National football selection team arrives in South Korea for closed training

National football selection team arrives in South Korea for closed training
The team announced the list of 23 players.Photo / China Football Team Official Wei 2019 East Asia Cup will start tomorrow, and all members of the national football selection team flew from Shanghai to Busan, South Korea yesterday morning.On the afternoon of the same day, the team conducted the first training class after arrival in the Busan Sports Park, and the training process was completely closed.Since the first training session in Wuhan in November, the team has always remained mysterious, and only one training session was open to the media during this period.The same is true for the training in Shanghai before leaving Korea. Only the morning of the 4th was open to the media for 15 minutes.From the perspective of the team’s closure, Li Tie’s pressure factors.Since officially becoming the coach of this national football selection team at the end of October, Li Tie has led the team’s training time for a total of half a month. During his time in Wuhan, he will also take care of the coaching work of Zhuozhuo Club.In addition to the pressure brought about by the work itself, it is the embarrassment of “teaching out the nameless”.While Lippi was still there, the selection team was not an official national football team and naturally could not be called into the strongest player in the country. Li Tie had been training with more than 20 “marginal internationals”.With Lippi “off the class”, the team gradually turned to the right, and personnel were also added.Judging from the list of 23 people announced on the evening of the 7th, Li Tie selectively recruited Ji Xiang, Yang Fan, Zhang Xizhe, Murehe Tijiang Mozappa, Wei Shihao and others to participate in the Top 40Players, but the basic framework of the team is still all previous training players.Liu Dianzuo, Cao Yunding, Wang Ziming, Tan Long and others in the list are all outstanding players in this year’s league.This session of the East Asian Cup is an opportunity for these “marginal internationals” to show themselves, and may provide a broader selection idea for the future national football coach.

Yao Ming finalized the Arab League to continue to fight for the country

Yao Ming finalized the Arab League to continue to fight for the country
Yao Ming introduced the Chinese men’s and women’s basketball preparation plans.Network screenshot Yao Ming, chairman of the Chinese Basketball Association, accepted Bai Yansong’s connection last night and introduced the preparation plan of the Chinese men’s and women’s basketball teams for the next year. He personally confirmed that Yi Jianlian will continue to represent the national team. The women’s basketball national team plans to conduct a training match with the club team toThis prepares for the Tokyo Olympics.The United Arab Emirates is still wearing the national team’s jersey. The Tokyo Olympics were postponed, and the men’s basketball Olympic loss was also replaced until June next year. Yao Ming said that this change will be fair to all teams.The following year, the Chinese men’s basketball team will face the new and old changes, the important thing is how to make a good plan for the team to give full play to the level.”Anyway, this is an opportunity to enter the Olympics. Although it is said that our strength is different from many of the world’s best teams, our expectations for the future must still be reflected in this arena.”Yao Ming introduced that the Chinese men’s basketball team will not conduct training in the short term, but according to the calendar, the CBA League will have an Asian Cup window period in November this year. The specific situation will be subject to the schedule time if possible, and organize the national team training.Asked if he could still see Yi Jianlian in the international arena, Yao Ming called the clear answer, “We are always preparing a list of almost 20 people and nearly 30 people for the national team training.He said, “Here basically includes the best players in all positions in our men’s and women’s basketball leagues, and of course includes the familiar Yi Jianlian.”Yao Ming also pointed out that in the coming year, he will discover and cultivate more talented new forces to strengthen the national team’s ability to resist risks.”Yi Jianlian will continue to fight on behalf of the national team.Sauna, Yejiang Wujiang She Women’s Basketball Team and Club Training Chinese Women’s Basketball Team will receive tickets for the Tokyo Olympics in Serbia in February of this year. In the face of major changes that were determined to lose their home advantage less than a month before the game, the women’s basketball team held upStress to complete the task.After nearly two months of training after returning to China, the Chinese women’s basketball team announced a holiday before the “May Day”.According to the preparations for the Olympic Games, Yao Ming revealed that due to the inconvenience of international travel, the girls will mainly take root in the country, “organizing our domestic excellent clubs, including some interested clubs, to do some small-scale training games.”Yao Ming said that he will conduct overall planning for domestic travel and venue facilities based on expected development.The firm youth training for the Pyramid base “stops” in the league and the extension of the national team training. In mid-April, the Chinese Basketball Association provided a reward of 2.44 million yuan for the top 25 talent training bases.Representative Yao Ming released the signal that “Chinese basketball is rooted in youth training”. “Professional leagues or national teams are inseparable from the efforts of youth training institutions and sports schools, including coaches from social institutions.The roots of the big basketball tree carry nutrients.”The impact of sports on the environment has made Yao Ming realize that the entire sports industry is inseparable from the development of the entire society, and he is also determined to” make the middle and lower layers of the Chinese basketball pyramid. “In his view, the “spires” of the national team and professional leagues, which are generally concerned by the outside world, are indeed important. “But the entire sports industry is inseparable from the social operating mechanism, which supports the entire pyramid below the waist.Only by tying the land closer to society and tapping the potential of society can our sports breakthrough potential move forward.”Sauna, Ye Wang editor Liu Xihuang proofread Liu Jun

Xusheng shares (603305): Declining gross profit margin drags earnings, Tesla delivery volume increase will increase revenue growth rate

Xusheng shares (603305): Declining gross profit margin drags earnings, Tesla delivery volume increase will increase revenue growth rate

The core view performance was slightly lower than market expectations.

