New City Holdings (601155) 2018 Annual Report Comments: Asset Revaluation Profit Increases Largely and Land Reserves Exceed 100 Million

New City Holdings (601155) 2018 Annual Report Comments: Asset Revaluation Profit Increases Largely and Land Reserves Exceed 100 Million

Performance continued to materialize, and non-recurring gains increased the company’s operating income in 2018 to 541.

300 million, an increase of 33 in ten years.

6%; net profit attributable to mother 104.

9 trillion, an increase of 74 in ten years.


Among them, the real estate development and sales, real estate leasing and management segment revenues increased by two times 31.

0%, 117.


Non-recurring earnings of the company in 201828.

900 million, an increase of 182% in ten years.

After deducting non-return to mother’s net profit 76.

0 million yuan, an increase of 51 in ten years.

9%, still higher than the growth rate of revenue, indicating that the company’s growth quality is both.

The sales scale entered the top ten for the first time, with a target of 270 billion in 2019.In 2018, the company achieved sales of US $ 221.1 billion, a growth rate of more than 75%. Kerer ranked eighth in the industry.

The company’s target for 2019 is 2700 trillion, corresponding to a growth rate of about 22%; the sales amount from January to February was 23.7 billion US dollars, an annual increase of 24%.

Moderate expansion, the layout sinks.In 2018, the company added 4473 GM of land reserves, with a total land price of 1112 trillion yuan. The ratio of land acquisition / sales amount was about 50%, which was 20pc lower than in 2017. The expansion was relatively mild.

At the end of 2018, the company’s land bank1.

100 million square meters, of which the first and second lines, the Yangtze River Delta, the third and fourth lines, the other regions accounted for 40%, 37%, and 23% respectively.

The level of leverage is relatively healthy, and financing costs are improving. At the end of 2018, the company’s net debt ratio (permanent debt recognition debt) was about 52%, in a healthy range; the average financing cost increased by 1.

15 tablets to 6.

47%, the uplink is relatively controllable.

In 2019, the coupon rate of the newly issued bonds of the company dropped slightly from the previous month, and the improvement of financing cost remains an indicator.

Target price of 47.

90 yuan, maintain “Buy” rating. Considering the company’s relatively abundant sold unsold resources and high completion target growth, we raised our 2019-2020 EPS forecast to 5.

99, 7.

29 yuan (was 5).

61, 6.

86 yuan), dating 2021 forecast EPS is 8.

61 yuan.

The current sustainable corresponding PE forecast for 2019-2021 is 6.

5, 5.

3, 4.

5 times.

The company’s two-wheel drive has led to steady growth, deterministic restructuring of future performance, and financing costs are expected to return to the downward path.

We maintain 深圳桑拿网 our 8x PE estimate for 2019 and raise our corresponding target price to 47.

90 yuan, maintain “Buy” rating.

Risks suggest that sales in third- and fourth-tier cities are getting colder, causing the company’s sales rebates and gross profit levels to fall short of expectations; domestic economic growth is growing, and the rent levels of newly opened malls are lower than expected; the scale of planned completions in 2019 is expanding, and quality control pressures have improved.

Jinjiang Hotel (600754) Interim Review: Vienna Performs Beautifully, Mid-Range Expansion, Steady Performance Growth

