Limin shares (002734) 2019 first quarterly report comment: the first quarter investment income bright optimistic about performance growth

Limin shares (002734) 2019 first quarterly report comment: the first quarter investment income bright optimistic 深圳桑拿网about performance growth

The core point of view benefited from the rising price of chlorothalonil. The company’s net profit attributable to mothers increased by 41% in the first quarter of 2019.

We are optimistic that the company will benefit from the gradual release of new production capacity and Weiyuan’s consolidation. Future performance is expected to continue to improve.

EPS are expected to be 0 in 2019-21.



24 yuan (not considering the thickening of the results brought by Weiyuan’s consolidation), maintain the target price of 19 yuan and a “buy” rating.

Net profit increased significantly in the first quarter, and Xinhe Chemical performed well.

The company achieved revenue in the first quarter of 20193.

9.7 billion, +9 per year.

9%; net profit attributable to mother is 82.55 million yuan, +40 for ten years.


Benefit from the increase in the price of chlorothalonil (average price of 5 in the first quarter of 2019.

5 million tons / ton, up to 10%) and the release of new production capacity, the performance of the associate Xinhe Chemical significantly improved, driving the company to achieve a net investment income of 41.18 million yuan in the first quarter, at least +77.

0%, contributing more than 75% performance increase.

It is expected that under the background that Anhuan’s supervision will become severe, the price of the company’s main products will remain at a high level, and production capacity will continue to increase, and performance growth can be expected.

Orderly expansion of production capacity is expected to release results this year.

Subsidiary Hebei Shuangji 1 entered Daisensen production capacity in 2018 and is expected to be completed and put into operation in the first half of 2019, when the company’s Daisen production capacity will reach 4.

5 nominal.

The joint-stock company Xinhe Chemical 1 entered the production capacity of chlorothalonil and was completed and put into operation in 18Q4. The total production capacity reached 3 indicators and the global share increased to 50%.

At the same time, the project with an annual output of 500 tons of benzconazole was also started at the end of 2018, and is expected to be completed and put into operation in the second half of 2019.

In the future, the production capacity will increase in an orderly manner, and the company’s leader will be further consolidated. The additional production capacity is expected to release performance in 2019.

The acquisition of Weiyuan was completed, and the consolidation is expected to bring increased performance.

The target promises to achieve a net profit of no less than 1 in 2019-21.




Weiyuan Asset Group owns the production capacity of avermectin, avermectin, and other pesticides. Hebei Weiyuan is one of the three domestic avermectin manufacturers (with a capacity of 500 tons).

It is expected that after the completion of the acquisition, Weiyuan products are expected to form effective synergy with the company’s existing business, coupled with tight supply and demand for avermectin and other products, prices remain high, and the company’s performance is expected to increase.

Risk factors: falling pesticide prices; less-than-expected capacity expansion; increased industry competition.

Investment suggestion: We are optimistic that the company will benefit from the gradual release of new capacity and the consolidation of Weiyuan. Future performance is expected to continue to improve.

Maintain 2019-2 net profit attributable to mother.

5.8 billion / 3.

04 billion / 3.

52 trillion, the corresponding EPS predictions are 0.



24 yuan; the pro forma net profit after the acquisition of Weiyuan is expected to be 3.

4.7 billion / 4.03 billion / 4.

60 ppm, corresponding to an EPS forecast of 1.



62 yuan.

Maintain target price of 19 yuan (corresponding to 21 times PE in 2019) and “Buy” rating.

