Qixingxingchen (002439) 2019 Third Quarterly Report Review: Revenue Growth Season-by-Quarterly Boosts Industry Prosperity and Continues to Assist

Qixingxingchen (002439) 2019 Third Quarterly Report Review: Revenue Growth Season-by-Quarterly Boosts Industry Prosperity and Continues to Assist

The core point of view is benefiting from the growth of the company’s core business brought by the increased tolerance of industry demand. We are optimistic that the company, as an industry leader, will continue to benefit from downstream demand and market share.

Maintain 2019 EPS forecast of 0.



06 yuan, corresponding to PE45 / 38 / 31X, maintain “Buy” rating.

   Performance is in line with expectations, and revenue growth has increased quarter by quarter.

The company achieved revenue of 15 in the first three quarters of 2019.

8.3 billion, +21 a year.

57%; net profit attributable to mother 0.

97 ppm, at least -17.

93%; deduct non-net profit 0.

78 ‰, +239 per year.

18%; the company’s growth rate of non-deduction is better than that of non-maintained, mainly due to the impact of the recognition of investment income of subsidiaries in the same period last year.

  By quarter, the company achieved revenue of 7 in Q3.

01 ten percent, +24.

77%, income growth has gradually improved.

  On the expense side, the sales / management / R & D expense ratios in the first three quarters were 27.

63% / 7.

24% / 27.

74%, compared with -1 in the same period last year.

78% /-1.

27 pieces / -2.

60pcts, the company’s cost optimization results are significant.

   Waiting for insurance 2.

0 drives industry demand and the company’s core product market share leads the expected full return.

May 13th, waiting for insurance 2.

0 is officially released and implemented at least in December this year. It is expected that the medium and long-term will lead to an increase in information security 上海夜网论坛 investment.

According to the latest data released by CCID, the company’s market share of IDS / IPS, UTM, SOC, data security and other products has ranked first for many years, reaching 16 in 2018.

6%, 21.

4%, 23.

5%, 9.


The company strives to fully benefit from such guarantees2.

Expansion of industry demand brought by 0.

   Security services and result-oriented overall solutions have become a development trend, and the prospects for security operations are promising.

On September 27, the “Guiding Opinions on Promoting the Development of the Cyber Security Industry (Consultation Draft)” drafted by the Ministry of Industry and Information Technology proposed that the concept of “security as a service” is advocated for the characteristics of cyber security with strong professionalism, fast technology and difficult applicationTo encourage network security companies to shift from providing security products to providing security services and solutions.

As a total solution for the security operation business, the company has now formed more than 20 city-level security operation centers in the country, and the new operation business orders in the first half of this year exceeded 100 million US dollars.

We expect the company’s security operations center business to continue to advance, with orders expected to reach $ 400 million.   Risk factors: equal insurance 2.

0 Landing was less than expected; industry competition intensified; the construction of security operation centers was less than expected.

   Investment suggestion: Benefiting from the expansion of the industry’s demand for tolerance and the growth of the company’s core business, we are optimistic that the company, as an industry leader, will continue to benefit from downstream demand and market share.

We maintain our EPS forecast for 2019-2021.



06 yuan, corresponding to PE45 / 38 / 31X, maintain “Buy” rating.

Gu Jia Household (603816): Performance Trends Increase to Better Executives and Boost Market Confidence

