Month: March 2020

Zhou Dasheng (002867): Operating results in line with expectations Stores continue to expand rapidly

Core point of view: The performance of the first quarter of 19 was in line with expectations. The store continued to expand rapidly. The company released the first quarter report of 2019, and achieved operating income of 10 in the first quarter of 19.

97 ppm, an increase of 17 in ten years.

04%; net profit attributable to mother 1.

0.94 million yuan, an increase of 20 in ten years.

81%; deduct non-net profit 1.

850,000 yuan, an increase of 23 in ten years.

16%, in line with our expectations.

In the first quarter of 19, the number of franchised stores increased by 88 to 3,161, and the number of self-operated stores decreased by 6 to 296. The total number of stores reached 3,457, maintaining the pace of expansion.

Benefited product optimization The gross profit margin continued to increase, driving the net profit rate upward 1Q19 The company’s gross profit margin continued its upward trend and increased by 2.

44pp to 37.

35%, mainly due to the increase in the proportion of franchise and product innovation.

The sales expense ratio decreases by 0 every year.

57pp to 12.

43%; the management expense rate increases by 0 every year.

69pp to 2.

53%, mainly due to the increase in additional incentive fees, the net interest rate increased by 0.


The company’s net operating cash flow during the reporting period was -3.

US $ 300 million, mainly due to the slow return of self-operated stores, increased sales at the marketing headquarters, and increased microcredit.

We are optimistic about the company’s transition from channel dividends to management and brand dividends. Maintaining the previous channel dividends of buy rating companies lies in seizing the first-mover advantage in third- and fourth-tier markets and fully enjoying the third- and fourth-tier city dividends.

At the present stage, the performance of the store combing and franchisees after the survival of the fittest is accelerated, the number of closed stores is reduced, and the speed and quality of store openings are significantly improved.

The company is also continuously strengthening its product and management advantages. The 2018 annual report for the outlook for 2019 directly points to the construction of the operating system and the strengthening of product research and development, including increased investment in advertising marketing, the establishment of product research 深圳丝袜会所 and development centers to increase the proportion of original products, and self-employment informatization.Open up shared inventory, comprehensive upgrade of store image, etc.

We believe that the company has significantly long-term similar enterprises in the output of the franchise system management standards, which will help the company to transition from channel dividends to management and brand dividends in the future.

Under the background of economic stabilization, the prosperity of jewelry terminals gradually picks up, leading companies under the branding bonus have more obvious competitive advantages, and the overlapping companies ‘own store opening speed and quality have entered a new stage. We maintain a forecast of a net increase of 600 franchised stores in 2019.

It is estimated that the net profit attributable to the mother in the year 19-21 is 10.

4, 13.

0 and 15.

9 trillion, corresponding to a growth rate of 29.

0%, 24.

6%, 22.


We maintain the company’s reasonable value42.

8 yuan / share remains unchanged, corresponding to 20XPE in 19, maintain BUY rating!

Risks suggest that the macroeconomic downturn is inhibiting the release of demand for optional consumption; market competition is intensifying, and brands are accelerating store openings to grab the market; small and medium brands are clearing faster than expected.

Sanhua Intelligent Control (002050): Clear profit growth path for core business in 19Q4

Event: Sanhua Zhikong announced the 2019 performance report, the performance was in line with expectations, and it achieved operating income of 113 in 2019.

200 million (+4.

5%), net profit attributable to mother 14.

200 million (+9.

9%), including operating income of 27 in the fourth quarter of 2019.

0 million yuan (+5.

1%), net profit attributable to mother 3.

600 million (+35.


  Opinion: Since 2019, the company’s revenue growth bottomed in 19Q2, and 19Q4 continued to rebound slightly to 5.


  In terms of two major business segments, the overall refrigeration business has maintained a small growth since 19Q2, and the growth of the auto zero business has gradually accelerated since 19Q2.

  From the perspective of the sales of major refrigeration valve components, the sales of the refrigeration valve component industry has recovered to double-digit growth since 19H2. In particular, the growth rate of electronic expansion valve revenue has trended upward. It is estimated that the company’s traditional refrigeration business revenue growth rate has steadily increased.

  The single-quarter revenue of the auto zero business in 19Q4 is estimated to continue to grow rapidly.

In 19Q3, the revenue of new energy automobile parts and components maintained rapid growth. At the same time, the growth rate of traditional automobile parts and 西安桑拿论坛 components revenue turned positive. Counting from the 1.7 billion revenue target of the auto zero business in 19Q4, it is estimated that the auto zero revenue of 19Q4 continued to increase sequentially, close to 30% growth.

