BTG Hotel (600258): Stock hotels continue to upgrade and follow up new brands and new momentum

BTG Hotel (600258): Stock hotels continue to upgrade and follow up new brands and new momentum
[Event]The BTG Hotel released the semi-annual report for 2019, and the company realized operating income of 39.90 trillion, a year of zero reduction.30%; net profit attributable to mother 3.68 ppm, an increase of 8 per year.14%; net profit deducted from non-return to mother 3.3.6 billion, an increase of 6 every year.22%; EPS is 0.37 yuan / share.Non-recurring profit and loss items totaled 3,196.280,000 yuan, mainly for government subsidies of 1,754.570,000 yuan and investment income of 1,328.190,000 yuan, of which the investment income is 52% of the equity in the comma Cayman company.23% dropped to 49.43%, changing it from a subsidiary to a joint-stock enterprise.  [Comment]1) Revenue decreased slightly, net profit rose, RevPAR was less than expected. ① Revenue: Hotel business and attraction operation business respectively achieved 37 revenue.4 billion, 2.50 ppm, each change of -0 over ten years.48%, +2.55%.  Hotel business: According to the business model, hotel operation and hotel management achieve revenue of 30 respectively.1.4 billion, 7.26 trillion, a year change -2.72%, +9.98%.The hotel operation center mainly closed stores and upgraded and directly operated stores. The average operating room volume decreased by 4%.91%, while RevPAR replaced slightly in the first half of the year.The growth of hotel management is mainly due to the continuous growth of franchise business. The number of franchised hotels increased from 2,849 in the first half of 2018 to 3,206 in the first half of 2019.Home Inns Group achieved revenue of 33.12 ppm, a decrease of 0 per year.57%.  Attractions business: The increase in revenue is mainly due to the increase in the ticket retention ratio of Nanshan Park from 40% to 50%, which increased ticket revenue by 19.48 million yuan.In addition, changes in the business model of merchandise sales and market factors led to termination of 13.24 million yuan.  ② Cost: The company’s comprehensive gross profit margin decreased by 0.72 points to 94.14%.Operating costs increase by 13 each year.65%, mainly due to the increase in food delivery in the hotel operation business and the increase in the cost of a single breakfast caused by the increase in catering costs and the increase in the cost of goods in the hotel operation business.  The cost control is effective, and the cost rate decreases by 1 during the period.07pct to 80.66%, of which the sales / management / R & D / financial expense ratios were changed by a factor of -2.85pct / +0.17 points / +0.07pct / -0.46pct to 66.40% / 12.22% / 0.31% / 1.72%.Among them, the decrease in sales expenses was mainly due to factors such as the decrease in the number of directly operated hotels; the increase in management expenses was mainly due to the sporadic increase in office expenses and other factors that caused the company to increase its core competitiveness and increase information investment.  ③ Profit side: Net interest rate rose by 0.72 points to 9.twenty one%.  Hotel business: maximized profits of 438.32 million yuan, an annual increase of 5.67%; of which, Home Inns Group realized a profit maximization of 497.86 million yuan, a year-on-year increase of 5.54%, mainly due to the decrease in the number of directly-operated hotels resulting in cost reductions.  Scenic area business: maximized profits of 118.75 million yuan, an annual increase of 6.66%.  2) Hotel operation data ① Number of hotels and rooms: The proportion of mid- to high-end and chain franchisees increased in the second quarter of 2019. There were 4,117 hotels (including 1 overseas) and 398,006 rooms.There are 755 mid- to high-end hotels, accounting for 18.3%, 91,784 rooms, accounting for 23 of the total number of rooms.1%.The number of newly opened stores is 159, including 2 directly operated stores and 157 franchise stores (98%).74%).The number of newly opened economy hotels was 28; the number of newly opened mid- to high-end hotels was 43; the number of cloud hotels was 36; the others were 52, of which 51 were managed and exported hotels.As of June 30, 2019, there were 689 stores that had not been opened and were contracting.  ② Operating data: The overall RevPAR decreased, and the ADR increased slightly. Occ continued to decline in the second quarter of 2019. The overall RevPAR was 162 yuan / room · night, alternating -1.5%; ADR 202 yuan / room · night, multiple +1.3%; October 80.2%, twice -2.3 points.Among them, 3,149 hotels have been opened for more than 18 months, RevPAR 160 yuan / room · night, -3 per year.6%; ADR 197 yuan / room · night, many times -1.1%; occ 81.3%, twice -2.1pct.  ③ Product breakdown data: Affected by the upgrade, the economy-type continuous mid-end high-end 2019Q2, and the overall hotel economy RevPAR passed -3.9%, compared to -6 in the mid-to-high end.7% is higher than 2.8pct, compared to -9 of the cloud series hotels.6% is higher than 5.7pct; From the perspective of hotels opened for more than 18 months, the economical RevPAR is up and down -3.9%, compared with -3 in the middle and high end.2% is slightly lower than 0.7pct, compared to -5 of the cloud series.1% is higher than 1.2pct.The overall economy hotel performance reached mid- to high-end, mainly because the company continued to strengthen the expansion of mid-to-high-end hotels. In the first half of 2019, it has invested in the construction and upgrading of 34 mid-to-high-end hotels.  ④ Data by model: The franchise model expanded rapidly in the second quarter of 2019, and the overall hotel direct-operated RevPAR was +0.5%, -2 of the earlier chartered management type.4% is higher than 2.9pct, better location and operation of directly operated stores.As of the end of June 2019, the company’s franchised stores accounted for 77.87%, the number of rooms accounted for 73.42%, the franchise chain trend remains unchanged.At the same time, as home 3.0NEO’s direct-operated store reconstruction plan is to iteratively upgrade the product. At the end of June, 236 direct-operated stores have been gradually upgraded and transformed into Home Inn 3.0NEO, accounting for 33 of the total number of direct stores in the economy.6%.  Gradually complete the upgrade of 50 franchised hotels to Home Inn 3.0NEO transformation.  3) Jointly build new brands and explore new momentum. Home Inns and Excelle Hotel Group established a joint venture, Yusu Hotel Management Co., Ltd., to launch a new brand “Yicheng Hotel UrCove by HYATT” positioned in the mid-to-high end travel market.Opening business, the company invested 91.8 million yuan, holding a 51% stake.  The 佛山桑拿网 company and Chunqiu Group jointly created an airport chain hotel brand “Jiahong” hotel to meet the needs of business travel users and aviation crew. The first flagship store was officially opened at Hongqiao Airport at the end of June.  The company cooperated with the famous IP Dragon Ball to promote the hotel ‘s theme space product “Manji”. In the first half of the year, four 20 rooms of double rooms have been opened, which are mainly transformed from the company ‘s 2 YUNIK HOTELs and 4 home-selected hotels.In Shanghai, Beijing, Chengdu and other places.  BTG-Jianguo won the bid for the China Southern Airlines Unit Support Project of Beijing Daxing Airport. The project has a building area of 170,000 square meters and more than 2,200 operating rooms. It is the largest high-end hotel operation management project in Beijing in the next 5 years, and welcomes the development of the company’s high-end hotel brand.  4) Profit forecast: The company’s EPS for 2019-2021 is expected to be 1.01/1.17/1.39 yuan, corresponding to 15 for PE.6/13.4/11.3 times.As a domestic hotel chain giant, BTG Hotel has a steady growth in hotel business, a long-term competitive advantage, and has core driving factors. It is expected to repair and develop in the future, giving it a “strong recommendation” rating.  Risk reminder: macroeconomic downside risks; hotel franchise management risks; hotel renovations are less than expected risks.

