Supor (002032): Retail maintains growth trend and benefits will decrease slightly in the future

Supor (002032): Retail maintains growth trend and benefits will decrease slightly in the future
Expected 15% net profit in 1Q19?20% growth benefit1?The market for small kitchen appliances in February increased faster than in 4Q18. Is it expected that the company’s revenue will reach 15% in 1Q19?20% growth, net profit 20%?25% growth. Focus on point 1?The small kitchen appliances market maintained a high growth rate in February: 1) AVC retail monitoring data shows thatIn February, the retail sales of the small kitchen appliances market were + 7% and + 23% respectively, which was better than 4Q18 (offline and online retail sales were -7% and + 23%, respectively)上海夜网论坛.2) Supor continues to maintain a leading industry growth rate in the small kitchen appliances market.In February, offline retail sales increased by + 11% and + 34%, of which offline sales improved significantly.4Q18 Supor offline, online retail sales twice -2%, + 26%. In the kitchen appliance market, Supor’s online share continues to increase: 1) 1?In February, the retail sales of large-scale kitchen appliances online market reached -7.9%, poor performance.Mainly due to the real estate cycle and the low season demand during the Spring Festival.2) 1?In the online market in February, the retail sales of Supor exceeded + 11%. Although it grew around 2018, it was significantly better than the industry.Supor’s cost-effective strategy is still effective, with online retail sales accounting for 7%.7%, close to Vantage (8.8%).3) Supor has enriched the series of kitchen appliances. We saw integrated stoves, built-in steamers, ovens, and water purifiers during AWE. We plan to repackage them in the future. The growth prospects of Supor’s large kitchen appliances are still optimistic. The cooker market is growing steadily: 1) 1?In February, Supor Tmall Cookware flagship store retail sales reached 40.71 million, an increase of + 56%.2) Supor acquired WMF business in China and completed channel integration in 2018, which will improve the brand layout of the cookware market. The growth of high-end cookware in the future is worth looking forward to.From January to February 2019, WMF’s flagship store retail sales of 4.5 million yuan in Tmall, of which total retail sales in February + 41%. The promotion will begin to reduce 3pct on April 1st, which is slightly positive.Supor has strong brand pricing power. It is expected to share some of the benefits of the expected reduction, but it will also benefit dealers and consumers. Estimates and recommendations consider lowering the tax rate and raising the company’s EPS forecast for 2019/20 by 3% / 3% to 2.50 yuan / 2.99 yuan, maintain the recommended level, raise the target price by 14% to 77.42 yuan, corresponding to 31x / 26x 2019 / 20e P / E, a 21% increase in space.The company currently corresponds to 26x / 21×2019 / 20e P / E. Risk Market demand fluctuation risk.

Fangbang (688020) New Share Coverage Study: High-end Electronic Material Manufacturers

Fangbang (688020) New Share Coverage Study: High-end Electronic Material Manufacturers

Fangbang Co., Ltd .: High-end electronic material electromagnetic shielding film manufacturer: The company’s predecessor Fangbang Co., Ltd. was established in December 2010. The company’s main business is R & D, production and sales of high-end electronic materials, focusing on providing high-end electronic materials and application solutionsThe main products include electromagnetic shielding films, conductive adhesive films, ultra-thin flexible copper clad laminates and ultra-thin copper foils, which are high-performance composite materials. Among them, electromagnetic shielding films are the company’s main source of income, and the company’s electromagnetic shielding films mainly include HSF-6000 series.Products and HSF-USB3 series products.

In 2018, the company realized operating income of 274.71 million yuan, a year-on-year increase of 21.

4%, HSF-6000 series products and HSF-USB3 series products contributed 38% and 61% of total revenue, respectively.

Consumer electronics, automotive electronics, communication equipment and other end-use application areas have grown steadily, and upstream FPC and related high-end electronic materials have benefited from the demand: Through the development of modern electronic products such as smartphones, computers, wearable devices, automotive electronics, the global FPC output value has risen overallIn the trend, China has gradually become the main source of FPC, and the FPC output value in China has continued to increase in the global proportion. In 2016, the output value of China’s FPC industry (including foreign companies) reached 46.

300 million US dollars, accounting for a global share from 200923.