  Looking at the two main businesses of the integrated refrigeration business and the auto zero business, the company’s revenue growth trend from the bottom has become clear.

  The net profit margin increased in the single quarter, which is estimated to benefit from the optimization of order structure.

19Q4 company net profit was 13.

5%, at least + 3pct, it is estimated that the proportion of revenue orders for electronic expansion valves / new energy vehicle parts with higher gross profit margins has increased, and the optimization of the order structure has led to a significant increase in gross profit margins, and the impact of the exchange rate on single quarter profit changesSome improvement.

  Investment proposal 19Q4 The company’s revenue growth has been steadily increasing, and the profitability benefit structure of the order structure has improved significantly, in line with expectations.

Looking ahead, the company has a clear growth path, clear competition barriers, and both refrigeration and auto parts businesses will enter a period of rapid growth.

Slightly raised 2019 EPS forecast to 0.

51 yuan (previous forecast was 0.

50 yuan), maintain the EPS forecast for 2020-21 to 0.


78 yuan, maintain “overweight” rating.

  Risk reminders: 1. The escalation of Sino-U.S. Trade disputes; 2. The appreciation of the RMB exchange rate; 3. The price of raw materials without linkage pricing rising.

Tongkun (601233): PTA profit significantly improves performance and steady growth

Event: On August 16, the company released its 2019 Interim Report, realizing operating income of USD 24.6 billion, an annual growth of 32%; net profit attributable to mothers13.

9 ‰, one year + 2%, that is, a net profit of 8 in Q2 2019.

700 million, +3 chain.

5 trillion, performance in line with market expectations.

Comments: 2019 H1 polyester filament sales increased by 34%, PTA boom improved.

In the first half of 2019, before the company sold polyester filaments for a total of 285, every +73 seconds, the growth rate was 34%, and the chain was +10 titles. Among them, POY, FDY and DTY were 191 variables, 56 and 37 variables, at least respectively.+43 minimum, 23 minimum and 7 digits.

According to industry data we observe, in the first half of 2019, the average price of polyester filament POY was -684 yuan / ton per degree, and the average price difference was -216 yuan / ton continuously; the average price of polyester filament FDY rose -460 yuan / ton, average price difference-16 yuan / ton at one time; the average price of PTA is +618 yuan / ton per night, and 北京桑拿洗浴保健 the average price difference is +294 yuan / ton per time.

Among them, in 2019Q2, the average POY price of polyester filaments was -158 yuan / ton, and the average price difference was +293 yuan / ton; the average price of polyester filament FDY was -728 yuan / ton, and the average price range was -188 yuan / ton; the average price of PTA was close to-280 yuan / ton, with an average spread of ten years +554 yuan / ton.

2019H1 company achieved net profit13.

9 megabytes, with polyester filament as the final product caliber. The net profit per ton is 487 yuan / ton, of which the net profit per ton in 2019Q2 is 588 yuan / ton.

Jiaxing Petrochemical PTA plant realized net profit8.

500 million, +5 in ten years.


In place of PTA’s partial profit, the company’s filament segment in 2019H1 achieved net profit5青岛夜网.

4 trillion, or 189 yuan per ton net profit, narrowed in one year.

The boom of “Polyester Filament + PTA” in 2019Q3 is expected to maintain.

According to the industry data we have observed, as of August 15, the third quarter of 2019, the average POY spread of polyester filaments was +273 yuan / ton in the first half of the month, and the average price difference of FDY was -280 yuan / ton in the first half. The company mainly focused on POY products.The profit of polyester filament increased month-on-month; the average price difference of PTA was +337 yuan / ton, and PTA’s profit continued to increase.

Based on current prices, we expect a net profit per ton of polyester filament of 500 yuan / ton, and a net profit per ton of PTA of more than 360 yuan / ton. It is expected that the third quarter of 2019’s performance will be guaranteed.

In 2019, the biggest change in the industry chain is the large release of domestic PX capacity, and PX’s earnings have narrowed sharply; the PTA sector has entered a high point in the business cycle; and “polyester filament + PTA” has maintained steady profit growth.

But the only thing is that after the fourth quarter of 2019, the domestic PTA industry will usher in a new cycle of production capacity, and PTA profits will narrow significantly in 2020.

Expansion of production strengthened the “polyester filament + PTA” leading accessories.

The company’s existing polyester filament production capacity is 570 to 570, and it plans to increase another 120 feet to 690 feet in 2019, focusing on production in the third quarter of 2019.

