Foton Motor (600166): Focusing on Commercial Vehicle Profitability

Foton Motor (600166): Focusing on Commercial Vehicle Profitability
After Foton Motor experienced the low performance last year, we expect that the transfer of Baowo will become an important turning point for the company.Foton Motor refocused on the commercial vehicle sector, leading strength will be restored. At present, the industry structure is stable and the company strictly controls costs. During this period, rates will return to normal.The company corresponding to 19 years of PE, PB is 32 times, respectively.Three times, PB decreased in the commercial vehicle sector. In view of the expected growth in the company’s performance change in 19 years, the company’s gross profit forecast has returned to the state in the medium and long term, maintaining the “prudent recommendation-A” investment rating. The domestic commercial vehicle giant has a stable structure and the leading effect is gradually realized.As the first domestic commercial vehicle brand, the company has ranked first in the industry for 12 consecutive years, with a market share of 11 in 2018.29%, ranked second.The company’s “value-based growth” strategic transformation has begun to bear fruit. The competitiveness of high-end brands such as Auman and Omag has continued to improve, with mid-to-high-end products accounting for over 65%, which has become a growth point of performance.Under the background of National Six emission upgrade, light trucks are expected to be partly installed this year, and heavy trucks will have a stable replacement demand of 3 million vehicles for a long time.With the leading technological advantages of the Sixth National Layout, Foton’s trucks, engines and other sectors will benefit. The transfer of Baowo equity was reached, and the gross profit level was restored after the strategic adjustment.At the end of 18, Baowo’s 67% stake was 39.700 million transfers were completed, and behind-the-scenes strategic investors Shenzhou UCAR, Foton, and Baowo launched the “new car retail” model.Foton ended the blood transfusion to Bao Wo and reversed the strategy of “combining business with others”. The released R & D expenses will be invested in the field of commercial vehicles to promote the rapid development of main business. The negatives were exhausted, and the upward turning point of performance appeared this year and this year.In 18 years, the company’s bus 北京桑拿洗浴 orders were later than expected, Powell’s poor performance, and increased financing costs combined with other factors, resulting in serious deterioration in performance.The company was 19 in the first three quarters of 18 years.The 2% period expense greatly dragged down net profit, and sales, management and financial expenses sometimes increased separately.5pct, 1.3pct, 1.1pct.It is expected that the rate will return to the right track in the future, which will release the company’s profit elasticity. The upward turning point of performance is expected to occur in 19 years. The future of hydrogen fuel cell layout will be deep.Hydrogen fuel cells are an important development trend in the field of new energy. The early layout of Foton began in 2006. The product has been continuously updated in order. Recently, it has received another large order of 49 Ouhui hydrogen fuel buses and 100 Ou Marco hydrogen fuel logistics vehicles.Competition for strength in this field.Futian, Yihuatong and other short-term strategic cooperation agreements are dedicated to the promotion of hydrogen transportation in the Winter Olympics and the Beijing-Tianjin-Hebei region. The advent of a new stage of hydrogen energy development will create new growth points for the company’s performance. Risk warning: New energy bus subsidy declines more than expected; Baowo sales are lower than expected.

Donghua Energy (002221) Dynamic Comment: The first quarterly report has seen a big increase in the first half of the year and the gradual performance is expected to grow steadily

Donghua Energy (002221) Dynamic Comment: The first quarterly report has seen a big increase in the first half of the year and the gradual performance is expected to grow steadily

Event: The company released the 2018 annual performance report, and achieved 489 operating income in 2018.

22 ppm, an increase of 49 in ten years.

71%; net profit attributable to mother 10.

83 ppm, an increase of ten years.

89%; basic profit income is 0.

6610 yuan / share, an increase of 0 in ten years.


The main reason for the company’s revenue growth is that LPG sales have increased by 30%, and the average sales price has increased by about 20%; the sales volume of chemical products has increased by about 19%, while the average sales price has increased by 14%.

In Q4 2018, operating income was 144.

30 ppm, an increase of 54 in ten years.

48%, an increase of 8 from the previous month.

79%; net profit attributable to mother 1.

80 ppm, a decrease of 27 per year.

42%, down 13 from the previous month.


  In addition, the company released the 2019 Q1 performance forecast, which is expected to achieve net profit attributable to mothers3.


USD 1.3 billion, an annual increase of 0% -50%, and a monthly increase of 90% -185%.

  Key points of investment: The company is based on liquefied petroleum gas (LPG) trade, storage, transportation and sales, and extends to PDH and polypropylene (PP).

The company focuses on LPG trade, sales and deep processing, relying on the four major production and storage bases in Zhangjiagang, Taicang, Ningbo and Qinzhou to become 成都桑拿网 the largest LPG importer and distributor in China.

