AVIC Aircraft (000768) 2019 Third Quarterly Report Review: Product structure optimization management continues to improve

AVIC Aircraft (000768) 2019 Third Quarterly Report Review: Product structure optimization management continues to improve

Introduction to this report: The company’s third quarterly report is in line with expectations.

The product structure is optimized to increase gross profit margin, the replacement of civil aircraft business has led to a decline in the comprehensive expense ratio, and the dual enhancement of management and efficiency has brought net profit to the mother and has continued to grow.

Investment points: Investment advice: Lean factory construction will continue to optimize the product supply structure. Internal tapping will increase management efficiency. Maintain target price to 20.

57 yuan, maintaining the “overweight” level.

With the full implementation of the lean unit, the company ‘s high-margin products have gradually increased production capacity, which has led to increased sales revenue and profit margins, improved management efficiency and reduced the proportion of operating expenses.

Maintain 2019-2021 EPS forecast to 0.



37 yuan unchanged.

Performance is in line with expectations, product optimization and management improvement.

The company’s operating income for the first three quarters of 2019 was 196.

780,000 yuan (at least -3.

57%), net profit attributable to mother is 3.

430,000 yuan (ten years +47.

61%), net profit after deducting non-attribution is 2.

64 ppm (decade +20.


Selling expenses 2.

590,000 yuan (at least -12.

35%); administrative expenses 5.

56 ppm (at least -13.

84%); finance costs -0.

3.6 billion (+48.

10%), foreign exchange gains decreased compared to the previous year.

The increase of the company’s net profit attributable to its mother in the first three quarters is that the structure of aviation products has been optimized and the gross profit margin has continued to increase to 6.

29%, 0 per year.

35 units.

Reducing the burden and focusing on the main business, profit margins still have room for improvement.

Due to the uncertainty of the development of the civil aircraft business, the company replaced the introduction of large, focusing on the main business instead of the civil aircraft business.

As Shen Fei’s civil aircraft no longer exceeds the scope of consolidated statements, the corresponding tax expenses have decreased.

The company is reporting budgeted taxes and surcharges of 2959.

220,000 yuan, at least -50.

twenty three%.

The company is reporting a maximum gross margin of 5.

67%, the expected price of new products will be converted to the 天津夜网 official production price, and gross margin is expected to improve structurally.

Catalysts: reform of the pricing mechanism for military products; restructuring of research institutes.

Risk warning: The progress of new model development is not up to expectations; competition in the global aviation industry is intensifying.

Depth-Company-Kaizhong Co., Ltd. (603037): New products such as electric control and rubber wheels for Q3 results

Depth * Company * Kaizhong Co., Ltd. (603037): New products such as electric control and rubber wheels for Q3 results have broad prospect

The company released the third quarter report of 2019, and the first three quarters achieved a total of operating income3.

700 million, down 10 a year.

2%; net profit attributable to shareholders of the listed company is 0.

74 million, down 27 each year.

9%; budget benefit 0.

70 yuan.

Q3 achieved operating income1.

100 million, down 9 a year.

1%; net profit attributable to shareholders of the listed company is 0.

1.4 billion, a year-on-year decrease of 39.

6%, lower than our expectations.

Many products of the company continue to expand new customers and orders, and the performance is expected to stabilize and rebound.

In addition, the company develops new products such as electronic control systems and rubber wheels, which have promising development prospects.

We expect the company’s estimated earnings for 2019-2021 to be zero.

98 yuan, 1.

27 yuan and 1.

63 yuan, maintain BUY rating.

  Key points of official ratings The auto market is 南宁桑拿 down, and short-term performance is under pressure.

The company’s customers basically include domestic mainstream auto companies. The impact of the downturn in the automobile market on the company has broken through. The company achieved revenue in the first three quarters3.

700 million, down 10 a year.


Gross profit margin 37.

1%, a decline of 6 per year.

1pct is expected to be mainly due to the decline in the scale of revenue and the price reduction of some products.

In terms of expenses, selling expenses decreased by 8.

7%, basically synchronized with income; management expenses increased by 1.

7%, R & D expenses increased by 12.

7%, which is expected to increase as a result of increased R & D investment in new materials; financial expenses decreased by 16.

6%, mainly due to the increase in interest rate income; four expense ratios of 17.

3%, an increase of 1 over the previous period.

