Ding Junhui’s 27th birthday in the field, China 5-1 swept Astley past the first round

Ding Junhui’s 27th birthday in the field, China 5-1 swept Astley past the first round
In the first round of the 2014 Snooker China Open, Ding Junhui, who had his 27th birthday, played against John Astley.Despite the disadvantage of losing the first game, Ding Junhui quickly entered the state, hitting a three-shot 50+ winning five innings, a total score of 5-1 easily eliminated the opponent, and advanced to the second round against Thai player Tachaia.  After winning one championship and one Asia in Germany and Wales, Ding Junhui has only had a short trough in the past month. Haikou lost to Murphy missed the quarterfinals. The PTC finals were early out of the first round.On his 27th birthday, Ding Junhui ushered in China’s first opponent-John Astley.  Astley played on the PTC tour last season and won the professional competition this season. However, with limited strength, he has only won four wins in the past nine rankings and participated in eight European tournaments.Only won 7 games.In the Chinese wild card round, Astley eliminated Yan Bingtao 5-2.Judging from the past record and the performance of the wild card round, Astley’s ability is very general, and Ding Junhui is very different.  In the first game, the two defended patiently. After multiple rounds of tug-of-war, Astor started with interest and defended after a stroke of 21 points.Ding Junhui failed to score the ball, Astley hit the long-range red ball from a long distance, and then scored a red ball error after 12 points.Ding Junhui started, and continued to attack around the coffee ball, 22 points away from the set.Astley started again with 34 points in a single shot to achieve an overpoint.Ding Junhui got up and hit the red ball. He missed the goal and was fined 4 points. Astley won first with 71-22. Previous page12Next pageShow full text

Golden Miles Medical (603882): Performance continues to release leading value

Golden Miles Medical (603882): Performance continues to release leading value
Event Golden Mile Medical released the third quarter of 2019 report, the first three quarters of 2019 to achieve revenue 39.2 billion, an increase of 18 in ten years.17%, net profit attributable to mother 3.1.9 billion, an increase of 94 in ten years.16%, deducting non-net profit 2.5.9 billion, an increase of 88 in ten years.25%, net operating cash flow is 3.65 ppm, an increase of 40 in ten years.58%. In the third quarter, it achieved operating income of 13.7.7 billion, an increase of 14 in ten years.49%, net profit attributable to mother 1.4.7 billion, an increase of 115 in ten years.54%, net non-profit of 97.14 million, an annual increase of 55.86%. Briefly commented that the performance has exceeded expectations, and the long-term value of ICL’s leading products has stood out quarter-on-quarter. From the point of view of the quarter, the company continued to maintain explosive growth in the third quarter, mainly due to active adjustments in the company’s operating strategy.In total, the company has built 37 provincial medical laboratories across the country, most of which have been built in the past three years, and will not be built any more since last year. The proportion of fixed expenses such as depreciation and amortization in management costs has dropped significantly;The 杭州夜网论坛 laboratory gradually turned losses into profits. The number of profitable provincial laboratories in the first three quarters increased from 23 to 27. The company’s net profit margin increased significantly, and the first three quarters replaced the net profit.34%, a substantial increase every year 2.9 units. In terms of revenue, Q3’s single-quarter revenue growth rate remained stable. The company continued to actively adjust the company’s business structure and has a weak profitability inspection project. The overall gross profit margin in the first three quarters was 39.86%, increasing by 0 every year.With 86 units, the company’s special inspection business has continued to increase the proportion of high-end businesses such as genetic recombination diagnosis, pathological diagnosis, and mass spectrometry. The optimization of its revenue structure has made the company’s competitive advantage more prominent. In the long run, the domestic ICL industry still accounts for less than 5% of the entire inspection market share. In the future, through the National Medical Insurance Bureau to increase the control of medical inspection costs, ICL’s intensive cost advantage will become more prominent. Golden Miles has grown as an absolute leader in ICLThe space is still very large. Financial indicators continued to be optimized, and the net profit margin increased significantly in the first three quarters of 2019. The company’s gross profit margin was 39.86%, an increase of 0.The 83 targets are expected to be mainly due to the increase in the proportion of special inspection services with high gross profit margins, and the active reduction of unprofitable and alternative businesses.The cost rate during the period is 30.65%, down 1.78 units: of which the sales expense ratio is 14.99%, a decrease of 0.36 budgets are expected to bring benefits to the company’s expense control; R & D + management expense ratio of 15.08%, down 1.36 budgets are expected to be mainly due to the decrease in the depreciation stall expense ratio; the financial expense ratio is zero.58%, a decrease of 0.07 averages.The company’s net profit for the first three quarters was 8.34%, an increase of 2 per year.9 averages; of which the single quarter net interest rate in the third quarter was 11.13%, excluding the investment income of about 42 million yuan from the sale of subsidiaries, and a net interest rate of 8.08%, increase by 1 every year.81 units.Net operating cash flow was 3.650,000 yuan, a substantial increase of 40.58%, which is higher than the net profit attributable to mothers, reflecting the high quality of the company’s growth. The third-party laboratory medicine is the absolute leader, maintaining the purchase level. Golden Medical is the third-party medical laboratory with the largest scale and the strongest technical strength in the early days of the establishment of the domestic ICL industry. We are optimistic about the long-term prospects of third-party laboratory medicine in China.Profit forecast for -2021, profit is expected to be 4 in 2019-2021.1.2 billion, 5.2.1 billion and 6.48 ppm, an increase of 76 in ten years.7%, 26.4% and 24.4% (previous forecast was 3.15 billion, 4.04 billion and 5.0.8 billion, an increase of 35 in ten years.2%, 28.0% and 25.8%), and EPS is 0.90 yuan, 1.14 yuan and 1.42 yuan, currently expected to correspond to 65, 52 and 41 times PE in 2019-2021 respectively, maintaining a buy rating. Risk Warning 1.Increasing competition in the industry has led to an increase in the prices of inspection services and hospital settlements beyond expectations.Due to policy factors, the fees for hospital inspection services have been reduced3.Revenue and profitability of first-class laboratories fall short of expectations