Realized operating income in the first half of the year5.

30,000 yuan, an annual increase of 2.

15%, net profit attributable to mothers was 84.79 million yuan, an annual increase of 36.

1%, deducting 80 million yuan of net profit from non-attributed mothers, which is extended by 37 per year.

2%, EPS is 0.

21 yuan.

The lower growth rate of net profit was mainly due to lower gross profit margin and higher period expense ratio.

Gross profit margin in the first half of the 成都桑拿网 year, the rate of increase during the period.

Gross profit margin in the first half of the year 32.

9%, a decrease of 6 per year.

8 averages, gross margin of 32 in the second quarter.

8%, a decrease of 6 per year.

8 averages, a decrease of 0 from the previous month.

1 average.

The expense ratio during the first half of the year was 13.

5%, an increase of 6 per year.

2 units; of which the management expense ratio (including R & D expenses) is 10.

3%, an increase of 3 per year.

Two, mainly due to the increase in the number of management personnel and expenditures led to an increase in management expenses63.

2%, and the company’s increased R & D investment led to an increase in R & D expenses 33.

9%; net cash flow from operating activities in the first half of the year was 2.

50,000 yuan, an increase of 19 in ten years.


The inventory at the end of the second quarter was 2.

450,000 yuan, an increase of 58 from the end of the second quarter of 2018.


Affected by the decrease in S / X deliveries, revenue growth in the first half of the year, Tesla’s Shanghai plant promoted stable growth after commissioning.

In the first half of the year, the company’s sales revenue to Tesla accounted for 52 of its main business revenue.

09%, revenue is about 2.

62 ppm, 10-year average 11.

5%, which is expected to be mainly affected by the displacement of Tesla’s Model S / X low-profile version after the suspension of delivery; Model S / X delivery is 2.

980,000 vehicles, at least 32 per year.


Model 3 deliveries are 12.

850,000 vehicles, Model S / X and Model 3 deliveries were 1 in the second quarter.

770,000 and 7.
760,000 units, an increase of 45 from the previous quarter.
9% and 52.

4%, 3Q deliveries are expected to continue to increase.

Tesla’s Shanghai plant is advancing steadily, and it is expected that it will officially start production at the end of the year. Through the increase in delivery volume, the company’s supporting Tesla facility is intended to maintain stable growth.

The company actively expanded new customers and obtained the cutting-edge of new energy automobile parts project of GAC Group.

In addition to Tesla, Magna, Flextronics, Eaton, Valeo-Siemens, etc. are also important new energy vehicle customers of the company. With the reported scale, the company won the project fixed point of the new energy reducer housing of GAC Group.

Financial Forecast and Investment Suggestions: Adjust the income and gross profit forecasts, and predict that EPS for 2019-2021 will be 0.

68, 0.

86, 1.

07 yuan (formerly 0.

80, 1.

03, 1.

26 yuan), the comparable company is a new energy vehicle parts company, the comparable company’s 19-year average PE valuation of 37 times, the target price of 25.

16 yuan to maintain the overweight level.

Risk reminders: Tesla’s supporting volume, Tesla’s supporting revenue, other automotive customer’s supporting volume is lower than expected, the risk of raw material price fluctuations, Tesla’s ModelY supporting risk, and the risk of trade war affecting the company.

Tongyu Communication (002792) 2019 Interim Report Review: Results Bottom Out and 5G Opens Up Future Growth Space