7 points.

Revenue and gross profit margins fell, but expense ratios rose, and net profit fell by 27.


Q3 revenue fell 9% year-on-year.

1%, gross margin decreased by 10.

2pct (expected to be mainly affected by one-time costs, subsequent expected rebound), sales, research and development costs increased by 6.

5%, 20.

8%, management and financial expenses decreased by 7.2%, 97.

7%, net profit attributable to mothers decreased by 39.


A variety of products continue to develop, and performance is expected to stabilize and rebound.

In terms of buffer blocks, the company strives to realize the advantages of cost and service, and gradually increases the domestic city’s share; it transforms the company to develop overseas markets, and the development prospect is promising.

In terms of shock-absorbing components, the company has won a number of projects including Audi (Germany), FAW-Volkswagen, SAIC-Volkswagen, Changan Ford and achieved breakthroughs in Korean projects.

In terms of lightweight pedals, in addition to SAIC, Geely, Chery and Weimar pedals have been supplied in batches, and have received project orders from BAIC New Energy and Jiangling New Energy.

Customers and orders for this type of product continue to develop, with promising development prospects.

In 2019, the sales volume of some customers declined, and new projects were put into mass production, which had a certain impact on performance; however, sales volume recovered and new projects were gradually mass-produced.

New products such as electronic control systems and rubber wheels have broad prospects.

The company’s existing product bike value indicator (bike value buffer block is about 40 yuan, lightweight pedal 50-200 yuan), the expansion of the product line significantly enhances the market space and brings performance flexibility to the company.

The development of new products for the company’s electronic control system is progressing smoothly, and mass production in the future is expected to promote high-speed growth of the company’s performance.

In addition, the polyurethane rubber wheel business has a broad market space and higher profit margins. The company has obtained an exclusive authorization from Covestro. It is expected to develop vigorously in the future and become an important growth point of performance.

  It is estimated that due to the continuous growth of domestic automobile sales, we have lowered our profit forecast. The company’s 2019-2021 earnings are expected to be 0.

98 yuan, 1.

27 yuan and 1.

63 yuan, the existing business continues to develop, new electronic control system products are expected to bring breakthrough performance flexibility, maintain a BUY rating.

  The main risks faced by the rating are 1) the continued decline in car sales; 2) the shock absorption and pedal business development is worse than expected.

Six South Korean anti-Sad groups demand government to stop deploying Sad

Six South Korean anti-Sad groups demand government to stop deploying “Sad”
Xinhua News Agency, Seoul, August 10th (Reporter Yao Qilin, Geng Xuepeng) Singju, Kimcheon people and six anti-Sad groups have an antique press conference on the 10th near Sade, Sungju County, Gyeongsangbuk-do, South Korea.On the same day, an electromagnetic wave survey was conducted at the Sade base in Xingzhou.The investigation aborted with strong opposition from local residents and civic groups.  Opponents argue that the South Korean government’s planned electromagnetic wave survey is an attempt to legalize small-scale environmental impact assessments, and they oppose it.The statement said that the deployment of Thaad is harmless and not beneficial. As a peace-loving Korean people, it is their responsibility to resist the deployment of Thaad.  The statement also made four requirements: the South Korean government immediately stopped small-scale environmental impact assessment; immediately stopped the activation of the Thaad system and removed Thaad equipment; stopped the deployment of Thaad and implemented the strategic 西安耍耍网 environmental impact assessment after the Thaad equipment was removed; comprehensive investigationDeploy Sade ‘s illegal process and severely punish those responsible.  The Ministry of National Defense and the Ministry of Defense of South Korea conducted a small-scale environmental impact assessment on the part of the Sade system where Sade ‘s system was deployed in the first stage of Sungju Golf Course at the end of 2016.To the Ministry of the Environment.The Ministry of Environment originally planned to confirm the results of this small-scale environmental assessment on the spot on August 10, but was strongly opposed by the local people.  On July 29, South Korean President Moon Jae-in presided over a security conference to instruct North Korea to test the intercontinental ballistic missiles and strengthen the deterrence measures, including the temporary deployment of the remaining equipment from Sade.This statement caused strong opposition from local citizens and civic groups in Sungju, Kimcheon, South Korea. Original Title: Six South Korean Anti-Sad Groups Demand Government to Stop Deployment of “Sad”

Asia Pacific Technology (002540): 2018 performance is consistent with the forecast; production and sales slightly increase

Asia Pacific Technology (002540): 2018 performance is consistent with the forecast; production and sales slightly increase

2018 performance and forecast are in line. Asia Pacific Technology announces 2018 results: operating income of 3.6 billion US dollars, an annual increase of 5.