Goldman Sachs: Continue to Overweight China’s New Economy Science and Technology Innovation Board Is a New Starting Point

Goldman Sachs: Continue to Overweight China’s New Economy Science and Technology Innovation Board Is a New Starting Point
独家专访高盛: 继续加码中国新经济,科创板是新起点  周艾琳  [早前国内主板、中小板公司的发行估值固定,券商所做的更多是做文件、跑批文,而在科创板After the launch, brokers will play a role in pricing enterprises, telling stories for enterprises, and exploring domestic and foreign investors.]  目前,科创板已进入开板的冲刺阶段,外资券商也在积极争取市场份额.Although it is not as good as domestic securities firms in terms of customer network, it has a local advantage, but under the market-oriented “armor training field” of science and technology board, rich securities firms that are accustomed to overseas market-based pricing may play a huge advantage.  During the recent antique Asia’s first Dream + Transformation | Goldman Sachs Innovation Summit, Zhu Hansong, CEO of Goldman Sachs Gao Hua Securities, and Cai Wei, Co-Head of Goldman Sachs China’s investment banking business, accepted an exclusive interview with China Business News.They said that the current issuance method and rules of the science and technology board are relatively close to overseas, and may become China’s “Little Nasdaq.”  Earlier domestic motherboards and small and medium-sized board companies had fixed issuances. Brokers traded more in documents and running approvals. After the launch of the science and technology board, the brokers will set prices for companies, tell stories for companies, and explore domestic and foreign investors.Play a role.  Foreign brokers will date overseas experience. Too many restrictions on IPO pricing have been one of the drawbacks of the A-share listing system.The guidance on pricing is too strong, so the IPO pricing of A-share listed companies is generally low, and there is even a strange appearance of “making new” and almost making no money.  According to developed market experience, IPO pricing is a two-way inquiry and communication process. One party is the issuer and the intermediary, including the company to be listed, investment bank, accounting firm, and legal adviser. The other party is an institutional investor, including various funds.With the assistance of an intermediary, especially an investment bank, the issuer understands the needs of institutional investors for listed stocks at different issue prices, and summarizes the issue price based on the situation of the listed company.  At present, the market pricing pilot conditions implemented 南京夜网 on the Shanghai Stock Exchange are basically met, and there are enough domestic and different types of institutional investors to participate in the inquiry process, including various public offerings, private equity funds, overseas QFIIs, etc.But at the same time, considering that for most technology companies in emerging industries, it is difficult to find enough similar companies from the listed companies as a benchmark for pricing.  Zhu Hansong told reporters that foreign brokers have extensive experience in inquiries, pricing and contacting investors at home and abroad.  ”We will combine the experience of issuing shares overseas with China.Investment banks should focus on discovering the highlights of the company’s story. In terms of market recommendations, help companies lock in investors who know the industry at an early stage. These investors collectively point to domestic funds, including foreign institutional investors. They can pass QFII.Participate in science and technology board.”Zhan Hansong mentioned that one of the advantages of foreign investment banks is cross-border business.” It will assist companies in conducting global roadshows, reaching out, and educating investors on both sides.At present, companies listed on the science and technology board are companies that do not have a high profit level at this stage and do not even make money, but have great growth prospects in the future.There are several sets of very mature estimation methods in the world. I hope that they can be introduced to communicate with domestic institutional investors and allow domestic and foreign investors to form a more consistent fundamental valuation.Generally speaking, investors at home and abroad are likely to have different estimates of the same company. This is different from their own perceptions and different comparison benchmarks. For example, liquor, white electricity, etc. are scarce in Hong Kong stocks and European and American markets.Therefore, earlier the foreign countries called the pricing of the relevant A-share companies far higher than domestic investment.For science and technology board companies, overseas has more mature valuation models. “I hope that international and domestic investors can form a benign relationship, which will help companies find fair and reasonable valuations.Zhu Hansong said.  The role of intermediary agencies. Earlier, when preparing securities IPOs, securities firms may prepare documents, run approvals, etc. may be the main tasks. In the future, under the market-based pricing mechanism of the science and technology board, intermediaries will have to take responsibility.  Cai Wei specifically explained to reporters the overseas inquiry and pricing process.他称,“当投行为目标公司准备材料(财务预测、公司定位等)后,海外有一个‘试水机制’,即投行要带着公司高管见一些有影响力的投资人,投资人对公司进行Make a statement. At this time, the investment bank will have an approximate conceptual interval for the estimation.At the same time, analysts will also communicate with many institutional investors, and use the mode of intermediary financial advisers to communicate with investors (rather than the company directly communicating with investors), which helps investors to provide objective pricing, and the process is transparent。”” During the roadshow, the company may have to meet more than one hundred investors, and then the sales staff will follow up and communicate with the investors.After months of exchanges, the investment bank will continue to find the reasonable pricing point based on the initial estimation model, continue to narrow the range of changes, and find reasonable pricing for the boots.Cai Wei said that investment banks can perceive the market demand situation in this process, and finally decide how to allocate based on this, and find a balance between supply and demand.  