Changan Automobile (000625) in-depth report: the revolution is over

Changan Automobile (000625) in-depth report: the revolution is over
Taking into account the old-fashioned car powerhouses with independent joint ventures.Changan Automobile’s main business is vehicle manufacturing, which penetrates the entire automotive industry chain, including parts manufacturing, car sales, logistics, and financial services.Each of them has a number of automotive mainstream brands. The joint venture brands include Changan Ford, Changan Mazda, etc., and its own brands include Changan Passenger Cars, Auchan and Kaicheng Automobile. The main point of view: Three years (2016-2019) of the decline in sales and performance. The company’s strategy has been readjusted, and the focus has shifted to focus on the two core assets (Changan Autonomous & Changan Ford)., Downgrading capital investment, lowering financing, realizing reforms.”To comprehensively improve operating efficiency and drive gradual improvement in performance.The company was renovated, and the road to revival set sail. Changan Autonomy: The value-added share of new cars, the cost reduction and profit increase Changan overlaps with important positions in the autonomous camp, with a market share of 4% in 2019.Changan independently insisted on forward R & D, transitional development of new cars, and further expansion of the market scale. During the third venture, Changan’s independent sales continued to grow and scale effects were gradually realized. At the same time as the product structure was optimized, the cost reduction was expected to contribute to incremental profits.Changan independently “increases revenue, saves costs, reduces costs and controls investment”: 1) Starts a new generation of product cycles. The monthly sales of the new model CS75 Plus, which is listed in 2019H2, is stable at 20,000+. Key new models in 2020 include Yidong Plus and aChangan’s independent SUVs have increased the proportion of overall mid-to-high-end models, and the product structure has been optimized; 2) The new generation of Plus series models are equipped with the new power brand Blue Whale 杭州夜网论坛 Power (currently supporting models include CS75 Plus / CS35 Plus / Yidong etc.)The cost reduction of bicycles was achieved through the increase of the proportion of independent engine support, driving Changan’s independent profit to continue to increase; 3) Focusing on the electric intelligent field.From the release of the “Shangri-La” plan in 2017, to the launch of the intelligent strategy “Beidou Tianshu” plan in 2018, and the establishment of a T3 technology platform company with FAW Dongfeng in 2020, Changan will independently control capital expenditures and focus on the field of electric intelligence for the future.The industrial transformation and upgrading have continuously accumulated core competitiveness. Changan Ford: Overweight domestic Lincoln, rebranding Ford brand has a century-old history, global influence transmission (2019 global market share of about 6%); Changan Ford, as a joint venture platform for Ford passenger cars in China, achieved brilliant brand sales in 2016, Annual sales of 94.40,000 vehicles, the average net profit of bicycles is 2.0 million.At present, Changan Ford is at the bottom of the power storage stage. With the revival of the product cycle, strategic multi-dimensional adjustments, and the drive of Lincoln’s localization, the Changan Ford brand has been reshaped to gradually achieve sales recovery: 1) Ford headquarters begins a new round of product cycles, 2019 In December of this year, the wing tiger changed its name to Ruiji, which is expected to contribute 3-5 thousand monthly sales in 2020; 2020Q2 will launch a new medium and large SUV explorer; 2) Ford 2.0Strategic upgrade, Ford China fully realized localized operation. After changing the coach, it will mainly promote the NDSD channel model to reduce the burden on dealers, optimize terminal inventory, and achieve a win-win situation. Changan Ford actively “reduces inventory.”年 年3月第一款SUV冒险家上市,2020Q2及H2分别再推出一款全新SUV,消费升级驱动豪华车市场稳步增长,预计国产林肯2020年为长安福特贡献4-5万辆销量。 Load reduction in 2020: new energy financing, PSA cashing in, JMC reform company to gradually optimize the asset structure: 1) Changan New Energy proposed to invest in the war to promote mixed reform of state-owned enterprises.After the completion of the capital increase and share expansion plan, the company’s shareholding ratio will replace 48.9%, after the financial statement, the company is expected to reduce losses by about 300 million in 2020; 2) Changan PSA 50% distribution plan is fully transferred to Qianhai Ruizhi (Baoneng shares) with a transfer amount of 16.At the same time as the realization of PSA’s equity, the company is expected to reduce its losses by about 11 trillion in 2020; 3) JMC Holdings completed its reforms in 2019. After the equity transaction, the company’s shareholding ratio exceeded 25%.The company divested or liquidated the expected assets, realizing financial burden reduction, and put on the battlefield in 2020. Investment suggestion The recovery trend of the passenger car industry remains unchanged. The strategy focuses on two core assets during the current cycle, and performance conversion is imminent. The two major factors driving the company’s improvement in this round are: 1) Changan has independently increased through the third entrepreneurial product cycle.Both volume and price increased; 2) Changan Ford bottomed upwards. After the revival of the product cycle, strategic multi-dimensional adjustments, Lincoln’s localization drive, and marginal improvement gradually realized.In the long run, the company is deeply bound with FAW and Dongfeng, transforming and upgrading to electric intelligence through the establishment of a T3 technology platform. Profit forecast: It is expected that the company’s net profit attributable to its mother in 2019-2021 will be -24.7/35.5/60.700 million; EPS are -0.51/0.74/1.26 yuan, corresponding to -18 for PE.73/13.00/7.62 times.Continue to give the company a target PE of 2020 and a target price of 13.32 yuan, maintain “Buy” rating. The risk reminds that the macro economy exceeds expectations, leading to downside risks in the auto market; sales of old models of all related brands are not up to expectations;Risk of fluctuation; Changan Ford’s strategic adjustment effect is not up to expectations, resulting in insignificant changes in Changan Ford’s operating margins.

Guizhou Moutai (600519) 2019 First Quarterly Report Review: Achieving a Good Start and Stable Transformation of Direct Sales