7% has increased to 42 in 2016.


Consumer electronics, automotive electronics, and communication equipment are the three major application areas of FPC. FPC increments will gradually expand: new smartphone functions (including double-sided screens / folding screens, etc.), new 5G applications, steady growth in wearable devices, and automotive electronics, Widely used in communication equipment industry.

Raising funds to enhance research capabilities and enhance industry competitiveness: The company intends to raise funds through the public offering of shares of the Science and Technology Board to a scale of 10.

58 trillion, the number of shares to be issued does not exceed 20 million shares, the proposed expansion is mainly to expand the expansion of existing production capacity and the construction of research and development centers.

As an upstream raw material manufacturer, the company’s product technology research and development is the core factor to ensure its long-term stable development. The company promotes the level of technology development through capital market financing, including investment in basic research and development, and has a long-term sustainable and stable development.

Investment suggestion: According to a listed company with comparable stocks, we choose PEG and 2019 dynamic PE as the main reference data, with CAGR (average 21%) and PEG (average 2) from 2016 to 2018.

0) Estimated as the lower limit.

1 ppm, PE (expected in 2019) (equivalent to 28.

3X) as a lower bound in combination with the expected growth rate.

1 ppm, we initially 北京夜网 believe the company’s overall expected range is 38.

100 million to 49.

1 ppm, calculated based on the total value of the existing total number of shares combined with the number of shares to be issued, the company’s issue interval is a subdivided issue price of 47.

6 yuan to 61.

4 yuan.

Risk reminders: The decline in product prices caused by market competition affects the company’s profitability; macroeconomic fluctuations and international trade disputes affect the downstream smart terminal consumer market demand; the company’s single product structure and the concentration of downstream application areas.

China National Travel Service (601888): Flattening price differences at home and abroad to create a people-oriented, data-driven new tax-free shopping experience

China National Travel Service (601888): Flattening price differences at home and abroad to create a people-oriented, data-driven new tax-free shopping experience

The strategic expansion of the “new consumption” era has brought large-scale collective purchases to equalize domestic and overseas price differences, which has brought about expansion of consumption capacity.

China National Travel Service is a leader in the duty-free industry. Its global ranking jumped from 19th place in 2010 to 4th place in 2018. This is inseparable from the company’s advantages based on tax-exempt licenses and active layout of three major formatsEfforts to expand the scale of operations by occupying channel resources (investing in the construction of Haikou Duty Free City, winning the bid for the long-term contract at Beishang Airport, and actively deploying tax exemptions in the city).

Large-scale collective procurement has improved the company’s speaking power and bargaining power. Because consumers who are trapped by the high price difference between domestic counters and foreign origins can enjoy the low-cost purchasing channels provided by the company,Bring consumption backflow and consumption expansion.

Optimize offline store service experience, increase conversion rate and customer unit price.

The company is committed to creating a comfortable and vibrant shopping environment. Through the “duty-free shopping festival”, celebrities to stores, brand pop-up stores and other activities to gather popularity and enhance interactivity, at the same time work with many brands to launch exclusive limited-edition products and duty-free products.Packages for better shopping options for consumers.

The CDF even launched a face recognition payment service, which can complete online payments through the shopping process; Hong Kong Airport has zero tariffs, and even launched a face recognition payment service to make the shopping process more efficient and convenient.

The optimization of offline consumption experience helps to increase the conversion rate and unit price of visitors.

Big data helps online channel integration and increase penetration.

The official CDF duty-free online pre-order platform “CDF Duty-Free Pre-Order” has been launched in Hangzhou, Guangzhou, and Xi’an Airport duty-free shops, enabling 成都桑拿网 consumers to browse duty-free products anytime, anywhere, online pre-orders, and store pickup.

In addition, the company actively promotes the opening of the membership system to further use new technologies to build a member big data middle stage, establish an identifiable and operable user resource pool, and conduct accurate marketing, thereby effectively leading consumers to advance to online channels to generate pre-ordersBehavior, or provide discount information for offline stores, to achieve the goal of attracting consumers to the store and increasing penetration.

  Estimates suggest to maintain the net profit attributable to mothers in 2019 and 202048.

0 billion and 52.

1 trillion unchanged, corresponding to an increase of 55 in ten years.

