicle companies such as Daimler, Volvo, BMW, etc. The new energy business has gradually released its flexibility, and the revenue growth rate of 2019H1 is 11%, mainly benefiting from the centralized release of new energy vehicle orders;Business conversion The end of destocking for overseas customers ended in 19H1 with a growth rate of 5.

09%, a significant improvement over the same period last year; Yaweike’s business declined by 24 in the first half of the year due to the combined business caliber.

64%, which is still in a continuous state. In the future, there will be opportunities to improve profitability by placing heavy domestic and domestic substitutions in overseas supply chains.

The price reduction of raw materials and the structural upgrade of products kept stable profitability.

The short-term growth of the company’s comprehensive gross profit margin was 0.

From 68 to 28.

32%, mainly benefited from the decline in the price of raw materials and the increase in the proportion of high-margin commercial refrigeration and new energy vehicle components.

In terms of period expenses, the company’s sales expense ratio remained basically flat, and the management expense ratio (including R & D) gradually increased1.

4 pcts, financial expense ratio increased by 0.

29 pct, resulting in an increase in the expense ratio during the period by 1.

7 to 14.

twenty two%.

In addition, non-recurring income (other income + investment income + fair value gains and losses + asset disposal income) contribute an additional 0.

US $ 9.1 billion, bringing the company’s net interest rate down slightly.

46 pct to 11.

81%.

In terms of cash flow, the company’s net cash flow from operating activities in the first half of the year improved by 357.49%, a net inflow from the same period last year1.

82 million US dollars to 8.

3.1 billion.

Profit forecast and investment rating.

We continue to maintain the company’s revenue growth forecast for 2019-2021.

8%, 15.

4% and 16.

2%, net profit attributable to mothers is 14 respectively.

3.6 billion, 16.

88 ppm and 20.

430,000 yuan, an annual increase of 11.

1%, 17.

5% and 21%, the corresponding EPS is 0.

52 yuan, 0.

61 yuan and 0.

74 yuan, corresponding to a 23x, 19x and 16x reduction in the dynamic market surplus. The company ‘s Vietnam factory has completed some valve production lines and customer approvals. The risk of trade friction is expected to be eliminated by the end of this year. Maintain “Overweight” rating.

Risk warning: trade friction; launch of traditional automotive business drags down the auto zero business; Yaveco business performance improvement expectations.

Dashenlin (603233) 19H1 Comment: Outperforms Expected Expansion, Accelerates Operational Efficiency

Dashenlin (603233) 19H1 Comment: Outperforms Expected Expansion, Accelerates Operational Efficiency

Event: On August 27, 2019, the company announced the 2019 semi-annual report and reported that it has actually achieved operating income52.

52 ppm, an increase of 28 in ten years.

56%; net profit attributable to mother 3.

810,000 yuan, an annual increase of 32.

21%; net profit deducted from non-attributed mother 3.

72 ppm, an increase of 33 per year.

93%.

Key points of the report: Stores are accelerating, Guangxi ‘s revenue is growing fast, and Hebei ‘s first coverage is delayed.

A total of 313 new stores and 40 closed stores were reported in the report, a net increase of 273.

Among them, there were 156 self-built stores and 118 acquired stores.

The company’s strong regions, Guangdong and Guangdong, added 164 stores in Guangdong and increased operating income by 22.

03%; Guangxi has 48 new stores and operating income increased by 48.

61%.

Reported that first-class companies completed 2 M & A investment businesses in the same industry, involving 84 stores.

Among them, the acquisition of 39 stores in Baoding Shengshi Huaxing Pharmaceutical Chain Co., Ltd. entered the Hebei market for the first time, and the expansion in other places accelerated.

During the period, the expense ratio decreased, and the overall average efficiency was significantly improved. The company reported that it has continuously strengthened the expense control, and the period expense ratio has decreased.

Expenses for H1 companies during 2019 are 29.

73%, a decline of 2 per year.

11 pct.

.
Among them, the sales expense ratio, management expense ratio and financial expense ratio are 25 respectively.

38% (-1.

72 pct.

), 4.

06% (-0.

31 pct.

), 0.

28% (-0.

08 points

).

The operating efficiency brought by this is obviously improved, and the overall average efficiency of the consolidated company is reported as 2625.