Guizhou Moutai (600519) 2019 First Quarterly Report Review: Achieving a Good Start and Stable Transformation of Direct Sales
Event: The company released the first quarter report of 2019, and achieved total operating income of 224 in 19Q1.800 million, an increase of 23.9%, net profit attributable to mother 112.2 trillion, the same increase of 31.At 9%, Congress announced that revenues increased by 20% and profits increased by 30%. The actual performance growth rate exceeded the announcement guidelines, slightly exceeding expectations, and achieved a good start as scheduled.  The recognition of advance receipts and the increase in ton prices have brought about rapid growth in statement income.First, the company received advance payment 113 at the end of Q1.800 million, down 21.900 million.According to grassroots analysis feedback, due to the effects of dealer bans and the slow pace of direct sales of Q1 since the second half of 2018, the actual shipment of Q1 is not expected to increase much, but the dealers have paid for the implementation of the April-June plan in March.Therefore, part of the advance receipts is confirmed to have an increase in income of 23%.9% of the main factors.Therefore, it is expected that the proportion of non-standard shipments will increase, which will increase the ton price.According to grassroots analysis and feedback, Q1 has significantly increased the proportion of non-standard issuance, whether it is the dealer or the direct sales channel. Among them, the dealers have completed delivery of the pig Mao Zodiac wine from January to April before the Spring Festival.Significant improvement, which is very obvious in 18Q4. It is expected that the product structure of 19Q1 will continue to improve.Finally, the series of wines continues to grow rapidly.The company’s Q1 series of wine revenue 21.3 ppm, in line with the data disclosed by the Democratic Group, an increase of 26 per year.3%, continued to 北京夜生活网 maintain rapid growth.  The direct sales Q1 was not fully released, which was in line with previous judgments, and Q2 accelerated as scheduled.Judging from the direct sales progress that the market is very concerned about, the company’s Q1 direct sales revenue was 10.9 trillion, down 21 a year.6%, direct sales accounted for 5.0%, a decrease of 3 percentage points, indicating that the Q1 company’s direct sales plan has been released, but since April, the company’s direct sales have accelerated as scheduled, and the sales company’s subsidiary company replaced the group buyer’s super channel investment layout.According to the Guizhou Provincial Bidding Network announcement, Guizhou Moutai Wine Sales Company will openly invite investment in the first batch of national and local hypermarkets in Guizhou. The first batch of 3 national business super service providers is planned to attract investment, Feitian 400 tons, 3 local service providers in Guizhou, Feitian200 tons.In addition, according to Weijiu media reports, in order to speed up the construction of the terminal channel system, the company announced the deployment requirements for the collection of high-quality group purchases and the resources of hypermarkets, of which 9 types of group purchase objects meet the first recommended conditions.  The current accelerating progress of Moutai’s direct sales is in line with previous judgments. After completing the start, the direct sales plan was gradually finalized after the recent establishment of a marketing company from Moutai Group. According to the documents, the investment promotion was arranged by a sales company under the joint stock company.The main channel for the direct sales volume of joint-stock companies, the pace of subsequent direct sales volume gradually accelerated, and the company’s performance certainty continued to be worry-free.  Taxes and sales expenses decreased, and profitability increased steadily.The company’s gross profit margin in 19Q1 was 92.4%, a year to raise 0.7pct. It is expected that the increase in the ton price of Q1 products will further increase the gross profit margin.For the expense ratio, the tax and surcharge are 10.7%, down by 3 per year.0, the tax rate is lower than a reasonable level, the timing point of the main category of consumption tax recognition is expected; the sales expense rate is 3.9%, down by 1 every year.3pcts, it is expected that the market expansion costs will further decline, but the investment in series wine will gradually decrease.The company’s Q1 net profit reached 53.0%, an increase of 3 a year.4.Initially, the focus of the improvement of profitability is also on the promotion of the ratio of direct channel operation and the promotion of non-standard products.  Dealers continued to optimize and channel marketing was smoothly transformed.In terms of the number of dealers at the end of Q1, the number of domestic dealers was 2,454, a decrease of 533 from the end of last year. Among them, some series of liquor dealers were cleaned up and eliminated. Series of liquor dealers decreased by 494. Moutai liquor dealers also continuedBanned adjustments, reducing Q1 by 39.There are 115 foreign distributors. Since this year, the company has accelerated the spread of overseas cultural Moutai and market development in South America and other places with good results.It can be grinded from the change in the number of distributors alone. Whether it is the transformation of Moutai liquor marketing system and direct sales, or the series of wines have gradually shifted to development, the company’s channel marketing conversion has gradually stabilized, and the channel’s active substitution has been affected.Judging from the recent channel tracking, dynamic sales and demand remained strong, and the approval price performance continued to be firm, stable at around 1900 yuan.We insist that in the long run, Moutai has experienced short-term marketing adjustments since last year, and the choice of marketing reform path fully demonstrates that Moutai participants strive to achieve the best balance of interests under multi-party relationships and achieve significant progress in governance structure.Performance certainty will also achieve higher estimated premiums.  Maintain target price of 1,000 yuan, “strong push” level.The company’s dealers continued to optimize, and channel marketing gradually transformed. In the first quarter, it made a good start as expected, with strong brand power and market response capabilities. The subsequent direct sales quickly ensured rapid growth in certainty, and the internationalization of premium liquor asset evaluation became clearer.We temporarily maintain the company’s EPS forecast for 2019-202133.5/39.3/45.3 yuan, corresponding to PE is 29/25/21 times, maintaining a target price of 1,000 yuan, corresponding to 20 years of PE at about 25 times, maintaining the “strong push” level.  Risk reminder: The prosperity of high-end wines has declined, and market prices have fallen sharply.

Perfect World (002624) Annual Report 2018 and 2019 First Quarterly Comment: Redundant profitability of product reserves continues to increase

Perfect World (002624) Annual Report 2018 and 2019 First Quarterly Comment: Redundant profitability of product reserves continues to increase

First, the event company achieved operating income of 80 in 2018.

34 ppm, an increase of ten years.

31%; Net profit attributable to shareholders of listed companies.

0.6 million yuan, an increase of 13 in ten years.

38%; net profit of non-attributed mothers is 14.

47 ppm, a 10-year increase3.


In the first quarter of 2019, the company achieved operating income of 20.

42 ppm, an increase of 13 in ten years.

26%, net profit attributable to shareholders of listed companies.

860,000 yuan, an increase of 34 in ten years.

95%; net profit deducted from non-return to mother 4.