Poly Real Estate (600048) 2019 Third Quarterly Report Review: Main Business Advances and Retreats Freely

Poly Real Estate (600048) 2019 Third Quarterly Report Review: Main Business Advances and Retreats Freely

Core point of view The company’s land acquisition is further corrected than the previous one, which increases the possibility of grasping land acquisition opportunities in the future.

The company’s engineering costs have increased, and the saleable resources are very rich, which has also increased the basis for continued sales growth in 2020.

   The company achieved revenue of 1117 in the first three quarters.

900 million, net profit attributable to mother 128.

300 million, an increase of 17 each year.

8% and 34.

1%, in line with expectations.

The company’s profit growth rate is faster than its income growth rate, mainly due to the company’s high gross profit resources in its settlement history.

   Take care carefully, temporary cameras can be selected.

In the first three quarters, the company achieved sales of 3468 trillion yuan, sales area of 22.94 million square 南宁桑拿 meters, expansion of 996 trillion yuan, and expanded capacity of 14.93 million square meters.

In the first three quarters, the company’s development amount accounted for only 29% of the sales amount, compared with 75% and 54% in the same period of 17 and 18 respectively.

The expansion area is only equivalent to 65% of the sales area, compared with 197% and 121% in the same period of 17 and 18 respectively.

Due to the company’s abundant reserves (24,772 square meters under construction), the company was able to choose a small amount of land.

Looking forward to the future, depending on the development of the land market, the company can either hold the land on dips, or continue to destock, and move forward and backward freely.

We believe that there may be land acquisition opportunities in the land market starting from 杭州夜生活网 the fourth quarter of 2019.

   The project budget has increased, and the value of goods has been abundant.

The company’s area under construction in the first three quarters reached 118.52 million square meters, an annual growth of 28.


The construction-in-progress ratio is 155%, a rapid increase from 114% at the end of 2018 (but still lower than Vanke’s ratio).

This increase in expenditures has even led to a small net replacement of operating cash flows in a single quarter, given the company’s lack of land and strong sales.

The company’s net interest rate increased slightly from the interim report, reaching 82%.

However, the engineering costs and land acquisition budgets are essentially different, which means that the company has huge potential for growth in the saleable resources in the future, and the sales contract amount is expected to maintain a high growth rate.

   Focus on the first and second tiers, but do not give up urban development.

The company’s development amount in first- and second-tier cities accounted for 76%.

These two companies sell deterministic alternatives and receive better returns.

The company has achieved growth and outperformed the industry in the first three quarters, and the fund withdrawal rate has increased by 3 compared with the same period in 2018.

62 averages, reaching 89.


  However, the company did not abandon the development of the incremental market, and the layout cities increased from 92 at the end of 2017 to 108 at the end of the third quarter of 2019.

The company appropriately increases the number of cities, which is conducive to the provision of new regional positions and stimulates the enthusiasm of the team.

   Two wings of the second venture, new business is rising.

Poly Investment Co., Ltd. cooperated with the leading Soviet Union Hefu, covering 210 cities; Poly Commercial continued to export asset management and brand in light asset mode.

We believe that the company’s new business is expected to become an important part of the company’s market value in the future.

   Risk factors: the risk that the company’s statement profitability will decline.

