Ping An of China (601318) commented in the 2019 Interim Report: profit growth exceeded expectations and end-to-end fixed value development

Ping An of China (601318) commented in the 2019 Interim Report: profit growth exceeded expectations and end-to-end fixed value development

Investment Highlights Ping An’s zero return growth of net profit in the first half of 2019. The profits and investment income released by the tax reduction policy increased compared with the same period of the previous year. At the same time, the growth rate of operating profits affected by alternative short-term factors also slightly exceeded the market.expected.

The company’s net profit attributable to mothers was 9.77 million yuan in 2019H1, a year-on-year increase of 68.

1%, the initial expected growth includes: 1.

The tax reduction policy will pay more than 104 in 18 years.

$ 5 million is released as profit this year, and tax cuts have also contributed to this year’s profit growth; 2.

The performance of the investment side was much better than the same period of last year. The total investment income of insurance assets reached 102.6 billion, an increase of 94 over the same period.

5%, Ping An’s use of IFRS9 accounting standards has also increased changes in investment income.

Under the influence of short-term factors such as alternative investment, the company’s operating profit for H1 2019 increased by 23.

8%, also higher than market expectations.

The life insurance liability end as a whole was in line with expectations. New policy premiums were affected by product mix adjustments and a high base. There was a negative growth, but the value rate of new business increased significantly, and the value of new business also achieved positive growth.

The company’s 2019H1 life insurance 佛山桑拿网 individual business new order scale premium growth rate was -7 in half a year.

The decrease of 1% was mainly due to the company’s Q1 initiative to adjust its product structure and focus on the operation of high-value products. As a result, the sales volume of Q1 annuity insurance fluctuated. Looking at Q2 alone, the growth rate of new orders was basically the same as that of the same period last year, and marginal improvement.

In addition, the high base last year is also one of the reasons for the replacement of new orders.

The optimization of the product structure has increased the company’s new business value rate in 2019H1 by 5 per year.

7 singles, driving new business value increase4.


In terms of manpower, the number of individual insurance agents at the end of 2019H1 was 128.

60,000, down 9 from the 武汉夜网论坛 end of last year.

3%, the main reason for the decline was the company’s voluntary removal of substandard agents.

Looking ahead to the second half of the year, we expect the margins of the company’s debt side to continue to improve, with a focus on changes in hostages and quantities and on the product side.

The insurance industry’s premium income grew steadily. The comprehensive cost ratio increased slightly, and the decrease in effective tax rate significantly increased the profit of property insurance.

The company’s premium for property insurance business in 2019H1 will increase by 9 per year.

7%, basically the same as the industry growth rate, and the comprehensive cost reached 96 again.

6%, rising by 0 every year.

Eight averages, of which the expense ratio has decreased and the payout ratio has increased.

In terms of different types of insurance, the increase in the comprehensive cost ratio of automobile insurance and guaranteed insurance, which has a relatively high revenue share, is the leading factor in the rise of the company’s comprehensive cost ratio of property insurance.

Affected by the tax reduction policy, the effective tax rate of the company’s property insurance business in 2019H1 (without considering the 18-year reversion) is 21%, which has gradually decreased by 20 percentage points. Combined with the 18-year income reversion, the company’s property insurance business has realizedNet profit was 11.9 billion yuan, an increase of 100 in ten years.


Looking into the second half of the year, under the influence of the continuous increase in the scale of supervision, the proportion of property and insurance company’s fee expenses will still decline, and profitability is expected to continue to increase.

The asset allocation mainly increased the proportion of stocks and funds, and the better performance of the investment side drove the growth of profits and EV.

The company’s 2019H1 mainly increased the proportion of stocks and funds (+1.

1 per share), and long-term equity investments have also increased (+0.

2 averages).

The 2019H1 investment end performed well, driven by the recovery of the capital market, with a net investment return rate and a total investment return rate of 4, respectively.

5% (decade +0.

3 averages) and 5.

5% (ten years +1.

5 averages).The better performance of the investment side drove the growth of profits and EV, and short-term investment increased by 13 billion yuan, accounting for 18% of the net profit attributed to the mother.

4%; investment return difference in EV increments is 157.

6 ppm, accounting for 14 of the EV increase.


We slightly adjusted the company’s EVPS to 66 in 2019, 2020 and 2021.

51 yuan, 80.

06 yuan and 95.

85 yuan, EPS is 8 respectively.

16 yuan, 9.

28 yuan and 11.

49 yuan to 2019.


At 15 closing prices, the corresponding PEVs are 1.


08 and 0.

9, the corresponding PE is 10.


30 and 7.

51. We give a prudent overweight rating.

Risk warning: New single premium income is lower than expected, interest rates are down, and investment income is lower than expected.