63 ppm, an increase of 56 in ten years.


Second, our analysis and judgment. The company’s performance in 2018 was affected by policies, and the growth rate was slightly lower than expected. In 2019, the industry environment continued to improve. The company’s various fine-quality games have been launched online. At the same time, the company’s film and television production reserves are sufficient.Growing rapidly.

(I) The gross profit margin of the game business has steadily increased, the platform has helped to expand the company ‘s influence reports, and the company ‘s game business has steadily improved, achieving operating income of 54 in 2018.

21 ppm, a decrease of 4 per year.

06%, operating costs reached 18.

1.3 billion, down 9 a year.

24%. Although the business scale has improved, the gross profit margin has increased to 66.

56%, an annual increase of 1.


The 苏州桑拿网 company’s classic end-games “Xianxian” and “Perfect World International Edition” continued to contribute stable revenue. At the same time, the company also deployed mobile and console games.》 Mobile game topped the top-selling list of iOS for more than half of the time, and was loved by players. Then in May, it moved to another online game developed by the company, the second-order mobile game “Cloud Dream Four Songs”.Significant improvement.

In addition, in 2018, the company reached a strategic cooperation with Valve Company to jointly establish Steam China, and the company’s platform attributes have been further improved. It is believed that the company’s influence will be further expanded in the future, while accelerating revenue growth.

(2) The growth rate of the three fee rates is stable, the company’s profit level 深圳SPA会所 continues to increase in 2018, and the company’s selling expenses have increased by 18.

41% to 8.

80 ppm was mainly due to the increase in marketing expenses for new games on the market; administrative expenses decreased and decreased7.

53% to 7.

04 million, maintaining stability; financial expenses are reduced by 11 every year.

71% to 1.

68 ppm was mainly attributable to a reduction in foreign exchange loss gains and losses.

Reporting the average, the company’s three fees as a whole remained stable.

Affected by the hospital line business, the company’s gross profit margin changed slightly in 2018, but after excluding the impact of the cinema line business last year, the company’s gross profit margin was restored in the first quarter of 2019, and the company’s products were gradually phased out. It is expected that the company’s profit level will continue to improve.
(3) The film and television business has sufficient product reserves and performance is worth looking forward to. In terms of film and television, the company achieved operating income in 201826.

13 ppm, an increase of 14 in ten years.

62%, mainly because the company’s investment in film and television business continued to increase.

Under the influence of industry policies, 2018.

78% to 33.5%, but the number of reports, the company’s many works performed well in the market, “Song of Fire” ranked third in the number of Internet dramas in 2018 with more than 8 billion network broadcasts, and “Youth Fight” became the bone TV drama list 2019The only original screenplay TV show that has hit the charts three times during the broadcast period since March.

From the perspective of TV drama reserves, there are 9 TV dramas that have been produced, 10 TV dramas in post-production, and another 3 dramas in shooting, and 14 dramas in preparation.Growth, it is expected that the company’s TV drama business will continue to grow in the future.

Third, the investment proposal estimates that the company’s net profit attributable to the mother in 19/20 will be 20 respectively.

8.7 billion / 24.

42 ppm, an increase of 22 in ten years.

3% / 17.

01%, the corresponding PE is 17 respectively.

8x / 15.

2x, give recommendation level.

Fourth, risks indicate that the game flow is lower than expected, the income from film and television works is lower than expected, and policy supervision is tightened.

Desai Xiwei (002920): The performance is slightly higher than expected, ASP is initially reflected in logic

Desai Xiwei (002920): The performance is slightly higher than expected, ASP is initially reflected in logic

Desai Xiwei released three quarterly reports: in Q3 2019, it achieved revenue of 12 quarters.

74 trillion, ten years +6.

10%, the net profit attributable to the mother is 40.5 million yuan, a year -21.

02%; Revenue in Q1 2019 reached 35.

460,000 yuan, at least -12.

70%, net profit attributable to mother is 142.74 million yuan, -57 for many years.


The performance was slightly higher than expected. Under the background of the auto market replacement, the company’s revenue has continued to reverse the trend for four consecutive quarters, partly because Volkswagen Tan Yue ‘s sales exceeded expectations and became explosive models, and partly due to the start of the bike ‘s limit value ASP

We published the weekly report “Computer Q3 Performance Forecast!” On October 8, 2019.

》 Desixiwei Q3 single-quarter revenue is expected to be 12.

1.9 billion, previously + 1%, net profit attributable to the mother was 35 million yuan, each -32%, the company’s Q3 single quarter revenue and profit were slightly higher than our previous expectations.

In the single quarter of 2019Q3, the overall sales volume of passenger cars in China was six months.

04%; Desai Xiwei Q3 single-quarter sales of supporting vehicles for six months -9.


Although the company is still affected by the downturn in the passenger car market, sales of its Q3 supporting car series are still negative, but Q3’s single quarter revenue has begun to turn positive, indicating that ASP improvement logic has gradually begun to materialize, and new products such as the company’s T-BOX and automatic parking systems have successively Q3 WestThe sales performance of FAW-Volkswagen Tanyue models equipped with Via’s in-vehicle infotainment system exceeded expectations and also increased revenue.

