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.


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.


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.


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.


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.


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.



44 yuan, corresponding to 13 for PE.



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


77 yuan, currently 14.

42 yuan, maintain BUY rating.

Less hair, it ‘s better to take care of it

Less hair, it ‘s better to take care of it
Less hair is not a serious health problem, but it affects a person’s image and temperament more or less.People with less hair want to get more hair. Is it effective for maintenance?Yang Shuxia, chief physician of dermatology at Peking University First Hospital, said that the number of hair follicles for each person was fixed before birth.A small amount of congenital hair may be a small number of hair follicles or a small hair diameter. It is impossible to increase the amount of hair through maintenance.But you can change your hairstyle and use some hair care products that make your hair thicker and harder to make your hair look more.If the amount of hair loss becomes small the day after tomorrow, you need to seek medical treatment in time.Yang Shuxia explained that the quality of human hair is determined by three factors.1.Congenital factors; 2.Physical condition, some people with anemia and poor thyroid function, hair size will be poor, reflected in withered, easy to break, hair loss, etc .; 3.Daily care, washing and hot dyeing can hurt hair and cause hair damage.Controlling damage factors, such as treatment, controlling the primary disease, improving nursing habits, etc., can improve the health of the hair and “increase” hair volume to a certain extent.Daily care can be started from two aspects: 1.Choose shampoo and hair care products according to your own conditions.For fine and soft hair to get fluffy, you need to remove some oil, and have less greasy hair care ingredients; for oily hair, choose more degreasing and cleansing ingredients, and relatively clean hair care products;Hair needs hair care ingredients.Do not over oil, otherwise the hair will dry out easily and the scalp will be damaged.2.Cut out ponytails and other hairstyles that involve the scalp.Hair tied too tightly suffers from chronic traction, traction alopecia occurs, and hair thinning at the front and a pair of hairlines is common.In the long-term, the affected hair follicles may be completely destroyed, resulting in a reduction in the number of local hair follicles and a permanent reduction in hair volume.Changing the hairstyle can avoid this situation, or gradually restore the damaged hair follicles and develop new 失败:重查 hair.If it is pulled for a long time without correcting it in time, the hair follicles have disappeared, and then changing the hairstyle is useless.Yang Shuxia reminded that if you find that the falling hair has some of the following characteristics, you must be alert to hair loss.1.The number of hair loss increases, but the shape and thickness are normal.This is an increase in transient hair loss caused by some factors, which may be mental, emotional problems or lack of sleep, malnutrition, or systemic diseases such as hyperthyroidism and hypothyroidism.After these causes 2?It will take 4 months to increase hair loss and eliminate the cause 3?After 6 months, the hair can fully grow back.2.The amount of hair loss is normal, but there are many thin, short hair, or thinner hair in the top area of the head.This is characteristic of androgenetic alopecia (formerly known as seborrheic alopecia).Men often show “Mediterranean” type hair loss, the hairline recedes, and women mostly show that the hairline at the top of the head is getting wider and wider.It will get heavier without treatment and can be improved after medication.3.There is a sharp increase in the number of bald spots or hair loss, which is significantly reduced in a short period of time.Alopecia areata is common, and it may also be some rare hair loss skin diseases, such as ringworm-like hair, discoid lupus erythematosus, tinea capitis, and syphilis, which are mainly caused by immune problems or infections.If the above symptoms are found, you should see a doctor early, and most of them can be improved and recovered.▲ (Reporter Lei Yanyan)

Shanxi Fenjiu (600809) Annual Report 2018 & 2019 First Quarter Financial Report Comments: Another High-Growth Reform Drive Outside the Province Stimulates Continuous Vigor

Shanxi Fenjiu (600809) Annual Report 2018 & 2019 First Quarter Financial Report Comments: Another High-Growth Reform Drive Outside the Province Stimulates Continuous Vigor

Event: The company achieved a total operating income of 93 in 2018.

820,000 yuan, an increase of 47 in ten years.

48%; net profit attributable to mother 14.

67 ppm, an increase of 54 in ten years.

01%, the profit distribution plan is to distribute a cash dividend of 7 for every 10 shares.

5 yuan (including tax), a total of 6 cash dividends will be distributed.

4.9 billion.

The company achieved operating income of 40 in 2019Q1.

580,000 yuan, an increase of 20 in ten years.

12%; net profit attributable to mother 8.

77 ppm, an increase of 22 in ten years.


Revenues accelerated in an all-round way, and the growth of the health wine business exceeded 50%.

In terms of different products, the revenue of high-priced liquors increased by 47 in 18 and 19Q1.

44%, 19.

65%, low-price liquor revenues increase by 47 per year.

59%, 32.

50%, blended wine revenue increased by 51 in ten years.

14%, 61.

07%, the company’s mid-to-high-end products are gradually upgraded. Blue and white fen and Laobai fen wines dominate the domestic market. The Panama Gold Awards series expands overseas, and bamboo leaf green health wine is equipped for market education.

In terms of income policy, the accounts received in advance for 18 years increased by 68.

17%, of which account receipts in one year increased by 69.

41% was due to the company’s relaxation of downstream collection policies and the recovery of funds to explore markets such as East China.

