National Standing Committee made two mentions of targeted RRR cuts during the month and issued more than one trillion red envelopes to support small, medium and micro

National Standing Committee made two mentions of targeted RRR cuts during the month and issued more than one trillion “red envelopes” to support small, medium and micro
The National Council of the People’s Republic of China moved out of the targeted RRR cut for the second time this month.According to CCTV reports, Premier Li Keqiang presided over an executive meeting of the State Council on March 31, in order to strengthen financial support for small and medium-sized enterprises, and determined to further implement targeted reductions to small and medium-sized banks, and then released more than one trillion “red packets” to support small and medium-sized microenterprise.The “red envelope” includes relatively new alternatives: guiding the net financing of corporate credit bonds by 1 trillion yuan more than the previous year, and promoting small and medium-sized enterprises to gradually raise 800 billion yuan in accounts receivable.Wen Bin, chief analyst of China Minsheng Bank, analyzed that credit bond financing can increase direct financing channels for enterprises. At present, market interest rates are gradually declining, and credit debt issuance interest rates will also be declining, thereby increasing the scale of direct financing of enterprises and reducing financing costs.”Account receivable financing refers to the use of account receivables for pledge financing without secured collateral. In this way, it can strengthen the credit support for small and medium-sized enterprises. It is a new structured financing.arrangement.”Financing of accounts receivable under the supply chain system can also strengthen support for upstream, downstream, small, medium and micro enterprises.”Wen Bin said.Supporting small, medium and micro enterprises, there is also a reduction in the standard of combination.”Further implement a targeted reduction of the standards for small and medium-sized banks, and guide small and medium-sized banks to obtain all funds to lend to small and medium-sized enterprises at a preferential interest rate.”The National Convention on March 31 said.Officials, the National Council of the People’s Republic of China proposed on March 11 to “emphasize the introduction of targeted reduction measures for inclusive financial services and increase the reduction of shareholding banks.”Five days later, Pratt & Whitney Financial made a targeted reduction to the floor, releasing a total of 550 billion yuan in long-term funds.In the short term, two directional RRR cuts did not exceed market expectations.After the downgrade in mid-March, many others believed that under the global interest rate cuts, the gradual follow-up of monetary policy space, coupled with the need to further reduce the financing cost of the real economy, downgrade is one of the policies that can be adopted.In addition, last week the Politburo meeting expanded the fiscal deficit ratio and issued special government bonds and other policy packages. The Guoxin macro team said that based on historical experience, the issuance of large amounts of local debt and special government bonds requires a loose liquidity environment, and the RRR cut is still expected.It was originally expected that April would be a window period for a new round of RRR cuts.In order to “loan small and medium-sized enterprises with preferential interest rates”, interest rate cuts will be accompanied by interest rate cuts.The Air Force restarted the reverse repurchase after 29 trading days in a day of combat, netted 50 billion yuan, and rarely cut interest rates by 20 basis points at a time.Analysts at CITIC Securities clearly believe that the downward pressure on the economy in the first quarter of the country has led to the gradual strengthening of policy coordination at the G20 meeting. It is expected that the interest rate for MLF (medium-term lending facility) operation and LPR (quote rate for loan market) will be synchronized in 4 monthsDowngrade.The National Convention on March 31 also proposed to increase the re-discount limit of small and medium-sized banks by 1 trillion, and expand the credit coverage of agriculture-related, foreign trade, and industries heavily affected by the epidemic.In late February, the Air Force has set up a 500 billion refinancing and re-discounting quota. At that time, the deputy governor Liu Guoqiang said, “If not enough, consider increasing the quota.”He also stated that the interest rate for small and medium-sized banks to obtain re-loans from the transition is 2.5%, let small and medium banks add 50 basis points according to LPR, which is 4.Small and medium-sized banks should be motivated to lend to enterprises with a loan rate of 55%.The National Council ‘s proposal to “support financial institutions to issue US $ 300 billion in small and micro financial bonds for the issuance of small and micro loans” also has a foreshadowing. Last year, lawmakers proposed to support financial institutions to issue small and micro enterprise financial bonds and raise the funds raised.All used for financing small and micro enterprises.Sauna, Ye Wang Cheng Weimiao Editor Zhao Ze proofreading Zhang Yanjun