“Scale effect” and mass production of new products led to a continuous increase in gross profit margin in a single quarter; credit impairment losses increased to offset profits, but the company’s customer structure optimization in the past two years has achieved significant results to ensure that future risks can be reduced; research and development costs have been reduced and flatQ4 is expected to remain stable.

(1) The gross profit margin increased quarterly as the “bright spot” of the financial report: affected by the annual decline, the company’s gross profit margin in 2018Q4 replaced the lowest valley of 20.

After 53%, the gross profit margin has picked up quarter by quarter since this year.

56% / 23.

28% / 24.

14%, Xiwei’s business has the expected “scale effect”. It is estimated that the rebound in gross profit margin should be caused by the increase in volume and dilute fixed costs. The other part is expected to be the mass production of new products with increased gross profit margin or high gross profit customers.Due to the increase in sales of supporting vehicles.

(2) The risk of bad debts and inventory depreciation is controllable in the future: The company generated -29.5 million assets impairment loss and credit impairment loss in 2019Q3, compared with -7.88 million in 2019Q2 and -14.07 million in 2018Q3, mainly due to accounts receivableDue to the provision for special bad debts.

In the past two years, the company proactively optimized the customer structure and converted resources to focus on the strength of the overall car plant customers. Xiwei New opened up Changan Automobile, Changan Ford, FAW Toyota, GAC Toyota, and maintained close business contacts with Toyota Japan.; This year, Geely is expected to enter the company’s top five customers, replacing GM Wuling, which has poor sales, and the overall risk is controllable and expected to be reduced.

(3) This year’s personnel requirements have been met, and R & D costs have remained stable: 2019Q3 R & D costs are 1.

67 trillion, +2 for ten years.

81%, -5.

34%, expenses remain stable.

It is estimated that the company’s R & D staff has increased from 1900 to 2,000 in the initial period. Due to the increase in order items, the demand for application research and development personnel recruited has been basically met, and the gradual research and development costs are expected.

At 17 ppm, Q4’s R & D expenses are the same as Q3.

Maintain profit forecast and “Buy” rating.

We maintain the Air Force profit forecast and expect EPS to be 0 重庆夜生活网 in 2019/2020/2021.

49 yuan / 0.

88 yuan / 1.

61 yuan, and maintain the “buy” rating previously specified.

China Merchants Bank (600036) Third Quarterly Report Review: Excellent Asset Quality and Strong Profitability

China Merchants Bank (600036) Third Quarterly Report Review: Excellent Asset Quality and Strong Profitability

Event: China Merchants Bank released three quarterly reports, and achieved operating income of 2077 in the first three quarters.

300 million, an increase of 10 in ten years.

36%; 772 net profit is gradually realized.

3.9 billion, an increase of 14 years.


Defective rate 1.

19%, a decrease of 4BP from the end of the previous quarter; provision coverage ratio was 409.

41%, an increase of 15 from the end of the previous quarter.

29 units.

The growth rate of net profit attributable to mothers increased compared with the previous two quarters, and the profitability was strong.

Net profit attributable to mother in the third quarter was 266.

27 ppm, an increase of 17 in ten years.

69%, the growth rate of net profit attributable to mothers continued to increase in the single quarter (the growth rates in the first and second quarters were 11 respectively.

32%, 14.


The growth rate of net profit is higher than the profit growth before provision, and provision has become a source of profit release.

Net interest margin fell month-on-month, but still maintained a high level.

Annualized net interest margin for the first three quarters2.

65%, which is 5bp lower than the net interest margin in the first half of the year and 2 in the third quarter.

57%, a decrease of 12bp from the second quarter.

The decline in loan interest rates and the rise in deposit costs have narrowed the narrowing of the net interest margin.

Thanks to the high proportion of retail business, China Merchants Bank’s net interest margin is still at a relatively high level among listed banks.

The growth rate of non-interest income increased, pushing the revenue growth rate higher than in the second quarter.

Net income from fees and commissions increased by 17 in the third quarter.

25%. It is estimated that due to the increase in net foreign exchange gains and losses, and gains from changes in fair value, non-interest income in the third quarter increased by 21% each year.

Driven by non-interest income, annual revenue growth in the third quarter (11.

85%) increased by 4 compared with the second quarter.

58 units.

The retail business has solid advantages and rapid revenue growth.

As of the end of the third quarter, CMB’s retail loans accounted for 55.


In the first three quarters, China Merchants Bank achieved 1,069 retail financial business revenue.

08 million yuan, an increase of 22 in ten years.

18%, accounting for 55 of total revenue.

03%, retail finance business is still the main driver of revenue growth.

The asset quality is excellent, and the provision coverage ratio continues to increase.

As of the end of September, CMB’s NPL ratio was 1.

19%, down 4BP from the end of the previous quarter.China Merchants Bank’s bad confirmation is strict, historical burden is small, and the non-performing rate has decreased for 11 consecutive quarters.

Credit impairment losses in the third quarter were 118.

7.2 billion, down 26.

96%, an annual decrease of 11.


However, thanks to the improvement of the denominator, the provision coverage ratio was 409 at the end of the third quarter.

41%, still up 15 from the end of the previous quarter.

29 units.

China Merchants Bank’s level of provision coverage has provided it with a 武汉夜网论坛 higher level of safety, and also left room for profit release in the future.

Investment suggestion: China Merchants Bank’s asset quality continues to improve, and the length of profit release space.