Company Zhangjiagang New Materials and Ningbo New Materials two alkane resource comprehensive utilization projects have a PDH capacity of 126 tons / year and a PP capacity of 80 tons / year. In addition, the second and third phases of the Ningbo project are under construction, including a 66 tons / year PDHInstallation and two 40 nominal / year PP installations.

The company has formed an LPG “trade + finance + storage and transportation + deep processing” model. The company’s chemical product revenue and gross profit share have continued to increase, and its overall gross profit rate has continued to increase.

In the next few years, the company will continue to expand and strengthen PDH and PP. Each year, the investment scale of about 20 billion US dollars in Lianyungang Xujing New District alkane resource deep processing industrial base will gradually advance in an orderly manner, which will pave the way for the company’s future performance increase.

  The Sino-US trade war has released a signal of easing, and imports of LPG and light hydrocarbon resources may usher in a turnaround.

Globally, LPG has surpluses in North America and the Middle East, and Asia Pacific funding is sought.

Global LPG supply and demand maintain stable growth. The two major resource centers of the United States and the Middle East are the main LPG export destinations. Consumption is mainly driven by emerging economies.

Domestic LPG’s external dependence is over 30%, and the proportion of industrial uses has increased.

Annual LPG production, imports and apparent consumption in 2018 reached 3800 titles, 1841 titles and 5528 titles, 2011?
The average annual composite composition in 2018 was 8 respectively.

26%, 27.

25% and 12.

63% of foreign dependence from 9 in 2011.

31% rose to 31 in 2018.

25% of the main imports depend on the UAE, the United States and Qatar.

The rapid development of PDH has driven the consumption of LPG in the chemical industry. It is expected that by 2020, China ‘s domestic and industrial LPG consumption will account for about 55% and 38% respectively, which is expected to further drive LPG consumption.

  Global ethylene and propylene supply and demand have steadily increased, and PDH and additional split ethylene have good prospects.

In 2016, the world’s total ethylene production capacity reached approximately 1.

6.2 billion tons / year, the average global start to replace 89.
6%, higher than 85% of the previous year, the demand is about 1.
5.3 billion tons.

It is expected that ethylene production capacity and consumption will be 2 in 2025.

2.7 billion tons / year and 1.

9.9 billion tons in 2016?
In 2025, the average annual production capacity and consumption of composite oxides will be 3.

8% and 3.


Global starch production capacity in 2015 was approximately 1.

2.3 billion tons / year, the consumption is about 9606 plans, and it is estimated that the production capacity and consumption will reach 1 by 2020.

5.4 billion tons / year and 1.

2 billion tons in 2015?
The compound annual growth rates of millimeter capacity and demand in 2020 will be 4 respectively.

6% and 4.


Looking at the global ethylene and propylene routes, the effect of shale oil and gas in North America has replaced the bias of supply and demand. The light hydrocarbon roadmap has better economic benefits and the proportion of light hydrocarbon systems has increased.

In addition, international crude oil prices have bottomed out to the middle oil price range since the end of 2018, PDH earnings have stabilized, and their competitive advantage has continued to increase.

  Profit forecast and investment rating: The company ‘s Yangtze River Petrochemical project and Ningbo Fuji project are operating stably. After the new project is completed and put into operation, the company has a total of 3 PDH units with a total capacity of 192 tons / year, a total of 4 PP units and a total capacity of 160 locations / yearBy then, the PDH and PP devices will be completely matched.

Considering the progress of new projects and the uncertainty of the Sino-US trade war, we expect 2018?
The net profit attributable to the parent company will be 10 in 2020.



$ 3.3 billion, with budgeted returns of zero.



29 yuan, maintain BUY rating.

  Risk warning: New project construction is less than expected, North American shale oil and gas production is less than expected, changes in raw material and product prices, LPG trade risks, and uncertain risks in the Sino-US trade war.

CYTS (600138): Although performance continued to be under pressure, margins improved slightly

CYTS (600138): Although performance continued to be under pressure, margins improved slightly

This report reads: The tourist growth rate of Wuzhen and Gubei Water Town in 2019H1 continues to be under pressure, but the margins have improved slightly, and the future will not be resolved.

Investment Highlights: Target Price 17.

2 yuan, maintaining the overweight level.

The growth rate of tourists in core attractions is under pressure, and the earnings forecast for 2019-2021 is reduced to 0.

86 (-0.

32) / 0.

95 (-0.

44) / 1.

05 yuan.

The company’s scenic area resources are of high quality and given 20xPE in 2019, the target price is reduced to 17.

2 (-8.

59) Yuan, maintaining the overweight rating.

Brief description of results: In the first half of 2019, the company’s revenue was 58.

5.3 billion / + 5.

13%, net profit attributable to mother 3.