Tongyu Communication (002792) 2019 Interim Report Review: Results Bottom Out and 5G Opens Up Future Growth Space
Event On August 27, 2019, the company released its semi-annual report for 2019 and realized revenue in the first half of 20198.0.6 billion, an annual increase of 18.80%; net profit attributable to mother was 5,107.10,000, an annual increase of 27.25%.  Opinions: “Increase re-cultivation” and “Network fill blindness” help the company go out of the industry trough. The company’s performance is positioned within the scope of the forecast. The composite market is expected to gradually come out of the industry trough at the end of 4G.In the case of 18.15 million in the first quarter, the profit in the second quarter was 69.22 million, an increase of 38 in one year.12%, turning losses into profits in the first half of the year.In the first half of 2019, gross profit and net profit were 29.44%, 6.59%.In terms of expenses, the selling expenses were 6818.430,000, an increase of 32 every year.46%; management costs 4667.70,000, a decrease of 17 per year.50%, mainly due to the company’s strengthening of management and strict control of management costs; R & D investment 6814.670,000, an increase of 19 every year.twenty four%.  Businesses other than base station antennas have grown significantly. In terms of beautiful performance, the base station antenna business has begun to stabilize and other businesses have grown significantly.Base station antenna business realized revenue5.23 billion, 5 over the same period last year.76%, accounting for 64% of revenue.96%, corresponding to a gross profit margin of 37.21% (+0.91pct); RF device business realized revenue1.10 billion, up 92.29%, accounting for 13.69%, corresponding to a gross profit margin of 14.03% (+5.82pct); microwave antenna business realized revenue of 5,966.50,000, 8253% year-on-year, accounting for 7.41%, corresponding to a gross profit margin of 16.60% (+11.08pct); optical communications business realized revenue of 8287.0.6 million, compared with 11.59%, accounting for 10.29%, corresponding to a gross profit margin of 23.02% (+0.4pct).The growth of RF devices and microwave antennas is due to the company’s expansion of the market.  After the 5G license is issued, the performance is expected to be released quickly. In June 2019, the Ministry of Industry and Information Technology issued 5G licenses to operators, and the 5G network began to enter the scale construction period. The base station antenna industry is expected to usher in a new wave of demand.The company’s 5G antenna successfully entered the main equipment supplier supply system. Overall, facing the 武汉夜网论坛 trend of antenna filter integration in the 5G era, the company acquired Jiangjia Technology to improve the industrial chain layout.We believe that under the condition that 5G starts large-scale network construction, the company’s performance will usher in rapid growth.  Investment advice and profit forecast 5G licenses have been generated, and large-scale network construction will promote rapid growth of the company’s performance.Based on the semi-annual report, we have slightly raised our results for the next three years, and we expect revenue from 2019-2021.3.1 billion, 28.9.4 billion, 41.9 billion, net profit1.2.1 billion, 2.8.8 billion, 4.2.1 billion, corresponding to EPS0.36, 0.85, 1.25, corresponding to PE76, 32, 22 times, maintaining the “overweight” level, with a target price of 34 yuan.  Risk warning: 5G construction is less than expected, and the risk of increased competition in the industry

Zhou Dasheng (002867) 2019 Third Quarterly Report Review: Single-quarter performance growth lows and mid- to long-term share expected to continue to increase

Zhou Dasheng (002867) 2019 Third Quarterly Report Review: Single-quarter performance growth lows and mid- to long-term share expected to continue to increase

Zhou Dasheng’s single-quarter performance in 2019Q3 was slightly higher than expected, mainly due to the improvement in terminal same-store sales pressure due to the rapid growth of industry demand.

However, the company’s number of stores continues to expand at a high speed, and medium- and long-term brand power building and operation 西安耍耍网 optimization will promote the gradual improvement of single stores.

After the high base, the company’s performance growth rate is expected to rebound in Q4. It is optimistic that the company’s mid- and long-term expansion will continue to improve, and maintain a “buy” rating.

Terminal sales forecast, Q3 single-quarter results were slightly lower than expected.

Zhou Dasheng announced three quarterly reports that Q1 to Q3 2019 saw gradual revenue growth.

6% to 38.

100 million US dollars, net profit attributable to mothers increased by 22 per year.

3% to 7.

300 million, of which Q3 single quarter revenue / net profit attributable to mothers increase by 0 every year.

twenty four.


Looking at the splits: 1) Q3 single-quarter franchise store net increase of 194 to 3498 (VS 2018 Q3 single quarter net increase of 2南京夜网02), store expansion hedge hedge same-store sales expanded, franchise revenue fell slightly.

7%; 2) Net sales of self-operated stores decreased by 6 to 289, and revenue decreased by 13.

3%, reflecting the pressure of terminal sales; 3) Online revenue in the single quarter increased by 53 per year.

4%, the proportion of self-employed income increased to 23.

9%, driving overall self-employment revenue growth2.

7%, the bonus track is still online.

The overall gross profit margin has steadily increased, and the scale effect on the expense side has continued to manifest.

In Q3 2019, the gross profit margin for a single season was maximized by 0.

89pct to 35.

14%, judged mainly due to the upward cycle of the gold price, the sales scale of the franchise stores’ gold jewelry (based on brand licensing fees) sales scale (based on wholesale sales)

The scale effect drove the sales and management expense rate down steadily, and Q3 gradually decreased to zero in a single quarter.

45 points to 10.

48%; the increase in foreign exchange and interest income led to a decrease in financial expense ratio of 0 year-on-year.

83pct to 0.


Other income in 2019Q3 was only 10.77 million (VS2018Q3 was 29.68 million), which was mainly due to the decrease in overseas diamond purchases (converted to the Shanghai Diamond Exchange), resulting in a gradual reduction in returns.

The combination has led to an increase in the net interest rate attributable to mothers.

7 points to 17.


Operating cash flow is stable, and the risk of inventory impairment is small.

Net cash flow from operations in the first three quarters of 20195.