The retail business has a solid advantage, and its performance has continued to increase, with a “Buy” rating.

Risk reminder: Pay attention to the risks of the decline in asset quality caused by the decline of the macro economy.

Guodian NARI (600406) Interim Report Comments: Interim Report Meets Expectations Steady Growth of ICT Business

Guodian NARI (600406) Interim Report Comments: Interim Report Meets Expectations Steady Growth of ICT Business

Event: The company released a 19-year semi-annual report and achieved revenue of 109.

34 billion, an increase of 3.

57%; net profit attributable to mothers was 1.2 billion, down by 11.

17%; deduct non-net profit 11.

14 billion, an increase of 4.

1%; mainly due to the impact of changes in the provision of bad debts, otherwise profits are expected to grow further, and performance is in line with expectations.

In a single quarter, the revenue in 19Q2 was 71.

8.3 南京桑拿网 billion, an increase of 7%; net profit attributable to mother 11.

25 billion, down by 10.


The gross profit margin was relatively flat, and the ICT and integrated gross profit margin increased: the gross profit margin of the company in 19H1 was 27.

52%, flat for one year, up 3 from the previous month.

41pct to 24.

11%; ICT gross profit margin 23.

26%, the same increase of 2.

94pct, the improvement of the business structure; the protection of relay protection and the decline in the gross margin of flexible transmission3.

31 points to 32.

83%, the competition is intensified, IGBT raw material prices have risen; the power grid automation gross margin has been reduced by 0.

92pct to 27.

53%, due to changes in business structure; integrated gross profit margin increased by 17.

45pct to 46.

66%, the increase in energy-saving equipment rental fees.

Order underwriting growth in 19 years: At the end of 18, the company had 33.1 billion orders on hand (+5.

83%), with 193 new orders annually.

700 million (+ 11%); 19H1 management expense ratio decreased by 0.

35pct. In one year, it is planned to realize revenue of 314 billion yuan (+ 10%), operating costs of 22.3 billion yuan (+ 10%), period expenses of 36 billion, and the period expense rate will further decline.

Ubiquitous electric power Internet of things, UHV business is expected to usher in a new round of growth: Ubiquitous electric power Internet of things, UHV business is expected to usher in a new round of growth; internally, in the next 2-3 years, it will contribute to the company’s DC transmission related business development.

Investment suggestion: The company’s EPS for 19-21 is expected to be 1.



At 31 yuan, the corresponding estimates are 17.



2 times, give 22 times estimate in 19, maintain “Buy” rating.

Risk reminder: grid construction is lower than expected, competition is intensified, and risk is assessed

Risk capital research in the first half of the year

Risk capital research in the first half of the year
In the first half of the year, insurance capital researched 263 listed companies that were more than 80% continuously expanding and the highest increase was more than 5 times. This year, reporter Su Xiangzheng, insurance capital has conducted intensive research on A-share listed companies.”Securities Daily” reporter according to the Oriental Fortune Choice combing shows that this year as of yesterday (June 25) closing, the insurance capital (insurance company + insurance asset management company) surveyed a total of 263 listed companies.  From the development trend of the companies surveyed by the insurance capital, 217 of the 263 companies have an annual internal growth (unreinstated), accounting for 83%, and the highest increase is more than 500%.In the eyes of most people, listed companies surveyed by insurance companies are generally expanding but have a certain relationship with better fundamentals. However, the market situation this year is even a major reason.  From the perspective of the industries of the companies surveyed, the “information transmission, software and information technology services” (CSRC industry (2012)) technology companies were surveyed the most, with a total of 44 companies, accounting for 17%; in general,There were 18 companies surveyed in chemical preparation, chemical raw materials and other industries; 5 companies in communications supporting services and communication transmission equipment companies were surveyed.  From the frequency of surveys, large insurance companies such as China Life and Ping An are the most diligent. From yesterday, this year, the insurance capital found a total of 710 listed companies, down 13% from 806 times in the same period last year.  Oriental Fortune Choice data shows that since this year, China Life has surveyed 93 listed companies; Ping An Pension has surveyed 36 listed companies.In addition, Xinhua Insurance, PICC, China Insurance, Happiness Life, etc. have gradually found listed companies.  Take China Life Insurance as an example. In addition to the listed companies whose research scope includes Qingsong, Jiuqi Software, Huichuan Technology, Desaixiwei, Sunlord Electronics, East China Medicine, Yuxin Technology, Shenzhen Chiwan, China Merchants Port, XuediLong, Lixun Precision, etc.  From the perspective of companies researched by venture capital, eight companies including Hikvision, Huichuan Technology, East China Medicine, Dabeinong, Guanglianda, Northern Huachuang, and Senma Clothing were found more than 10 times.Among them, Hikvision was surveyed 37 times on insurance capital, and 28 institutions have called them “stepping points.”  In fact, since this year, the company has received a total of 1,002 financial institutions of various types, ranking first in the survey of institutions, and fund companies, private equity, and insurance have attracted attention.Orient Securities believes that Hikvision is a global security leader with a stable 北京桑拿体验网 team, strong R & D strength, and outstanding channel advantages; the security market is still worth looking forward to, and the company’s market share will continue to increase; innovative business as a new business for the company, from 2019 toIt will grow rapidly in 2021.  Judging from the development trend of the company under study, according to a reporter from the Securities Daily, this year, 217 of the 263 listed companies surveyed by the insurance company have continued to grow (unreinstated) and 46 have changed since yesterday.Among them, 10 companies including Zhongjian Technology, Daily Interaction, New Media Shares, Leading Puzzle Manufacturing, Jinyi Technology, Mingyang Intelligent, Shun Ye (right protection), Longma Sanitation, and Tangrenshen rose more than 100%.  The impact of equity investment on the profits of 天津夜网 insurance companies Although the investigation of insurance capital does not represent the actual investment, research is an important change before the investment of insurance capital, and alternative discoveries to a company or industry can also reflect the development prospects of this fieldunderstanding.  In addition, since this year, the supervision has frequently encouraged insurance capital to enter the market as long-term funds. As long as the news reports that the scale of insurance companies’ equity investment is expected to increase by another 10% to 40%, in this context, the exploration of insurance capital is more valued by listed companies.  From the insurance fund utilization survey data recently released by China Insurance Asset Management Association, as of the end of 2018, the asset allocation of insurance companies is still mainly solid income, with bond investment accounting for 39% and bank deposits accounting for 12.3%, financial product assets accounted for 18.5%, stocks and public funds accounted for only 10.8%, the equity investment ratio is far below the regulatory upper limit.  In addition, the latest data from the China Banking Regulatory Commission showed that as of the end of April this year, the balance of funds used by the insurance industry was 16.$ 99 trillion, of which about 2 were invested in equity and securities investment funds.14 trillion yuan, accounting for about 12.6%. Although the investment ratio has been further increased from the end of the previous year, there is still room for improvement in the actual insurance equity investment ratio.  In fact, although the proportion of equity investment in the overall asset allocation of insurance capital is not large, its impact on the profits of insurance companies penetrates.Tianfeng Securities believes that listed insurance companies have reported dazzling profits and premiums in the first quarter of this year. After the improvement of the asset side, it is confirmed that it can further increase the estimated net profit and increase the total growth.4%, net assets increased by 9 earlier.6%, the main reason is the growth of equity market.  For the overweight equity investment in insurance funds, Song Jin, an analyst at Shengang Securities, believes that “at present only bonds and equity investments can meet the requirements for insurance capital income.”Compared with bonds and equity, the benefits of non-standard assets have just been realized. The amount of investment research required for insurance companies is higher than the expected return rate of various insurance companies.Means the end of old investment ideas.