1Q1 net cash flow from operating activities increased by 842 per year.

99%, mainly because the accounts receivable were heavily discounted to get the money back.

The gross profit margin of products has been differentiated, and the gross profit margin of mid- to high-priced products has steadily increased.

The gross profit margins for 18 and 19Q1 were 66.

21%, 71.

94%, ten-year change -3.

63pct / 1.

04 points.

18 years of liquor sales (excluding formulated wine) 6.

7 Initially, it rises by 38 each year.

85%, the price per ton of wine is 11.

930,000 yuan, only a slight increase of 0 a year.


In terms of different products, the gross profit margin of liquor for 66 years was 66.

37%, down 3 in the past.97pct, caused by the decline in gross profit margin of low-price liquor.

In 18 years, the sales of low-price liquor increased by 39.

60%, the price of wine per ton is reduced by 16.

23%, operating costs increased 79.

57%, gross profit margin decreased by 8.

77pct, while sales of medium and high-priced wines increased by 36 in 18 years.

91%, the price of wine per ton increased by 10.

72%, gross profit margin increased by 2.

84pct; the rise in the price of the wine will drive the gross profit up.

In 18 years, the sales volume of blended wine increased by 31.

55%, the price of wine per ton increased by 16.

11%, driving the gross profit margin to 62.

41%, up 1 every year.

89pct. In 18 years, the cost of raw materials and packaging materials has risen. The company’s mid-to-high-priced wines and configuration wines can grasp the corresponding pricing power, so that the volume and price have risen.

With the decline in cost and price in 19 years and the continuous upgrading of consumption, the company’s product gross margin has steadily increased.

Expenses accelerated, and national advertising investment increased significantly.

18 and 19Q1 sales expenses increased by 42 in ten years.

75%, 42.

09%, the growth constraint was due to the company’s vigorous development of market strategy. The increase in sales expense gap in 18 years was due to the growth of sales-related market development costs, labor costs, business entertainment and storage costs, which increased by 66 respectively.

49%, 106.

13%, 153.

71%, 227.


The difference in the proportion of national and regional advertising costs narrowed, and the national advertising costs increased significantly.

18 years advertising costs increased by 24.

17%, of which national advertising costs increased by 39.

34%, the proportion increased to 42.

09%; regional advertising costs increased by 15.

06%, the proportion dropped to 57.


Provincial force, digital management helps fine-tune channels.

In terms of different regions, income from outside the province has been continuously boosted to help optimize the income structure.

In 18 and 19Q1, the province achieved revenue of 52.

8.7 billion, 21.

1.8 billion, an increase of 37.

44%, 11.


Achieved 40 revenue outside the province.
2 billion, 19.

08 million yuan, an increase of 63.
56%, 43.


The difference in the proportion of income inside and outside the province narrowed, with the proportion of income outside the province in 2013 and 19Q1 being 43.

19%, 47.

39%, an increase of 7.

25 pieces, 15 pieces


In terms of different channels, the increase in price stability helped the direct channel (including group purchase) revenue growth.

Revenue from direct sales channels (including group purchases) increased by 77.

55% is mainly due to a 76-year increase in sales.

24%, the price increased only slightly.


Price cuts boosted wholesale agency revenue by 46 per year.

55%, of which the price of ton of wine drops by 36 every year.

At 65%, sales have soared 131 each year.


In the future, Fenjiu will use digital channels and other methods to actively promote 北京桑拿洗浴保健 direct sales channels (including group purchases) and other methods to increase direct communication with consumers to help increase revenue.

In terms of dealers, the growth of dealers outside the province in 18 years was obvious, with a net increase of 706 dealers and a net increase of 194% over the years.

In 19Q1, it actively optimized the structure and number of dealers, improved channel efficiency, and reduced 208 companies.

The Henan and Shandong markets have achieved sales of 1 billion and 500 million US dollars, an increase of nearly 80%. The company continued to merge the Fenjiu “13320” market layout strategy in 19 years, increasing the market layout in East China, driving national growth, and forming markets outside the provinceNew pattern.

Dating strategic investor China Resources + equity incentives to 杭州桑拿网 improve company efficiency.

China Resources has two directors. The company has rich experience in managing personnel and improves its governance capabilities.

The company is considering increasing the sales of Fenjiu in CR Vanguard through the China Resources Channel and is optimistic about its future channel power to continue to improve.

The company granted incentives for the allocation of 5.68 million shares to 395 senior managers, middle managers and backbones of the company, as well as improved performance-oriented performance salaries to stimulate employee motivation, and the release of reform dividends contributed to the steady increase in 19-year performance.

Profit forecast and investment rating: Based on the company’s rapid expansion momentum, the reform of state-owned enterprises has been steadily advanced, and incentive measures have been integrated.

It is forecasted that the company will achieve revenue 114 in 2019-2021.

78 ppm, 143.

7.7 billion and 177.

69 ppm, an increase of 22 in ten years.

34%, 25.

26% and 23.

59%; realized net profit 19.

5.3 billion, 25.

32 ppm and 32.

27 ppm, an increase of 25 in ten years.

19%, 29.

