Haida Group (002311): Cross-cycle Haida’s visible white horse

Haida Group (002311): Cross-cycle Haida’s visible white horse

Summary of the report: Haida Group is the first domestic feed company to propose a service-oriented enterprise positioning. It leads the industry in growth and has the strength to span the industry cycle.

As a domestic first-class large-scale farming and animal husbandry company with feed as its core business, in 2018, Haida Group ranked second in the country with a total sales of 1070 inches of feed. The total sales have maintained a growth rate of more than 10% for many years, ranking continuously since 2014.No. 1 in the industry, among which the sales volume of aquatic feed is the first in the country, with a market share of 14.

07%, poultry feed has maintained a growth rate of more than 10% for 8 consecutive years, and the compound annual growth rate of pig feed in the past 杭州夜网论坛 four years has exceeded 35%.

The company has a well-balanced product structure, high revenue growth, stable and rising gross profit margin, efficient cost control and strong profitability.

In terms of different species: (1) the company’s aquaculture feed will benefit from the improvement of the aquaculture boom and the growth of overseas markets. At the same time, the advantages of aquatic animal health protection will start to increase after the upgrade and upgrade; (2) the refined upgrade of poultry feed technology andThe flexible mechanism of raw material procurement makes the company’s poultry feed cost potential significant, and through the expansion of business areas, there is huge copy space; (3) the penetration of growth space in the pig feed industry, the rapid progress of large-scale pig breeding has benefited feed 苏州桑拿网 companies, and the pig cycle is anti- (4) The company acquired Daxin Group to expand the layout of northern pig feed, and the sales volume of pig feeding showed an increasing trend; the company has extended downstream to pig breeding, and is currently in the stage of technology accumulation and cost reduction, with sufficient land and personnel reserves, gradually becoming the company’s newOutbreak of performance.

Haida Group can achieve outstanding results in the competition of its peers. Its core competitiveness can be summarized as: clear and excellent “product power”, “four-in-one” fast linkage mechanism, and forward-looking industrial layout and business synergy of superimposed advantages.
Past performance has verified Haida Group’s excellent operating capabilities, especially its ability to grow against the trend during the downturn of the industry, so that investors can expect outstanding performance in the long term!

The EPS is expected to be 1 in 2019 and 2020.

26 yuan and 1.

86 yuan, corresponding to the current sustainable PE of 25.

16 times and 17.

03 times.

We are optimistic that the company’s sales of pig feed and aquatic feed continue to exceed the average growth rate of the industry.

Risk warning: epidemic and disease, fluctuations in raw material costs, natural disasters, exchange rate changes, etc.

Sanhua Intelligent Control (002050): The expected proportion of profit of the auto zero business is expected to continue to increase as its performance meets expectations

Sanhua Intelligent Control (002050): The expected proportion of profit of the auto zero business is expected to continue to increase as its performance meets expectations

The core view performance is in line with expectations.

In 2018, operating income was 108.

36 ppm, an increase of 13 in ten years.

1%, achieving net profit attributable to mother 12.

92 ppm, a ten-year increase4.

6%, net of non-return to mother’s net profit 12.

950,000 yuan, an increase of 19 in ten years.

3%, EPS is 0.

61 yuan.

The company intends to distribute cash dividends for every 10 shares to all shareholders2.

5 yuan (including tax), the capital reserve will be transferred to all shareholders for every 10 shares 3 shares.

  R & D continued to be invested and cash flow from operating activities improved.

Gross profit margin in 2018 was 28.

6%, a decline of 2 per year.

6 averages.

Expense rate for the period 13.

8%, down by 1 every year.

7 units.

R & D funding 4.

370,000 yuan, an increase of 33 in ten years.

6%, continue to strengthen the core competitiveness of strategic products.

Net cash flow from operating activities was 12.

880,000 yuan, a sharp increase of 93 a decade ago.

89%, mainly due to the increase in cash received for sales of goods and services.

The ending inventory is 20.

27 ppm, a ten-year increase of 9.


