Rongsheng Development (002146): Maintaining High Performance and Actively Investing in Expansion of Soil Storage
The core point of view performance maintained high growth, and margins fell slightly.The company achieved operating income of 243 in the first half of 2019.60,000 yuan, an annual increase of 25.7%, net profit attributable to mother was 29.40,000 yuan, an increase of 31 in ten years.1%.The company’s revenue growth is expected to increase the project settlement scale in the first half of the year compared with the same period of the previous year. The growth rate of performance is higher than the revenue growth rate mainly due to the impact of Rongsheng Kanglv’s business, and the minority shareholders’ profit and loss have dropped significantly.In terms of profitability, gross profit margin was 30.4%, down by 1 from 2018.1 average; net margin is 11.8%, down 2 from 2018.The four averages are mainly due to slight fluctuations in the profitability of settlement items. Steady sales, grasping the acquisition window period and actively investing in the expansion of soil storage.The company’s real estate sales in the first half of 2019 were 465.80,000 yuan, an increase of 16 in ten years.2%, sales area 422.70,000 square meters, an increase of 9 in ten years.9%, with an average sales price of 11019 yuan / square meter, an annual increase of 6.7%.In the first half of 2019, the company received a positive investment style in the end of the year. Through equity acquisition, bidding, and old village reconstruction, it has successively settled in 34 cities in Beijing, Tianjin, Hebei, Yangtze River Delta, and Midwest at a price of 3,419 yuan /The average floor price of square meters obtained more than 63 parcels of land, with a total capacity of 654.20,000 square meters, the land investment amount is 223.US $ 600 million. The intensity of land investment in the first half of the year was 48%, an increase of 31% over 2018. As of the end of June 2019, the total construction area of the company’s land reserve was 4,059.80,000 square meters. Affected by the expansion of investment, the leverage ratio increased slightly compared with the end of 2018.Interest-bearing debt accumulated in the first half of 2019 was 677.The net debt ratio in the first half of 2019 increased by the increase in investment intensity in the first half of 2019 compared 都市夜网 to the end of 2018.6 up to 96.5%.As of June 2019, the company has 313 cash on hand.3 ppm, short debt coverage 0.9, before the end of 2018 slightly decreased. Financial forecast and investment recommendation Maintain BUY rating and lower TP to 13.20 yuan (the original target price was 15.68 yuan).We adjusted the settlement items according to the interim report and adjusted the company’s EPS for 2019-2021 to 2.20/2.77/3.54 yuan (previous forecast was 2.24/2.81/3.61 yuan).As the PE of the comparable company is estimated to decrease in 2019, we adjusted the company’s PE multiple in 2019 to 6X, corresponding to a target price of 13.20 yuan. Risks suggest that sales in the real estate market have significantly exceeded expectations. Interest rates rose faster than expected.
Cree Electromechanical (603960) Semi-annual Report of 2019 Review： A New Chapter in Deep Ploughing and Developing Diversified Layout
Cree Electromechanical (603960) Semi-annual Report of 2019 Review: A New Chapter in Deep Ploughing and Developing Diversified Layout
The company’s performance achieved high growth in the first half of the year.
In 2019H1, the company realized revenue 3.
500 million, an increase of 45 in five years.
3%; net profit attributable to mother is 0.
50,000 yuan, an increase of 62 in ten years.
6%; net profit after deduction is 0.
4 ‰, an increase of 53 in ten years.
6%.
Benefiting from the smooth delivery of Bosch-based orders, the conversion of downstream manufacturers’ national 5 standards to national 6 standards, and the impact of the consolidation of Shanghai Zhongyuan, the company’s revenue and return to net profit in the first half of the year both achieved rapid growth.
In the second quarter, the company achieved revenue1.
90,000 yuan, an increase of 28 in ten years.
8%; net profit attributable to mother is 0.
20,000 yuan, an increase of 63 in ten years.
2%.
The second quarter results are still beautiful.
In the first half of the year, the company’s flexible automation equipment and industrial robot systems business was new in the first half of the year.
70 ppm, a decrease every year, and corresponding customer orders are expected to be released in the second half of the year.
The newly signed contracts are mainly concentrated in the fields of new energy automotive electronics (motors, electrical controls, energy recovery, etc.), automotive interiors, optical communications and 5G wireless communications.
Profitability has improved, and cash flow has improved significantly.
In 2019H1, the company’s gross profit margin was 28.
7%, reduced by 0 every year.
01pct, but an increase of 0 compared to 2018.
7pct; net interest rate is 15.
8%, increase by 1 every year.
7pct; ROE up to 8.
8%, an increase of 2 per year.
6 points.