   Investment advice: We believe that the company has replaced the necessary capital reserves in response to possible uncertainties in the future industry.

The two wings business is also developing well.

We maintain the company’s EPS forecast2.


18 yuan, we combined absolute and relative estimation methods to maintain the company 18.

Target price of 41 yuan / share and investment rating of “Buy”.

Zhongke Sanhuan (000970): 1H19 performance is in line with expectations; expected to benefit from rare price increases

Zhongke Sanhuan (000970): 1H19 performance is in line with expectations; expected to benefit from rare price increases

The 1H19 results are in line with our expectations. The 1H19 results announced by China Science and Technology Sanhuan: operating income 18.

800 million, down 4 every year.

5%; net profit attributable to mother 1.

0 million, corresponding to a profit of 0.

09 yuan, down 10 every year.

7%, in line with our expectations; net profit after deduction is 85.06 million yuan, down 16% every year.

The company’s operating 都市夜网income in the second quarter of 19 9.

600 million, down 6 every year.

1%, up 4 from the previous quarter.

3%, net profit attributable to mother is 56.09 million yuan, a year-on-year decrease of 20%, a month-on-month increase of 27%, and a gross profit margin of 17 in 2Q19.

8%, a decrease of 1 per year.

4ppt, a decrease of 1 from the previous month.

2ppt, the improvement in performance from the previous quarter was mainly due to the decrease in financial expenses and impairment from the previous quarter.

Comments: 1) The price of rare earths in 1H19 has been decreasing year by year, but it has increased rapidly in 4 months.

The new domestic average price of thorium oxide in 1H19 was 30.

50,000 tons / ton, down 9% every year, the average price in the second quarter of 19 was 30.

50,000 tons / ton, a decline of 8% per year, a chain decrease of 0.


As of August 16th, the domestic price of neodymium oxide and neodymium oxide gradually rebounded by 14% or 3 in late April.

70,000 / ton to 30.

50,000 tons / ton.

2) 1H19 comprehensive gross profit margin decreased slightly by 1.

8ppt to 18.

4% (Gross profits are net of taxes and surcharges).

3) The increase of 1H19 financial expenses from 17.12 million to 5.84 million yuan was mainly due to the decrease in exchange income.

The financial expense ratio increases by 0 every year.

9ppt to 0.


4) 1H19 sales + management + research and development expenses total annual +16.86 million yuan, of which the management expense rate +0 per year.

6ppt to 6.


5) 1H19 investment income + net income from changes in fair value increased by 17.53 million yuan to 4.59 million yuan per year.

6) 1H19 asset impairment + credit impairment loss decreased by at least 30.06 million yuan to -32.07 million yuan, mainly due to 1H19 inventory depreciation reserve reversal of 25.19 million yuan, higher than 1H18 reversion of 1.19 million yuan.

The development trend benefits from the increase in the price of rare earth.

In May of this year, Myanmar ‘s rare earth imports were officially reduced, and domestic rare earth supplies were tight. We believe that the price increase in the second half of the year has changed significantly, and the support for heavy rare earth prices is higher than that for light rare earths.

The company mainly adopts the method of locking the gross profit margin, and we believe that it is expected to obtain an upstream surplus price center increase.

In terms of downstream demand, CICC Motors estimates that domestic new energy vehicle sales in 2019 will be 1.4 million, with an annual growth rate of 11.

5%, mainly due to the subsidy decline, but the growth rate in 2020 is trying to pick up?30%.
In the short term, we believe that new energy vehicle sales in the third quarter are trying to pick up month-on-month, supported by the peak season.

Earnings Forecasts and Estimates We maintain our 2019/20 profit forecast for the third ring of China Science and Technology.


20 yuan.

The current company complies with the corresponding 2019/20202.

3 times / 2.

2 times price-to-book ratio.

杭州夜网论坛 We maintain a neutral rating of 9.

Target price of 50 yuan, corresponding to 2.

2x 2019 P / B ratio and 2.

2 times the 2020 P / B ratio, compared with the recent inclusion of 3.

9% downside.

Risk magnetic material demand was less than expected, and rare earth prices fell sharply.

Urban Investment Holdings (600649): the core target of Yangtze River Delta integration, the pioneer of state-owned enterprise reform and innovation development

Urban Investment Holdings (600649): the core target of Yangtze River Delta integration, the pioneer of state-owned enterprise reform and innovation development

The group company is the main force of Shanghai urban construction and the integration of the Yangtze River Delta: Li Qiang, secretary of the Shanghai Party Committee, discovered Shanghai Urban Investment Group on April 15 and demanded that “Shanghai Urban Investment Group should be the main force in urban construction and operation management.People’s livelihood security highlights high quality, actively participates in tasks such as the renovation of old areas and the construction of social housing, and strives to improve the quality of the city and provide high-quality public products.