8.2 billion / -5.

61%, deducting non-return to mother 2.

58 billion / -15.


2019Q2 revenue 33.

10 billion / + 8.

17%, deducting non-return to mother 2.

03 billion / -4.

45%, in line with expectations.

The main business profit was maximized and stable, and the cost ratio increased.

① Wuzhen 天津夜网 receives tourists 445.

980,000, basically the same as 2018, with revenue of 8.

55 billion / + 2.

6%, net profit 4.

7.2 billion, unchanged from 2018.

② Gubei is limited by traffic restrictions and can accommodate 100 tourists.

680,000 person-times / -8.

81%, revenue 4.

200 million / -8.

04%. Net profit decreased by 47 due to a significant reduction in land revenue.

twenty three%.

③ The hotel business was affected by the newly opened stores, and its net profit dropped by 14.

27%.④ Revenue from integrated marketing business12.

01 billion / + 10.

29%, net profit was 2119.

32 million / + 18.


Revenue from strategic investment business remained stable.

⑤ The gross profit margin for 2019H1 increased by 0.

51pct, the cost rate increased by +2 during the period.

3pct, mainly due to the increase in sales expense ratio by 1.

59 points.

The asset value is excellent, and long-term growth is worth looking forward to.

In 2020, the courtyard will be built, the structural transformation of attractions and exhibition towns, the continuous improvement of Gubei transportation and brand power will bring long-term growth for the company, and China Everbright Group is also expected to bring improvements in capital and mechanisms.

Risk factors: disturbances caused by weather factors, transportation of attractions, hotels and other supporting facilities affecting reception capacity.

Hualan Biological (002007): Revenue from blood products increased steadily20.

76% gross margin fluctuations affect profits

Hualan Biological (002007): Revenue from blood products increased steadily20.

76% gross margin fluctuations affect profits

Event: On August 29, 2019, the company released its semi-annual report for 2019.

In the first half of 2019, the company realized operating income14.

30,000 yuan, an increase of 16 in ten years.

77%; net profit attributable to mother 5.

07 million yuan, an increase of 11 in ten years.

94%; deducted non-attributed net profit4.

62 ppm, an increase of 14 in ten years.


Net operating cash flow 5.

400,000 yuan, an increase of 41 in ten years.


Blood products performed steadily and achieved revenue growth20.


In the first half of 2019, the company’s blood products business achieved revenue13.

83 ppm, an increase of 20 in ten years.

76%, of which albumin income is 5.

10 billion, an increase of 7.

94%, static C income4.

7.2 billion, an increase of 73.

67%, other blood products4.

10 billion, with an average of 0.


In the first half of 2019, the industry’s sales situation was good, and the growth rate of blood product revenue increased slightly. Jing Bing benefited from the low base last year and the industry boom resumed growth.

Affected by fluctuations in gross profit margin and R & D investment, net profit growth was slower than revenue growth and slightly lower than expected.

By quarter, the company achieved revenue in the second quarter of 20197.

07 billion (10.

57% +), net profit attributable to mother 2.

47 trillion (0.

77% +).

The second quarter mainly resisted the growth of blood products, and the influenza vaccine business did not contribute, and the growth rate was relatively stable.

Single-quarter gross margin in the second quarter was 52.

05%, about the first quarter of 2019 and the same period of 2018, the overlapping decline, we expect mainly related to the gradual increase in the encouragement of pulp contributors, production cost settlement and other factors, and then continue to focus on the following quarter.

In the first half of 2019, the approval of blood products was basically normal, and Q2 was slightly less.

Human blood albumin (accounting for 10% of domestic batches issued), Jing Cing (accounting for 10% of batches issued) and other major blood product batches are among the best in the industry, and eight factors account for 41% of domestic batches.PCC accounted for 36% of domestic approvals, human immunoglobulin accounted for 14% of domestic approvals, waivers accounted for 9% of domestic approvals, crazy exemptions accounted for 8% of domestic approvals, and B exemptions accounted for domestic approvals.9% of the issued amount.

The vaccine business realized 11.97 million yuan in revenue, an increase of at least 76.

25%, we expect to mainly produce last year, the first half of this year, 100,000 batches of tetravalent influenza vaccine issued in batches confirmed revenue, the rest of the products basically do not contribute. The vaccine business is mainly realized in the second half of the year. As of August 25, the company has approved the issue of a quadrivalent influenza vaccine 110 for the 2019-2020 flu season.

550,000 sticks, 25 trivalent influenza vaccines.

230,000 sticks.

We expect that the quadrivalent influenza vaccine will continue to expand its market share this year, and is expected to continue to maintain higher growth.

R & D expenditures increased by 32%, and monoclonal antibodies and vaccines were underway in an orderly manner.

