Conch Cement (600585): Expense rate drops again in Q3 and off-season exceeds expectations

Conch Cement (600585): Expense rate drops again in Q3 and off-season exceeds expectations

Event Overview Conch Cement released the third quarter report of 2019.

The company achieved operating income of 391 in Q3 2019.

10,000 yuan, an increase of 22 in ten years.

0%, to achieve a net profit of 85.

6 trillion, an increase of 10 in ten years.

1%.

In the off-season, prices have fallen slightly, and the expense ratio has dropped again.

We think the company’s performance exceeds market expectations.

In the third quarter of 2019, the national cement demand remained strong. We estimated that the company’s self-produced and sold cement clinker in Q3 was about 8,600 tons, a cumulative increase of about 12%, an average of 312 yuan / ton per ton, and an increase of 10 yuan / ton alternately.21 yuan / ton, gross profit of 143 yuan / ton, alternating 5 yuan / ton above, offset 18 yuan / ton from the ring, the drawback in the off-season is limited.

At the same time due to the decline in ton and three fees and non-recurring gains and losses (including financial interest income in the first three quarters).

8 trillion, this subject is expected to gradually increase and continue to reduce the expense ratio), the company’s Q3 ton net profit of 103 yuan / ton (without considering minority shareholders, considering non-operating income), more than 2 yuan / ton.

The maritime model promotes market order in East China.

According to our calculations, the company’s 2019Q3 cement clinker trade volume was replaced by 2730, an annual increase of 60.

At 6%, the undersea model is further deepened.

The reduction of clinker take-out by large enterprises has also strengthened the industrial coordination in East China and reduced the drawback of cement prices during the off-season.

Aggregate business is advancing rapidly.

The company’s 2019Q3 aggregate business revenue continues to grow at a rapid rate, and progresses towards the goal of 100 million tons of aggregate production capacity in 2020.

At the same time, through the gradual manifestation of high-quality mine resource barriers, we believe that the aggregate business is expected to become a new growth point for the company.

Investment suggestion: We maintain the company’s self-produced and self-sold cement business tonnage gross profit assumptions unchanged, and raise the company’s cement trading business income assumptions and non-recurring profit and loss assumptions for 2019-2021.

Taking into account the maximum profit of the cement trading business, we have only slightly raised our 2019-2021 net profit forecast2.

6% / 2.

6% / 2.

6% to 328.

3/336.

4/344.

6杭州桑拿网00 million, an increase of 10 in ten years.

1% / 2.

5% / 2.

4%.

Based on the company’s 2020 net profit forecast of 8x PE (which is basically consistent with the industry average estimate), the company’s target price is raised by 2.

6% to 50.

80 yuan, maintain “Buy” rating.

Risks remind that the adjustment of real estate policy is stricter than expected, causing demand to exceed expectations and systemic risks.

Xingwang Ruijie (002396) 2019 Interim Report Performance Preview Comment: Performance Exceeds Expectations, Long-term Optimism for Innovative Business Development

Xingwang Ruijie (002396) 2019 Interim Report Performance Preview Comment: Performance Exceeds Expectations, Long-term Optimism for Innovative Business Development

Core view The company expects to achieve net profit attributable to mothers in 2019H1.

5.3 billion?
1.

64 trillion, with a median of 1.

580,000 yuan, an annual increase of 30?
40%, median 35%, performance exceeded expectations.

The company’s indicators such as revenue / profit / operating cash flow have been stable in the past ten years. Continuous R & D investment has blossomed in many points. In the short term, it is expected to maintain a steady increase in profits. In the long term, it is expected to bring 5G network cloudification wave and B-side scenario expansion.

Maintain 2019/2020 EPS forecast1.

34/1.

61 yuan, EPS is predicted to be 1 in 2021.

82 yuan, maintain “Buy” rating.

  High profit growth, performance exceeded expectations.

The company’s 2019H1 aims to stabilize business operations, continue to expand the research and development and expansion of smart networks, smart clouds, smart finance, smart communications, smart things, smart entertainment, smart communities and other businesses, optimize business layout and product sales structure, and achieve motherhood.High-speed growth of net profit of about 35%.

Although the company’s 2018H1 returns to its mother’s net profit1.

1.7 billion, a growth rate of 126 in ten years.

35%, but taking into account 1 of them.

2.7 billion one-time other benefits, the actual performance of 2019H1 is even better.

  Continuous R & D funding and solid core competitiveness.

The company currently has more than 8,000 employees, with R & D technicians accounting for more than 40%. Each year, about 10% of its revenue is continuously invested in R & D, and R & D investment in 2018.

7.1 billion, with revenue accounting for 11.

73%.

By the end of 2018, the company had applied for a total of 2912 patents.