Jinjiang Hotel (600754) Interim Review: Vienna Performs Beautifully, Mid-Range Expansion, Steady Performance Growth
Event: On August 30, Jinjiang shares released its semi-annual report for 2019.The company achieved 71 in the first half of the year.4 ppm / increase of 2.93%, net profit attributable to mother 5.68 ppm / increase of 12.78%, net profit after returning to mother 3.5.8 billion / growth13.48%. Among them, 2019Q2 achieved revenue of 38.1 ppm / increase of 3.18%, net profit attributable to mother 2.7.2 billion / down 0.23%, net profit after returning to mother 2.8.7 billion / growth 16.58%, in line with market expectations. Comments: 1. The hotel catering business increased steadily, and the overall profit was in line with expectations.The company’s revenue increased in the first half of the year 2.9%, mainly due to the annual increase in revenue of Platinum and Vienna; accompanied by a 12% increase in net profit.78%, mainly because the Hong Kong shares of Yilong shares held by Bo Tao 深圳桑拿网 rose sharply after listing, and obtained a large amount of gains from changes in fair value.48%, mainly due to: 1) the income and profit of Bo Tao and Vienna increased compared with the same period of last year; 2) the profit of the catering segment increased; 2. The decline in the occupancy rate narrowed and the rise in house prices fell. RevPAR performed slightly better than Q1.The same-sale occupancy rate / average room rate / RevPAR of mature hotels that has been open for 18 months in the first half of the year has increased by -4 per year.2pct / 1.6% /-3.9%, where Q1 is -4.8 points / 2.3% /-4.2%, Q2 accounted for the decline in Q1 occupancy rate narrowed, the increase in house prices fell, RevPAR performed slightly better than Q1.In terms of grades, the same-sale RevPAR in the first half of the year dropped by 7.1%, occupancy rates and house prices both fell; RevPAR at mid-to-high-end same-store dropped by 0.7%, of which the occupancy rate decreased and house prices rose. 3. In the first half of the year, the speed of opening business accelerated, and the number of mid-range guest rooms accounted for 46%.In the first half of the year, the company opened 660 hotels, closed 254 stores, and opened 406 nets (among which, 15 directly operated stores were closed, and 421 were franchised stores), which was a further improvement from the first half of 2018 (net opening of 341).As of mid-2019, the company has opened 7,849 hotels, of which 37 are mid-range.1%, 780,000 rooms have been opened, of which 45 are mid-range.6%. At the end of 2018, the company has signed up to 4,035 hotels to be opened to ensure the expansion rate in the next three years. 4. Platinum Tao’s performance in Vienna was dazzling, and the adjustment of taxes and fees affected Luft’s profit and loss.In the first half of the year, the company’s hotel business achieved revenue of 70.2 ppm / increase of 2.94%, of which hotels in mainland China achieved income of 50.6 trillion / growth 4.5%, income from outside the mainland19.600 million / down 0.9%.Hotel business achieved net profit attributable to mother 4.9ppm / increase of 25.1%, of which net profit attributable to mothers in Mainland China is 5.7 ppm / 45% increase, mainly due to Yilong’s fair value gains, as well as the growth of Platinum Tao and Vienna’s business; net profit attributable to foreign hotels was 7.5 million euros / down 5027%, mainly due to processions and rallies in France, and the one-time income brought about by the adjustment of the French quota.  1) Jinjiang Department: The revenue of Jinjiang’s overall business in the first half of the year13.3 ‰ / down 5.9%, net profit 1.32 ppm / decrease of 12%, mainly due to the non-current asset disposal gains and losses and government subsidies, and after excluding regular factors, profits fell slightly2.8%, mainly due to weak hotel demand, operating data fell.  2) Platinum Group: Platinum Group achieved revenue of 20 in the first half of the year.8 ppm / increase of 3.3%, net profit attributable to mother 2.9 ppm / 118% increase, mainly due to the fair value change income brought by the holding of Yilong shares, after excluding the net profit of the mother to about 1.4 ppm / increase of 6.1%. In the first half of the year, Lifeng / Banfen / Xi’an opened 72/30/40 nets respectively. The scale of mid-range hotels increased rapidly.  3) Vienna: Revenue of the Vienna Hotel in the first half of the year reached 16.6 ppm / increase of 16.6%, net profit attributable to mother 1.45 ppm / 33% increase. In the first half of the year, the Vienna series opened 239 stores, benefiting from the expansion of brand scale.  4) The Louvre system: In the first half of the year, Louvre achieved revenue19.600 million / down 0.9%, realizing a net profit of approximately 63.29 million yuan / a decrease of 45%, mainly due to the one-time gain of 57.76 million brought by the adjustment of the income tax rate in the same period last year, excluding the effect, the company’s profit decreased.8%, affected by the events of closed stores and French parades.Accommodation in the Louvre Hotel in the first half of the year 63.6% / growth 0.5pct, average house price 56.6 euros / growth 2.0%, RevPAR is 36 euros / growth 2.At 9%, there are 34 net closing shops of the four major brands of Louvre.  5. Food and beverage income increased slightly, and the profits of participating companies increased.Food and catering business achieved consolidated operating income in the first half of 20191.1.7 billion / growth 2.8% due to: 1) Jinjiang Food’s income from the Legion meal increased; 2) It was replaced by Jinya’s catering income.Net profit attributable to the food and beverage segment1.4 ppm / increase of 4.12%, mainly in Hangzhou, Wuxi and Suzhou KFC, which shareholdings increased dividends.  6. The gross profit margin increased slightly, and the expenses during the period decreased at least.In the first half of the year, the company’s gross profit margin was 89.6% / growth 0.35pct, selling expense ratio 52.9% / down 0.63pct, management expense rate 26.2% / up 0.At 17pct, R & D expenses increased by 14.7 million in the first half of the year, mainly for the development of software by Platinum Group, with a financial expense ratio of 2.5% / down 0.4pct.  7. Investment suggestions: The hotel industry was under pressure in the first half of the year, and the company’s revenue increased steadily. Platinum Tao and Vienna performed well, deducting non-performance and steadily increasing.Q3 is the peak season of hotel operation, and the number of bases will decrease at the same time. If the economic budget stabilizes, the early economic transformation and the mid-range start-up volume, RevPAR performance improves, and the current hotel is estimated to be at a historical low.Jinjiang’s scale advantage and the leading position in the mid-range market are constantly strengthened. The speed of opening stores is far faster than its peers, and the potential for future performance needs to be released.We expect net profit attributable to mothers in 2019-2021.9/10.7/12.2 ppm, with an annual increase of 10% /-10% / 14% (after deducting non-adjustment, an increase of 21% / 11% / 15%), corresponding to a PE valuation of 19x / 22x / 19x, maintaining the “strongly recommended-A” investment rating.  8. Risk factors: macroeconomic risks; exchange rate fluctuations; mergers and acquisitions integration is not up to expectations.

Xinhua Insurance (601336) 2019 Interim Report Review: Stable Growth in Profit Investment Focus on Follow-up Business Development

Xinhua Insurance (601336) 2019 Interim Report Review: Stable Growth in Profit Investment Focus on Follow-up Business Development

The main points of the report describe Xinhua Insurance’s 2019 interim results, and the company achieved a net profit of 105.

45 ppm, an increase of 81 in ten years.

8%; embedded value 1914.

30,000 yuan, an increase of 10 at the beginning of the review.