0% and 8.


The company’s overall consensus corresponds to 36.

1x and 33北京夜生活网.

2 times P / E ratios for 2019 and 2020.

We maintain our outperform industry rating and target price of RMB 114, corresponding to 43x and 28 forecast P / E ratios of 2020.

6% upside.

  The risk reduction of taxes caused the unattractive price of duty-free products; the macroeconomic impact on industry demand; and the release of duty-free permits.

Vantage Shares (002035) Interim Review: Revenue under pressure to maintain gross profit margin and increase net profit + 15%

Vantage Shares (002035) Interim Review: Revenue under pressure to maintain gross profit margin and increase net profit + 15%

With retail as the guide, the overall net profit level will be improved, and the company will maintain the “Buy” rating.

300,000 yuan, at least -7.

68%, net profit attributable to mother 3.

95 trillion, ten years +15.

32%, in line with expectations.

The company is guided by terminal retail, promotes top-to-bottom transformation, transformation of sales channels, more involvement in retail marketing, and a gradual increase in sales expense ratio and gross profit margin.

We believe that the company’s counter-cyclical adjustment of the industry is expected to enhance the competitiveness of the terminal. When the demand for kitchen appliances picks up in the future, it may have a scale of revenue and profit growth elasticity.

We expect the company’s EPS to be zero in 2019-2021.

86, 1.

02, 1.

23 yuan, maintain the company’s “Buy” rating.

Domestic sales look at new products, and channels look at e-commerce to drive growth companies to achieve operating income in 2019H129.

300,000 yuan, at least -7.


Among them, the operating income of 2019Q2 was 15.

99 ‰, at least -8.


Among the traditional products, the range hood income is 11.

430,000 yuan, at least -6.

80%, stove income 7.

470,000 yuan, at least -10.

83%, gas water heater income 5.

2.9 billion per year-13.


Focus on the promotion of new kitchen products, dishwasher, steaming and baking machine to achieve zero income.

39, 0.

54 trillion, each year +84.

91%, +573.


In terms of channels, offline channel revenue is still expected to be supplemented, and e-commerce revenue8.

3 billion, +4 a year.


Project channel income is 0.

90 ‰, at least -44.


In addition, the company’s two Black & Decker brands achieved revenue.

4.2 billion a year -7.

63%. The proportion of e-commerce has increased, retail-oriented transformation and cost decline have driven the gross profit margin of the company up. The overall gross profit margin of the company in 2019H1 is 49.

92%, ten years +3.


Among them, the gross profit margin for 2019Q2 was 51.

471, +3 in the past.


We believe that the company’s gross profit margin optimization mainly comes from: interconnection, e-commerce revenue accounted for 28%.

68% (earlier increase of 1.

87PCT), to share a higher level of gross profit margin; reorganize, actively transform to retail-oriented, re-divide channel benefits; at the same time, the decline in raw material prices also contributed to the transformation.

Facing the downward pressure of the industry, the company actively adjusted, sales, management, and R & D expense ratios have been increasing since 2018.The company has faced downward pressure on the demand for kitchen appliances, accelerated through terminal transformation, and continued to promote sales.Expansion 无锡桑拿网 and enhancement of retail capabilities have resulted in an increase in amortization expenses in support of 2019H1 stores, and a total of 27H1 sales expenses.

43%, ten years +1.


Company management expenses 3.

52%, ten years +0.


At the same time, the company accelerated new product, new technology reserves, solidified product competitiveness, and replaced R & D expenses.

70%, ten years +0.


Finance costs are -0.

27 trillion, basically stable.

In summary, in 2019H1, the company achieved net profit attributable to mothers3.

95 trillion, ten years +15.

32%, net profit increased by 13.

48%, ten years +2.


The domestic market is accelerating retail transformation, land recovery is expected to increase, and we are optimistic about the elasticity of revenue and net profit. We maintain EPS of 2019-2021 to be zero.

86, 1.

02, 1.

23 yuan forecast, as of August 28, 2019, the average PE of comparable companies in 2019 is 18.

85x. Compared with industry benchmarks, the company accelerated the retail transformation against the trend and consolidated terminal competition. The gross profit margin and net profit margin have shown signs of improvement.