For a long time, the stocks listed on the A-share market were considered by the market as “scarce resources”. This is an unusually enthusiastic purchase in the primary market.The short-term premium level of the A-share IPO market is much higher than that of other markets. Almost few short-term trading prices will fall below the issue price after the stock is listed. The “market support mechanism” seems difficult to be useful.On the science and technology main board of market-based pricing, this mechanism may play a role.  According to the distribution after the issuance, Cai Wei said: “This is completely determined by the company and investment bank in the US stock market, plus the proportion of retail investors in the European and American markets.However, in the Hong Kong market, certain restrictions have been placed on the proportion of retail investors, and the science and technology board is closer to the Hong Kong model.”Relevant methods of the science and technology board quoted that the initial public offering of shares on the science and technology board, the reasonable ratio of off-line issuance is not less than 50% of the number of shares issued offline this time, priority to public offering products (includingPublic offerings set up by investors in accordance with the requirements of investor suitability), social security funds, pensions, etc.  Basically, in the European and American markets, the Shanghai Stock Exchange has specified the follow-up investment system of the relevant subsidiaries of the sponsor, that is, the scale of the subscription with its own funds is 2% of the issuer’s initial public offering?5% of the shares, the specific proportion of which is determined based on the issuer’s initial public offering scale.The lock-up period for explicitly following-in investment shares is 24 months, which is longer than the shares held by shareholders before issuance other than the controlling shareholder and the actual controller.  Powering private enterprises in the new economy Goldman Sachs’ positive statement on participating in the science and technology board is also part of its own “power in the new economy” strategy.  In the early years, Goldman Sachs’ strategic focus was on large Chinese state-owned enterprises, the reorganization of state-owned enterprises and initial public offerings, and almost participated in the reorganization and listing of the first state-owned state-owned enterprises in various industries at the time, including PetroChina, China Mobile, and Bank of China.With the transformation of China’s economic structure, “while assisting large-scale customers, focusing on the new economy and the private economy” has become a new strategy for Goldman Sachs in the past two years. Goldman Sachs is the only company that has participated in all BAT (Baidu, AlibabaGoldman Sachs also said that it will continue to serve the Chinese private economy in the future.  Although the global secondary market experienced short-term fluctuations in 2018, the primary market is flourishing, and many science and technology companies hope to seize the tail of the expansion cycle to sprint IPOs.Cai Wei also said that Goldman Sachs is expected to enter the secondary market sentiment this year, and the momentum of the primary market will return to a more stable and reasonable state.  “In 2017, the global economy expanded synchronously, and the enthusiasm for the listing of technology companies reached its peak. This enthusiasm continued until mid-2018. Many companies decided to seize the window period to sprint to the market. In 2018, there were many IPOs.There are some issues, such as some companies rushing to IPO before meeting the listing requirements, and some companies IPO when they are estimated to be close to the highest point, which caused the listing to break. The global stock market sell-off in the second half of last year exacerbated this situation.Zhu Hansong told reporters.  In Zhu Hansong’s view, this year’s secondary market transactions will be in a healthy upward trend. The number of IPOs may be lower than last year, but the positive side is that “every company that can conduct an overseas IPO this year is of better quality.The company is mature and has met the conditions for listing. This year ‘s estimate will also be more reasonable than last year. This is a good thing for investors and also good for the company ‘s market outlook.There is no doubt that the refinancing activities of listed companies have a strong momentum.Zhu Hansong said.  Obviously, through the continuous advancement of China’s financial opening up process, Goldman Sachs also seeks a suitable time to increase its stake in its joint venture securities firm in China (Goldman Sachs Goldman Sachs). Like many joint venture securities firms, Goldman Sachs does not rule out future appreciation to 100%.  Although there are currently joint venture brokerage companies in China that are not able to make huge profits, and even have huge early expansion, the overweight layout in advance is still the common statement of many joint venture brokerage companies.”Goldman Sachs always regards China as the second largest economy as one of its long-term destinations. The developed markets such as the United States already have limited existing growth space, but China is a huge incremental market, so the need to expand in advanceit goes without saying.Cai Wei told reporters.