The sales expense ratio / management expense ratio (including R & D) / financial expense ratio increased by -0 respectively.
twenty one.
4/0.
7 points.
The company’s expense ratio was well controlled, gross profit margin remained stable, and net profit increased 厦门夜网 slightly.
In the first half of the year, the company’s net cash flow from operating activities reached 5,393.
80,000 yuan, a significant increase of 5337 per year.
80,000 yuan, the company’s sales receipts increased significantly, and cash flow conditions have improved significantly.
R & D continued to be heavily invested, and new areas of deployment were beginning to bear fruit.
In the first half of the year, the company’s R & D expenses reached 1,807.
30,000 yuan, an annual increase of 94.4%, accounting for 5% of revenue.
2%.
While deepening and making breakthroughs in key areas of automotive electronics, the company has achieved initial results in the layout of new areas.
1) Part of the company’s IGBT module packaging test technology has been successfully applied to the PM4 project of United Automotive 天津夜网 Electronics.
2) The company successfully developed the field of assembly and testing of high-end complete sets of drive motor controllers for new energy vehicles, and obtained the latest product orders from the Bosch Group. It has achieved an order of magnitude leap in the scale of production lines and output value.
The company actively develops driverless related equipment technologies, successfully develops functional test and fatigue endurance test benches, and has created conditions for the progressive development of driverless car control electronics.
3) In the automotive interior parts industry, the company vigorously promotes the application of robotic automation and intelligent production technology, and has achieved independent research and development of small joint non-standard robot batch engineering applications in the field of seat production.
4) The company actively expands the field of optical communication and 5G wireless communication, and the equipment developed has been supplied to Finisar, a well-known manufacturer of optical communication devices worldwide.
Investment suggestion: The company is a national leader in automotive electronics equipment.
We expect the company’s expected earnings in 2019/2020 to be 0.
60/0.
85 yuan, the current sustainable corresponding PE is 47.
1/33.
4x, maintaining the company’s “recommended” rating.
Risk reminders: macroeconomic growth rate; decline in industry prosperity; high customer concentration; intensified market competition; less-than-expected technological transformation; lower-than-expected performance and so on.
Industrial Fulian (601138) financial report comment： Contrarian trend to improve profitability and wait for the arrival of 5G
Industrial Fulian (601138) financial report comment: Contrarian trend to improve profitability and wait for the arrival of 5G
The performance is in line with expectations, and the profitability has improved from the previous quarter in the first three quarters of 2019.
.
42%; net profit attributable to mother is 10.2 billion yuan, +4 for the whole year.
4%.
In Q3, the company’s operating income was 1094 trillion in a single quarter, a decrease of 12 per year.
4%; net profit attributable to mother is 470,000 yuan, 9 years.
2%.
The company’s third quarter earnings were better than the previous quarter, in line with our previous expectations for the company.
The decrease in the company’s Q3 revenue was mainly due to the decline in market demand. The company strategically abandoned some orders with poor profitability and continued to strengthen internal cost control to ensure the company’s gross profit and net profit improved simultaneously.
How does revenue decrease and profit increase?
With the release of China’s 5G licenses and major mobile phone brands launching 5G mobile phones in succession, 2019 will officially become the last year before 4G after 4G.
Due to the construction prospects of traditional 4G networks and the decline in global smartphone sales, the demand of the industrial Fulian downstream market will weaken significantly in 2019.
However, after the release of Apple’s new machine in Q3 2019, the sales volume exceeded expectations, and the high-precision mechanism parts that have the most obvious impact on profits in the industrial affiliate business are expected to increase significantly.
At the same time, the company’s equipment assembly business has a significantly lower profitability than the precision mechanical parts business. After the reduction in the revenue of the assembly business, the company’s overall gross profit and net profit have a significant effect.
We are also concerned that the company’s R & D expansion ratio in 2019Q3 continues to increase, and it is expected that the 5G-oriented business layout will bring significant benefits to the company in 2020.
Backed by Hon Hai, hard power embraces industrial change. The company ‘s largest shareholder is Hon Hai Precision, a global EMS leader, with a stake 武汉夜网论坛 of approximately 62%. The parent company strengthens its global presence and integrates design, manufacturing, and business models to form a global 3C electronics company.The industry’s shortest supply chain.
At the same time, the company has a long-term layout. It already has fog computing for edge computing, 5G related products, lighthouse factories, and professional cloud services. The company is actively exploring new industrial Internet formats.
The company has a global industrial layout and excellent asset quality, and resists the hard power of the Royal Global Industrial Change.
Investment suggestion: Maintain the “Buy” rating for the changing global macro-scale in 2019. We continue to be optimistic about the company’s competitive advantage and long-term development.