Based on strong innovation capabilities, the company’s multi-point business has unique advantages and successfully entered nearly 100 countries and regions in Europe, Asia, America and Africa. According to IDC’s 2018 data, the company’s enterprise-level WLAN / enterprise-level switches / routers have the largest market share in the Chinese marketThird / Fourth / Fifth, Shengteng’s slimming has the largest market share in China and the Asia-Pacific market (excluding Japan).

  Insist on independent innovation and promote benefits in the 5G era.

The company has a large and stable customer base and rich in-depth industry experience in government, finance, education, transportation, medical and many other industries.In 2017, it began to strategically focus on smart networks, smart clouds, smart communities, smart communications, smart entertainment, and smart things.And other industries.

  In the 5G era, we believe that in the context of de-IOE and domestic substitution, there are three growth opportunities for the company. One is the interchange and upgrade of enterprise-level network equipment 夜来香体验网 itself. The other is the SDN incremental space brought by network cloudification and changes in edge computing architecture.The third is the B-side business scenarios such as smart things, smart communities, and smart communications.

  Risk factors: Less than expected development of innovative business; less-than-expected transformation of R & D results, and increased market competition.

  Investment suggestion: The company’s revenue, profit, and operating cash flow indicators have been stable over the past ten years. The business has many advantages and has unique advantages. It is expected to maintain stable growth in the short term. At the same time, the company will continue to develop and promote independent innovation. In the long term,It is expected to benefit from the 5G network cloudification wave and B-side scenario expansion.

Maintain 2019/2020 EPS forecast1.

34/1.

61 yuan, EPS is predicted to be 1 in 2021.

82 yuan, maintain “Buy” rating

Jizhong Energy (000937): Hebei Coking Coal Leader’s Single Quarterly Performance Improves in 2019Q3

Jizhong Energy (000937): Hebei Coking Coal Leader’s Single Quarterly Performance Improves in 2019Q3

Event overview: In the third quarter of 2019, the company achieved a single quarter operating income of 55.

52 trillion, ten years +0.

68%, net profit attributable to mother 2 in a single quarter.

74 trillion, ten years +12.

59%.

In the first three quarters of 2019, the company achieved operating income of 169.

580,000 yuan, ten years +4.

04%, net profit attributable to mother 7.

31 ppm, at least -13.

80%.

The company’s net profit attributable to its mother in the third quarter of the quarter achieved an improvement, reversing the drift trend in the first half of this year.

Hebei Province’s largest coal company, Jizhong Energy Group, is a listed company. The Hebei mining area is mainly coking coal, and its main customers are located in North China.

The company’s major shareholder Jizhong Energy Group Co., Ltd. is the largest coal company in Hebei Province, and the Coal Industry Association ranked 9th in the top 50 coal companies in China in 2019.

As of the end of 2018, the listed company had 20 mines with a total geological reserve of 32.

2.9 billion tons, the annual approved production capacity of 3270 early, the total recoverable reserves in producing mines is about 6.

9.5 billion tons, mainly 1/3 of high-quality coking coal, coking coal, gas coal, and lean coal.

The company’s coal resources are distributed in Hebei, Shanxi and Inner Mongolia, of which Hebei is the main (mainly including Xingtai mining area, Fengfeng mining area, Handan mining area, etc.) According to the company rating report, the geological reserves / exploable reserves / production capacity ratios in Hebei areAbove 60% / about 30% / more than 50%.

Most of the coal resources in Hebei Province are coking coal with excellent coal quality, of which 1/3 coking coal is a local scarce coal type in North China, which has complementary varieties.

The main customers of the company’s clean coal are Hebei, Henan, Shandong and other conventional key steel companies and large private steel companies. The thermal coal market is mainly plants in Hebei Province, covering some users in Shanghai, Shandong, Shanxi, and Inner Mongolia.

The company’s customers in North China accounted for more than 80%.

The company’s performance is mainly contributed by coal. The coal sector promotes debt-to-equity swaps and leverage reduction. Future capital expansion will be mainly in non-coal investments.

In the 重庆耍耍网 first half of 2019, the company’s raw coal output ended at 1448, +4 per year.

1%; the output of clean coal is 610, up and down +2.

1% of which 471 of smelting clean coal was inserted, each time -0.

1%; coke production 77.

85 for the first time, at least +12.

5%.

In terms of sales volume, the company’s raw coal / washed coal / washed mixed coal / coal slime and other sales were 508/607/295/123 revenue, respectively 16% /-3% / + 2% / + 13%, the company HebeiMost mines in the region are reducing their effective mineable years, the remaining service life of some mines has been transformed, the mining conditions have become more complex, and coking coal production has slowed down. At the same time, thermal coal production and sales in Shanxi and other provinces have increased.

The company’s business is divided into 苏州夜网论坛 four major sectors: coal (coking coal / thermal coal), chemical industry (coke), building materials (glass fiber), and power (gangue power plant). The revenue share in the first half of 2019 was 83.