30,000 yuan (net profit cash flow content).

8%), of which Q3 operating net cash flow in a single quarter3.

40,000 yuan (VS 2018Q3 is 1).

500 million).

At the end of the period, the receivables are only 0.

700 million, a net increase of 1 over Q2.900 million to 27.

US $ 400 million (mainly gold and accessories), stable operation, healthy cash flow and healthy balance sheet.

Risk factors: weak consumption, weak demand for gold jewelry; brand competition intensifies, and store openings gradually.

Investment advice: The focus of investment in the gold and jewelry industry lies in the opportunities for leading companies to increase their share.

Chow Tai Sang took the lead in the low-end market. Mid-to-long-term brand power building and operation optimization will promote the steady improvement of single stores.

In view of the terminal same-store sales growth forecast, the company’s 2019-2021 revenue forecast is lowered to 53.

900 million / 63.

0 billion / 72.

3 trillion (previous forecast was 57.

0 billion / 67.

100 million / 77.

600 million), the corresponding EPS forecast is 1.



91 yuan (previous forecast was 1.



06 yuan), optimistic about the company’s continued increase in its long-term share, given the company’s 17xPE estimate in 2020, maintaining a target price of 28 yuan, maintaining a “buy” rating.

Guanghui Automobile (600297) Tracking Report: Three Changes That Are Underway

Guanghui Automobile (600297) Tracking Report: Three Changes That Are Underway

Dealers have the characteristics of “high revenue, low gross profit, high asset-liability ratio”, financing costs have fallen, and the industry has started the destocking cycle to try to directly boost the profit of Guanghui Automobile.

In addition, from the policy guidance point of view, this year is expected to become a big 杭州夜生活网 year for the policy reform of the second-hand car industry. Guanghui Automobile, the leading company in the dealership industry, is recommended.

Change one: The decline in financing costs is conducive to dealers with high leverage.

Dealers have the characteristics of “high revenue, low gross profit, and high asset-liability ratio”. The historical average EBIT interest coverage multiple of 10 industry leaders is 3.

9 times, the industry is highly sensitive to financing costs.

Due to high financing costs, auto dealers such as Guanghui have a tight cash flow and profitability in 2018.

At present, the overall macro liquidity is getting better, and interest rates are expected to fall during the downturn, which will help dealers’ profitability to rise.

According to Q3’s first calculation, every 1% reduction in financing costs will help Guanghui Automobile to increase its net profit by 11%.

Change two: the destocking cycle starts, and dealers take the lead.

In the January-February 2019, a total of 3.19 million passenger cars in the narrow sense were sold, alternating 17 up and down.

In the January-February period, a total of 3.35 million passenger cars in the narrow sense were sold, each time up and down 3.

3%, actually outperformed wholesale data.

In our opinion, there is a high probability that car sales will continue to grow negatively in the first half of 2019, but the terminal has started the destocking cycle.

The replacement mechanism of the industry boom is: dealers, OEMs, component manufacturers, and auto dealers such as Guanghui Automobile are expected to benefit first through the “early cycle”, and the gross profit margin of new car sales will resume, which will significantly improve net profit.

Change three: The policy of the used car industry is expected to usher in a break.

China’s total used car sales in 2018 were 13.82 million units, an increase of 11 in 2017.

5%, but according to the expected market, the used car industry previously had 3-5 times growth space.

Due to restrictions on second-hand cars, unreasonable budget systems, and imperfect credit systems, the industry’s share is mainly occupied by cattle.

Development and Reform Commission and other departments continue to reform in the field of second-hand cars. The two conferences also take second-hand car reform as a key task. Therefore, we predict that this year is expected to be a big year for policy reform in the second-hand car industry.Lay the foundation for the long-term healthy development of the industry.

Guanghui Automobile is an elastic standard for the used car industry.

In 2017, the company sold a total of 14 used cars.

20,000 units. It is estimated that the company’s used car sales in 2018 will exceed 300,000 units.

According to our expectations, high gross margin B2C boutique retail used cars (gross margin 0.


0 million) accounted for only 25%, low-margin B2B wholesale second-hand cars (gross 800-1000 yuan) accounted for 75%.

The factors that make the company’s retail second-hand cars bigger are the urgently needed second-hand car model systems and relocation restrictions.

If the proportion of retail used cars increases by 10%, it will bring about a 10% increase in net profit.

SoftBank recently participated in the round D financing of Guazi with an estimated US $ 9 billion, and Guanghui Automobile, the leader in second-hand cars, is also expected to be revalued.

Investment advice: The biggest influencing factor in the model comes from used cars and comprehensive financing costs.

Based on the judgment of the used car industry, we believe that the sales of second-hand cars of Guanghui Automobile are expected to reach 30/36/43 million in 2018/2019/2020, of which the retail used car sales account for 25% / 30% / 35%; Comprehensive financing costs are 7 respectively.

2% / 7.

0% / 6.