Li Ronghao adapted The Mood for Love theme song to change the rhythm and blues, pay tribute to the classics

Li Ronghao adapted “The Mood for Love” theme song to change the rhythm and blues, pay tribute to the classics
At 0:00 on May 23, Li Ronghao ‘s sixth single album “The Mood for Love” was officially released. The song was composed and composed by Chen Shanni, and Li Ronghao re-arranged the original song.”The theme song of the same name.The single cover Li Ronghao paid tribute to the classics, but also carried out a self-styled treatment.Compared with the large-scale string music of the original theme song created by Chen Shanni in “The Mood for Love”, Li Ronghao replaced it with an electric guitar and a light rock drum.Especially the addition of percussion music is more attractive to the new generation of fans.In the first moment of the release of the main single “The Mood for Love”, Li Ronghao wrote on his Weibo, “I am addicted to this song for more than ten years, adapted it to the R & B version, and played some small and large switches.”Still Life”.The movie “The Mood for Love” is a love film directed by Wang Jiawei and starring Liang Chaowei and Zhang Manyu. The theme song in the film is gentle and sentimental.The adaptation of Li Ronghao this time is also to get back the touch when I first watched the movie and pay tribute to the classics.Sauna, Night Net Liu Zhen Editor Wu Longzhen Proofreading Liu Jun

Great Wall Motor (601633): Invincible Equity Incentive Opens New Growth Engine

Great Wall Motor (601633): Invincible Equity Incentive Opens New Growth Engine
Event: The company issued a budget for a fair incentive plan. The incentive plan intends to grant incentives a total of 18,509.130,000 copies, accounting for about 2 of the total number of shares.03%, of which 80% of the shares are granted for the first time, and the share price granted by the incentive plan is 4.12 yuan / share, the stock exercise price is 8.23 yuan / share. Humanized performance appraisal, and a sincere talent incentive.The performance evaluation of the equity incentive involves the double evaluation of sales volume and net profit in the next three 四川耍耍网 years.Among them, the sales evaluation targets for 2019-2021 are 1.07 million, 1.15 million, and 1.25 million, and the net profit evaluation targets are 4.2 billion, 45 billion, and 5 billion, respectively. The sales and profit weights respectively account for 65% and 35%.This emerging incentive performance evaluation goal is more focused on maintaining sales and market share, and the goal is also very humane, achieving great accumulation and sincerity.The performance of the next three years is underpinned, but at least if the industry gradually recovers, the future performance is expected to be over-completed, benefiting nearly 2,000 people, and the scope of incentives is broad and effective.The total number of incentive objects awarded for the first time totaled 1,928, benefiting nearly 2,000 people, including directors, executives, and core technical and management talents.The broad and effective scope of incentives helps more people benefit, and can effectively promote more core talents to contribute to the company’s development and enjoy the results brought by the company’s future growth.Twelve months after the first grant of stock and budget, the ban will be lifted and exercised in three phases after the completion of the exercise. The core employees will be effectively combined to benefit long-term development. A groundbreaking change in philosophy, retaining talents to create a better future.The launch of this latest incentive plan is a radical change in the company’s philosophy, and has great strategic significance, allowing the company to continuously introduce various core technical experts and senior management talents, which can effectively retain and bind talents through the distribution of incentives.Benefits, and a sound incentive mechanism will also help the company to attract more outstanding talents in the future.The company’s new platform products are expected to be launched in the second half of next year. In the next three years, a new product cycle will be ushered in to give full play to the support of talents. At the same time, the industry is gradually picking up, and the expected benefits of improved sales and performance will be further strengthened. Investment suggestion: The company’s equity incentive event is a world-breaking event. It is a major change in management philosophy for the company. Retaining more outstanding talents through equity incentives will open a new engine for future growth. The current passenger car recovery is expected to continue to increase.After the Great Wall’s sales increased in the first half of the year, the market share increased against the trend, and the single-quarter profit growth rate in the third quarter can be expected!Pacific Motors continuously recommends Great Wall Motors. We estimate that the company’s net profit attributable to its mother in 19/20 will be 4.5 billion / 5.5 billion, respectively, and maintain the “Buy” rating. Risk reminder: The sales volume of the automobile industry is lower than expected, and the price reduction promotion is larger than expected

Angie Yeast (600298) dynamic comment: Ignore short-term two-year disturbances and optimistic about long-term leader value

Angie Yeast (600298) dynamic comment: Ignore short-term two-year disturbances and optimistic about long-term leader value

Comment event: The company announced its 2018 annual report and a number of new capacity plans.