It is necessary to be a good commando to serve the city’s major tasks, actively participate in the construction and operation management of new areas of the Pilot Free Trade Pilot Zone, the Yangtze River Delta Integrated Development Demonstration Zone and the Import Expo, and have the courage to undertake urgent and dangerous tasks.

We must strive to be the pioneers in the reform and innovation of state-owned enterprises.

The company is the pioneer of Shanghai state-owned enterprise reform. The predecessor of Urban Investment Holdings was Shanghai Yuanshui Co., Ltd., which was transformed into a joint-stock enterprise in July 1992. The company took the lead in mixed reform in 2013. In 2014, the company initiated a major unrepeatable asset reorganization and share swapAbsorbed and merged Shanghai Yangchen Investment Co., Ltd. (referred to as “Yangchen B-shares”), and Shanghai Environment Group Co., Ltd. took over Yangyang B-shares and split them into independent listed companies (601200).

SH), completed in March 2017.

After major asset reorganizations from 2014 to 2017, Urban Investment Holdings has now transformed into a holding group focusing on innovative real estate and investment in urban infrastructure equipment.

The real estate business promotion benefited from the integration of the Yangtze River Delta. The soil storage in the demonstration area has been around 45 years. In 2018, the company’s real estate sales income increased significantly, and real estate operating income 68.

7.7 billion, an increase of 142% in ten years, of which: sales area 8.

07,000 square meters, with an increase of 20 new sales contracts.

7.9 billion, with sales return 56.

USD 9.7 billion, sales return mainly from the “Bay Valley” Science and Technology Park, the capital and Luxiang Park, and other projects, will continue to be in 2019.

As of the end of 2018, the company had 530 in hand.

30,000 countries, most of which are in Shanghai, of which 450,000 are in the Yangtze River Delta Demonstration Area, accounting for 8.

49%; the more important integrated group advantage companies gradually and deeply participate in integrated infrastructure and other market-oriented projects, becoming the core targets of early benefits.

The investment business is conducive to the recovery of the stock market, and the important value-added value-added company’s investment business, which mainly relies on the comprehensive strength and industrial resources of the Shanghai Urban Investment Group, cooperates with the infrastructure sector of the Urban Investment Group, and is related to the urban investment industry chain.State-owned enterprise linkage, classification of various investment opportunities, cooperation and win-win cooperationFunding 17.

170,000 yuan, withdraw from the corresponding investment income 7.

4.6 billion.

2) The newly added value of available-for-sale financial assets is nearly 2.

500 million: The company holds Shentong Metro, China Everbright Bank, China Railway Construction Corporation, China National Capital Corporation, and its shares have benefited from the recovery of the stock market, and it has achieved value-added2.

5.1 billion US dollars, although the fluctuation range is not included in the actual profit, but the company may not realize the possibility of realizing partial income in the future; 3) The company’s equity holdings in western securities have increased significantly by nearly 3.

500 million: The company holds Western Securities 15.

09% equity, with directors stationed, Western Securities realized a net profit of US $ 200 million in 2018, and converted to a net profit increase of 30.2 million yuan for urban investment companies. Due to the hot stock market, the performance of Western Securities also increased significantly.Achieved 5.

83 billion, a previous sharp increase of 199.

9%, we simply assume that this performance will also be maintained in the next 4 quarters, Western Securities is expected to achieve a net profit of 23.

32 trillion, it is expected to contribute about 3 to the profit realized by Urban Investment Holdings.

510,000 yuan, far more than the 30.2 million yuan last year.

Investment suggestion: We believe that the integration of the Yangtze River Delta is a national strategy, and the policy is expected to continue to exceed expectations. The Shanghai Municipal Government requires that the Urban Investment Group, as the main force of city operations, actively participate in 杭州夜网论坛 the construction of the new area of the free trade zone and the integration of the Yangtze River Delta.And the group is a pioneer in the reform of state-owned enterprises and the development of innovative venture capital. From the perspective of the company itself, the company has 45 land reserves in the Yangtze River Delta region (we think not only depends on the short-term land reserve appreciation expectations, but also depends on the group company’s deep participation in the futureBusiness opportunities brought by triangle integration), the real estate business will grow steadily under the continuous recovery of the Shanghai market, and the investment business will gradually increase and thicken the company ‘s profits (especially Western Securities) with the significant recovery of the stock market. We expectThe company’s 深圳spa会所 net profit for 2019-2021 is approximately 15.

5.2 billion, 22.

6.3 billion, 31.

7.5 billion, corresponding to 0 EPS.

61, 0.

89 and 1.

26 yuan, corresponding to PE.

3X, 9.

