Guizhou Moutai (600519): The second-quarter speed-up expressway awaits direct operation

Guizhou Moutai (600519): The second-quarter speed-up expressway awaits direct operation
Event: Guizhou Moutai released the main operating data announcement for the first half of 2019: The report actually realized operating income of 41.2 billion, an increase of 16.9%; realized net profit attributable to shareholders of listed companies of 19.9 billion, a further increase of 26.2%.Achieve the output of Moutai base wine3.44 years, production of series of wine-based wines.09. Q2 single quarter exceeded expectations and shipments increased slightly.It is estimated that the company’s Q2 realized operating income of 18.7 billion, an annual increase of 11.0%; net profit attributable to mothers was 870,000 yuan, a year-on-year increase of 19.6%.The revenue in the second quarter was slightly lower than expected, because the shipments did not increase every 武汉夜网论坛 year, and the direct company plan was not implemented yet.Implementation plan of Moutai in the first half of the year 1.In April, according to the channel survey, some dealers have implemented the July plan in advance, so the total shipments have increased slightly.As Moutai’s direct sales plan has not yet landed, the performance growth trend is normal in the case of a small increase in shipments.The fundamental situation in the first half of the year still needs to wait for further confirmation of the cash flow on the statement side and the accounts receivable account. Approval prices continued to rise, and channel inventory was still low.The Q2 colonial price continued to increase. Currently it has exceeded 2,000 yuan / bottle, and some areas have reached more than 2,100 yuan / bottle, but it has gradually slowed down recently.In addition, according to the channel survey, after the implementation of the plan in July, dealer inventory is still tight.The high approval prices and low channels still reflect the strong demand for Moutai terminals, and the subsequent double-stock season is still worth looking forward to. The medium- and long-term logic remains unchanged, waiting for the direct marketing solution to land.We expect that this year’s increase in Moutai will mainly come from the increase in the proportion of direct sales, but the overall market expectations have not yet reached the point, that is, the company will provide direct sales companies at prices.We believe that due to the multi-faceted interests, the determination of the plan has a significant impact, so we need to intervene carefully.However, the company’s long-term logic will not change because the current situation of strong demand and tight supply has not yet broken through. At the same time, the company is a consumer product company with the strongest domestic brand premium ability, and its long-term profit is still guaranteed. Earnings forecast and investment advice EPS is expected to be 35 in 2019-2021.54 yuan, 41.47 yuan, 49.89 yuan, corresponding to PE is 27.7 times, 23.8 times, 19.8 times.Maintain “Buy” rating and maintain target price of 1066.2 yuan. Risk reminders: policy risks in the liquor industry; risks of changes in market demand; plans for direct companies are less than expected