  Investment points: Production and sales volume has increased steadily, revenue has continued to grow for 18 years, and the company’s operating income has been 66.

86 ppm, an increase of 15 in ten years.


The company’s main product categories continued to grow on average in terms of production and sales, especially in yeast and its deep-processed products.

  Among the main product categories, the output of yeast and further processed products26.

35 each year, an annual increase of 20%; sales 25.

16 for the first time, growing 12 annually.

1%; sales income 54.

73 ppm, an increase of 24 in ten years.


Dairy production is 0.

62 Initially, it grew by 4 per year.

27%; sales 0.

62 Initially, it grew by 3 per year.

46%; sales income is 0.

58 ppm, an increase of ten years.


Production of packaging products1.

91 for the first time, growing by 15 per year.

45%; sales 1.

85 for the first time, growing by 11 per year.

44%; sales revenue 2.

29 ppm, an increase of 23 in ten years.


Production of sugar products 8.

In 24 months, the annual growth rate is 13.

76%; sales 8.

34 Initially, the annual increase was 33.

7%; sales income 3.

24 ppm, a reduction of 2 per year.


  The operating income growth rate has decreased by about 3 shares compared to 17 years.

There are many reasons for the decline in revenue growth.

The company’s revenue growth has been rapid in the previous two years, resulting in a higher revenue base.

During the year, the Yili factory reduced its output due to environmental reasons. During the relocation of Chifeng, production was temporarily suspended.

At present, the market share of some of the company’s products has been high, affected by changes in downstream industry demand, and the growth rate of some downstream industries has improved after early high-speed growth.

These factors have all affected the growth rate of income.  Gross profit margin caused by cost growth and short-term factors decreased The company’s overall gross profit margin36.

32%, down by 1 every year.

32 units.

Among the main products, the gross profit margin of yeast and processed products is 39.

07%, down 2 every year.

62 units; gross profit margin of sugar products 7.

35%, a decrease of 11 per year.

76 grades; gross profit margin of packaging products 13.

61%, a decline of 9 per year.

56 units; gross profit margin of dairy products 29.

19%, an increase of one year.

90 units.

  The decrease in gross profit margin was due to the increase in the cost of energy raw materials, and the reduction in production by Yili and the short-term shutdown of Chifeng also caused interference.

  Short-term factors dragged down the profit growth rate for 18 years, and multiple factors overlap, causing the company’s profit growth rate to decline, resulting in profit growth rates falling short of revenue growth rates.

The fluctuation of the RMB exchange rate during the year led to a decline in export revenue and affected profits of 41.6 million yuan.

The impact of the international market on white sugar prices has fallen sharply, and the company’s sugar products have decreased and affected profits of 35.2 million yuan.

Rising domestic oil prices and higher brand promotion have resulted in transportation costs, and advertising costs have increased more than revenue.

It is expected that the scale will increase, financing costs will rise, and exchange losses will increase, resulting in an increase in financial expenses of 43.6 million yuan.

  Although the above factors have caused disturbances in current performance, most of them are non-persistent short-term disturbance factors, and their role conversion time will gradually change or even disappear. The company has also taken corresponding measures to respond.

With the gradual weakening of the adverse effects of these factors, the company’s performance will still return to the long-term trend, and the outlook is still promising.

  Construction of new production capacity has begun. The company has recently started to build a variety of new production capacity 天津夜网 at home and abroad.

  Russian company begins the second phase of expansion1.

2 spindle production line projects.

It will expand the annual production capacity within the existing plant of the Russian company1.

2 Yeast yeast capacity.

Among them dry yeast 0.