  New energy vehicle thermal management business continued to develop rapidly.

Company’s auto zero business income 14.

32 ppm, an increase of 18 years.

3%, accounting for 13% of the company’s operating income.

2%, increasing by 0 every year.

59 averages with a gross margin of 29.

4%, 10-year average 1.

5 units.

The company’s new energy thermal management products have evolved from parts to components and segments.

Company executives have successively received orders from customers such as Farley, Mahler, Volkswagen, Mercedes-Benz, BMW, Volvo, Tesla, GM, Geely, BYD, SAIC, etc. The maximum bicycle value is close to 5,000 yuan.

With the increase in the volume of new energy vehicles of major auto companies, the construction advancement of Tesla’s Shanghai plant and the expansion of model 3 capacity, it is expected that the company’s new energy vehicle thermal management business will maintain a higher growth trend in 2019, and the profit proportion 南京夜生活网 is expected to continue to increase.  Refrigeration, air-conditioning and electrical components business grew steadily.

The company’s refrigeration and air-conditioning electrical components business income was 94.

40,000 yuan, an increase of 12 in ten years.

3%, accounting for 86% of the company’s operating income.

8%, gross margin is 28.

5%, the company uses new technologies and new materials to carry out product innovation, expand the application field of high-performance products, increase industry penetration, and enhance core competitiveness.

It is expected that the company’s refrigeration and air-conditioning electrical parts business will continue to grow steadily in 2019.

  Financial forecast and investment advice: slightly adjust the gross profit margin and forecast EPS0 in 2019-2021.

72, 0.

83, 0.

93 西安耍耍网 yuan (the original 19-20 years 0.

72, 0.

86 yuan), comparable companies are automotive thermal management parts and home appliance related companies, comparable companies 19 years PE average valuation 25 times, target price of 18 yuan, maintain a buy rating.

  Risk reminder: new energy vehicle thermal management package, home appliance cooling package volume is lower than expected, micro-channel and Yaweike business are lower than expected, affecting earnings growth; the original growth exceeds expectations and the risk of exchange rate changes.

Huaxia Happiness (600340) 2018 Annual Report Review: Ping An’s Ideal Growth in Growth and Shares Improve Quality

Huaxia Happiness (600340) 2018 Annual Report Review: Ping An’s Ideal 南京桑拿网 Growth in Growth and Shares Improve Quality

Investment highlights: Event: Huaxia Happiness (600340) published its 2018 annual report showing that it achieved operating income of 837.

99 ppm, an increase of 40 in ten years.

52%; net profit attributable to shareholders of listed companies 117.

46 ppm, an increase of 32 in ten years.

88%; basic profit income 3.

79 yuan.

Comment: The growth of settlement performance in 2018 was in line with expectations.

In 2018, the company’s main business achieved steady and rapid growth, and achieved operating income of 837.

9.9 billion, an increase of 40 over the previous year.

52%; realize net profit attributable to shareholders of listed companies.

4.6 billion, an increase of 32 over the previous year.


Basic income 3.

79 yuan, the performance is in 西安耍耍网 line with expectations.

The company plans to distribute a cash dividend of 12 to every 10 shares for all shareholders.

00 yuan (including tax).

As of the end of the reporting period, the company’s total assets were 4,097.

12 ppm, net assets attributable to shareholders of listed companies 437.

7.6 billion, up 9% and 17 respectively.


The relatively stable sales cost control ability was improved.

The company achieved a profit of 1627 in 2018.

61 ppm, an increase of 6 over the same period last year.

93%, of which, the settlement income of the Industrial Park was 310.

39 trillion US dollars, the real estate business contracted amount of 1292.

68 ppm, other businesses (property, hotel) such as 24.

5.4 billion.

The company signed a contract to sell a total of 1502.

850,000 square meters; the planned construction area of reserve development land at the end of the period is approximately 9.17 million square meters, and the unsold area under construction is approximately 4.81 million square meters.

During the year, the company also vigorously optimized its organizational structure, reducing fees and increasing efficiency, and the company’s sales expenses as a percentage of the company’s operating income decreased by one.

