Mei Nian Health (002044): Revenue Enterprises Wait for Rise

Mei Nian Health (002044): Revenue Enterprises Wait for Rise
Incident Meinian Health released the 2019 interim report forecast. The company expects to achieve operating income of RMB 36 in the first half of the year.41 trillion, net profit attributable to mothers is RMB 15.88 million to RMB 63.52 million, which is extended by 60% to 90% each year.  Brief comment on short-term revenue stabilization, long-term optimism. We estimate that the growth rate of interim report revenue is expected to increase by about 2% (based on the 2018H1 interim report, and reasonably add back the forecast revenue of Maine Gene), considering the company’s single quarter revenueThe growth rate has been 4 quarters from the third quarter of 2018 to the end of the current quarter. In the past year, the company has continued to expand and strengthen the construction of the quality control system, continuously strengthen management, improve the quality of medical examination reports, the company ‘s management operation has reached a new level, and its operations have been strengthened.The effect will gradually manifest, and we expect the company’s revenue growth rate to stabilize and recover from the third quarter.  The decrease in the company’s profit side is mainly due to the increase in expenses. First, the company continues to increase its expenditure on medical quality, strengthen its internal control gradually, and adopt medical quality control standards such as face recognition and blood tracking, leading to short-termAdministrative expenses have risen. Second, starting from this year, we have further strengthened the unit inspection business, improved the profit structure, and increased the introduction and training of medical professionals, so the sales expenses have also risen in the short term. Third, the company successfully issued US $ 200 million in debt in the first half of the year.By the time the strategic investors of state-owned enterprises have further developed high-quality resources, the increase in financial expenses has also brought some pressure on performance.  In the long run, the aging population, the monitoring of chronic diseases, the awareness of disease prevention have increased, and the demand for residents’ medical examinations has continued to grow. The domestic private medical examination industry is still in a rapid growth stage.It is expected that the company will resume high-speed growth after 无锡桑拿网 the implementation of the first-level reform measures, and the maintenance business will become the main driving force for the company’s future performance growth.  The C-end overhaul business will become a business breakthrough for the company’s transition and upgrade. From the previous company communication, the company has vigorously developed high-margin overhaul business from this year. From product design to sales, a large number of specific plans are planned.The inspection ratio has increased from the current 25% to 50%.In terms of products, the company will launch an X + 1 maintenance plan to meet the needs of different customers. The Meinian X + 1 is a complete, comprehensive and thorough medical examination package set in accordance with the international gold medical standards and the recommendations of various top disease experts, including; For tumors, two cancers of women, respiratory system, cardio-cerebral vascular system, digestive system, endocrine system, eye and sports injuries, etc., based on group examination screening or individual maintenance general screening, differentiated to meet different people population examinationdemand.In terms of sales, the company took advantage of the company’s sales advantages and adjusted its organizational structure to set up an inspection and maintenance department to focus on recruiting and strengthening inspection and inspection business training to achieve a rapid increase in the proportion of inspection and inspection business, thereby improving cash flow and profitability.ability.  Leading in the field of health checkups, maintaining the level of increase in holdings, holding the health of the United States and taking health checkups as its core, from professional prevention, health protection to intelligent management, the development strategy of health big data applications is clear, and the company has quickly grown into an absolute leader in the domestic health management industry.Considering that the company’s costs for improving inspection quality continue to increase, we adjusted the company’s profit for 2019-2021 to 9 respectively.8.4 billion, 12.6.8 billion and 15.7.6 billion (previous forecast was 10).6.6 billion, 14.5.3 billion, 19.2.9 billion), an increase of 19 each year.9%, 28.9% and 24.3%, maintaining the overweight rating.  Risk reminder: M & A integration effect is less than expected, leading to goodwill impairment risk; store expansion is slower than expected; health management industry events affect company assessment

Depth-Company-Wanrun Co., Ltd. (002643): The prospect of molecular sieving with performance in line with expectations is expected

Depth * Company * Wanrun Co., Ltd. (002643): The prospect of molecular sieving with performance in line with expectations is expected

Wanrun shares released the 2019H financial report, and the company realized operating income of 12.

93 ppm, an increase of ten years.

18%; net profit attributable to mother is 2.