Gu Jia Household (603816): Performance Trends Increase to Better Executives and Boost Market Confidence
Key points of the report Description 1. Based on confidence in the company’s future development prospects and recognition of the company’s investment value, the company’s director and senior executive Mr. Li Donglai participated in the limited partnerships, trust plans and asset management plans, etc.Self-raised funds, within 12 months from the date of this announcement, at a price of not more than RMB 55 per share, the company will increase its shareholding by not more than RMB 100 million and not more than 200 million. 2. In November 2019, the company has cumulatively repurchased 184 shares through centralized bidding transactions.930,000 shares, accounting for 0% of the company’s total share capital.31%.As of November 30, 2019, the company has cumulatively repurchased 398 shares.320,000 shares, accounting for 0% of the company’s total share capital.66%, the total transaction amount is 1.4.4 billion yuan (excluding transaction costs). Incident review The company’s controlling shareholders and executives have repeatedly increased their holdings, and the company’s proposed repurchase uses all equity incentives, demonstrating confidence in the development prospects.Based on the price of 55 yuan / share and the lower limit of 1 trillion, the minimum number of shares held by Mr. Li Donglai this time is 1.82 million shares (0% of the current total share capital).30%). Since September 2018, the company’s controlling shareholders and their concerted parties, and multiple executives have repeatedly increased the company’s stock, reflecting the management team’s confidence in the company’s development prospects. Domestic sales through product iterations and increased marketing efforts, combined completion and recovery will lead to a rebound in home prosperity, and the performance will gradually move forward; export sales will gradually build a bottom, and the medium and long-term overseas production capacity is expected to usher in new development opportunities.The company’s strong marketing and strong product competitiveness (re-titled Cat Night again in 2019,武汉夜生活网 double eleven launched a variety of new products, etc.), to achieve better orders (omnichannel retail order size on the day of double eleven reached 7).5.1 billion).In addition, the growth rate of completion since August has continued to turn positive, or it may lead to a rebound in home prosperity, further pushing the company’s domestic sales performance upward. Continue to be optimistic about the company’s product expansion and channel upgrades, and move forward to become a major home brand leader, maintaining the “Buy” rating.The company intensified its marketing efforts, continued to launch new product series, and completed the completion recovery logic. It is expected that the domestic sales growth rate in the fourth quarter is still expected to achieve better growth. The overall export sales are under control, and the extensions are stable. Do not worry too much about the issue of goodwill impairment.Looking forward to next year, through the company’s channels to gradually transition to the ground, and completion or driving home prosperity, the company’s domestic sales are expected to continue to rise, and export sales are expected to improve margins with the new production capacity put into production and this year’s low base; medium and long-term stability is optimistic that the company is based on softwareLeader, a big growth space brought by moving towards the leader of the big home retail brand.We expect the company’s EPS to be 1 in 2019-2021.96/2.32/2.65 yuan, corresponding to PE20 / 17 / 15X, maintain “Buy” rating. Risk Warning: 1. The growth rate of real estate is lower than expected; the Sino-US trade environment has deteriorated; the prices of raw materials have changed significantly; 2. The company’s channel progress was less than expected.

23rd Funding Plan-The main net reduction of 34.1 billion long list of institutions grabs 6 shares

Funding on the 23rd: The main net reduction of 34.1 billion Longhu ranking institutions grab 6 shares

[Funds plan chart on the 23rd]The net funding of main funds increased by 34.1 billion. The institutions grabbed 6 shares. Source: Securities Times. On September 23, the A-share market 北京保健按摩 fell overall.

The final close, the Shanghai Composite Index closed at 2,977.

08 points, down 0.

98%, SZSE Component Index closed at 9781.

14 points, down 1.

01%, the GEM index closed at 1684.

32 points, down 1.

twenty two%.

The two cities together traded 5080.

2.2 billion yuan, a decrease of 388 from the previous trading day.

9.8 billion yuan.

  1 The two cities have a net turnover of 341 throughout the day.

2.4 billion today the main capital of Shanghai and Shenzhen stock markets opened more than 235 net.

700 million, a net inflow of 4.

1.9 billion yuan, the net capital of the two cities can be 341.

2.4 billion.

  2 Shanghai and Shenzhen 300 today’s main fund net replacement 122.

1.1 billion Shanghai and Shenzhen 300 today’s main fund net replacement 122.

1.1 billion, GEM net reduction of 62.

200 million, a small net reduction of 70.

4.7 billion yuan.

Shanghai Stock Connect saw a net decrease of 17.

9.7 billion yuan, the net inflow of Shenzhen Stock Connect 10.

05 trillion (here the China-Shanghai Stock Connect, Shenzhen Stock Connect net net amount is based on the amount used on the day, which is slightly different from the transaction net purchase amount, but the meaning is generally consistent).