Shenhuo shares (000933): Low aluminum prices deduct non-post-profit replacement

Shenhuo shares (000933): Low aluminum prices deduct non-post-profit replacement
The company’s net profit attributable to its mother in 20182.390 thousand yuan, 19Q1 net profit 0.5.5 billion companies have 188 revenues in 18 years.35 trillion, a year down 0.34%; net profit attributable to mother 2.39 trillion, down 35 a year.11%.Among them, the net profit attributable to the mother in the fourth quarter was -0.5.3 billion, previously reduced losses4.67 trillion, a chain loss of 0.1.6 billion.The company’s 19Q1 revenue was 45.54 ppm, a decrease of 3 per year.36%; net profit attributable to mother 0.55 ppm, a decrease of 20 per year.27%, but up by 1 from the previous month.08 thousand yuan.Due to the sluggish aluminum prices in 18Q4, the company’s performance was lower than our expectations. This time, the company’s EPS for 19-21 will be 0.22/0.26/0.31 yuan.Taking into account that the company’s future production capacity in Yunnan has a room for cost reduction, and PE is currently estimated to be slightly lower than comparable companies, maintaining the company’s overweight rating. Net profit after deduction for 18 years is maximized. The company’s net profit after deduction for 18 years is -22.79 trillion, long-term non-recurring gains and losses 25.180,000 yuan, of which 27 is non-current asset disposal income.8.5 billion.The company transferred its headquarter to Yunnan Shenhuo 25 to insert electrolytic aluminum capacity indicators and Qin’ao aluminum 14 indicators to increase asset disposal income25.3.5 billion.The company’s non-post profit after 18Q4 deduction was -18.USD 3.8 billion. Due to the deep drop in aluminum prices during the quarter and the cost of inventory exceeded the net realisable value, the company caused a loss in inventory prices3.50 ppm; in the fourth quarter, the company deducted the impairment losses on fixed assets and construction in progress. The company accrued 7 for its aluminum subsidiaries and coal mines that merged to resolve excess capacity.US $ 5.6 billion in impairment losses on fixed assets.98 million impairment losses on construction in progress.In addition, the company’s initial goodwill was impaired by 0.6.8 billion yuan. The output of coal and primary aluminum fell in 18 years, and the unit cost rose. The company produced 564 inches of coal in 18 years, down 9 per year.9%; the production of aluminum products 108 inserts (Henan 28 headings, Xinjiang 80 above), and then decreases by 2.7%; production of carbon products 61 inserts (13 inserts in Henan, 48 inches in Xinjiang), an increase of 7.0%.The company’s coal business was affected by some capacity accidents and exits from the industry, resulting in a decline in production and a decline in gross profit margin.62 up to 37.94%; Affected by the fall in aluminum prices, the company’s 18-year aluminum ingot gross margin was 4.80%, a decrease of 14 per year.08 averages.The company plans to produce 595 tons of coal and 101 tons of electrolytic aluminum in 19 years. It plans to control the full cost of coal at 720 yuan / ton and the full cost of Henan / Xinjiang electrolytic aluminum at 14,400 yuan and 11150 yuan / ton, respectively. 19Q1 alumina price rises, the company benefits, Q2 performance may continue to grow month-on-month. 19Q1 primary aluminum price first declines and then rises. According to wind quotations, although the average price of primary aluminum Q1 is 13,530 yuan / ton, about 300 yuan lower than the previous month, but the size of raw alumina fell, Q1 Henan alumina average price 2825 yuan / ton, down 9 chain.1%.According to the company’s annual report output figures, the company’s alumina self-sufficiency rate is less than 40%. The decline in alumina is good for the company, and its performance in 19Q1 improved month-on-month.At the end of April, the aluminum price has exceeded 14,200 yuan / ton, and the company’s second-quarter performance is expected to continue to grow sequentially.The company will continue to focus on long-term development in 19 years, promote the construction of Shenhuo in Yunnan and raise funds to be used for the reconstruction and expansion of Liangbei Coal Mine. Earnings forecast 杭州桑拿养生会所 is lowered, but the company estimates it is low. Maintain overweight rating. According to the company’s production plan and 19Q1 performance, we expect the company’s EPS in 19-21 will be 0.22/0.26/0.At 31 yuan, the forecast for 19-20 is revised down by 13 from the previous time.0% / 12.9%.But refer to comparable company 24.The 19-year wind at 97 times is consistent with the expected PE, and the company estimates that it is low. We give the company 24-26 times PE in 19, corresponding to a target price of 5.28-5.72 yuan to maintain the overweight level. Risk warning: the price of aluminum and coal will fall; coal production will be lower than expected; production costs will increase.

Jinshi Resources (603505): Fluorite production continues to increase and average product price continues to rise