China Merchants Highway (001965): excellent corporate governance, performance is both stable and growth

China Merchants Highway (001965): excellent corporate governance, performance is both stable and growth

Investment Highlights Event: China Merchants Highway released its 2019 Interim Report, and the company achieved operating income of 36 in the first half of 2019.

880,000 yuan, an increase of 35 in ten years.

18%; net profit attributable to mother 23.

10,000 yuan, an increase of 14 in ten years.

38%; net profit after deduction to mother 22.

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


Among them, the net profit attributable to the mother in the second quarter was 12.

$ 7.4 billion, an increase of 12 per year.

41%, an increase of 12.


Basic income is 0.

3725 yuan, an annual increase of 14.


Performance 深圳SPA会所 is in line with our expectations.

  Comment: Outward mergers and acquisitions have resulted in increased expressway revenue and operating profit growth of 24%: The investment and operation segment is the company’s main contribution point in revenue and profits. The company’s expressway operation segment consolidated toll revenue in the first half of 2019 was approximately 24.

1 ppm, an increase of 28 in ten years.

The revenue growth was mainly at 6% in April 2018. In July and July, the company consolidated the Yuqian, Shanghai-Chongqing Expressway, and Fufu projects, leading to an increase in toll revenue in the first half of 2019 compared to the same period last year4.

600 million US dollars, excluding this factor, the company’s constant toll revenue from property production increased by 3.


In the photovoltaic 苏州桑拿网 sector, each photovoltaic power generation achieved grid-connected power in the first half of the year.

2.5 billion kWh, revenue from power generation1.

90,000 yuan, an increase of 3 in ten years.

1%, 2.


On the whole, the investment and operation segment realized operating profit.

7 ppm, an increase of 24 in ten years.

3%, an increase of about 3 per year.

1 ppm, which supplements and consolidates the items in Table 3 to increase operating profit2.

50,000 yuan, constant high-speed and photovoltaic projects increase operating profit by about 0.

6 ppm, an increase of 5% in about ten years.

  Risk Warning: Changes in the highway industry policy, new acquisitions are less profitable than expected, and the macroeconomic downturn affects toll income.

Jiantou Energy (000600): Falling coal prices, profit margins, flexible electricity price reform, price increase space

Jiantou Energy (000600): Falling coal prices, profit margins, flexible electricity price reform, price increase space

A brief evaluation of performance The company achieved operating income of 101 in the third quarter of 2019.

79 ppm, a reduction of 0 per year.

68%, net profit attributable to mother is 4.

64 ppm, an increase of 63 in ten years.


Operating analysis Coal prices continue to decline, and profit elasticity is gradually released: 2019 coal prices continued to decline after a slight rebound in the first quarter. At present, Qinhuangdao thermal coal prices have fallen to 572 yuan / ton, which is 13 yuan / ton lower than the average price in the fourth quarter of last year.17 yuan / ton lower than the average price in the first quarter of this year.

The company is the main thermal power generation enterprise in Hebei Province. The fourth quarter of Hebei Province is located in the peak season, which is the period of release of the company’s main performance. At the same time, the company ‘s share of the company ‘s net profit decreased in the third quarter and the company ‘s investment income decreased.Slow, but the company’s main thermal power business has been significantly affected. It is expected that coal prices will continue to decline in the fourth quarter, and continued growth in fuel costs will increase and increase company profits.

A good supply and demand structure 佛山桑拿网 brought by unique location advantages: 9 power generation companies controlled by 1H2019 have completed a total of 199 power generation.

2.6 billion kilowatt-hours, 185 completed grid-connected electricity.

At 8.8 billion kWh, the average utilization hours of generating units was 2,555 hours, which was higher than the national average utilization hours of thermal power of 489 hours.

The average on-grid price of the company’s holding power generation company is 317.

59 yuan / MWh, an increase of 0 in ten years.


The unique location advantage of Hebei Province brings a good supply and demand pattern, which is further transformed into the company’s advantage in average generation time and increase in average on-grid electricity prices.

Marketization + floating price enhances profit certainty and helps the thermal power sector forecast return: Under the dual-track system of “market coal, regulating electricity”, the PE power level of the thermal power sector varies between 8-38 times, which leads to PE’s estimated guidance for the overall thermal power sector.weak.

We believe that after the coal power reform policy is introduced, the electricity marketization + floating price pricing mechanism will be conducive to the stable change in the profitability of thermal power, enhance the public utility attributes, change the sector investment logic, and the sector PB is expected to change from the current zero.

99 times increase to PB estimate 1.


7 times.

Investment Suggestions We estimate the company’s revenue in 2019-2021 to be 150,162,17.1 billion, and the net profit attributable to the mother is 8.

11, 9.

69 and 11.

86 trillion, EPS is 0.

45, 0.

54 and 0.

66 yuan, corresponding to PE of 11, 9 and 8 times in 2019-2021, maintain “Buy” rating.