In 85 months / year, fresh yeast is dried to zero.

35 per year.

After the project is completed and put into operation, the total yeast fermentation capacity of the Russian company will reach 3.

2 Initially, it can increase the specifications of small yeast packages to meet the needs of target customers and market development.

  Anqi Chongzuo’s environmental protection technology reform and fertilizer production line project will carry out technical transformation of Anqi Chongzuo, reduce and improve efficiency, and build a new set of annual production2.

5 Cathodic fluidized bed production line.

After the project is completed, the latest process technology can be used to replace the existing environmentally friendly old equipment and produce new granular organic fertilizer products, which can reduce the sales risk of fermentation broth and increase the economic benefits of Anqi Chongzuo. It is expected to increase sales gross profit by 1455 Ten thousand yuan.
  Profit forecast and grade: The company’s revenue growth in 18 years basically meets expectations, and the profit growth rate is lower than revenue, and it also exceeds previous years.

In addition to the base effect formed by the high annual growth in previous years, the increase in profit is mainly due to the multiple adverse factors that have occurred during the year, resulting in an increase in the cost level.

However, most of these unfavorable factors are short-term disturbances, and their effect time will decrease or be eliminated with time. The situation has begun to improve in the second half of last year. In the future, the company’s revenue and profit growth will return to its long-term development trend.

  At present, the company has completed this year’s molasses purchase, and the cost has dropped compared to last year, which is conducive to restoring profitability.

The company is continuously expanding its capacity building and market development efforts, focusing on opening up new growth points, and expanding its overseas markets and accelerating the development of new domestic downstream markets to achieve continuous revenue growth.

We continue to be optimistic about the value of the company as an industry leader.

  It is predicted that the company’s revenue growth rate for 2019-20 will be 15.6%, 15.

4%, net profit growth was 5.

7%, 8.

9%, corresponding to an EPS of 1.

10, 1.

20 yuan.

Target price of 30 yuan, “overweight” rating.

  Risk warning: raw material price fluctuations, exchange rate changes, etc.

Depth-Company-Yinlun (002126): Steady revenue and profit under pressure from new energy and passenger car development

Depth * Company * Yinlun (002126): Steady revenue and profit under pressure from new energy and passenger car development

The company released its 2019 Interim Report and achieved a total of 27 operating income in the first half of the year.

0 ppm, a 10-year increase of 2.

6%; net profit attributable to shareholders of listed companies.

0 billion, a year down 0.

2%; net profit after deduction to mother 1.

4 ‰, a decline of 24 per year.

4%; budget benefit 0.

25 yuan.

Q2 achieved operating income of 13.

100 million, down 8 a year.

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

9 trillion, down 7 a year.


The domestic auto industry’s sales are sluggish, but the company’s revenue performance is solid, short-term profits are under pressure, and performance is in line with expectations.

The company’s new energy business has developed smoothly, and continuous investment underscores the company’s ambitions and long-term development prospects.

Affected by the sluggish sales volume in the industry, we have lowered our profit forecast. It is expected that the company’s annual revenue for 2019-2021 will be 0.

47 yuan, 0.

52 yuan and 0.

63 yuan, maintain BUY rating.

The main points of the support level are solid income performance and short-term pressure on profits.

Although the domestic automobile production and sales continued to be sluggish, the company’s revenue increased in the first half of the year2.

6%, of which heat exchanger, exhaust treatment is basically the same, vehicle air-conditioning increased by 54.


Gross profit margin in the first half of the year was 24.

3%, a decline of 0 per year.

7pct, relatively stable performance.

In terms of expenses, sales and management expenses increased by 9 respectively.

1%, 5.

2%, slightly higher than revenue growth; R & D expenses increased by 34.

5%, mainly due to labor costs, due to increased direct investment; financial costs increased by 19.

4%, mainly due to the increase in interest rate expenditure; four expense ratios of 16.

2%, an increase of 1 over the same period last year.

6 points.

Revenue increased slightly, gross profit margin decreased, expense ratio increased, and non-net profit reduced 24.

4%, but investment income and fair value gains and losses performed better, and net profit attributable to mothers was basically flat.