Chengde Lulu (000848) 2018 financial report review: steady transition of new products and gradually increasing growth in 19 years

Chengde Lulu (000848) 2018 financial report review: steady transition of new products and gradually increasing growth in 19 years

Event: On March 16, the company released its 2018 annual report, and the company achieved operating income of 21 in 2018.

2 ‰, increasing by 0 every year.

48%; net profit attributable to mothers4.

13 ppm, a decrease of 0 per year.


Among them, Q4 company achieved revenue4.

48 ppm, a decrease of 18 per year.

80%, achieve net profit attributable to mother 0.

63 ppm, a reduction of 33 per year.


The company’s net cash flow from operating activities in 2018.

23 ppm, an increase of 251 over 2017.

48% point of view: the increase in ton prices has led to a slight increase in performance, and new product revenue has been slightly lower than expected.

The company achieved operating income in 201821.

20,000 yuan, a slight increase of 0 in ten years.

48%, distorting the continuous trend of revenue in 16 and 17 years.

First of all, the company’s performance has increased slightly. First, the plant protein beverage industry has ushered in a recovery in the background of Yili, Danone and other companies promoting soy milk and other products, and the upgrading of the company’s product structure.

Industry sales revenue increased by 11 in 2013.

92% slide all the way to 17 of 4.

97%, rose to 7 in 18 years.

More than 32%.

As the industry leader, the company took the lead in benefiting from the rapid growth of the industry.

Second, the company’s new product Lulu went public, which boosted the company’s ton revenue.

The price of the new Lulu is 25% higher than the price of the ordinary model, which can also increase the company’s ton revenue in 2018 to 9,728.

08 yuan / ton, previously +11.


In terms of quarters, the company’s single quarter growth rate decreased quarter by quarter, with Q1-Q4 being 13 in turn.

19% / 14.

97% /-5.

27% /-18.


The company’s growth rate started to decline in the third quarter. First, the company decided in May 18 to promote the new product “Hot Drink Lulu Almond Dew” in key cities across the country, and at the same time canceled the sales of ordinary Lulu.

The 武汉夜生活网 cultivation of new products usually requires a certain process. After the market accepts them, Lulu tries to become a new profit growth point for the company.

The new product performance is worth looking forward to, and the company’s gross profit margin and net profit margin are expected to continue to improve.

The company achieved net profit attributable to mothers in 20184.

13 ‰, at least -0.

13%, the slight fluctuation in profit was mainly caused by the surge in selling expenses.

We believe that the company’s performance is expected to improve significantly in the future as the cultivation of new products continues to mature.First of all, the launch of the new product Lulu increased the company’s gross profit margin to 50 in 2018.

76%, an increase of 3 over the same period of the previous 17 years.

5 points.

The company’s next focus is to expand the sales market of new products Lulu, while accelerating channel sinking.