1% / 14.

8% / 1.

6% / 0.

4%, gross profit ratio was 92.

0% / 8.

3% / 0.

7% /-0.

7%, the company’s performance is mainly contributed by the coal business.

In terms of main business, the company currently has no mines under construction. It is expected that the output of Hebei will shrink in the future and the output of other provinces will expand. The coal is mainly sold by Changxie, and the coal price has been stable. According to the company’s announcement on September 28, 2019, Jianxin Investment and the company’s 1: 1 ratio of debt-to-equity capital increased a total of 1.6 billion US dollars in capital.Energy Fengfeng Group, in response to the new round of state-owned state-owned enterprise reform requirements, pushed down the leverage and rationalized equity.

In the non-coal industry, the company actively promoted the continued construction of 40 PVC projects and the acquisition of iron ore resources.

Investment suggestion: Cover for the first time and give a “Neutral” rating.

We assume that the company will replace 3,000 tons of raw coal output in 2019-21, and the comprehensive replacement of commercial coal will be 600/570/553 yuan / ton, respectively -3% /-5% /-3% each time, and the coke production will be USD 150The ton coke income is 2148/1933/1836 yuan / ton, and every other time is -3% /-10% /-5%.

2/7.

8/7.

0 ppm, one year is +5% /-15% /-10% (In the fourth quarter of 2018, the company accrued assets in accordance with the “Bosteel Group Reorganization Plan” approved by Tianjin High Court and Tianjin Second Intermediate Court.Impairment loss 4.

6 trillion, the performance base is expected, is expected to return to mother 1 in the fourth quarter of 2019.

870 thousand yuan, +1 a year.

6.4 billion).

In 2019-21, the company’s EPS is expected to be 0.

26/0.

22/0.

20 yuan, corresponding to the company’s closing price 3 on October 24, 2019.

58 yuan / share, PE is 14/16/18 times respectively, the first coverage, giving the company a “neutral” rating.

Risk reminder: Macroeconomic systemic risk; Julong 23 polyvinyl chloride and polyvinyl chloride production capacity is in the state of technical transformation and production shutdown and maintenance, and 40 projects under construction will increase depreciation and financial costs after the solidification in the future.Certainty; uncertainty of future returns on iron ore investment

Liling mustard (002507) 19-year performance flash report quick review: 20-year pressure on performance is quite flexible

Liling mustard (002507) 19-year performance flash report quick review: 20-year pressure on performance is quite flexible

Event Fuling mustard announced the 2019 performance report, the company achieved operating income in 201919.

90 trillion, +3 for ten years.

93%, net profit attributable to mothers6.

05 ‰, at least -8.

55%.

Among them, 19Q4 achieved income 3.

85 ppm, +4 for ten years.

33%, net profit attributable to mother was 8,717.

910,000 yuan, ten years -37.

09%; EPS is 0.

77 yuan.

The key points of investment channel improvement effect appeared, and income continued to pick up.

The company achieved operating income in 201919.

90 trillion, +3 for ten years.

93% (Q1: +3.

81%; Q2: +0.

56%; Q3 + 7.

64%; Q4: +4.

33%), revenue growth has picked up in the second half of the year, we expect the company to gradually release the channel management adjustment effect (sales offices from 34 fission 67, channel management is further refined), adding high channel inventory gradually digestionTo.

The growth rate of Q4 was slightly earlier than the growth rate of Q3 in Q3, which was mainly due to the company’s active control of issuance in order to further reduce inventory. At present, the average inventory of the company’s product channels is about 3-4 weeks. Out of stock in some regions, channel inventory is at a historical low point.

Channel expansion + base number impact, short-term performance under pressure.

The company achieved net profit attributable to mothers in 20196.

0.5 billion, a year -8.

55% (Q1: +35.

15%; second season: -16.

18%; questions 3-6.

78%; fourth quarter: -37.

(09%), the maximum profit limit was mainly due to the continuous increase in the subsidy expenses of the channel in 19Q4, which 杭州夜网论坛 overlapped with the high base effect of the 18-year government subsidy amount.

The company’s fission channel policy of the company’s 19-year office required a large number of personnel to invest, and labor and supporting expenses are expected to increase, resulting in pressure on performance.

Among them, Q4 decreased significantly. We expect that the company’s control of goods will lead to a decrease in output and a decrease in production efficiency.

The company’s net profit in 2019 is 30.

42%, at least -4.

15 marks.

Short-term highlights: scale effects of production, marginal drop in labor costs, and performance flexibility.

In terms of production, the company started to fully use the green head raw materials in the new season in 19Q2, the price is about 790 yuan / ton, the latest purchase price of Fuling District in 20 years is about 800 yuan / ton, the cost price is basically flat; from the follow-up, 20 The annual revenue of the company is expected to achieve recovery growth driven by the sinking of the channel, and the scale of production will improve the gross profit margin.