Among them, Q2 income decreased by 8.

0%, gross profit margin fell by 0.

4pct, sales and management expenses decreased by 11 respectively.7%, 17.

7%, R & D and financial expenses increased by 53.

8%, 17.

3%, net profit after deducting non-attribution to mothers fell 29.


As car sales stabilize and rise, the company’s performance is expected to gradually pick up.

New energy business developed smoothly.

The company’s new energy product coverage is complete. At present, the value of supporting pure electric vehicles is as high as 3,000-4,500 yuan. The value of fuel-fueled bicycles has been significantly 天津夜网 increased from about 1,250-1,850 yuan.

In the first half of the year, the company won 83 new project orders, of which the main new energy projects are Volvo (new energy passenger vehicle cooling module), Jiangling New Energy Vehicle (heat pump air conditioner), Ningde Times (battery water cooling plate) and so on.

The production and sales of traditional automobiles are sluggish, but the sales of new energy vehicles are growing rapidly, and the company’s customer expansion is smooth, which is expected to promote the company’s long-term growth.

Continued investment underscores the company’s ambitions and optimistic about long-term development.
In the first half of the year, the company invested SEK 70 million and held a 100% stake in Setrab AB through equity acquisition. The transaction has been completed and will help the company expand the European passenger car market.

Recently, the company and the Zhangjiagang Economic and Technological Development Zone Management Committee’s “New Energy Vehicle Thermal Management System Component Project Investment Agreement” plans to invest 500 million U.S. dollars in the production of new energy vehicle thermal management system components projects. It is expected to achieve annual sales of more than 800 million U.S. dollars after reaching production.
Passenger cars and new energy are the company’s key development directions in the future. Continued investment highlights the company’s ambitions and promotes performance growth. Long-term development is promising.

We estimate that the company’s estimated revenue for 2019-2021 will be 0.

47 yuan, 0.

52 yuan and 0.

63 yuan, the company has bright prospects in the areas of new energy thermal management and internal combustion engine exhaust treatment, maintaining the Buy rating.

The main risks faced by the rating are 1) the decline in automobile sales; 2) the increase in prices of raw materials and the price of products;

Good Mrs. (603848) 2019Q1 review: Smart door lock expansion is still in the investment stage and short-term performance is under pressure to wait for an outbreak

Good Mrs. (603848) 2019Q1 review: Smart door lock expansion is still in the investment stage and short-term performance is under pressure to wait for an 杭州桑拿 outbreak

The core point of view is that the income increases slightly every year, and the net profit increases by +6.


2019Q1 achieved operating income 2.

64 trillion, ten years +0.

27%; net profit attributable to mother is 0.

51 ppm, +6 for ten years.

37%, net profit after deduction is 0.

42 trillion, +5 for ten years.

33%, overall performance was lower than expected.

The extension, affected by the land cycle, and the adjustment of the company’s smart door lock new business strategy, the company’s operating income growth was under pressure.

At the same time, the company withdrew accounts receivable in Q1 2019, other accounts receivable bad debt provision and inventory depreciation provision, the accumulated asset impairment loss increased to 3.5 million yuan, which brought some pressure to the company’s performance growth.

The product structure continued to be optimized, and the expenses for expanding new products increased.

Q1 gross margin constant +6.

57pcpts to 46.

At 09%, the company ‘s smart clothes dryer product conversion was smooth, and its single-quarter gross margin hit a record high.

The cost rate during the period is +3 per second.

33pcpts to 23.

81%, of which, the company made efforts to promote new products such as smart door locks, increased advertising promotion and channel support, and the sales expense ratio +2.

35 points to 16.

23%; management expense ratio (considering R & D expenses) +0.

94pcpts to 7.

72%, financial expense ratio is extra stable, +0.

04pcpts to -0.


Overall, despite the increase in new product promotion expenses, the increase in gross profit margin led to a decrease in net profit margin by +1.

1 to 19.

2%, the increase in engineering business and the promotion of new products dragged down the company’s cash flow.

Achieved net operating cash flow -1.

370,000 yuan, -0 in the same period in 2018.

At $ 99 billion, cash flow increased from estimated net for the same period.