Jinshi Resources (603505): Fluorite production continues to increase and average product price continues to rise
The company achieved net profit attributable to mothers in the first three quarters1.660,000 yuan, an increase of 133 in ten years.56%.The company announced that it will achieve operating income for the first three quarters of 20195.44 ppm, a 47-year increase of 47.65%; net profit attributable to mothers1.6.6 billion, an annual increase of 133.56%; EPS0 achieved.69 yuan / share.Among them, 3Q2019 achieved revenue 1.USD 8.6 billion, an annual increase of 25.25%; net profit attributable to mother is 0.55 ppm, an increase of 93 in ten years.14%. Fluorite production has increased significantly. Xiangzheng Mining will carry out technological transformation to improve the resource recovery rate.In the reporting year, the company’s incremental production of fluorite products was 26, and the growth rate was expected to be 21; compared with the 杭州夜生活 production forecast of 18 in the same period last year, it increased by 44.44%.At the same time, the company announced that Inner Mongolia Xiangzhen Mining has been basically normal since the trial production of beneficiation in May and June.In order to further improve the resource recovery rate, starting from the end of the third quarter, the mining method has gradually changed from the original shallow hole mining method to the filling mining method. This technical transformation project will be completed by the end of this year or early next year.At the same time, the Lanxi project construction progress is normal, and the project is nearing the end of construction, and trial production is planned at the end of this year or early next year. Fluorite prices fell slightly in September, but average prices continued to increase in the third quarter of 2019.According to the data of 杭州夜网论坛 Zhuochuang Information we tracked, since September 2019, the price of fluorite wet powder began to fall from the price of more than 3,000 yuan / ton, until September 30, the price was 2800 yuan / ton.However, the average price in the third quarter of 2019 still maintained an upward trend. The average price of wet fluorite powder in the third quarter was 3,037 yuan / ton, and the second quarter of 2019 increased by 5 from the average price of 2,882 yuan / ton.36%; the average price before the third quarter of 2018 was 2,581 yuan / ton, an increase of 17 year-on-year.65%. The gross profit margin dropped slightly from the previous quarter and increased significantly.Affected by the fluctuation of the price of the main product fluorite wet powder, the company’s comprehensive gross profit margin in the third quarter of 2019 was 61.53%, down slightly from the previous month.62 averages; a significant increase of 9.92 units.We believe that through the technical transformation of Xiangzhen Mining, the Lanxi Project will be put into production as scheduled, and the company’s fluorite production and sales volume is expected to reach another level in 2020. Profit forecast and investment rating.We expect the company’s EPS for 2019-2021 to be 1.01, 1.27, 1.61 yuan / share, the company is the leader in the fluorite industry. The growth rate of net profit attributable to mothers in 2019-2021 will be 76%, 26%, and 27%. Combined with the evaluation of comparable companies, we carefully consider 21-23 times PE in 2019, corresponding toReasonable value range 21.21-23.23 yuan, maintaining the sustainable market rating. risk warning.Potential risks from the price of fluorite, the risk of falling demand for downstream fluorochemicals, and the expected risks arising from the commissioning of new mines.

Divine Information (000555) In-depth Research Report: Fintech Leads Independent Innovation and Opens New Era

Divine Information (000555) In-depth Research Report: Fintech Leads Independent Innovation and Opens New Era
Fintech leading companies are expected to usher in a turning point.The company has been deeply involved in the financial industry for more than 30 years, covering more than 700 various financial institutions across the country, participating in the formulation of national ITSS standards, and has extensive construction experience and practice.According to the IDC report, the company’s core business solutions and channel management solutions ranked first in the industry for seven consecutive years.At the same time, the company gradually integrates and extends to non-bank financial, government, enterprise, and agricultural industries based on banks, fully taps data and scenario resources, and empowers financial digital transformation.Benefiting from the trend of independent innovation in the financial field, and the company’s independent innovation products are expected to gradually develop, the company strives to enter a rapid growth track. The first to launch distributed architecture products, leading the financial IT development trend.Compared with the centralized architecture, the distributed architecture is gradually being favored by the financial industry due to its scalability, size, stronger adaptability and controllability, and more suitable for cloud deployment. The financial IT architecture has become inevitable from centralized to diversified.trend. The company initiated a project in 2015 to start building a diversified application development platform. In 2016, it formally released the first distributed application platform in developing countries, Sm @ rtGalaxy. Based on this platform, it successively built a diversified core business system, a unified payment platform, and a bank.Internet 北京夜网 financial platforms and other business applications.At present, the company has implemented distributed application development platforms and diversified core business systems for more than 40 financial institutions, ranking first in the domestic market.In addition, the company promoted the overall banking information system solution to the Southeast Asian market and financial companies, which brought opportunities for the company’s development in overseas markets and pan-financial fields. Work with Huawei to jointly promote the independent innovation and development of the financial IT system.The acceleration of independent financial innovation has brought market potential for domestic software and hardware infrastructure restructuring.The company’s self-developed application products, especially the distributed core system, 杭州桑拿 have become the first choice for application adaptation of software and hardware infrastructure independently developed in China due to its diverse characteristics, extensive practical applications, and good market reputation.In July 2019, China Information and Huawei jointly released the “Bank Joint Business System Joint Solution” and “Cloudized Open Bank Joint Solution”, which fully realized the full integration of independent innovation technologies and products from infrastructure to upper-layer applications. The benefits of scenario-based application of blockchain technology are beginning to show.The company has been developing blockchain technology since 2015. The intelligent blockchain platform Sm @ rtGAS independently developed by the company has promoted the integrated application of blockchain technology around the financial system, focusing on application scenarios and ecological construction.The market has launched a series of products such as supply chain finance, digital currency, digital wallet, reconciliation and settlement, prepaid cards, point exchange and other products. At the same time, it is exploring cross-border exchange, agricultural land confirmation, agricultural traceability and other scenarios. Investment suggestion: We predict that the company’s net profit attributable to its mother in 2019-2021 will be 3.6.9 billion, 4.5.9 billion, 5.6.7 billion, corresponding to 43 times, 35 times, and 28 times the corresponding PE.With reference to comparable companies’ estimates, taking into account the company’s leading layout in the financial technology field, a certain valuation premium will be given, and the company will be given 50 times PE in 2020, with a corresponding target price of 23.66 yuan, the first coverage given a “strong push” rating. Risk warning: industry growth rate decline; goodwill impairment risk.

