Inner Mongolia Huadian (600863)： Improved supply and demand in beneficiary regions with high dividends and growth

Inner Mongolia Huadian (600863): Improved supply and demand in beneficiary regions with high dividends and growth

Event: The company released the actual controller increase plan.

The company announced that the actual controller Huaneng Group increased its shareholding in the company on February 4 through its subsidiary Huaneng Structural Adjustment Fund.

344%, the turnover was 4867.

190,000 yuan.

At the same time, Huaneng Structural Adjustment Fund intends to continue to increase the company’s shares within the range of not less than 2 trillion and not more than 400 million (including this increase) in the next 6 months.

The company released 2019 operating data.

The company released its operating data for 2019 in late January, and initially completed 553 electricity generation.

4.9 billion kWh, an increase of 21 per year.

6.9 billion kilowatt-hours, a 10-year increase4.

08%.

Key points of investment: The power generation of Mengxi consumption units will increase as scheduled, and the increase in power generation from Lin Power Plant will increase.

The company’s annual power generation is increasing by 4.

08%, higher than the growth rate of 3.
.

88%.

Among them, Mengxi consumed an increase in power generation of all pilots by 20.

83%, up from 20 in the first three quarters.

15%, mainly benefited from the successful implementation of the dual-machine operation on August 30 by the company and the forest power plant, and the power generation capacity of the forest power plant by 4 months27.

2.6 billion kWh, equivalent to 2065 hours of utilization hours, the cumulative accumulation of rapid climb.

.
In addition to the Helin Power Plant, the power generation of other Mengxi consumption units has also maintained rapid growth. The overall pattern of our internal power for continuous development is the differentiation of supply and demand regions. The Mengxi region benefits from steel, nonferrous metals and other high energy-consuming industries.Continue to lead the nation.

At the same time, under the new electricity price mechanism in 2020, we judge that the risk of regional electricity prices will continue to improve as the supply and demand pattern continues to improve.

At present, the market-oriented transaction ratio of Mengxi Thermal Power Unit is close to 70%, and the transaction discount has basically reached the upper limit of the discount set by the Development and Reform Commission. There is no downside risk to the integrated on-grid power price of Mengxi Unit, and there is upward space in the long run.

The output of the North China unit was dragged down by maintenance, and 2019 is the lowest point for the profit of the unit.

The company’s primary power generation output to North China units increased and decreased by 10.
.

82%, slightly larger than 10 in the first three quarters.

68%.

In terms of segmentation, in the fourth quarter, the output of generating units was mainly dragged down by Shangdu No. 2 Power Plant. Shangdu No. 1 and Weijiayu Generator’s power generation decreased and narrowed.

The output frequency converter of the delivery unit is caused by various factors such as unit maintenance, line maintenance, and out-of-region units and centralized production. It is estimated that the delivery unit will be at a low profit in 2019.

Increasing the holding of major 南京桑拿网 shareholders reflects the confidence of major shareholders, and a high dividend rate promises to highlight the value of allocation.

Huaneng Group’s increase in shareholding is the second round of increase. The last round of increase was in February-August 2019. Huaneng Group gradually increased the company’s shares through its subsidiary Huaneng Structural Adjustment Fund.

85% (3 transactions).

1.1 billion).

In the near future, the planned increase in holdings ranges from US $ 200 million to US $ 400 million, and when it is currently expected to be low, nearly 50 million yuan has been completed, demonstrating the major shareholders’ confidence in the company’s long-term development.

The company promises that the annual cash dividend rate for 2019-2021 is not less than 70% and the continuous dividend payout is not less than 0.

09 yuan, according to our latest profit forecast and current expectations, assuming a 70% dividend rate, the company’s 2019 yield is expected to be as high as 5.

4%, the configuration value is outstanding.
Earnings forecast and grade: We have lowered the company’s net profit forecast for its mothers for 2019-2021 to 11, respectively.