4%, net profit attributable to the parent company3.

75 ppm, an increase of 23 per year.

5%, corresponding to a relative profit of 0.

30 yuan, consistent with the performance forecast, net profit after deduction to the mother3.

100 million US dollars, an increase of 15% per year, profit improvement and improvement mainly due to capacity growth, actively explore non-auto market business, and cumulative decline in financial expenses and asset impairment.

Comments: 1) Production and sales of aluminum products increased.

In 2018, the company’s total output of profiles, pipes and rods was 15.

7 Initially, at least +3.

7%, sales were 15.

8 initially, at least +6.


2) Comprehensive gross profit margin increased by 0 in ten years.

2ppt to 20.

7%, of which tube / profile / bar gross margin is +1 per second.

3ppt / -0.

5ppt / -1.

0ppt to 25.

9% / 20.

8% / 17.


3) Financial expenses decreased by 19.67 million yuan, mainly due to the increase in exchange gains.

4) The asset impairment loss is reduced by 85% / 1.02 million yuan each year.

5) The cash flow from operating activities temporarily increased significantly by about 5.

300 million to 4.

300 million to achieve positive.

The company announced 1Q19 results with operating income of 7.

100 million, a year-on-year decrease of 16%, a month-on-month decrease of 27%, and net profit attributable to the mother.

72 ppm, a 12% reduction in one year, and a 15% reduction from the previous quarter, in line with our expectations.

In the first quarter of 19, the company’s comprehensive gross profit margin increased slightly by 0.

7ppt to 20.

2%, investment income + gains from changes in fair value increased by 28.54 million yuan.

Development Trend Aluminum projects continue to advance.

Currently, company 6.

5In the early / year period, the new energy vehicle aluminum project is still progressing as planned.

In the first 北京夜网 quarter, domestic new energy vehicle sales increased by 109% per year. We are optimistic about the long-term growth potential of new energy vehicles and related aluminum lightweighting needs.

Plan for 2019: Aluminum extrusion capacity will reach 22 inches, and production and sales will increase by 15% each year. It is expected that revenue, profit and profit from mother and mother will increase by 5-30%, operating costs will be controlled at 80% of operating income, and expense ratios will be controlled during the periodAround 10%.

Earnings forecast We maintain our 2019 / 20e earnings forecast at 0.26/0.

28 yuan unchanged.

Estimated and recommended companies reasonably correspond to 19/20 20/19 times P / E and maintain the recommended level. Considering the improvement of market forecast level and conversion to 杭州桑拿网 2020 valuation, we raise the target price by 8% to 6.

5 yuan, corresponding to 25/23 times P / E in 19/20, which has 21% growth space than currently expected.

Risks Lower-than-expected downstream demand and product sales.

Hengyi Petrochemical (000703) 2018 Annual Report Performance Comment: Downstream Filament M & A Expansion Upstream Upstream Refining & Chemical Co., Ltd. Will Become Production

Hengyi Petrochemical (000703) 2018 Annual Report Performance Comment: Downstream Filament M & A Expansion Upstream Upstream Refining & Chemical Co., Ltd. Will Become Production

The company’s 2018 performance was in line with expectations. In the fourth quarter of 2018, oil prices fell sharply, and factors such as inventory losses led to single-quarter growth.

The current polyester filament industry boom is rapidly picking up, and processing profits at various stages have rebounded significantly.

In addition, oil prices have returned to the upward path, and Air Force inventory preparations are expected to reverse.

The company’s downstream filament continued to extend its mergers and acquisitions to consolidate its leading position. The upstream Brunei Refining and Chemical Project is expected to start production in 2019 and will enter the era of industrial chain integration.

The company’s 2018 performance was in line with expectations.

The company achieved operating income of 8.49 million yuan in 2018, + 29% for the whole year, and net profit attributable to the mother 19.