Lujiazui (600663): Qiantan high gross margin project carried over office occupancy rate slightly rebounded

Lujiazui (600663): Qiantan high gross margin project carried over office occupancy rate slightly rebounded
Revenue for two years +23.86%, gross margin increased by 9 in the short term.In the first half of 2019, the company’s revenue was 81.89 billion +23.86%, net profit attributable to mother 20.47 trillion +11.34%.In terms of items, sales, leasing, finance, and property management segment growth rates were 27.48%, 8.9%, 47%, 7.62%.Overall gross profit margin 58.62%, an increase of 9 over the same period in 2018.36pc, which is mainly driven by the high 北京夜网 gross profit projects in the residential sector. Real estate sales: Tianjin project remaining support, Suzhou project gradient reasonable Reasonable contracted area in the first half of 2019 1.170,000 square meters, the contract amount is 6.1.6 billion, -22% and -12% annually.The main sales projects in the first half of the year are Tianjin Maritime Garden (East Standard Section) and the Shanghai Stock House. The main projects in the second half of the year are still Tianjin Maritime Garden (Eastern Standard Section). At the same time, the Suzhou project has a reasonable gradient layout and is expected to enter the market in the second half. Leasing: The leasing rate of office buildings has driven the gross profit margin of the leasing business to rebound, and new projects have continued to enter the market to achieve leasing income.0.5 billion, an increase of 8 per year.9%, a decrease in the growth rate in the first quarter, mainly due to the breakdown of office rent growth in the second quarter of 2019.Commercial property income + 66% per year, mainly affected by the two L + Malls in Shanghai and Tianjin (opened in the second half of 2018).In the first half of 2019, the leasing rate of Grade A office buildings increased by 1pc compared with 2018, driving the gross profit margin of leasing business to increase by 0 compared with 2018.91.In the second half of the year, Oriental Plaza Phase I and Lujiazui Riverside Center are expected to enter the market. With the expansion of the leased area, the revenue from the rental segment is expected to continue to increase. The net interest rate rose slightly, and the advantage of financing costs highlighted that the net interest rate increased by 12 in the first half of 2019.58 tablets to 118.29%, mainly due to the increase in bond issuance, and the short cash debt ratio rose by 0.07 to 0.39.The company’s shareholders have a long-term credit rating of AAA, and the coupon rate of the latest issue of corporate bonds has gradually decreased to 3.88%, financing advantages continue to highlight.Out of prudence, we will include bonds “16 Riches 01” and “15 Shin Kong 01”, “15 Shin Kong 02”, and “11 Shin Kong Bonds” in the forecast of performance. Target price of 17.12 yuan, upgrade to “Buy” rating. Considering the delivery of SN1 office building projects in the first half of the year, high-margin projects in 2019 have been carried forward. We raise the company’s EPS forecast for 2019-2021 to 0.95, 1.04, 1.19 yuan (was 0.91, 1.02, 1.16 yuan), the current sustainable corresponding 2019-2021 forecast PE is 14.9, 13.6, 11.9 times.It is expected that Shenwan’s real estate industry evaluation center will move downwards. We lower the PE in 2019 to 18 times (previously 北京男士spa会所 19 times) and lower the target price to 17.12 yuan.High gross profit items were booked, and the occupancy rate rose steadily and raised to the “buy” level. Risk warning: the company may push the market less than expected; the settlement progress may be less than expected.

Yunhai Metal (002182) 2019 Annual Results Express Review: Great Results Increase and Gradually Realize Growth Logic

Yunhai Metal (002182) 2019 Annual Results Express Review: Great Results Increase and Gradually Realize Growth Logic

The company released the 2019 performance report: the company achieved 南京桑拿网 operating income of 55 in 2019.

10%, an increase of 9 per year.

5%; net profit attributable to shareholders of the listed company.

90,000 yuan, an increase of 169 in ten years.


The company achieved operating income of 16 in Q4 2019.

50,000 yuan, an increase of 27 in ten years.

74%; Net profit attributable to shareholders of listed companies.

70,000 yuan, an annual increase of 352.


The company’s performance is in line with expectations, and its performance growth is expected to increase: 1) product sales increase + cost decline, and the company’s deep-processed product sales increase. It is expected that the average price of magnesium alloys will gradually decline in 20193.

5%, the average price in the fourth quarter of 2019 decreased by 19.

In the case of a significant drop in product prices, the net profit attributable to mothers in the fourth quarter of 2019 created a historic high, mainly due to reducing cost effectiveness, reducing the replacement cost of Chaohu Yunhai personnel, and the company’s future performance of traditional materials is also very high.Great improvement space; 2) Obtained compensation for demolition. The company received a total of compensation for demolition in 2019 of 7.


The logic of “resources stocks → growth stocks” was initially realized, and the company is optimistic about the future development of the company.

In early 2019, Baosteel strategically invested in the company. In the second half of the year, the company acquired a 100% stake in Chongqing Boao, a deep-processing enterprise, which resulted in an increase in the area of deep-processing of magnesium alloys. It also had complementary effects on the penetration of new energy vehicles, technology and equipment.Accelerate the development of downstream customers. Joining Baosteel has become the company’s second largest shareholder. In the future, it will become a shortcoming for major restructuring companies in the field of magnesium deep processing. It will complete the acceleration of customer diversion and development, and gradually realize the existing resources → growth stock logic. Firmly optimistic about the company.future development.
Earnings forecast and rating: Considering the increase in the output of raw magnesium, magnesium alloys and air-conditioning flat tubes, the opening of the long-term magnesium alloy deep processing market and the decline in costs; the company’s net profit attributable to mothers in 2019-2021 will be increased to 8.

7.6 billion, 4.

47 ppm and 5.

42 trillion, EPS is 1.

36 yuan, 0.