In terms of expenses, the labor expenses are expected to have passed. It is expected that marginal changes in sales expenses in the future will increase the release of profit margins.

Long-term point of view: Expansion of production and products, price increases can be expected.

Capacity to be expanded: The company’s current capacity to be released includes the Fuling base.6 The initial crisp mouth production line has now entered the equipment commissioning stage.

Meishan base 5.

3 The initial mustard production line project has also been completed and is waiting for supporting construction.

Northeast production base 5 preliminary turnip project, located in the progress of infrastructure planning.

In the future, the company’s new production capacity in the main mustard, crispy series and small categories will be released and transformed. The company will also actively explore the category expansion. It will seek breakthroughs in the seasoning sauce field, and continue to find targets for food synergy, and there is considerable room for growth.

Channel re-optimization: The company began channel adjustments in early 19, optimized the execution structure of sales management, increased sales offices, and entered the refined channel management stage.

At present, the company has 1,200 junior first-tier dealers, penetrated into more than 1,000 county-level markets, and transferred channels for deep cultivation. In the future, while ensuring continued sinking, it will also break through new channels such as new retail, takeaway platforms, and group purchase and wholesale to helpRevenue growth.

Price increase can still be expected: the company’s current market share in the mustard industry continues to increase, not only the product pricing power, historically, on a rolling basis, the price of some products is basically increased every year, and it continues to contribute to the flexibility of performance.

At present, the company’s products have raw material advantages, the brand has a premium foundation, and mid- and long-term product price increases are still expected.

Profit forecast and investment advice: The company is a leader in the mustard industry and has consolidated pricing rights. Under the circumstances of excessive price increases and overlapping channel adjustments, its performance has been under pressure.

We have revised our profit forecast based on the company’s performance forecast.

The company’s revenue is expected to be 22 in 2020-21.

1.8 billion (+11.

5%), 25.

5.4 billion (+15.

1%), the EPS in 2020-21 is 0.

96 yuan (+25.

2%), 1.

21 yuan (+26.

5%), corresponding to the closing price on February 27, 2020, which is estimated to be 29x and 23x in 2020-21, respectively.

We maintain the rating of “Prudent Overweight” and advise investors to pay more attention.

Risk warning: industry competition intensifies, raw material costs increase, food safety issues, mergers and acquisitions fail

Gujing Gongjiu (000596) Company Survey: Double Brands and Double Ten Billions Promote 5 Years to Rebuild Xingujing

Gujing Gongjiu (000596) Company Survey: Double Brands and Double Ten Billions Promote 5 Years to Rebuild Xingujing

Event: On May 20, 2019, we participated in the exchange of accountants after the company’s 2018 annual shareholder meeting, and communicated with the company’s leaders for 18 years of operation and 19 years of performance prospects.

Consumption upgrading in the province is fast, and the proportion of plans above 8 years old reaches 40%.

The economic growth and consumption upgrade in the province continued to change, and the mainstream price band of liquor continued to move up, from about 80 yuan in 2010 to nearly 200 yuan.

The current mainstream products in Anhui and Hefei markets are ancient 8, and ancient 16 and above products account for a relatively high proportion. The conversion of Hefei’s surrounding cities has increased the consumption capacity. The mainstream price of Anshu is expected to reach more than 200 yuan.

The company’s old-fashioned original pulp series has a clear price band, and its products continue to advance to the next high-end and high-end. At present, the ancient 8 and above products account for 25%, and it is expected to increase the well to 40% in 35 years.

At the same time, because the premium rate of sub-high-end and above liquor is lower than the channel grant rate, the transfer structure continues to have a well-level expense rate and it is trying to go down.

The overall inventory is benign, and the proportion of scale in and out of the province will reach 6: 4 in the future.

In the first quarter of 19, terminal sales were better, and terminal stocks are expected to be higher after the Spring Festival. At present, the channel is located in the safety stock map.

From the perspective of the province and the province, the completion in the province was better in 18 years, and the scale accounted for about 70%. The national development outside the province has gradually improved. Henan has gradually adjusted the product structure in 18 years, and has steadily opened the market.Close 8.

6.6 billion complete business commitments are expected to continue to grow steadily in 19 years. The market outside the province will be adjusted in the organizational structure and cost allocation in the future. The planning goal is that the proportion outside the province can reach 40% in the future, and the scale in the province will exceed 100.Billion.

Double brand and double ten billion strategy, and create a new ancient well.

As one of the top eight famous wines, the company’s brand quality has been improved. After completing the Group’s 10 billion goals in 18 years, the company proposed a post-ten billion strategy, and the two brands advanced to enter the sub-high-end market.