预测广汇汽车2018\2019\2020 年归母净利润分别为37.7 亿\49.8 亿\56.3 billion.

For the time being 4.92 yuan, corresponding to 10 for 2018/2019/2020.

6\8.0\7.1 times.

The current company is estimated to be at the bottom of history, and used cars are expected to catalyze the evaluation of the sector, which has the attractiveness 武汉夜网论坛 of long-term configuration.

Taking into account the current market risk appetite, the company reasonably estimates it to be 12 times PE ($ 9 billion) in 2019, and upgrades the company rating to “Buy” with a target price of 7.

34 yuan.

Risk factors: Passenger car sales have not recovered as expected; upward interest rates have eroded dealers’ profitability; and price wars have broken out in industry terminals.

What kind of solid solid waste treatment companies are fighting the frontline of epidemic prevention?

What kind of solid solid waste treatment companies are fighting the frontline of epidemic prevention?

For stocks, please read Jin Qilin analyst research report, authoritative, professional, timely, and comprehensive, to help you tap potential potential opportunities!

  Original title: Stock speculation experts!

Today, this sector is soaring. The company that turned out to be a medical waste treatment company is busy fighting the epidemic in response to the menacing new coronavirus pneumonia epidemic. At present, the whole country is actively taking action.

A large number of masks, protective clothing and other medical supplies are consumed in epidemic prevention, and a large amount of infectious medical waste is also generated.

Data show that the daily average of discarded masks in China is over 100 million.

How to deal with it has become a difficult problem.

  The medical waste treatment sector surged across the board today.

Runbang shares, Xingyuan Environment, Xuelang Environment and many other stocks have daily limit, and many of these companies are rushing to the “anti-epidemic” front-line companies.

  It is said that the Prospective Industrial Research Institute is gradually developing, and the current overall market for medical and hazardous waste is more than 10 billion US dollars, and the epidemic will bring about a surge in the size of the relevant market in the short term.

  _Layer-by-layer deployment to deal with medical waste Since the outbreak, the central and local governments have deployed related medical waste treatment.

  Members of ministries and commissions, and the Ministry of Ecology and Environment have continuously issued a number of “Notices on Environmental Management of Medical Wastes Caused by New Coronavirus Infections of Pneumonia”, “Manuals for Emergency Disposal of Medical Wastes Caused by New Coronavirus Infections, and Technical Guidelines (Trial)”Documents, timely deployment of environmental management of pneumonia medical waste.

  The “Notice Regulating the Management of Medical Wastes in Medical Institutions During the Pneumonia Epidemic of New Coronavirus Infection” issued by the National Health and Medical Commission requires that environmental sanitation efforts should be strengthened to promptly dispose of the generated medical waste and avoid various accumulations.

Strengthen the separate collection of medical waste and strengthen the transportation and storage of medical waste.

  Local, in Hubei Province, where the epidemic is most severe, the Provincial Department of Ecology and Environment issued the “Emergency Notice on Effectively Dealing with New Coronavirus Infected Pneumonia Epidemic Response and Strengthening Environmental Management of Medical Waste”, requiring localities to carry out the first timeMedical waste collection and storage of key medical and health institutions, special inspections of medical waste transportation and transfer and centralized disposal of medical waste are carried out to ensure that all medical waste is harmlessly treated.

  In addition, Beijing, Jiangsu, Hebei and other places have also issued regional medical waste management work documents.

The heads of the Ecology and Environmental Protection Department of Sichuan, Hunan, Tianjin and other places also conducted on-site inspections of local solid waste treatment enterprises.

  _Some solid waste treatment companies are fighting the front line of fighting the epidemic?

  It is reported that Qidi Environmental Solid Regeneration Center has a total of 12 medical waste disposal project companies nationwide, which are located in Yichang City, Hubei Province, Shengzhou City, Anhui Province, Huainan City, Anhui Province, Suzhou City, Anhui Province, Jiamusi City, Heilongjiang, and Tongliao City, Inner Mongolia.

  ”At present, there are two key points for medical waste treatment during the outbreak. The first is ‘quick’. All medical wastes related to the epidemic must be collected in a timely manner, processed in a timely manner, and cleared daily.

The second is ‘strictness’. It is necessary to strictly adhere to the standardized disposal of medical waste and ensure the safety of personnel in various departments.

“The person in charge of the environmental medical waste business said.

  Dongjiang Environmental Protection immediately established a leading group for prevention and control work, and quickly launched an emergency disposal plan to comprehensively strengthen the collection, transportation and disposal of medical waste.

Among them, Xiamen Dongjiang has received, transported and incinerated over 100 tons of medical wastes since January 21, including nearly 200 kilograms of infectious medical wastes from patients diagnosed; in Jiangsu and Zhejiang provinces, medical treatment at Dongjiang Environmental Protection ‘s hazardous waste disposal baseWaste handling capacity increased from 19 ton / day to 26 ton / day; in Guangdong, the Guangdong Provincial Comprehensive Hazardous Waste Disposal Demonstration Center in Huizhou is equipped with emergency treatment facilities that handle 4 tons of medical waste and more than 10,000 infected patient beds per day.Disposal capacity.