Ancient Yuelong Mountain (600059): Long-term weak overall demand seeks breakthrough

Ancient Yuelong Mountain (600059): Long-term weak overall demand seeks breakthrough

1H19 revenue was lower than our expected Gu Yue Longshan announced 1H19 results, revenue 9.

5.5 billion yuan, down by 1.

76%, net profit attributable to mother 1.

10,000 yuan, the same reduction of 2.

19%, single quarter income / profit growth 3.

1% / 31.

9%.

The revenue was lower than our expectation, mainly because the overall demand was too weak, and the company’s ordinary rice wine revenue decreased by 6.
.

4%.

Development trend The overall demand for rice wine is severely weak, and the performance of ordinary wine and rice wine sales regions is obvious.

The income of ordinary rice wine, represented by mass consumption, increased. In addition, the company only achieved 19% revenue growth in Shanghai in the first half of the year, and the remaining sales regions were divided to different degrees. Among them, Zhejiang, the base camp, lost 13%.

The second leader in the industry, Huojijishan, also showed similar income development trends, reflecting the aging population structure, the impact of macroeconomic growth trends on consumption, and the overall demand for rice wine was severely weak.

The company continues to promote the upgrading of its product structure with a view to driving brand value and revenue to maintain growth.

The company continues to focus on mid- to high-priced core large single products, and the 5/8/10 series has built a better product upgrade matrix.

At the same time, in the first half of this year, the national wine with a price of 1,000 yuan was launched. In 1959, it set a new benchmark for the value of rice wine and further opened up the growth space for the 5/8/10 year series.

Affected by the ability to spend, the pace of national expansion of the company and the industry continued to be slow.

In the first half of the year, the number of dealers outside the company increased by 21 and decreased by 42. It was at the stage of adjusting the dealer team, and the expansion rhythm was significantly shifted from the previous two years.

The company’s current revenue volume of less than $ 2 billion and a gross profit margin of about 40% make it difficult to support rapid national expansion, and the industry faces similar problems.

How to promote regional expansion through category 淡水桑拿网 differentiation advantages and marketing model innovation is an urgent problem for the industry, otherwise it will face continuous pressure to reduce revenue in mature markets.

Earnings forecasts and estimates adjusted EPS-5 for 2019/20.

3% / 0.

4% to 0.

211/0.

235 yuan, as the industry evaluation center moves upwards, the target price is raised by 6.

2% to 7.

75 yuan, corresponding to 36 in 2019/20.

7x / 33.

0xP / E, the current price corresponds to 40 in 2019/20.

2x / 36.

1x P / E with a target price of 8.

Downside of 6%. Maintain Neutral rating.

Risks If the growth of high-end products is lower than expected, performance may be expected.

Great Wall Motor (601633): Another mention of equity incentive plan offers low-absorption opportunities