US $ 600 million, + 16% a year; of which, in the 18th quarter, operating income was US $ 21 billion, + 13% a year, + 15% MoM, and net profit attributable to the mother -2

400 million US dollars, similar to other companies in the same industry, as of the fourth quarter of 2018, large inventory losses and other reasons led to single quarter expectations.

In addition, the company announced that it plans to pay a dividend of RMB 3 per 10 shares in 2018, and the dividend will account for 43% of the net profit attributed to the mother.

In the fourth quarter of 2018, oil prices fell sharply, and factors such as inventory losses led to a single quarter outage.

In the fourth quarter of 2018, international oil prices fell sharply. Brent and WTI oil 武汉夜网论坛 prices were -35% and -38% quarter-on-quarter, respectively. After that, the prices of major products in the polyester industry chain fell.-24%, -26%, similar to other companies in the same industry, the company’s 2018Q4 inventory loss was serious, of which the company accrued 1.

2 trillion inventory depreciation reserve.

The prosperity of the filament industry is picking up rapidly in 2019. In the first quarter, the average processing profit of PTA / filament POY / FDY / DTY was 169/2/437/433 yuan / ton.

In addition, in the first quarter of 2019, the price of oil returned to the upward path, and the price of chemicals in the industrial chain increased. It is expected that in the first quarter of 2019, inventory gains will be generated, and the price of weapons storage goods will be prepared to reverse.

Downstream filaments transitioned and acquired new production 杭州夜网 capacity, which continued to consolidate some of the industry leaders.

The company recently acquired Jiaxing Yipeng, Taicang Yifeng, Shuangtu New Materials 100% equity, increased polyester fiber production capacity by 145 inserts, the current industry chain holdings 1350 to replace PTA, 630 polyester polyester (415 length filament + 150 inch bottle(+ 65-inch staple fiber), Nylon industry chain holding caprolactam 30 mm.

In addition, the company also acquired Zhejiang Hengyi Logistics and Ningbo Hengyi Logistics to build its own logistics network and reduce product transportation costs.

The company rapidly expanded downstream capacity through outsourcing mergers and acquisitions, and its market share continued to increase.

The upstream Brunei Refining and Chemical Project is expected to be put into production this year.

The company’s first phase 800 early refining and petrochemical project in Brunei terminated 30 days of accumulated investment.

One billion US dollars, the overall progress of the project is 93%. It is expected that the commissioning of the materials can be achieved this year. At that time, the company will realize the “PX-PTA-polyester” industry chain leap.

The company’s Brunei refining and petrochemical project enjoys preferential property rights and free of corporate income for 11 years. At the same time, its refined oil products can be sold directly on the international market. The domestic market for refined oil products is highly competitive. Direct sales on the international market are an important advantage of the company’s large refining and chemical projects.

Risk factors: the risk of the gradual evolution of international oil prices, the risk of intensified trade disputes between the United States and China, and the risk that the company’s construction projects are not progressing as expected.

Investment recommendation: As the company’s large-scale refining and chemical project is lower than expected, the company’s 2019-2020 performance forecast is lowered to 34.


6 trillion (previous forecast was 53.


500 million), new profit forecast for 2021 57.

50,000 yuan, corresponding to 1 for 2019-2021 EPS.



02 yuan, the current sustainable corresponding PE is 13/8/8 times.

Following the 10x PE estimate in 2020, the company is given a target price of 20.

0 yuan, maintain “Buy” rating.

Vanke A (000002) May sales review: May sales growth further growth, land acquisition continues to focus on first and second tier cities

Vanke A (000002) May sales review: May sales growth further growth, land acquisition continues to focus on first-tier and second-tier cities

Key Investment Events: The company achieved a contracted sales area of 366 in May.

20,000 square meters, the sales volume reached 579.

900 million.

From January to May 2019, the company gradually realized a contracted sales area of 1,660.

80,000 square meters; the contracted sales amount of 2676 is gradually realized.

0 million.

Twelve new development projects were added in May, with a building area of 232.

60,000 square meters, the land price of 124.

3.8 billion.

Opinion: The sales growth in May further increased, and the sales growth rate gradually increased from January to May.

The company achieved a contracted sales area of 366 in May.

0 million square meters, an increase of 30 every year.

9%; the contracted sales amount was 579.

9 ‰, an increase of 35 per year.

2%, continuing the high growth trend in April.

In April and May, the increase in sales increased the growth rate of incremental sales.