The company’s selling expenses in the first half of 20191.

10,000 yuan, a ten-year average of 2.

91%, the sales expenses of blood products remained basically stable in the first half of the year; the sales expense ratio was 7.

17%, down 1 from the same period in 2018.

5 units.

The administrative expenses are 97.99 million yuan and the expense ratio is 6.

99%, management costs increase by 20 per year.

38%, basically the same direction as income growth.

In the first half of the year, R & D investment was 68.2 million yuan, an annual increase of 32.

31%, mainly related to the gradual advancement of vaccines and monoclonal antibodies in research projects; of which R & D expenses are 6820 million and the expense ratio is 4.


Gene subsidiaries currently have seven monoclonal antibodies approved for clinical trials, of which adalimumab, trastuzumab, rituximab, and bevacizumab have entered clinical phase III.

Earnings forecast and investment advice: Considering that Miao Miao is expected to be listed in 2020, we expect the company’s operating income to be 42 in 2019-2021.

22, 47.

11, 54.

100,000 yuan, an increase of 31 in ten years.

24%, 11.

60%, 14.

83%, net profit attributable to parent company 14.


80, 19.

79 ppm, an increase of 26 in ten years.

71%, 16.

38%, 17.

77%, corresponding to an EPS of 1.

03, 1.

20, 1.

42 yuan.

The company is one of the richest product line leaders in blood products companies. The 北京夜网 quadrivalent influenza vaccine provides new profit growth points. At the same time, the four major monoclonal antibodies enter clinical phase III, creating a foundation for long-term performance development and maintaining a “buy” rating.

Risk reminder: The risk of the reform of the sales channel of the blood product business is less than expected, the risk of fluctuations in the price of blood products, the risk of less-than-expected plasma extraction, the single risk of multiple varieties of vaccine business, and the development of monoclonal antibody business is not as expected.

Special information (000070): Temporary growth in revenue for the time being, temporary growth of 5G construction wave optical communications is ready

Special information (000070): Temporary growth in revenue for the time being, temporary growth of 5G construction wave optical communications is ready

Investment Highlights Event: Reported scale, the company achieved operating income of 57.

0.6 million yuan, an increase of 2 every year.

33 ppm, a ten-year increase4.

26%; total profit 3.

53 ppm, an increase of 0 per year.

14 ppm, a ten-year increase4.

12%; net profit achieved 3.

13 ppm, an increase of 0 per year.

16 ppm, an increase of 5 in ten years.

25%; net profit attributable to mother 2.

76 trillion, an increase of 0 over the same period last year.

100,000 yuan, an increase of 3.

78%; budget benefit 0.

44 yuan.

Affected by the complex environment of upstream and downstream, the revenue growth in 2018 was temporarily interrupted: the company’s revenue growth in 2018 was vertical. First, there were three factors: first, the growth rate of fiber demand, and second, 5G has not yet started large-scale construction, orders fell, and competition in the industry increased.

Thirdly, due to the ZTE incident, the growth rate of Dongzhizhi, a subsidiary of Dongzhi, slowed down.

After the incident is resolved, we expect the company’s growth rate to be back on track.

Optical communication equipment has become the main growth momentum: the company’s technological advantages mainly involve two major directions: civilian and military industries: the civilian sector is divided into the optical fiber and cable industry and the intelligent access industry, and the military sector is mainly military information technology business.

In terms of revenue structure, optical transmission equipment has become the main driving force for growth, and the proportion of revenue has continued to increase.

The 5G construction tide is coming, and core business is poised for growth: Capital expansion is picking up in 2019, centralized mining is being started, network construction is about to start, market orders are expected to continue to grow, and the communications industry will usher in the next wave of breakthrough development; meanwhile benefitingThe needs of the national army’s informatization construction, the accelerated replacement of military equipment, the implementation of military reforms, and other factors, the market demand for 武汉夜网论坛 military information products has gradually increased, and the military industry has maintained a certain degree of prosperity, providing opportunities for the development of the military information industry.

Profit forecast and investment grade: We continue to be optimistic about the future development of Special Information, and we expect revenue from 2019-2021 to be 60.

3.6 billion, 65.

3 billion, 73.

50,000 yuan, a five-year growth rate of 5.

8%, 8.

2%, 11.

9%; net profit attributable to mother is 2.

8.7 billion, 3.

1.8 billion, 3.

68 ppm, a four-year growth rate of 4.

0%, 10.

9%, 15.

7%; corresponding EPS is 0.

46 yuan, 0.

51 yuan, 0.

59 yuan.

The current corresponding PEs are 32/28 / 25X respectively; they are given a “Buy” rating.