The company’s 19-21 profit forecast is expected to be US $ 17.9 / 207 / 26.1 billion, and the current corresponding PE is 17 respectively.
4/15.
1/12.
0X.
Maintain “Buy” rating.
Risk warning: Sino-US trade war intensifies, and market demand after 5G commercial use is lower than expected.
Dongfang Electric (600875) annual report comment： rapid growth in revenues from wind power, power station services, modern services and other sectors Nuclear power has brought new results
Dongfang Electric (600875) annual report comment: rapid growth in revenues from wind power, power station services, modern services and other sectors Nuclear power has brought new results
Downgrade of 2018 revenue quarter by 8.
15%, net profit attributable to mothers increased by 6 in ten years.
77%.
In 2018, the company achieved total operating income of 307.
0.6 billion, downgraded by 8 every year.
15%; net profit attributable to mother 11.
29 ppm, an increase of ten years6.
77%; basic profit income is 0.
37 yuan / share; main business gross profit margin 20.
72%, rising by 1 every year.
24pct (the above annual data can be readjusted).
Revenue from wind power, power station services, and modern services grew rapidly.
By segment, in 2018, the company’s clean and efficient 南京桑拿网 energy equipment segment achieved revenue of 170.
79 trillion, down 17 a year.
72%, (including thermal power, nuclear power, and gas turbine revenue changes of about -15%, -11%, and -37%, respectively), with a gross profit margin of 20.
09%, an annual increase of 1.
27 points; the renewable energy equipment segment achieved revenue of 40.
08 million yuan, an increase of 4 in ten years.
25% (among which, wind power and hydropower revenue increased by + 28% and -10% respectively), and gross profit margin was 12.
23%, a decline of 0 per year.
73pct; engineering and trade sector realized income 34.
81 ‰, a decline of 5 per year.
35%, gross margin of 17.
26%, an annual increase of 0.
44 points; modern manufacturing service industry board realized income 34.
40,000 yuan, an increase of 36 in ten years.
7% (among which, revenues from power station services and financial services sectors increased by + 29% and + 49% respectively), and gross profit margin was 55.
45%, an increase of 9 per year.
13 points; the emerging growth industry segment achieved revenue of 27.
$ 3.4 billion, an annual increase of 2.
79%, gross profit margin 23.
88%, a decrease of 5 per year.
62 points.
There are sufficient orders in hand, and the orders in the new decade have grown steadily.
In 2018, the company added 349 orders.
3 ppm, a ten-year increase of 8.
7%, of which 10 are export items.
$ 100 million.As of the end of 2018, the company had orders of USD 86.4 billion, and in terms of order structure, efficient clean energy equipment accounted for 63%, renewable energy equipment accounted for 19%, engineering and trade accounted for 9%, modern manufacturing services accounted for 2%, and emerging growth industries7%.
The nuclear power construction restarted, and the company fully benefited.
The company is a leading enterprise in the field of nuclear power main equipment in China. In 2018, the nuclear island equipment market share reached 65.
9%, the market share of conventional island equipment reached 44.
9%.
In November 2018, two CAP1400 units were approved. In January 2019, four Hualong No.1 units including Zhangzhou Nuclear Power and Huizhou Taipingling Nuclear Power were approved. Nuclear power construction is ready to restart, and we expect the company to fully benefit.
The layout of emerging industries helps long-term development.
(1) Hydrogen fuel cells: The first batch of 10 hydrogen fuel cell-powered city buses with independent intellectual property rights were demonstrated in Sichuan Province, and safety, stability and reliability have been initially verified; (2) Small and medium steam turbines: industry-leading small and medium steam turbinesProducts used in photothermal, drive, and environmental protection industries, highly recognized by users; (3) High-voltage inverters: high-dynamic, high-performance, high-reliability high-voltage inverters for market applications. The fifth-generation inverters have completed design and development andPrototype trial production.
We expect the layout of emerging industries to provide long-term support for this development.
Earnings forecasts and investment advice.
We estimate that the company’s net profit attributable to the parent will be 16 in 2019-2021.
3.1 billion, 18.
310,000 yuan, 20.
51 ppm; budget benefit is 0.
53 yuan, 0.
59 yuan, 0.
66 yuan.
With reference to comparable companies, the company is given 20-25 times PE in 2019, corresponding to a reasonable value range of 10.
60-13.
25 yuan / share, preliminary market rating.
risk warning.
(1) Delivery progress of orders in hand exceeds expectations; (2) Segmentation of demand for equipment such as coal-fired units.