  3 Pharmaceutical and biological industry net reduction of 47.

Among the top 28 first-tier industries of 3.5 billion, only 1 electronics industry realized net capital inflow. The pharmaceutical industry, non-bank financial industry, chemical industry, machinery and equipment industries have the largest net scalable scale.47.

3.5 billion.

  4 Net inflow of integrated circuit concepts 19.

In terms of the 3.7 billion first concept segment, today’s integrated circuits, chip localization, mobile phone industry, technology leaders and other conceptual segments showed a net inflow of funds, of which integrated circuit concept net inflows.

3.7 billion.

  5 South China Futures main funds net inflow 6.

6.9 billion (Note: The main force of net inflow statistics in this table is different from the net purchase statistics of the institutions in the previous table and the next table).The data showed that the institution appeared in 12 shares, of which 6 shares including Zhaoyi Innovation showed a net purchase of institutional funds, and 6 shares including Yiwei Li Neng showed a net sale of institutional funds.

  7The top ten active stocks of Shanghai Stock Connect and Shenzhen Stock Connect today

Double Star New Material (002585): Performance elasticity in terms of polyester film boom

Double Star New Material (002585): Performance elasticity in terms of polyester film boom

Investment Highlights 2018 Annual Report Release: The company announced 2018 annual revenue38.

5.7 billion, an annual increase of 27.

6%; deduct non-net profit 2.

6 million U.S. dollars, with an average annual increase of more than 10 times; 2018 volume and price are rising, the industry boom cycle is up-the company’s polyester film sales volume is 329,560 tons, an increase of 19% year-on-year; the output is 347,730 tons, an increase of 12.

77%; ending inventory is 7.

2 First, grow by 1 each year.

8 ;;-In 2018, according to public data, the estimated price of BOPET12u film was 12,256 yuan / ton, which was a marked increase from the average price of 9,237 yuan / ton in 2017; the latest price in April was about 10,900 yuan / ton;Excluding the impact of changes in inventory and raw material prices, gross profit per ton estimated for Q1-Q4 2018 was 1,532.

5, 2,043.

5, 2,768.杭州夜网论坛

8, 1,900.

6; -Total net profit is lower than our expectation, mainly due to the unexpected change in the price of Bopet film in the fourth quarter, which affects the fourth quarter net profit; optical film and other functional filmsThe upper limit is 660 million tons / ton, and the increase is expected to decrease; the second phase of an optical film project with an annual output of 20 million square meters is still in progress. The investment quota is 19.

6 ppm, but the progress has improved from the amount of expenditure, the current progress is 48.

44%-Solar film: Company 3 inserts solar back film affected by the industry boom, and its profit has been reduced from 87.23 million in 2017 to 45 million.At 80.

5%, the operating rate is at a high level in recent years, but lower than our forecast may reach 90%; according 无锡夜网 to news reports, Fujian Baihong High-tech Materials Industry Co., Ltd. plans to invest about 2.

300 million US dollars, Baihong Industry will establish 25 in the next 3 years.

5 years / year polyester film production line; but the effect of this investment is expected to be after 2021. Generally, the capacity and operating rate in 2019 will still remain relatively high, mainly based on the downstream demand growth rate; earnings forecasts and expectations due to industry prosperityBelow our expectation, we lowered the company’s profit forecast and expect the net profit attributable to shareholders of the parent company to be 2 in 2019-2020.

7.5 billion, 2.

7.1 billion yuan.

EPS are 0.

24 yuan, 0.

24 yuan.

The corresponding PEs are 27.

8 and 28.

1x; PB is 0.

96, 0.

93. Considering that the industry’s prosperity is still expected in 2019, PE is estimated to be slightly higher, but PB is estimated to be in the expected position. Maintain Buy rating.

Makihara (002714) 2019 performance forecast comment: effective cost control performance exceeded expectations

Makihara (002714) 2019 performance forecast comment: effective cost control performance exceeded expectations

The pig price continued to rise, and the bottom of the slaughtering volume rebounded. The overlapping cost control was effective. The company expects 19Q4 profit of $ 4.6 billion to $ 5 billion.