Incident comment The growth rate of investment income is accelerating and perfecting. Supplementary measures. Policy adjustments have promoted high profit growth. At the same time, reserve replacement has certain support.

In the first half of 2019, the equity market showed positive investment returns 178.

82 ppm, +5 for ten years.

1%; in accordance with the “Announcement on the Cancellation of Pre-Tax Policies on Commissions and Commission Expenses of Insurance Companies”, the 2018 Annual Settlement and Payment 17 will be returned.

85 (expected 20.

15) USD 100 million to increase profits; reserve adjustments are assumed to affect and increase profits7.

07 trillion, better than the same period last year 1.

4.7 billion.

At the beginning of the first quarter of the business and the high base in the second quarter, new orders increased in the second quarter.

New unilateral, agent growth is better (ten years +15.

5%) but production capacity has increased (ten years -13.

8%), new single quarter +7.

0%. At the same time, the first-year premiums for long-term health insurance and +3 for short-term insurance are twice.

4%, +37.

7%, good growth rate.

Under the combined effect of the initial protection business in the first quarter and the high base in the second quarter, the growth rate of new orders in the second quarter dropped significantly: in the first quarter, the insurance period was paid, the bancassurance period was paid, and the short-term insurance was separated by +16.

3%, +25.

0%, +48.

7%, in the second quarter of a single quarter insurance period, bancassurance period, short-term insurance changes -21.

5%, -0.

2%, +13.


The current benchmark is basically set, and follow-up attention will be given to the steady growth of agents and the growth of economical business brought about by the decline in interest rates.

The decline in the value rate dragged down the growth of NBV, and the growth of EV was stable.

2019H company NBV half year -8.

7%, of which the value rate is ten years -12.

5pcts is the main cause of drag.

The highest yield was due to the sale of high-interest-rate policies in the first half of the year, in which the value-of-bank insurance ratio dropped by -15.

6pct; Second, the value rate of the insurance market is declining as competition in the health insurance market intensifies. Although the short-term insurance market is growing rapidly, the overall value rate is low.

Group EV, the remaining marginal proportion increased by 10 in the initial period.

5%, 6.

5%, steady growth.

The company and the industry’s value rate improvement phase has basically 厦门夜网 passed, and the subsequent NBV growth momentum focuses on scale growth. Investment performance in the equity market is stable.

2019H company net, total investment income injection5.

0%, 4.

7%, flat for one year, -0.


The allocation of large-scale assets is stable. At the end of 2018, the proportion of debt investment and non-standard investment increased slightly.

At the same time, the equity market is improving, and other comprehensive income is floating.

85 (from the same period last year -21.

04) Ten thousand yuan, basically digesting accumulated floating losses.

Investment suggestion: The current chief is initially determined, focusing on follow-up strategic arrangements, and saving business recovery is the main growth driver.

It is expected that the PEV for 2019/2020 will be 0.


69, at the bottom of the estimate, continue to pay attention.

Risk Warning: 1.

The industry environment is changing, and the growth rate of new orders highlights its advantages; 2.

Equity markets have fallen sharply.

Do some health before bed

Do some health before bed
Diabetes expert: Liu Peimin, director of the Department of Oncology, Henan Provincial Hospital of Traditional Chinese Medicine, teaches how modern people work during the day. After returning home from work, he is used to using a mobile phone and watching TV to relieve the fatigue of the day.As everyone knows, this seemingly relaxing way is not good for the body.For example, continuously facing the screen of the mobile phone is very hurting eyes, and sitting for a long time can easily lead to cervical and lumbar fractures.Professor Liu Peimin, director of the Department of Oncology, Henan Provincial Hospital of Traditional Chinese Medicine, said that the body is very tired after a day of intense operation. At this time, if you can use the hour before bedtime to do something good for the body, you can even relieve fatigueIt is also very helpful for health.Comb your hair.Chinese ancient health experts have always advocated “faying often combing.”According to legend, Su Dongpo, a Northern Song writer, had severe hair loss. Later, he accepted the advice of a famous doctor and insisted on combing his hair before going to bed.The Qing Dynasty’s “Notes on Living” recorded that the Empress Dowager Cixi hit the Chief Eunuch Li Lianying daily and combed her hair with ivory combs and wooden combs in turn, which left her full of silk after her seventies.Chinese medicine believes that combing hair can effectively stimulate the acupuncture points on the head, and has the effects of encouraging righteousness, dredging the meridians, promoting blood circulation and removing blood stasis.It is recommended that you relax your head and comb your hair before going to bed every day.You can use a comb or try a finger comb.The specific method is: start with the ten fingers of both hands starting from the upper hairline, combing the hair from front to back to the back of the neck, rubbing the scalp while combing.Movement should be slow and gentle, about every 10 minutes.Rub your legs.From the perspective of Chinese medicine, complications such as waist and leg discomfort due to physical fatigue are mostly caused by sedentary standing, poor blood flow, and insufficiency of tendons and veins. These problems can be adjusted by acupressure.The Chengshan acupoint on our calf (straightening the calf or lifting the heel up, the depression under the gastrocnemius muscle is the acupoint), it is an effective “depletion acupoint”, which can relax muscles, strengthen muscles, and tonic.It is very effective in alleviating low back pain and calf fracture 西安耍耍网 and perforation.In particular, pressing this point before bedtime can alleviate the fatigue of the day and let the body fall asleep in a relaxed and comfortable state.Rub your feet.Yongquan is located at the sole of the foot and the center of the foot, and is the first point of the kidney meridian.Massage Yongquan can improve human blood circulation, relieve dizziness, brain swelling, insomnia, dreams, memory loss and other discomforts.People with long-term insomnia, insisting on massaging Yongquan before going to bed is the most alternative method for adjuvant treatment of insomnia.It is recommended that everyone massage and rub the soles of their feet for 5 minutes every night before going to bed, and feel that their feet are hot.Drink a glass of water.Traditional Chinese medicine believes that water can nourish yin, while 北京桑拿洗浴保健 warm water can warm the internal organs and play a role in warming the sun.Therefore, many Chinese medicine practitioners insist on drinking hot drinks only for many years.Chinese medicine believes that the heat of hot water can relax the meridians and promote the dispersal of the cold air staying on the body surface, which is very helpful for the body’s warmth and repair after sleep.At the same time, drinking hot drinks can also promote perspiration, accelerate metabolism and toxins.Therefore, you may wish to drink a cup of warm water before going to bed, but the amount should not be too much, so as not to affect the quality of sleep due to the night.(Special correspondent Dai Xiujuan)