According to the National Bureau of Statistics, the floor area of residential sales in July was +3.

4%, the growth rate is +5.

2PCT, the land recovery is expected to increase, and the company may be able to share revenue and elasticity of net profit growth.

The recognition is given to the company’s 18-20x PE in 2019, corresponding to a target price of 15.


20 yuan, maintaining the “buy” rating risk warning: competition in the kitchen appliance market is intensifying.

Unfavorable fluctuations in raw material prices.

The impact of the land cycle is greater than expected.

Bank of Shanghai (601229): Better performance sets sail

Bank of Shanghai 武汉夜生活网 (601229): Better performance sets sail

Event: On the evening of October 25, the 3Q19 performance was disclosed: revenue 378.

810,000 yuan, a year-on-year increase of +19.

76%; net profit attributable to mother 163.

59 trillion, a year-on-year increase of +14.

59%; annualized weighted ROE14.


As of the end of September 19, the scale of assets was 2.

19 trillion yuan, non-performing loan ratio1.


  Opinion: Better performance, lower ROE revenue growth rate.

Revenue growth in the third quarter of 19 was 19.

7%, compared with 27 in the previous 1H19.

The 4% decline was significant, mainly due to the growth rate of loans, which was 28 at the end of 18 years.

1% of teenagers to 3Q19 of 15.

3%, especially the growth rate of personal loans with higher yields has significantly reduced.

  Better 杭州桑拿 performance.

The growth rate of net profit in the third quarter of 19 was 14.

6%, an increase of 0 from the previous 1H19.

3 units.

Despite the decline in revenue growth, the quality of assets is stable, the amount of impairment growth accrued, and the growth rate of net profit slightly increased.

Achieved faster earnings growth, 19Q3 revised ROE14.

74%, rising by 0 every year.

44 units.

  Optimized asset structure, net interest margin decreased slightly from the previous quarter, and optimized asset structure.

Since 2015, the growth rate of loans has continued to exceed the growth rate of assets, and the proportion of asset-side loans has increased from 36 at the end of 15 years.

0% rose to 43 in 3Q19.

8%, the asset structure is significantly optimized.

In recent years, Bank of Shanghai has continued to promote retail transformation. The balance of personal loans increased from 865 trillion at the end of 15 years to 3,021 trillion in 3Q19, while the ratio of individual loans increased from 16.

1% rose to 31.


However, the 3Q19 loan-to-loan ratio fell by an integer in the initial period.

  Net interest margin decreased slightly from the previous quarter.

According to our calculations, the net interest margin in 3Q19 was 1.

67%, a decrease of 2BP from the previous 1H19, mainly due to the decline in the return on assets.

Return on interest-earning assets in the third quarter of 194.

39%, a decrease of nearly 6BP from the previous 1H19, which is expected to be mainly related to the growth trend of personal loans with higher yields.

  Asset quality remained stable, and loan allocations were relatively high. Asset quality remained stable.
The non-performing loan ratio in the third quarter of 19 was 1.
17%, down 1BP from the previous 1H19, focusing on the loan ratio of 1.

86%, unchanged from 1H19.

1H19 overdue loan ratio1.

61%, with a bad net production rate of 1.

27%, or related to the rise in the generation of bad consumer loans.

  Loans are relatively high.

The loan-to-loan ratio in the third quarter of 19 was 3.

90%, slightly decreased in the early 1H19, and increased 0 in the early and early stages.

1 unit, wide provision.

  Investment suggestion: Estimated benefits and costs highlight that Shanghai Bank, as a city commercial bank based in the Yangtze River Delta, has obvious regional advantages.

1530 retail customers in the third quarter of 1930.

50,000 households, retail AUM6091 trillion US dollars, an increase of 17% compared to the earlier period, and retail transformation is advancing steadily.

  In addition, Bank of Shanghai intends to issue convertible bonds not exceeding 20 billion yuan, which will effectively replenish capital and support future business development.

  Taking into account the year-end expectations, it is estimated to switch to 2020 and give 1.

Double the 20-year PB target estimate, corresponding to 13.

31 yuan / share.

The current estimate is only 0.

88 times 19 PB, can be estimated, maintain Buy rating.