After 2019, there are 290 tons of polyamide polyester filament and 500 tons of PTA production expansion plans.

The company’s PTA increased production capacity to cover its own polyester filament demand and realized the integration of “polyester filament + PTA”.

With the expansion of downstream capacity, the company will form a demand gap in raw material PX.

The first phase of Zhejiang Petrochemical is expected to reach production in the second half of 2019.

The company owns a 20% stake in Zhejiang Petrochemical’s 4,000 preliminary refining and integration project, and the first phase of 2000 will reach production in the second half of 2019.

While completing the upward integration, investment income will also increase significantly.

Increase earnings forecast and raise target price to 18.

9 yuan, maintain “Buy” rating.

Based on more optimistic about the profit of polyester filament and PTA in 2019-2020, we raise EPS to 1 in 2019-2020.

50 yuan and 1.

75 yuan (was 1).


74 yuan), maintaining EPS 2 in 2021.

25 yuan.

The current sustainable corresponding PE is 9/7/6 times.

According to the industry average of 13 times PE in 2019, the target price is raised to 18.9 yuan, maintain “Buy” rating.

Risk warning: the end of the filament boom cycle; the PTA boom is worse than expected; the production progress and profit of the Zhejiang Petrochemical project are worse than expected.

Shanying Paper (600567) Quarterly Report Comments: Third Quarter Results Confirmation Bottom and Profits Can Be Repaired Quarterly and Quarterly

Event: The company achieved revenue of 171 in 19Q1-3.

34 ppm, a decrease of 4 per year.

5%; net profit attributable to mother is 13.

2.5 billion, a decrease of 42 every year.

8%; net profit after deducting non-attribution is 10.

79 trillion, down 44 a year.


Of which 19Q3 realized revenue of 59.

64 ppm, a decrease of 0 per year.

3%; net profit attributable to mother is 3.

99 ppm, a decrease of 34 per year.

6%; net profit after deducting non-attribution is 2.

74 trillion, down 39 a year.


The company’s revenue and profits have increased at least in the first three quarters of this year. The downstream units of the corrugated cardboard industry chain continued to reduce their operating inventories in the first three quarters of 2019.Starting from the fourth quarter of 2019, the inventory in the downstream of the industrial chain decreased to a low level. The price of paper began to stabilize and rebound in mid-September. The price was raised for the first time in one and a half years since the merger in early October.

Increase in gross profit margin2.

9 up to 19.

3%, during the period the cost rate increased by 3 units to 13 per year.


The company’s gross profit margin for the first three quarters was 19.

3% twice a year.

9 averages; of which the gross profit margin for the third quarter was 17.

4%, more than doubled 2.

Nine totals; period expenses 13.

6%, previously increased by 3 units; of which sales expenses were 4.

2%, rising by 0 every year.

The total of seven, the management expenses cost 7.

2%, an increase of 3 per year.

7 per share, financial expenses 2.

2%, ten-year average 1.

3 units.

The growth rate of gross profit margin was mainly due to the decline in paper prices. The increase in the management expense ratio was due to the company’s new merger and acquisition of Phoenix Paper Company in the United States this year and increased management expenses.

The third-quarter performance 北京夜网 confirmation bottomed out, and the subsequent results will increase quarter by quarter with the decrease in the supply of raw materials in the industry.

Since the introduction of strict limits on imported waste paper in early 2018, the supply of raw materials in the waste paper industry chain has begun to decrease year by year. Among them, the volume of waste paper imports in 2018 was 1,800 tons, a decrease of 800 tons from 2017. It is expected that imports will be in 2019.Around 1100, the length of the downward 1500 before 2017, the overlap of raw materials for two consecutive years, the division of the entire industrial chain and the gradual decline of inventory, the stock supply has now reached a low level.

In 2020, according to the guidelines when the waste paper import policy was introduced, the actual import volume is expected to gradually increase to about 600 tons. We expect that the total domestic waste paper fiber supply will not exceed 5,600 tons in 2020, compared with the demandThe value of 7800 will have a gap of 2200 millimeters. We judge that the loss of the industrial chain affected by inventory buffers will cause a supply and demand imbalance.

The leading companies in the industry chain that have the advantages of original acquisition channels will benefit.

The company is a leader in the packaging paper industry, leading the overseas layout, reducing cost-side pressures, using the advantages of industrial chain resources to promote the packaging industry Internet platform, gradually integrating and integrating the packaging industry, and maintaining a “buy” rating.

Expected company 19?21 years to achieve net profit attributable to mother 18.