Zhejiang Dingli (603338): H1 performance affected by North American market optimistic about arm-type heavy volume contribution to revenue

Zhejiang Dingli (603338): H1 performance affected by North American market optimistic about arm-type heavy volume contribution to revenue

Event: Company’s 2019H1 revenue 8.

4.9 billion, +8 in ten years.

05%; net profit attributable to mother 2.

60 billion, previously +26.

79%; deduct non-attributed net profit 2.

3.4 billion, previously +23.


H1’s performance is affected by the North American market. The sales volume of arm-type products began to increase. H1’s revenue growth rate was slightly lower than expected. In terms of regions, the company achieved internal main business income in the first half of the year.

01% is 10%, accounting for 51%, ten years + 35%, the growth rate of domestic business is in line with expectations; the decrease in overseas revenue is reduced by 17%, accounting for 49%, of which the European market revenue1.

500 million US dollars, previously + 47%, accounting for 39% of overseas revenue; North American market revenue1.

US $ 2.6 billion, -54% before, accounting for 33% of overseas revenue (59% in the same period in 2018); Asia and other markets achieved revenue growth of + 22%, which was normal.

North American revenue declined significantly, mainly due to the company’s initiative to adjust its market strategy to reduce the impact of Sino-U.S. Trade frictions and strengthen sales in Europe and Asia. At the same time, high-altitude operation platforms imposed a 25% 武汉夜网论坛 tariff on the US government by 250 billionAmong U.S. dollar products, North American customers’ purchases are also on the sidelines; while North America is the world’s largest aerial platform market and the company’s main source of overseas revenue. This decrease in revenue has a significant impact on overall performance.

However, in the first half of the year, the market development in Europe and other countries has achieved remarkable results and is expected to reduce the impact of the North American market.

In terms of business, the domestic revenue of the arm products of H1 in 2019 is 0.

7.2 billion, previously + 88%, accounting for 18% of domestic main business revenue, +5 in ten years.

02 points.

The company actively explores the domestic boom aerial platform market and prepares for the completion of production 四川耍耍网 and investment projects in 2020.

Net interest rate broke a new high of 30%, and the overall gross profit rate was well controlled during the period, with a comprehensive gross profit rate of 41.

7%, +3 per year.

At 1 point, we judge that it is mainly due to the impact of product price increases since May 2018; the gross profit margin of products in the second quarter decreased by 2 from the previous quarter.

1pct, which has declined quarter by quarter since Q1, mainly because the proportion of sales of arm-type products with reduced gross profit margins has begun to increase. We believe that after the volume of arm-type products is fully volumeted, there is still room for improvement in gross profit margin.

Net interest rate is 30.

7%, +4 per year.

5 points, a record high, improvement in profitability. In addition to good cost control, the company received 25.47 million government subsidies in Q2, including other income, accounting for 3% of total revenue.

Expense rate during 2019H1 is 9.

2% per year -0.

8pct; of which the selling expense ratio is 5.

3%, ten years +0.

1 point; management expense ratio (including R & D expense ratio) 5.

9% every year -0.

1pct; financial expenses account for -2.

1%, ten years -0.

9pct, mainly due to the increase in interest income.

Arm-type products are rapidly advancing, optimistic about heavy volume contribution to revenue. The new arm-type developed by the company and Magni can significantly reduce customer costs. It adopts a redesign, 95% of main components are universal, 80% of structural components are universal, and sinking design is adopted.As long as the maintenance personnel of the rental company have mastered a set of product maintenance skills, they can easily cope with the maintenance problems of the entire series of products, improve the maintenance efficiency and reduce the rental company’s employment costs; customers only need to provide a set of wearing parts,Easily cope with the sudden failure of a full range of equipment of different heights, which can effectively reduce the cost of parts procurement and storage.

At the same time, the company actively carried out new-arm product field experience activities. According to company news, on May 26, June 1, and June 8, the company ushered in Zhejiang, Jiangsu, Anhui, Shanghai, and the Pearl River Delta.A total of 100 state-owned leasers experienced new arms on the spot.

At present, the company’s new arm products have been produced in small batches and put on the market. The leasing company is relatively satisfied with the overall performance of the new arm products.

