Perfect World (002624) 2019 Interim Report Review: Performance Exceeds Expectation, New Products Launch to Ensure Long-term High Growth

Perfect World (002624) 2019 Interim Report Review: Performance Exceeds Expectation, New Products Launch to Ensure Long-term High Growth

The company’s 2019 interim report performance exceeded market expectations, mainly due to the outstanding performance of “Perfect World Mobile Games” and the increase in gross profit margin.

It is expected that the company will launch several well-known IP games such as “The Condor Heroes 2”, “My Origins”, “Dream Collection Cygnus”, “The New Swordsman”, and there are many main theme TV series reservesThe annual performance leads to maintain high growth.

We maintain the company’s EPS forecast for 2019-2021.

63/1.

85/2.

05 yuan, maintain “Buy” rating.

The performance exceeded expectations, and gross margin improved significantly.

The company achieved revenue of 36 in the first half of 2019.

56 ‰, at least -2.

09%; net profit attributable to mother 10.

20 trillion, ten years +30.

50%.

The decrease in operating revenue was mainly due to the divestiture of the cinema line assets during the reporting period (excluding the line business, revenue increased by +12.

44%).

The high growth of net profit attributable to mothers is due to the improvement in gross profit margin. In 2019, the company’s gross profit margin reached 68.

58%, previous + 9%, mainly due to the company’s high gross profit mobile game product growth driven during the reporting period; the company’s marketing / management + R & D / financial expense ratios for the second quarter of 2019 were 9 respectively.

95%, 25.

69%, 2.

30%, +0.

95pct, -4.

69 tablets, -0.

3 points; of which R & D expenses in the second quarter of 2019 were 15.

82%, month-on-month.

5.

Gaming business: Aside from mobile games, mobile games benefited from new product launches and high growth.

Revenue from end-game business during the reporting period, 9.

8.5 billion yuan, at least -15%.

It was mainly due to the contribution of the release of Deep Sea Trek in the same period last year, which caused the displacement of the terminal games in the first half of this year.

The company mainly visits “Xianxian”, and “Perfect World International” remains stable.

“DOTA2” and “CS: GO” still have a certain growth, but it is expected that the front-end of the terminal game business is slightly shifted; the mobile game business reported 重庆耍耍网 a revenue of 16 in the reporting period.

89 ‰, one year +39.

42%, mainly driven by Perfect World Mobile Games.

The “Perfect World” released by the company in Q2 2019 has maintained a high level of flow. According to App Annie data and channel surveys, about 300 million were flown in July.

At the same time, the company’s newly launched “Grand Condor 2” in 2019Q3 currently ranks in the top 10 on the iOS bestseller list.

According to the new game preview of the channel, we expect to release the big IPs such as “New Demon Continent”, “Dream Collection Cygnus”, “New Swordsman”, “My Origin” and other big IPs from the third quarter to the fourth quarter of 2019.Gaming, mobile gaming business year-round outlook maintained high growth.

Film and television business: The film and television business is based on the 佛山桑拿网 main theme, and the performance is expected to remain stable.

During the company’s reporting period, the production of “Little Girl Flowers Never Give Up”, “Youth Fight”, “While We Are Young”, “Building a Dream Love”, “God Dog Seven” third season, “July and Ansheng” and other excellent TV series, harvestedBetter evaluation and ratings.

At the same time, the company also has a number of main theme films, including “Old Tavern”, “Unknown to the Mountain and the Moon”, “Heshan”, “New Year After Year”, “Bihai Danxin”, “Burning” and other works broken down ” 2018?2022 hundred key TV series “, it is expected that the company’s film and television drama business in 2019 will generally remain stable.
Risk factors: game supervision continues to tighten; new product launches are less than expected; film and television business launches are less than expected.

Investment suggestion: The company’s old game products have a stable pipeline. A number of well-known IP mobile games are expected to be launched in the third quarter to the fourth quarter of 2019 to ensure high performance growth.

At the same time, the leading position in the film and television drama business with abundant reserves remained stable.

We maintain the company’s EPS forecast for 2019-2021.

63/1.

85/2.

05 yuan, corresponding to the current PE16x / 15x / 13x, maintaining the “buy” level.

Tongkun Co. (601233) 2019 Interim Report Comments: PTA booming polyester sales surge, performance continues to grow

Tongkun Co. (601233) 2019 Interim Report Comments: PTA booming polyester sales surge, performance continues to grow

Event: On August 16, 2019, the company released its semi-annual report for 2019: to achieve revenue of 246.

3.3 billion, +31 a year.

90%; net profit attributable to mother 13.

90 trillion, +2 for ten years.

16%; Estimated increase in average net asset income by 8.

31%, a decrease of 1 per year.

39 units.

Comments: 1, PTA profit is dazzling. In the first half of the year, the company’s net profit attributable to its mother increased by +2.

16%, in line with expectations.

In the first half of 2019, the company achieved net profit attributable to mothers13.

90 trillion, +2 for ten years.

16%, performance growth rose, stable development.

Mainly due to the gradual release of private 夜来香体验网 refining PX production capacity in the first half of 2019, and the decline in PX prices led to a thickening of PTA spreads and bright profits.