For one unit, the ratio of management expenses to the company’s operating income decreased by three units, and the company’s operating quality continued to improve.

The layout focuses on the core metropolitan area.

The company has deployed 15 core metropolitan areas throughout the country, forming a strategic layout of “3 + 3 + 4”.

The company continues to intensively cultivate the Beijing-Tianjin-Hebei metropolitan area, densely distribute the Yangtze River Delta (Nanjing, Hangzhou, Hefei) metropolitan area, and quickly deploy the three high-energy core metropolitan areas of the Guangdong-Hong Kong-Macao metropolitan area.Three high-potential core metropolitan areas, and four potential core metropolitan areas in Changsha Metropolitan Area, Xi’an Metropolitan Area, Guiyang Metropolitan Area and Shenyang Metropolitan Area.

The 18 new industrial cities originally added were all outside Beijing, mainly located in Hangzhou, Hangzhou, Zhengzhou, Hefei, Wuhan, and Guangzhou.

As of the end of the reporting period, 77 new industrial cities were gradually established.

Excellent site selection ability has become the moat of Huaxia Happiness Operation Industry New City.

The financing environment and capabilities have been continuously improved.The company’s excellent and stable operation and the excellence of its business model have formed smooth and diversified financing channels and enhanced financing capabilities.

During the year, we made full use of the territorial bond market, continued to develop overseas bond markets, and issued various types of bond products, including US $ 12 billion in public placement bonds and 46 in private placement.

US $ 100 million, short-term financing bonds of US $ 5 billion, and the company issued a total of 13 long-term.

US $ 700 million overseas bonds; bank credit holdings are high. At the end of the year, a total of 3683 trillion bank credits were granted, 605 trillion has been used, and the remaining balance was 3078 trillion.

With the development of the company’s strategic cooperation with Ping An, the company’s financing environment and financing structure have improved.

Period-end asset and securities trading 86.

65%, an increase of 5 from the end of 2017.

55 shares per share; after deducting the advance payment, the compensation is 53%, and the negative level is appropriate.

Starting from the fourth quarter of 2018, the company’s financing net cash flow turned positive, and the end of the period ended with a monetary capital surplus of 47.3 billion US dollars, an increase of 25% over the third quarter, covering interest-bearing debts due within one year1.

8 times, the company’s capital security is guaranteed.

Ping An’s shareholding strategic cooperation continued to develop.

Ping An Life took a stake in Huaxia Happiness and was transferred by Huaxia Holdings.

70% company shares.

On September 26, 2018, the company signed a strategic cooperation agreement with Ping An of China. The two parties launched a comprehensive strategic cooperation in station-style integrated financial services and industrial coordinated development.

In February 2019, Ping An Life continued to increase its holdings5.

69% of the company’s shares.

At the end of the disclosure date of this report, Ping An Life Insurance and Ping An Asset Management jointly held the company.

25% stake.

The above changes in equity and strategic cooperation reflect Ping An’s continued optimism about the company’s future business development.

Summary and investment suggestions: The company’s achievements are consistent, based on the 17-year vested net profit as the base, and the 18-, 19-, and 20-year vested net profit indicators are not less than 30%, 65%, and 105%, respectively.Up to 27%.

Future performance is expected to continue to grow rapidly.

It is predicted that the company’s EPS in 2019 and 2020 will be 5 respectively.

13 yuan and 6.

95 yuan, corresponding to the current sustainable PE is 6 respectively.

5x and 5x, which are estimated to be cheap, maintain the company’s “recommended” investment rating.

Risk Warning: Tighter property market policies, sales exceed expectations.

Construction Machinery (600984): Three quarterly reports continue to maintain rapid growth and profitability continues to improve

Construction Machinery (600984): Three quarterly reports continue to maintain rapid growth and profitability continues to improve

Event: The company announced today that the company achieved net profit attributable to its mother in the first three quarters3.

800 million, an annual increase of 228%, in the third quarter achieved net profit attributable to mothers1.