From January to May, the company gradually realized a contracted sales area of 1,660.

80,000 square meters, an increase 上海夜网论坛 of 4 every year.

7% (January-April is a decline of 0.

8%), with a cumulative sales volume of 2676.

0 ppm, an increase of 12 per year.

0% (January-April growth of 6.


The average sales price is 15,844 yuan / square meter.

Land continues to focus on first- and second-tier cities.

The company received 124 in May.

400 million, the amount of land acquisition accounted for 31% of the sales amount; from January to May, the total amount of land acquisition was 70.9 billion yuan, with a total construction area of 1105

In 10,000 countries, the proportion of accumulated land acquisition amount to sales amount is 26.


The average land price from January to May was 6,418 yuan / square meter.

From the layout point of view, Nadi focuses on first- and second-tier cities.

From January to May, the land 深圳桑拿网 is calculated according to the amount, and the front line is 27.

2%, second-line 57.

5%, three or four lines 15.

3%; Calculated according to the area taken, the front line is 9.

7%, second-line 61.

6%, three or four lines 28.

6%.The cities with the highest land acquisition amount from January to May are: Beijing (18.

3%), Fuzhou (10.

8%), Suzhou (9.

6%), Wuhan (6.

7%), Foshan (5.


Investment suggestion: Vanke will focus on the core first and second tiers, with rich soil reserves, and will continue to absorb core city fundamentals in the future.

The company’s leading level is stable, the financing advantage is obvious, and the financial structure is stable. It is a high-quality target under the current logic of the new world of real estate, new horizons, and new markets.

The company’s EPS for 2019-2020 is expected to be 3.

66 yuan, 4.

28 yuan, calculated based on the closing price on June 4, 2019, the corresponding PE is 7 respectively.

2 times, 6.

1x, maintain “Buy” rating.

Risk warning: Monetary policy tightens significantly, policy expectations exceed expectations

Antu Biological (603658): R & D high investment performance continues to grow rapidly

Antu Biological (603658): R & D high investment performance continues to grow rapidly

The 1H19 performance was slightly higher than expected. The company released its 2019 Interim Report on August 8, achieving operating income of 11.

7.9 billion (+39.

03%), net profit attributable to mother 3.

200,000 yuan (+29.

85%), net of non-attributed net profit3.

08 thousand yuan (+30.

62%), of which 6 in the second quarter of 19.

3.1 billion (+45.

92%), net profit attributable to mother 1.

9.9 billion (+32.

23%), slightly more than expected.

The company still maintains rapid growth in terms of high R & D investment. We remain optimistic about the company’s future and raise its profit forecast. It is expected that the company’s EPS for 2019-2021 will be 1.



68 yuan, raise the target price to 79.


99 yuan, maintain “Buy” rating.

The overall laboratory service business is progressing smoothly. R & D expenses are growing rapidly. The company’s revenue in 2Q19 increased by 46%, an increase of 14pct compared with the previous quarter, and the gross profit rate in 1H19 was 65.

35%, down by 1 every year.

With a score of 37, we believe that the overall service business of laboratories with a lower gross profit margin has developed rapidly and the proportion has increased.

The company’s 1H19 sales expense ratio, management expense ratio (excluding research and development) and financial expense ratio reached 16 respectively.

46%, 4.

87% and 0.

47%, a decrease of 0 per year.

23pct, decrease by 0.

14pct and increase by 0.

17 points.

Company 1H19 R & D expenses1.

390,000 yuan, an increase of 53 in ten years.

13%, accounting for 11 of operating income.

81%, an increase of 1 each year.

09 points.

We believe that although the rapid growth of R & D expenses affects the profit to some extent, the continued high proportion of R & D promotion is the foundation of the company’s sustainable development.

Magnetochemiluminescence has grown rapidly, and the biochemical business has developed steadily. The company currently has 98 microplate immunoassays and 99 magnetochemiluminescence registration certificates.

The revenue of our formaldehyde 1H19 company’s magnetic powder chemiluminescence reagent increased by 45-50%, which is the core driving force for the company’s performance growth.

We estimate that 450-500 units of 1H19 magnetic powder chemiluminescence equipment will be installed, and 1000 units will be gradually installed (mainly A2000 plus), and it is expected that the sales of supporting reagents will increase by 45% in 2019.