  Risk warning: risks of contraction of consumer loans, deterioration of asset quality and other risks.


Hang Seng Electronics (600570) first coverage: Capital market IT leader with high R & D potential

Hang Seng Electronics (600570) first coverage: Capital market IT leader with high R & D potential

Hang Seng Electronics (600570.

(SH) He has been deeply involved in the financial IT field for more than 20 years, and is currently an absolute leader in the capital market fields such as securities and funds.

Since landing in Shanghai in 2003, the company has maintained high growth, with a CAGR of 23 in the past five years.

1%, net profit CAGR is 15.

6%, the incident caused by the HOMS in 2016 will affect the company ‘s actual operating capacity, and 成都桑拿网 it will maintain a stable and rapid growth as a whole, and is moving towards a world-class fintech company.

  Key points of investment: Ant Financial takes the lead in strengthening technology, resource background, and synergies are expected: In April 2019, Ant Financial completed the acquisition of 100% equity of the company’s controlling shareholder, Hang Seng Group.

Alibaba and Ant Financial’s advantages in full technology and C-end traffic will greatly improve the company’s technology output capabilities in the fintech field and stimulate Internet business revenue generation.

In May 2019, the company cooperated with Ant Financial and Alibaba Cloud released JRES3, a “new generation distributed service development platform”.

0powered by Ant, the synergy between the two parties is prominent, and future development is 南京夜网 expected.

The level of profit continued to increase + the level of expenses improved, and the financial performance was dazzling: the company’s financial performance has always been excellent, and the gross profit margin remained above 95% in 2016-2018, and it continued to climb, with 2019H1 reaching 97.

9%; the net interest rate and ROE level also remained high, basically stable at the 20% level (except 2016 in which accidents occurred); at the same time, the expense ratio was also 92.

0% is about 83.

8%, sales and management expenses improved better than expected.

“High R & D + high market share + high pricing” forms core competitiveness: the company’s R & D promotion is extremely high (43 in 2018.

0% of the expenditure is outstanding in the leading industry), resulting in excellent technical capabilities and product systems.

The reason why the company can reduce this is because of its already overlapping high city share, combined with the industry’s high replacement costs, Micro Motion’s entry-level features, and the use of strong pricing power to pass the high cost to downstream customers, thus obtainingStable, high-quality active cash flow to support high R & D funding strategies.

The positive feedback cycle of the integration of “high R & D + high market share + high pricing” has been continuously strengthened to form the company’s core competitiveness.

Earnings forecast and investment recommendations: Capital market reforms are continuously deepened, new regulations on capital management (bank wealth management subsidiaries), science and technology boards, Shanghai-London Stock Connect, and other political reforms have been implemented.It will continue to give play to its competitive advantages and further support the company’s business expansion.

The company’s EPS for 2019-2021 is expected to be 1.



55 yuan, 65/56/50 times the appropriate annual PE, respectively, the first coverage, of which “overweight” grade.

Risk factors: the risk of the advancement of financial innovation policies is less than expected, systemic risks in the market

Guangxin Co. (603599): Three quarterly reports are in line with expectations. Focus on new project construction progress.

Guangxin Co. (603599): Three quarterly reports are in line with expectations. Focus on new project construction progress.

Net profit in the first three quarters increased by 10% each year, in line with market expectations. Guangxin shares released the third quarter report for 2019 on October 27. The company achieved revenue of 25 in the first three quarters.

5.3 billion, an increase of 13 a year.

3%, net profit 4.

1.5 billion, an increase of 10 in ten years.

4%, performance in line with market expectations.

Follow the current 4.

6.5 billion shares of the total equity calculation, the corresponding EPS is 0.

89 yuan.

Corresponding to 2019Q3 realized revenue 8.

62 trillion, an increase of 20 in ten years.

9%, net profit 1.

5.7 billion, an increase of 9 in ten years.


We expect the company’s EPS for 2019-2021 to be 1.



59 yuan to maintain the “overweight” level.

The increase in the sales volume of the herbicide segment and the increase in the average selling price of fine chemicals led to an increase in the performance of the fungicide segment. According to Zhongnong Lihua, the average price of carbendazim / methiocarbin in the first three quarters changed by -1% / 0% to 3, respectively.