Performance exceeded expectations.

Increase earnings forecast, maintain target price of 120 yuan, maintain “Buy” rating.

The combination of three factors resulted in better-than-expected performance.

The company expects to realize net profit attributable to mothers in 2019) of 6 billion to 6.4 billion, which is 19 billion 4 billion yuan attributable to mothers in 19Q4.

Performance exceeded expectations.
The main reasons are: 1) Affected by the African swine plague, domestic pig supply is tight and pig prices have risen significantly.

In 19Q4, the average sales price of the company’s commercial pigs was about 31 yuan / kg, an increase of 176% after that and a 53% increase from the previous month.

2) The company’s epidemic situation was properly controlled, which drove the fatal decline of its pigs, and the bottom of the slaughter volume rebounded.

In 19Q4, the company sold 2.32 million live pigs, an increase of 9 from the previous month.


3) Cost control is effective.

The total cost of fattening pigs for our pioneering company 19Q4 is about 13-14.

3 yuan / kg, a further improvement over 19Q3.

Depth of production capacity, pig price boom may be longer than expected.

Impacted by African swine fever, domestic sow productivity has been reduced by nearly half.

Although the sow inventory has gradually recovered since October 2019, most of the new sows are ternary sows, and production efficiency has declined.

And due to the lack of effective and effective African swine fever vaccine, the epidemic situation may reoccur. It is expected that the scale of domestic pig slaughter may continue to be low, and the pig price boom is expected to exceed expectations.

Leading expansion is orderly, and the market share is expected to increase rapidly.

As of 2018, the total market share of the top 20 companies in the region’s pig breeding industry was only 8%.

Affected by the African swine fever epidemic, the industry scale is obvious, and large-scale households are eliminating retail investors, and the trend of differences between high-quality and secondary faucets appears.

Judging from the third quarterly report of 2019, high-quality faucets have obvious advantages in reducing the size and repairing speed.

We judge that the next five years will be a golden period for the industry to accelerate its scale.

From the perspective of sow scale, pig production, fixed asset construction, capital expenditure, etc., Makihara is the best among them, with a high future market share.

Risk factors: Livestock and poultry prices rise more than expected; raw material prices fluctuate sharply; livestock and poultry epidemics.

Investment advice: The pig price continues to exceed expectations, the company’s cost control is excellent, and it is expanding back to a high-growth channel. We expect that the company’s profit will increase year by year in the next two years.

It has 四川耍耍网 since raised its EPS forecast for 2019/20/21 to 2.



72 yuan (was 2).



88 yuan).

Maintain target price of 120 yuan (equivalent to only 10 times PE in 2020), maintain “Buy” rating.

Depth-Company-Qumei Home (603818): Mergers and Acquisitions Make Performance Short-term Pressure and Wait for Synergy to Appear

Depth * Company * Qumei Home (603818): Mergers and acquisitions make short-term pressure on performance wait for 成都桑拿网 synergy to appear

The company released the 2018 annual report and the 2019 first quarter report: the company achieved revenue of 28 in 2018.

900 million, +37 per year.

9%, net profit attributable to mother-59.06 million yuan, -124 for many years.

0%, attributable to non-net profit of -35.34 million yuan, a year of -115.


Among them, 18Q4 achieved revenue of 12.

0 million yuan, +80 for ten years.

9%, net profit attributable to mother -1.

50,000 yuan, at least -315.

4%, attributable to non-net profit -1.

200 million, previously -313.


The company achieved revenue of 10 in Q1 2019.

1 ‰, +154 per year.

8%, net profit attributable to mother is 11.79 million yuan, -57 for many years.

9%, deducted non-net profit of 2 million yuan, a year -92.


The main points of the support level are Ekornes’ consolidated revenue, and the performance of custom furniture is outstanding.

Ekornes completed the consolidation in August 18 and contributed revenue9.