By 2020, 3,200 large-scale intelligent aerial work platform raised projects will be put into production, and the new product volume and cash income will make an important contribution to performance.

Profit forecast and investment grade: We expect the company’s net profit to be 6 in 2019-2020.2/8.

400 million, corresponding to PE 38 / 28X, given a “buy” rating.

Risk Warning: Raw material prices fluctuate; investment projects fail to meet expectations; overseas market expansion is less than expected

Taiji Industry (600667) 2019 Third Quarterly Report Review: Quarterly Fileback Accelerates Exceedingly Standards Expectation

Taiji Industry (600667) 2019 Third Quarterly Report Review: Quarterly Fileback Accelerates Exceedingly Standards Expectation

业绩点评 太极实业公布2019 年3Q 营收,达41 亿人民币,环比衰退10%但同比增长加速到16%(1Q19‘s 7% y/y, 2Q19’s 10% y/y),营业利润率从今年6 in the second quarter and the same period last year.


5% fell to 4 in the third quarter.


Diluted budget earnings for the third quarter amounted to CNY $ 0.

08, down 13% month-on-month, 2% year-on-year, diluted earnings in the first three quarters of CNY $ 0.

22, accounting for 74% of our long-term forecast of diluted earnings.

Business analysis quarterly revenue restart file, but at least accelerated: we attribute Taiji Industrial’s third-quarter revenue to a 10% quarter-on-quarter decline due to lack of confirmation of design revenue and storage customer inventory consolidation, but still up 16% from the same period last year, higher than oneQuarterly 7% revenue growth was ten years and 10% in the second quarter.

We currently predict that Taiji will easily grow 15-20% QoQ in the fourth quarter, and the revenue in ten years can exceed expectations.

The short-term approved interest rate is not as good as expected: Although Taiji ‘s extreme revenue is expected to exceed expectations, it is affected by the downward cycle of snapshots, demand pressure on some products, and clean room turnkey projects with a low gross profit margin of the product mix, resulting in gross profit margin and operating profit 杭州桑拿网 marginFall back.

Growth momentum in the next five years is expected: Although we are still conservative about the DRAM / 3D NAND memory industry boom, 5G mobile phones will be replaced in the world next year (2-2.

500 million units) and the recovery of server demand (5-year compound revenue growth rate> 10%), it is expected that the storage industry will gradually come out of the bottom, which will help Taiji’s storage packaging and testing business to pick up.

The upcoming mass production of the Yangtze River Storage, coupled with Hefei Changxin and Ziguang Chongqing / Storage’s expansion plans for the next five years, will be beneficial to Taiji’s storage cover logging and storage manufacturing clean room design and turnkey projectsof.

Investment recommendations We think that for A shares, a 10-15% ROE is expected to remain at 3.


0 times the net worth.

At our target price of CNY $ 11.

7 (still 63% growth space), it was previously at 3.

Twice the quantitative net assets in 2021, we forecast the ROE from 8 in 2018.

9% to 12% in 2021.

Risks prompt customers to focus on excessively high operational risks, the risk of buffering down cycles to cash cost prices, the risk of inflexible state-owned enterprise management mechanisms, and the performance risks caused by weak subsequent orders for clean room engineering and design business.

Three Trees (603737): Repurchase highlights development confidence

Three Trees (603737): Repurchase highlights development confidence

It is planned to implement repurchase to implement employee shareholding and policies to promote the repainting of old houses. On the evening of June 20, 2019, the company’s board of directors formulated and approved a repurchase program.plan.

Following the success of the stock and the first employee shareholding plans, the company’s incentive level is expected to expand.

And this week, the State Council will deploy to promote the transformation of old urban communities, promote indoor and indoor transformation and drive consumption. We believe that it will drive the rapid growth of the old house repainting market and the company’s “live immediately” business.

We maintain that the company’s net profit attributable to the parent for the year 19-21 is 3.



600 million, corresponding to EPS 1 after dividends.



56 yuan, maintain “overweight” rating.

Plan to repurchase 0.


10,000 yuan, employee shareholding is expected to expand the incentives company this repurchase plan to repurchase 0 within six months.


10,000 yuan for subsequent employee stock ownership plan.

The repurchase method is centralized auction trading, and the repurchase price does not exceed 45 yuan / share.

The company implemented extended stock incentives in 2017, and for the first time granted shares to 2 of the total share capital in 2018.

27%, covering 292 people, of which the extra part is 0.

31% covered 56 people; in February 2019, the company completed the first phase of the employee stock purchase plan, accounting for 0 of the company’s total share capital.

95%, with a turnover of 48.38 million yuan.

The first planned repurchase amount is higher than the first employee shareholding plan purchase amount, which is calculated based on the repurchase ceiling to account for 1 of the company’s total share capital.

31%, we expect that the breadth of employee incentive coverage may increase.

Policies promote pilot exploration of old reforms, repainting market exceeds 360 billion yuan This week, the State Council deployed to promote the renovation of old towns and towns, focusing on the renovation of water and electrical roads and optical fiber and other supporting facilities in the districts. Conditional installation of elevators and parking facilities, Promote indoor transformation and drive consumption.

According to preliminary statistics from various places, the old urban communities in the country that need to be renovated involve hundreds of millions of residents, and about 3-4 people per household are involved in about 30 million old reforms, according to 1.