31 ppm, an increase of 19 in ten years.


  Key points of support level Sales gross margin improved, and the company’s performance achieved growth.

The gross profit margin of the company H in 2019 is 42.

14%, an increase of 5 a year.

09 single, due to the company’s cost reduction.

2019H company period expenses 21.

12%, an increase of 2 per year.

53 units.

Including R & D expenses 8.

08%, up 1.

28 single, due to the company’s increased investment in research and development projects; financial expenses expenditure -0.

20%, due to the devaluation of the RMB, the company’s exchange loss decreased.

  Benefiting from the upgrade of emission standards, the demand for savings continued to grow.

With the upgrade of automobile exhaust emission standards, SCR technology is the most ideal exhaust treatment technology, which will increase the demand for exhaust catalysts.

  The company currently has a total capacity of 3,350 tons of bicarbonate molecular sieve, mainly high-level exhaust emissions, and is Johnson Matthey’s core partner.

In addition, “a series of second-stage expansion projects of a series of environmentally friendly materials” is expected to be put into production by the end of the year.

The company plans to invest with its own funds including 4,000 tons / year ZB series transformers and 3,000 tons / year MA series built-in projects.

The continuous release of production capacity of environmentally friendly materials will help the company’s rapid profit growth.

  The steady growth of liquid crystal materials and the increase in OLED permeability open up the space for material demand.

The increase in the area and the average size of the TV set will increase the expansion area of large-size panels, thereby increasing the demand for liquid crystal materials.

Panel manufacturing capacity is gradually shifting to internal, and BOE, Huaxing Optoelectronics and other companies continue to put into production, which will also increase the demand for liquid crystal materials.

The company is the only supplier in the country that supplies the three giants at the same time. The liquid crystal material business is expected to continue to develop with the growth of downstream demand.

Subsequently, some mobile phone brands are gradually adopting the application of AMOLED screens and OLEDs on large-sized panels. The penetration rate of OLED displays is expected to increase steadily, and the demand space on the material side will be opened.

The company laid out the OLED material industry chain earlier. The subsidiaries Yantai Jiumu Chemical and March Optoelectronics have formed a certain revenue scale and have been recognized by international OLED terminal material factories for the supply of Japanese and Korean OLED screen factories and raw material factories.

At present, the company has independently verified the OLED finished materials with independent intellectual property rights. The downstream manufacturers have carried out heavy volume verification and are progressing smoothly. The subsequent development potential is huge.

  It is estimated that the expected 深圳桑拿网 earnings for 2019-2021 are 0.

58 yuan, 0.

70 yuan, 0.

83 yuan, corresponding to 18 for PE.

8 times, 15.

5 times, 13.

1 times.

Maintain BUY rating.

  The main risk items facing the rating were lower than expected; product prices fluctuated significantly.

NavInfo (002405): the industry is weak but core business is stable; innovative business is committed to bringing forward momentum

NavInfo (002405): the industry is weak but core business is stable; innovative business is committed to bringing forward momentum

Weak second-quarter 2019 results, but in line with market expectations The company announced its second-quarter 2019 results: revenue 5.

6.2 billion, up 4 each year.

5%; net profit attributable to mother is RMB 43.57 million, which is extended by 51 each year.

5%, mainly due to weak car sales dragged down heavy businesses, and the expansion of Siwei Zhilian increased.

We think the market has already expected this.

Development trend The navigation business is strong, and the ADAS business is growing against the market: the company’s navigation business achieved revenue in the first half of the year4.

41 ppm, a ten-year increase of 7.

43%, benefiting from the high proportion of the company’s high-end customers and better anti-interference.

ADAS business grew strongly, increasing 141% to 4,831 million in the first half of the year, benefiting from increased orders from high-end automakers such as BMW and the incremental business of other emerging high-end customers.

According to the data of the China Automobile Association, passenger car sales fell by 12% in the first half of 2019. Despite the overall weakness in the automobile market, the company’s high-end customers still perform well. We expect the company’s navigation business to grow steadily and the ADAS business to continue to perform strongly.
The chip business is under pressure for the time being, and the reserve products are expected to be accumulated. In the first half of the year, the revenue from the chip business continued to fall by 34%, and Jeff ‘s net profit could replace 68%.