Risk warning: Sino-U.S. Trade frictions are alleviated 武汉夜生活网 and expected, military reform is lower than expected, industry competition is intensified, and capital expenditure of operators is less than expected

Mei Nian Health (002044): Consolidation of foundation expansion and restart

Mei Nian Health (002044): Consolidation of foundation expansion and restart
2018 results are in line with expectations. Midea Health announced the 2018 and 2019 first quarter results: 2018 revenue of 84.5.8 billion (+35.7%); Net profit attributable to parent company 8.2.1 billion (+33.7%), corresponding to a profit of 0.26 yuan. Revenue growth in Q1 20194.4%, net profit was basically flat.2019Q1 was slightly lower than expected.The company intends to 3.4.7 billion yuan to acquire 19 medical examination centers, 1.2.8 billion holdings 11 health check-up centers affiliated to Anhui Nuoyi. Development Trend The 2018 performance is in line with expectations, and the 2019Q1 revenue is slightly lower than expected.Affected by the Guangzhou incident, the company’s operations in 2018 had a 杭州桑拿网 certain impact, and net profit attributable to mothers continued to increase33.7%.Excluding the same control and consolidation effect of Maine, the company is expected to increase its net profit in 2019 by 27.91%.The peer “blood test” oolong incident in early December 2018 had a certain impact on the initial group test market, and the revenue in the first quarter of 2019 increased by 4%.4%, the net profit is basically flat, deducting non-net profit -2.7.1 billion (-174.28%).Changes in accounting standards led to the transfer of part of the equity of the proposed acquisition of equity participation centers into the fair value of non-current financial assets, which is the main source of non-recurring differences.Since the third quarter of 2018, the company has actively strengthened medical quality management and informatization construction, consolidating the foundation of internal control. Currently, the operation is continuing to resume, and it is expected that there will be a noticeable improvement in the second quarter of 2019. The third and fourth lines continued to expand, with significant scale advantages.In 2018, the company achieved full coverage of the Chinese mainland market, with a total of 633 medical examination centers in 301 core cities.Among them, there are 256 holdings, 292 shares and 85 under construction. In 2018, the proportion of third- and fourth-tier cities has increased to 49%.Announcement announcement proposed 3.4.7 billion yuan to acquire 19 “Meiannian” medical examination centers, 1.28% of the shares were acquired by Anhui Nuoyi’s 11 medical examination centers, and the company’s scale advantage will be further highlighted.Among the 19 acquisition plans, in addition to the strategic acquisition of Taiyuan Center Holdings becoming wholly-owned, the other 18 centers participated in the acquisition of asset prices and promised profit for 2019 was 8.43X, corresponding to the average committed profit in the next three years2.51X.Anhui Nuoyi’s main health examination brand “Ainuo Medical Examination” covers 11 medical examination centers in 10 prefecture-level cities in Anhui. The value of the assets of this acquisition corresponds to the 2018 performance of 1429X, the acquisition price is reasonable, the acquisition of 30 medical examination centers is expected to increase the company’s profit of about 60 million yuan in 2019. The capital project is initially closed, and everything is waiting to take off again.Since 2018, the company’s various financial matters have gradually entered the closing stage.On March 29, the US $ 200 million debt pricing was completed, and Guosheng and Haitong cooperated in a strategic agreement.2.4 billion shares (progress 4/5). The scale of the non-public offering has been adjusted. It is currently under review by the CSRC.6.61 million shares were repurchased at an average price of 14.75 yuan (including transaction fee), it is expected that the follow-up will be decided to advance the process depending on the situation.After 1 year of refurbishment, the company’s overall internal control and net funds have been improved and consolidated, and chain expansion and platform construction have been rebuilt. We look forward to the company taking off again. Profit forecast Considering that the off-season of the Q1 medical examination industry has limited impact on expected results, we temporarily maintain the 2019/2020 profit forecast unchanged, which is 0.37 yuan, 0.52 yuan, currently matching the corresponding P / E is 46X / 33X. Estimates and recommendations maintain recommended levels.Maintain target price of 20.5 yuan, corresponding to 2019/2020 P / E is 46X / 32X, with 22% of 苏州夜网论坛 upside. Management risk due to the increase in the number of health check-up centers.

Marubeni (603983) 19 Interim Review: Deducting non-attributed net profit up and down + 20% of the main brand’s high-end upgrade in the field of anti-aging is worth looking forward to

Marubeni (603983) 19 Interim Review: Deducting non-attributed net profit up and down + 20% of the main brand’s high-end upgrade in the field of anti-aging is worth looking forward to

Brief performance evaluation 1H 2019 The company achieved revenue 8.

1.5 billion, +11 a year.

85%; net profit attributable to mother 2.

56 trillion, ten years +31.

57%; net profit after deducting non-attribution to mother 2.

1.7 billion, +19 a year.