Calculating the unit price of 20,000 yuan, the market for repainting of old houses is above 3600.

According to our calculations in the “Consumer Change: Rising Stock, Incremental Upgrade” in the Consumer Building Materials In-Depth Report, since 2015, the decoration area of second-hand houses has surpassed that of new houses.

Assume that the proportion of refurbishment every year is increased by 0.

3%, second-hand housing in 2020 is expected to drive the scale of consumer building materials to reach 3.

5 trillion yuan, three years CAGR + 16.


Actively build comprehensive service providers, increase market share and promote acceleration. In general, we believe that the renewal of residential stocks will become a demand factor for consumer building materials, and incremental upgrades will promote the concentration of the industry.

The company sold engineering wall paint 33 in 2018.

5 nominal, corresponding to sales income 17.

600 million, a year-on-year increase of +54.

7%; sales of home improvement wall paint 10.

In May, sales revenue reached 8 trillion, a year-on-year increase of +12.

9%, steady growth.
At the same time, the company actively promoted the “Live Now” service, and the number of “Live Now” transactions in 18 was 6.
40,000 orders, previously added 4.

60,000 orders, 872 authorized outlets, and 339 will be added in the future, changing to a comprehensive service provider of “paint + consulting + construction”.

Continue to be optimistic about the company’s medium- and long-term growth, and maintain the “overweight” rating of the company’s 2018 distribution revenue accounted for 76.

2%, net operating cash inflow 2.

At 7 trillion, the cost of personnel recruitment and sales of equity stalls in 19 was smaller than the expected gap in 18 years, and the company’s repurchase amount was 0.


100 million US dollars, less pressure on cash flow.

We maintain the company’s net profit forecast for the company from 19-21, corresponding to an EPS of 1 after the implementation of the 18-year equity distribution.



56 yuan.

Considering that the company is the only domestic engineering coating company with full coverage at the retail end, maintaining the company for 19 years and 26 years?
28x 南京桑拿网 PE with a target price of 47.


24 yuan, maintaining the “overweight” level.

Risk reminder: The completion of the real estate is not up to expectations, the cost of raw materials increases, and major safety and environmental protection production accidents.

Shandong Heda (002810): Performance slightly exceeds expectations Three quarterly report predicts high growth

Shandong Heda (002810): Performance slightly exceeds expectations Three quarterly report predicts high growth

Event: The company announced its semi-annual report for 2019 and achieved revenue5.

32 ppm, an increase of 25 per year.

43%, net profit attributable to mothers is 80.45 million yuan, an increase of 151 per year.

4%, attributable to non-net profit of 84.02 million yuan, an annual increase of 169.

49%, net operating cash flow is 81.14 million yuan, an annual increase of 1534.

65%, EPS0.

4385 yuan, ROE10.


And forecast the first three quarters of net profit attributable to the mother is 1.

02 billion-1.

1.4 billion, an increase of 80% -100% in ten years.

Comment: In the first and second quarters, the growth exceeded expectations, and the net profit of subsidiaries Hershey and Fuchuan Chemical continued to grow.

The results of the interim report were slightly higher than expected. Q2’s single-quarter profit hit a record high, operating cash flow increased significantly, and the degree of matching with net profit was high.

The main reason for the increase in performance is that the company continues to maintain a good operating condition, and orders for major products continue to increase.

Hershey’s subsidiary, which produces plant capsules, completed a net profit of 15.24 million yuan in 19H1, an increase of 48% annually, mainly due to the continuous growth in sales; Fuchuan Chemical, a subsidiary of the original trimethyl acetate manufacturer, completed a net profit of 24.98 million yuan in 19H1.The increase of 536% was mainly due to the cost reduction and product price increase due to the upgrading of production line technology.

2. The global demand for plant capsules is growing rapidly, and the company will continue to expand production and aspire to become a global leader.

Plant capsules have obvious performance advantages over animal gelatin capsules, but due to higher prices, the global penetration rate is currently only 10%, and is in a high-speed growth period. The annual output is about 150 billion capsules, and the annual demand growth rate is 20% -25%.

The company’s capacity of 3.5 billion tablets began to increase in 2016, and its sales volume increased rapidly from 500 million tablets in 2016 to 3.5 billion tablets in 2018. It is expected that the sales volume will increase rapidly to 15 billion tablets in the next two years, and more than 80% will be exported abroad.Downstream is mainly health care customers.

The company invested in 20181.

The technological transformation project of 5 billion plant capsules initiated by 07 million is planned to supplement 12 production lines. At present, 4 production lines are in full production, and the remaining 8 lines will be put into production in two batches in the first half of the year.

The company is the only company in the industry that integrates the plant capsule industry chain from upstream cellulose ethers. The cost is 30% lower than that of capsule companies that produce imported raw materials. It has obvious advantages in raw materials, equipment and process control.

In the future, the company will continue to expand the production of plant capsules to meet the constraints of the pursuit of productivity donors, and is determined to become a leader in the global plant capsule industry.

3. Leading domestic cellulose ether industry, pharmaceutical grade products will open up room for growth.

The company’s main products are HPMC-based non-ionic cellulose ethers, including 3.

39 initial building materials grade (3,900 tons of low-end production capacity in the Wangcun plant was shut down, and the output was more than 1,000 tons) and 0.