Mainly due to the low prosperity of the automotive industry, which caused pressure on IVI chip sales and prices.

However, the company’s research and development promotion efforts continue, and new products are in the market introduction period.

It is believed that through the development of Jiefa Technology MCUs and tire pressure detection chips, the company’s chip business is expected to usher in a new stage of development.

Expenditure on subsidiaries increases high-potential businesses that are expected to bring forward momentum.

The company cultivates and incubates many high-potential businesses, but there are supplementary pressures in the short term.

In the first half of the year, Siwei Zhilian in the field of passenger car networking increased from 176% to 2.

35 trillion, causing a drag on the investment income budget.

Century Qualcomm in the field of dynamic traffic information and big data has performed exceptionally. In the first half of the year, revenue grew 42% and net profit exceeded 88%.

We expect these businesses to provide growth momentum in the long run.

High-end positioning business Liufen Technology completed a strategic investment of 12.5 million yuan in April 2019.

We believe that potential similar events in the future are expected to allow some of the value of incubated high-potential businesses to achieve initial results in terms of investment returns.

Earnings Forecasts and Estimates We lowered our 2019/20 revenue forecast10.

2% / 7.

6% to 22.

700 million / 27.

9 trillion, mainly due to the weak business climate in the automotive industry; adjusted net profit for 2019/20 -2.

7% / 16.

4% to 4.

86 ‰ / 5.

30,000 yuan, mainly reassessed investment income.

We maintain our Outperform rating, but based on short-term pressure from the chip business, we lower our 重庆耍耍网 target price by 19% to 17 yuan, corresponding to 68.

5x 2019 P / E ratio based on 2019 segment aggregate valuation method.

The company is currently trading at 60.


7x 2019/20 price-earnings ratio, our target price has 13% growth potential.

Risk Auto market sales are weak; chip business advances less than expected.

Shandong Gold (600547): Steady revenue growth, rising costs, rising profitability

Shandong Gold (600547): Steady revenue growth, rising costs, rising profitability

Highlights of the report describe the company’s operating income of 649 in the first three quarters of 2019.

42 trillion, +37 a year.

88%; realized net profit attributable to mother 9.

47 trillion, +15 for ten years.


The company achieved operating income of 255 in Q3 2019.

36 trillion, +77 a year.

86%, net profit attributable to mothers3.

38 trillion, ten years +133.


Incident comment The rising gold price and the growth of outsourced 重庆耍耍网 gold processing business have led to a significant increase in operating income: 2019Q3 operating income increased 24% month-on-month, (1) from the perspective of gold price: 2019Q3 SHFE gold average price was 337 yuan / gram, a significant increase of 25.

29%, an increase of 15 from the previous month.

twenty two%.

(2) From the perspective of volume: The output of domestic mineral gold is expected to remain stable as a whole, and the output of the Beladero mine in Q3 20191.

8 tons, 23% from formaldehyde.

(3) The increase in the company’s outsourced gold business has also led to an increase in operating income.

Tax, fee and cost pressures still exist, which has caused profit compression to a certain extent and reduced gross profit margin: The company’s gross profit margin in 2019Q2 was from 2019Q1.

4% fluorinated to 6.

64%, and this trend has not improved significantly in the third quarter, the company’s gross profit margin in 2019Q3 is 5.


At the same time, the operating costs of the company in Q3 2019 increased by 83 each year.

1%, an increase of 25 from the previous month.

3%; The net profit attributable to mothers in Q3 2019 increased only 13% from the previous month.

We believe that the core reason is that (1) the Belladro mine is subject to grade shifts, and production and costs have continued to rise.

According to the Barrick Gold Bulletin, Veradero’s 2019 production guidance is 7.


78 tons, the cost of sales is as high as 283.


2 yuan / gram.

(2) Financial expenses for the third quarter of 2019 were 2.

7.4 billion, a month-on-month increase.

47 trillion, of which interest rate expenses are as high as 2.

2.8 billion.

(3) Investment income in the third quarter of 2019 was -0.

63 ppm, the first three quarters showed a trend of continuous decline, which is expected to be related to the company’s futures hedging business in the process of rising gold prices to replace the chain growth.