Non-recurring gains and losses mainly include government subsidies of 33.07 million yuan, and entrusted others to invest or manage assets of 11.98 million yuan.

The company achieved revenue in Q2 in a single quarter4.

50 trillion, ten years +14.

38%, a growth rate of +5 from Q1.

50pct; Q2 realized net profit attributable to mother 1.

36 trillion, +37 a year.

68%; net profit after deduction is 0.

98 trillion, ten years +14.

97%, a growth rate of -9 from Q1.

04 points.

Business analysis Marumi’s main brand follows the trend of high-end and continues to cultivate the anti-aging segment. The Chunji & Lianhuo brand has steadily advanced: 1H19 main brands accounted for 91% of total revenue.

92%. Following the Japanese sake Yuling ice-muscle series, the second Japanese imported high-end Japanese flower bullet moisturizing delicate series was launched in China.

In terms of categories, while stabilizing the ace spot of eye cream, increase investment in the rapidly growing essence category.

In terms of channels, 1H19 Marumi Department Store channel channels exceeded + 30%.

In terms of 厦门夜网 marketing, 2H19 plans to attract young consumers while maintaining the brand’s sense of high level.

In terms of other brands, Chunji continued to rejuvenate the concept of ingredients and skin care. Lianhuo upgraded from the counter to the product, and launched new high-end products imported from Korea.

Refined offline channels and improved e-commerce channels: In 2019, a retail core college was established to provide retail service and training and education support for high-quality offline chain stores.

E-commerce channels achieved 6 consecutive months in the first half of the year. Tmall Eye Care Kit category Marubei flagship store ranked first, Jingdong eye cream category Marubei brand ranked top 3, domestic products No. 1, Vipshop 618 Marube brand ranked beauty ranked 2, The first domestic product.

The gross profit margin was basically stable in 1H2019, the fee 深圳桑拿洗浴网 control effect was good, and the net profit margin was further increased: the gross profit margin in 1H19 reached -0.

36pct to 68.

42%, sales expense rate -0 per second.

84pct to 29.

22%, the management expense rate (including research and development expenses) for ten years.

49 points to 6.

72%, other income (government subsidies) increased to 33.07 million yuan, net interest rate fell +4.

7 points to 31.


1H19’s inventory turnover days were 90.

09 days, 2 more than the end of 18.

90 days; accounts receivable turnover days are 0.

70 days, 0 less than the end of 18.68 days; accounts payable days are 176.

12 days, 0 less than 18 years.

40 days.

Investment suggestion The company is known as “anti-aging eye cream”, and has penetrated into domestic mid- to high-end cosmetics companies that have penetrated low-tier cities. Future highlights include: ① “Marumi” mid-to-high-end upgrade brand highlights, “anti-aging eye cream” drives rapid growth of the entire category② Grasp the high growth dividend of makeup and provide incremental income; ③ The e-commerce channel strategy has been improved and the certainty has been gradually increased.

It is expected that net profit attributable to mothers will be achieved in 19-21.

02, 5.

83, 6.

710,000 yuan, EPS1.

25, 1.

45, 1.

67 yuan, +20 for ten years.

94%, 16.

07%, 15.

13%, the current market value of the corresponding PE is estimated to be 39x, 34x, 29x, maintain BUY rating.

Risk prompts fluctuations in terminal consumer demand and fierce competition in the industry. Can you effectively control sales channels and manage terminals to lift the risk of restricted stocks?

Gujing Liquor (000596): National high-end high-volume national strategy is stable

Gujing Liquor (000596): National high-end high-volume national strategy is stable

The company’s recent situation On Monday we participated in the company’s shareholder meeting and grassroots research on the Hefei, Luzhou market:

The company’s high-quality base wine production capacity meets the needs of the next high-end rapid volume, internal potential space is connected, and multiple old production areas resume production and focus on high-quality wine production.


Firmly sub-high-end as the core, the nationalization strategy remains unchanged, continuous three-dimensional marketing and promotion, and short-term non-profitability as the core demand.

Brand height and consumer base have improved significantly in the past two years.


The terminal transaction prices of major sub-high-end products such as Gu 8 have decreased in Hefei and other places, and the channel spread has narrowed.

The company took the initiative to control the goods in the second quarter.

Commenting on the trend of sub-high-end popularization, the company’s saturated aggressive marketing is helpful for the card at this price.

The consumption of liquor in mainstream banquet seats in several cities and cities in Anhui is rapidly increasing to 200?
The 300 yuan upgrade has become a popular choice.

Gujing’s sub-high-end revenue scale and brand influence began to significantly exceed the province’s boundaries. Dense product layout and fine channel operations can continue to grasp the possibility of sub-high-end expansion in Anhui.