69 yuan and 0.

84 yuan, corresponding to PE on February 26, 2020 is 8 respectively.

6 times, 16.

9 times and 13.

9 times, maintaining the level of “prudent overweight”.

Risk warning: product price drops sharply, project progress, downstream demand is not up to expectations, etc.

Midea Group (000333): Seeing the performance of Midea Group from the performance beyond expectations

Midea Group (000333): Seeing the performance of Midea Group from the performance beyond expectations
The company’s recent situation Little Swan announced 2018 results, and the fourth quarter 2018 results exceeded expectations.Operating income for 2018 was 236.4 billion, an increase of 10 in ten years.5%; net profit attributable to parent company 18.6 billion, an annual increase of 23.6%. Operating income for the fourth quarter of 201862.2 ‰, an increase of 15 in ten years.0%; net profit attributable to parent company 5.200 million, an annual increase of 41.8%. Comments on 2018 Little Swan’s strong adaptability: 1) In the face of market demand differentiation in 2018, Haier Casa Di competed at the high end and Xiaomi competed at the low end. Little Swan once lost market share. 1Q / 2Q / 3Q / 4Q revenue growth rate of 19.7% / 7.5% /-0.9% / 15.0%.2) The company adjusts its strategy in time to cope with multi-brand operations.Midea’s brand positioning is cost-effective and actively expands the market. In 2018, revenue increased by 27%.Little Swan brand positioning is mid-to-high end, with an average price increase of 12%.Beverly’s benchmark against Casarti has grown significantly by 222% in 2018.AVC monitors offline channels, and Beverly’s retail sales accounted for 2% in 2018.5%, the share increased quickly. Little Swan’s financial performance is excellent: 1) Gross profit margin in 201826.2%, a year to raise 0.9ppt; Net profit (including minority shareholders’ profit and loss) rate 9.0%, increase by 1 a year.0ppt.Return on net assets 24.3%, increase by 1 every year.2ppt.2) The cash flow is good, and the cash at the end of the period is 161.600 million yuan, an increase of 22 over the beginning of the period.10,000 yuan.Execute T + 3, ending inventory 17.600 million, down 2 from the beginning of the year.300 million. The company has strong adaptability, fast transformation speed and strong execution ability.Having encountered difficulties from a young swan, rapid transformation and quick results have verified this characteristic of Midea Group. The market changed in 2018. Midea Group actively adjusted its strategies and tactics. We noticed that the company paid more attention to multi-brand operations, Internet thinking, and the technology of products.The company’s air-conditioning sales strategy also made some adjustments, and 1Q19 is actively replenishing its inventory (air conditioning implemented T + 3 in 2018, and channel inventory is low).In addition, since Midea launched the air-conditioning promotion early in late February, the online and offline market share has increased significantly. It is estimated to maintain EPS forecast for 2019/203.47/3.89 yuan.Maintain the recommended level and raise the target price by 6% to 62.40 yuan, corresponding to 18/16 times P / E in 2019/20, compared with the current 28% increase.The company currently expects to correspond to 14/13 times P / E in 2无锡桑拿网018/19. Risk Market Demand Risk Risk; Sino-US Trade Friction Risk; Global M & A Integration Risk.

February 20th the daily limit board has long known: Seven major benefits are expected to ferment

February 20th the daily limit board has long known: Seven major benefits are expected to ferment

Isn’t the “Chun Mang” market simple?

Come to Sina University of Finance and listen to China’s futures futures chief coach Sirius 50 Chen Hao talk “Technical 北京夜网 Analysis: Follow the main force to catch bull stocks”, understand the main force to catch bull stocks from the K line.

  Sina Finance News on February 19 news, there are seven major benefits that may affect the stock market tomorrow, specifically: Zhengbang Technology: Net profit in 201916.

$ 9.7 billion increased by 777.

53% Zhengbang Technology (002157) disclosed the performance quick report on the evening of February 19, and the company realized a total operating income of 254 in 2019.

4.2 billion, an increase of 15 every year.


Net profit 16.

9.7 billion, an annual increase of 777.

53%; basic profit income is 0.

69 yuan.

According to the number of reports, the rise in hog prices has increased the company’s hog breeding sector’s gross profit and increased profits.

  Yisheng shares: In 2019, the net profit will increase five times in ten years. It is proposed that 10 transfers, 7 pays and 10 pays.

8.4 billion yuan, an increase of 143 over the previous year.

26%; net profit 21.

7.6 billion yuan, an increase of 499 over the previous year.

73%; basic profit income 3.

79 yuan.

The company distributed a cash dividend of 10 yuan (including tax) to every 10 shares for all shareholders, and increased 7 shares for every 10 shares of the capital reserve fund.

According to the reported quantity, the average price of broiler breeder chicks of the company’s parents increased by 115 compared with the previous year.

05%, the average price of commercial broiler chickens increased by 101 over the previous year.


  China Fortis: Revised the issue price of the increase plan.

18 yuan / share China Fortis (300560) announced on the evening of February 19 to amend the plan for non-public offering of shares.

Among them, the subscription price was revised to 12.

18 yuan / share, that is, the issue price is not lower than 80% of the average trading price of the company’s shares 20 trading days before the pricing reference date; the restricted sale period is revised to 18 months.

Zhongfutong will increase the funds raised this time4.

500 million euros to supplement the liquidity, the actual controller Chen Rongjie each fully subscribed for Rongjia Technology.

  Shanghai Kaibao (300039) announced on the evening of February 19 that Tanreqing Injection combined with “New Coronary Virus Pneumonia Diagnosis and Treatment Plan (Trial Version 6)”.