4 Initial pharmaceutical and food grade, has become the largest nano-cellulose ether industry, the highest technology, the most complete product line of leading enterprises.

The penetration rate of downstream ready-mixed mortar continues to increase, and traditional construction-grade products have maintained a slow growth; pharmaceutical-grade products due to the continuous expansion of downstream applications will open up room for industry growth.

The expansion of downstream plant capsules has increased the demand for pharmaceutical-grade products. There are only a few domestic companies that can produce pharmaceutical-grade products. The company controls more than 60% of the domestic raw material supply, and reached preliminary with India’s ACG, the second largest capsule manufacturerIntention of strategic cooperation, ACG will supply cellulose ether products for plant capsules in the future.

At the same time, the downstream pharmaceutical customers, Zhengda Tianqing, Jiangsu Deyuan Pharmaceutical and other related pharmaceutical products (the company supplies pharmaceutical excipients HPMC) have been 西安耍耍网 consistently evaluated by generic drugs. It is expected that the future sales of pharmaceutical products will continue to increase.

4. The competition pattern of trimethyl orthoacetate has changed drastically, and the rising price has brought about performance elasticity.

As an important chemical intermediate, trimethyl orthoacetate is widely blended with downstream products such as sucralose and methyl ester. The major domestic manufacturers include Weiming Tianyuan (capacity 5000 tons) and Yantai Fuchuan (Herda subsidiary,Production capacity of 5000 tons), due to the area is located in the chemical industry forbidden development zone, the deadline to relocate at the end of September 2018, there is no substantial progress in the relocation is still in production, resulting in short-term market supply constraints, the fourth 北京桑拿洗浴保健 quarter of 2018Starting price includes tax.

3 million / ton rose to the current 3.

3 million / ton, the price increased by more than 40%, because the contradiction between supply and demand is difficult to ease in the short term, it is expected that the price may increase further.

Fuchuan Chemical’s 5,000 tons of trimethyl orthoacetate and 1,000 tons of double-fractured melamine have undergone process optimization and improvement. The product yield has increased. In 18 years, it has achieved 60 million in revenue and a net profit of -6.38 million. We expect that Fuchuan Chemical will achieve a net profit of 3,000 in 19 years.10,000-40 million yuan.

5. Maintain “Highly Recommended-A” investment rating.

We expect the company’s net profit to be 1 in 2019-2021.

4.3 billion / 1.

8.4 billion / 2.75 yuan, the corresponding EPS is 0.



44 yuan, corresponding to 18 for PE.



6 times, maintaining “strongly recommended-A” level.

6. Risk warning: the price of raw materials rises, the capacity digestion is less than expected, and the market promotion of plant capsules is unfavorable.

Enjie (002812): Decade with LG Chem 5.

US $ 1.7 billion contract secures global leader

Enjie (002812): Decade with LG Chem 5.

US $ 1.7 billion contract secures global leader

Event: On May 19, the company issued an announcement to purchase and sell a LG Chemical Grade I automotive wet insulation film. The contract period is 5 years from April 2019, and the total amount does not exceed 6.

$ 1.7 billion.

Opinion: Overseas expansion continues and additional global leaders merge and consolidate.

18A company budget total 4.

6.8 billion flats (YOY + 230%), with a global share of 14%, and domestic wet method accounted for 45%.

LG’s 18-year power battery installed capacity reached 7.

4GWh, and become an important power battery supplier for Volkswagen MEB and other platforms.

This time, the contract amount will be reduced according to the base film. The contract volume is expected to exceed 1 billion square meters. The company will become the most important alternative supplier in the field of LG power, and will be recognized by mainstream overseas OEMs.

At the same time, it is expected that the external unit price will be better, which will further improve the company’s profitability.

In addition, the company has successfully developed cooperation with Samsung and Panasonic-Tesla. In 19, the company plans to expand its investment to 1 billion square meters, of which overseas accounts for over 25%.

The pace of production capacity deployment is determined, and the long-term growth space is determined to enhance the right to speak in the industrial chain.

In 18 years, the company’s first phase of production in Zhuhai reached its production capacity, with a total capacity of 1.3 billion flats in Zhuhai + Shanghai 300 million at the end of the year.

In 19, 4 Zhuhai Phase II projects + 8 Jiangxi Tongrui + Wuxi Phase I 8 lines totaling 20 lines are expected to land, and the production capacity will reach 2.8 billion square meters by the end of the year, which is far ahead of the world.

The large-scale industry is an asset-heavy industry. When the new production capacity of many new entrants or even old players is unsuccessful or the production cannot be successfully reached, only Enjie has the strength to achieve such a large-scale expansion and successfully put into production.

As battery cell factories are concentrated to the right, only additional plants with sufficient capacity are expected to enter the supply chain system, and ensure that the leading battery factory 南宁桑拿 will continue to supply safety, which will further enhance the company’s right to speak in the industrial chain.

To improve efficiency and yield, leading companies enjoy exclusive high gross profit margins.

The high gross profit margin of a market-scale company is not the excess profit of a certain industry, but it is derived from the company: scale effect + high speed + long width and excellent product rate.

We calculated the company’s accounting business for a gross profit margin of 59 years in 59 years.

2%, due to the impact of H2 dialysis price adjustment, Q4 gross margin decreased by 55.


In 19 years, domestic customers had limited price adjustments, and gradually increased the volume and efficiency of foreign orders. The gross profit margin of the split business tried to stabilize or even transform.