20,000 yuan / ton, the company’s sales of fungicides doubled.

6% to 1.

37 average, average price increased by 0.

8% to 3.

20,000 yuan / ton, revenue increased 2% to 4.

3.8 billion.

In the herbicides sector, the average price of glyphosate / diuron-methyl changed by 7% / 6% to 2 in the first three quarters.


80,000 yuan / ton, the company’s herbicide sales volume increased by 35% to 4 per year.

03 samples, the average price dropped 5% to 2.

40,000 yuan / ton, revenue increased 29% to 9.

500 million.

The company’s fine chemical sector achieved zero sales.

29 Initially, the year fell slightly by 3%, and the average price had previously increased by 12% to 9.

40,000 yuan / ton, revenue increased by 8% to 2 in ten years.

800 million.

The company’s gross profit margin increased by an average of 0.

1pct to 32.

1%, the financial expense ratio increased by 1.5pct to -1.


The pesticide market has been trending rapidly recently. Pay attention to the progress of production in northern Jiangsu. The pesticide market is generally stable in the near future. According to Zhongnong Lihua, the company’s main products, glyphosate, diuron, and carbendazim, have been quoted at 2.




0 million yuan / ton, unchanged in early September, the latest price of methylthiocarbin was 3.

0 million yuan / ton, down 3% from the beginning of September.

At the same time, chemical companies in northern Jiangsu have been working since “3.

After the 21 ”explosion, production was suspended in a large area. According to relevant government websites, Lianyungang, Yancheng and other places have issued notices of resuming production since September. At present, some enterprises have completed the final review and are starting at the end of October.Production resumes one after another.

The projects under construction help the company to upgrade its products and further improve the industrial chain companies. In January 2018, they successfully increased their capital. 14

0 million US dollars to build 3000 tons of pyraclostrobin, 1200 tons of oxacillosporin, etc. As the relatively high-end pesticide varieties, pyraclostrobin and oxadiazon are used to help the company to upgrade its products.Production is expected to begin in early 2020.

In addition, the company’s important intermediate 武汉夜网论坛 p-nitronitrochlorobenzene Phase II 10 is expected to start production in 2019, further improving the company’s industrial chain.

Maintain “Overweight” rating We maintain the company’s EPS for 2019-2021.



The forecast of 59 yuan is based on the estimated level of comparable companies (average 13 times PE in 2019), considering that the company continues to integrate the integrated industrial chain to reduce production costs, giving the company 14-15 times PE in 2019, maintaining a target price of 15.


10 yuan, maintaining the “overweight” level.

Risk reminder: glyphosate’s overseas policy risks, and the new project’s commissioning is not up to the expected risk.

Xinbao shares (002705): Independent brands are making efforts to significantly increase flexible production

Xinbao shares (002705): Independent brands are making efforts to significantly increase flexible production

This report guide: 2019Q1-3 net profit growth exceeded our expectations.

The company’s independent brand is working hard to continuously promote automation and flexible production to reduce costs and increase efficiency.

Maintain the “overweight” level and raise the target price to 20 yuan.

Investment Highlights: The net profit for the third quarter of 2019 is higher than our expectation. We maintain our “overweight” rating and raise our target price to 20 yuan.

The company’s 2019Q1-3 revenue was 68.

3 ‰, an increase of 9% in ten years; net profit attributable to mother 5.

2 ppm, an increase of 45% per year.

Maintain 2019-2021 revenue forecast to 99.

47, 117.

74, 137.

2.3 billion, raised net profit forecast to 6.

99 (+1.

07, + 18%), 8.

75 (+2.

14, + 32%), 10.

34 (+2.

98, + 40%) billion, corresponding to 0 EPS.

87 (+0.

13, + 18%), 1.

09 (+0.

27, + 33%), 1.

29 (+0.

37, + 40%).

Considering that earnings are better than expected, we raise our target price to 20 (+3.

59, + 22%), corresponding to 18xPE in 2020, maintaining the “overweight” rating.

Q3 single quarter gross profit increased significantly, operating cash flow increased significantly.

Single-quarter revenue in Q3 2019 was 27.

800 million yuan, an 重庆耍耍网 increase of 12%; net profit attributable to mother 2.

80,000 yuan, an increase of 27%.