1X and 6.

5X, the company can revalue RNAV about 16.

26 yuan, the first coverage given a “buy” rating, 6-month target price of 13.

0 yuan, equivalent to a 20% discount on RNAV. Risk warning: The real estate policy is beyond expectations, and the Yangtze River Delta integration policy is below expectations.

Torch Electronics (603678): Self-produced polymer grows significantly, new materials gain initial benefits

Torch Electronics (603678): Self-produced polymer grows significantly, new materials gain initial benefits

The main points of the report describe the company’s annual report for 2018 and the first quarter of 2019, and the company’s operating income in 2018 increased by 7.

21% reached 20.

2.4 billion, net profit attributable to mothers is increasing by 40 per year.

71% reached 3.

33 ppm; operating income in the first quarter of 2019 increased by 23 per year.

53% reached 4.

6.4 billion, net profit attributable to mothers increased by 31 each year.

13% reached 0.

7.2 billion.

Incident Review Self-produced capacitors have grown significantly, and the adjustment of agency categories has promoted gross profit.

The growth of the company’s operating income in 18 mainly came from its self-operated business. Due to the development of downstream military electronics and information industry and the shortage of stock after the adjustment of the global capacity structure of civilian ceramic capacitor products, the company’s self-produced component segment’s revenue increased by 31 in 31.

55% up to 5.

4 billion US dollars, of which the main product ceramic capacitors (excluding single layer) revenue increased 21.

20% up to 4.

71 ppm; tungsten capacitors have maintained a growth trend since their introduction in 16 and an increase of 53 in 18 years.

64%; Guangzhou Tianji and Fujian millimeter new production line acquired by the company in 18 years mainly produce single-layer capacitors and thin-film components in new categories, showing a good development trend.

The company’s 18-year net profit growth rate is much higher than the revenue growth rate. The main reason is that 返回码: 404 网站打不开?重查 the agency’s gross profit margin of the agency business, which accounts for relatively large revenues, has increased. Due to the continued shortage of some agency components, the company adjusted the agency procurement category.Interest rate increased by 8.

87 pct, affecting gross profit growth of 46 in 18 years.


Based on the company’s technical advantages and the stability requirements of military products, we believe that the company’s self-produced capacitor business will maintain a good growth trend.

The strategic layout of new materials has shown initial results. Gradually increasing volume in the future will bring continuous business growth.

The company’s new materials segment achieved zero revenue in 18 years.

26 ppm, a previous substantial increase of 295.


Among them, high-end special ceramic materials have achieved large-scale production. Liya New Materials, a wholly-owned subsidiary, has been the main body for the industrialization of “high-end special ceramic materials”. At present, it has completed the production capacity of three production lines.

600,000 yuan, net profit is 0.

0.6 billion.

In 19 years, the company will continue to promote the construction of the remaining capacity of Liya New Materials, while accelerating the construction of Liya Chemical’s PCS to solve the problem of raw material supply and re-launch on the market, thereby forming a new profit growth point.

Investment advice: It is expected that the company’s EPS for 2019-21 will be 0.

93 yuan, 1.

17 yuan, 1.

46 yuan, corresponding to 21 for PE.

01 times, 16.

60 times, 13.

37 times, maintain “Buy” rating.

Risk Warning: 1.

The company’s capacitor business development was less than expected and profitability was less than expected; 2.

The construction and industrial application of special ceramic material production lines did not meet expectations.

Haiyuan Composites (002529): Revenue recognition, asset impairment affects short-term performance, lightweight, and long-term growth potential is broad

Haiyuan Composites (002529): Revenue recognition, asset impairment affects short-term performance, lightweight, and long-term growth potential is broad

Short-term performance is under pressure due to the delay in revenue recognition and accrual of asset impairment: the company gradually released the 2018 performance bulletin and realized revenue in 20182.

41 trillion, down 11 a year.

6%; net profit attributable to mother may be 1.

6.4 billion.

It is mainly affected by the following two factors: (1) the lag in the progress of PPP public infrastructure projects under the financial deleveraging policy, which delays the recognition of revenue from lightweight construction orders, and affects revenue, while reducing the effect of scale on gross profit margin and period expenses(2) After comprehensive inspection and asset impairment test, the company plans to accrue 7737 for asset impairment in 2018.

550,000 yuan.

  The company’s announcement of the first quarter performance forecast shows that the first quarter of 2019 revenue is basically flat,深圳桑拿网 and the impact of the delay of PPP projects is gradually reduced; the company announced the first-half of 2018’s automotive lightweight business transition order.


58 ppm, the execution of this part of the order and revenue recognition will provide support for subsequent revenue growth.