The spread of polyester may be compressed, but the increase in the number of polyester sales and the increase in operating load also contributed to the performance.

In terms of spreads, in the first half of 2019, the average PTA spread was 1,037 yuan / ton, which was +24 per year.

37%, +6 from the previous quarter.

31%.

The average spread of polyester filament POY was 1,329 yuan / ton, up to -11.

73%, compared to -16.

14%; The average price difference of FDY is 1991 yuan / ton, which is +1 for many years.

74%, +9 from the previous quarter.

66%; the average spread of DTY is 3,047 yuan / ton, +10 for ten years.

32%, -3.

55%.

In terms of sales volume, in the first half of 2019, the company’s polyester yarn sales were excellent, achieving 285 polyester yarn sales.

14 Initially, at least +34.

31% of which 191 were POY sales.

39 taxes (excluding taxes and an average fine of 7363.

25 yuan / ton), FDY sales 56.

39 statutory (excluding tax average fine 7948.

87 yuan / ton), DTY sales of 37.

36 statutory minimum tax rate 9018.

12 yuan / ton).

2. The supply and demand of polyester filaments continues to improve, and the company continues to increase its volume, which is expected to fully benefit from the uncertainty of the trade war. The growth rate of polyester filament demand this year is expected to be 5% -7%.

The newly added capacity of the industry mainly comes from leading companies. The concentration of the industry has increased and the competitive landscape has improved.

The company currently has a filament production capacity of 600 tons (Hengbang’s 30-inch has been put into production). In the second half of 2019, the company replaced and increased the production capacity of 60 tons / year filament, and the production capacity reached 660 tons, further occupying the market share.

3. The PTA business climate in 2019 is expected to continue in the PTA industry after many years of slump, production capacity has increased significantly, and the operating rate has steadily picked up.

The gradual commissioning of private refining PX has led to the decline in PX prices and the transfer of profits to PTA and polyester ends.In 2019H1, the center of the PTA spread will rise significantly, and PTA leaders will benefit.

The first phase of the company’s Jiaxing Petrochemical has a capacity of 150 tons of PTA, and the second phase of 220 tons of PTA project has been put into operation at the end of 17th, and the PTA self-sufficiency is basically realized at present.

4. Tongkun Yangkou Port Petrochemical Polyester Integrated Project Expansion and Expansion On February 14, 2019, the company issued an announcement saying that it would divide the Tongkun Group (Yangkou Port) Petrochemical with Jiangsu Rudong Yangzui Port Economic Development Zone Management Committee.”Polyester Integrated Project Investment Cooperation Agreement”, plans to invest 16 billion US dollars in Yangkou Port Economic Development Zone to build a new annual output of 2 * 250 into PTA, 90 into FDY, and 150 into POY projects. The first phase of construction is expected to start in 2019From December to December 2022, the construction of the second phase will start from December 2023 to December 2025.

The project intends to adopt INVISTA’s PTA P8 + global leading technology, which has the characteristics of high operational stability, strong production capacity, and the lowest equipment, to realize the transformation and upgrade of integrated production.

At the same time, the project will increase the self-sufficiency rate of PTA in the company’s downstream companies after the project is put into production, and produce differentiated fiber products with higher added value, further increasing the market share.

5. Tongkun Co., Ltd. intends to issue convertible bonds for the first time On March 14, 2019, the company announced that it will publicly issue convertible corporate bonds with a scale of no more than RMB 2.3 billion.Simulation fiber project and annual production of 30 additive green fiber project.

Before the raised funds are in place, the company will use self-raised funds to pay in advance according to the actual situation of the project progress, and replace them after the raised funds are in place.

The company’s annual output of 50 numerical sensors intelligent super-simulation fiber project has obtained a fixed ownership certificate on May 27, 2019.

At present, the application materials for convertible bonds have been submitted to the CSRC for review.

6. Share in Zhejiang Petrochemical and realize the integrated layout of the industrial chain. The company shares 20% of the shares in Zhejiang Petrochemical. The first phase of the Zhejiang Petrochemical Refining and Chemical Refining Capacity for 2000 / year includes 400 tons / year PX and 140 tons / year ethylene.

After the project is put into production, the company will realize the entire industrial chain layout of “PX-PTA-polyester filament”, with both scale advantages and advantages of the entire industrial chain. At present, the first phase of the project has been put into trial operation.

7. Investment rating and estimation: It is estimated that the company’s net profit attributable to the parent in 2019/20/21 will be 30 respectively.

74/51.

10/57.

89 ppm, corresponding to 8/5/4 times the PE, maintaining the “highly recommended” level.

8. Risk warnings: changes in the macroeconomic environment; fluctuations in prices of raw materials and products; risks of industrial chain extension and development; safety and environmental 杭州桑拿 protection risks; continued growth in costs

Hailan House (600398) 2019 Interim Review: Major Brands Stable, New Brands Maintained High Growth

Hailan House (600398) 2019 Interim Review: Major Brands Stable, New Brands Maintained High Growth

Investment Highlights The company released its 2019 interim report and achieved revenue of 107.

2.1 billion (+7.

07%), realizing attribution / deduction of non-net profit 21.

25/19.

90 trillion, each year +2.

87% /-2.

51%.

Q2 achieved revenue of 46 in a single quarter.