Securities Daily： More than one hundred state-owned enterprises restructure and start again
Securities Daily: More than one hundred state-owned enterprises restructure and start again
More than a hundred state-owned enterprises have begun their mixed reforms before setting off old trees and new branches. Source: Securities Daily Zhang Liang “The growing intensity of mixed ownership reforms in enterprises.We will launch the fourth batch of more than 100 new mixed reform pilots.”Lian Weiliang, deputy director of the National Development and Reform Commission, said at a press conference at the Antique Center of the Press Conference of the Second Session of the 13th National People’s Congress yesterday. This is Lian Weiliang’s public statement on the topic of the fourth batch of more than 100 mixed reform pilots after the press conference of the State Council on January 15 this year.This time, “higher intensity” was particularly highlighted. In fact, the mixed reform of 杭州桑拿 state-owned enterprises has been progressing steadily, and the first three batches have launched 50 pilots. And this year, in the context of “vigorously promoting economic growth and development”, the number of the fourth batch of pilots is expected to exceed 100, which shows the strength. In the author’s opinion, it is indeed time to strengthen the reform of state-owned enterprises. At present, there is general consensus on the significance of mixed reforms for the reform of state-owned enterprises. First, mixed reform is a reform of the property rights system. By dating social capital, corporate decision-making and governance are more efficiency-oriented and can effectively improve the performance of state-owned enterprises. Second, mixed reform is an important starting point for structural reform on the supply side.State-owned 都市夜网 enterprise reform and supply-side structural reform, as important means of economic reform today, are based on reforming production relations and liberating construction. Third, mixed reforms help break through monopoly and expand the function of state capital. In other words, substantial mixed reforms can make state-owned enterprises “older trees and new branches more flowers.” In particular, from the perspective of policy guidance, the report of the Nineteenth National Congress of the Communist Party of China put forward “deepening the reform of state-owned enterprises, developing mixed ownership economy, and fostering world-class enterprises with global competitiveness”, surpassing the height of the reform of mixed ownership beyond unprecedented heights. Recently, the third part of the government work report submitted by Premier Li Keqiang “in China, when talking about” deepening reforms in key areas and speeding up the improvement of market mechanisms “, he pointed out that” actively and steadily promote reform of mixed ownership. “This added the word “positive” before the references to “orderly” and “safe”. This means that there will be many new changes in the new round of mixed reform of state-owned enterprises. Some experts predict that “enlargement” and “decentralization” in 2019 will become the key word for mixed reform of state-owned enterprises.The pilot of the mixed reforms will submit batches of push trends, moving from design to larger scale operations.The fourth batch of pilots will carry out mixed ownership reform to a larger scope and deeper development, and the focus will shift from “hybrid” to “reform”.This will undoubtedly release new dividends for the capital market. Judging from Lian Weiliang’s statement yesterday, supporting private enterprises to participate in the mixed reform of state-owned enterprises can be summed up in four words: Open the door to “enter”, improve the quality of “reform”, protect the rights and interests of “at”, and facilitate “retirement””Channel. Specifically, the first step is to open the door to “enterprise”, mix and reform in key areas, and encourage social capital to enter.Mixed reform in the field of perfect competition allows social capital to take control. The second is to improve the quality of “reform”.It is centered on “improving governance, strengthening incentives, highlighting the main business and improving efficiency”, and promoting all mixed-reform enterprises to truly build a perfect corporate governance structure to achieve complementary development and common development of state capital and various types of social capital. The third is to protect the rights and interests of “being”, that is, to protect the ownership and legal rights of all shareholders on an equal basis, and truly implement the rights of all types of shareholders to speak according to their capital and exercise their rights according to their shares. The fourth is to unblock the passage of “retreat”, that is, to follow the principles of marketization and rule of law. It is necessary to allow various social capitals to enter in an orderly manner and also to exit in accordance with the law. Obviously, the idea of mixed reform of state-owned enterprises is clearer next. From the point of view, it is reported that the supplementary central enterprises have proposed to expand the breadth and depth of mixed reforms, have finalized the list of pilots, and accelerated the promotion of related listing work.Some companies have also proposed group budget diversification plans. The author also noticed that the mixed correction at the level of state-owned enterprises has always been substantially promoted, and the mixed reform at the level of local state-owned enterprises has been particularly active.During the local two sessions of the colonial period, the reform and deployment of state-owned enterprises in most provinces involved mixed reforms. The time was ripe and Dongfeng was blowing.2019 will definitely be a wonderful year for the mixed reform of state-owned enterprises.Mapping to the A-share market, the logic of mixed reform theme investment will also become increasingly clear.