Gross margin 25.

6%, compared with 21 in the third quarter of 2018.

5% increase by 4.

2 points, compared with 22 in the second quarter of 2019.

8% month-on-month increase of 2.

8 points.

2019Q1-3 Net operating cash flow10.

95 trillion, compared with 1 in the same period in 2018.

34 trillion US dollars increased by 716%, of which the third quarter net operating cash flow in a single quarter.8.9 billion.

The independent brand exerts its strength, and the flexible production performance is outstanding.

The company’s own brand Mofei sales have grown significantly. According to Taobao and other data, Mofei’s products including juicers, multifunctional pots and electric kettles are expected to achieve a total revenue of 400 million in the first three quarters, compared to only 1 billion in the same period in 2018, an increase of 300%, And Q3 ranks Q2 to accelerate.

The company scale divides production units according to product categories and uses different product lines for different customers; gradually promotes automated production to extend to more processing.

Continuously advancing automation and flexible production not only improve the responsiveness to customers, but also reduce costs and increase efficiency.

Catalyst: Accelerated landing of cooperation orders between the company and innovative brands. Tips: Declining demand in the international market, changes in exchange rates, risks in developing domestic markets, etc.

China Railway Construction (601186) 2019 Interim Report Review: Interim Report Performance Enhancement Highlights Low Valuation

China Railway Construction (601186) 2019 Interim Report Review: Interim Report Performance Enhancement Highlights Low Valuation

I. Overview of the event China Railway Construction released the 2019 Interim Report: In the first half of 2019, it realized revenue of 3529.

35 ppm, an increase of 14 in ten years.

23%, net profit attributable to mother 92.

8.4 billion, an increase of 15 in ten years.

93%, deducting 85% of non-attributed net profit.

2.7 billion, an increase of 19 years.


  Second, the analysis and judgment of the interim report performance has steadily increased, the profitability has improved, the cash flow improved in the first half of the company’s revenue growth rate14.

23%, an increase of 7 compared with the same period last year.

The growth rate of net profit attributable to mothers increased by 2 percentage points, but the growth rate of net profit attributable to non-mother mothers increased by 1.

32 units, the overall performance rose steadily.

In terms of sections, the project contracting revenue was 3109.

69 ppm, a 16-year growth rate of 16.

39%, an increase of about 10 compared with the same period last year.

With 61 digits, the increase is even more significant. The real estate sector income was 98.

3.5 billion, a slight decline before.

  Gross profit margin for the first half of the year 9.

8%, an increase of 0 compared with the same period last year.

1 average, net interest rate 2.

92%, an increase of 0.

04 single, the expense rate is relatively stable, compared with the same period last year, the expense rate fell slightly to 0.

11 units, of which financial expenses are properly controlled and reduced by 0 for one year.

09 averages.

  Cash flow has improved, with net cash flow from operating activities of -324.

7.2 billion, a positive change from the same period last year 134.

1.6 billion, net increase in cash and cash equivalents -213.

9.2 billion, a positive change of 72.

09 billion.

  Based on the main business of infrastructure construction, the growth rate of signing orders has increased, and future performance is more secure. In the first half of 1911, the company’s new vertical order was 7,186.

9.7 billion, exceeding the growth rate of 18%, compared with the same period last year, an increase of nearly 8 values, of which the engineering contracting category surpassed the single 6118.

9.2 billion, an increase of 23 in ten years.

14%, at least nearly 14 units increased, the growth rate rebounded significantly.

From the perspective of the molecular industry, the new wavelengths for railways, highways, and other categories (including municipalities) were 981.1165 / 3973 billion, respectively, and the growth rates were 18 respectively.

58% / 0.

79% / 33.

06%, of which the road growth rate turned positive and significantly improved compared to the end of last year, and infrastructure projects such as municipal and urban rail rapid growth.

Company 18-19H1 new mid-term single 2.

3 trillion, with a revenue ratio of about 3 to 18.15. In the future, the performance guarantee is relatively high. With the expectation that infrastructure investment will continue to stabilize, the performance of the transportation infrastructure in the 13th Five-Year Plan period may accelerate its release in the last two years.