  7 medical waste disposal projects of Hubei CNPC Youyi Environmental Protection Technology Co., Ltd., an enterprise affiliated to Runbang Co., Ltd., are operating at full capacity to dispose of medical waste to ensure that all designated hospitals and local medical treatments produce “Nissan and Nissin.”

  In response to the current problem of disposal of a large number of discarded masks in Hubei, the subsidiary company of Yingfeng Environment in Xiantao City, Hubei Province has communicated with the local government to use its local waste incineration power plant and garbage transfer system to provide 500 discarded masks for freeCollection point, centralized collection, special 佛山桑拿网 transportation to waste incineration plant for harmless treatment.

Rainbow Group (002419): 18-year performance meets expectations. Endogenous extensions are expected to boost growth.

Rainbow Group (002419): 18-year performance meets expectations. Endogenous extensions are expected to boost growth.

Event: The company released 18 annual reports: 1) 18 highest: revenue 191.

3.8 billion / + 3.

25%, net profit attributable to mother 9.

04 ppm / +25.

92%, net profit after deduction to return to mother 7.

92 ppm / + 24.

76% (of which 1.

Non-recurring gains and losses of USD 04 million are income from investment and management of assets); after excluding real estate business, the main retail business for 18 years was 179.

78 ppm / + 3.

79%, net profit is estimated to be 8.

$ 4.9 billion / + 31.

87%; 2) 18Q4: Revenue 53.

04 ppm / -5.

23%, net profit attributable to mother 2.

31 ppm / + 2.

03%, net profit after returning to mother 2.

03 ppm / + 1.


The same store revenue and profit continued to grow for 18 years, and the continued expansion of stores was in line with expectations.

① The division of department stores and 18Q4 affect the growth rate of same-store revenue, and gradually continue to achieve profit growth: the same-store revenue of comparable stores increased by 1 in 18 years.

58%, about 1 drop in 18Q1-3.

06pct, 18 years of comparable store profit maximization and increase by 17.

07%, about 18Q1-3 slightly decreased by 2.

57 points.

② The opening of 8 new stores is in line with expectations, and the independent supermarkets are quickly exhibiting: The company 18 has gradually opened 2 new department stores (1 franchise), 6 shopping malls (1 franchise and 1 management output); independent supermarkets have been new for 18 yearsOpen eight.

During the 18 years, 17 large stores and 13 independent supermarket projects were signed.

As of the end of 18, the company’s shopping malls increased to 13 stores, 68 department stores, 81 supermarkets (10 independent supermarkets), and 159 convenience stores.

Gross profit margin and period expense ratio continued to increase, 18 maximum net margin increased by 0.

86 points.

①18 years: gross profit margin 27.

25% / Year +1.

49pct, the period expense rate is 21.

09% / Y + 0.

65pct, of which: the sales expense ratio is 18.

95% / + 0.

53pct, management expense ratio 2.

29% / + 0.

22pct, financial expense ratio -0.15% /-0.

10 points, mainly due to the increase in interest on time deposits; 18-year investment income.

100,000 yuan (1.

04 billion is the income of cash management products), an increase of 17 years each year.

2.5 billion.

18-year net interest rate 4.

73% / Y + 0.

86 points.

②18Q4: Gross profit margin is 27.

30% / YOY-1.

34pct, period expense rate 21.

34% / YOY-1.

81pct, of which: the sales expense ratio is 18.

61% /-2.

36pct, management expense ratio 2.

87% / + 0.

59pct, financial expense ratio -0.

14% /-0.


Net interest rate 4.

36% / Year + 0.


Operational optimization + expected store turnaround + digital advancement, the company’s steady growth in main business performance in 18 years is in line with expectations.

① Optimization of endogenous operations: The company implemented digital and intelligent transformation of its mid-back office in 18 years to achieve accurate marketing and improve staff efficiency. In terms of store experience, the company continued to increase store service value and differentiated feature development, jumping out of department stores.The industry is “homogeneous”; in the supply chain, the company continues to implement national integration to optimize procurement processes and costs.

② The company’s stores are targeted at mid-to-high-end household consumers. According to the target of purely targeted high-end consumer department stores, it has better performance. In 18 years, the core has been driven by the growth of comparable stores, the substantial reduction of losses in alternative stores, and the acceleration of new stores.Realize the growth of main business performance.

③ 18 years of digitalization have continued to advance: the number of department stores’ digital counters has been continuously increased to improve the staff efficiency; the sales of supermarket “Tianhong Home” have increased by 118%, and continuous optimization has been implemented; the digital operation management APP has been launched nearly 40,000 times a day to achieve internal employeesAnd supplier operations.