3.3 billion (+9.

58%), and the growth rate increased QoQ (Q1 + 5).

23%), and realized non-net profit attributable to mothers / deductors9.

16/8.

36 trillion, each year -2.

08% /-9.

42%.

The gap between the growth rate of income and profit is mainly due to the increase in the amortized bond index, and the increase in the expenses of “boys and girls” or new brand incubation expenses consolidated in 18Q4.

The growth of the main brand accelerated, and the new brand grew rapidly.

①Hailan House Series 19H1 achieved income of 86.

28 trillion, ten years +5.

05%, the growth rate increased sequentially (19Q1: 2.

16%).

The growth was mainly due to the expansion of channels. The proportion of stores increased by 152 at the end of 18 to 5,449, of which direct sales / affiliate stores were 250/5199 (+ 69 / + 83).

The store efficiency remained stable, and the main brand is expected to increase by about 2%.

The previous gross profit margin was the highest +1.

17PCT to 44.

56%, mainly due to the increase in the proportion of direct sales channels benefiting from high gross profit (18H1 / 19H1 ratios were 2 respectively.

9% / 6.

3%).

② Aiju Rabbit achieved income5.

4.7 billion (-9.

79%). The decrease in revenue was mainly due to the continuous optimization of the channel structure (street stores shifted to shopping malls and shopping centers), with a net decrease of 40 stores to 1,241.

At the same time the gross profit margin was -16 years.

54PCT to 12.

50%, mainly due to the weak consumption of women’s clothing in the first half increased due to the strength of terminal discounts.

③Hailan Select / AEX / OVV / boys and girls have achieved rapid growth, the expected income is + 321% / + 238% / + 625% / + 50% +, while contributing a total of 3 income.

08 thousand yuan.

In addition, San Keno performed solidly and achieved revenue9.

36 trillion, ten years +12.88%.

Expansion of direct sales channels drove a substantial increase in revenue, and e-commerce made efforts to improve Q2 on the new platform.

① Offline 19H1 achieved revenue of 94.

8.3 billion (+7.

18%), of which direct channel revenue increased by 132.

91% to 5.

94 million, mainly benefited from the number of stores exceeding +291 to 408, an increase of 248.

72% (a net increase of 117 in 19H1).

Revenue from franchise channels increased by 3.

45% to 88.

90 trillion, the number of its stores increased by 1352 to 7,332 each year, of which 19H1 net increase of 78.

② Online income 5.

820,000 yuan (+0.

28%), Q2 is faster than Q1 (Q1 / Q2 increase is -5 respectively.

9% / 5.

95%), mainly benefiting from the company’s active development of social e-commerce platforms, increasing brand traffic entry, effectively converting social traffic into company fans and customers, and improving customer experience and stickiness.

Gross profit margin continued to increase, and cost growth resulted in a slight decrease in net profit margin.

The company’s gross profit margin increased by 1.

08PCTs to 41.

67%, mainly benefiting from the increase in gross profit margin of the main brand with 80% of revenue (+1.

17PCTs).

In terms of expenses, the sales expense ratio increased due to the increase in direct-operated stores in the short term1.

61 PCT to 9.

27%. The management expense ratio (including R & D expenses) increased by 0 due to the increase in employee compensation and depreciation booths.

98PCT to 5.

4%.

At the same time, there was a total increase of 56.69 million yuan in fair value changes, mainly due to the shareholding of Jiangsu Bank and the appreciation of transactional financial assets brought about by investment wealth management income.

Taken together, the company’s net margin was -0 for ten years.

93 PCT to 19.

7%.

Inventory scale was effectively controlled, and cash flow from operating activities was reorganized.

The company’s inventory balance was 88.

42 trillion, excluding the consolidation factor, the scale of the main brand’s inventory fell by about 1 billion to about 6 billion compared with the beginning of the year, which was mainly due to the increase in the main brand’s replenishment rate under the company’s refined order management.

Therefore, the inventory turnover days during the same period are also -23 days to 264 days compared with the beginning of the year.

The balance of accounts receivable and bills for the same period was 7.

91 trillion, +14 from the beginning of the year.

97%, mainly due to the increase in shopping malls and shopping mall stores, and the channel has an accounting period.

In addition, net cash flow from primary operating activities was 4.

99 ppm, Q1 / Q2 is 12 by season.

22 / -7.23 ppm, net cash expenditures for Q2 operating activities, mainly due to the reorganization caused by the centralized settlement of some franchised stores and payment of the split payment.

Overall, cash flow is expected to remain stable.

Profit forecast and investment advice.

The leading domestic brand of men’s men’s wear of the main brand is solid, and the product power is enhanced by creating explosive models (2019H1 cooperation IP makes trouble in the palace department, new products are quick-drying models, etc.), and at the same time, the efficiency of the supply chain is improved (enhancing support for core suppliers, improving product quality andThe proportion of replenishment orders), inventory structure improvement, channel optimization (increased proportion of shopping mall stores) is expected to maintain stable growth.

The strong performance of the new brand helped the company’s performance to grow steadily.

In 武汉夜网论坛 addition, the consolidation of Ying’s in the second half of the year is expected to contribute approximately 5 trillion revenue and 3 million net profit to the company.