With the extension, the company actively developed the engineering business in line with the trend of hardcover, the company’s account period was lengthened, and the account receivable turnover rate fell by 5 every year.

56; Further, the promotion 深圳桑拿洗浴网 of new products such as smart door locks still needs channels and brand propaganda, and the inventory turnover rate has dropped 2 times.


Investment suggestion: The company is a leader in the field of drying racks, and smart locks are still in the expected period, but based on the company’s extensive channel collaboration, it may gradually usher in gains.

The company’s EPS for 2019-2020 is predicted to be 0.



11 yuan, corresponding PE is 28/23 / 20x, maintain “recommended” investment rating. Risk warning: Real estate sales are less than expected, smart lock business is developing less than expected, and industry competition is intensifying.

U.S. revises standards for developing economies

U.S. revises standards for developing economies
Xinhua News Agency, Washington, February 10th. The U.S. Trade Representative’s Office issued a notice on the 10th with a predetermined list of developing economies, which makes it easier for the US government to initiate countervailing investigations and impose punitive tariffs on some economies.  The latest list of developing economies announced by the United States excludes more than 20 economies including India, Brazil, Argentina, South Africa, Malaysia, South Korea, Thailand, and Vietnam.China is not on the list of developing economies announced by the United States.  The U.S. Trade Representative’s Office published a notice in the US “Federal Chronicle” that day, according to relevant WTO rules and the U.S. countervailing law, in countervailing investigations, 1% of the value of products that are usually supplemented with insufficient amounts is considered a minor supplement and should be terminatedAnti-complementary investigation; but for developing and 杭州桑拿 least developed economies, this cloud can be relaxed to 2%, and the United States Congress authorizes the United States Trade Representative to identify WTO members with ownership of that qualification.  The notice states that the United States Trade Representative published a list of developing and least developed economies in the U.S. countervailing investigations in 1998, but that list is now outdated.The United States has decided to determine whether some economies will continue to apply the 2% micro standard based on the level of economic development (based on GNI per capita), the proportion of global trade, and other factors.  The Office of the United States Trade Representative stated that if an economy meets one of the following conditions: GNI per capita is higher than 1.US $ 23.75 million (the standard set by the World Bank for high-income economies) accounts for 0% of global trade.More than 5%, members of the OECD, the EU or the G20, the United States will identify the economy as an advanced economy, and the 2% micro standard will no longer apply. Original Title: U.S. Revises Standards to Reduce Countervailing Investigations

Fund Dispatch Chart: The main funds have been reduced to 9.8 billion.

Fund Dispatch Chart: The main funds have been reduced to 9.8 billion.
[Five-day funding plan chart]The net funding of the main funds reached 9.8 billion. The institutions grabbed 8 shares. Source: Securities Times. On June 5, the A-share market fell as a whole.The final close, the Shanghai Composite Index closed at 2861.42 points, down 0.03%, SZSE Component Index closed at 8746.05 points, down 0.03%, the GEM index closed at 1451.18 points, down 0.35%.The total turnover of the two cities was 4,077.8.7 billion yuan, a decrease of 146 from the previous trading day.5.2 billion yuan.  1 The two cities have a net replacement of 98 funds throughout the day.At 2.0 billion today, the main funds of Shanghai and Shenzhen cities saw a net decrease of 74.3.6 billion, a net decrease of 32 in late trading.6.5 billion yuan, a net reduction of 98% in the capital of the two cities throughout the day.02 billion.  2 Shanghai and Shenzhen 300 today’s main fund net replacement 15.8.5 billion CSI 300 net replacement of main funds today.8.5 billion, GEM net reduction of 13.2.8 billion yuan, a small net reduction of 29.6.6 billion.Net inflow of SSE Securities 24.With a net inflow of RMB 0.6 billion, the Shenzhen Stock Connect was 8.61 trillion (here the China-Shanghai Stock Connect and Shenzhen Stock Connect net net amount is based on the amount used on the day, which is slightly different from the transaction net purchase amount, but the meaning is generally the same).  3 Net inflow of the communications industry 14.Of the top 28 Shenwan Tier 1 industries with 1.6 billion yuan, 6 industries achieved net capital inflows, of which the telecommunications industry had a net inflow of 14.1.6 billion.  4 national team concept net inflow of 24.In terms of the 2.8 billion top concept plate, today the national team, the mainland stock market heavy positions, the Shanghai-London Stock, the MSCI broad market and other concept sections of funds showed a net inflow, of which the national team concept net inflow of 24.2.8 billion.  5 ZTE’s main inflow of funds2.8 billion (Note: The main force of net inflow statistics in this table is different from the net purchase statistics of the institutions in the previous table and the next 杭州夜网论坛 table).The data on the list shows that the institution appeared 15 shares, of which 8 shares including Intime Resources showed a net purchase of institutional funds, and 7 shares such as Sinotruk showed a net sale of institutional funds.  7 Top ten active stocks of Shanghai Stock Connect and Shenzhen Stock Connect 8 Latest institutions focus on individual stocks