Risks suggest that the decline in coal prices did not meet expectations; the benchmark electricity price was lowered; and the scale of Hebei’s outsourced electricity purchases expanded.

China Southern Airlines (600029) 2018 Annual Report Comments: Performance Meets Expectations Double Hub Leader Set Off

China Southern Airlines (600029) 2018 Annual Report Comments: Performance Meets Expectations Double Hub Leader Set Off

Core point of view The strong disturbance of the oil price exchange rate dragged down the company’s performance, and the decrease in the deduction of foreign exchange profits narrowed to 11.


The company quickly promoted the “Guangzhou-Beijing” layout, and the dual hub leader set sail again.

Baiyun Airport always leads the front line in heavy volume, as the main base airline company may obviously benefit.

The expected demand for supply has improved, and the layout window may come.

In 2018, the company’s net profit attributable to its mother decreased by 55%, and the maximum decline in the deduction of foreign exchange profits narrowed to 11.


In 2018, the company realized operating income of 14.36 million yuan, a year-on-year increase of 12.

7%; realized net return / deduction of non-net profit is 29 respectively.

8 billion / 23.

400 million, down 49 every year.

6% / 55.

1%; the corresponding return is 0.

28 yuan, the gross profit margin was relatively reduced by 1.

9 to 10 pieces.


Among them, Q4 achieved a 10% increase in revenue.

8% to 347.

3 billion, net profit may be 11.

900 million, at least 2017Q4 may be 11.

The 400 million scale expansion may be caused by the decrease in Q4 demand company RASK by 1%.

Oilseed disturbances dragged down performance in 2018.


Domestic and international passenger-kilometer revenue also increased by 1.

9%, 5.

4%, load factor increased by 0.

2pct, the three rates will be reduced by 1.


The company’s ASK increased by 12 in 2018.

0%, the net introduction of 86 aircraft increased by 11.

4%, the growth rate of operation and investment is ahead of the three major airlines.

Passenger load factor increased by 0.

23pct to 82.

4%, of which domestic and international routes rose by 0.


26 points.

Passenger-kilometer revenue was more than flat, with domestic and international routes both increasing by one.

9%, 5.4%, international line revenue improved significantly.

The company’s operating costs increased by 15 in 2018.

2% to 1286.

100 million, higher than the growth rate of income 2.


Affected by exchange rate losses and an increase in average borrowing surplus, financial expenses have increased by an additional 355 per year.

7% to 51.

100 million, but 夜来香体验网 the three rates after deduction of foreign exchange fell by 1 year-on-year.

1 to 9.


In 2018, the company’s exchange loss was 1.7 billion, the price increase or contributed to nearly 70% increase in aviation fuel costs, and the cost of deducting fuel per unit kilometers was downgraded4.


The company’s exchange loss in 2018 was 17.

400 million significant drag on performance, the exchange gains in the same period of 201717.

900 million, a decrease of 35 previously.

3 billion.

As of March 28, the receipt of the exchange rate between the Japanese currency and the US dollar was 6.

74, an earlier appreciation of 2.

0%, contributing a positive improvement for the time being.

In 2018, the company’s jet fuel cost increased by 34.

6% to 429.

2 billion, the increase in jet fuel prices is expected to contribute nearly 70% increase.

The company’s oil deduction costs increased by 7 in 2018.

4%, the unit deduction cost of oil is reduced by 4 per year.

2% to 0.

27 yuan, cost control continues to advance.

The departure of the dual hub layout will benefit Baiyun Airport from time to time, and demand will improve or transition.

On March 6, the Civil Aviation Administration of China announced 10 international routes to Beijing Daxing Airport. The company quickly promoted the “Guangzhou-Beijing” dual hub layout, and the route network, especially the international route layout, may have improved significantly.

The average daily flight volume at the main base Baiyun Airport in the summer and autumn of the 2019 season increased by 4.

8 pieces to 6.

5%, always leading the first-tier airport.

The average daily volume of international flights at Baiyun Airport increased by 15.

3%, international acceleration companies may benefit significantly.

B737MAX8 has suspended airworthiness certification, and may account for more than 30% of the company ‘s net introduction of aircraft in 2019, for delivery or upgrade.

The adjustment of the Beijing World Garden Festival and the May Day holiday will stimulate or accelerate the improvement in demand. April may be the starting point for the upward trend of demand.

Risk factors: The macroeconomic downturn exceeded expectations; the RMB depreciated sharply; international oil prices have grown rapidly.

Earnings forecasts, estimates and investment ratings.

The oil exchange turmoil in 2018 dragged down the company’s performance, and the maximum decrease in foreign exchange deduction margins narrowed to 11.

We adjusted our net profit forecast for 2019-2021.
4 billion / 88.

600 million / 98.