3 ‰, net profit 87.04 million yuan, of which Stressless / IMG / Svane contributed revenue 7.



500 million, accounting for 25.

2% / 5.

0% / 1.


If the impact of consolidation is excluded, the company’s 18-year revenue will be extended by -6 due to the decline in the industry’s business climate and intensified competition.

4% to 19.

600 million, of which custom furniture / finished furniture / accessories and others were +40 respectively.

2% /-17.

9% /-35.

8% to 5.



600 million, accounting for 20.

5% / 40.

1% / 3.

3%.As the synergy between the company and Ekornes in the supply chain, production, channels, etc. is strengthened, sales accelerate accelerated volume.

The company actively promoted the sample of cabinet doors and stores, and basically completed the channel layout of the cabinet product line in your + living hall, with a cumulative growth rate of over 300% in 18 years, and began to test the wooden door business in direct channels.

The channel has expanded steadily, and the layout has begun to emerge.

As of 2018, the company’s B8 whole-house custom / you + life hall / home + life hall / direct store has a net increase of 79/30/45/7 to 306/649/60/21, covering Stressless / IMG / Svane The company has 3271/1713/410 stores and a total of 6,430 specialty stores, contributing 24 revenue.

800 million, an increase of 45 in five years.

1% of which are directly operated stores-8.

0% to 2.

100 million, dealership +53.

0% to 22.

800 million.

There are 1036 stores in the United States and 2269/1273/1422/430 in Ekornes’ European / Asia-Pacific / North American / Other regions, and the channel layout has been initially realized.

In addition, the company’s online / bulk / other channels have more than two years of revenue.

0% /-1.

2% / + 270.

0% to 0.



2.1 billion.

If divided by city level, the company’s revenue in first-tier / second-tier / third-tier cities in 2018 was 26 respectively.

6% / 33.

5% / 36.

8%, first-tier and second-tier cities dominate.

M & A expenses put pressure on performance in the short term.

The company’s gross profit margin will be +3 in 2018.

5% to 42.

4%, net interest rate is -13 per second.

7% to -2.

0%, 2019Q1 company gross margin +10.

4% to 46.

7%, net interest rate -5.

1% to 2.

0%, main reasons: 1) The consolidated Stressless / IMG gross margin is higher, which was 56 in 2018.

5% / 46.

0%, the scale effect strengthened to help the custom furniture business gross profit margin in 2018 half a year +1.

8% to 43.

0%; 2) Affected by the merger intermediary costs, loan interest, exchange gains and losses and other related costs incurred from the acquisition of Ekornes, and the Ekornes consolidation, the company’s sales / management / R & D / financial expense ratios increased by 7 in 2018.

9% / 5.

0% /-0.

2% / 5.

1% makes the period expense rate +17 per second.8% to 42.

2%, an increase of 7 in the first quarter of 2019.

8% / 6.

6% /-1.

7% / 2.

5% makes the period expense rate +15 per second.

1% to 42.


The synergy effect has been strengthened, the amortization of acquisition costs has been completed, and the profit level is expected to improve.

It is estimated that the company’s large home product matrix will continue to improve, and the synergy with Ekornes will be accelerated. In the short term, due to the consolidation of Ekornes, the performance will be under pressure, and the company’s profit forecast will be reduced.



69 yuan (previous forecast was 0.


98 /-yuan), previously +468.

6% / 27.

7% / 21.

7%, corresponding to 2019PE18X, downgrade from buy to increase holdings.

The main risks facing rating The real estate boom continues to decline; Eknornes’ synergies fall short of expectations; debt pressure risks.

Qianfang Technology (002373): Company’s Performance Maintains Steady Growth and Collaboration with Ali Strengthens Future Expectations

Qianfang Technology (002373): Company’s Performance Maintains Steady Growth and Collaboration with Ali Strengthens Future Expectations

Event: The company released the third quarter report of 2019 and achieved operating income of 56.

930,000 yuan, an increase of 26 in ten years.

33%, net profit attributable to mother 5.

910,000 yuan, an increase of 20 in ten years.