750,000 yuan, the previous change -42.

0% / 1.

6% / 10.

0%, corresponding to PE 7.

9X / 7.

7X / 7.


Risk warning: raw material prices fluctuate, downstream demand is less than expected, project construction is less than expected, and the waste paper import policy is uncertain.

67PCT operation quality improvement

Taiji shares (002368): gross profit margin improved 4.

67PCT operation quality improvement

Investment Highlights: Announcement: The company released its 2019 Interim Report, reporting two, and the company achieved operating income of 30.

13 ppm, an increase of 11 in ten years.

75%; net profit attributable to mothers is 21.48 million yuan, an annual 杭州桑拿 increase of 7.

06%; net profit after deduction is 15.4 million yuan, a decrease of 21 a year.


Interim results were in line with expectations.

Revenue grows 11 per year.

75%, network security is the core driving force.

Cybersecurity and security controllability are the core driving forces of growth, with a total of revenue6.

790,000 yuan, an increase of 46.

19% (among them, the core product NPC Jincang’s 2019H1 revenue growth exceeds 50%).

In other areas, the government affairs cloud won the bid for Tianjin government affairs cloud, and its revenue increased for ten years.

In terms of government informatization, the Chinese government service platform undertaken by the company went online; in terms of enterprise informatization, the TECO Industrial Internet Platform passed the Industrial Internet Platform Trusted Service Evaluation and Certification, and smart application revenue increased.


The scale of newly signed contracts in 2019H1 has further increased, and the signing of the contract has expanded by more than 5 billion, which is expected to be the impact of the pilot implementation of Encore.

The overall gross profit margin of the company in 2019H1 reached 23.

49%, an increase of 4.

67pct, the operating quality has improved significantly.

2019H1 system integration business is temporarily interrupted7.

13%, revenue growth rate to below 50%, with reference to the integration business accounted for 58 in 17 years.

60%, the gradual decline in the proportion of low gross profit margin business is the key to improving the quality of operations, and also one of the proof of the company’s successful transformation.

Sales expenses / administrative expenses / financial expenses increased by 121 each year.

32% / 23.

25% / 5.


Management expenses / financial expenses increased steadily, and sales expenses increased at a rapid rate. It is expected that Enco will expand the market space and expand the sales team in response to potential business opportunities.

In addition, asset impairment losses amounted to 38.2 million yuan (an annual increase of 274.

960,000 yuan), mainly for non-one-off accounts receivable and other accounts receivable bad debt impairment provision, which also has a certain impact on profit performance.

R & D funding1.

80 ppm, an increase of 20 in ten years.

66%, the increase in R & D investment in the transition period is one of the reasons affecting the growth rate of profits.

The company’s strategic direction is completely locked in digital services, which will further focus on government, information security, large state-owned enterprises and other industries, but the transition period will still have a greater impact, and profits will increase rapidly.

The future is divided into 4 aspects: 1) the core is industry intelligent applications and digital services, upgrading the original industry-oriented solutions to digital-based intelligent applications; 2) providing private cloud services to governments; 3) the direction of security ((Including self-controllable); 4) System integration business with low gross profit (proportion is gradually decreasing).

The interim report results are in line with expectations, and the expenditure in the transition period is still large. We maintain our profit forecast for 2019-2021 and maintain a “Buy” rating.

The government affairs cloud, big data, big security, etc., which cut into the radial market space, shifted and penetrated during the transition period.

Maintain profit forecast and expect operating income to be 68 in 2019-2021.2.6 billion, 80.

5.6 billion, 98.

8.7 billion, net profit attributable to mother is 3.

8.5 billion, 4.

7.1 billion, 5.

8.7 billion.

Maintain “Buy” rating.

Joyson Electronics (600699) 2019 Third Quarterly Report Review: Performance is slightly lower than expected

Core view The company achieved revenue of 149 in the third quarter of 2019.

800 million, ten years -10.

8%; net profit after deducting non-return to mother 2.

4.2 billion a year -2.

4%, slightly lower than market expectations.

The worse-than-expected third-quarter results were mainly 四川耍耍网 due to the impact of changes in the global auto market and GM’s North American strike on the automotive safety sector; however, the company’s operations continued to improve in the long run.

Maintain the company’s 2019/20/21 EPS forecast of 0.



60 yuan, maintain “Buy” rating.

The company deducted non-attributed net profit in the third quarter2.

4.2 billion, slightly lower than market expectations.

The company achieved revenue of 149 in the third quarter of 2019.

800 million, ten years -10.

8%; net profit after deducting non-return to mother 2.