  Join hands with Haigang Group to accelerate the landing of lightweight vehicles: With the arrival of new energy vehicle consumer cities and stricter vehicle emission policies, it is imperative for lightweight vehicles.

The company’s complete vehicle and battery plant customers are rich in resources. At present, it has supported Ningde Times, Yutong Bus, Dongfeng Liuqi and other customers in batches. At the same time, it has received multiple orders from Geely Commercial Vehicles, BMW China, Guoxuan Hi-Tech, and so on.

In October 四川耍耍网 2018, it announced that the wholly-owned subsidiary company Haiyuan New Material and Zhejiang Haigang Melt the “Strategic Cooperation Framework Agreement”. At present, Shanghai Volkswagen, Geely and other OEMs have settled in the new area; it is expected that the company will soon cooperate with OEMs in the new areaSpeed up development.

  The advantages of the entire industrial chain of composite materials are obvious, and the downstream application space is broad: the company is a leading manufacturer of fully automatic hydraulic presses, and has a wealth of technology accumulation in the field of fully automatic hydraulic forming.

Relying on the advantages of equipment, it also integrates domestic and foreign resources to integrate the complete industrial chain from composite materials equipment, technology, materials, mold development, product design to product production, and has a comprehensive leading advantage.

In addition to lightweight vehicles, the company has established long-term cooperation with China Communications, China Railway, Vanke, Greenland, etc., and is still actively exploring other large construction enterprises.

Infrastructure projects such as subways are expected to accelerate construction in the near future, and the company’s products in the public construction sector will promote rapid promotion.

  Investment suggestion: The company’s revenue growth rate is expected to be -11 in 2018-2020.

6%, 150.

2%, 23.

5%, the growth rate of net profit was -2440.

3%, 119.

8%, 50.

8%, corresponding EPS are -0.

63 yuan, 0.

13 yuan and 0.

19 yuan.

The company’s comprehensive composite material industry chain advantage, along with the growth and rapid development of new energy vehicles, has broad downstream application space.

Give “overweight-A” rating, 6-month target price of 11.

70 yuan.

  Risk warning: The recognition of construction board revenue is less than expected, and the price of raw materials rises.

Fire Communication (600498): Interim report is lower than expected

Fire Communication (600498): Interim report is lower than expected

Event On the evening of August 28, 2019, the company released its 2019 Interim Report.

In the first half of 2019, the company achieved revenue of 119.

85 ppm, a ten-year increase of 7.

07%, achieving net profit attributable to mother 4.

16 trillion, sixth grade 8.

67%, which is the first intermediate report replacement for the first time since 2015.

Brief Comment 1. The company’s 2019 Interim Report was dragged down by gross profit margin, which was generally lower than expected.

In the first half of 2019, the company faced the unfavorable situation of “domestic investment scope and changing international environment”, and some business coverage, including fiber optic cables.

However, as the company strengthened its ICT layout and made breakthroughs in its server and security businesses, it recorded a revenue of 7.

07% growth.云尚丽体验网

However, due to the decline in the volume and price of fiber optic cables, and the operator’s priority in building 5G networks based on NSA in the first half of the year, the new demand for transmission equipment was general, and the expansion of existing equipment was suspended.

Against this background, the company’s consolidated gross profit margin declined.

73pct, about 20.

55%, the second lowest since the company went public.

Although the company strengthened expense control, sales expenses, management expenses and financial expenses decreased by 11 respectively.

12%, 11.

66%, 70.

69%, but under the circumstances that international expectations are complex and changeable, the company has increased R & D investment and R & D costs reached 11.

96 ppm, an increase of 1 per year.

4 trillion, an increase of 13.


As a result, the company’s net profit attributable to mothers decreased by 8%.

67%, which is the first intermediate report replacement for the first time since 2015.

2. The performance of subsidiaries such as Beacon Star was outstanding.

Fenghuo Xingkong, a subsidiary of information security business, maintained rapid growth.

In the first half of 2019, Beacon Star achieved net profit1.

92 ppm, a 250-year increase.

56%, has completed 2018 net profit3.

02 ppm of 63.


The performance of the beacon integration of the subsidiary was also better, with a net profit of 81.88 million yuan, an increase of 123 a year.


The subsidiary, Fiberhome Technology Services, achieved a net profit of zero.

At 1.8 billion, Beacon International achieved a net profit of 482.

750,000 yuan, respectively slightly extended 66.

33%, 83.


We expect it to be related to project order confirmation and changes in the international environment, and there is room for improvement in the future. 3. Transmission network demand is expected to improve initially in the second half of the year, and the company’s performance is expected to improve sequentially.

China’s 5G construction is still accelerating, and large-scale commercial use will be realized by 2020.