Wangfujing (600859) 2019 Third Quarterly Report Review： Performance under further pressure to open stores gradually
Wangfujing (600859) 2019 Third Quarterly Report Review: Performance under further pressure to open stores gradually
Event: On October 30, 2019, Wangfujing released the third quarter report of 19, which ended until the third quarter of 2019, and the company realized operating income of 194.
10,000 yuan, an increase of 1 each year.
06%; net profit attributable to shareholders of the parent company8.
47 ppm, a decrease of 14 per year.
33%.
Basic benefits 1.
091 yuan, lower than our expectations.
Opinion: Affected by the prosperity of the industry, performance is under further pressure.
As of the third quarter of 2019, the department store / shopping mall format achieved operating income of 149.
5.9 billion, a decrease of 3 per year.
04%, we think it is mainly due to the pressure on the industry and the company ‘s Beijing stores closed at the end of September due to the impact of National Day; the outlet format realized operating income.
0.6 million yuan, an increase of 24 in ten years.
03%.
The 杭州夜网论坛 integrated department store format is still a part of the overlapping entities in the company’s operating income composition. The outlet volume is smaller than the department store / shopping mall format, but the growth rate is faster.
One new store opened / closed in the third quarter.
In the third quarter of 2019, the company opened a new store for the Outlet Project in Dianchi Town, Wangfujing, Kunming, with a total construction area of 12.
80,000 square meters, leased area 6.
850,000 square meters, it is the first outlet of Dian cultural theme in the country.
1 store closed in the third quarter.
As of the third quarter of 2019, the company holds 52 large stores (department stores, shopping malls, outlets) in 21 provinces, municipalities and autonomous regions in China.
Gross profit margin decreased slightly, and financial expenses increased affecting performance.
In the first three quarters of 2019, the company’s gross profit margin fell by zero.
21 up to 21.
11%.
In terms of different business types, the gross profit margin of department stores / shopping malls increased by 0.
07 single to 17.
47%, the gross profit margin of Outlets reduced by 0.
43 averages to 10.
45%.
As for the three fees, the sales expenses increase by 0 every year.
12 up to 10.
99%, the management expense rate increases by 0 every year.
11 up to 3.
59%, the financial expense rate increased by 0 in ten years.
8 up to -0.
02%, mainly due to a decrease in interest income and an increase in interest expenses.
Under the combined effect of gross profit margin and three-fee rate, the company’s net interest rate fell by zero in the first three quarters of 2019.
9 up to 4.36%.
In terms of different regions, the growth rate in Northeast China is remarkable.
The company’s revenue in Central China, Northwest China, East China, and Northeast China has achieved positive growth. By the third quarter of 2019, these four regions have achieved operating income.
43/30.
46/3.
28/10.
0 ppm, the annual growth rate is 0.
94%, 4.
29%, 2.
55%, 69.
22%, Northeast China’s revenue increased significantly.
In terms of gross profit margin, Central China, Northwest China and Northeast China achieved positive growth compared to the same period last year, with gross profit margins of 17 respectively.
08%, 15.
08%, 16.
22%; gross margin increased by 0 in ten years.
19/0.
39/2.
74 units.
Earnings forecast and rating: Based on the pressure on optional consumption and the company’s net profit disclosed in the company’s third quarterly report, we have lowered the company’s earnings forecast.
We expect the company’s net profit attributable to its parent to be 11 in 2019-2021.
7 billion, 12.
3.5 billion, 13.
2.6 billion; diluted earnings are 1.
51 yuan, 1.
59 yuan, 1.
71 yuan.
Maintain the “overweight” rating.