The company has 139 biochemical testing registration certificates covering 12 major categories.

We expect 1H19 biochemical reagent revenue to increase by 30-40%, and it is expected that biochemical reagent 武汉夜生活网 revenue will reach zero in 2019.8-1.

0 million yuan, maintaining a growth rate of more than 30%.

The biochemical immunization pipeline is advancing smoothly and the microbial business remains stable. The biochemical immunization pipeline is the company’s fist product to seize the high-end testing market. Currently, it has been installed in the top three and second hospitals.article.

The company has 97 registration certificates for microbiological testing. We estimate that the company’s 1H19 microbiological business will grow by 20-25%, and it is expected that the same growth rate will be maintained in 2019.

We expect the company to install 50-60 microbial mass spectrometers in 2019 (including launch).

1H19 has a good performance and maintains a “buy” rating. The company ‘s 1H19 has a good performance. We raise our overall laboratory service revenue growth forecast and raise our profit forecast.



26 trillion (previous value was 7.



810,000 yuan), an increase of 29% / 27% / 22% in the past, the current expected corresponding PE for 2019-2021 is estimated to be 40x / 31x / 26x.

Considering the company’s comprehensive layout and strong product competitiveness, we give the company a target PE estimate of 46x-48x in 2019 (comparable company’s average PE in 2019 is 36x) and raise the target price to 79.


99 yuan, maintain “Buy” rating.

Risk warning: New product R & D and promotion are less than expected; IVD purchase price cuts exceed expectations.

Shanxi Fenjiu (600809) 2019 Interim Report Review: Bfen Fen’s heavy volume growth accounted for more than half of the province

Shanxi Fenjiu (600809) 2019 Interim Report Review: Bfen Fen’s heavy volume growth accounted for more than half of the province

Matters: The company released its 2019 Interim Report, and the company’s 2019H1 revenue was 63.

7.7 billion, an increase of 22.

3%; net profit attributable to mother 11.

90 trillion, with an increase of 26.


19Q2 income 23.

20 trillion, an increase of 26.

3%, net profit 3.

1.3 billion, an increase of 38.


H1 performance was in line with expectations.

The company’s H1 final account receipt was 14.

8.1 billion yuan, an increase of 23.

1%, the off-season dealers are actively paying.

19H1 Net cash flow from operating activities16.

9.1 billion yuan, -2601 million yuan in the same period last year.

Bofen quickly increased the volume, accounting for more than half of the province.

As the Group’s series of wines were gradually integrated into the company’s body, product classifications were adjusted for disclosure, and Fenjiu’s revenue in the first half of the year56.

34 trillion, with an expected increase of 25-30%, and the income of blended wine2.

10,000 yuan, an increase of 33.

0%, series wine 4.

800 million, which is expected to remain flat, of which Fen is actively adjusting.

In terms of Fen liquor, it has further promoted the strategy of grasping the middle of the two belts. The blue and white series has held up high prices, strengthened price control and gradual system management, and maintained steady growth under last year’s high growth rate. Bfen adjusted its thinking and accelerated the expansion of terminal channels.Combining the number of terminals with regional control, it is required that the terminal market rate is 80%, and the volume growth in the first half of the year is expected to be 40% -50%.

By region, the province’s income was 31 in the first half of the year.

49 trillion, with an increase of 9.

7%; income outside the province 31.

67 trillion, an increase of 48.

8%, accounting for the first in the province, surpassing and increasing by 7.


Combined with grassroots channel research, the growth rates in East China, Inner Mongolia and Shaanxi are ahead, and the surrounding Shanxi market is expected to maintain a rapid growth rate of 30-40% and a more stable growth.

The gross profit margin increased significantly, and the cost recovery improved.

Company 19H1 gross profit margin 71.

5%, an increase of 2 per year.

2pcts, the gross margin increase is mainly due to: 1) At the same time, low base.

In early 18th, the Group’s personalized brand was incorporated into the joint-stock company in the form of the Fen brand, and its products were mainly based on low-end and mid-range wines, which lowered the gross profit margin performance of the same period last year.

2) The overall product structure is still improved, and the series of wine brands are actively sorting out.

Since the beginning of this year, the company has actively reduced the number of wine brands and carried out vigorous rectification. The brand model has been transformed into self-employed and customized, and the gross profit level is expected to improve significantly.