(4) Increasing the growth of the price of gold and the increase in the cost of outsourced gold have led to an increase in the revenue of the sector, but the profit has also increased accordingly.

In addition, 2019Q3 company plasma is 2.

61 ppm, an increase of 136% month-on-month, is worthy of attention, and is expected to be related to higher overseas mining tax rates. The business is stable and the upward cycle of gold highlights the long-term investment value of leading companies: avoiding the ease of risk aversion and causing short-term pressure on gold, but not changing the layout of gold bulls.

Under the background of the increasing downward pressure on the global economy and the long-term ambiguity between China and the United States, the Fed’s return to the interest rate reduction channel has led to the decline of the US real interest rate center, and the long-term allocation value of gold has become increasingly prominent.

As the leader of the gold industry, we believe that the company has long-term investment value, and it is expected that the EPS for 2019-2021 will 杭州桑拿 be 0.

40, 0.

54 and 0.

69 yuan, corresponding to PE is 79X, 59X and 46X.

Risk Warning: 1.

The company’s gold output was less than expected; 2.

Global macroeconomic recovery is strong, gold prices have fallen sharply

Zaisheng Technology (603601) quarterly report comments: short-term demand pressure is still expected in the long-term

Zaisheng Technology (603601) quarterly report comments: short-term demand pressure is still expected in the long-term

The Q3 performance was lower than expected, and the quality of earnings continued to improve. The company achieved revenue / net profit attributable to mothers in the first three quarters8.


3.4 billion, previously +3.

4% / 10.

9%, deducting non-attributed net profit1.

3.3 billion, previously +19.

1%; 19Q3 revenue / net profit attributable to mother 2.


36 billion, at least -12.

4% /-20.

9%, net of non-attributed net profit is 0.

3.4 billion, at least -14.

5%, lower than expected performance.

The company’s significant net profit Q3 was mainly due to the pressure on the clean air business and its expense ratio increased.

Revise down EPS forecast for 19-21 to 0.


32/0/39 yuan (Original value: 0.



49 yuan), refer to comparable companies on the 23rd of 20 years.

7x average estimate, given 22x-24x 2020 target PE, target price 7.


68 (Original value: 8.


59 yuan), maintaining the “overweight” rating.

19Q3 quarter revenue increase, pressure on clean air business pressure Q3 revenue growth rate of change: mainly affected by the protection of the air business, due to Sino-US trade frictions, domestic panel and semiconductor market investment slowed, in the short-term impact on the company, butIn the long run, the development of high-tech industries such as electronics is still the growth point of the clean air market. Suzhou Youyuan has won three consecutive bids for three liquid crystal display device projects, which has further strengthened the clean market for high-end liquid crystal display panels. The company’s operating income of high-efficiency energy-saving products continues to remain relatively high.At the same time, the company is actively deploying the animal husbandry consumer goods market. At present, the project orders with domestic pig breeding companies for the clean air field are being actively promoted, and the special filter paper and purification equipment provided by the company for the pig house fresh air renovation project are continuously under heavy volume.The transfer of production capacity is gradually being released, and the company’s penetration rate in the livestock breeding industry has increased.

Gross profit margin increased in Q3, expense ratio increased 19Q3 gross margin increased YoY + 7.

0pct, mainly due to the decline in the proportion of low gross margin equipment business revenue; the expense ratio increased significantly during the 19Q39.

6pct, mainly from the decline in revenue, some expenses are more compact, of which sales / management / research and development / financial costs are +1 each year.

0 / + 4.

3 / + 4.

2 / + 0.

1 point, the increase in management expenses was mainly due to the company’s relocation and integration of the production center of Shenzhen Chinatex and its 夜来香体验网 subsidiaries, the related expenses increased a lot, and the increase in research and development expenses was mainly due to the increase in the company’s new product development and promotion.

In the end, Q3 net interest rate decreased year by year.

5pct is 14.


Cash flow continued to improve in the third quarter, and the quality of earnings improved.
Net operating cash inflows in the third quarter were zero.
650,000 yuan (0 for the same period last year.
08% billion), continued to improve every year, mainly due to the decline in the proportion of the company’s poor receivables equipment business. At the same time, the company expanded its receivables management efforts, actively urged receivables, expanded bill settlement efforts, and cash payments.cut back.