In the long run, the company has played a platform role, promoted the informatization layout, continued to optimize the channel structure and deepened the cooperation with core suppliers, in order to continuously improve the efficiency of the supply chain and the synergy of multi-brand operations, and forged strong competition barriers for the company’s long-term development.

At the same time, the company’s underestimated high yield can also bring deterministic returns to investors.

The 2019/20/21 results are expected to be 37.

2/40.

1/42.

80,000 yuan, the corresponding EPS is 0.

83/0.

89/0.

95 yuan, corresponding estimates are 10/9/8 times, maintain “Buy” rating.

Risk warning: weak consumption, sales exceeded expectations; new brand cultivation is not up to expectations.

Rongsheng Development (002146): Steady growth and more active land

Rongsheng Development (002146): Steady growth and more active land
Event Rongsheng Development released the semi-annual report for 2019: the company achieved operating income of 243 in the first half of 2019.61 ppm, an increase of 25 in ten years.65%; net profit attributable to mother is 29.44 ppm, an increase of 31 in ten years.05%; estimated average return on net assets increased by 8.11%, an annual increase of 0.01 single; basic profit income 0.68 yuan. The carry-over of opinions has accelerated, and the semi-annual performance growth is eye-catching.In the first half of 2019, the company realized operating income of 243.61 ppm, an increase of 25 in ten years.65%; net profit attributable to mother is 29.44 ppm, an increase of 31 in ten years.05%.In the first half of 2019, the company’s gross sales margin reached 30.44%, net sales margin reached 11.83%, down 2 every year.9 levels, but still at the upper level in the industry.As of the first half of 2019, the company received advance accounts 877.64 ppm, an increase of 8% in ten years, is 1 of 18 years of revenue.56 times, a definitive replacement for future company performance. Sales grew steadily and investment remained positive.In the first half of 2019, the company achieved sales of 465.7.8 billion, an annual increase of 16.16%; sales area 422.700,000 square meters, an increase of 9 in ten years.85%; the average selling price is 11019 yuan / square meter, an annual increase of 5.74%, showing a trend of rising volume and price.In the first half of 2019, the company added 63 new projects and planned new construction area of 654.20,000 square meters, an increase of 37% in ten years; the amount of land acquisition is 225 million US dollars, an increase of 111% in one year, and the amount of land acquisition accounts for 48% of the sales amount (combined with monthly operating data).As of the end of the first half of 2019, the company’s land reserves totaled 40.6 million square meters, with a corresponding value of about $ 450 billion, which can meet the company’s development needs for about three years. Investment suggestion: Rongsheng develops rich soil reserves, speeds up land acquisition, 杭州桑拿 and focuses resources on the Beijing-Tianjin-Hebei, Yangtze River Delta, and Pearl River Delta regions. The value ushers in a revaluation opportunity; the company’s rapid turnover, multiple brands, and cost control to ensure sales performance;+ Kanglv + Finance + X “is expected to further highlight the synergy of diversified business.We expect the company EPS to be 2 in 2019-2021.23, 2.85, 3.58 yuan, corresponding to 3 PE.76, 2.93, 2.34 times, maintain “Buy” rating. Risk reminders: industry sales fluctuations; policy adjustments leading to operational risks (shed reform, restructuring, budget policies, etc.); changes in the financing environment (mortgages, development loans, interest rate adjustments, etc.); corporate operational risks (personnel changes, construction, land acquisition, etc.)The risk of exchange rate fluctuations; the monetization of the shed reform is not up to expectations.

GAC Group (601238): Guangfeng still achieved relatively high growth rate and was affected by destocking in June, which dragged down the growth rate in July

GAC Group (601238): Guangfeng still achieved relatively high growth rate and was affected by destocking in June, which dragged down the growth rate in July

Core view Guangben’s sales growth in July was mainly affected by the unlisted Fit 6 model.

Guangben sold 5 in July.

190,000 vehicles, at least 8 per year.

6%, including 5180 units of Fit sold in July, 15601 units sold in June, a decrease of 10,421 units, mainly due to the unavailability of Fit 6 vehicles; the cumulative sales of 44 from January to July

640 thousand vehicles, an average increase of 12 in ten years.

8%, still higher than the industry average growth rate.

From the retail situation, sales of Guangben in July were 5.

560,000 units, higher than wholesale sales; cumulative sales from January to July were 43.

620,000 vehicles, an increase of 11 in ten years.

2%; retail sales have maintained high growth.

In terms of specific models, the July retail sales of Accord and Lingpai models exceeded 10,000.

Affected by the supply of some national 6 aircraft, it is expected that the sales growth rate of Guangben will try to fall in the second half of the year.

Benefiting from the launch of Raleigh’s new car, Guangfeng’s sales volume in July still achieved a high growth rate.

Guangfeng sold 6 in July.

200,000 vehicles, an increase of 21 per year.

3%, the growth rate increased by 12.

Five singles; the initial release was the replacement of Lei Ling sales, an increase of 7,445 vehicles in July, a cumulative sales of 37 from January to July.

320,000 vehicles, an increase of 21 every year.

8%, much higher than the average growth rate of the industry.

From the perspective of the retail side, Guangfeng’s cumulative sales from January 杭州桑拿网 to June were 30.