Risk factors: Consumption recovery does not meet expectations, store expansion fails to meet expectations, same-store growth growth
Central Design Institute (603357)： Prospecting and designing under pressure outside the province and highlights the detection
Central Design Institute (603357): Prospecting and designing under pressure outside the province and highlights the detection
The survey and design business is under pressure, and the provinces and inspections have achieved higher growth. Maintaining a “buy” rating company released a 19-year interim report and 19H1 revenue7.3.6 billion in November.4%, net profit attributable to mother 2.2ppm, -11 years old.6%, lower than the market and we 合肥夜网 expected, H1’s net CFO is -0.800 million, a net inflow of 0 in the same period last year.200000000.In the first half of the year, we judged that the company was slowly affected by the bias in the approval of new projects in the province. The main orders for survey and design, revenue, and payment were under pressure, but H1’s expansion outside the province continued to make rapid progress.Revenue growth, we believe that after the company achieves breakthroughs in the development outside the province and in multiple fields (non-transportation business) in the future, the fundamentals will be affected by the market changes in the province or will decline, and it will benefit from the industry’s upward cycle from 2020.-21 years EPS1.07/1.24/1.49 yuan, maintain “Buy” rating. The approval of new projects in the province has slowed 武汉夜生活网 down and the recognition of revenue has been delayed, and the revenue and orders outside the province have achieved rapid growth. We use the financial information of the H1 company to measure the company’s different business income, and the survey and design / inspection / supervision income increase.% / 30% / 4%, the design income is reduced in the main areas of land in the province, and environmental protection has restricted the approval of new transportation projects, resulting in the replacement of some large projects to confirm revenue as scheduled. If such projects make progress in the second half of the year, we expect the company to initiallyThe survey and design revenue is still expected to achieve positive growth. Since last year, the company has strengthened the development speed of non-transport business such as municipal administration. The sensitivity to the changes in the transportation market in the future is also expected to decline.The H1 company’s orders / income growth rate outside the province was 17% / 15%, and 18 markets above the prefecture-level city were newly expanded. The proportion of revenue outside the province increased by 18FY4.3pct, we expect the company’s proportion of revenue outside the province to continue to increase in the future. The gross profit margin of the main design business continued to increase, and the operating return benefit continued to increase. The gross profit margin of H1’s design / inspection / supervision was 57% / 25% / 22%, with a change of 5/1 / -7pct. We estimate that the gross profit margin of survey and design will increase.Mainly due to the decline in business saturation after the decline in the company’s expansion ratio. In the future, the return to rapid growth in gross profit margin is expected to return to normal levels.H1 company sales / management (including R & D) / financial expense ratio 2.6% / 7.5% /-0.5%, sales, financial expense rate increase or related to income decline but rigid expenses total.H1 company’s accrual of bad debt reserves increased by 49% per year, or it was related to the slowdown of local government project approval and payment since 18H2, and the net CFO of 19H1 company was -0.At least 800 million US dollars, which has deteriorated at least. We expect that it will be mainly related to projects outside the province and below the level. If the proportion of income outside the province continues to increase in the future, the company’s collection situation still needs attention. In the medium and long term, it is expected to benefit from the rebound in the industry’s prosperity and the increase in the market share outside the province. Maintaining a “buy” rating of 19H1, the company ‘s new leapfrog growth rate5.3%, the province’s growth rate is only 2%, but we expect that the predicament in the province’s market is expected to be gradually resolved in H2, and the new round of transportation planning and project launch at the end of 2020 will provide a better market environment for the company.The company’s continued non-provincial, non-traffic design and testing business development is also conducive to enhancing anti-aging.We believe that the short-term project progress in the province and the release of new projects may delay the company’s 19FY revenue and gradually reduce its profit. According to the latest share capital, the company’s 19-21 forecast EPS is reduced to 1.07/1.24/1.49 yuan (the original forecast was based on the latest share capital of 1.21/1.47/1.76 yuan), current comparable company Wind unanimously expected 19 years PE12.9 times, 12-14 times PE for 19 years, corresponding to the target price of 12.84-14.98 yuan, maintain “Buy” rating. Risk reminder: The market in the province is recovering less than expected, and the expansion outside the province is less than expected.
Anhuanneng (601699) Quarterly Review： Stable Performance, Excellent Cost Control and Effectiveness Estimated Repairable
Anhuanneng (601699) Quarterly Review: Stable Performance, Excellent Cost Control and Effectiveness Estimated Repairable
Event: Lu’an Huaneng released the first quarter report of 2019, and the company achieved operating income of 56 in Q1 2019.
2 billion, an increase of 9 every year.
26%, a decrease of 28.
13%, realizing net profit attributable to mother 8.
700 million, an increase of 21 every year.
97%, an increase of 100 from the previous month.
46%.
1.
Increased sales of commercial coal increased the profit of thick coal sector.
In Q1 2019, the company’s coal segment achieved revenue of 46.
900 million (excluding transportation costs in the settlement of one price), an annual increase of 11%, and a gross profit of 21.
100 million, an increase of 3% in ten years.
The increase in profit of the coal sector is mainly due to the increase in sales of commercial coal: (1) sales: in Q1 2019, the company achieved 797 sales of commercial coal, an increase of 89 digits, an increase of 13%; (2) the number: 2019 Q1 The company’s comprehensive quality of commercial coal 588.
5 yuan / ton, a reduction of 11 per year.
24 yuan / ton, a decrease of 1.
9%; The decrease in weight was mainly due to the drop in the price of coal injection at Luan Kengkou in Q1 of 2019. The price of Changzhi Lucheng injection coal car board in Q1 of 2019 decreased by 965 yuan / ton, 6.
2%.
(3) Cost: The production cost of the company’s commercial coal per ton of coal in Q1 2019 was 324.