1 ppm (previous forecast was 7.8 billion / 87 trillion in 2019-20, and it will be new in 2021), with a slight adjustment of 19/20/21 to 0.



80 yuan.

B737MAX8 may account for more than 30% of the company ‘s net introduction, which will benefit Baiyun Airport’s heavy volume at all times, and demand will improve or change.

Maintain “Buy” rating.

Huaqiang Fangte (834793): Financing capacity supports future expansion speed

Huaqiang Fangte (834793): Financing capacity supports future expansion speed

The company’s recent situation The CSRC has accepted Huaqiang Fangte’s “IPO and listing on the GEM” materials to comment on unique theme park models: 1) Huaqiangfang’s specific location is a theme park in China’s third and fourth tier markets, avoiding the theme of first and second tier marketsThe fierce competition in the park can also benefit from the demographic dividend of the third and fourth tier markets in China.

2) In the “2018 Global Theme Parks and Museums Report” released by AECOM, Huaqiang Fangte ranked fifth in the world with 42.07 million tourists, which is the fifth consecutive year.

The # 1 Disney Group visitor in 20181.

With 5.7 billion person-times, Huaqiang Fangte’s tourist volume reached 27% of Disney’s.

3) Disney usually uses IP. Huaqiang Fangte uses Chinese traditional cultural stories as IP and uses special film technology to perform interpretation. This reduces the knowledge of IP creation and can be copied in batches, which has the advantage of business model.

Rapid expansion requires a lot of funds: 1) Huaqiang Fangte has built 20 theme parks across the country. The company plans to quickly build 30-40 in the next few years. We expect to build 4 themes in Jiayuguan, Changsha, Handan, Jingzhouparadise.

The company also looks forward to overseas expansion.

2) The theme park is an asset-heavy project.

In 2018, the company had 1 billion fixed assets, accounting for 56% of total assets; depreciation of fixed assets accounted for 18% of total revenue.

3) The company’s future planning requires a large 无锡桑拿网 amount of asset investment.

The company raised funds in 2016 and 2017.

As the financing capacity of the new three editions declines, the company needs to realize new financing through IPO.

The company is currently planning an IPO and the shares have been suspended.

Due to a three-year audit, the company has recently made error adjustments to the three-year statements for 2016, 2017, and 2018 (the net profit adjustment is small and not significant).

On June 20, the China Securities Regulatory Commission disclosed that the China Securities Regulatory Commission had revoked the materials of Huaqiang Fangte Culture and Technology Group Co., Ltd.’s IPO and listing on the Growth Enterprise Market.

It is estimated that the EPS forecast for 2019/20 is maintained at 0.


03 yuan.

Maintain Outperform rating and 深圳桑拿网 target price of 16.

00 yuan, corresponding to 18x / 16x 2019 / 20e P / E, 19% increase space.

The company currently expects 15x / 13x 2019 / 20e P / E.

Risks and severe weather; the animation industry is developing less than expected; international theme parks have accelerated their entry into China.

Tianqi Lithium (002466) Semi-annual Report Comment: Lithium salt production capacity is gradually put in

Tianqi Lithium (002466) Semi-annual Report Comment: Lithium salt production capacity is gradually put in

I. Event Overview Tianqi Lithium Industry released its semi-annual report for 2019 on the evening of August 22.

Report the core company’s operating income 25.

90 ‰, a decrease of 21 per year.

28%; net profit attributable to mothers1.

9.3 billion, a year-on-year decrease of 85.

twenty three%.

Second, the analysis and judgment of the lithium base period effect dragged down the performance. Profit growth is expected to bottom out during the year. The trend of the report will suddenly drop in 2019H1.

47% to 61.

07%, of which the lithium ore business cost is stable but revenue, gross profit margin decreased slightly, revenue decreased by 9.

76%, gross margin blood pressure 2.

52 good to 73.

64%, maintaining a high gross profit margin level; the average price of lithium compounds and derivatives suddenly fell by 46.

With a 55% impact, revenue fell 27.

48%, operating costs rose 16.

77%, gross margin decreased by 17.

95 up to 52.


In our opinion, the company holds the world-class high-quality spodumene mine Thalesen and the highest-grade brine area SQM, which effectively locks the impact of upstream raw material costs; the current price of lithium compounds continues to be limited, and the company must overcome its ability to resist price fluctuations.

At the same time, the impact of the lithium carbonate price base period is gradually eliminated, and the profit growth rate is expected to rebound at the end of the year.

The impact of financial expenses continues to ferment, multi-channel financing to improve funding pressure, and non-main income, due to financial management income, hedging and other factors led to increased investment income.

11%, driving non-operating income consumption growth by 13.

13%, while non-operating costs remained stable.

On the expense side, financial expenses and R & D expenses increased, of which the company completed the acquisition of SQM (23.