640,000 vehicles, an increase of 18 in ten years.

4%, retail sales are expected to maintain a high growth rate from January to July.

With the replacement of Ralink’s new car on the market, it is expected to maintain a high growth rate in the second half of the year.

GAC Auto’s July sales decrease was mainly affected by the July sales of Guo5 vehicles overstocking in June.

GAC self-owned brand sales in July 2.

660,000, 35 in the past ten years.

1%; mainly because in June the national 5 car destocking overdrawn part of the July demand.

Cumulative sales from January to July 21.

350,000 vehicles, 30 in the past ten years.

9%.

In July, GAC Trumpchi’s GS3, GS4, GS7, GS8, and GM6 models were launched on the new National Six. With the official launch of the new models and the passenger car industry expected to stabilize in the fourth quarter, GAC’s autonomous sales are expected to improve sequentially.

The financial forecast and investment recommendations are expected to be 1 in 2019-2021.

12.1.

27, 1.

44 yuan, with reference to comparable company estimates, given the company 13 times PE in 2019, with a target price of 14.

56 yuan, maintain BUY rating.

Risk warning: The sales of GAC passenger vehicles, Guangfeng, Guangben, and Guangfeike are lower than expected risks, and the demand of the passenger vehicle industry exceeds expected risks.

Ningbo water meter (603700): industry leader NB-IOT IoT smart water meter upwind

Ningbo water meter (603700): industry leader NB-IOT IoT smart water meter upwind

Leading water meter industry, smart water meters have grown rapidly.

The product category is complete, covering almost all market needs, and customer concentration is scattered.

Leading technology industry, drafting multiple industry standards.

Revenue growth has accelerated, and the proportion of smart water meter sales has increased year by year, from 19 in 2015.

79% increased to 39 in 2018.

41%, the gross profit of smart water meters has exceeded that of mechanical water 武汉夜网论坛 meters.

It is expected that from 2019, the sales revenue of smart water meters will exceed that of mechanical water meters.

The current full production and sales, the IPO raised an additional 4.05 million smart water meter production capacity, after the commissioning of smart water meter production capacity will exceed 6 million units, the overall production capacity exceeds 14 million units, mechanical and smart water meter production capacity will become the largest enterprises.

The water meter market share exceeded 10% in 2018. Through the rapid growth of smart water meters, the market share has begun to increase.

NB-IoT is written into the 5G standard, and smart water meters are facing the wind.

3GPP further resets and upgrades the NB-IoT protocol, which is a part of the 5G standard.

The three major operators’ NB-IoT 武汉夜网论坛 base stations have basically achieved national coverage.

The policy outline puts forward clear requirements for “three supply and one industry”, “one household, one meter”, pipe network district metering and leakage management, and meter rotation.

At present, the leakage rate of urban public water supply networks in cities and towns is still above 20%, and the policy requires that it be controlled within 10% by 2020.

In early 2019, the State Administration of Market Supervision and the Ministry of Housing and Urban-Rural Development strengthened the rotation management of the “three tables.”

It is believed that the annual market space for smart water meters may exceed 8 billion, of which the NB-IoT smart water meter is the focus.

Smart water meters have increased requirements for delivery and technology, and the industry’s concentration may be further improved.

Earnings Forecast: Expected 2019?
2021 operating income is 13.
.

82, 17.

87, 23.

71ppm, three-year compound strength is 32%; net profit attributable to mother is 2.

15, 2.

84, 3.

86 trillion, three-year composite strength of 41%; EPS is 1.

37, 1.

82, 2.

47 yuan, corresponding to 2.

The 3-day closing price of PE was 17.

50, 13.

22, 9.

74 times.

Maintain “Buy” rating and give the company 20 times PE in 2020, corresponding to a market value of 56.

80 ppm, with a six-month target of 36.

41 yuan, 51% growth space.

Risk warning: systemic risk; risk of appreciation of RMB exchange rate; risk of fluctuations in raw material prices.

Sinopharm Uniform (000028) 2018 Annual Report and 2019 First Quarterly Report Review: Performance Growth Recovers Pharmacy Specialized Layout Continues to Advance

Sinopharm Uniform (000028) 2018 Annual Report and 2019 First Quarterly Report Review: Performance Growth Recovers Pharmacy Specialized Layout Continues to Advance

Core Views The 苏州夜网论坛 company’s performance in 2018 and the first quarter of 2019 resumed steady growth; the professional layout of stores continued to advance, and the impact of allocation was gradually eliminated; the internationalization process pushed the profitability to a new level.

Continue to recommend and maintain the “overweight” rating.

  The results of 2018 and the first quarter of 2019 resumed steady growth, in line with expectations.

The company achieved revenue of 431 in 2018.

22 ppm, a ten-year increase4.

51%; net profit attributable to mother 12.

11 ppm, an increase of 14 in ten years.

46%; net profit of non-attributed mothers is 11.

76 ppm, an increase of 13 in ten years.

57%; net operating cash flow 13.

23 ppm, a ten-year increase2.

90%; realized earnings per share 2.

83 yuan, an annual increase of 14.

57%.
四川耍耍网

In a single quarter, 2018Q4 achieved revenue, net profit attributable to mothers and net profit attributable to non-mothers 113.