Shanxi Fenjiu (600809) 2019 performance preview comment: after the profit growth exceeds expectations, the ten billion era will focus on the blue and white series

Shanxi Fenjiu (600809) 2019 performance preview comment: after the profit growth exceeds expectations, the ten billion era will focus on blue and white

Event: The company released the 2019 annual performance forecast, which is expected to achieve a total operating income of 119.

14 trillion, +26 a year.

57%, achieving net profit attributable to mother 20.

24 ppm, +37 a year.

64%; of which, in Q4 2019, revenue was 27.

870,000 yuan, +29 for ten years.

38%, net profit attributable to mothers3.

28 ppm, +64 a year.


Comment on the profit growth exceeded expectations, sales of high-end products accounted for 66%.

The full year 2019 revenue and net profit attributable to mothers increased by 26.

57%, 37.

64%, of which the revenue growth and net profit attributable to 南京夜网 mothers in Q4 2019 were 29 respectively.

38%, 64.

80%, profit growth exceeded expectations.

The report summarizes that the company ‘s increase in net profit attributable to mothers was more than expected due to the continuous optimization of product structure. The sales of mid-to-high-end fenjiu products accounted for 66%, and the expected growth rate of blue and white series was 40% +.

The impact of the epidemic is relatively limited, and the post-ten billion era will focus on the volume of blue and white flowers.

As this round of the epidemic comes at the peak of the Spring Festival, and due to the decline in short-term liquor demand, considering that blue and white flowers are still accelerating the expansion period, Beverage mainly focuses on self-drinking consumption, and the overall impact is relatively limited.

In the post tens of billions of years, the company will firmly implement the product strategy of “grasping the two ends and bringing the middle”. By focusing on the blue and white series, we will strive to achieve a growth of 2 billion and 30 pairs in blue and white, and ensure that the volume of blue and white series exceeds the 5 billion mark.)); At present, the terminal market rate of Bophin has reached 80%, and the overall growth will increase steadily.

The heavy blue-and-white series will further strengthen the old four famous wine genes while establishing a high-end brand image, which is the key to achieving the strategic revival of the oldest Fen boss.

According to channel analysis and feedback, the overall stocking in the province was adequate and stable before the Spring Festival. The blue-and-white stocking in key areas outside the province, such as Henan and Shandong, had a positive change.

Channels and system reform continue to advance, helping Fenjiu brands become bigger and stronger.

The company continues to promote the strategic synergy with China Resources Entrepreneurship, with internal and external sales accounting for up to 56%. In the future, it will steadily achieve the goal of an average three-year growth rate of 50% in the south of the Yangtze River. Therefore, the Group’s alcoholic assets are all included in listed companies.Greatly promote the integration and optimization of the company’s production and sales system, and continue to grow and strengthen the Fen liquor brand in the future.

We maintain the company’s “overweight” rating. We expect the company’s operating income for 2019-2021 to be 119.

14, 142.

26, 164.

29 trillion; net profit attributable to shareholders of the parent company was 20.

22, 24.

94, 29.

8.8 billion; corresponding PE is 35.

28, 28.

61, 23.

88 times.