77%) increase of $ 3.5 billion in M & A loans, resulting in a large increase in financial costs (666.

26%); the company increased investment in research and development, R & D costs rose by more than 231.

97%; while sales expenses and management expenses increased relatively stable by 9 respectively.

83% 天津夜网 and 3.

twenty one%.

The company intends to repay the debt pressure through various fundraising channels such as corporate bonds and convertible bonds. If the issue is successful, it is expected to effectively reduce the pressure on funds.

The company is deeply cultivating the lithium salt industry chain, and its performance potential is constantly being released. The upstream resources and production capacity continue to expand. The Thalesen Phase II and Phase III projects are expected to be put into production in the third quarter and 2020, respectively, and will increase production capacity to 134 Euros / year (LCE16).

8 seconds), 180 seconds / year (LCE22.

5 initial).

At the same time SQM (25.

86% equity) actively expand production. The company plans to expand its lithium carbonate production capacity to 1成都桑拿网2 digits / year and 18 digits / year by 2019 and 2021.

In the context of rising resource output, downstream lithium salt processing production lines have also been gradually put into operation, and the two-phase lithium hydroxide project at Quinana (total of 4).

8 initial), Suining lithium carbonate project (2 initial) will also gradually release capacity in 2019.

Zhangjiagang Base and Shehong Base are expected to increase their production capacity and efficiency after the technological transformation.

At the same time, the long-term long-term supply agreement between the subsidiary and LG Chem locks in long-term demand. The company deeply cultivates the lithium salt industry chain and has the advantages of high-quality resources and capacity scale, and certain pricing power in certain industries.

As the price of lithium carbonate has gradually stabilized, the demand represented by new energy vehicles has gradually increased, and the release of long-term capacity has promoted the company’s performance.

Third, the investment proposal considers that the company gradually improves the layout of the lithium industry chain, the penetration rate of new energy vehicles downstream has gradually increased, and the current price of lithium carbonate has gradually stabilized.



54 yuan, corresponding to the current sustainable PE is 15/12 / 10X.

At present, the price-earnings ratio of Tianqi Lithium is in the low quantile position of 27% since listing, and it is given a “recommended” rating.

Fourth, risk warning: lithium prices fell more than expected, downstream demand exceeded expectations

Jiantou Energy (000600): 19H1 is in line with expected counter-cyclical attributes

Jiantou Energy (000600): 19H1 is in line with expected counter-cyclical attributes

19H1 is in line with expectations, optimistic that coal prices will accelerate downward and 19H1 companies will achieve 69 revenue.

700 million (previously +1.

5%), to achieve net profit attributable to mother 3.

9.2 billion (previously +108.

2%), net of non-attributed net profit3.

8 billion (previously +112.

6%), with a profit forecast for Air Force performance 3.

9.1 billion were basically the same, with performance in line with expectations.

The company’s Q2 single-quarter net profit attributable to its mother was 79.23 million yuan, which turned around every year.

As a leading coal-fired power company in Hebei, the company’s unit price of standard coal entering the furnace in 19H1 continued to drop by 5.

At 4%, we are optimistic that the 19H2 coal price will accelerate downward and the company’s profit is expected to continue to improve.

Maintain 19-19 profit forecast8.



600 million, the company is expected to BPS6 in 19 years.

50 yuan, refer to the comparable company’s 19-year average P / B ratio of 1.

1x, giving the company 19 years 1.


2x target P / B, corresponding to target price 6.


80 yuan, maintain “Buy” rating.

The income in the second quarter was under pressure, and the counter-cyclical nature showed that the company achieved revenue of 28 in the second quarter alone.

9.6 billion, down by 1 every year.

9%, realized net profit attributable to mothers 79.23 million yuan (repeated 12.1 million yuan in the same period last year), net profit attributable to non-mothers deducted 74.18 million yuan (19.19 million yuan in the same period last year)

Benefiting from the decline in coal prices, the company Q2 smoothly reversed its losses during the period of revenue. During the hours of downward use, the decline in coal prices changed, and the counter-cyclical nature appeared.

In the first half of the year, the company’s standard coal price was 613.

31 yuan, down 5 before.

4%, 19Q1 / Q2 Qingang Q5500 power end coal average price is only 602/609 yuan / ton, continuous decline of 98/19 yuan / ton, July to date (2019/8/23) Qingang Q5500 power end coal price only590 yuan / ton, temporarily down 48 yuan / ton (-7.

5%), the trend of coal prices in the peak season is not strong again.

We judge the company’s 19H2 results are expected to continue to improve with the decline in coal prices.

Maintaining good expense control and improving efficiency significantly increased the company’s financial expense ratio in 2Q19, and the management expense ratio achieved effective decline.

The company’s financial expenses in the second quarter of 19 4.

4%, a decline of 0 per year.