9.2 billion, an increase of 237% over the same period.

The opinions are as follows: 1. Volume and price have steadily increased, and the third quarter performance continued to explode.

The company’s third-quarter profit continued to increase by more than 200%. Among them, in the first three quarters, the company’s procurement of leased equipment increased by 74%. In terms of price, referring to the company’s order price index, the annual average reached 1517 points, a growth rate30%.

  2. This year is the year when the company started to make real achievements.

In fact, the company has real performance. Due to the historical problems of Tiancheng and the headquarters, the profit of the company’s consolidated statements has been expected in recent years, but after continuous processing, the problem has gradually come to an end. The third quarter results further verify this.Point of view, this year will be the year when the company really starts to perform!

  The current position continues to consolidate optimistic about the company’s development prospects, for a number of reasons: a. Tower crane leasing is an industry with barriers.

Basically, the dry-leasing and tower-crane leasing industry chain are through, with the characteristics of high management barriers, difficult to copy and manage, and make the barriers high!

  b. The company will continue to maintain a high growth trend in the next few years.

Judging from the performance of the main source of profit, the subsidiary Pangyuan Leasing, it has maintained a high growth rate in recent years. Among them, the compound growth rate of revenue for 2015-2018 was 32%, and the compound growth rate of profit was 48%.Strategic planning and industry prosperity, it is not a big problem for the company to maintain a growth rate of 30% -50% in the future!

  c, the company’s performance expectations are not so great.

Tower crane leasing corresponds to the stock market, with large space and good stability, and the leader who has grown through the cycle of baptism is trying to continue to surpass the development of the industry.

Judging from historical data, the company’s performance in 2014-2016, which is the worst in the industry, can continue to grow, reflecting the company’s replacement of the ability to resist the cycle change!

  d. The company’s development is supported by industrial logic.

The company’s main growth point in the future is prefabricated buildings. Last year we conducted a subdivision study of the prefabricated building industry chain. The development trend exceeded our expectations. Industry insiders judge that the industry’s high prosperity can be maintained for at least 3-5 years.In the future, it is expected to create another tower crane rental industry.

  Performance forecast and estimation: Based on 佛山桑拿网 the growth of performance, the company’s net profit attributable to its mothers will be increased by 5 to 19-21.

5 billion / 8.

100 million / 10.

500 million, PE is 16/11/8 times, given a “buy” rating.

  Risk reminder: The real estate boom is highly expanded; the development of prefabricated buildings is less than expected

Macalline (601828) 2019 First Quarterly Report Review: Periodic Pressure on Fees During Steady Revenue Growth