We believe that through the consumption upgrade in the province’s market and the rapid development of channels, the company’s product structure is expected to steadily improve, and the market share will far exceed other competitors in the province and enjoy the benefits of the province’s consumption upgrade.

The 无锡夜网 market outside the province will continue to teach consumers, and ongoing expenses will ensure stable development, transforming the continuous protection of markets such as Henan, Hubei, Jiangsu, and Hebei. The proportion of business outside the province exceeds the company’s target.

Profit forecast: It is estimated that the company’s net profit attributable to its mother in 2019-2021 will be 22.

5.5 billion, 28.

5.1 billion and 34.

79 yuan, EPS is 4.

48 yuan, 5.

66 yuan and 691 yuan, the price-earnings ratios are 24 times, 19 times, 16 times, maintain “Buy” rating.

Risk reminder: food safety risks, national expansion is less than expected, industry competition is intensified

Hualu Hengsheng (600426): Product prices are optimistic about future growth capabilities-Hualu Hengsheng 2019 Third Quarterly Review

Hualu Hengsheng (600426): Product prices are optimistic about future growth capabilities-Hualu Hengsheng 2019 Third Quarterly Review

The company releases the third quarter report for 2019, and the net profit starts from zero. The company releases the third quarter report for 2019.

11 ‰, an average of two in ten years.

19%, achieving net profit attributable to shareholders of listed companies.

12 ‰, 24 years ago.

55%.

Q3 achieved operating income of 35.

35 ‰, an average of 8 in ten years.

22%, achieving net profit attributable to mother 6.

30,000 yuan, 29 years ago.

38%.

深圳SPA会所 In terms of expense ratio, the company entered sales expenses2.

6.9 billion, with a revenue share of 2.

54%, an increase of 0 every year.

87 pct; administrative expenses 1.

10,000 yuan, the expense ratio is 0.

95%, increase by 0 every year.

12 pct; R & D expenses 2.

62 trillion, expense ratio 2.

47%, an increase of 1 per year.

98 pct; financial expenses1.

22 trillion, the cost rate is 1.

15%, flat for one year.

The increase in expense ratio was mainly affected by the decline in product prices and the increase in R & D investment.

Product prices are still in the down-cycle operating data with fertilizer sales of 186.

91 for the first time, with an annual increase of 39.

0%, income 27.

5.4 billion, with an average sales price of 1473.

44 yuan / ton, excluding 3 temporarily.

8%; organic amine sales were 27.

85 for the first time, with an annual increase of 2.

4%, income 13.

7.2 billion, with an average sales price of 4926.

39 yuan / ton, temporarily excluding 14.

5%; adipic acid and intermediate sales 16.

Year 77, with an annual increase of 7.

2%, income 12.

3.7 billion, with an average sales price of 7376.

27 yuan / ton, excluding 22 for the time being.2%; sales of acetic acid and derivatives were 45.

43 minimum wage, minimum wage 4.

8%, income 12.

19 trillion, with an average sales price of 2683.

25 yuan / ton, previously temporarily 33.

6%; polyol sales 50.

4 For the first time, it is growing by 180 per year.

3%, income 23.

41 million, with an average sales price of 4644.

84 yuan / ton, excluding 32 for the time being.

8%.

Major products are still in a downward price cycle.

Continue to be optimistic about future growth capacity After the coal pelletization and melamine projects are put into operation, the company will push forward the scale investment plan.

The company plans to invest 15.

USD 7.2 billion to build a refined adipic acid quality improvement project. The construction period is expected to be 24 months, and annual operating income will be realized after completion.

860,000 yuan, profit 2.

9.6 billion.

At the same time the company plans to invest 49.

800 million to build amide and nylon new material projects.

After putting into production, it is expected to achieve an annual output of 30 caprolactam (20 of which are inserted for own use), 20 formic acid, 20 heads of nylon 6 slices, and sulfur 48 replacement.

1.3 billion, profit 4.

4.6 billion.

We are optimistic that the company will go beyond excellent cost control to build a moat, continue to launch new projects, and continue to grow in the cycle.

Investment suggestion: We expect net profit attributable to mothers to be 24 in 19-21.

3.3 billion, 26.

74 ppm and 29.

3.5 billion, with EPS of 1.

50, 1.

64 and 1.

80 yuan, PE is 10.

89, 9.

91 and 9.

03 times, maintaining the “strongly recommended” level.

Risk reminder: the risk of production risk, the price of products has increased significantly, and the progress of new projects has fallen short of expectations.