Tanreqing Injection is an exclusive patent of the company, which is mainly used for the treatment of acute and chronic bronchitis, pneumonia and upper respiratory infections caused by bacteria or viruses.

This matter is expected to have a positive impact on the marketing and sales of Tanreqing Injection, but the impact on operating performance cannot be estimated for the time being.

  Xiangtan Dianhua: Amendment to the plan for controlling the increase of shareholders and other participants in the subscription of Xiangtan Dianhua (002125) announced on the evening of February 19 to amend the plan for non-public issuance of A shares.

After the amendment, the company intends to raise funds to no more than 35 objects and no more than five.

28 trillion US dollars, for the annual production of advanced lithium manganate battery 2 and other projects.

The company’s controlling shareholder, Dianhua Group, and the indirect controlling shareholder, Zhenxiang SDIC, intend to subscribe for 100 million yuan and 1, respectively.

500 million yuan.

The issue price will not be lower than 80% of the average trading price of the company’s stocks in the 20 trading days before the pricing reference date.

  Yu Nong Commercial Bank: Approved to build a wealth management subsidiary Yu Nong Commercial Bank (601077) announced on the evening of February 19 that the company plans to invest 2 billion yuan to initiate the establishment of a wealth management subsidiary.Recently, the China Banking and Insurance Regulatory Commission issued a reply and agreed to the company’s preparation for the establishment of Chongqing Agricultural, 青岛夜网 Commercial and Financial Management Co., Ltd.

  Longma Sanitation: Winning the bid for a 3 trillion sanitation service project Longma Sanitation (603686) announced on the evening of February 19 that the company recently won a bid for a market-based service project for sanitation in Dinghai City, Zhoushan City, with a contract value of 300 million yuan.

As of now, the company has won 6 bids for environmental sanitation service projects in 2020, and the total amount of service fees in the first year is 3.

$ 1.5 billion with a contract budget of 10.

900 million yuan.

Insomnia and drowsiness in autumn The Yellow Emperor’s Canon reminds you to pay attention to gastrointestinal health

Insomnia and drowsiness in autumn “The Yellow Emperor’s Canon” reminds you to pay attention to gastrointestinal health
From late autumn, the climate is cool, the summer heat has passed, and the winter cold has not yet arrived.This climate is good 南京桑拿网 for sleep, but many people don’t sleep properly, drowsy during the day, shaking at night, counting sheep until dawn.Traditional Chinese medicine believes that insomnia in the autumn is mostly hot and hot in the summer and exhausts one’s heart. In the autumn, it becomes depleted and uneasy.In addition, since ancient times, autumn has been sad and lonely, and everything has been depressed in autumn. People are prone to depression, which leads to insomnia.Text: All-media reporter Zhong Kui Insomnia—the stubborn disease that transcends time and space. In fact, abnormal sleep will not only appear in autumn, but also in other seasons.As the saying goes, spring is sleepy and summer is scarce, and autumn is hibernating.People will appear “sleepy”, “tired”, and “depleted” all year round, dozing off during the day and not sleeping at night.Insomnia caused by seasonal changes is only one of the causes of insomnia.Any physical discomfort, stress in life and work, and mental and psychological changes may cause insomnia.Moreover, insomnia is a persistent disease that spans time and space. It not only bothers modern people, but also ancient people.China’s first collection of poetry “The Book of Songs”, the first volume of the book “Guan Yu” is a “insomnia poem”: “Sir lady, please ask.”poo.Long and careless, tossing and turning.The young man did not succeed in pursuing a lady for a while, he missed it day and night, and turned up pancakes in bed at night.Look at the “Moon Yue He Jiao Jiao” in “19 Ancient Poems” of the Han Dynasty: “He Jiao Jiao in the bright moon, according to my Luo bed.Sorrow can’t be distressed, lingering around.Although the passenger line is Yunle, it is better to return early.Who is alone when you leave home?Led back into the room, tears shed clothes.A wanderer who had never thought of Shu, but woke up with the worries of homesickness because of a bright moon, could not sleep at night, rose up in a cloak and wandered alone.Take another look at the first poem in “Wing Huai” by Ruan Ji, one of “The Seven Sages of the Bamboo Forest”: “Don’t be awake at night.The thin curtain reads the bright moon, and the breeze blows me.Guhong outfield, birding song north forest.What will you wander about?Worrying alone is sad.”Ruan Ji, who lost sleep over worries, simply sat up and played the piano.There are a lot of poets suffering from insomnia in history, and this is just the tip of the iceberg. There are only a handful of people who never suffer from insomnia.Stomach discord is a common phenomenon because of insomnia. The earliest medical classics in China, the Yellow Emperor’s Canon, paid much attention to this problem, and spent a lot of time exploring the causes and treatment of insomnia.Regarding the normal physiological clock of sleep, the Yellow Emperor’s Internal Classic believes that the body’s “protective energy” operation is closely related to the generation of sleep.”Lingshu · Dachaolun” points out: “A man who protects qi travels day by day in the sun and night travels in the yin. Therefore, the yang qi lays down while the yin qi runs down.The so-called “protective qi” is metabolized by the essence of water valley that is transported by the spleen and stomach. It flows very quickly and runs between the skin and muscles.The role of invasion.The flow of Weiqi is divided into day and night, Yin and Yang, and the day “walking in the Yang” is the Sanyang meridian of the hands and feet, circulating for 25 weeks.At night “walking in the yin” is traveling in the five internal organs, and it is also circulating for 25 weeks.Normally, Wei Qi “walks in Yang” is awake, and “walks in Yin” sleeps.When Wei Qi has performed the five internal organs, people will wake up.According to this theory, The Yellow Emperor’s Canon of Internal Medicine believes that when the body’s yin and yang are exuberant or weak or imbalanced, insomnia or sleepiness will occur.”Lingshu · Cold-Fever Disease” states: “Yang Qi Sheng is stunned, and Yin Qi Sheng is stunned.”Yang Qi Sheng” means “Wei Qi must not enter the yin and often stay in the Yang”, that is, Wei Qi is still stranded in the Sanyang meridians of the hands and feet at night, and does not enter the five internal organs.In the same way, when Weiqi stays in the internal organs during the day and cannot walk on the body surface, he will be lethargic.”The Yellow Emperor’s Canon” noticed that the “doorway” of Weiqi from the Yangjing to the five internal organs was the hand, the footyangming classic, namely the stomach and the large intestine.The “gateway” of Weiqi from yin to yang is the foot-taiyin meridian, that is, the spleen, such as spleen dysfunction, will affect Weiqi to yang, causing drowsiness.This shows that the normal function of the spleen, stomach, and large intestine is the key factor affecting sleep.Therefore, “Su Wen · Inverse Tune Theory” states: “Stomach discord is uneasy.”The Yellow Emperor’s Canon” also explains the reason why fat people are drowsy and thin and insomnia: “Therefore, the stomach is large . then (weiqi) stays in the yin for a long time, and if it is not fine, it is craving, so it is more prone to sleep.”.Its stomach is small, the skin is smooth and slow, the meat is divided into benefits, and the qi stays in the yang for 西湖阁体验网 a long time, so it is less stingy.”The Yellow Emperor’s Canon of Internal Medicine” believes that the quality of sleep is related to the human spirit. Divine anxiety can conceal energy, and distress can cause sleep disturbances such as dreams, nightmares, and sleepwalking.How to prevent insomnia and drowsiness?The “Yellow Emperor’s Internal Classic” points out that daily routine is the key to obeying the laws of nature.Lung Qi Qing. “In addition, attention must be paid to gastrointestinal health.In this way, you can effectively prevent the “maintaining yang” or “maintaining yin” in Weiqi.