26 yuan, an increase of 12 per year.
39 yuan / ton, an increase of 4.
0%; 2.
Cost control was profitable, and the expense ratio decreased during the period.
During Q1 2019, the company’s expense ratio was 13.
1%, a decline of 3 per year.
6 units, robust and effective cost control.
Specifically: (1) The sales expense ratio decreased by 1.
The 03 singles are mainly due to the decrease in one-price sales settlement.
(2) Management expenses rate decreased by 1.
The 52 totals are mainly for strengthening the cost control. It should be noted that due to the adjustment of accounting policies, the management expenses for the same period last year included the R & D expenses for Q1 this year. The comparison should be made with the same caliber.
(3) Financial expenses ratio decreased by 1.
02 assets, asset-liability ratio decreased, financial burden decreased.
3.
Actively promote mixed reform, 49% of the coke plate is planned to be transferred.
In the heating season, the low production rate of blast furnace caused a continuous surplus of coke in 12 months. The price of coke in Q1 was weak, while the price of raw coke was high. It is expected that the profit of coke sector in Q1 will decrease.
According to the announcement of the company, in order to implement the spirit of Shanxi provincial-level enterprise reform, and actively promote the requirements of mixed ownership reform, transitional transformation and professional development, the company intends to transfer 49% of its shares in Lu’an Coking through public listing.
Anjiao Chemical is a wholly-owned subsidiary of Lu’an Huaneng Energy. It was established in November 2012 with a registered capital of 15.
700 million.
The coking company currently approves coking capacity of 321 per year / year. The current production capacity is 156 tons, and the remaining capacity is 165 tons / year. Also produces tar 5.
97 formaldehyde, 6,600 tons of crude benzene, 732 tons of ammonium sulfate, can be used for coke oven gas2.
18 billion cubic meters.
4.
Ann Group’s only listing platform, widely concerned about the Shanxi National Improvement Exhibition.杭州桑拿
In 2019, Shanxi’s national reform went from a “tough year” to a “decisive year”. The sword refers to the country’s first square.
As a large coal-producing province, the reform of coal enterprises in Shanxi Province must be the highlight.
“兼并重组”和“资产注入”是山西煤企国改重要手段，这也符合“2018 年将资产证券化率纳入‘一企一策’业绩考核”以及2019 年提出的“上市公司+”战略.
As Lu’an Group’s 2018 annual report has not yet been published, for statistical comparison, according to 2017 data, the asset securitization rate of Lu’an Group is only 27%, and the coal production of listed companies accounts for 47% of Lu’an Group.It is the sole listing platform of Lu’an Group, and future high-quality assets injection can be expected.
Investment suggestion: Due to the company’s effective cost control and the high price of coking coal, we upwardly adjust the company’s profit forecast,武汉夜网论坛 and the net profit for 2019-2020 will be 29.
4.3 billion, 31.
16 trillion is adjusted upwards to 35.
40 billion, 33.
4.2 billion, with an estimated net profit of 33 in 2021.
9.2 billion, corresponding to only about 7 times the current PE, it is estimated that it needs to be repaired and maintain the “overweight” level.
Risk warning: The macro economy has grown sharply, coal prices have fallen sharply, increased production capacity has been released, and the country’s progress has fallen short of expectations.
China Jushi (600176) 2019 Third Quarterly Report Review： The company’s performance at the bottom of the fiberglass industry cycle fluctuates slightly, and its future development looks better
China Jushi (600176) 2019 Third Quarterly Report Review: The company’s performance at the bottom of the fiberglass industry cycle fluctuates slightly, and its future development looks better
Investment Highlights Event: China Boulder released the third quarter report of 2019, which reported a real operating income of 77.
38 ppm, an increase of ten years.
43%; realized operating profit 18.
61 ppm, a decrease of 19 per year.
16%; realize net profit attributable to shareholders of listed companies.
49 trillion, down 19 a year.
02%, press the latest 35.
Based on the total share capital of 2.0 billion shares, it has realized diluted earnings.
44 yuan (0 after deduction).
44 yuan), semi-annual operating net cash flow of 0.
46 yuan.
Among them, the third quarter achieved operating income of 26.
76 ppm, a ten-year increase2.
49%; realized operating profit 5.
95 trillion, down -24 a year.
11%; realize net profit attributable to shareholders of listed companies.
95 ppm, a decrease of 23 per year.
26%; quarterly EPS is 0.
14 yuan.
Maintain the level of “prudent overweight”.
The capacity expansion of the glass fiber industry in 2018 caused the overall supply of glass fiber industry to exceed demand in the first three quarters of 2019. The price of glass fiber roving continued to fall, the 夜来香体验网 price of electronic yarn has been falling sharply, and profitability has declined.