17 yuan / sqm, a significant improvement over 2018’s 2552 yuan / sqm.

Actively deploy DTP pharmacies, steadily advance the construction of key city sharing platforms and complete the company’s preparations. 35 DTP professional pharmacies have been completed, and a complete DTP professional pharmacy management system and professional DTP management team have been established to actively undertake prescription outflows.
In addition, the company further participated in promoting the construction of prescription sharing platforms in key cities. At present, it has conducted pilots for complementary prescription sharing platforms in Guangxi, Guangdong, and Henan provinces, and has achieved short-term trial success.

Investment advice and profit forecasting The company is rooted in the Guangdong and Guangxi regions, the speed of expansion in different places is accelerated, and the revenue is accelerating.

The company pays attention to refined management and steadily improves its operating efficiency.

It 南京夜网 is expected that the company’s net profit attributable to mothers will be increased to 7 in 19-21.

03 (+0.
39) / 8.
92 (+0.

84) / 11.

11 (+1.

15) 100 million yuan.

The corresponding EPS is 1.

76 (+0.

10) / 2.

23 (+0.

21) / 2.

78 (+0.

29) Yuan / share, corresponding to 31/24/20 times the PE, giving a target price of 61.

6 yuan to maintain the “overweight” level.

Risks suggest that industry competition is intensifying, mergers and acquisitions have failed, and industry policies have changed.

Shanghai Jahwa (600315) Company Dynamic Comment: Herborist steadily improves its mid- to long-term value

Shanghai Jahwa (600315) Company Dynamic Comment: Herborist steadily improves its mid- to long-term value

Event: The company released the third quarter report of 2019, and the first three quarters of 2019 achieved operating income of 57.

3.5 billion US dollars, an annual increase of 5.

81%, achieving net profit attributable to shareholders of listed companies.

40,000 yuan, an increase of 19 in ten years.

09%, net profit attributable to shareholders of the parent company after deduction.

80,000 yuan, an annual increase of 2%.

The basic return is 0.

81 yuan.

Revenue in the first three quarters increased by 5.

81%, Q3 sales and other expenses and non-recurring gains and losses caused changes in performance: the company’s first three quarters of 2019 revenue 57.

35 ppm, a five-year increase of 5.

81%; net profit attributable to mothers was 54 million yuan, an annual increase of 19.

09%; net profit deducted from non-attributed mothers3.

80,000 yuan, an annual increase of 2%.

The company achieved revenue of 18 in 杭州桑拿网 the third quarter alone.

13 ppm, a 10-year increase3.

28%; net profit attributable to mother is 0.

96 trillion, down 29 a year.

55%; net profit attributable to non-attributed mothers1.

1.9 billion, a decrease of 11 per year.

33%.

Q3 performance improved, mainly due to the increase in sales and other expense ratios and net loss from changes in fair value of 0.

3.1 billion.

Initially, due to the promotion of Herborist “New Tai Chi Essence” in the fourth quarter, the sales cost is expected to continue. At the same time, the launch of brands and channels has increased the sales of new products.

The expense ratio increased slightly, and the operating indicators were exceptionally good: the company’s gross profit margin fell in the first three quarters of 2019.

16pct, but the gross profit margin increased by 1 in the third quarter.

94pct, mainly because the proportion of beauty products with higher gross profit increased.

During the first three quarters of 2019, the expense ratio decreased by 0 year-on-year.

21pct, but the expense ratio during the third quarter alone increased by 2 over the same period last year.

52 points, mainly due to the increase in sales / administrative expense ratio, increased by 1 respectively.

49pct / 0.

63 points.

The increase in sales expense ratio was mainly due to the increase of Herborist marketing; the increase in management expense ratio was mainly due to the increase in revenue growth rate and the expansion and contraction.

As of the third quarter of 2019, the company’s inventory fell 8% year-on-year.

28%, inventory kept falling for two consecutive quarters; accounts receivable grew extra benign, increasing by 8 each year.

59%; the net operating cash flow also maintained a slight increase, thereby maximizing the overall operating indicators.

Herborist continued to improve. Qichu, Yuze and other brands grew rapidly. Liushen was affected by abnormal weather and other factors.