The overall Rainbow membership has increased to 18 million, and the Rainbow APP membership has increased to 8.4 million.

Core logic: 18-20 years of exhibition acceleration + digital cost reduction and improvement + store renovation and optimization experience + senior management team and equity governance excellence, endogenous and extension to promote growth can be expected.

1) Extension expansion: Rainbow Department Store + Shopping Mall ranked 18Q3 with a total of 78 stores. It is expected to continue to enjoy the market dividends brought by the rise of consumption in second- and third-tier 四川耍耍网 cities. It is expected that 8-10 new stores will be opened in 19-20 to accelerate the exhibition;2) Endogenous business format upgrade: optimize supply chain cost reduction and efficiency, theme store and other development to strengthen department store experience, Tianhong home and Tencent cooperation and other deep cultivation of digitalization, three steps to promote internal retail upgrades to achieve cost reduction and efficiency; 3) lightAspect: The number of the company’s reserve projects as of 18Q3 has reached 7, and in the future, it will continue to merge more management output projects with internal leading real estate developers; 4) Excellent corporate governance: Tianhong invested port capital in the early days of its establishment and fully marketed itInstead of the young and enterprising executive team + strong 深圳SPA会所 innovation consciousness + core executive shareholding + employees’ excess profit sharing plan + one or two phases of stock increase plan binding, the company has an excellent corporate governance structure and continues to recommend it.

Investment advice: Buy-A investment rating.

The company’s core customer base is positioned as mid-range household consumers, which is equivalent to higher-level department stores with better same-store resistance.

In the future, the beneficiary companies will increase their digital transformation + store themes + speed up of the exhibition stores, and the new store climbing + deep ploughing the supermarket supply chain. We estimate that the company’s overall net profit attributable to mothers in 2019-21 will be 10 respectively.

8 ppm / 12.

6 ppm / 14.

7 trillion, a growth rate of 18.

9% / 17.

1% / 17.

1%, EPS is 0.

90 yuan / 1.

05 yuan / 1.23 yuan, 6-month target price is 15.

75 yuan.

Risk warning: the economic downturn restrains optional consumption, the competition in the department store industry is intensified, the progress of the exhibition shop is less than expected, the digital reform effect is less than expected, and the new store climbs less than expected.

Donghua Software (002065): Tencent Increased Investment Successfully

Donghua Software (002065): Tencent Increased Investment Successfully

Event: The company announced on the evening of January 10 that Tencent Technology acquired the shares of the company held by Jianshui Tongxin, Xue Xiangdong and Guo Yumei by agreement.

04%; At the same time, it will simultaneously withdraw from Beijing Donghua Chengxin Computer Technology Development Co., Ltd. and no longer hold Donghua Chengxin’s equity.

The transfer price is 9.

171 yuan / share, the share transfer price is 14.


  Opinion: The conversion of shares was successfully completed, and Tencent increased its investment.

Tencent Air Force to 12.

US $ 6.6 billion in strategic investment in Donghua Chengxin, which indirectly holds the company through Donghua Chengxin5.

04% stake.

After the issuance of shares, Tencent will directly hold listed companies5.

04% stake.

Considering the transfer price from 12.

6.6 billion to 14.

400 million means Tencent has 南京夜网 increased investment.

  Cooperation with Tencent is expected to continue to deepen.

This Tencent transfer of shares once again clarifies the company’s long-term core strategic partnership with Tencent. In the future, the two parties will continue to promote cooperation, optimize the company’s industrial layout, promote business development and product extension, and help improve the company’s industrial integration and comprehensive profitabilityEnhance the company’s core competitiveness and market influence in the industry.

At present, the two sides have had good cooperation in the fields of medical treatment and smart cities: 1) Medical treatment: The company and Tencent have released a large health medical service product “Internet Ecological Platform iMedical Cloud” to form a cloudized, secure, collaborative and open Internet ecological platformThe platform deeply integrates Donghua Medical’s capabilities for iMedical’s productization, business governance, and best practice. It will illuminate hospital information in the cloud HIS era from the concept, technology, method, and mechanism.

In the first half of 2019, Donghua Medical was successfully launched for the cloud HIS at the People’s Hospital of Changfeng County, Anhui Province, and became the country’s first hybrid cloud-based “medical cloud” landing project.

Donghua Medical’s cloud HIS project will be implemented in the internal Mongolian Zhalut Banner Hospital, Huaxian People’s Hospital, Henan Province and other places; 2) Smart cities: Through complementary advantages and cooperation, the Chengdu Smart Green Road will be completed in the first half of 2019, ChangshaTypical projects of domestic cases such as super brain.

  Work with Huawei to create a “Pengxiao” server.

According to a series of media reports from Ningbo Municipal Bureau of Economics and Information Technology, China Ningbo Network, etc., the opening ceremony of Ningbo Kunpeng Ecological Industrial Park and the launch of the “Pengxiao” server were officially antiqued in Ningbo on January 9.