During the period, the company’s product sales increased compared with the same period of last year, and the balance of production and sales has been basically achieved at the end of the third quarter.
China Stone is a leading company in the fiberglass industry. The company continues to expand its advantages in cost control and product quality, and leads the industry in profitability.
Since 2019, the price of glass fiber has continued to decline, and the company’s single quarter performance has declined slightly from the previous quarter.
At present, the downstream high-end application areas of the glass fiber industry are rapidly expanding, and the company continues to adjust its customers based on its research and development advantages. The product structure still has considerable growth space in the long run.
We adjusted the company’s EPS for 2019-2021 to 0.
54, 0.
70 and 0.
88 yuan, maintaining the investment rating of “prudent increase”.
Risk reminder: the risk of intensified industry competition; the company’s project construction progress is slower than expected.
Funds meet two major positives May fluctuation risk decreases
Funds meet two major positives May fluctuation risk decreases
On May 6, the implementation of the deposit reserve ratio policy for small and medium banks was implemented, and at the same time, the open market reverse repo operation was restarted.Analysts pointed out that although this forecast does not actually mean that monetary policy is continuing to relax, it will help dispel market concerns about tightening monetary policy and help improve the stability of 5-month liquidity. The loosening policy tightening measures were announced on the morning of May 6th and gradually announced the replacement of the deposit reserve ratio for small and medium banks starting on the 15th of this month.According to its disclosure, about 1,000 county-level rural commercial banks can enjoy this preferential policy, releasing about US $ 280 billion in long-term funds, all of which are used to allocate loans to private and small and micro enterprises. On April 17, the executive meeting of the State Council proposed to quickly establish a policy framework for the implementation of alternative deposit reserve ratios for small and medium banks.All parties should have certain expectations for the specific and progressive introduction in advance, but the timing of the latest policy announcement was somewhat unexpected.CITIC Securities clearly stated that historically, this policy has rarely been announced in the morning for many years, and there are not many precedents for the reduction in May. On the morning of the 6th, the open market reverse repo operation was gradually restarted.According to the transaction announcement, it is estimated that a 7-day reverse repurchase operation of US $ 20 billion will be carried out on the 6th, all of which will achieve net investment.It is also rare to implement reverse repurchase operations at the beginning of the month.Because fiscal expenditures increase liquidity at the end of the month, and there are fewer factors at the beginning and end of the month, liquidity is generally more abundant at the end of the month, and most do not carry out reverse repurchase operations.The transaction announcement on May 5th still stated that the liquidity of the existing banking system was at a high level. Institutional sources pointed out that the implementation of supplementary reserve ratios for small and medium-sized banks is a further improvement of the policy framework for coexisting reserves, and at the same time reflects a structural change of thinking. It cannot be simply understood as monetary policy relaxation, but it helps to ease the market’s policy margins.Tightening benefits.Huatai Securities’ Zhang Jiqiang team said that the monetary policy orientation is still stable, but it needs to have advantages under complex indicators. Reducing liquidity risk in May In the short term, the above-mentioned gradual improvement will reduce the liquidity fluctuation risk in May. In May, liquidity supply and demand still faced the effects of fiscal taxes, MLF expiry, and government bond issuance payments.But in proportion, the impact of these factors may not be as significant as in April.First of all, fiscal deposits usually increase in May, but the scale is generally smaller than that of April. Second, the open market maturity in May gradually replaces April. Finally, the issuance of local debt this year eases the pressure on mid-year supply. In MayThe scale of local debt issuance may not increase significantly. The point of breakthrough in liquidity supply and demand pressure in May is expected to be in the middle of this time. At this time, the impact of the tax period is the most obvious. MLF expires on May 14 at the 杭州夜网 same time, but gradually announced the restoration of the deposit reserve ratio for small and medium banks on the 15th.The released liquidity can to some extent affect the factors such as hedge tax periods and termination of MLF. Some institutions have stated that the amount of funds released by the implementation of supplementary reserve ratios for small and medium-sized banks is not very large, and it may be difficult to fully hedge the impact of the mid-month tax period.Means to meet the reasonable liquidity needs of financial institutions. Zhang Jiqiang’s team stated that the return of monetary policy to a stable neutral normal is not equal to tightening. Under the many indicators of uncertainty, liquidity is expected to remain reasonable and adequate. On May 6, interest rates in the money market continued to decline, and the inter-bank market expected DR001 to fall by 14bp to 1.64%, DR007 rose by 1bp to 2.42%, lower than the day 2.55% budget reverse repurchase operation rate.