54%, deducting non-net profit 5.

23 ppm, an increase of 35 in ten years.


  The company’s third quarterly report maintained steady growth.

The company’s single-quarter operating income in the third quarter was 21.

40,000 yuan, an increase of 29 over the same period last year.

14%; net profit attributable to mother is 2.

1.7 billion, an increase of 6 every year.

57%; net profit after excluding non-recurring gains and losses is 2.

10 ‰, an increase of 34 per year.

04%, continuing the steady growth trend in the second quarter.

  The company and Ali have joined hands in the construction of smart transportation, and future growth is expected.

Following the joint launch of the “Urban Brain Traffic Management Joint Solution” with Alibaba Cloud and Gaode in 杭州夜网论坛 August, the company released solutions such as smart highways and smart aviation at the Yunqi Conference in September, fully integrating the two parties in cloud computing and transportation.In the field, we will focus on promoting the application of the solution in the construction of smart cities in the future.

According to IDC’s forecast, China’s smart city technology spending will reach 38.9 billion US dollars in 2023, and the annual investment growth rate in 2019-2023 will remain at about 13%. The three core areas of smart grid, smart video surveillance and smart transportation will account for the total investment.With half the investment, the company can get more technical support and business introduction through Ali in the future to help business upgrade.

Intelligent security stands firm and leads the technological upgrade with the “Visual Wisdom Internet of Things” as its core.

Yushi Technology, a subsidiary of the company, focuses on intelligent security, constantly refreshing its best results in global competitions, and technology accumulation brings benefits. According to the “2019 Global Video Surveillance Information Service Report” released by IHS Markit, Yushi TechnologyThe ranking rose to the fourth place (based on the 2018 performance), and the rising ranking shows the company’s market influence.

  Earnings forecast: We expect the company’s EPS for 2019/2020/2021 to be 0 respectively.

66 yuan, 0.

85 yuan and 1.

07 yuan, given a “buy” rating.

  Risk warning: Government investment growth is slower than expected, and security overseas business expansion is lower than expected

Fuchun Environmental Protection (002479) Research Bulletin: Endogenous Extension and Simultaneous Profits Promote Rapid Repair

Fuchun Environmental Protection (002479) Research Bulletin: Endogenous Extension and Simultaneous Profits Promote Rapid Repair

I. Overview of the event Recently we participated in company research 青岛夜网 and exchanged information on future development strategies.

2. Analysis and judgment The “solid waste disposal + energy saving and environmental protection” model is continuously replicated in different places. The company with rich solid waste disposal content started in the early years by providing heating and sludge disposal services for Fuyang Paper Park. After listing in 2010, it was acquired through mergers and acquisitions.The sludge disposal and coordinated heat and power co-generation projects in five parks, including Donggang Port and Changzhou Xingang District, have gradually formed a waste disposal capacity of 1,000 tons / day and sludge disposal capacity of 7,000 tons / day, and successfully replicated “solid waste disposal + energy conservation and environmental protection”Industry model of circular economy.

In addition to continuously increasing the heating scale of the park in the future, the connotation of the company’s solid waste disposal business will also extend from the previous waste incineration and sludge disposal to the harmlessness and recycling of hazardous waste.The layout is leading and it is expected to become a new growth point.

Sluggish demand, rising coal prices led to profit growth in 2018, profit trends in the second half of the year quickly repaired by environmental protection inspectors in 2018, and other factors affected the company’s customer demand for steam and increased coal costs.As a result, the company gradually realized net profit attributable to its mother.

2.5 billion, the previous interest rate was 64%.

According to the Fuyang government plan, Samsung Thermal Power, which competes with the company in the second half of the year, will be shut down, and the company will take over the remaining customers in its park. The heat load will tend to increase significantly.With the gradual increase of steam volume and the gradual fall of coal prices to the green range, the company’s profit is expected to be quickly repaired in the second half of the year.

The planned acquisition of Platinum Ruirui Energy continued to expand, and the large-scale repurchase demonstrated the confidence in holding shares.