49 points, management cost 4.

6%, down by 1 every year.


The company effectively controlled expenses while operating profit continued to improve, and its operating efficiency continued to improve.

As of the end of June 19, the company’s asset compensation was renewed.3%, a decline of 0 per year.

75pct, keep the business stable.

In addition, the company announced on July 25 that the company’s proposed acquisition of the group’s 上海夜网论坛 power assets had not been approved by the Securities and Futures Commission’s M & A and Reorganization Committee, and the potential dilutive BPS incident was lifted.

In addition, the holding power plant of No. 1 Thermal Power Plant has successfully completed 168 trial operation of commercial operations on July 9. The integration of 2 * 350,000 kilowatts of Zunhua Thermal Power plant will help smooth commissioning and increase the company’s profit margin.

Maintain profit forecast and maintain “Buy” rating. We are optimistic about the accelerated decline of 19H2 coal price, and the company’s profit is expected to continue to improve.

Maintain 19-19 profit forecast8.



600 million, the company is expected to BPS6 in 19 years.

50 yuan, with reference to comparable company’s 19-year average P / B ratio of 1.

1x, giving the company 19 years 1.


2x target P / B, corresponding to target price 6.


80 yuan, maintain “Buy” rating.
Risk reminder: Coal prices fell less than expected, reducing utilization hours / risk of falling electricity prices.

Shanxi Fenjiu (600809) 2018 Annual Report Review for the First Quarter of 2019

Shanxi Fenjiu (600809) 2018 Annual Report Review for the First Quarter of 2019

Matters: The company published 18 annual reports and 19 quarterly reports, and the company realized revenue of 93 in 18 years.

82 trillion, an increase of 47.

48%; net profit attributable to mother 14.

67 trillion, with an increase of 54.

01%, in line with previous performance indicators.

Of which 18Q4 realized income of 24.

6.6 billion, an increase of 63.

83%, net profit attributable to mothers2.

03 trillion, with an increase of 38.


1Q1 achieved revenue of 40.

5.8 billion, an increase of 20.

12%; net profit attributable to mother 8.

7.7 billion, an increase of 22.


Retrospective adjustments caused 18Q4 revenue to accelerate month-on-month, and the performance of cash flow indicators was dazzling.

The company achieved revenue of 24 in 18Q4.

6.6 billion, an increase of 63.

83% QoQ (+30.

58%) accelerated significantly, and the growth rate in 19Q1 slowed down (+20.

12%), mainly because the Group’s Xinghuacun brand was merged into the joint-stock company in December, and readjusted, resulting in a higher base in 18Q1.

At the same time, considering the quarterly differences caused by the Spring Festival, 18Q4 + 19Q1 revenue growth also increased by 47.

54%, maintaining a high growth momentum.

In terms of different products, middle- and high-priced liquors in 2018 achieved income 57.

39 trillion, with an increase of 47.

44%, of which the growth rate of blue and white series is expected to be more than 60%, Laobaifen is about 27%, and Panama is about 27%.

Low-priced liquor realized income 32.

300,000 yuan, an increase of 47.


Realizing income from formula wine3.

39 trillion, with an increase of 51.

14%, sales reached 5159.

19 tons, an increase of 31.


Among them, Bfen increased by about 36% each year.

In 19Q1, the blue-and-white and Buffin series grew faster, and the tasks were better in the first quarter.

By region, the province realized income in 201852.

8.7 billion, an increase of 37.44%; realized income outside the province 40.

21 trillion, the same increase of 63.

56%, with an income share of 42.

86%, the same increase of 2.

95 points.

The company’s 2018 advance accounts were 16.

53 trillion, with an increase of 7.

41 trillion, a ring increase of 8.

660,000 yuan, the account received in advance in 19Q1 was 12.

03 trillion, ring minus 4.

500 million.

The company’s 18Q4 and 19Q1 repayments were 29.

42 ppm and 56.

6.3 billion yuan, an increase of 50%.

26% and 153.


Net operating cash flows were 6.

1.7 billion and 25.

0.5 billion, an increase of 354.

94% and 842.

99%, the cash flow indicator is very dazzling.

19Q1 expenses increased, operating capacity remained stable.

The company’s gross profit margins in 2018 and 19Q1 were 66.

21% (-3.

63pct) and 71.

94% (0.

99pct), among which the decrease in gross profit margin in 2018 was mainly due to the merger of the Group’s personalized brands in the early 18th year with the joint-stock company. This series of products are mainly based on low-end wines, which lowered the overall gross profit margin.

The selling expense ratio was 17 in 2018 and 19Q1.

34% (-0.

55 points) and 20.

74% (3.


Among them, the proportion of advertising fee income in 2018 was 7.

81%, same minus 0.

88 points.

The management expense ratios are 6.

83% (-2.