In terms of brands, Herborist continued to improve during the year, and the revenue in the first three quarters was basically flat. The “Second Generation Taiji Essence” listed at the end of September is currently online, and offline pre-sale and sales are in good condition, driving the brand to achieve positive revenue growth.Qichu, Yuze, Jiaan, Pianzaiyu, Shuangmei and other brands cater to segmentation, and the high-end trend continues to increase rapidly, with the growth rate all above 30%.

The small number increase in the first three quarters of Liushen is mainly due to the low temperature in the main sales region, fierce competition in the shower gel category, and the impact of individual online platforms. It is expected that the platform price control will be strengthened and multi-category expansion will be maintained. It will still maintain multiple stable growth rates in the future.

Online growth was faster, and the decline in department stores narrowed.

In terms of different channels, the overall growth rate of online channels in the first three quarters of 2019 was relatively fast, with an online share of approximately 23%.

Among them, the e-commerce channel growth rate is still faster but faster than in 19H1, slightly slower, GMV increased by 27%, the billing end increased by 19%; the special channel channel model has become increasingly mature, the first three quarters of growth rate was greater than 60%.

In the offline channels, department stores only increased by double digits, but the decline was narrowed and narrowed; the supermarkets, mothers and infants, and CS channels achieved low-number growth.

Investment advice: The company is a leading name in developing countries. It adheres to the “multi-brand + multi-category” layout, transforms it into the key development of Herborist brand, continues to revitalize other brands, and optimizes and adjusts channels such as e-commerce and department stores., Revenue, performance growth expectations continue to pick up.

Taking into account the poor sales of Q3 Liushen, and the adjustment of the estimated expenditures for the promotion of Tai Chi essence in Q4, the EPS of the company for 2019-2021 will be adjusted to 0.

92, 0.

99, 1.

16 yuan, the corresponding PE is 36X, 34X, 29X, given the “recommended” level.

Risk reminder: The industry’s prosperity is lower than expected, industry competition is intensified, channel operating costs have risen too quickly, product quality risks, and channel expansion has fallen short of expectations.

Boss Electric (002508) Interim Review: Fundamentals are still in the bottom area under real estate pressure