Chuantou Energy (600674) 2019 Interim Report Comment: Performance Meets Expected Profit Marginal Improvement

Chuantou Energy (600674) 2019 Interim Report Comment: Performance Meets Expected Profit Marginal Improvement

Event: Chuantou Energy released its 2019 semi-annual report.

The company’s 2019H1 operating income3.

200 million, a decrease of 5 every year.

7%; net profit attributable to mother 11.

500 million, a year reduction of 0.

8%; EPS 0.

26 yuan.

Reduced power generation and impact on main businesses: The company’s 2019H1 power generation decreased by 21 due to factors such as the “one stop, one policy” policy for water supply and ecological flow.

9%, of which the increase in power generation in the second quarter of 2019 decreased by 40.


Despite the increase in electricity prices, the company’s 2019H1 operating income3.

2 ‰ (5 per year reduction.

7%), gross margin of 52.

2% (reduction of 1 per year).

9 single); of which the company’s 2019Q2 operating income is 0.

98 ‰ (reduction of 18 per year.

8%), gross margin of 19.

8% (13 per year reduction)

2 averages).

Marginal profit improvement in the second quarter: The company’s main source of profit is investment income from Yalongjiang Hydropower (48% equity participation), and 2019H1 Yalongjiang Hydropower net profit replacement.


Affected by this, the company’s 2019H1 investment net income11.

9 ‰, an average of two in ten years.

5%; but net investment income for the second quarter of 20194.

90,000 yuan, an increase of 21 in ten years.


The company’s net profit attributable to the parent in Q2 20194.

1 ppm, an increase of 24 in ten years.

4% (net profit attributable to mothers in the first quarter of 2019 replaces ten years).

9%), margins improved in the second quarter.

Newly-controlled hydropower assets were added, and the long-term installed capacity was extended to the first half of 2019. The company’s acquisition of 60% equity of Panzhihua China Resources Hydropower Development Co., Ltd. has been completed.

The project is located on the main stream of the middle and lower reaches of the Jinsha River. The total construction period of the project is 72 months. The company’s long-term installed installed capacity is expected to expand.

The application for convertible bonds was approved, and the middle reaches of the Yalong River deserves attention: the company intends to publicly issue convertible bonds to raise no more than 4 billion funds, and it is planned to specifically use it to increase the capital of Yalong River Hydropower.

On July 26, 2019, the company’s application for the public issuance of convertible bonds was reviewed and approved by the issuance committee of the CSRC.

The current projects under construction on the middle reaches of the Yalong River include Lianghekou Hydropower Station (3 million 都市夜网 kilowatts) and Yangfanggou Hydropower Station (1.5 million kilowatts). The first unit is expected to be commissioned in 2021.

With the successive efforts of the Yalong River Midstream Hydropower Station, the company’s long-term growth deserves attention.

Earnings forecast and investment rating: According to the company’s operating data and other conditions, the company’s net profit attributable to its mother for 2019-2021 was slightly increased to 34.

0, 35.7, 36.

1 ppm (33 before adjustment.

8, 35.

5, 35.

900 million).

The company’s EPS for 2019-2021 is expected to be 0.

77, 0.

81, 0.

82 yuan, the current expected PE is 13, 12, and 12 times, respectively, maintaining the “overweight” level.

Risk reminder: the incoming water is higher than expected, the power demand is lower than expected, the unit’s commissioning progress is slower than expected, the on-grid electricity price is reduced, and the risk of rising financing costs is raised.

Huaxia Happiness (600340): Steady growth in performance and deepening cooperation with Ping An

Huaxia Happiness (600340): Steady growth in performance and deepening cooperation with Ping An

Steady growth in performance and high profit levels in the industry.