500 million U.S. dollars of self-owned funds to acquire 85% equity of Borui Energy and integrate its cogeneration projects in Jiangxi Xingan, Xiaolan, Nanchang, Zhejiang Taizhou and other places. After the completion of the transaction, the company’s industrial scale will be realized on the existing basisDoubled.

In October 2018, the company disclosed the repurchase plan.
The repurchase of the company’s shares at a price of no more than 7 billion US dollars per share of 400 million US dollars demonstrates the company’s confidence in future development.

Third, investment 深圳桑拿网 suggestions are optimistic about the company’s “solid waste disposal + energy saving and environmental protection” circular economy industrial model of remote replication, the company is expected to 2019?
In 2021, the EPS will be 0.



52, corresponding to the current expected PE 18/15 / 12x.

The company predicts PE 18x in 2019, which is less than 90% of the value since listing. The average PE with a distance of 30x in the past three years has room for penetration repair, and it is covered for the first time.

4. Risk warnings: 1. The project’s commissioning progress is less than expected; 2. M & A progress is less than expected; 3. Coal prices continue to increase.

Longma Sanitation (603686) Interim Review: 2Q Performance Trends Brighten to Better Sanitation Service Business

Longma Sanitation (603686) Interim Review: 2Q Performance Trends Brighten to Better Sanitation Service Business
1H19 results are in line with expectations, maintaining a “Buy” rating. According to the company’s announcement, 1H19 company achieved operating income / net profit attributable to mothers / net profit attributable to non-mothers19.1/1.2/1.1 ‰, +18 a year.8% /-9.1% /-16.6%, quarterly, 2Q achieved operating income / net profit attributable 杭州桑拿网 to mother 10.5/0.7 megabytes, + 25% / + 21% a year ago. Revenues reached a single quarter high since the listing. The net profit attributable to mothers has shifted in the first four quarters, mainly benefiting from the substantial increase in sanitation service revenue (previously +83.8%).Considering that the 2Q performance trend is better, we maintain the previous net profit return to mother, and it is estimated that the company’s net profit to mother will be 2 in 19-21.6/3.1/4.0 ppm, due to equity changes, the corresponding EPS is adjusted to 0.87/1.03/1.35 yuan (previous value was 0.87/1.02/1.34), given a 19-year 20-23x target P / E, corresponding to a target price of 17.49-20.12 yuan, maintain “Buy” rating. The performance trend in 2Q19 is improving. The revenue hit a single-quarter high since listing. The sanitation 南京桑拿网 service business is eye-catching. The 2Q19 company realized operating income / net profit attributable to mothers / net profit attributable to non-mothers.5/0.7/0.600 million, +24 a year.5% / + 21.4% / + 14.1%, +11 from the first quarter.9 points / + 53.6 points / + 53.9pct, the single-quarter high of revenue since the listing was launched. Net profit attributable to mothers / net profit attributable to non-mothers has reversed the trend of the previous four quarters, mainly benefiting from the steady implementation of previous sanitation service projects, and overlapping local governments to increase wasteThe revenue from sanitation service business brought by category promotion increased, and the revenue from sanitation service business increased in 2Q.21 trillion, +83 a year.8%.As of August 26, the annual contract amount of the company’s on-hand sanitation service project was 21.5.6 billion (previously +47.8%), the total contract amount is 226.0 trillion, we are optimistic about the future revenue contribution ability of this sector. Strengthening the sanitation service business and grasping the development potential of waste classification. 2Q19 added new bids for environmental sanitation service projects such as Ruijin City, Anyang City, Dingyuan County, Sanya City, and actively promoted the implementation of road maintenance projects in Shishi City, Cangzhou City, and Xiamen Highway Bureau.In 1H19, 29 new sanitation service projects were awarded, with a total annual amount of 5 in the first year.5 trillion, the total value of the newly signed contract is 70.0 ppm, an increase of 1 in ten years.92 times.Since 2017, the company has accumulated a comprehensive industry and rich operating experience in the waste sorting business from front-end propaganda mentors and collection and transfer equipment to stacking processing equipment. In 1H19, the company won 11 waste sorting projects with a total contract amount2015 million yuan, through the early implementation of early garbage classification policy, is expected to further improve the economic benefits for the company. We maintain our previous forecast of net profit attributable to mothers, and maintain a “Buy” rating. Taking into account the company ‘s 2Q19 performance trend, we maintain our previous forecast of net profit attributable to mothers. We expect the company’s net profit to be attributable to mothers to be 2 in 2019-21.6/3.1/4.0 million yuan, due to the company’s implementation of repurchases in the first half of the year resulted in a reduction of 210 shares.80,000 shares, corresponding to EPS adjusted to 0.87/1.03/1.35 yuan (previous value was 0.87/1.02/1.34).The reference P / E median for 2019 is 19x, giving the company a target P / E of 2019 to 20-23x, corresponding to a target price of 17.49-20.12 yuan, maintain “Buy” rating. Risk warning: The project progress is less than expected, and the number of new bids is less than expected.