Macalline (601828) 2019 First Quarterly Report Review: Periodic Pressure on Fees During Steady Revenue Growth
Investment Highlights: The company announced the 2019 first quarter report, deducting non-attributed net profit increased by 5.8%, in line with expectations.Revenue from January to March 2019 was 35.3.5 billion, an annual increase of 22.4%, net profit attributable to mother 13.14 ppm, an increase of 11 years.1%, realizing deducted non-mother net profit8.48 ppm, a five-year increase of 5.8%. The income side grew steadily.Self-operated business: Expansion of self-owned property stores drives revenue growth.From January to March 2019, the company’s self-operated business realized revenue19.18 ‰, an increase of 10 per year.5%, of which the operating area of self-owned property shopping malls increased by 16.1%, realized income 16.28 ppm, an increase of 14 per year.1%.The company operates 81 self-operated shopping malls, an increase of 1 earlier, of which 23 are owned properties and 10 are leased; 33 are reserved projects, of which 23 are owned properties and 10 are leased properties.Commissioned business: The project has sufficient reserves, and the high opening of stores in 2018 will contribute to the growth momentum of 2019.Revenue from January to March 201910.2 billion, an increase of 15 in ten years.3%.As of the end of March 2019, the company has obtained 357 land use right certificates / reserved land projects, 南宁桑拿 and the overall reserve projects are relatively abundant.At the beginning of 2018, the commission managed 43 stores, of which a net increase of 32 in Q4, will become the main driver of commission revenue growth in 2019. Expense ratios are rising, and profits are under short-term pressure.The rate of expenses (including R & D expenses) during January to March 2019 will increase by 4 each year.8 points to 33.8%, of which the sales expense ratio is 10.54%, an increase of 1 each year.54 points, mainly due to the start of airport advertising in the second half of 2018, joint marketing and other promotional activities, the sales expense ratio rose; financial expense ratio12.81%, an increase of +2 per year.69pct is mainly due to the increase in interest-bearing debt and the overall upward interest rate. As of the end of 2018, the company’s asset-liability ratio was 59.45%, leverage increased. Continue to optimize services, build an IMP smart marketing system, enhance home improvement customer stickiness, and effectively divert traffic to merchants.The company increased the presence of experiential categories such as soft furnishings and catering, creating a diversified industry format and providing consumers with a comfortable shopping environment; one-stop shopping covers multiple categories and brands, bringing convenience to consumers; perfectingAfter-sales service has achieved consumer satisfaction and increased sales conversion rate.Create the first complete digital marketing system in the home industry, realize the digitalization and commercialization of marketing through the IMP global smart home marketing platform, and realize the full-scale, full-scenario, full-channel, full-channel, and full-consumer life cycle marketing of the home industryUpgrade. The Employee Stock Ownership Plan was launched to bind employees’ interests and improve the enthusiasm of mall management.The company launched the first phase of the employee shareholding plan in the early stage, covering no more than 1500 people (the company’s total employees were 22,621 at the end of 2017), which is mainly for the company and its subsidiary companies’ management and core backbone personnel, mainly for middle management personnel.The employee stock ownership plan helps to motivate the middle management staff and improve the management efficiency of complementary shopping malls.It also plans to launch the second phase of employee shareholding plan, which is mainly targeted at the company’s directors and supervisors and some employees who have indirectly held the company’s stock through the shareholding platform.Two rounds of employee stock ownership plan to achieve the interests of shareholders, shareholders, and employees. The industry leader, first-mover advantage and outstanding brand advantage; continuous innovation provides all-round drainage for furniture brands, enhances the added value of services, and maintains increased holdings.The company consolidated its first-tier and second-tier cities in a self-employed mode, locked in high-quality locations, and had first-mover advantages; it expanded third-tier and fourth-tier cities under a commission management model, and rapidly expanded with a light asset model.Self-employed + commissioned two-wheel drive, consolidating the first part of the market share.Due to the company’s rapid commissioning of store openings in 2018, we raised our profit forecast for net profit attributable to mothers to 47 in 2019-2020.6/52.200 million (was 46.96/50.5.9 billion yuan), plus 2021 net profit attributable to mothers is 57.200 million, corresponding to 9/8/8 times the corresponding PE, maintaining the overweight rating.

Foster (603806): New material for photovoltaic film faucet is about to be released