  Third, the investment recommendation company is a leading enterprise in infrastructure construction, and the value of Hengqiang, the strong one, has become prominent under the recovery of infrastructure construction.

It is estimated that the net profit attributable to mothers in 19-21 will be 204/226/25 billion and the EPS will be 1.



84 yuan, corresponding to PE is 6.



95 times, the company’s estimated maximum value / expectation / minimum value within one year is 9 respectively.



63 times, an increase of 8 times compared to the company’s current 南宁桑拿 estimate. The company relatively estimated replacement, maintaining the “recommended” level.

  4. Risk Warning: Infrastructure Investment Transition

Tower Group (002233) Cement Map Series Report: Scale + Cost Advantage Creates Yuedong Oligopoly Assets Entering Harvest Period

Tower Group (002233) Cement Map Series Report: Scale + Cost Advantage Creates Yuedong Oligopoly Assets Entering Harvest Period

Investment points The cement industry has entered the stage of the industry’s life cycle. The reinvestment capacity and expectations of enterprises are weakening, the industry structure is solidifying, and the trend of continuing to focus on the leader remains unchanged.

For the investment of leading enterprises in which the cement competition pattern has been solidified in some regions, we recommend lowering the rate of return expectations, lengthening the investment dimension, and focusing on strengths.

As a leading company in the eastern Guangdong region, through the expansion of production capacity in recent years, the Tower Group has continued to strengthen its internal competitiveness, and there is still room for potential substitution in the region’s internal demand; it is expected to become a stable income with high dividends and high returns in the future.

Here we will conduct multiple detailed analyses of the competitive advantages and value attributes of the Tower Group; provide a relatively new idea for cement investment.

The Taipai Group is a leading cement company in the eastern Guangdong region. It has a reasonable production capacity layout and strong resource endowment, and is highly competitive in a relatively closed market in the region.

The company has three production bases in Meizhou, Huizhou, Guangdong, and Longyan, Fujian (only 20 km away from the Meizhou base). It is an absolute leader in the eastern Guangdong region. Due to the complex terrain, it has a strong right to speak in the relatively closed eastern market.

The company’s own limestone mines will continue to benefit from the general trend 杭州桑拿 of “clinker resource utilization” in the industry.

In recent years, the company has added two new straight lines. The cost is the lowest in eastern Guangdong. The cost per ton is about 20 yuan lower than the cost of a 5000t / d production line in the region.

The cost and scale are as absolute as possible. The company’s speaking power in the region is strengthened. From the strategic choice, whether it is relative strategic intimidation or genuine price war expansion, it is sufficient.

The strength of the milling station along the coast of eastern Guangdong will not have an effective impact on the sales channels of the tower. In the future, the company will be invincible in eastern Guangdong.

The company has long recognized that the cement process has been improved and its operating efficiency is excellent.

The company’s cement clinker production line is advanced and the scale of the single unit is large; the sales model combines the characteristics of the region with infrastructure and rural-oriented characteristics, through distribution-oriented, direct sales as a supplement, and its leading advantages in key regional projects, ensuring the companySales channels, tons of selling expenses are extremely low.

The cement demand potential in eastern Guangdong is relatively high, and the construction of the Greater Bay Area is also expected to further boost regional cement demand.

In the case of severely weak regional infrastructure facilities, we expect that the regional cement demand will have great room for future development.

In the fourth quarter of 2019, it is expected that the company’s market share in the region will gradually increase to 60% after the company’s second plug-in line is put into production, and continue to improve the company’s competitiveness.

The balance sheet is well repaired, high cash flow returns, potential dividend returns, and the company ‘s asset value can be revalued.

According to the company’s total market value deducted cash in hand, the overall discounted cash flow requirement is only less than 9 billion, according to the company’s assumption of 1 billion to 2 billion net cash inflow per year, the overall asset side safety margin is high.

With the reduction of capital expenditures, the company’s future dividend ratio will remain high (almost 59% in 2018).

We estimate the company’s net profit attributable to mothers to be 17 in 2019.

2.6 billion, after deducting 4.5 billion in net cash, corresponding to only 5X of internal PE; the current index rate level is close to 8%, and the safety margin is high, giving an “overweight” rating.

Risk Warning: 1.

Macroeconomic risks.


Supply-side reforms fall short of expectations