21 points) and 3.

96% (0.

25pct).The business tax and surcharge are 19 respectively.

14% and 13.

43%, same as minus 1.

36 points and 2.

91pct, of which the consumption tax restructuring in 201815.

84%, the same minus 0.

09 points.

To sum up, the company’s net profit margin was 16 in 2018.

63%, unchanged from last year, with a net profit margin of 23 in 19Q1.

25%, same minus 0.


Intensify the development of incremental markets such as East China and actively seek in-depth cooperation with China Resources.

In 2019, the company clearly pointed out that the development concept has shifted from the emphasis on market sales performance to the emphasis on market quality, eliminating the early performance of the market.

Continuously optimize the market layout, increase the expansion of incremental markets such as East China, “cross the Yangtze River, cross East China, and occupy Shanghai”, use the East China market to drive other incremental markets outside the Shanxi market, and accelerate the nationwide layout.

Strengthen brand building efforts, comprehensively upgrade the “walking Fen Jiu”, domestic and foreign markets make concerted efforts to continue to promote the company’s brand power.

At the same time, we will accelerate the reform and unify to achieve the overall listing. It is expected that the overall listing of the group will be achieved this year.

In addition, we actively strengthened in-depth cooperation with China Resources and actively coordinated channels and resources with China Resources in the company’s weak areas. At present, both parties have conducted in-depth exchanges on management strategies.

The company will promote sales of the company’s products through Snowflake’s channels and increase sales in China Resources Vanguard.

We believe that the company’s cooperation with China Resources has taken a substantive step. In the future, the cooperation between the two parties will be deepened. It is expected that the incremental increase in weak markets will be more obvious.

Investment suggestion: Considering that the company’s development philosophy has shifted from performance-oriented to quality-oriented, it is effective to eliminate the early growth of the market, so that healthy and healthy growth is worth looking forward to.

We add the 21-year forecast and slightly adjust the 19-20 EPS to 2.



10 (Originally predicted as 2.


84) yuan, corresponding to PE is 26/21/18 times.

Considering the company’s good healthy growth momentum, maintain a target price of 71 yuan, corresponding to 27 times PE in 20 years, and maintain a “strong push” level.

Risk warning: macroeconomic downside risks; increased competition risks; demand is less than expected.

Hongqi Chain (002697) Company Express: Channel Expansion Drives Revenue Growth

Hongqi Chain (002697) Company Express: Channel Expansion Drives Revenue Growth
The company disclosed three quarterly reports.The company achieved revenue of 58 in the first three quarters.88 ppm, a ten-year increase of 7.82%, net profit attributable to mothers4.0.6 million yuan, an increase of 58 in ten years.69%, the basic profit income is about 0.3 yuan.The company achieved revenue of 20 in the third quarter.58 ppm, an increase of 11 years.59%, net profit attributable to mothers1.69 ppm, a 67-year increase.51%. Investment expansion Channel expansion drives revenue growth, Q3 supermarket main business growth is expected to gradually increase: the company Q1, Q2, Q3 achieved revenue growth rate 2 respectively.7%, 9.2%, 11.6%, the company ‘s channel expansion accelerated in the first half of the year, and the new stores gradually exerted their efforts to promote the third quarter revenue growth.The company achieved net profit growth of 45 in each quarter.7%, 56.8%, 67.5%, the third quarter profit growth rate is close to the performance forecast upper limit.The company invested in Xinwang Bank to promote the realization of investment income of associates and joint ventures by approximately 1 in the first three quarters.2.6 billion.Excluding this item, the Hongqi chain supermarket business is expected to achieve a profit growth rate of about 30 in the first three quarters.6%, the increase in direct procurement ratio and food CPI promoted the supermarket business growth of about 35 in the third quarter.6%, a growth rate of 27 in the first half.3% further increase. The proportion of direct procurement and imported goods pushed up the gross profit margin, and the accelerated expansion of channels affected cash flow: In terms of profitability, the increase in direct procurement ratio and food CPI increased the company’s gross profit margin in the first three quarters.08pct to 30.The 05% sales expense ratio rose slightly in the short term, the management expense ratio increased slightly, the financial expense ratio decreased slightly, and the total expense ratio increased slightly by 0.26 points to 24.19%, long-term equity investment value changes bring investment income, and eventually the company’s net interest rate increases.22pct to 6.90%.In terms of cash flow from operating activities, the company’s cash inflow from operating activities increased annually in the first three quarters.58%, the growth rate is basically the same as the revenue growth rate, and the reported continuous cash increase is 13.2%, the final net cash flow from operating activities was 51.14 million yuan, with a breakthrough decline each year, mainly due to the accelerated expansion of channels to make Q1 net cash flow from operating activities negative. Value-added services are effectively diverted, accounting for 深圳桑拿网 nearly 50% of the total: The Hongqi chain store close-packing model guarantees effective contact with residents, through telephone recharge, payment of utilities, television fees, sales of automobile train tickets, and bus card recharge, etc.Way for effective drainage.According to the China Chain Store & Franchise Association, the Red Flag Chain joined about 130 in 2018.500 million yuan, of which value-added business sales revenue 62.800 million, value-added services accounted for nearly 50%, effective drainage of other categories of goods. Regional high market share builds pricing power and maintains the company’s high gross profit margin: Due to the close-packing model, Hongqi Chain has been included in the higher market share of the Chengdu supermarket market. If it is estimated by the urban area of Chengdu and suburban 杭州夜网 counties, and assumes revenueThe ratio is the same as the sales ratio. We estimate that the company’s market share in Chengdu in 2017 will be about 50%.The scale of the market leader and the pricing power of Hongqi Chain in the regional market maintain the gross margin level of Hongqi Chain over peers. Investment suggestion: Hongqi Chain is a convenience supermarket based in Chengdu, which effectively drains value-added services, and builds pricing power with a high regional market share.The expansion of the company’s channels has promoted the growth of scale, and the increase in the direct procurement ratio has led to a rapid rise in the net profit margin of supermarkets.We predict that the company’s annual revenue from 2019 to 2021 will be 0.34, 0.38 and 0.43 yuan.Return on net assets were 15.4%, 15.3% and 15.1%.At present, the company’s PE (2019E) is about 24 times, and the “Buy-B” recommendation is maintained. Risk Warning: There is uncertainty about the expansion of stores outside Chengdu; the development of e-commerce and subway may have an impact on value-added services.