Foster (603806): New material for photovoltaic film faucet is about to be released
Recommendation logic: The company’s global leader in photovoltaic film is stable. Since 2013, the market share has been stable at about 50%.In the next few years, the company’s photovoltaic film business will also benefit from: (1) the beginning of the photovoltaic parity era, increased installed growth and stable cash flow, and improved industry cash flow; (2) product structure upgrades brought by the increased penetration of double-sided modules.Expected 2019?The sales volume in 2021 will be 72.912 million, 90.272 million and 105.152 million square meters.At the same time, the company is actively expanding other membrane products horizontally, and it is expected to become a platform-based membrane company in the future, opening up growth space. The overseas market for photovoltaics has ushered in both local and structural improvements: After 18 years of experience of the “May 31st” New Deal, the prices of photovoltaic industry chain products have fallen rapidly, declining by about 25% on average, and the cost of electricity has dropped by 10%.15%, the cost has been prominent in many countries and regions. Based on this, overseas reserve projects are started ahead of schedule and reorganized. Photovoltaic power generation is more conducive to competition and has a positive impact on the long-term energy structure adjustment.The new overseas installed capacity in 2018 was 59GW, an annual increase of 25%, accounting for 60% of global photovoltaic installed capacity, and the importance of the overseas market has increased.At the same time, the concentration of the PV module export market continued to decrease, with a CR5 of 67 in 2017.1%, 18 years CR5 is 53%.The situation of “decentralization” and “flowering everywhere”, mainly in South America, Central and Northeast Africa, continues to develop. The company’s photovoltaic film cost advantage is obvious, and the double-sided module promotes the upgrade of the product structure: as of the end of 2018, three domestic companies, Foster, Swift, and Haiyou New Materials, respectively accounted for 49 in the global EVA film market.4%, 11.4%, 8.2%, has formed a market pattern of oligopoly.Due to the strength of the company’s production scale, there are scale effects in terms of raw material procurement and cost control, so the company’s gross profit margin has reduced the industry level.We expect that through the large-scale application of double-glass modules in the future, the company’s product structure will continue to improve, and the sales ratio of high-value white EVA film and POE film will increase, thereby driving the company’s gross profit margin to stabilize and recover. Orderly advancement of photosensitive dry film, large import substitution space: Due to high technological content, large equipment investment, 杭州夜网论坛 high market barriers, significant scale effects, and high industry concentration, photosensitive dry film as the upstream material of PCB, Changxing Chemical, Asahi Kasei, HitachiInto the three manufacturers accounted for more than 80% of the global market share, the previous self-sufficiency rate was much lower than 10%.Photosensitive dry film is currently the company’s major new material development, the dispersion continues to grow rapidly, only 1.59 million square meters sold in 2017, an increase of 386 in 2018.4% to 7.75 million square meters, with H1 sales of 6 million square meters in 2019+.With the company’s gradual expansion of the photosensitive dry film production project in 2020, the company is expected to reach 200 million square meters of photosensitive dry film expansion by 2020, at which time the revenue and profit of photosensitive dry film will further increase. Earnings forecasts and investment advice.The EPS for 2019-2021 is expected to be 1.45 yuan, 1.75 yuan, 2.21 yuan, corresponding estimates are 29X, 24X, 19X.The company is an absolute leader in photovoltaic film. At the same time, it actively expands and expands new film varieties to limit the market space of a single downstream industry. It covers for the first time and gives an “overweight” rating. Risk warning: New photovoltaic installations in 2020 may not meet the expected risks, the company ‘s new product expansion may not meet the expected risks, and the company ‘s capacity expansion may not meet the expected risks.

Sany Heavy Industry (600031): 2020 Outlook Optimistic Market Share and Profitability Aim to Maintain Growth

Sany Heavy Industry (600031): 2020 Outlook Optimistic Market Share and Profitability Aim to Maintain Growth

Recent situation of the company We recently invited Sany Heavy Industry to participate in the 2019 CICC Strategy Conference. The company also exchanged views on the recent operating situation and future development prospects. The main contents are as follows.

Commentary predicts that the demand for excavators will increase steadily in 2020, and the company’s growth rate will continue to lead the industry.

The company believes that the sales growth of the excavator industry is expected to reach about 10% in 2020. The company’s sales growth rate is expected to exceed the industry’s 10ppt. The company’s market share in the third quarter is about 26?
27%, gradually increasing by 3?
4ppt, this trend is expected to continue in 2020.

The increase in industry demand is mainly due to the decline of the industry cycle change, the continued replacement of the replacement demand, and the increase in the proportion of small mining sales under the labor replacement trend.

The company also expects that the gross profit margin of the excavator business segment will stabilize at around 36%.

Truck crane sales expected to grow by 10 per year in 2020?

The sales volume of truck cranes in the third quarter did not increase, mainly due to the higher base of the 2H18 industry. The company expects that the sales growth rate of the 4Q19 industry will increase sequentially, and the industry sales growth rate will reach 10 in 2020.

From the perspective of gross profit margin, the company’s truck crane business currently has a gross profit margin of only about 25%, compared with a historical high of 37% and there is still room for further improvement.