In the first half of 2019, the company achieved revenue of 387.

3% ten percent, an annual increase of 10.

7%, net profit attributable to mother 84.

80,000 yuan, an annual increase of 22.

4%, of which, the gross profit of the industrial new city business accounted for 54%.

The company’s initial gross margin and net profit attributable to its parent are 48, respectively.

7% and 21.

9%, an 北京夜生活网 increase of 2.

9 and 2.

1 unit.

As of the end of the reporting period, the company has gradually deployed nearly 80 industrial new cities in 15 core metropolitan areas across the country.

The proportion of foreign capital around Beijing has gradually increased, and there is no worries to complete the performance growth target.

In terms of revenue, the proportion outside Beijing was 21 from the same period last year.

7% increased to 38.

5% to 14.8 billion US dollars, a ten-year growth rate of 96.


In terms of sales, the area outside Beijing is expected to increase from 40% to 58% from the same period last year to 375.

600 million, a 10-year growth rate of 16.


According to the number of reports, the company ‘s land investment increased by 69% over the same period of the previous year, and the land acquisition area increased by more than 66%. The existing land resources will help the company’s sales in the second half of the year improve.

The company’s advance payment of US $ 1403 million guarantees future performance growth and helps the company achieve its performance commitments.

The repayment rate has increased significantly, and the financing advantage is fully reflected.

The report summarizes that the company realized operating cash inflows of approximately 40.8 billion yuan, and the recovery rate increased from 46% to 62% in the same period last year.

The company’s net cash flow from financing reached 317.

4 trillion, -97 compared with the same period last year.

$ 200 million improvement.

With the tightening of industry financing in the second half of the year, the company’s financing advantage is expected to become more prominent.

Cooperation with Ping An has been further deepened, and new modes of coordinated development have been continuously explored.

The company transferred the equity and debts of the project company to Ping An Life, and at the same time, it still provided the project with development and construction and post-completion operation management in the mode of export asset management.

In the first half of the year, the company was about 64 billion U.S. dollars, a year-on-year decline of about 20%.

3%, real estate sales fell 26.

7%), less than expected, we lowered the company’s profit forecast and expected EPS for 2019, 20 and 21 to be 4 respectively.

95, 6.

08 and 7.

78 yuan, the corresponding PE is 5 respectively.

3, 4.
3, 3.
4 times, the corresponding index rate is 5.

7%, 7% and 8.


Maintain company buy rating.

The company is currently less than 6 times PE and is at the bottom of history. Due to the tightening of industry policies, the industry estimates that the hub is down, giving the company 8 times PE in 2019 and lowering the company’s target price to 39.

6 yuan.

Risk warning: slow progress in investment promotion in production cities and weak real estate sales.

Great Wall Motor’s (601633) December sales review: Mo wins for the cloud system

Great Wall Motor’s (601633) December sales review: Mo wins for the cloud system
The short-term wholesale is weaker than the retail, and the inventory level is reasonably controlled. The company’s December wholesale sales totaled 10.600,000 units, at least -20.8% (ten years at retail +7.5%), overall lower than expected.At the beginning of 2019, the company gradually sold 1.06 million units, +0 throughout the year.7% (ten years at retail +5.3%), basically in line with expectations.As the Spring Festival was earlier this year, the company continued the idea of controlling the inventory level of the main shaft. The wholesale incidental period was low throughout November-December, but the terminal retail performance was excellent (+47 compared with the previous quarter).7%), which is also to create a better inventory environment for sprint sales in 2020. The previous disturbances were relatively controllable, and the other highlights of the chain structure were only a fraction. The poor short-term wholesale data was mainly caused by the disturbance of low-price range products. The H2, H4, and F5 models were less than 11 times.Weakened forces, with a total sales of less than 4,000 units, a decrease of more than 80% compared with the same period last year. In 2020, with the new platform architecture driving the restructuring of the product matrix, the problem of stalls between M6 and H6 will be completely 天津夜网 resolved.Momentum coefficient, the company’s wholesale sales in December compared with the previous November average of 7.9%, but the growth momentum of key models is still continuing, of which M6 sales1.90,000 units (+19 from the chain.7%), with more than 7,000 shells sold (+12 from the previous month).2%), V6 and H9 are maintained at a higher central level. The Q4 performance risk is relatively small, and the medium and long-term volume and price elasticity can be expected to take into account Q4 sales in 2019 of 33.60,000 units, but the subdivision structure continues to be optimized. We expect that the net profit attributable to mothers will remain around 14 million in a single quarter (Q3 QoQ), corresponding to a nominal profit of 6,000 yuan for bicycles. At the same time, taking into account year-end expenses, financial 无锡桑拿网 contributions andIncremental point erosion.Looking forward to 2020-2022, we are optimistic about the company’s ability to bear the combined system of cost, quality, marketing, and technology, which will smoothly drive global sales to 1.7 million units and return profits to the order of 10 billion yuan. Earnings forecast and investment rating: Q4 sales are expected to exceed expectations. We lower our 2019 earnings forecast to US $ 4.3 billion and maintain a profit of US $ 6.5 / 8.5 billion in 2020/2021, corresponding to 19/13/10 times the current total PE.We believe that at least the emission standard switching stall in May-August 2019. The current sales slump in November-December is the starting point of a new cycle. It is impossible to look at the clouds, the system is winning, and the “buy” level is maintained. Risk warning: the macroeconomic growth rate exceeds expectations; the growth of the passenger car market is weak; the sales of new models climb less than expected; the profitability of bicycles rebounds more than expected.