Chinese operators are about to switch from NSA to SA, which will lead to better demand for transmission networks.

Because NSA is based on 4G networks to build 5G, the demand for transmission networks is relatively limited. In order to meet the requirements of 5G to accelerate commercialization this year, operators can only choose NSA when the SA core network equipment is immature.

Considering that the domestic 5G target network architecture merges with SA, and the chairman of China Mobile said in June that the Ministry of Industry and Information Technology will not issue a single-mode NSA 5G mobile phone connection license in early 2019, which also means that ChinaThe operator is about to switch to SA.

In order to meet the needs of 5G SA network construction, the operator’s transmission network demand is expected to gradually pick up, and the company’s performance is expected to improve as a result.

4. Profit forecast and rating.

We believe that the company, as a major supplier in the optical communications industry, has a high degree of certainty in the benefits of 5G and has a long-term investment value.

Considering that the initial 5G construction of domestic operators in 2019 is mainly NSA, it may be gradually switched to SA in the second half of the year, which will affect the demand for 5G bearer network equipment.

In addition, the pressure on the volume and price of fiber optic cables in the Chinese market will also put some pressure on the company’s performance, but these are already in the market’s expectations.

Consolidate the company’s equity incentive requirements to give a margin of safety to performance.

We expect the company’s net profit attributable to its mothers to be 9 in 2019-2020.

9.6 billion, 12.

41 trillion, EPS is 0.

85 yuan, 1.

06 yuan, corresponding to PE is 33 times, 27 times, maintaining the “overweight” level.

5. Risk warning: the company’s 5G orders are less than expected; market competition has intensified and prices have fallen rapidly; pressure on fiber optic cables has been under pressure.

This World Fate (603369): The potential energy in the province continues to increase without decreasing the potential

This World Fate (603369): The potential energy in the province continues to increase without decreasing the potential

19Q2 revenue and profit increased by 27% / 24%, in line with market expectations. The advance receipts and cash flow performance in the second quarter were good.

  The company’s 19H1 revenue was 30.

5.7 billion, previously +29.

45%, net profit attributable to mother 10.

7.2 billion, previously +25.

twenty three%.

  Q2 single quarter revenue 11.

2.0 billion, previously +26.

55%, net profit attributable to mother 4.

3.1 billion, up from +24.

1%, in line with market expectations, with slightly slower profit growth. The main sector companies are currently in the period of income expansion, more prominently due to increased market share and increased expenses, which are in line with the company’s initial indicators.

2Q19 final advance payment3.

07 billion, previously +29.

5%, an increase of 0 from 19Q1.

1.5 billion, 19Q2 cash back12.

2.3 billion, previously +26.

1%, in line with the growth rate of revenue, 19Q2 operating net cash flow3.

5.3 billion, previously +43.

3%, beautiful performance.

  The product structure continued to upgrade, and changes in some expense accrual methods caused Q2’s gross profit margin and expense ratio to continue to decline, and the increase in tax rate suppressed the net profit margin.

Company 19H1 gross profit margin 71.

96%, ten years +0.

03pct, 19Q2 gross profit margin 67.

19%, a decline of 0 per year.

6pct, under the background of continuous upgrade of product structure (19Q2, special A + products mainly based on national borders continued to maintain a high growth of 44%, and the proportion of revenue in the first half of the year increased by 5 instead.

6pct reached 55%). The decrease in gross profit margin was mainly due to the change in the company’s part of the cost accrual method. Promotional materials such as handbags were replaced by the cost of sales. The company’s accrued expenses were higher last year.Most of the funds have been redeemed in the first quarter and the remainder in the second quarter.

19H1 selling expense ratio 12.

85%, ten years +0.

37pct, mainly due to the increase in market expenses, the sales rate in the single quarter of 19Q2 increased and decreased by -1.

The 5% is mainly due to two reasons: one is due to the change in part of the expense accrual method, the other is related to the expense settlement cycle, and some expenses have not been confirmed in the second quarter.

19Q2 tax and surcharge 10.

72%, one year + 1%, the increase in tax rate is the core factor suppressing profits, resulting in a Q2 net interest rate decline of 0.

77pct to 39.


  Nanjing continued its high growth, Huai’an Yancheng maintained steady growth, and the Xuzhou market operated differently.

In terms of different regions, the Nanjing market continued its high growth trend, with annual growth of 48 in 19H1.

9%, the proportion of income in the first half of the year has reached 31.

4%, an increase of 4 per year.3pct; Huai’an and Yancheng are the base markets and continue to grow steadily, with 19H1 increasing 16 each.

8%, 8.

9%; Southern Jiangsu and Central Jiangsu markets maintained a growth rate of more than 20% in 19H1; Xuzhou market 19H1 increased by 61 each year.