As the proportion of new products Lulu continues to increase, the company’s gross profit margin is expected to continue to improve.

At the same time, the adjustment of the company’s advertising expenses and the adjustment of its expenditure system will help the company more effectively market cultivation and new product promotion, and thereafter will partially promote the growth of sales and income, and improve the company’s profitability.

Brand marketing efforts have been strengthened, and the budget system has been adjusted to stimulate new sales vitality for the company.

The company incurred selling expenses in 20184.

780,000 yuan, +26 a year.

6%, sales expense ratio 22.

53%, an increase of 4.

65 points.

In order to cooperate with the promotion of new products, the company’s significant expansion of sales expenses in the first half of the year, 2018H1 sales expenses extended 79.


The increase in sales expenses mainly comes from two aspects. The integration is the company’s new product promotion efforts and advertising efforts.

The company’s advertising costs in 2018 were 2.

$ 3.5 billion, an increase of 55 per year.


The company builds a bridge between brands and consumers by combining new marketing models of online marketing and offline promotion.

At the same time, the company has adjusted the sales staff’s income composition from 2018 to make the income directly linked to performance.

Increase investment in the front line of sales, through system management, grasp personal performance and income in real time, and stimulate their enthusiasm and subjective initiative.

We believe that the adjustment of the company’s advertising costs and the adjustment of its bidding system will effectively stimulate the company’s sales vitality and provide a good foundation for the company’s future performance growth.

In the future, as the new product market gradually matures, the increase in the company’s selling expenses is expected to weaken.

Conclusion: With the continuous promotion of new products Lulu and sinking of channels, coupled with consumers’ favor of the concept of “healthy drinks”, we continue to be optimistic about the company’s future development.

The company is expected to achieve operating income in 2019-2021.

2.8 billion, 23.

5 billion and 24.

9.2 billion, an annual increase of 4.

99%, 5.

50% and 6.

01%, achieving a net profit of 4.

5.7 billion, 5.

1.1 billion and 5.

7.5 billion per year.

87%, 11.

70% and 12.


EPS are 0.

46, 0.
52 and 0.
59 yuan, currently the corresponding PE is 19 respectively.

94x, 17.

82x and 15.

81x, give the company a “Recommended” rating.

Risk reminders: food safety issues, the decline in plant protein industry demand, the company’s new product promotion is less than expected, etc.

Jinhe Biological (002688): Benefit from the concentration of aquaculture to improve the transformation of chlortetracycline leading results

Jinhe Biological (002688): Benefit from the concentration of aquaculture to improve the transformation of chlortetracycline leading results
Abstract: 1. Global chloramphenicol oligopoly, growth in downstream demand boosted performance.The company has been cultivating in the field of veterinary drug additives for many years. It is tied with Chia Tai and is the world’s two oligarch for aquaculture.In the context of African swine fever, large-scale farming has higher requirements for biological control, and the market demand for chlortetracycline has expanded. It is expected that domestic chlortetracycline prices will remain high in 2019, and the company will benefit significantly. 2. Vaccines: The technological advantages are obvious, and future development is expected.The core competitiveness of the company’s round whole virus inactivated vaccine “Yuyuanbao” and live pig blue ear vaccine (PC strain) is high antigen purity and high antigen concentration.In 2017, the average total protein 四川耍耍网 content of all “Yuyuanbao” was below 100 μg / ml, and the concentration and intactness of intact circovirus particles were significantly higher than similar vaccines.Obtained production qualifications for live porcine parvovirus vaccine (NJ strain), inactivated swine erysipelas vaccine, live swine fever vaccine, etc., and the application for registration of importation of Mycoplasma hyorhinis-porcine circovirus type Ⅱ double vaccine has been steadily progressing.Ascension provides protection. 3. The starch business industry chain was extended, the third phase of the environmental protection project was completed, and the depreciation of the RMB increased exchange gains.Affected by the recovery of the downstream industrial chain, the sales of corn starch and co-products increased, and the increase in the price of corn starch increased to offset the impact of rising corn costs. After the completion of the third phase of environmental protection at the end of 2018, it is expected that capacity utilization will increase in 2019, and operating costs willSignificant decline; the rapid depreciation of RMB in H1 2019, and long-term exchange gains will significantly increase the company’s performance. Earnings forecast: Buy rating.It is expected that the company’s net profit attributable to the parent in 2019/2020/2021 will be 1.99/2.40/2.8.6 billion, corresponding to 0 EPS.31/0.38/0.45 yuan.Give 25 times PE in 2019, corresponding to 2019 target price of 7.75 yuan, closing price 4 on August 23, 2019.94 yuan, up 56.88%, give “Buy” rating. Risk reminders: 1. The risk of rising raw material prices.The proportion of raw material corn in the company’s product cost has broken through, so the increase in corn price has an impact on the company’s product cost. 2. The risk of abnormal exchange rate fluctuations.The assets denominated in US dollars and the company’s overseas sales revenue are related to changes in exchange rates, so changes in exchange rates will have a certain impact on the company’s performance. 3. The risk of new product market development falling short of expectations. The company’s veterinary vaccine business has the risk of new product market expansion falling short of expectations. 4. Policy risks.The company’s overseas revenue accounts for a large proportion, so the risks of import and export policies have an impact on the company’s performance.