Boss Electric (002508) Interim Review: Fundamentals are still in the bottom area under real estate pressure
Revenue has grown steadily and profitability has increased slightly. In the first half of 2019, the company achieved revenue of 35.300 million (YoY + 0.9%), net profit attributable to mother 6.700 million (YoY + 1.5%), corresponding to a net interest rate of 19.0% (+0 year-on-year.1pct).Among them, the single quarter revenue of 2019Q2 was 18.700 million (YoY-2.0%), net profit attributable to mother 3.500 million (YoY-2.1%), corresponding to a net interest rate of 18.8% (+0 compared to the same period last year).0pct).The company expects that the change in net profit attributable to mothers from January to September 2019 will be 2% -10%, corresponding to the net profit attributable to mothers10.300 million -11.1 megabit, step by step calculation, the expected change in net profit attributable to mothers in the third quarter of 2019 is about 2.9% -25.9%, corresponding to the net profit attributable to mother 3.600 million -4.400 million yuan. The retail market is under pressure, engineering, overseas revenue performance is dazzling 2019H1 revenue by product segmentation, traditional smoke stove consumption 29.80,000 yuan (YoY-0.6%), slightly steamed to achieve 2.0 billion (YoY-19.2%), the dishwasher realized 61.33 million yuan (YoY + 21.2%), other products achieve 1.700 million (YoY-17.2%), in addition, integrated stoves, water heaters, steaming and baking integrated machines and other new products to achieve 1.200000000.By channel: (1) Retail market: Under the influence of the real estate post-cycle, the overall retail market for kitchen appliances is relatively sluggish.According to the data of Zhongyikang, the retail sales of tobacco / cooker / consumer market were -5 respectively.9% / -4.1% /-17.7%.The main categories of products owned by the boss have maintained a leading position in the retail channel cities, but they still have to overcome the pressure brought by the sluggish overall demand of the industry; (2) Engineering market: The company’s engineering channel business development is progressing smoothly, and the replacement of the engineering channel in H1 2019 will increase by 80%Aowei’s data shows that the owner’s range hood has a market share of 37 in the hardcover market.8% ranked first in the industry; (3) Overseas markets: The company debuted at the 2019 Decorex SA South Africa exhibition. In the Asia-Pacific region, overseas markets such as Australia and New Zealand expanded smoothly. Reported revenue from overseas reached 20.21 million yuan (+ 99% YoY).8%). Improved raw material price pressures, eased costs, and increased profitability. Under the background of sluggish demand, the average retail price of kitchen appliances in the first half of the year underwent some pressure.Focusing on the obvious mitigation completely, the overall company’s profitability improved slightly. 2019H1 gross profit margin 54.7% (+ 1% year-on-year.2pct), of which the gross profit margin for the single quarter of 20192 was 54.5% (+0 year-on-year.2pct).杭州桑拿 In terms of period expenses, the company’s sales / management / finance / R & D expense ratios reached 28 respectively.1% / 3.3% /-0.8% / 3.1% (+0 compared to the same period last year).5 points / -0.3 points / +0.5 points / -0.1pc) only slightly rises every year. The profit forecast is reduced to focus on release after taking into account the lengthened construction period of the land. The demand for kitchen appliances may bottom out in the next few quarters or it is expected that the retail market will usher in improvement. The company as a leader will benefit; the growth of alternative engineering channelsThe situation is good, the certainty is strong, or it will become another income growth point in the long run.Therefore, we estimate that the company’s net profit attributable to the parent will be 15 in 2019-2021.5/17.1/18.7 trillion, the annual growth rate is 5.3% / 104% / 8.9%, the latest closing price corresponds to 14 in 2019 PE.3 x.Taking into account the recent policy of “re-housing and not frying” for many times, the kitchen and electric company estimates that the center has only pressure. With reference to the average evaluation level of comparable companies and the company’s performance growth rate, the company is given 16xPE in 2019, corresponding to a reasonable value of 26.24 yuan / share, maintaining the “overweight” rating. Risks suggest that raw material prices are rising; new product development exceeds expectations; real estate is in a doldrums; industry competition is deteriorating.

Op Lighting (603515): Industry demand affected by real estate tends to weaker income and accelerates growth

Op Lighting (603515): Industry demand affected by real estate tends to weaker income and accelerates growth

Core point of view: The industry demand tends to be weak, leading to the company’s revenue growth to accelerate. The company disclosed its 2019 Interim Report and the company’s operating income in 2019H137.

800 million (+7 year-on-year.

1%), net profit attributable to mother 400 million yuan (YoY + 13.

1%), net profit after deduction is 2

600 million (YoY + 1.

8%), gross profit margin 36.

1% (YoY-1.

4pct), with a net interest rate of 10.

7% (+0 year-on-year.

6pct).

2019Q2 achieved operating income21.

200 million (+3 year-on-year.

4%), net profit attributable to mother 3.

200 million (+ 10% year-on-year.

7%), net profit after deducting non-return to mother 2.

200 million (YoY + 0.

3%), gross profit margin is 35.

9% (YoY-1.

3pct), net interest rate is 15.

1% (+ 1% year-on-year.

0pct).

The rapid growth of income is mainly due to the weakening demand of the industry due to the impact of real estate. In 2019H1, the net growth of non-returning mothers’ net profit in 2019H1 is slower than the annual income, causing: 1) changes in accounting estimates.

According to the announcement issued by 20190423, the company changed its accounting estimates and reduced the depreciation period of production equipment; 2) Gross profit margin decreased.

Specifically, lowering the price of products; gradually reducing the increase in gross 北京夜网 profit margins and increasing the proportion of distribution channel revenues, leading to a decline in average gross profit margins.

In addition, government subsidies amounted to 84.58 million (48.19 million in the same period last year), which resulted in the increase in net profit attributable to mothers faster than that after deduction.

The commercial business grew faster than the home business sub-channel. 1) The home business: the business most affected by real estate, among which the circulation channel and online channel revenue grew faster than the retail channel.

2) Commercial business: The revenue growth is faster than the home business. The company focuses on application-side research and product development, and continuously improves its comprehensive service capabilities in industrial applications, intelligent solutions, and professional lighting design.