In 18 years, Gujing’s high-end sales volume was about 8,400 tons, accounting for only about 60 inches of liquor consumption in the province1.

4%, has continued to improve space.

The strategy of markets outside the province has changed and margins have improved.

Change the past budget model based on fixed income for income, focus on the appropriate expansion of Yu Sulu’s scale expansion, and find that the cultivation of brands and consumers does not 杭州桑拿网 pursue a rapid increase in income in the short term.

The company stated that the market adjustment in Henan is effective, and the current marketing thinking is correct, and the company is expected to continue to grow.

The cost reduction structure improves the effectiveness. We expect that the gross profit margin in 19 years will be basically the same every year, and it will continue to increase steadily slightly next year.

At the same time as the second high-end burst growth in the first quarter of 19, the gross profit margin decreased year by year1.

5ppt, mainly due to the one-time increase of multiple costs in the second half of last year, including insufficient production due to environmental protection and limited production, coal to gas, and the increase in the number of employees.Improve gross margin performance.

It is recommended to maintain a sustainable forecast and maintain a target price of 140.

5 yuan, the target price corresponds to 19/20 33.


3xPE, current price corresponds to 19/20 26.


3xPE, target price has 24% growth space, maintain recommendation.

Risk If the product price system continues to decline, it will have an impact on channel profits and brand image.

Super capacitor stocks go up and down in batches-write a letter to Tesla asking what should be fired tomorrow?

Super capacitor stocks go up and down in batches: write a letter to Tesla and ask what should be fired tomorrow?
For stocks, please read Jin Qilin analyst research report, authoritative, professional, timely, and comprehensive, to help you tap potential potential opportunities!  Dear Tesla related leaders: Hello!How is business doing recently?Is scientific research going well?Do you have good relations with US stock investors?  Since this year, every move of your company has affected the nerves of investors in the A-share market.Ternary batteries, lithium iron phosphate batteries, solar roofs, and related stocks have all become momentary leaders in the A-share market, and they have become tomorrow’s yellow due to rapid changes in news.  Just in the past weekend, another media reported that Tesla’s new battery independently developed is a “dry battery + super capacitor” combination. Therefore, the concept of super capacitors broke out collectively in this morning’s session, and individual stocks piled up.  Therefore, as an A-share investor, I can’t help but want to write a letter to your company, and would like to ask about your company’s technical route, does your company have a letter of trust, so that we know what technology stocks should be fired?  The concept of supercapacitors skyrocketed in early trading today, and the Shanghai Composite Index retreated 0.3%.However, there is a technology class that overcomes the outbreak of contrarian trends, and individual stocks set off a rising tide, which is the concept of super capacitors.  At noon, Tongfeng Electronics, Xinzhu, Taier, Siyuan Electric and other supercapacitor concept stocks broke the daily limit. Among them, Tongfeng Electronics broke through 4 consecutive boards.  On the surface, according to media reports, the new battery independently developed by Tesla is a “dry battery technology + super capacitor” combination, specifically explained at the Tesla Battery Conference in April.  Expansion of securities companies to follow up the research report urgently and popularize the concept of super capacitor.  The new team of BOCI Securities said that supercapacitors are energy storage devices between capacitors and batteries. They consist of positive and negative electrodes, current collectors, oxides, and stacks. They store energy in an electrostatic manner.The characteristics of fast charging and discharging also have the energy storage characteristics of batteries.  Compared with lithium batteries, the advantages of supercapacitors are: one is the long cycle life: generally it can reach more than 100,000 cycles; the other is the high power density: it can achieve rapid charge and discharge, and the general charge or discharge time is 1 second-30 seconds.  At the same time, the drawback of supercapacitors is their low energy density.Therefore, supercapacitors are suitable for high-power fields. They can be used as supplementary energy for lithium batteries during the start-stop and acceleration phases of electric vehicles. They can supplement the defects of low-current discharge performance and rapid capacity decay of lithium batteries.As a supplementary power source for power lithium batteries.  Cobalt and lithium iron phosphate plate tumbled early in the morning. Interestingly, last week ‘s Tesla battery “cobalt” and “no cobalt” storm was near.  On February 18, it was reported that Tesla plans to use “cobalt-free” Ningde era batteries in pure electric vehicles produced in Chinese factories, which directly caused extreme differentiation of the A-share new energy battery sector.Shares of the Cobalt Resources rose.  As soon as the “dry battery + super capacitor” news came out on the weekend, the cobalt and lithium iron phosphate plates that had run counter to last week were collectively “suffocated” today.As of the midday close, Columbia-related stocks Huayou Cobalt and Hanrui Cobalt both fell more than 7%, lithium iron phosphate-related stocks Defang Nano, and Xiangtan Electrochemical both fell to a daily limit.  The continuous impact of Tesla’s every move on A-share related stocks is evident.  Agency: Tesla’s localization trend is still worth paying attention to. Since the beginning of this year, the Dongcai Tesla segment has risen by about 25%, especially in the round that has rebounded since February 4. Some of the stocks in the Tesla segment have led the way.Rose two cities.  For example, Xiuqiang shares terror attacks in the 11th consecutive rally, the company announced that it is providing 北京桑拿体验网 photovoltaic roof glass products in accordance with Tesla’s requirements; the merger of molding technologies recorded 15 up-and-down stops in 19 trading days, and the company announced that Sun Company was Tesla型号 Y前后保险杠总成和门生物学的供应商。In addition, Ningde, the leader of the new energy automotive industry, has repeatedly set new historical highs.  The BOCI Securities Automotive team believes that the potential of Tesla’s localization rate from 30% to 100% is worthy of attention.  BOC International Securities stated that Tesla Shanghai Construction started construction in January 2019 and completed the initial construction in October. Model 3 was put into production in small quantities at the end of the year and external delivery began in January 2020. The domestic production progress continued to exceed expectations.Driven by factors such as cost reductions, the domestic potential market for domestic Model 3 / Y is expected to reach millions of vehicles.  It is recommended to pay attention to the great possibility that Tesla’s localization rate is from 30% to 100%.Among them, domestic suppliers will benefit significantly.The target of auto parts selection mainly focuses on the value of supporting bicycles, income elasticity and potential breakthroughs in the three main lines. The battery industry chain mainly focuses on the Ningde era and related industrial chains.  Editor: Pu Hongyi