Great Wall Motor (601633): Another mention of equity incentive plan offers low-absorption opportunities
The company’s recent situation Great Wall Motor issued an announcement announcing the 2020 equity incentive plan and implementation of assessment methods.  Quick response to comments, and then mention the incentive plan, brainstorming, and fully stimulate team enthusiasm and creativity.On September 6, 2019, the company issued the 2019 equity incentive plan, but it was not approved by the Hong Kong stockholders.The company responded quickly, and then mentioned the incentive plan, reflecting the strength and determination of the change in corporate management strategy.We believe that the incentive plan can fully synergize the interests of the company with the core management and technical team, and brainstorming can better leverage the team’s subjective initiative to help Great Wall achieve multi-faceted innovation on the basis of maintaining the advantages of efficient operations, in order to cope with the increasingly complex competition at home and abroadsurroundings.  The core content of the incentive plan remained the same, and the number of granted shares and related expenses decreased slightly.The incentive plan still includes two parts: incentive stock incentives and stock compensation incentives. Among them, the expansion of the share of stocks is still about 40%, the proportion of the first allocation is still 80%, and the total number of shares and equity granted is 1.7.8 billion shares, accounting for 1 of the current total share capital.95%, grade budget version of 1.8.5 billion shares decreased slightly.The total number of incentive objects this time is 1,966, including directors, senior management personnel, core technical personnel or core business personnel.According to company estimates, the total cost of the fair incentives.440,000 yuan (Air Force version 3.6.4 billion), amortized in 2020-2023.  The flexible and balanced evaluation method of volume and price continued, and the profit evaluation index increased.The company’s assessment of operating conditions in terms of sales volume and net profit remains unchanged. Sales volume and net profit remain 65% and 35% of the performance weight.For 2020-2022, the sales target will be 1.11 million, 1.21 million and 1.35 million, and the net profit target will be 4.7 billion, 5 billion and 5.5 billion US dollars.Innovative comprehensive growth of sales and profits, we believe that in the context of the industry’s entry into the knockout race, it is more reasonable and more conducive to car companies to continuously 杭州桑拿网 adjust sales and profits.Based on the current industry situation, the sales target has improved recently, but the profit target for 2020 has been raised, and the assessment criteria are still challenging.  It is estimated that Great Wall A / H is currently included corresponding to November 2020.6 times / 6.4x P / E.Affected by the overall market sentiment and industry sales performance, the Great Wall’s A / H range has changed, but we are still optimistic about the structural opportunities for the increase of the first-line autonomous market share, and the relaxation of pickup trucks into the city will increase the pickup truck sales of the companyGreat Wall A / H low-sucking opportunities.Maintain 2019/2020 profit forecast44.300 million, 65.500 million, with a profit forecast of 70 in 2021.900 million.Maintain A / H outperform industry rating, maintain target price of 11 yuan / 7 Hong Kong dollars (15 times / 9 times P / E in 2020), the early current price has 32%, 31% upside.  Risk The new model’s sales fell short of expectations; the industry’s clearance rate exceeded expectations.

Meijin Energy (000723) Tracking Report: Traditional coal-coke leads the hydrogen industry

Meijin Energy (000723) Tracking Report: Traditional “coal-coke” leads the hydrogen industry
Core Viewpoint As a private coke leader in Shanxi, the company is committed to the development of the “coal-coke-gas-chemical” entire industrial chain, forming a circular economy advantage, and increasing the profitability of the coking sector.The company’s holding company, Feichi Automobile, has the first-mover advantage in the field of hydrogen buses, and the joint-stock companies also have breakthroughs in membrane electrode technology.We are optimistic about the growth prospects of the company’s hydrogen-related sector, covering for the first time.Give “overweight” rating.  Shanxi private enterprise leader, committed to the “coal-coke-gas-chemical” integrated development.The company is mainly engaged in the production and operation of coke, coal, natural gas and coal bed gas, hydrogen fuel cell vehicles, etc. It has a relatively complete industrial chain of “coal-coke-gas-chemical”.The company has a total capacity of 540 millimeters of coking coal and 660 millimeters of coke. During the coking process, the company’s coke oven gas reached more than 50%, so it has unique advantages in hydrogen production and the development of hydrogenation stations.In addition, the company’s project of using coke oven gas to produce LNG and co-synthesize ammonia and urea has been completed, and the amount of natural gas can reach 1.3.4 billion cubic meters / year, synthetic ammonia 20 mg / year, urea 30 mg / year.  Coal and coke integration stabilized the profitability of traditional businesses.Considering that the company’s coking plant is close to full production, environmental protection equipment meets standards and assumes local municipal gas supply tasks, the environmental protection production limit policy has little impact. It is expected that the company’s coke production will be stable in the next 2 years.In 2019, the company plans to start construction of the 400 / year coking project, and the production capacity will continue to increase and expand in 北京桑拿洗浴保健 the future.The company’s self-produced coking coal can produce 60% of the coke used, thereby supporting the profitability of the coke sector.We expect the company’s coke reduction to decrease by 3% in 2019, the net profit per ton of coke will be reduced to about 300 yuan, and the coke business will still contribute a net profit of 1.7 billion yuan.In addition, after the company’s coke oven gas LNG project is put into production in 2019, it is expected to contribute about 200 million profit increments.  Actively deploying the hydrogen energy industry chain, there is huge room for future development.Hongji Chuangneng, a company in which the company has a stake, will establish the first domestically-produced, high-performance membrane electrode large-scale domestic production line with a planned production capacity of 100,000 square 淡水桑拿网 meters per year. After large-scale production, there will be about 60% reduction in the cost of reactors.Hongji Chuangneng is also expected to gradually acquire Ballard’s domestic market share and fully enjoy the growth in domestic demand for hydrogen fuel cells.In addition, in 2018, Flying Spur Motors (holding 51.2%) hydrogen fuel vehicle market share reached 11.85%, considering the “ten thousand cities in ten cities” policy and the gradual advancement of the planning and construction of hydrogen refueling stations, the company’s hydrogen fuel vehicle sales in 2019 are expected to reach more than 1,000.  Risk factors: Macroeconomic forecasts affect coke demand; the advancement of hydrogen fuel cell vehicle policy is less than expected; the project progress is less than expected.  Investment advice: do we predict the company 2019?EPS is 0 in 2021.47/0.57/0.62 yuan, the current price of 8.39 yuan, corresponding to 2019?2021 P / E18 / 15 / 13x.We use the segment assessment method to estimate the company’s long-term market value of about 37.5 billion yuan, with a corresponding target price of 9.20 yuan, corresponding to the 2019 PE19x, for the first time coverage, giving the company an “overweight” rating.