Q3 cash ratio was 94.

0%, higher than -4.

6pct, the cash is better than 71.

2% for the whole year -49.

9pct, the cash-to-cash ratio has improved significantly, driving the operating cash flow to continue to improve.

Lowered profit forecast and maintained steady expansion of “overweight” capacity. In the long run, the company ‘s revenue and performance growth can be expected.

Taking into account the pressure of Q3 demand, the revenue growth rate is lower than expected, the EPS forecast for 2019-2021 is lowered by 0.


32/0/39 yuan (Original value: 0.



49 yuan), refer to comparable companies on the 23rd of 20 years.

7 times the average estimate, giving the company a 22-24x target 2020 PE with a target price of 7.


68 yuan, maintain “overweight” rating.

Risk warning: The growth of raw material costs exceeds expectations, and the growth rate of demand is less than expected.

86 trillion bond market opened to speed up transnational transfers and increase space

86 trillion bond market opened to speed up transnational transfers and increase space

A few days ago, CCDC and CICC jointly supported the first foreign investor to use bonds as the futures margin business for implementation, and the size of the pledged bonds was about 0.

600 million yuan.

This 武汉夜网论坛 is the first time that bonds have served foreign investors as a futures margin system.

A person in charge of CCDC said that this move will further expand the use of renminbi bonds held by external investors in the realm, and provide new assistance for the opening of the Chinese bond market.

  Bonds, China’s bond market is open to the outside world.

On April 1 this year, the internationalization of the Chinese bond market with a scale of 86 trillion yuan went further. Chinese bonds officially issued the Bloomberg Barclays Index, one of the three largest bond indexes in the world.

  Fu Yifu, a senior official of the Suning Institute of Finance, said in an interview with the Securities Daily that the opening up of China’s bond market is conducive to the transfer of diversified market entities, improving the liquidity of the bond market, consolidating the pricing and pricing foundation of the bond market,Improve the international competitiveness of the bond market.

  Fu Yifu believes that the opening up of the bond market can allow foreign investors to enter, which is equivalent to transferring global funds for the domestic bond market, which is beneficial to the capital supply of the bond market.

  ”China is a large fast-growing economy in the world and has great potential for development. The size of the bond market is second only to the United States and Japan, ranking third in the world. For foreign investors, investing in the Chinese market is equivalent toSharing the dividends of China’s rapid economic development, thus finding more possibilities.

Fu Yifu said that through the continuous influx of foreign countries, China’s bond market can fully transcend foreign development experience, thereby continuously improving its supervision methods and methods, and improving service quality.

  However, foreign bonds are still relatively low in China’s bonds, accounting for only 2% to 3%.

  State Administration of Foreign Exchange news report Wang Chunying said recently that the investment in China absorbed by the long-term bond market is mainly the inflow of funds from overseas transfers and other institutions for the purpose of medium and long-term asset allocation.

Therefore, there is still room for intervention and promotion in the future.

  Fu Yifu proposed to further deepen the reform of the bond market and steadily promote opening up.

He believes that to continuously improve the supervision system, the construction of the rating system and the bond market development system, and to form an effective risk management mechanism; at the same time, the opening of the bond market should work with the internationalization of the RMB to promote and develop together; inevitably, casuallyWith the continuous deepening of opening up, the output of RMB has increased rapidly at the same time, and the number of RMB offshore financial centers has begun to increase. Gradually, while developing the offshore market, the reform of the domestic market also needs to be followed up simultaneously to promote the maturity of the onshore market.

Yuyuan Stock (600655) Quarterly Report Review: Substantially Increased Non-Net Profit, Large Consumer Business Leads Company Growth