Changdian Technology (600584): Turning point in third quarter results appears promising for domestic substitution and new implementation

Changdian Technology (600584): Turning point in third quarter results appears promising for domestic substitution and new implementation
The third quarter earnings report reached a new high since the past six 杭州桑拿网 quarters, and an operating inflection point appeared.Operating income in the third quarter was 70.47 ppm, a 10-year increase3.9%; net profit attributable to mother 0.77 ‰, an increase of 1062% in ten years, a new high since the past six quarters.Gross profit margin in the third quarter was 11.9%, located at the upper edge of the interval over the past three years.In the third quarter, the semiconductor industry rebounded due to the launch of new machines and global 5G chips. In addition, Changdian Technology’s early deployment of 5G demand for key internal customers has shown initial results in the third quarter. Advanced packaging technology reserves are deep, leading the domestic industry to benefit from the needs of the 5G industry.In the future 5G commercial use, AIoT continues to develop, and advanced packaging is the focus of the 青岛夜网 industry.The company’s layout in advanced packaging such as flip-chip packaging, eWLB packaging and SiP packaging.Taking SiP first, the future growth will mainly come from the application of RF modules, and 5G RF modules will move towards high integration.Through the acquisition of Xingke Jinpeng, Changdian has already mastered SiP-related technologies and even had the opportunity to occupy a place in future AiP. Xingke Jinpeng’s integration continued to deepen, optimistic about the strategic layout of Changdian as the mainland’s leading packaging and testing leader, maintaining the “Buy” rating.As professionals from SMIC and the IC Industry Fund become directors of the company, the company’s management and profitability will improve.Cooperate with the credit line of China Development Bank to solve the problem of high financial expenses of the company.At present, Changdian Technology is expected to usher in the dividend of semiconductor localization, driven by Huawei.Due to the impact of the global semiconductor boom in the first half of the year, we have lowered our profit forecast and expect the profit for 2019-2021 to be zero.45/6.34/9.23 trillion, corresponding to the current cumulative (closing price on October 29, 2019) PE is 670.9 times, 47.4 times, 32.6x, maintain “Buy” rating.Risk warning: the risk of goodwill impairment, semiconductor demand exceeds expectations.

Jinshi Resources (603505) 2019 Interim Report Review: Bright Performance and Continuously Optimizing Operating Data

Jinshi Resources (603505) 2019 Interim Report Review: Bright Performance and Continuously Optimizing Operating Data
Core point of view As a leader in the scarce resource products industry, the change in volume and price is likely to continue, maintaining the company’s EPS forecast for 2019-21 to 0.84/1.00/1.29 yuan, maintain target price of 25 yuan and “buy” rating.   The performance in the first half of 2019 was dazzling, and Q2 achieved the highest profit in history.The company realized revenue in Q1 / Q2 in 2019, and the profit attributable to the mother was 1.32/2.26 million US dollars and 4,150 / 6,923 million; Q1 / Q2 annual revenue of 2018 is attributed to the mother’s profit1.48/2.20 million and 2,848 / 6,668 million are greatly improved.  The initial increase includes: 1) Obtaining additional capacity through self-construction and acquisition. At present, Inner Mongolia Xiangzhen has basically completed the installation and commissioning of equipment in the second quarter, and gradually commissioned and trial production in May and June, and invested in high-grade fluorite blocks.Mine is about 5,900 tons, and fluorite refined powder is about 3,200 tons. 2) The unit price and sales volume of major products have increased, and the sales volume (excluding trade) in the first half of 2019 increased by 27.41%, of which high-grade acid-grade fluorite and high-grade lump ore increased by 21 respectively.79%, 195.At the same time, due to the good overall supply and demand structure of the industry and the significant increase in prices, the company’s acid-grade fluorite 淡水桑拿网 fine powder average price in the first half of 2019 was 2,563 yuan / ton, an increase of 19.38% (cost only rises by 5.55%).   The operating quality has been continuously improved, and the data has been continuously optimized.In terms of expenses, 1) the management expenses will increase by 19.15%, taking into account the increase in exploration fees and decoration display fees (non-recurring costs) accounted for 57% of the increase.37%, the increase in management costs is not obvious, the overall controllable; 2) R & D costs, increase 275 each time.9%, which was mainly due to the increase in R & D expenditure of amethyst experiments carried out by Amethyst Mining; 3) Financial expenses decreased by 23 year by year.3%, mainly due to the increase in cash and the decrease in index expenditures; 4) The same increase in sales expenses of 70% was caused by the increase in long-distance customers (freight accounted for 93% of the increase).1%), we understand that this is the result of the company’s leading effect and the tightening of the industry structure.In terms of cash flow from operating activities, this period has increased significantly (an increase of 1340%), of which cash received from selling goods and providing labor services4.50,000 yuan (an increase of 78 yuan per year.1%).On the whole, the company’s operating quality is constantly improving and its data is constantly being optimized. Considering the scarcity of resources in the current environment, the company is expected to continue to maintain its advantages as an industry leader and the relevant data will continue to be optimized.   Supply and demand are tightening, and the fluorite industry is expected to continue its high boom.From the perspective of the total supply of fluoride, the output of reorganized fluorite mines has been reduced due to the stricter and severer impact of the Environmental Safety Supervision Bureau. In 2018, domestic production of fluorite concentrates and other products decreased by 17%.62%.From the perspective of demand, the demand for traditional refrigerants may decrease in the short term, but the demand for fluorine will continue to increase in the long term; in emerging areas, such as lithium battery materials, fluoropolymers, and electronic grade HF, demand is growing rapidly.Therefore, from the perspective of the total supply and demand of fluorine, the gap is becoming smaller, which directly leads to the continuous increase in the price of fluorite since 2017. We expect the industry’s prosperity to continue to rise, and the supply carrier of fluorine (that is, fluorite) will be gradually maintained for a relatively long period.The case of shrinking prices.   The company has abundant ore in hand, and there is still a lot of room for increase.In terms of resources, when the company was listed, the fluorite reserves of 2,173 millimeter ore, and the proven available resource reserves ranked first in the country.After being incorporated into Inner Mongolia Xiangzhen, the mineral content further increased (about 30%).At the same time, judging from the company’s announced 2019 business plan, there will be significant increases in the short term, including: 1) Production targets: production category fluorite products to replace 35 to 45 (2018 production and sales were 25 respectively.45 and 25.(20 months); 2) Construction target: Lanxi Jinchang 20’s expected / year beneficiation project strives to be put into production by the end of 2019; Xiangzhen Mining’s technological transformation will be completed in the second quarter of 2019 (semi-annual report has been basically completed); 3) Capital market target: advanceStrategic cooperation objectives with the Ejin Banner government; looking for mergers and acquisitions and transferees; timely re-financing business in the capital market.   Risk factors: The intensity of environmental protection inspectors is less than expected; the new investment capacity cannot be digested in a timely manner.   Profit forecast: As a leader in the scarce resource products industry, the change in volume and price is likely to continue, maintaining the company’s EPS forecast for 2019/20/21 to 0.84/1.00/1.29 yuan, maintain target price of 25 yuan (corresponding to PE in 2019/20/21 is 30/25/20 times respectively), maintain “Buy” rating.