Chenguang Stationery (603899): Leading high-growth stationery industry optimistic about new business growth

Chenguang Stationery (603899): Leading high-growth stationery industry optimistic about new business growth

Event: Chenguang Stationery released the first quarter report of 2019, and the company achieved revenue of 23 in the first quarter of 2019.

5.6 billion, an annual increase of 28%; net profit attributable to mothers2.

590,000 yuan, an increase of 26 in ten years.

42%; net profit after deducting non-return to mother 2.

33 ppm, an increase of 29 in ten years.

54%.

Student stationery and office stationery fly together, and the overall gross profit margin remains stable.

In terms of products, in the first quarter, the company’s writing stationery products achieved revenue5.

60,000 yuan, an increase of 12 in ten years.

8%, gross profit margin increased by 1 over the same period last year.

2pct; student stationery products achieved revenue 6.

30,000 yuan, an annual increase of 30.

6%, gross profit margin increased by 1 over the same period last year.

8pct; office stationery products achieved revenue 11.

50,000 yuan, an annual increase of 35.

6%, gross profit margin decreased by 2 compared with the same period last year.

5%.

The company’s consolidated gross profit margin was 27 in the first quarter of 2019.

07%, a slight decrease of 0 every year.

12pct, an increase of 1 from the previous quarter.

24pct, gross profit margin 四川耍耍网 remained stable overall.

New business continued to grow rapidly, and channels expanded further.

In terms of new business, Klipp achieved revenue in the first quarter by promoting cooperation with governments and major customers6.

2 ppm, an increase of 68 in ten years.

9%; Chenguang Life Museum (including Jiumu) achieved revenue1.

1 ‰, an increase of 88% in ten years; Chenguang Technology achieved zero revenue.

68 ppm, a 39-year increase of 39.

1%.

The sustained high-speed growth of new business has substantially benefited from the rapid expansion of channels.

Chenguang Life Museum (including Jiumu Miscellaneous Stores) operates as an independent brand store. As of the first quarter of 2019, Chenguang Life Museum has opened 139 stores, and 130 Jiumu Miscellaneous Stores (92 of which are self-operated and 38 have joined), Compared with 255 living museums (including Jiumu Zamusha) at the end of 2018, 14 have been added in the single quarter of 2019.

In addition, Chenguang Technology has effectively authorized 1,000 businesses on major online platforms, laying a foundation for rapid business growth.

During the period, the rate of expenses declined steadily, and ROE improved.

In the first quarter of 2019, the company’s period expense ratio was 15.

05%, a slight drop of 0 a year.

27 points.

Among them, the selling expenses are 9.

43%, a decrease of 0 per year.

4pct; the rate of management expenses (including research and development expenses) 5.63%, rising by 0 every year.

16pct; financial expense ratio -0.

01%, a decrease of 0 per year.

04 points.

In the first quarter of 2019, the company’s ROE was 7.

31% (6 in the first quarter of 2018.

97%), of which net profit margin was 11.

02% (10 in the same period last year.

86%); asset turnover rate is 0.

42 times (0 in the same period last year.

42 times), equity multiplier 1.