China Shenhua (601088): Earnings remain stable and scale of undistributed profits hits record high

China Shenhua (601088): Earnings remain stable and scale of undistributed profits hits record high

This report reads: The non-net profit deduction in the third quarter was basically the same for two years. The long-term association mechanism, coal-electricity linkage, and the reduction of financial costs again appeared in the soundness of profitability. The cash scale remained high, and undistributed profits reached 226.8 billion yuan.

  Investment points: Maintain profit forecast and target price, and maintain “overweight” rating.

The company achieved revenue of 1778 in the first three quarters of 2019.

500 million, down 8 a year.

4%; net profit attributable to mother 370.

900 million, a five-year growth of 5.

1%; deduct non-profit 353.

700 million, down 1 year.

0%, performance is in line with expectations.

Maintaining the company 2019?
EPS 2 in 2021.

27, 2.


47 yuan, maintaining 24.

Target price of 78 yuan, maintain “overweight” rating.

  Not afraid of fluctuating coal prices, the deduction of non-net profit in the third quarter was basically flat.

Deducted non-net profit 南京桑拿网 126 in the third quarter.

9 trillion, compared with 127 in the same period last year.

1 billion yuan is basically the same. The average coal sales price in the first three quarters was 426 yuan / ton, which was only 5 yuan / ton lower than the same period of the previous year. The annual average sales price of Changxie Association was 380 yuan / ton, which was higher than the average price of 368 yuan / ton in the first half of the year.Ton, the company adjusted its structure to narrow the proportion of direct coal, which led to more stable subsequent profits.

The unit cost of self-produced coal is 109 yuan / ton, which exceeds the decrease by 2 yuan / ton, of which the total material labor increases by 8.

7 yuan / ton, and the unused reduction and reduction safety fee is reduced by 10 every year.

3 yuan / ton.

  The cash scale remained high, and the undistributed profit hit a new high.

Financial expenses at the end of the third quarter 15.

100 million US dollars down 45.

7%, the cost optimization brought by noise reduction continues to appear.

Monetary funds of US $ 95.9 billion previously reported a slight decline of 1283 million, mainly due to the purchase of interbank certificates of deposit (increased by US $ 22.9 billion) and payment of other payables (decreased by US $ 16.4 billion). The overall cash scale is still at an historical high and undistributed profitsReached a record high of US $ 226.8 billion, far exceeding the US $ 196.8 billion before the 2016 Special Report dividend.

  The amount of power generation decreased slightly, and the assets on the table maintained high quality.

In the first three quarters of the power generation segment, gross profit and gross profit were 383 respectively.

0, 100.

500 million, down 41 a year.

3%, 29.

6%, a decrease of 35 from the median report.

7%, 20.

0% expanded slightly, mainly due to weak demand in the context of the economic downturn, but the company’s average electricity price was 257.

3 yuan / MWh increased by half a year.

4%, the asset advantage attributes continued to appear in the table.

  risk warning.
The release of production capacity did not meet expectations; the scale of capital expenditures expanded; the dividends of subsidiaries did not meet expectations.