The impact of the short-term epidemic situation does not change the company to accelerate the national development. We are optimistic about the continued increase in the share of the blue and white fen wine market and the smooth bottle of glass fen has become a national single product, maintaining the “overweight” level.

Risk reminders: macroeconomic downside risks, food safety risks, and risks of developing channels outside the province.

Anshan Iron & Steel Co., Ltd. (000898): The company’s performance exceeded 100 billion yuan, and innovation, underestimates, and high dividends were highlighted.

Anshan Iron & Steel Co., Ltd. (000898): The company’s performance exceeded 100 billion yuan, and innovation, underestimates, and high dividends were highlighted.
I. Overview of the event The company released its 2018 annual report and achieved 1051 operating income.5.7 billion, an increase of 14 in ten years.7% realized net profit attributable to shareholders of listed companies 79.52 ppm, an increase of 19 years.8%.Basic budget revenue is approximately RMB 1.099 yuan / share, an increase of 19 in ten years.85%. Second, the analysis and judgment of the acquisition of Chaoyang Iron and Steel to achieve overall listing, scale performance exceeded 100 billion in new highs Chaoyang Iron and Steel has an annual output of 200 tons of fine plate production capacity, 2017 net profit of 459 tons of steel.43 yuan, far higher than the industry average.After the consolidation, the listed crude steel production capacity is about 2700 pieces.In 2018, the company produced iron 2478.8 digits, increasing by 2 every year.66%; steel 2615.5 Initially, increase by 5 each year.12%; steel 2413.07 for the first time, increasing by 5 each year.twenty four%.Auto sales growth in 2018 was -2.76%, resulting in a relatively small increase in the price of cold-rolled sheet and profits. In 2018, the average prices of Shenyang hot-rolled coils, cold-rolled coils, and medium and heavy plates increased by about 7 respectively.8%, 4.5%, 13.51%; According to our model, the gross profit of hot-rolled, cold-rolled and medium-thick plates has increased by 31.6%, 11%, 74%.Therefore, in 2018, the company achieved both record high revenue and profit, with a profit of 304 yuan per ton of steel.Among them, the cost of diabetes increases by 23 each year.880,000 yuan, an increase of 719.28%, mainly due to an increase in the previous year’s budget and an increase in deferred income tax expenses by 16.390,000 yuan, the current income tax accrued for 2018 profit 7.4.9 billion. The overall demand is not pessimistic, and the company’s profitability is stable. The company’s main products involve downstream shipbuilding, railways, automobiles, nuclear power, petroleum and petrochemicals, appliances, containers, ship plates, railway rails, etc.Demand is generally not pessimistic, and real estate starts from January to February maintained a 6% growth rate, 1.The absolute amount of 800 million flats is still a relatively high level in recent years, and the recent policy has shown marginal relaxation, and the mortgage interest rate has fallen marginally.In January-February, infrastructure investment increased by 10 in ten years.3%, a growth rate of 0 higher than last year.The five averages continue the trend of stabilization and recovery since the fourth quarter of last year.The manufacturing industry adjusted, but gradually reduced the implementation of tax reduction measures for four months to continue to improve, and a 深圳桑拿网 multi-sectoral state co-sponsored a conference to promote consumer consumption, which proposed that local conditions should be used to promote consumption of automobiles and home appliances. For every 10 shares, 3 shares will be transferred, and cash will be paid.2 yuan (including tax) The company takes the existing total share capital of 7,234,807,847 shares as a base, and pays a cash dividend of 2 for every 10 shares.2 yuan (including tax), a total of 1,591,657,726 distributed profits.34 yuan; In addition, the company uses capital reserve to convert 3 shares for every 10 shares. Third, the profit forecast and investment recommendations predict that the company’s EPS for 2018-2020 will be 1.1 yuan, 0.89 yuan, 0.93 yuan, the corresponding PE is 5 respectively.5 times, 6 times.8X, 6.5 times.PE (TTM) 4.8 is at a historical 佛山桑拿网 low, below the industry average, and PB is 0.86 is at the lowest position in this cycle and is lower than most companies in the industry.Maintain recommended level. 4. Risk warning: The demand for steel products has fallen sharply, and the prices of raw fuels have fluctuated sharply.