4.2 billion a year -2.

4%, slightly lower than market expectations.

The worse-than-expected results in the third quarter were mainly due to the improvement in the gross profit margin of the automotive safety sector due to changes in the global auto market and GM’s North American strike; but in the long run, the company’s automotive safety sector integration work is continuing to advance, the GM strike ends and the auto marketAfter the rebound, the company’s gross profit margin is expected to return to the second quarter level.

  The gross profit margin decreased in the third quarter, and the expense ratio was basically flat.

In the third quarter of 2019, the company’s gross profit margin was 16.

4%, previously flat, doped 1 ring.


The company’s automotive safety business gross margin decreased, but the automotive electronics and functional parts business gross margin increased sequentially.

The total company expense ratio in the third quarter was 14.

8%, 0 per year.

9 pieces, but lower than the chain.


The company will continue to promote the integration of the automotive safety division, continue to streamline the number of global operations, and optimize the number of employees. It is expected that the gross profit margin will rise again in the future and the expense ratio is expected to continue to be optimized.

  The company’s auto safety business has a large space for integration, and its operational efficiency can be expected to improve.

The company has acquired the assets of KSS and Takata, becoming the world’s second largest automotive safety system supplier.

Compared with the world’s largest Autoliv, the company’s operating efficiency must continue to improve.

The company started in 2018: 1) Established a new company Joyson Security and established a new global management team; 2) Set up four regional general managers to strengthen operation management and customer expansion; 3) For KSS and Takata personnel, production linesPerform deep integration, close redundant factories, and adjust personnel.

The company’s gross profit margin was 16 in 2017.

4% to 17 in the first half of 2019.


  It is expected that the integration will be further promoted, and the company’s operating results are expected to further improve.

  Intelligent and secure business collaboration, automotive electronics began to harvest.

By acquiring companies such as Preh and Daun (TS), the company has established three major segments: cockpit human-machine interaction (HMI), car networking and new energy power control systems in the automotive electronics business.Penetration of high-end brands such as Daimler, BMW and Volkswagen.On this basis, the company actively promotes global support for the above customers, and has won orders in the Chinese market: the company has won cockpit entertainment information system projects for Volkswagen China’s MQB platform and Mercedes-Benz China’s MFA2 platform aircraft, with life-cycle orders totaling 19 billion;Volkswagen China’s MEB platform platform and Mercedes-Benz MFA2 platform vehicle BMS project fixed-point, life cycle orders totaled 9 billion yuan.

  Risk factors: The global automotive industry is in a low economic climate, the integration of automotive safety business is less than expected, and foreign business is less than expected.

Investment suggestion: The short-term impact of the company’s automobile safety business operation has improved, but the long-term outlook is good; the automotive electronics business has developed smoothly, and the report has received new orders of $ 17.3 billion.

Maintain the company’s 2019/20/21 EPS forecast of 0.



60 yuan with a target price of 24.

4 yuan, maintain “Buy” rating.

China Guangdong Nuclear Power (003816) New Shares Report: Steady performance, scarce license, nuclear power leader has broad future growth space

IPO of nuclear giant A shares: issue price 2.

49 yuan, corresponding to a market value of 1,191 million yuan. China Guangdong Nuclear Power Co., Ltd. (H shares referred to as “China Guangdong Nuclear Power” and A shares referred to as “China Guangdong Nuclear Power”) were listed on the Hong Kong Stock Exchange in December 2014.The number of shares to be issued does not exceed 5,049,861,100 shares, that is, it does not exceed 10% of the total share capital of the company after issuance.

The pricing issue price is 2.

49 yuan, corresponding to a market value of 1191 million.

The company is a leading domestic nuclear power operation company, the controlling shareholder is China National Nuclear Corporation, and the actual controller is the SASAC.

As of December 31, 2018, the company managed 22 nuclear power generating units in operation and 6 nuclear power generating units under construction, and the installed nuclear power capacity under construction occupies the first place in the domestic market.

The new unit is approved for ultimate icebreaking, 南京夜生活网 and the scarce nuclear power plant is expected to welcome future repairs. According to the latest information from the National Energy Administration, Shandong Rongcheng, Fujian Zhangzhou and Guangdong Taipingling Nuclear Power Projects have been approved for construction.

After three years of zero approval in 16-18, more than 19 nuclear power units were approved in 1919. We believe this is a clear opening signal and a high probability of continuation.

Combining with the guidelines of the main policy documents such as the “13th Five-Year Plan for Electric Power”, we judge that 4-8 new units will be approved each year.