Beijing Brigade Hotel (600258) 2019 Third Quarterly Report Review: Operating Results Still Down

Beijing Brigade Hotel (600258) 2019 Third Quarterly Report Review: Operating Results Still Down
The net profit after deducting non-profit increased slightly, and the income dropped slightly more than expected: the first three quarters of revenue 62.3.1 billion / -2.16%; net profit 7.20 ppm / -10.27%; deduct non-net profit 6.8.9 billion / + 3.75%.EPS0.73 yuan, slightly lower expectations.Gross profit margin 93.77% /-0.79pct, due to increased food and beverage costs.Finance rate 1.58% /-0.34pct, due to the reduction of interest payments on repayment of some bank borrowings; sales rate 63.92% /-0.56 points, mainly due to the decrease in the number of directly operated hotels leading to related depreciation stalls, reduced energy costs, and annual revpar reduction of employee compensation accrual bonuses; management fee rate of 12.18% / + 0.14pct; R & D expenses were 18.85 million / + 26 due to increased technology investment.77%. Q3 single quarter, revenue was 22.40 billion / -5.32%, Q2 (-1.50%) to further expand, net profit3.5.2 billion / -23.83%, growth index Q2 (+11.00%) turn negative, but deduct non-net profit 3.54 billion / + 1.50%, mainly due to the Q3 last year confirmed the sale of 20% stake in Yanjing Hotel investment income of about 1.2.6 billion, affecting net profit attributable to mother 0.9 billion. Looking at the first three quarters of revenue by business, hotel operation revenue was 47.5.3 billion / -4.80%, mainly due to the closure of stores and upgrades led to a decrease in the number of direct-operated stores, 860 restaurants / -8.51%.Hotel management business income 11.4.9 billion / + 9.52%, mainly due to the increase in the number of franchised hotels to 3,314 / + 13.6%. Scenic business income 3.30 billion / + 0.55%. The proportion of franchises has continued to increase, and the decline in Q3Revpar has further expanded: in the first three quarters, 431 new stores were opened, reaching 4,174.197 new stores opened in Q3, of which the number of economic / mid-to-high-end / cloud hotel / other hotels opened were 29/73/54/41 respectively, mid-to-high-end accounted for 37%; 7 new direct-operated stores, 190 franchise, The proportion of joining further increased.The company is expected to open more than 800 in 19 years. Efforts are needed to achieve the target. 武汉夜网论坛 Operating data: 1) Q3 Revpar 175 yuan / -3.7%, with an average house price of 212 yuan / +0.2%, occupancy rate 82.7% / 3.4pct.Among them, the economical Revpar is 152 yuan / -5.7%, the average house price is 177 yuan / -2.5%, occupancy rate 85.5% /-2.8pct; mid-to-high-end Revpar is 255 yuan / -9.0%, the average house price is 331 yuan / -7.3%, occupancy rate 77.0% / -1.4pct, occupancy rate growth ranks Q2 (+0.1pct) turn negative; Cloud Hotel Revpar is 123 yuan / -10.3%, the average house price is 175 yuan / -2.7%, occupancy rate 70.4% /-6.0pct.Affected by the macroeconomic superposition of newly opened stores and direct store closures, Q3 Revpar up and down speed (-3.7%) ranked Q2 (-1.5%) and Q1 (-0.5%) further expanded.2) Same store data: Overall Revpar for Q2 is RMB 173 / -6.1%, Q2 (-3.6%) and Q1 (-3.0%) expanded. Earnings forecast and estimation: The macroeconomic impact is still continuing. It is expected that the number of direct-operated stores will decrease in 19 years. We lower the EPS in 19-21 to 0.84/0.95/1.14 yuan, corresponding to the 19-21 PE of 21/18/15, taking into account the current expected relative error, maintain the “overweight” level. Risk warning: economic activity is down, franchise expansion is less than expected, and the risk of stock ban lifting in December.