It is expected that concrete machinery will continue to grow in 2020, and the growth rate of 无锡桑拿网 pumping products will accelerate.

The company’s global market share of concrete machinery has reached about 60%, and has gained global leading competitiveness.

The company expects concrete machinery to maintain steady growth in 2020, with pump truck sales increasing the most, concrete mixer trucks second, and concrete mixing stations to grow the most robustly.

Overseas export business continued to grow rapidly.

The company expects that overseas exports (excluding Germany’s Putzmeister) are expected to achieve a growth rate of about 40% this year, of which Europe’s growth rate will reach about 80%, while Indonesia is the largest single export market, and revenue in 2019 is expected to exceed 200,000Yuan.

The Indian market is growing by about 20% this year, which is an improvement over previous years, but the future 西安桑拿 development potential is huge.

The company plans to further strengthen channel construction overseas.

Actively promote the independence of core components.

The company currently includes 70 in the four-wheel belt, the cab, and the mechanical structure.
80% of parts and components have been autonomous. The company stated that it will continue to promote the localization of core parts such as hydraulic parts and engines in the future.

It is recommended to maintain the company’s profit forecast and “Outperform” rating.

The company currently expects to correspond to 10 / 9x P / E in 2019/20.

We maintain our target price of 18.

00 yuan, corresponding to 13/11 times P / E in 2019/20, which has 29% upside compared to the current one.

Demand from risk industries was lower than expected.

First Capital Holdings (600376) 2019 First Quarterly Report Review: Steady increase in performance and increase in gross profit margin