The nuclear power industry has high qualifications, technology, capital, and talents, and operating licenses are scarce.

At present, there are only China National Nuclear Power Corporation, China Guangdong Nuclear Power Corporation and China State Power Investment Corporation. The three state-owned enterprises have nuclear power operation qualifications. For many years, several energy state-owned enterprises have tried to promote the fourth “license”, but no substantial progress has been made so far.

We judge that the domestic nuclear power operation market in the short to medium term will still maintain a “three-legged stand” situation. In the future, the growth dividends of the domestic nuclear power generation market will still be mainly directly or indirectly shared by the above three operators.

We believe that “the space for nuclear power mid-to-long-term growth due to the freeze of new unit approvals” is the leader of nuclear power operation targets expected to continue to decline since 2017.

2019 is the year of restarting transition approved by the new unit. Nuclear power assets are strategic assets. The current level of the leader is about 40% -50% of the historical level of change. Considering a certain safety margin, we believe thatWhen the development of nuclear power is back on track, and the stable start-up and production progress is maintained, the leading operation targets may have more than 20% of the estimated repair space.

The main business is outstanding, the performance is stable, and the release of production capacity helps the growth of performance. Nuclear power belongs to the type of policy guaranteeing priority generation. The company’s power continues to increase as new units are put into production.

In recent years, due to the increase in the proportion of market-based transactions, the average on-grid electricity price has declined slightly.

We expect the main driving factors of the company’s performance in the future to be the growth of installed capacity and the increase in charges due to refined operations.

Earnings Forecast and Estimates We expect the company’s net profit attributable to its mothers to be 101 in 2019-2021.

11, 116.

59, 122.

8.7 billion.

Picking Up China Nuclear Power (601985.

(SH) is a comparable company. We believe that the company’s reasonable valuation is 2019 PE x 13-15, corresponding to a market value of US $ 1314-1517 billion and a dividend of 2.


0 yuan.

Risk reminder: weak demand for electricity, approval of new units, lower than expected progress in production, electricity price reductions, nuclear safety accidents, excessive cost of third-generation nuclear power construction, and estimates across markets may be biased