Yutong Bus (600066) Quarterly Report Review 2019: Results Meet Expected Gross Margin Improvement

Yutong Bus (600066) Quarterly Report Review 2019: Results Meet Expected Gross Margin Improvement

First quarter profit +5.

4%, performance in line with expectations Yutong Bus 2019Q1 achieved revenue of 48 billion, +3.

85%; net profit attributable to mother 3.

1 billion, +5.

4%; deduct non-attributed net profit 2.

4.7 billion, -9.

4%, the largest subject in the first quarter of non-recurring gains and losses is 57 million government subsidies.

The essence of the deductible growth rate lower than the revenue growth rate lies in the upper limit of R & D expenses in the first quarter (Q1 R & D expenses).

1.7 billion, an increase every year last year.

5.4 billion, + 59%). On the whole, Yutong’s performance in the first quarter was in line with expectations. The first quarter R & D expenses were the expected highs. The absolute value of the expected R & D expenses was slightly lower than the same period last year, and the expected profit was better than last year.

The gross profit margin improved, and the intensity of R & D investment further increased. In the first quarter of 2019, Yutong’s four-fee ratio accounted for 20%.

58%, an increase of 3 per year.

34pct, of which the sales rate is 6.

79%, increasing by 0 every year.

27 points, management fee rate 3.

39%, an increase of 0 every year.

14pct, financial rate 1.

78%, a decrease of 0 per year.

05pct; R & D expense rate 8.

62%, an increase of 2 per year.

98 points.

Gross margin for the first quarter was 24.

28%, 1 increase every year.

59pct, the initial increase in gross profit margin is 1) normal cost reduction (cost reduction discussed in the second half of last year); 2) product structure improved, new energy share increased (Q1 new energy sales ratio increased by about 10 instances).

Yutong Q1 average price of 45 bikes.

740,000 yuan, a year reduction of 1.

0.6 million (unit price -2%); bicycle profit in the first quarter2.

0.94 million yuan, a year reduction of 2,000 yuan (bicycle profit -1%).

In the first quarter, in terms of high-growth sales of Yutong new energy buses and overseas sales: In terms of segmented product structure in the first quarter of 2019, buses accounted 武汉夜生活网 for 38.

9%, 44 customers.

04%, light passenger 17.

05%; domestic and overseas sales, 9217 domestic bus sales, +5.

3%; overseas bus sales were 1,362, an increase of 155 units in the same period last year, +12.

84%; Breaking down traditional new energy sources, new energy bus sales were 2,984 units, an increase of about 1,000 units per year, +56.

81%.

In summary, in the first quarter, the sales volume of Yutong’s medium-sized buses increased, the sales of overseas new energy grew steadily, and the sales of new energy buses increased (mainly due to the decrease in the base in the same period last year under the influence of compensation policies).

Risk warning: The magnitude of the compensation decline is higher than expected, and the upstream costs have fallen more than expected.

Investment suggestion:杭州夜生活网 Wait for dawn and maintain BUY rating. At present, Yutong has confirmed the “three horizontal and five vertical” R & D layout, and developed three plug-in, pure electric, and fuel cell power systems. In the future, it is optimistic about mid- to high-end product upgrades, overseas exports, RVs and fuel cell buses.

We expect the EPS in 19/20/21 to be 1, respectively.

05/1.

23/1.

44 yuan, corresponding to 13 for PE.

7/11.

7/10.

0x, maintaining the one-year target estimate range of 18.

9-21.

77 yuan, currently 14.

42 yuan, maintain BUY rating.