56 billion / 2.

8.4 billion / 2.

70 ppm, an increase of 13 each year.

73% / 11.

42% / 10.

67%.

2019Q1 achieved revenue of 118.

7.9 billion, net profit attributable to mother 3.

00 ppm, an increase of 15 each year.

82% / 2.

53%, revenue maintained a high growth rate, net profit is expected to be mainly affected by the dilution of NUS Pharmacy’s equity.

The company’s zero-integration integration strategy has begun to materialize, and its profit growth has been steadily and rapidly in line with expectations.

  The expansion of stores has steadily advanced, and the expansion of specialized layouts has continued.

The reported baseline (2018, the same below) NUS Pharmacy achieved operating income of 108.

78 ppm (including franchise stores), an increase of 8 per year.

45%; Net profit 3.

02 ppm, an increase of 15 in ten years.

10%.

  Gross profit margin of the retail sector23.

03%, down by 1 every year.

59%.

The company reported that it continued to make efforts to extend its strength, and successively acquired high-quality assets such as Shanxi Zhongao Pharmaceutical, Inner Mongolia Tongren Pharmacy, Taiyuan Tongxinliguo Pharmacy, and further consolidated the company’s northern region’s leading advantage.

As of the end of the reporting period, the total net increase of stores was 441 to 4,275, of which 3202 were directly operated stores, with sales revenue of 100.2 ‰, an increase of 9 in ten years.

87%; 1073 franchise stores, distribution income 11.

83 ppm, a six-year increase of 6.

25%.

In the baseline report, there were 474 new direct-operated stores and 75 closed stores, a net increase of 399.

In 2018, the company’s professional store layout accelerated, including 58 to 361 hospital-side stores, 302 to 1,213 chronic disease stores, 61 retail stores and 23 medical clinics, and 83 medical insurance stores.

4%.

The report pointed out that the company has leveraged the advantages of zero-biology, and the growth of collected varieties has increased by 20% each year. In the future, the company ‘s strategy of hospital stores and retail clinics will gradually improve the outflow of hospital prescriptions brought by the classification of pharmacies.

  The impact of redeployment was gradually eliminated, and the distribution sector resumed high growth.

As of the end of 2018, the company’s wholesale business realized operating income of 327.

5.7 billion, an annual increase of 3.

92%; realized net profit of 7.

16 ppm, an increase of 11 in ten years.

89%.

Revenue and net profit growth in the second half of the year increased significantly, and the gross profit margin of the wholesale business7.

09%, an increase of 1 over the same period last year.

58PCTs, which reflects the gradual elimination of the impact of the allocation business on the distribution sector.

With the further advancement of the two-vote system, the company, as a leading pharmaceutical distributor in the two regions of Guangdong and Guangxi, will benefit the most from the increase in industry concentration and increase the deviation in revenue and profit scale.

With the gradual expansion of value-added services such as the distribution of high-value consumables and in-hospital services, the profitability of the segment is expected to improve significantly.

  Starting the internationalization process, profitability is expected to go one step further.

In July 2018, the global retail giant Walgreens Boots Alliance acquired the acquisition of 40% of NUS Pharmacy.

The forthcoming large-scale proportion of overseas counterparts as strategic investors, and is committed to learning international advanced management concepts, information technology, supply chain management, bringing comprehensive operating efficiency, pharmaceutical service capabilities and diversified category management capabilities to NUS Pharmacy.Upgrading and gradually achieving this cooperation will help NUS Pharmacy develop an international perspective. In the future, it is expected to promote the internationalization of products by investing in overseas high-quality resources and other means to make the layout global.

In the medium and long term, the growth space and overall profitability of NUS Pharmacy will be even higher.

  Risk factors.

Industry growth forecast, excessive competition leading to reduced gross profit margin risks, retail medical insurance change risks, etc.

  Profit forecast and estimation.

The company distributes NUS Pharmacy, a leading domestic pharmacy chain company, and further strengthens the commercial layout of the Guangdong and Guangxi regions, and future growth is expected.

Adjust the company’s EPS forecast for 2019-2020 to 3 in conjunction with the company’s annual report.

27/3.

80 yuan (the original forecast was 3).

05/3.

61 yuan) and increase the forecast for 2021.

58 yuan, taking into account the significant development space of NUS Pharmacy in the future, maintain the “overweight” level.

Funeng shares (600483): Thermal power performance significantly improved due to poor wind conditions