Gemdale Group (600383): High growth and gross profit margin
Event: The company disclosed its 2018 annual report and expected to achieve operating income of 506.99 ppm, an increase of 34 per year.62%, the company returns to the net profit of 80.98 ppm, an increase of 18 per year.35%.The company released a quarterly report. In the first quarter of 2019, it realized revenue of 11.1 billion yuan, an increase of 61% year-on-year; and realized net profit attributable to mothers of 1.5 billion yuan, an increase of 37%. High performance growth and increase in gross profit margin The rapid growth of the company’s performance in 2018 was mainly due to the rapid growth in real estate settlement income, which in turn increased by 36.84%, the gross profit margin of the real estate business is expected to reach 43.08%, an increase of 9 from 2017.12 units.In addition, the company has also achieved results in controlling expenses. In 2018, sales expenses were subsidized2.49%, a decrease of 0 by 2017.81 total, administrative expenses 5.49%,深圳SPA会所 a decrease before 2017.55 units.In terms of different regions, the eastern region and the western region saw the largest increase in operating income, reaching 259.86%, 53.56%.As of the end of 2018, the company’s book receipts in advance were 697.470,000 yuan, an increase of 20 from 2017.36%, advance receipts / operating income amounted to 138%, the existence of settleable resources for the continued growth of future performance has increased the basis for occupation. The accelerated pace of completion may help accelerate the release of performance. Although the new construction plan has reversed sales, it is still growing steadily in 2018. The company’s actual completion area was 672 square meters, which was the same as 2017.In 2019, the company plans to complete an area of 8.54 million miles, an actual increase of 27% in 2018.The accelerated pace of completion may help accelerate the release of the company’s performance.In Q1 2019, the company has actually completed about 126 completed areas, an annual increase of 107%, and has completed 15% of the continuous completion plan. In 2018, the company actually completed 15.55 million pixels of new construction area, an increase of approximately 79% each year in 2017.In 2019, the company plans to start a new area of 81.19 million miles, and the actual start of construction will decrease by 47% from one year to 2018.The newly started area in Q1 of 2019 was about 2.88 million, an annual increase of about 6%, and 35% of the continuous new start plan has been completed. The company’s sales have continued to grow rapidly in the past three years. In 2018, the company achieved sales of 877.80,000 countries, an increase of 14.5%; sales amount 1,623.300 million, an increase of 15.3%, 38% composite power in the past three years.Although the start-up plan has improved, sales in the first quarter of 2019 continued to grow steadily.2019Q1 sales amounted to 338.20,000 yuan, an increase of 29.5%, sales area 161.60,000 countries, an increase of about 6% a year. The soil storage quality is high and sufficient. In 2018, the company expanded into the first and second-tier Guangtuo metropolitan area. In 2018, the company entered 9 new cities, adding about 1072 new soil reserves, which decreased by 17.85%, of which equity reserve is about 481 universal, which exceeds the decline of 19.16%, equity ratio of 45%, total investment of about 100 billion yuan, year-on-year decline of 0.4%, the equity investment is about 4.04 million yuan, a year-on-year decrease of 14.59%, the amount of land acquisition / sales amount reached 66%.In the first quarter, the company was too cautious in acquiring land.50,000 countries, falling by 1 every year.6%, corresponding to a total land price of 118.300 million, down 1 year.2%, the proportion of land acquisition is only 35% initially.The newly added land is mainly on the first and second lines, with the total investment on the first line accounting for 25%, the total investment on the second line accounting for 43%, and the total investment on the third and fourth lines accounting for 32%.As of the end of 2018, the total land reserve was approximately 4,400 GM, an increase of 17% per year, and the total land reserve of equity was approximately 23 million cubic meters, an increase of 19% per year, of which the proportion of first and second-tier cities was approximately 83%. Monetary funds are very abundant, and short-term debt repayment pressure is minimal. At the end of 2018, funds were in hand 440.10 ‰, an increase of 60 per year.6%, covering 403% of interest-bearing debt due within one year.At the end of March 2019, monetary funds were 412.670,000 yuan, a decrease of 6% over the beginning of the year.18 The initial comprehensive financing cost is only 4.83%, with obvious advantages in financing costs.Asset mortgage debt 76 at the end of 2018.12%, excluding asset and debt restructuring after receipt of advances68.13%, net aldehyde oxide 57.36%. Investment suggestion: As a leading real estate company, the company has stable finances and obvious financing advantages, and has maintained high dividends for many years.The company’s soil reserves are sufficient and focus on the first and second tiers. The construction of Q1 in 1919 was actively promoted, and the rapid completion in the latter three quarters is expected to fully release its performance.Under the expectation of recovery in the first and second tiers, EPS are expected to be 2 in 19-20.12, 2.56 yuan / share, the corresponding PE is 5.46, 4.53 times, with reference to Vanke and Poly’s 19-year forecast PE is 7 respectively.7 and 6.6 times, is expected to reach its average in 6 months.15 times, target price 15.16 yuan, given a “buy” rating. Risk Warning: Sales are below expectations, policy changes exceed expectations, and completion is below expectations

Deepin * Company * China Everbright Bank (601818): Interest spread continues to improve on a sequential basis

Everbright Bank’s earnings have maintained steady growth in the first three quarters, and its revenue growth rate has maintained the industry’s fastest growth. The interest margin improved in the third quarter and the asset quality was generally stable.

Considering the company ‘s unexpected improvement in interest margin and middle income, exceeding the industry average estimate, we maintain China Everbright Bank’s Buy rating.

Key points supporting the rating Profit has 苏州夜网论坛 maintained steady growth, and program fee income has continued to increase rapidly. In the first three quarters, China Everbright Bank’s profit maintained steady growth and net profit increased by 13%.

1%, unchanged from the first half of the previous month.

In the first three quarters, the company’s operating income increased by 23 in ten years.

2%, a slight increase from the first half of the year.

There are four numbers. First, because the increase in the net interest margin has improved in the first half of the year, the growth rate of net interest income has decreased compared with the first half.

1 up to 36.

5%; the second is the program fee income, the first three quarters of quarterly appreciation of 19.

0%, compared with the first half (+21.

7%) small amplitude.

But whether it is net interest income 佛山桑拿网 (+36.

5%) or litigation fee growth (+19.

0%) is not low from an absolute point of view, in particular, Everbright Bank’s fee income no longer includes credit card installments, 19.

The previous growth rate of 0% is expected to remain at the leading level in the comparison of listed banks.

In addition, China Everbright Bank’s investment income in the first three quarters decreased by 33.

1% must be a slight drag on revenue growth performance.

In the third quarter, the scale grew steadily, and the interest margin continued to improve. At the end of the third quarter, China Everbright Bank’s assets increased by 8% from the same period last month.

45% / 1.

64%, of which loans increased by 2.

5%, securities investment increased by 4 from the previous quarter.

1%, the overall asset-end structure remained stable.