In terms of expenses, the sales expense ratio was 21 in 19H1.6%, the same increase of 3.


Advertising costs increased by 38.

3%, market development expenses increased by 188.

9%. In the first half of the year, the company increased the scale of the province’s external market expansion, the expected cost of the basic market and the expansion of the terminal increased. The goal of expanding the terminal was basically completed. After the nationwide layout was deepened, the cost increase was necessary.

19H1 excise tax pricing13.

5%, down by 2.

0, mainly because the company’s series of wines were actively adjusted, and the specific collection ratio of consumption tax production was reduced somewhat.

Company 19H1 net profit 19.

8%, 0 per year.

3pct, profitability remains stable.

Reform continued to deepen, focusing on new strategic positioning.

This year is the year of deepening the reform of the company and the year when the results of the reform come to fruition.

At the market level, the company reorganized the “1 + 3 + 3 + 13” market strategy, created according to market characteristics, and cultivated intensively. The domestic market maintained healthy development, and the market outside the province focused on breakthroughs.

At the product level, the company adheres to the development strategy of “grasping the middle of the two belts”, and implements a vertical management system for the entire series of product sales in the national market, focusing on the control of blue and white and Bfen series products. Based on this, it integrates the “one excellent and three strong” alcohol brands.A new mode of operation, accelerating the coordinated development of Fen liquor with bamboo leaf green liquor, Xinghuacun liquor, and Fen brand liquors, vigorously developing Fen brand slimming, strengthening marketing and brand strength, and actively controlling the scale of connected transactions.

In addition, the in-depth cooperation between the company and China Resources is being actively promoted. In terms of channels, they will actively cooperate with each other through existing products. We look forward to entering the substantive landing stage. With effective marketing coordination, channel empowerment will help promote the nationalization process outside the province.

Investment suggestion: The company enters the third year of national reform, H1 performance is in line with expectations, reform is still progressing, dual evaluation of national reform and fair incentives, and channel marketing cooperation with China Resources are gradually landing.While focusing on quality and consolidating the surrounding advantageous markets, we will increase investment in incremental markets such as East China. It is expected that the gradual performance will still achieve healthy growth.

We maintain our EPS forecast for 2019-2021 to 2.



08 yuan, corresponding PE is 33/27/23 times, raise the target price to 78.

3 yuan, corresponding to 30 times PE next year, maintaining the “strong push” level.

Risk Warning: Nationalization process is less than expected; competition is intensified; demand is less than expected.

Science and technology board purchase strategy: Wenders (688178)

Science and technology board purchase strategy: Wenders (688178)
We recommend that Wenders reference the estimated interval between 30% and 35% quantiles, corresponding 天津夜网 to a price of 25.50 yuan-25.88 yuan, it is recommended to apply for the first time.  Wenders predicts that the net profit of return to mother in 19 will correspond to PE of 17.29-23 times, the average market surplus of the CSI in the same industry in the past month is 21.32 times, which is reasonable.Taking into account the recent return of the science and technology board inquiry to a narrow range of chip games, it is believed that the actual inquiry center of the previous 800 million space-time inquiry has fallen to the 34% -35% quantile.The Wenders quotation scale of the price will be considered downwards at the 35% quantile.Taking into account the current market sentiment and quotation logic, it is expected that the inquiry range of Wenders tomorrow will be between 30% and 35%, corresponding to 25.50 yuan-25.88 yuan. Wenders is one of the domestic professional military garbage pollution control and water pollution control companies, and its main business is mainly environmental overall solutions, including waste pollution reduction (proportion 37).08%), garbage pollution repair (proportion 9.43%), as well as highly difficult sewage treatment (43%).27%). At the same time, the company also provides operation and maintenance services for garbage pollution and water pollution treatment facilities (10%).02%).The company’s main business is mainly undertaken through public bidding (accounting for 70.44%), individual projects through invitation to bid (16%).60%), competitive negotiation (proportion 10.30%) and so on.The waste pollution and water pollution treatment industries are relatively scattered, and the company currently accounts for about 2 cities in the area of waste pollution reduction.75%, the market share in the field of garbage pollution remediation is about 0.75%, with a market share of less than 1% in the field of highly difficult wastewater treatment.However, benefiting from the advantages of brand effect and scale effect, the company accelerated business expansion, and the compound growth rate of operating income in the past three years was as high as 83.45%.As of 2018, the company has realized the integration capacity of on-site and integration centers with an annual output of 8,000 tons / day of waste pollution reduction treatment equipment and 60,000 tons / day of difficult wastewater treatment equipment; additional 7,500 tons / day of waste pollution reduction treatment unit equipmentIntegrated production capacity, 60,000 tons / day high-concentration wastewater treatment capacity, is expected to be put into production 西安耍耍网 in July 2021. According to the current company’s capacity digestion and waste pollution reduction, the development trend of high-budget wastewater treatment industry, it is expected that supplementary production capacity will be more suitable for digestionability. Risk reminders: (1) the current market quotation has entered the game of information effectiveness, and be cautious about the risk of rapid changes in market information leading to quotations being eliminated by high prices; (2) the continuity of the rebound in the opening of the science and technology board market despite its improvementIt remains to be seen that new revenue may be less than expected.