3) Overseas business: The overseas market layout is advancing steadily, continuously deepening localized operations and maintaining growth.

Affected by real estate in the short term, not changing the long-term growth. In the short term, the home business is affected by real estate breakthroughs, resulting in faster overall revenue growth, but the company has taken corresponding measures: to cultivate offline dealers fromThe ability to transform, continuously improve the standardization of store operations, promote the improvement of store operation efficiency, and increase revenue growth in the future.

In the long run, the rapid growth of the industry is conducive to the reshuffle of the industry and the promotion of the concentration of the lighting industry. As the B2C leader in the lighting industry, the company’s scale has continued to increase; at the same time, the company has actively expanded the business field and overseas markets to promoteThe company brings new growth.

Profit forecast We believe that the trend of future consumer upgrades will continue, and the market concentration of the lighting industry will continue to increase. As a leading domestic lighting company, the company will actively expand household and commercial channels. The market share is expected to continue to increase in the future, and its performance will maintain good growth.

We estimate that the company’s net profit attributable to its parent for 2019-2021 will be 9.

8, 11.

0, 12.

8% ten percent, an annual increase of 9.

0%, 12.

4%, 16.

0%.The latest closing price corresponds to PE 22 in 2019.

1x, referring to estimates from home furnishings and kitchen appliances companies, but as the leader in the lighting industry, the company has a solid cascading structure, and the competitive layout breaks down the growth points of kitchen appliances, profits, and profit growth. Therefore, it is certain that the premium will be given to the company in 2019.Worth 29.

9 yuan / share, maintaining the “overweight” rating.

Risk reminders: original substantial price increase; substantial growth in the real estate market; deteriorating competition environment in the industry leading to price wars; weak overall consumer demand; the company’s channel expansion has fallen short of expectations.

BTG Hotel (600258): The decline in the occupancy rate has been narrowed compared with the previous quarter.

BTG Hotel (600258): The decline in the occupancy rate has been narrowed compared with the previous quarter.
Event: The company released its semi-annual report for 2019 and achieved revenue of 39 in the first half.90 ppm / -0.3%; net profit attributable to mother 3.$ 6.8 billion / + 8.14%, net profit after deducting non-return to mother 3.3.6 billion / + 6.twenty two%. RevPAR is under pressure, the drop in occupancy rates has narrowed sequentially, and core product upgrades have continued to advance.The company continued to renovate the existing hotels. As of the reporting period, 武汉夜生活网 the company has completed Home NEO3.0 286 companies were transformed, and core products continued to be upgraded.Due to the upgrading and renovation of closed stores and existing stores, the company’s direct-operated hotel business revenue fell by 2 as well.72%, franchise business continued to grow, realizing annual revenue growth of 9%.98%, supporting the company’s overall revenue is basically flat, new property renewal will definitely reduce the increase in revenue and increase in cost. As Q2RevPAR continues to weaken, each decline is affected by -3.0% increased to -3.6%, but the same-storey average house price adjustment led to a narrower decline in occupancy rate, occupancy rate changes from -2 each time.5 points.Shrink to -2.One, in the second half of the year, the background of the low tourism season overlaps with 杭州桑拿网 the peak tourist season, and operating data is expected to welcome marginal improvement. Accelerate the mid-to-high-end market layout and multi-brand rich product lines.At present, the company has opened 4,117 hotels and 39 opened rooms.800,000 rooms.In terms of the number of stores, mid- to high-end hotels accounted for 18.3%, the number is still below the level of peers (35% in Jinjiang, 36% in Huazhu).At the end of June, the company successively launched mid-to-high-end brands “Yiyue” (Partners Hyatt) and “Jiahong” (Party Chunqiu). The “Yiyi” Hotel is the first phase of the strategic cooperation between the company and Hyatt.It is expected that H1 will land in Shanghai and Beijing in 2020. “Jia Hong” Hotel is committed to meeting the needs of business travel users and aviation practitioners. The first flagship store was officially opened at Hongqiao Airport at the end of June.In addition, the first affiliated company of the company, Jianguo, won the China Southern Airlines Crew Support Project for Beijing Daxing Airport. The project has more than 2,200 operating cabins, which will be the largest high-end hotel operation and management project in Beijing in the next 5 years, which will help increase the company’s market influence of high-end hotel brands.In the context of the transformation of consumption structure and the growing demand for mid-range hotels, the company has continuously upgraded and upgraded its old stores, accelerated store openings and brand cooperation to accelerate the mid-to-high-end market layout and directly drive the company’s performance growth in the future. Acceleration of store openings continued, and industry consolidation under macroscopic pressure, and the share of leading cities accelerated.The number of new stores opened by Q2 company was 159, which increased by 24 in the same period last year. The speed of store opening continued. Among the newly opened stores, 157 were franchised stores, accounting for 98.7%.There are 43 high-end and high-end stores, accounting for 27%, and the product structure tends to be reasonable. Generally, new openings in the hotel industry are concentrated in the second half of the year, and the company is expected to gradually open 800 stores.Although the short-term macro-economy is still under pressure, individual hotels are affected by operating pressures and their joining intentions are enhanced, which is conducive to the further acquisition and integration of leading hotel groups, and the concentration of the domestic hotel industry has accelerated. Investment suggestion: Considering that the company continues to promote the upgrading of its existing product structure, and accelerate the layout of mid- to high-end hotels by multiple means, overlapping and directly-operated hotels enjoy the high flexibility of the industry’s warming-up period, and promote the improvement of marginal operating data in the peak season.Accelerate concentration.We expect the company to achieve operating income of 88-2019.13, 92.69, 101.9.8 billion; net profit attributable to mothers was 9.48, 10.97, 13.1.5 billion, EPS is 0.96 yuan, 1.11 yuan, 1.33 yuan, corresponding PE is 16 respectively.44X, 14.21X, 11.85X.Maintain the “Recommended” level. Risk reminders: 1. Macroeconomic downturn 2. New store expansion slower than expected 3. Risk of franchise management