First Capital Holdings (600376) 2019 First Quarterly Report Review: Steady increase in performance and increase in gross profit margin
19Q1 revenue quarter + 35%, 杭州桑拿网 performance growth + 15%, gross profit margin and minority shareholders’ equity significantly increased in 19Q1 to achieve revenue 83.2 ‰, +35 per year.2%; net profit attributable to mother 3.600 million, +15 for ten years.3%; deduct non-net profit 2.9 trillion, +87 a year.9%; gross and net profit margins are 38.1%, 4.3%, respectively +18.3pct, -1.0pct.Three expenses cost 10.7%, +0 per year.6pct, mainly because the company’s financial expense ratio has increased; the company’s revenue has reached 0.10 yuan, +23 a year.0%; the high revenue growth was mainly due to Q1’s settlement area of 37.70,000 countries, +48 a year.1%, of which 87% are projects outside Beijing.8%, +44 per year.3pct, the carry-over of foreign projects with higher gross profit margins increased sharply, and the gross profit margin of Q1 settlement increased sharply 北京桑拿洗浴保健 by 18.3 points.The company’s performance growth rate is lower than the revenue growth rate, mainly due to the Q1 minority shareholders’ equity accounted for 70.5%, +59 per year.6pct, corresponding to the amount of 8.600 million.In view of: 1) The company plans to complete 465 in 19 years.30,000 countries, +35 per year.9%; 2) The final receipt in 19Q1 reached 633.400 million, previously +20.4%, covering 18 years revenue reached 1.6 times, will jointly guarantee the stable release of subsequent performance. Sales in 19Q1 were 10.3 billion, a decade of + 3%. The proportion of foreign companies in Beijing continued to increase, which will help improve gross profit margins and achieve signing amounts of 102 in 19Q1.7 trillion, +2 for ten years.5%, complete the initial plan 10.2%; sales area 41.70,000 countries, ten years +10.0%, complete initial plan 11.7%, by region, 9 in Beijing.80,000 countries, +55 per year.4%, accounting for 23.6%, sales outside Beijing 31.80,000 countries, one year +0.9%, accounting for 76.4%, the proportion of sales outside Beijing continued to increase.Considering that the proportion of 17-19Q company’s sales area outside Beijing continues to increase, due to the proportion of equity in projects outside Beijing, the gross profit margin is higher than that in Beijing. It is expected that the proportion of minority shareholders’ equity in 19-20 will be relatively low, and the gross margin may be lowSlightly improved.The company plans to sell 10.1 million yuan in 19 years, +0 in ten years.3%, considering: 1) The planned start of 19 years is 4.35 million, which was -41 in the past.1%, but still higher than 18 years of sales, plans to resume work 15.62 million, up and down +34.1%, plans to resume work 1,997.60,000 countries, +4 a year.9%, 17% and 18% plan completion rates are 166% and 173%, indicating that 19 years of saleable resources are still relatively abundant; 2) Continued recovery of the first and second lines will promote the 19 year sales rate increase; will jointly ensure 19 years of salesContinue to grow steadily. Land acquisition / investment accounted for 61% in 19Q1, and continued to expand outside Beijing. The profit contribution of future shed reform projects will soon be increased by 19Q143.0 million countries, +8 a year.2%, of which there are no new construction sites in Beijing, and the new construction sites outside Beijing are located in Suzhou; the corresponding land acquisition amount is 62.5 ‰, at least -1.0%; take the average price of 14,543 yuan / square meter, ten years -8.5%.The proportion of land acquisition is relatively 61%, and land acquisition outside Beijing continues to expand.As of 19Q1, the company had not completed 2,000 earth reserves, of which 76.3% are in strong first- and second-tier cities (Beijing accounts for 32.0%), excellent soil storage structure to ensure continued sales growth in the future.Q1’s new construction area was 73.70,000 countries, at least -24.3%, completed the initial plan 16.9%; area completed 47.Ten thousand countries, ten years -47.7%, completed the initial plan 10.1%; The company’s asset-liability ratio and net debt ratio at the end of 19Q1 were 81.4%, 180.7%, double +0 respectively.0pct, +7.1pct; 18-year comprehensive financing cost 5.36%, ten years +0.21pct, still at the allowable level.In addition, it is expected that the company will have 7 shed reconstruction projects under construction in the next 4 years that will contribute revenue of nearly 5.5 billion to 6 billion. Among them, 2 shed conversion projects are expected to enter the market this year, which will additionally help the company’s performance to grow steadily. For the important targets of the Beijing State Reform, actively explore diversified incentive mechanisms. The advantages of the integration of state-owned assets in Beijing have been outstanding for 18 years. The Beijing Municipal Government has successively issued three-year action plans and supporting documents for the State Reform.With the introduction of the incentive budget, Beijing’s national reform has accelerated significantly.At the same time, Shoukai has launched two rounds of cash incentive programs, which are among the state-owned enterprises that earlier explored diversified incentive mechanisms. It can be said that the company survives in the market-oriented reform gene; instead, the company has total assets and net assets.Indicators such as operating income and net profit are far ahead of other Beijing state-owned housing companies, giving them a clear advantage in the horizontal integration of 14 Beijing state-owned housing companies. The recent opening of the first merger of the real estate group or heralded the beginning of the integration, the companyIt is expected to further expand the quality soil reserves in Beijing. Investment suggestion: steady increase in performance, increase in gross profit margin, and important targets of the Beijing State Reform, re- “strongly promote” the first opening of shares as Beijing state-owned housing enterprises, in the context of the acceleration of the Beijing State Reform, make full use of rich experience in incentive plans and BeijingThe significant advantage in the integration of domestic capital is expected to be an important target of the national reform. Since the company was reorganized and listed in 2007, the company has actively changed, deeply cultivated in Beijing, and actively expanded outside Beijing to promote rapid sales growth, becoming the first domestic 100 billion local state-ownedReal estate companies; the company’s current layout is mainly strong first-tier and second-tier, and is the king of Beijing’s land reserve. Recovery of first-tier and second-tier transactions can use its supplementary sales flexibility.We maintain the company’s annual revenue for 2019-201.41, 1.63 yuan, corresponding to 19 years of PE is 6.3 times, the net asset value discounted to 55%, according to the 19-year target PE9.0 times, maintaining target price of 12.67 yuan, again “strong push” level. Risk Warning: Tighter-than-expected tightening of real estate development policies and weaker-than-expected improvement in industry funds

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.