杭州桑拿 Profit forecast and rating: As the absolute absolute leader in the wet method, we expect the company to achieve net profit attributable to mothers of 19 to 20 respectively.

8 and 11.

200 million, the EPS is 1.

85 and 2.

36 yuan, corresponding to PE of 27X and 21X, maintain “Buy” rating.

Risk warning: New energy vehicle sales fall short of expectations; New energy vehicle policy fluctuations.

Three days after the downfall of the capital market, the authorities welcomed the new law comment on how to implement it

Three days after the downfall of the capital market, the authorities welcomed the “new law” comment on how to implement it

Original title: Countdown!

The capital market caters to the “new law” three days later. The legislative, regulatory, and service departments are “all in place and ready.” Source: There will be another three days for the witness, and the new securities law that many people expect will be formally implemented. This also means that our capital marketA new “game” will open.

In order to welcome the arrival of the new securities law and ensure the effectiveness and authority of the new securities law, the editor manually checked the information and found that, at present, the Securities and Futures Commission has abolished 18 securities and futures regulatory documents.Formulated a work plan for the implementation of the new securities law.

  From the abolition of the 18 regulatory documents, it is mainly aimed at not fully adapting to the development practice of the securities market, not fully adapting to the needs of the deepening reform of the capital market, and not meeting the requirements of the higher law. The regulated matters no longer exist or have been completed, or have been implemented.Complete the system documents with new rules and 杭州夜网论坛 regulations.

  The China Securities Association’s work plan for the implementation of the new securities law is aimed at the comprehensive expansion of the securities issuance registration system, accountant firms, securities services, dual filing and increased supervision afterwards, and the increased risk of civil liability for accountants.Major changes, a series of measures were adopted to improve the audit quality of accounting firms.

  Li Aijun, Dean of the Institute of Internet Finance Law, China University of Political Science and Law: In order to welcome the implementation of the new securities law, legislative, law enforcement, supervisory and related service departments should start preparing.

  Legal departments should work on the establishment of new and abolished laws based on the new securities law from a 都市夜网 legislative perspective, whether it is judicial interpretation or departmental regulations; law enforcement agencies should have a deep understanding of the essence of the new law, master the level of its standards, and achieve the uniformity of standards among law enforcement agencies.Realize fairness and justice of the law; the supervisory department shall formulate reasonable and operational supervision regulations, supervision methods and supervision methods in accordance with the new law, achieve supervision objectives and supervision justice, and safeguard the entire capital market in order to give full play to the legislative objectives and value of the new law.Stability and fairness.

  Judging from the contents of the new securities law, the most obvious change is the reorganization of the registration system, which has information disclosure as its core. Therefore, this requires serious information disclosure duties by listed companies.

  From this perspective, Li Aijun believes that this places higher requirements on the accounting firm and also means that it has some responsibilities.

  Speaking of which, it must be said that from the perspective of regulatory fines in recent years, among law firms, accounting firms and securities companies, intermediary agencies, accounting firms are limited in number.

  Seeing this, do you also ask why in your heart?

  Ye Lin, Director of the Research Center for the Rule of Law on the Business Environment of Renmin University of China: All along, accounting firms are managed by the CICPA or the Ministry of Finance. The accounting standards of the chief accounting firm are basically managed by the competent financial department and the CICPA.And other professional organizations.

Therefore, in practice, the accountants, CICPA, and the CSRC have different understandings of accounting standards.

  Therefore, in Ye Lin’s view, regulators should sort out issues with similar differences when the new securities law is implemented.

  In fact, in addition to the letter, the newly revised securities law also opened a new chapter in securities civil litigation and expanded the extension of market manipulation.

  for example.

In January of this year, the CSI Small and Medium Investor Service Center (referred to as the Investment Service Center) announced the successful decision of the plaintiff in the case of Hengkang Medical since the signing of the Securities Law in 1999.

The judgment ruled the judicial gap in the field of civil compensation in manipulating the market.

  Civil and civil lawsuits in the military are mainly based on false statements, and there are very few cases involving insider trading and market manipulation.

The reason is that it is difficult to determine the investor’s losses caused by insider trading or manipulation of the securities market; it is also related to how to determine the causal relationship between investor losses and insider trading and manipulation of the securities market. Local courts understand the existenceThe differences are related.

  Based on this, the new securities law added three aspects to market manipulation.

First, the new securities law has expanded the extension of the manipulation of the securities market, from “prohibiting anyone to manipulate the securities market by the following means” to “prohibiting anyone from manipulating the securities market by the following means, affecting or affecting the price or volume of securities transactions”The second is to increase the scope of investor intervention and remove the “perpetrator” restriction.

The manipulation of the securities market is mainly organized, with direct and indirect participation. The restrictions on “perpetrators” in the original securities law may allow some market manipulation actors to escape legal sanctions.

  Wen Zhijun, a lawyer at Beijing Zhengxin Law Firm: The formal implementation of the new securities law and the demonstration of Hengkang Medical Case and other similar cases have triggered the effect, and the number of civil civil compensation lawsuits and trials will inevitably increase.

In addition, the continuous accumulation of judicial practice is expected. After the market conditions and legal conditions have further matured, it is expected that the people’s courts will be fully involved in the rule of law management of the securities market, litigate according to law and try civil compensation cases of various types of securities markets.