Yuyuan Stock (600655) Quarterly Report Review: Substantially Increased Non-Net Profit, Large Consumer Business Leads Company Growth
Increase by 36.48%); of which the company achieved 74 in 2019Q3.29 ppm, an increase of 38 in ten years.90% (compared with the previous year’s adjustment, an increase of 98.72%).The company’s net profit attributable to its mother in the first three quarters was 12.3.9 billion, an increase of 9 in ten years.02% (an increase of 8 over the previous ten years before the adjustment).68%); net profit after deducting non-attribution is 10.90,000 yuan, an increase of 195 in ten years.59%.  Comments: 1.Operating income: The company’s 2019Q1-3 revenue is 270.820,000 yuan, an increase of 35 in ten years.76%; of which Q3 revenue was 74.29 ppm, an increase of 38 in ten years.90%, mainly due to the increase in operating income of the jewellery and fashion business and the delivery of property development projects.  2.Gross profit margin: The property development and sales business raised the company’s gross profit margin in 19Q3 to 22.88%, an increase of 4 per year.79 points.The main reason is that the company’s property development and sales business with higher gross profit margins has a higher growth rate, and the proportion of property development and sales business revenues has increased.Among them, jewelry fashion gross margin 8.18%, an increase of 1 each year.49 points; gross profit margin for property development and sales27.02%, increase by 1 every year.18pct; gross profit margin of commercial operation management and property leasing services 69.35%, a decrease 天津夜网 of 3 per year.22 points; catering gross margin 65.53%, increasing by 0 every year.12pct; resort gross margin 83.67%, an increase of 0 every year.35pct; Cultural Food & Beverage & Commercial Gross Margin 32.15%, a decrease of 5 per year.14 points.  3.Period expenses: M & A & financing expenses pushed the expense ratio to increase to 11 during 19Q1-3.37%.Sales expense ratio: The company’s 2019Q1-3 sales expense is 10.470,000 yuan, an increase of 31 in ten years.42%, mainly due to the expansion of the jewelry fashion business and the catering business, which led to an increase in store operating expenses; sales expenses.87%, a decrease of 0 every year.14 points.Management expense ratio: The company’s 2019Q1-3 management expense is 15.92 ppm, an increase of 45 in ten years.91%, administrative expenses 5.88%, rising by 0 every 佛山桑拿网 year.74pct is mainly due to the report that the management company’s management expenses increased due to the expansion of business scale including mergers and acquisitions compared with the same period of the previous year.Financial expense ratio: The company’s 2019Q1-3 financial expenses are 4.41 trillion, an increase of 79 in ten years.17%; financial expenses1.63%, increasing by 0 every year.39 points.  4.Net profit: The company’s net profit attributable to the parent in Q3 20192.1.8 billion, an increase of 7 per year over the previous year.67%, mainly due to the increase in the company’s operating income and increase in gross profit margin.  5. Key operating indicators: Gold procurement, production and sales: The company’s 2019Q1-3 gold purchases / production / sales were 46662 respectively.£ 53/48630.25 pounds / 49,662.87 pounds, platinum purchases / production / sales were 175.13 GBP / 251.£ 75/328.57 pounds.  Earnings forecast and estimation: Maintain Buy rating.The company develops industrial strength around the concept of “happiness and fashion” and adopts the “industrial operation + industrial investment” dual operation mode.The jewellery and fashion business has grown steadily and developed a margin of safety; property development and sales have expanded into new growth points; the rapid growth of the food and beverage business has become a new engine for future performance.It is estimated that the net profit for 2019-2021 will be 33.4/40.1/40.100 million, the current market value corresponds to 9/8 / 8xPE.  Risk warning: Macroeconomic growth is not up to expectations, and the jewelry industry is recovering less than expected