New Classic (603096): Focus on the main business to consolidate the ability to sell well

New Classic (603096): Focus on the main business to consolidate the ability to sell well

Recommendation logic: 1) The title effect of the general book industry is strengthened, and the company will continue to benefit as a best-seller leader; 2) The company has a brand effect or will be able to continue to attract high-quality talents and copyright resources, thereby selling new books; 3)Construction of its own channels, and the opening of a new Tmall flagship store may bring new growth to the company.

The head effect is strengthened, and the best-seller LTV is higher. As a best-seller leader, the company may continue to benefit.

The open book information shows that the top 1% of the sales volume of the book code foreign contribution rate from 43 in 2014.

7% increased to 54 in 2018.

4%, and showing a growing trend, the head effect is strengthened.

Old books are enduring and LTV is higher. In 2018, the market share of old books in the industry reached 83%, and the proportion is still increasing.

As a leading company in the field of best-selling books, in 2018, the company has 3 books entered the top 10 of the annual fictional best-selling list of the open book, and 12 of them.New Classic has ranked first in Dangdang’s annual supplier sales ranking for eight consecutive years 深圳桑拿网 and is expected to continue to benefit.

Brand effect + high employee motivation + heavy capital investment + leadership perspective, the company’s book planning capabilities are leading, and the ability to create best-selling books is built.

1) The company has a brand effect in the field of general book publishing. According to the information of the open book information, the company’s share of the company is 1 in 2017.

36%, ranking the publishing company TOP2, the company’s foreign share in 2018 is 1.

01%, publishing company TOP3, high platform value may continue to attract employees; 2) the average salary of the company’s employees has always been higher than the industry average, according to wind data, the company’s average salary in 2018 is 180,000 yuan; 3) the company’s outstanding worksThe maximum expected growth rate is 15% -17%, and the company’s prepayment for 2019H1 will reach 2.

300 million, continue to increase the copyright resources; 4) Since the company’s chairman Chen Mingjun founded the new classic in 2002, he has similarly introduced the “Tokugawa Family” and “Lovely Rat Brother” to start the best-selling book journey.

The new Tmall flagship store may bring new growth to the company.

The company set up new classic and love tree official flagship stores in Tmall in 2018Q1.

At present, the Tmall flagship store is in the initial stage of operation. Until the beginning of September 2019, the store attention was limited to 3.

50,000 people, at the same time Jingdong stores reached 250,000 people, which can enhance the potential.