Funeng shares (600483): Thermal power performance significantly improved due to poor wind conditions
Event: The company released its 2018 annual report and achieved operating income of 93.54 ppm, an increase of 37 in ten years.57%, achieving net profit attributable to mother 10.5 ppm, an increase of 24 in ten years.52%, in line with Shen Wanwanyuan’s expectations.The company released operating data for the first quarter of 2019, and achieved wind power generation in the first quarter5.300 million kWh, a reduction of 5 per year.53%. Key points of investment: The consolidation of six branches of plants + the rise of Hongshan’s thermal charge price helped the company’s revenue to grow significantly.The company acquired 51% of Guizhou China Resources Liuzhi Project (1.32 million kW) in 2018Q1 and contributed 64 long-term power generation.1.7 billion kWh, driving revenue growth.At the same time, Fujian’s electricity consumption in 2018 increased by 10 years in the past ten years.5%, the growth rate ranked first in the coastal provinces, Hongshan Thermal Power in 2018 achieved 70 power generation.02 billion kilowatt-hours, 5835 hours of utilization hours, an increase of 536 hours per year; realizing supply growth of 30 or more.38%.After the merger in the second half of 2017, Fujian Province has successively increased the impact of on-grid electricity 北京夜网 prices of thermal power units, and Hongshan Thermal Power achieved net profit in 20184.390,000 yuan, an increase of 47 in ten years.twenty two%. The performance of wind power sector was lower than expected, and the performance of gas power sector increased significantly.In 2018, the company only put into operation a wind power project of 50,000 kilowatts. The project construction progress exceeded expectations. At the same time, it was subject to 2018. Wind conditions were not as good as in previous years. The company gradually reduced the number of wind power utilization hours by 145 hours and realized a net profit in the wind power sector4.22 trillion, a decrease of 8 a year.31%.Jinjiang Gas & Power started trading alternative fuels in 2018Q3, and the company’s net profit in the second half of the year increased significantly from the previous quarter, and was gradually completed24.7.3 billion kWh replacement indicator.At the same time, benefiting from the increase in the on-grid electricity price in Fujian Province and its return to the initial stage, the company’s on-grid electricity price increased for a long time.77%, Jinjiang Gas and Electricity gradually realized a net profit of 41.38 million yuan, an annual increase of 176.36%. Period expenses have previously increased, and investment income has increased significantly.Affected by the consolidation of the six branches of China Resources and the expansion of financing scale, the company’s total management expenses in 2018 were 1.83 ppm (excluding the impact of R & D expenses), an increase of 26 per year.62%; financial expenses 4.07 million yuan, an increase of 60 in ten years.08%. In 2018, the company’s equity participation in Quanzhou Thermal Power, Shishi Thermal Power, China Resources Wenzhou Thermal Power and Straits Power Generation increased the average net profit, driving the company’s revenue investment to increase to 2.22 ppm, an increase of 128 in ten years.41%.Strait Power is jointly established by the company and the Three Gorges Group (the company holds 35% of the shares). The main army is Fujian Offshore Wind Power Development. At the end of 2018, it was approved to have a 300,000 kilowatt project in Changle Offshore A.The offshore wind power projects in Gulf F and other regions have been gradually put into operation through the above-mentioned installed capacity, and the company’s investment income has been promoted to a new level. Offshore wind power construction is expected to accelerate, and it is expected that the installed capacity will be put into operation and wind conditions will be improved.The Fujian Provincial Development and Reform Commission approved the company’s Changle Offshore Offshore Wind Farm Area C project at the end of 2018. The project construction scale is 498MW, which is the company’s third offshore wind power project after the Pinghai Bay Area F (200MW) and the Shicheng Offshore Wind Power Project (200MW).The National Energy Administration issued a document in May 2018 requesting that from 2019 onwards, all newly approved centralized onshore and offshore wind power projects bid online, and the approval of the new Changle Offshore Area C project bidding online impact of new regulations, the online power price still implements benchmark power prices0.85 yuan / kWh, except for profitability.The company’s wind power construction progress in 2018 is slightly lower than expected, and the company is expected to realize the grid connection of some wind turbines in the Fuzhou project of Shicheng Heping Bay in 2019, and it is expected that the construction conditions of Changle Offshore Area C project will be adopted during the year. According to the company’s wind conditions in the first quarter of 2019, the company has achieved wind power generation in the first quarter5.300 million kWh, a reduction of 5 per year.53%, looking forward to the subsequent acceleration of offshore wind power construction and improvement of wind conditions. Earnings forecast and grade: In view of the gradual downward adjustment, we have raised the company’s net profit forecast for its mothers for 2019-2020 to 13, respectively.69, 16.61 ppm (13 before adjustment.19 and 15.4.6 billion), plus 2021 attributable net profit forecast to 18.4.7 billion, currently corresponding to PE 11, 9, and 8 times.The company is a leading clean energy company in Fujian Province. As of the end of 2018, the company approved 900,000 kilowatts of offshore wind power, of which 400,000 kilowatts were under construction, and there is huge room for subsequent growth. Maintain the “Buy” rating.

Op Lighting (603515): Revenue growth under pressure to continue to distribute channels

Op Lighting (603515): Revenue growth under pressure to continue to distribute channels

Performance summary: The company released the semi-annual report for 2019, and the report actually achieved revenue 37.

80,000 yuan, an annual increase of 7.

1%; net profit attributable to mother is 40,000 yuan, an annual increase of 13.

1%; net profit after deduction is returned to the mother 2.

60,000 yuan, an annual increase of 1.

8%; non-operating profit or loss is mainly due to government subsidies increased by 3639 compared with the same period last year.

10,000 yuan.

In Q2, it achieved revenue of 21 in a single quarter.

20,000 yuan, an annual increase of 3.

43%; net profit attributable to mothers3.

2 ten percent, an increase of 10 per year.

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

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

3%.

Revenue growth was under pressure, and weekly cash shifts were poor.