The company and Huawei jointly announced that the first batch of Ningbo-made servers based on Kunpeng processors-“Pengxiao” has completed compatibility with operating systems, databases, middleware, and software and hardware devices such as scanners and printers.

Among them, the first batch of Ningbo self-produced servers were applied in the Municipal Affairs Cloud Center in early January.

In the future, the company will cooperate with Huawei to create Ningbo Kunpeng industrial ecology, and give full play to the advantages of software and big data to realize the adaptation of external equipment, application software and “Pengxiao” servers through software.

  Jointly promote the ecological construction of Ningbo Kunpeng’s 5G industry.

In addition to the first use ceremony of the “Pengxiao” server, there were also the unveiling ceremony of Ningbo Kunpeng Ecological Innovation Center and the opening ceremony of Ningbo Kunpeng Ecological Industrial Park.

During the opening ceremony, the company signed agreements with Bank of Ningbo, Ningbo Industrial Internet Research Institute, Ningbo Dongtou Group, Ningbo Big Data Investment Development Co., Ltd., and China Mobile, China Telecom, and China Unicom Ningbo Branch to accelerate Ningbo Kunpeng5G industry ecological construction.

According to the Ningbo Municipal Bureau of Economics and Information Technology, Ningbo Kunpeng Computing Industry is a new engine for Ningbo to build a “246” trillion-level modern industrial development. It is estimated that by 2025, Ningbo Kunpeng’s computing industry will reach 50 billion yuan.

As the core partner of Kunpeng’s computing industry, the company is expected to fully benefit from the construction of Kunpeng’s 5G industry ecology.

  Investment suggestion: The company has Huawei and Tencent, two industry giants working together to continuously deepen business cooperation.

We are optimistic about the company’s future development prospects. It is expected that EPS in 2019 and 2020 will be 0.

22, 0.

43 yuan, maintain Buy-A rating, raise 6-month target price to 15 yuan.

  Risk reminder: the risk of goodwill impairment; the progress of innovation exceeds expectations; the progress of cooperation with Huawei is lower than expected.

China Securities Journal: Don’t worry about foreign wolves coming

China Securities Journal: Don’t worry about foreign “wolves coming”

Last week, two pieces of news caused controversy over A-share pricing power.

First, long-term data shows that as of the end of March, foreign institutions and individuals held the value of the A stock market1.

68 trillion, only 262.1 billion short of the value of the A stock market held by public funds during the same period.

Second, JPMorgan Asset Management is expected to become the absolute controlling shareholder of 51% equity of Shanghai Investment Morgan Fund Management Company, or it will become the first fund company in China’s public equity fund industry that is absolutely controlled by foreign countries.

  The author believes that with the steady opening up of the Chinese capital market, the influence of foreign capital on the A-share market is indeed increasing, but it is not necessary to overuse the A-share pricing power.

On the contrary, the increase in the investment proportion of domestic and foreign institutional investors will effectively improve the current structure of a higher proportion of retail investors in the A-share market and increase market effectiveness.

  The reason for this is that the composition of foreign institutions is becoming increasingly diverse. There are not only well-known fund management institutions represented by UBS and Dharma, but also university foundations and pension investment institutions.There are also many hedge funds using long-short strategies.

Different investment institutions, sources of funds, and risk appetite also cause differences in the investment strategies of foreign institutions, making it difficult to achieve co-progress and retreat and control the pricing power of A shares.

  At the same time, the strength of domestic-funded institutions is also growing.

Although the market value of A-share investment in public equity funds accounted for a relatively historical high recently, there has been a crack in the gap, but the proportion of other institutions such as social security, insurance, private equity, etc. has continued to 四川耍耍网 rise.

And through the gradual promotion of the construction of the third pillar of pensions, pensions will become an indispensable force in the A-share market, and play the role of a fixed sea god.

From these factors, there is no need to worry about so-called pricing power issues.

  From the point of view of the public fund industry, foreign holding fund companies are more connected in the role of “catfish”, and there will not be a situation where foreign fund companies dominate as in Taiwan, China.

From the perspective of the history of the fund industry, the foreign-dominated merged fund companies have mainly encountered dissatisfaction, and a few outstanding companies have better achieved the balance between Chinese and foreign shareholders.

  From this perspective, it is not necessary to exclaim “the wolf is coming” to the arrival of foreign holding fund companies.

On the contrary, there is some expectation for such new things.

For a long time, domestic fund companies have problems with inadequate corporate governance structures and shareholders seeking immediate benefits in pursuit of short-term benefits.

While foreign countries mainly lay out the Chinese asset management market from a long-term perspective, foreign holding fund companies will verify the value of this strategy.

For example, in the previous years of grading funds and currency funds, some joint ventures with foreign shareholders’ weights have adopted a wait-and-see attitude.

Facts have shown that even if the hot foundation once brought rapid growth in the size of participating fund companies, when the boom subsided and the regulation was re-standardized, bystanders avoided the ups and downs of the scale.