Earnings forecasts and investment advice.

The company’s EPS for 2019-2021 is expected to be 2.

10/2.

25/2.

61 yuan.

Based on 1) China’s book retail market has maintained a steady growth of more than 10%; 2) The company is a leader in literature and children’s best-selling books, has best-selling book planning capabilities, and continues to add copyrights for the first time, giving it an “overweight” rating.

Risk reminders: the risk of rising raw material paper prices, the impact of new media forms, and the risk of policy tightening in the publishing industry.

CITIC Bank (601998) Third Quarterly Report Performance Comment: Faster Growth in Net Profit Forecast Conversion Attraction

CITIC Bank (601998) Third Quarterly Report Performance Comment: Faster Growth in Net Profit Forecast Conversion Attraction

CITIC Bank achieved revenue of 142.4 billion in the first three quarters of 2019, an increase of 17 year-on-year.

3%, realized a net profit of 40.8 billion, an increase of 10 year-on-year.

7%.

The expansion of the company’s asset side led to the growth of net net income, while the interest margin was relatively stable; in terms of net fee income, it achieved rapid growth.

In terms of asset quality, the non-performing ratio was flat at 2Q. The company expanded its provisioning and provisioning ratio and further improved its provision coverage ratio.

The company’s current total budget has both a margin of safety and attractiveness, and also has a dividend rate (about 5%) that is basically the same as that of the major banks. In summary,武汉夜网论坛 we give “buy” investment recommendations.

1-3Q2019 net profit increased by 10.

7% to 40.8 billion.

CITIC Bank released three quarterly reports. In the first quarter of 2019, it realized revenue of 142.4 billion yuan, an increase of 17 year-on-year.

3%, realized net profit of 40.8 billion, an increase of 10.
.

7%, corresponding to annualized ROE12.

6%.

Judging from the company’s 3Q single-quarter results, it recorded a net profit of 12.4 billion, an increase of 12 year-on-year.

3%.

.
Under the background of low base period, the net income of program fees increased rapidly.

From the income side, the first 3Q non-interest income YOY increased by 23.

8% to 55.1 billion. From the main composition, net fee and commission income, the first 3Q recorded 43.1 billion, an increase of 32.

1%, achieving rapid growth, mainly from the base period of the same period last year (negative growth of the same period last year).

Net interest increased by 13.

5% to 87.3 billion.

From the 3Q single quarter results, the net fee and commission income YOY increased by 37.

5% to 14.8 billion, and initial net income increased by 11.

2% to 30.1 billion.

The 3Q index’s net income growth is still driven by scale. We estimate that the interest-earning assets YOY will increase in value11.

4%, QOQ increased by 1.

8%. In terms of interest margin, we estimate that it is basically the same as the level of the same period last year, and the level of 2Q2019 has slightly increased.

Stable asset quality performance: From the perspective of asset quality, as of the third quarter of 2019, the company’s non-performing assets1.

72%, unchanged at 2Q2019, a slight decrease of 0 earlier.

05pct, the provision coverage ratio was 175%, the second quarter of 2019 increased by 10pct compared to the previous quarter, and earlier increased by 17pct.

Looking to the future: From a policy perspective, the current LPR perfection mechanism has been formed. The interest rate sensitivity of the bank’s asset side will increase, and the supervisory layer will guide banks to reduce the financing cost of the real economy.

However, under the current interest rate environment, the cost of market-oriented debt of banks has been reduced, especially those that refuse to account for a higher proportion or benefit from marketization.

Overall, bank spreads are expected to remain relatively stable.

In terms of asset quality, taking into account regulatory requirements for provision coverage (downgrade of the red line for provision) and asset quality identification requirements (increasing requirements for overdue loans identified as non-performing loans), asset quality will actually be more reliable.

Profit forecast and investment suggestions: We expect the company to realize net profit of 49 billion, 53.2 billion in 2019 and 2020, a year-on-year increase of 10.

0%, 8.

6%, currently the potential corresponding PE is 6.
2X, 5.
7X, PB is 0.

67X, 0.

62X, the company estimates the highest, and the dividend rate is high (about 5%). In general, we give “buy” investment advice.

Risk Warning: Macroeconomic Downward Expectations; Narrowing Spreads