68% and 27.

43%, maintaining the “highly recommended” rating.

Risk warning: Expansion of markets outside the province is less than expected, and reforms are less than expected

Guizhou Moutai (600519) Interim Review: Q2 results break through and gradually pick up

Guizhou Moutai (600519) Interim Review: Q2 results break through and gradually pick up
The event company released a 19-year interim report and achieved operating income of 394 in 19H1.Nine ten percent, an increase of 18 per year.24%; net profit attributable to mother 199.5 ten percent, an annual increase of 26.56%; net profit after deduction is 200.3 ten percent, an increase of 26 per year.11%. The internal performance of the opinion sheet was lower than expected, and the actual sales volume was in line with the growth: the company achieved operating income of 394 in the first half of 2019.900 million, an annual increase of 18.24%, net profit attributable to mother is 199.5 ten percent, an annual increase of 26.6%, the revenue and profit growth rate is lower than market expectations, for two reasons: 1) the company reports the landing of direct sales channels, affecting shipments, causing shortages of supply, the supply chain is inadequate;3.2 billion advance receipts were recognized as revenue, resulting in a base figure of revenue in the same period last year.19H1 sales gross margin was 91.87%, an annual increase of 1.3 points.The company’s Q2 advance receipts account ending variable 122.600 million, an increase of 8 from the previous month.800 million, a slight increase from the previous period.On the whole, although the company’s on-balance sheet performance has improved, the actual sales volume has reached the company’s target.Q2 achieved revenue of 178.500 million US dollars, an annual increase of 12.05%, a decrease of 18% from the previous month, and the net profit attributable to mothers was 87.3 ten percent, an increase of 20 per year.36%.The operating performance in the second quarter fell slightly from Q1, and revenue growth slowed slightly.At present, the product is still in short supply, and it is expected that there will be heavy volume in the second half of the year. The production of base wine continues to increase, and the expected increase in revenue in the second half of the year: According to research, the company’s 19-year “Feitian Maotai” sales plan is 3.In January, more than half of the mid-year tasks were completed.At present, the production of Moutai accounts for 63.3%, revenue accounted for 88.1%, the proportion of Moutai series wine production.7%, revenue accounted for 11.9%.19 H1 Moutai base wine production3.44 years, an annual increase of 13.2%, if the company maintains the increase in the second half of the year, the output of Moutai before 19 years is expected to exceed 5.In June, revenue is expected to reach the 100 billion target.From this quarter alone, the company’s performance has changed, but consumer demand is still strong, and the approval price is firm. At present, Maotai’s Feitian approval price is more than 2,000 yuan.With the arrival of Mid-Autumn Festival and National Day in the second half of the year, the company has successively confirmed the revenue of the products. In general, the company’s performance has maintained the expected growth. Strengthening channel control and accelerating the launch of direct-operating channels: Since 19 years, the company has focused on direct-operating channels, continuously improving its channel system, and increasing product launches in some regions. In order to further optimize the marketing network and enhance the overall strength of the distributors, the company has cleaned up and eliminated the distributors. The 19-year report indicated that the company reduced 494 distributors of sauce-flavored wines, 99 distributors of Moutai liquor, and dealers cancelled in 2018In terms of quantity, a total of 536 Moutai liquor dealers have been cut off.With the gradual increase of the company’s direct sales ratio, the product approval price will fall, but the appropriate approval price will help to ensure the bottle opening rate of the product. At present, the direct sales revenue accounts for 4%.1%, which is expected to increase further in the future.The company reports that the first-tier direct sales channels have been implemented, affecting shipments.We believe that the 杭州桑拿网 company will increase its product supply in the second half of the year, grasp the price strength, and ensure that the company has more room for future growth. Core indicators On July 18, 2019, Beijing time, Moutai, Guizhou disclosed the first half of 2019 report. The core indicators are as follows: In terms of operating income, H1 revenue in 2019 was 394.Nine ten percent, an increase of 18 per year.24%; H1 net profit attributable to mothers in 2019 is 199.5 ten percent, an annual increase of 26.56%; 2019Q2 achieved operating income of 178.5ppm, an increase of 12 in a single quarter.05%; net profit attributable to mother is 87.3 ten percent, an increase of 20 per year.36%. In terms of advance receipts, the advance receipts at the end of Q2 2019 was 122.600 million, an increase of 8 from the previous month.800 million; the company’s 19-year gross profit margin was 91.87%, with a net interest rate of 51.32%; quarterly, the gross profit margin in 2019Q2 was 91.55%, 1 point up a year, net interest rate is 51.32%, an increase of 5 per year.8 points. In terms of operating channels, in order to further optimize the marketing network and enhance the overall strength of distributors, the company cleaned up and eliminated the distributors. The 19-year report indicated that the company reduced 494 distributors of sauce series wines and 99 distributors of Moutai liquor.The number of dealers canceled, Moutai has cut down a total of 536 Moutai liquor dealers.In terms of dividends, Moutai has implemented cash dividends 19 times since its listing, and has gradually realized a net profit of US $ 187.7 billion, a cumulative cash dividend of US $ 75.7 billion, and an average dividend of 40.33%.