The report summarizes that the company’s revenue growth is under pressure, and we believe that the downturn in the home market caused by the real estate cycle is the main factor.

The company’s inventory turnover days reached 61 days, and the operating cash flow also deteriorated to a certain extent. We believe that it is mainly due to the increase in the proportion of e-commerce and the increase in the accounting period.

Expenses were effectively controlled, and profits rose steadily.

2019H1 gross profit margin 36.

1%, falling by 1 every year.

4pp.

In terms of expenses, selling expenses were 19.

4%, down by 1 every 杭州桑拿 year.

8pp; combined with the impact of non-recurring profit and loss, the company’s comprehensive net interest rate is 10.

7%, increase by 0 every year.

5pp.

Strengthen channel layout, improve operating system and service capabilities.

At the end of the reporting period, the company established more than 3,500 retail stores, 120,000 hardware outlets, and multi-platform online channels in all tiers of markets, covering channels to third- and fourth-tier cities and towns.

In the retail channel, the company provides professional training to sales staff to improve store service capabilities and channel conversion to improve active marketing capabilities; in the distribution channel, the company achieves effective coverage of township outlets so that the current township outlet coverage rate exceeds 50%, which can achieve 都市夜网 high qualityThe proportion of outlets increased; online channels, the company continued to carry out the strategic layout of multi-platform and multi-category, and won the first place in the list of good living in the Tmall platform “live broadcast carnival” in the first half of the year.

Increase investment in research and development, and improve research and development capabilities and product quality.

In 2019, the company invested in R & D expenses1.

3 ten percent, an increase of 29 per year.

7%.

The company has established an advanced technology management platform, independently developed smart city serialized systems, true colored lights and LED beam lights, wall washer lights, root beard lights and other customized lamps and lanterns. It has achieved technological breakthroughs in optical design and optical systems, and improvedThe company’s comprehensive research and development strength and product quality.

Earnings forecasts and investment advice.

We slightly adjusted the company’s EPS for 19/20/21 to 1.

38/1.

63/1.90 yuan.

The corresponding PE is 22/18/16 times, maintaining the “overweight” level.

Risk Warning: Global asset allocation and overseas market development risks, risks caused by changes in exchange rates, risks of changes in raw material prices, risks of fluctuations in actual sales

Spring Airlines (601021): Standard aviation leader has both growth and defense

Spring Airlines (601021): Standard aviation leader has both growth and defense

Investment suggestion: Spring Airlines adheres to the target operation strategy, and has the lowest fleet cost of ownership, thereby minimizing the company’s unit cost and strong ability to resist risks.

We forecast Spring Airlines’ EPS for the year 19/20/21 to be 2.

02/2.

28/2.

45 yuan, corresponding to the current expectation of 21.

6/19.

2/17.

9x PE; The company benefited from mass aviation travel, insisted on revenue optimization and cost control, and had both growth and price increase expectations. It was given 25 years in 19 years.

The price-earnings ratio is 7 times, the target price is 52 yuan, and the rating of “strongly recommended-A” is maintained.

Demand for low-cost airlines has grown strongly, and tighter permits have created a spring-autumn advantage.

The current aviation market is broad and there is room for penetration. At the same time, affected by supply-side reforms, private airlines have increased entry barriers and tightened aviation permits. Spring and Autumn Airlines, as a leading low-cost airline leader, has a penetrating first-mover advantage.+ The competitive landscape has gradually improved.

Significant revenue management, strict control of costs to build a deeper moat.

The company readjusted its revenue management policy in accordance with the market environment to realize the conversion of load factor to RASK.

The 18-year RASK was zero.

37 yuan, + 6% in the past, but the load factor is only less than 1.

55pct, continued to advance through future reforms, and the revenue has been extended.

The company’s refined management capabilities are reduced, and it benefits from a single scale, a young fleet, a high direct sales ratio, and a low man-machine ratio. The company’s unit operating cost + three fees is the lowest among listed airlines, and the moat is deep.

Affected by oil exchange, it gradually weakened and its defense attributes increased.

As the absolute fuel cost of statutory airlines is smaller, the risk of oil price fluctuations is also smaller.

The company has the advantage of high load factor, so the fuel surcharge has a better ability to transfer the rising cost of oil prices (coverage rate of 92% in 2018).

The Spring and Autumn US dollar debt returns (about 1/10 of the three major airlines), while using the budget for exchange rate hedging, foreign exchange risk measurement, exchange loss gains only account for 1 of profit.

74% (about 30% for the three major airlines).

杭州夜网论坛
The company’s overall oil exchange risk is relatively small, gradually weakening, and its defense attributes are reset.

Regional development has boosted demand and the competitive landscape has gradually improved.

With the integration of the Yangtze River Delta into a national strategy, the addition of the Belt and Road Initiative and the expansion and upgrading of the free trade zone, the three major strategies are resonating forward. Shanghai will become the global focus. Spring and Autumn will be based on the two games in Shanghai, and the layout of relevant areas will benefit from demandPromotion, growth attributes are significant.

At the same time, spring and autumn participation in China Southern Airlines is expected to increase, which is expected to enhance the ability to obtain time and improve the competition pattern in South China.

Risk warning: macroeconomic growth, substantial increase in oil prices, civil aviation accidents and occasional disasters.