4%, accounting for 8.

1%, dazzling performance.

In the future, the company will learn from the successful experience of the developing country Nanjing in the province to create more growth markets, and the future achievements of markets such as southern Jiangsu 深圳桑拿网 and Xuzhou will achieve rapid growth.

At the same time, the company began to increase the layout of Shandong outside the province from 18Q4, and repeated +51 outside the province in 19H1.

4%, speedup is obvious.

  Looking forward to the next 2-3 years, the company has entered a period of potential energy release and the sustainability and certainty of revenue growth are high.

  The market is currently increasing the sustainability of the company’s future growth. We believe that the company’s revenue is still expected to maintain a high growth in the next 2-3 years: 1) The company has a deep accumulation and is currently entering a period of potential energy release.

The company’s products maintain high profit margins, and continue to adhere to the group purchase model to improve consumer efficiency and increase consumption efficiency. At the same time, the internal team and dealers have rich returns, channels have entered a positive cycle, and dividends have promoted continuous release;Above (10%), the volume of revenue is also different from that of the first-tier liquor companies. At present, the key markets are still being developed and expanded, and the growth space in the province is still insurmountable.

In addition, some investors are worried that the increase in the number of bids in the province will increase the impact on the current world. We believe that the intensified competition in the province is expected to have limited impact on the current world.The comparative advantage of national borders still exists.

  Investment suggestion: The potential energy in the province is not reduced, and the one-year target price is raised to 35 yuan, maintaining the “strongly recommended-A” level.

  We believe that the company has accumulated a lot of money and is currently entering a period of potential energy to release dividends. It has continued to upgrade its product structure, continue to deepen the market in the province, and continue to develop its distribution channels. In the next 2-3 years, revenue will still maintain a high growth.

Maintaining EPS 1 for 19-20 years.

15 and 1.

38 yuan, give 25X for 20 years, raise the one-year target price to 35 yuan, maintain the “strongly recommended -A” grade.

  Risk warning: demand falls, competition in the province increases, and expansion outside the province is less than expected.

Oupai Home (603833) First Coverage: Dealer + Engineering + Assembly

Oupai Home (603833) First Coverage: Dealer + Engineering + Assembly

A leader in custom homes with strong profitability.

As a leading company in the custom home furnishing industry, Oupai Home has been deeply cultivating the industry for 25 years. From the focus on high-end custom cabinets, it has continued to rely on its own channel and supply chain advantages, diversified layouts, and constantly enriched product categories.The ability to seize the industry opportunities.

The company achieved revenue of 115 in 2018.

09 million yuan, an annual increase of 18.

5%, the industry’s operating income first; cabinet scale industry first, wardrobe business industry second, leading position stable.

The progress of the industry has ushered in a period of double penetration and concentration.

We believe that the long-term growth rate of the custom home industry can maintain a level of 7-8%. The driving force for the growth is the increase in the transaction volume of commercial housing (3%) + the increase in custom penetration (2-3%) + the increase in unit price (2%).

According to our research and calculations, the previous custom cabinet penetration has reached 60%, benchmarking Europe and the United States?
80% penetration can still improve space.

At the same time, the industry is very fragmented. In 2018, CR6 was only 15%, which is equivalent to more than 50% of kitchen CR3. From the perspective of concentration, it improves space transmission.

The company has a leading peer advantage in expanding categories and expanding channels.

From the perspective of expanding category strategies, due to the high degree of co-ordination between categories and the high degree of dealer overlap, Europa, which has advantages in pre-renovation categories and strong dealer teams, has natural advantages.

From the perspective of expanding channel strategies, Europa has an earlier layout of engineering channels, and has equal performance in the core competitiveness of brand, landing capability, product and financial strength. Therefore, we believe that the shift from retail channels to engineering channelsOupai is expected to further increase its overall market share through the advantages of engineering channels and continuously determine its leading scale.

The proportion of revenue from engineering channels in the first three quarters of 2019 increased to 15.

5%, we expect the company’s future revenue, the traditional channel: engineering channel: the proportion of large home furnishings is 4: 4: 2.

Investment suggestion: It is estimated that the company’s total revenue for 19-21 will be US $ 13/157 / 18.3 billion, net profit attributable to its mother will be US $ 1.92 / 22 / 2.6 billion, and EPS will be 4.



28 yuan.

With reference to the average valuation of a custom home comparable company, the company, as the industry leader, will continue to increase its city share and enjoy a certain 武汉夜生活网 premium, giving the company 25x PE in 2020 with a target price of 131.

5 yuan, covering for the first time, give “overweight” rating.

Risk reminders: risks of changes in the real estate market, risks of intensified market competition, and risks of fluctuations in raw material prices.