49 (previous value was 1.

39).

It can be seen that the rise of the company’s ROE in the first quarter was mainly due to the increase in net sales margin and equity multiplier. The increase in net margin was mainly due to the decline in the expense ratio during the period such as the sales expense ratio, indicating that the company’s cost control was better.

Horizontal mergers and acquisitions of enterprises are expected to produce synergies.

In March 2019, the company announcement intends to start with 1.
.

9.32 million yuan, acquired 56% equity of Ashuo Stationery (Shanghai) Co., Ltd.

The value of the underlying asset-based method of the acquisition target is 3.

450,000 yuan, the corresponding price of 56% equity.

93.2 billion, with a PB of 1, which is reasonable.

Shanghai Anshuo mainly produces pencils, crayons, watercolor pens, ballpoint pens, oil sticks, stationery boxes, sharpeners, erasers, stationery rulers, lead cores, pencil plates and materials and packaging materials used in the production of pencils. It owns the Marco brand.(MARCO) Wooden pencils have high visibility and competitive advantages in the industry, and form an effective complement to Chenguang’s main business, resulting in significant synergy effects.

Investment suggestion: We predict that the company will realize net profit attributable to the parent company in 2019-21.

1,12.

7, 15.

$ 2.5 billion.

6%, 24.

9%, 19.

5%, the corresponding EPS is 1.

1.

38, 1.

64 yuan, considering the company’s high growth expectations, maintain a “buy” rating.

Risk warning: New business expansion is less than expected, and competition in the stationery industry is exacerbated.

Zhongxin Travel (002707) Annual Report Comments: Eventual Factors Affect 18-Year Performance 19Q1 Business Stability

Zhongxin Travel (002707) Annual Report Comments: Eventual Factors Affect 18-Year Performance 19Q1 Business Stability

The 18-year revenue has remained stable. The Thai shipwreck incident has caused a significant change in net profit to affect the net profit. The company released its 2018 annual report and 19th quarterly report. The company’s 18-year operating income reached 121.

7 ppm, an increase of ten years.

2%, net profit attributable to mothers was 23.57 million yuan, a year-on-year decrease of 89.

9%.

Among them, Zhuyuan International Travel’s 18-year revenue and net profit were 48.

90,000 yuan and 96.82 million yuan, down by 1 each year.

4% and down 22.

3%.

In terms of gross profit margin, the company’s gross profit margin in 2018 was 9.

4%, a decline of 0 per year.

5 digits, of which Q4 gross margin decreased by 3.

9 units.

In terms of expenses, 18 years of sales expenses increased by 20 in ten years.

6%, management expenses are basically the same, financial expenses 53.38 million yuan, an increase of 3.21 million US dollars in 17 years, mainly due to increased interest expenses on convertible bonds and exchange income decline.

The decrease in the company’s net profit in 18 years was mainly affected by the incidents of shipwrecks in Phuket, Thailand, and the volcanic eruption in Bali, Indonesia, which affected the destinations in Southeast Asia. Wholesale revenues fell.

3%; The annual decline in Q4 gross profit penetrates, resulting in a decrease in net profit of approximately 100 million US dollars in 18 years. In terms of conversion, the company accrued 杭州桑拿 asset impairment losses based on goodwill in 18 years.

10,000 yuan.

In Q1 2019, the company’s revenue and net profit attributable to mothers were 24.

4 million and 6487 million, down by 0 each year.

8% and down 1.

4%.

Q1 gross profit margin 13.

3%, increase by 1 every year.

5 units.

In 18 years, the growth of wholesale revenue and gross profit margin has declined. Retail revenue has grown steadily. From the perspective of business expansion, 1) Wholesale business: In 2018, the company’s wholesale business achieved 86 revenue.

900 million, down 2 a year.

5%, gross margin of wholesale business 7.

1%, a decline of 0 per year.

8 units.

2) Retail business: The company’s retail business achieved operating income for 18 years23.

0 million yuan, an increase of 12 in ten years.

4%, accounting for 18% of total revenue.

9%, increase by 1 every year.

9 units.

Gross margin of retail business 15.

3%, down by 1 every year.

1 unit.

Number of stores: By the end of the year, the company had 435 retail stores, an increase of more than 300, and expansion to Jiangxi, Inner Mongolia, and Hebei provinces.3) Integrated marketing business: 18 years of revenue 9.

6 trillion, an increase of 9 in ten years.

5%, gross margin 8.