On the debt side, the company’s deposits in the third quarter increased by 19 sequentially.

2% / 0.

13%, increasing growth income in the third quarter. At the same time, the company appropriately increased interbank resistance to reduce the cost of liabilities on the background of the decline in market fund interest rates. Interbank liabilities increased by 5 quarter-on-quarter.

6%, the proportion of total debt slightly increased by 1 to 19.


In terms of net interest margin, China Everbright Bank had a net interest margin of 2 in the first three quarters.

29%, continued to increase 1BP compared with the first half.

We estimate that China Everbright Bank’s single quarter net interest margin in the third quarter was 2.

33%, up 6BP from the previous quarter.

Initially, it mainly benefited from the fact that the return on the asset side increased by 3BP compared with the second quarter, while the cost on the resistance side remained stable overall.

Asset quality remains stable, and the provisioning base needs to be further reduced. Everbright Bank’s bad replacement in the third quarter1.

54%, a decrease of 3BP month-on-month, and the non-performing rate has continued to improve since the beginning of the year.

We estimate that the company’s annualized non-performing loan generation in the third quarter will be supplementary.

44%, down 16BP from the previous 2 quarters.

As of the end of the third quarter, China Everbright Bank’s provision coverage ratio increased by 1 from the previous quarter.

There are only 06 to 179%, and the provision coverage ratio needs to be further improved to further enhance risk prevention capabilities. We estimate that China Everbright Bank will increase its net profit growth rate to 13 in 19/20.

2% / 12.

2% (previous forecast was 11.

4% / 10.

1%), the current sustainable corresponding PE for 2019/20 is 6.

20x / 5.

53x, PB is 0.



The main risks facing rating economic downturn caused asset quality substitution to exceed expectations.

Daya’s Icon (000910): Unfavorable underrated floor & wood-based panel faucet

Event: On October 19, 2018, the company issued an announcement saying that the following changes in the shareholding between the actual controller Ms. Dai Pinhe and Mr. Chen Jianjun: 1) Ms. Dai Pinhe, a shareholder of Danyang Yiboruite Investment Management Co., Ltd.Mr. Chen Jianjun was appointed as the executive director and manager and legal representative of Eberrett. In conversion, Ms. Dai Pinhe held Eberrett 31.

525% of the equity was transferred to Mr. Chen Jianjun. After the transfer, Mr. Chen Jianjun held Eberreit 37.

9% of the equity, 青岛夜网 Ms. Dai Pinhe holds 0.

35% equity.

2) Ms. Dai Pinye holds Danyang Zhuorui Investment Management Co., Ltd. 54.

The 5% equity agreement was transferred to Mr. Chen Jianjun. After the transfer, Mr. Chen Jianjun held 67% of Zhuo Rui Investment, and Ms. Dai Pinhe held 8% of Zhuo Rui Investment.

3) Zhuo Rui Investment, a shareholder of Danyang Wenda Investment Management Co., Ltd., decided to appoint Mr. Chen Jianjun as executive director and legal representative of Wenda Investment.

Among them, the second item has completed the industrial and commercial registration in October, and the first item has completed the industrial and commercial registration recently.

Opinion: The industrial and commercial registration of equity transfer is completed, the second trial of the shareholder dispute takes effect, and the dispute 深圳桑拿网 is advanced to be resolved.

At present, the second trial of shareholder disputes has been implemented. Chen Jianjun has won the first and second trials. In the future, Chen Jianjun is expected to serve as chairman and take full control of the company.

The end of shareholder disputes will help improve governance and bring stability to the company’s long-term business development.

The core competitiveness is outstanding, the leader is solid overall, and the moat is deep.

In terms of products, the company has transformed from substrates, factories, research and development, design, marketing, and services to create a complete green industry chain with good product quality.

In terms of brand, the company continues to build the “Daya” and “Shengxiang” brands.

In 2018, the “Xiangxiang” brand value ranked first in China’s home furnishing industry.

In terms of channels, the company currently has nearly 3,000 flooring stores and a global marketing network.

In terms of scale, the company currently has an annual output of 53 million square meters of flooring and a production capacity of 185 general-purpose wood-based panels, which has obvious advantages in scale.

Product power + brand power + channel power + scale effect create the company’s strong core competitiveness.

Profit forecast and estimation: The company’s EPS for 19-21 is expected to be 1.

38, 1.

46, 1.

54 yuan, corresponding PE is 7X, 7X, 7X.

Maintain “Buy” rating.

Risk warning: Real estate sales fall short of expectations, raw material prices rise