Laobai Dry Wine (600559): High-end brand image continues to advance

Laobai Dry Wine (600559): High-end brand image continues 北京桑拿洗浴保健 to advance
Forecasted 2018 revenue / profit growth of 44 years.3% / 113.2% We estimate the company’s 18-year revenue 36.60,000 yuan, an increase of 44.3%, if the consolidated Fenglian wine industry is excluded, the income of Laobaigan headquarters is 26.90,000 yuan, an increase of 6.2%, 4 from earlier 17 years.0% has improved.We expect the company to return to its net profit for 18 years3.490,000 yuan, an increase of 113.2%. Attention points In 2018, the high-end image positioning of the old Baigan brand was reset.Laobaigan is the company’s origin brand, with its popularity and historical and cultural thickness, but has always been dominated by low-end products, and the brand is highly inadequate.The original company operated the market of more than 100 yuan under the brand of Shiba Jiufang.Continuing the strategy of actively adjusting low-end products since 17 years, the company reset the positioning of the high-end image of Laobaigan brand in 18 years. Laobaigan became the company’s core leading brand, and Laobaigan with a price of 1,000 yuan supported the brand image and opened upVolume of sub-high-end products. In 2019, the revenue growth of the Laobaigan headquarters is expected to increase to double digits. In 17 years, the company has actively deployed low-end products, and its revenue growth has gradually shifted and focused on the next high-end.The proportion of low-grade wine income is expected to decrease from 40% in 16 years to 28% in 19 years, and the proportion of prices above 200 yuan is expected to increase from 24% in 16 years to 42% in 19 years, and formed a five-star old white dry, tenThe eight core wines of Bajiufang for 15 years and 18th Jiufang for 20 years have a clearer brand image and more focused revenue growth, and continue to meet the upgrading of mass liquor consumption in the province. We expect this price to grow at a stable rate in the next three years.20% or more. Only 6 in 2017.The net profit margin of 5% has room for continuous improvement, and the compound growth rate of earnings in the next two years is 41%.The structural improvement will continue to drive the company’s gross profit margin, the streamlining of the product system and the collaboration with Bancheng in the province, which will help the company to improve its production and marketing efficiency. Estimated and proposed revenue forecasts remain unchanged. As a result of the increase in selling expenses, the net profit attributable to mothers is reduced by 8/19.7% / 11.6% to 3.49/5.3.7 billion, so the target price is reduced by 11.4% to 21 yuan, the date 20 years profit 6.98 trillion, target price corresponds to 19/20 27.0/20.8xPE, current price corresponds to 19/20 20.1/15.5xPE, with 34% growth in target price. Maintain recommendation. Risks If nationally strong brands continue to increase spending in Hebei, company revenue will be under pressure.

Yunnan Tourism (002059) 2018 Annual Report and 2019 First Quarterly Report Review: Focus on the main business to create a comprehensive tourism service provider

Yunnan Tourism (002059) 2018 Annual Report and 2019 First Quarterly Report Review: Focus on the main business to create a comprehensive tourism service provider

This report reads: In 2018, the company focused on its main business, acquired high-quality travel agencies, replaced real estate business, and defined the strategic objectives of the “global tourism integrated service provider”. Investment points: Maintain an overweight rating.

Due to the divestiture of the real estate business in 2018, the EPS for 2019-2021 is reduced to 0.

06 (-0.

12) / 0.

08 (-0.

12) / 0.

At 09 yuan, 北京夜网 Ruowenlv Technology injected 2019-2021 EPS to 0.



29 yuan.

Due to the higher certainty of cultural tourism technology injection, the target price is raised by 9.

06 (+2.

36) Yuan, maintaining the overweight rating.

Brief description of results: 2018 company revenue22.

60 billion / + 11.

56%, net profit attributable to mother 4.

8.7 billion / + 580.

37%, deducting non-net profit -1.

87 / -397.


Revenue for the first quarter of 20193.

2.7 billion / + 15.

06%, net profit attributable to mothers-20.86 million (Q1-2083 million in 2018).

Performance is in line with expectations.

Focus on the main tourism industry and strengthen core business.

① In 2018, the main business remained stable, and the large increase in performance was mainly due to the transfer of equity (55%) 无锡夜网 of the holding subsidiary’s World Expo Real Estate to obtain investment income8.

90 billion; ② period expense ratio of 14.

38% (+1.

52pct), of which the overhead rate is 8.

71% (+1.

93pct), due to the increase in the service fees of major asset restructuring intermediaries and the implementation of the new staff budget system, the company’s expenditure increased.

③ The company divested its real estate business and merged with Provincial National Tourism. After the injection of cultural tourism technology, it will gradually focus on the main tourism industry.

Clear strategic goals of “Global Tourism Comprehensive Service Provider”.

Restructuring of cultural tourism technology will be completed as soon as possible, enriching and optimizing the company’s profit model; giving priority to promoting the integration and acquisition of qualified tourism resources within the group company, and doing a good job of capital operation and investment construction centering on the World Expo Park upgrading projectFinding suitable external investment and merger opportunities around the company’s main tourism industry and the advantages of the industrial chain, expanding high-quality tourism factor resources, and enriching the company’s immediate economic benefits.