Yasha shares (002375): First-half results have improved beyond expected cash flow from operations

Yasha shares (002375): First-half results have improved beyond expected cash flow from operations

First-half results are lower than expected. Yasha shares announced first-half 2019 results: revenue 47.

3 ppm, an increase of 12 in ten years.

2%, net profit attributable to mother 1.

9 trillion, a reduction of 7 a year.

5%, net of non-attributed net profit1.

60,000 yuan, an increase of 15 in ten years.

8%; 27 of them achieved revenue in the second quarter.

60,000 yuan, an increase of 17 in ten years.

8%, net profit attributable to mother 1.

0 ppm, a reduction of 13 per year.

4%, net profit of RMB 92.44 million deducted from non-attributed mothers, an annual increase of 37.


Due to the increase in expense ratio and decrease in gains from changes in fair value, the performance exceeded our expectations, and the net profit after deducting non-attribution exceeded our expectations.

The company’s overall gross profit margin increased every time in the first half of the year.

2ppt; the cost rate for the four periods will increase by 1 each year.

7ppt, in which the sales / R & D / financial expense ratio increases by 0 every year.

6ppt / 2.

3ppt / 0.

5ppt, the management expense rate is reduced by 1 every year.

7ppt; assets and credit impairment losses were converted back to RMB 12.59 million from the accrual of RMB 67.46 million in the same period of the previous year, mainly due to the decrease in the balance of accounts receivable; the gains from changes in fair value decreased from 6,363 million in the same period of the previous year to 3 10,000 yuan, mainly due to the increase in fair value of investment real estate in the previous year, forming a high base; in the first half of the year, the company achieved a net interest rate.

9%, reducing by 0 every year.


1H19 company’s net operating cash can be reduced by two times to narrow.

6% to 4.

0 million, mainly due to changes in working capital (accelerated inventory turnover, operating payables turnover location); net investment cash inflows.

0 million yuan (the same period last year was a net inflow of 4.6 million yuan), mainly due to the increase in purchases of wealth management products.

New breakthroughs in development trends have shown strong single-item growth, with additional orders in hand.

In the first half of the year, the company’s decoration construction business has a new ten-year order.

200 million, strong growth at a low base (ten years +43.

9%), of which public decoration, residential decoration orders increased by 41.

9%, 49.


As of the end of the first half of the year,武汉夜网论坛 the company’s outstanding orders reached 223.

600 million (2.

4 times 2018 revenue), with too many orders in hand, we think it is expected to provide support for the steady growth of decoration revenue in the second half of the year.

Assembled decoration continues to advance, but the market expansion remains to be seen.

The company’s high-level company continues to assemble assembly decoration business, and has independently developed a fully industrialized assembly decoration product system.
As of the end of the first half of the year, the company has applied for 1,833 patents in the field of fully-industrial prefabricated decoration, a further increase from the same period of the previous year (both 1,200). We believe that it is expected to provide a new growth driver for the company in the future, but the market expansion of the business is still pendingObserved.
Earnings forecasts and estimates We maintain our 2019/2020 net profit forecast3.


2 trillion is unchanged.

The current priority is 18.


9 times 2019/2020 price-earnings ratio.

Maintain neutral rating and target price of 5.

70 yuan, corresponding to 19.

5 times 2020 price-earnings ratio, compared with the current previous 5% upside.

The return of risk items was less than expected, and single-year growth in the new decade was less than expected.