2%, a decline of 2 per year.

4 units.

In the first quarter of 19, the operation was stable, and the company benefited from the development of the outbound tourism industry for a long time. The company’s “overweight” rating was gradually increased for 18 years. The company’s net profit was gradually increased.The revenue maintained steady growth. In Q1, revenue and net profit remained stable at least.

The company’s breakthrough capital advantage has continued to extend to the upstream and downstream of the industrial chain, the retail-side franchise model has expanded rapidly, the overseas layout of the resource-side has continued to deepen, or it has long benefited the development of the outbound tourism industry.

Assume that the company’s revenue growth rate in the year 19-21 is 8% / 10% / 10%, and the gross profit margin is restored to the average value of 16% in 17 years. The EPS in 19-21 is expected to be 0.

30/0.

35/0.

42 yuan / share, with reference to the average company’s average P / E (TTM) estimate of 34 times, taking into account the periodical growth of the outbound tourism industry since the second half of the year has been affected by the eventual growth rate replacement, giving the company a reasonable estimate of 25 times P / E in 2019,The corresponding reasonable value is 7.

5 yuan / share, downgraded to “overweight.”

Risk reminders: unexpected events, macroeconomic environment, exchange rate changes and other factors affect the overall demand of the outbound tourism industry; the company’s channel and resource end development and profitability are less than expected; expense control gradually exceeds expectations; goodwill impairment risk.

Minmetals Capital (600390) Interim Report Comments: Rapid Growth in Performance, Subsidiary Industry Rankings Rise Significantly

Minmetals Capital (600390) Interim Report Comments: Rapid Growth in Performance, Subsidiary Industry Rankings Rise Significantly

Event: The company recently released its 2019 Interim Report, achieving a total operating revenue of 81.

740,000 yuan, an increase of 37 in ten years.

60%; net profit attributable to mother 17.

410,000 yuan, an increase of 48 in ten years.

40%; ROE5.

21%, an annual increase of 1.

53 shares; total assets at the end of the period were 1,246.

24 ppm, an earlier increase of 3.

67%; net assets attributable to the parent at the end of the period are 377.

880,000 yuan, an increase of 5 earlier.

27%; EPS is 0.

4644 yuan / share.

Futures, trusts and securities business performance soared, and financial leasing performance slightly 重庆耍耍网 decreased.

In the first half of the year, the company’s futures company business revenue was 39.

77 ppm, an increase of 60 in ten years.

87%; trust company business operating income 15.

22 ppm, a 57-year increase of 57.

60%; securities company business operating income 5.

96 ppm, an increase of 89 in ten years.

49%; financial leasing business realized revenue 20.

79 trillion, down 4 a year.

67%.

The main business of Minmetals Jingyi Futures Precision Farming Brokerage business is to accelerate the growth of risk management business.

In the first half of the year, Minmetals Jingyi Futures realized futures brokerage business income.

410,000 yuan, an increase of 19 in ten years.

15%, including futures program fee income1.

47 trillion, exchange rate income1.

9.4 billion.

Revenue from asset management 杭州夜生活网 business was 1,892.

07 million yuan, an increase of 77 in ten years.

99%, as of the end of June, Minmetals Jingyi Futures Asset Management business scale16.

83 ppm, a ten-year increase of 8.

62%.

Risk management business income 36.

150,000 yuan, an increase of 65 in ten years.

86%.

Minmetals Trust ranks in the industry, and the scale of trust has grown significantly.

In the first half of the year, the operating income ranked 8th in the industry, the total profit industry ranked 5th, and the net profit industry ranked 6th.The scale of the trust assets of Mining Trust is 7,819.

78 million, an increase of 2,941 each year.

16 trillion, an increase of 60.

29%.

Among them, there are 678 collective fund trust projects with a trust asset size of approximately 5,866.

5.6 billion; 178 single-fund trust projects with a trust asset size of approximately 1,290.

2.7 billion; 42 property rights trust projects with 662 trust assets.

9.5 billion.

Investment suggestion: The company relies on indirect shareholders of Minmetals Group to expand business channels and change its industrial background.

In the first half of the year, the company’s business performance increased, and its subsidiary industry rankings improved significantly.

Forecast EPS for 19/20/21.

96/1.

02/1.

05 yuan.

The company evaluates PB0.

98 times, significantly lower than the industry average.

Risk reminders: the decline in the activity of stock trading; the risk of asset impairment; the macroeconomic downturn.