The business goals for 2019 are: to achieve an operating income of 2.5 billion yuan and maximize profits2.

500 million.

Risk factors: accounts receivable risk, project settlement progress is not up to expectations, macroeconomic changes

Jiuyang Shares (002242): Good revenue growth and continuous improvement

Jiuyang Shares (002242): Good revenue growth and continuous improvement

Core point of view: Good revenue growth and continuous improvement in operations.

900 million (+ 15% year-on-year.

0%), net profit attributable to mother 4.

10,000 yuan (+9 compared with the same period last year).

7%), net profit after deducting non-return to mother 3.

800 million (+29 compared to the same period last year).

1%), gross profit margin 32.

3% (YoY-0.

7pct), of which the gross domestic profit margin is 34.

1% (+ 1pc y / y), gross profit margin for export is 10.

6%, net interest rate 9.

7% (YoY-0.


The company achieved total operating revenue of 23 in Q2 2019.

900 million (+ 15% year-on-year.

3%), net profit attributable to mother 2.

400 million (+8 year-on-year.

9%), deducting non-returning net profit of mother 2.

200 million (+ 48% year-on-year.

6%), gross profit margin 32.

0% (YoY-2.

1pc), net interest rate is 10.

2% (YoY-0.


The revenue maintained a good growth, and the company’s sales continued to improve under the environment of weak domestic consumption demand.

After deducting non-returning profits, the profit growth rate in ten years is faster than the income growth rate. Eventually: In 2018H1, a large amount of advertising costs were invested, and sales expenses were incurred6.

300 million (YoY + 48%), this year’s sales expense ratio has dropped 四川耍耍网 by 2 year by year.

6 points.

The net profit attributable to mothers has been slower than the net profit attributable to non-parents after deduction for a few years. It is expected that the sale of Suzhou Jiuyang, a subsidiary in 2018H1, will make a profit of 76.79 million yuan, resulting in more non-recurring profits and losses.

Operating net cash flow decreased by 21%, in fact: 1) inventory increased by 21%; 2) accounts receivable income increased by 108%, we believe that the company mainly added Tmall flagship stores and other reasons, the confirmation time changedlong.

In addition, the company plans to distribute a cash dividend of 5 per 10 shares.

0 yuan.

The core product food processing series achieved accelerated growth, the export business grew rapidly by product, and the 2019H1 food processing 南京夜网 machine business revenue18.

0 million yuan (+16 compared with the same period last year).

6%), to achieve accelerated growth, we believe that this is mainly driven by the rapid growth of the income of wallbreakers in the domestic market; nutrition pot income14.

300 million (+18 year-on-year.

9%), mainly driven by export OEM; induction cooker income 2.

800 million (YoY-11.7%); Western-style electrical appliances income 5.

300 million (+16.

5%); income from other products1.

200 million (+25 year-on-year.


On the whole, the gross profit margin of all products (except nutrition pots) has been steadily rising, and the trend of upgrading the product structure has continued. Since the categories for export are classified as nutrition pots, the gross profit margin for exports.

6%, lower than domestic sales, thus leading to a decline in gross profit margin of nutrition pot.

By region, territory income 38.

700 million (YoY + 7%), overseas income 3.

200 million (YoY + 1307%). The export business mainly comes from the foundry orders of SharkNinja acquired by Jiuyang for the parent company. We expect that the related party transactions will continue to increase in the future and the export sales will achieve rapid growth.

Basic assumptions for profit forecast of investment advice: We expect that the concentration of the small home appliance industry will continue to increase. Based on this, we predict that the company’s net profit attributable to its mothers will be 8 in 2019-2021.

3, 9.

5, 10.

8 ppm, an increase of 9 per year.

9%, 14.

3%, 13.

5%, the latest closing price corresponds to the 2019 estimate of 19.


As a small appliance innovation leader, the company has made significant product adjustments and improved its performance. With reference to the valuation of comparable companies, the company is given a reasonable value27.

RMB 0 / share, corresponding to 25xPE in 2019 to maintain a “Buy” rating.

Risk reminder: New product promotion exceeds expectations; raw material prices are rising; industry competition is intensifying; consumption upgrade trend is gradually increasing; average price increase speed indicator; company promotion investment is too large.