Dongjiang Environmental (002672) Matters Comment: Although performance growth is less than expected, optimistic about subsequent capacity release will boost profit

Dongjiang Environmental (002672) Matters Comment: Although performance growth is less than expected, optimistic about subsequent capacity release will boost profit

Event: On February 28, Dongjiang Environmental Protection released its 2018 performance report.

In 2018, the company achieved operating income of 32.

97 ppm, an increase of 6 per year.

36%; net profit attributable to mothers4.

69 ppm, a decrease of 13 per year.

69%; realized basic income of 0.

47 yuan.

Opinion: “Three fees” exceeded expectations growth and asset impairment dragged down performance.

According to the company announcement, in response to the rapid development of the environmental protection industry and fierce competition, the report intensified the company’s expansion of the market and strengthened the company’s business brand promotion and management. As a result, the selling expenses and management expenses increased, and the financial expenses also exceeded expectations.
In addition, in the case of downward pressure on the overall economic prospects, the company intends to make provision for impairment of some assets other than goodwill based on the principle of prudence in accordance with relevant regulations such as 杭州桑拿网 accounting standards.

The new production capacity is still in the climbing stage, and future volume can be expected.

In order to cope with the market demand for hazardous waste disposal, the company accelerated the project construction progress in 2018, and the expansion project expanded and reached the expected usable state.

However, due to the intensified market competition, due to the cumulative climb of some completed projects and the slow increase in profit contribution, the company’s main business of hazardous waste disposal revenue growth exceeded market expectations.

We believe that through the in-depth promotion of key measures for hazardous waste management, such as the “Waste Removal Action 2018” and environmental protection inspections, the market prosperity will continue to increase, the company’s new production capacity will be fully released, and the boots will boost the company’s performance.

Hazardous waste disposal leader with stable cash flow.

The long-term company has expanded its operations through new establishments, mergers and acquisitions, and other methods to form an industrial layout that covers the Pan-Pearl River Delta, the Yangtze River Delta, and the central and western regions with industrial and urban waste innocuous treatment and resource utilization as its core business.

By the end of 2017, the company had about 160 hazardous waste treatment qualifications.

According to Wonder Data, among the Shenwan Environmental Engineering Company, Dongjiang Environmental’s operating cash flow net performance was good, in 2016, 2017, and 6 in the first half of 2018.

9 billion, 6.

7.1 billion, 2.

9.8 billion, ranked fifth, fifth and fourth respectively.

The coaching change is complete, and uncertainties are reduced.

In September 2018, the company announced that Chairman Liu Ren resigned, and he will no longer hold any positions in the company.

On November 12, 2018, the company’s board of directors elected Tan Kan as the new chairman.

Earnings forecast and rating: Based on the company’s latest equity, we expect the company’s EPS for 2018-2020 to be zero.

46 yuan, 0.

57 yuan, 0.

70 yuan.

According to the closing price of 2019-03-01, the corresponding PE is 26, 21 and 17 times respectively, maintaining the “overweight” level.

Risk factors: intensified competition in the industry; excessive emissions by subsidiaries; the projects under construction cannot be put into operation as scheduled; the receivables cannot be recovered on schedule.