Oriental Fashion (603377) Annual Report and First Quarterly Commentary: Off-site Projects Steady Progress in Driving Leading Performance

Oriental Fashion (603377) Annual Report and First Quarterly Commentary: Off-site Projects Steady Progress in Driving Leading Performance

Event: The company released its 2018 annual report and 2019 first quarter report.

In 2018, it achieved revenue of 10.

51 ppm, a reduction of 10 per year.

41%; net profit attributable to mother 2.

23 ppm, a reduction of 5 per year.

twenty three%.

The basic return is 0.

38 yuan, intends to distribute a cash dividend of 2 for every 10 shares.

0 yuan (including tax).

In Q1 2019, we achieved revenue 2.

10,000 yuan, a decrease of 5 per year.

73%; net profit attributable to mother 0.

2.9 billion, an annual increase of 108.

26%; non-net profit attributable to mothers is 0.

500,000 yuan, a year of 54 reduction.


The decrease in profits was mainly due to Beijing’s policy to dissolve non-capital functions, population migration, and other reasons, which caused the company’s revenue and profits to decline.

In addition, the foreign investment subsidiary’s large-scale investment in the early stage and the amortization of subdivision amount dragged down nearly 30 million results.

The city’s market share in Beijing continued to increase, and its expansion in other places steadily advanced.

In 2018, the Beijing campus realized operating income8.

57 trillion, a decrease of 10 a year.

82%; Yunnan campus realized revenue of 9887.

650,000 yuan, an increase of 15 in ten years.

73%; Jingzhou campus realized revenue of 6055.

870,000 yuan, an annual increase of 48.

64%; Shijiazhuang Campus achieved revenue of 2759.

580,000 yuan, a decrease of 118 per year.


In 2018, the market shares of Beijing, Kunming, Shijiazhuang, and Jingzhou were 35% and 11 respectively.

7%, 3.

8%, 37.

4%, the company’s competitiveness in various regions has been increasing year by year.

In addition, Shandong Zibo, Hubei Wuhan, and Chongqing projects are expected to be delivered and operated in May 19, August 19, and May 20, respectively. The operation of the three major projects will bring a significant increase in operating income.

Exploring new models 杭州桑拿 in the field of integrated automotive services, with endogenous and two-way development.

At present, the company has expanded its business into the field of comprehensive automotive consumer services, expanded profit margins, diversified industry operating risks, and gradually realized diversified and coordinated development.

In addition, the relevant industrial chain resources to which the actual controller belongs are rich, which will provide a good boost for the company’s development.

Give “overweight” investment rating.

At present, the driving training market has huge space, obvious regional division and fierce competition, and reduced market concentration. It has formed a cross-region leading enterprise.In the future, the industry will accelerate integration and mergers and acquisitions. As a leading company in 佛山桑拿网 the industry, the company is expected to further increase the concentration and share the gains in the driving market.

Give the company 0 in 2019-2021.

43 yuan, 0.

46 and 0.

The profit forecast of 52 yuan corresponds to 41 times, 37 times and 33 times PE, giving an “overweight” investment rating.

Risk reminder: Beijing’s driving training market is accelerating, and the expansion in other places is not up to expectations.