13,13.
14 and 16.

48 ppm (14 before adjustment.

09, 17.

80 and 20.

2.5 billion), the current sustainable corresponding PE is 13, 11 and 9 times respectively.

The company’s coal and electricity integration is profitable, and the supply and demand in the beneficiary areas is determined to improve growth. It is estimated to exceed the industry average and maintain a “Buy” rating.

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.

5%.

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.

8%.

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.

5%.

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.

Shanxi Fenjiu (600809) annual report and first quarterly report comments： optimistic about the expansion outside the province to maintain buy

Shanxi Fenjiu (600809) annual report and first quarterly report comments: optimistic about the expansion outside the province to maintain buy

Summary and suggestions: Event: As 4Q merged into the group’s business, the company achieved revenue of 93 in 2018.

8 billion, an increase of 47 previously.

5%, net profit 14.

6.7 billion, a previous increase of 54%, with a gross profit margin of 66.

2%, down by 1 every year.

1pct, the merger is mainly due to low-price wine.

4Q achieved revenue of 2.2 billion and net profit of 200 million.

　　At the same time announced that 2019Q1 to achieve Camp 40.

6 billion, an increase of 20 previously.

12%, net profit 8.

7.7 billion, an increase of 22 previously.

58%, gross margin is 71.

9%, an increase of 3 per year.

1pct.

In terms of growth rate, the growth of 1Q is relatively slow. We believe this is related to the uneven income recognition between quarters and the increase in the comparable base period caused by the injection of group assets. If the 18Q4 and 19Q1 are combined, the revenue growth rate will be above 35%The growth rate is above 25%.

　　Dividend: 7 cash dividends for every 10 shares.

5 yuan, RMB exchange rate 1.

4% In 2018, middle-to-high-priced liquor, low-price liquor and blended liquor achieved revenue of 57 respectively.

4 billion, 32.

300 million and 3.

4 billion, an increase of 47 each year.

44%, 47.

59% and 51.

14%.

The volume and price of high- and medium-priced wines went up, and the gross profit margin went up by 2%.

84pct, blue and white series maintained high growth, revenue growth rate is expected to exceed 60%, gross margin of low-price wine dropped by 8.

77 points, mainly due to the concurrency group’s low-price wine products. Among them, Laobaifen’s revenue growth rate is expected to be about 25%, Bolifen’s growth rate is expected to be about 35%, and the gross profit margin of blended wine is rising.

89 points.

In Q1 2019, middle-to-high-priced wines, low-priced wines and blended wines achieved revenues of 24, respectively.

700 million, 14.

300 million and 1.

200000000.

　　In terms of expenses, in 2018, we benefited from the improvement of internal governance, the improvement of operating management efficiency, and the decrease in management expense ratio1.

59pct to 6.

7%, the sales expense ratio decreased slightly by 0.

58pct, reducing the overall cost by 2.

16pct to 23.

88%.Due to the increase in market investment in 2019Q1, selling expenses increased by 42.

09%, the increase in production and maintenance and wage expenses increased management costs by 31 each year.

61%, the increase in financial expenses affected by the increase in interest expenses increased the comprehensive expense ratio in 1Q by 5.

95pct to 26.

9%.

　　In 2019, the company will accelerate the development of business outside the province. In 2018, the revenue outside the province will be 40.

200 million, a growth rate of 63.

56%, 2019Q1 also achieved 19.

100 million revenue. According to media reports, in 2020, the proportion of revenue outside the province will gradually be optimized to 3: 7. In addition to the Shanxi market, it will increase investment in weak areas such as East China and South China.

In terms of advance receipts, 19Q1 decreased by 27% month-on-month (the impact of the 天津夜网 Spring Festival) and gradually increased by 67%, indicating that the dealer’s confidence has changed, and if the second largest shareholder, China Resources National Supermarket Channel, can continue to be leveraged, the expansion outside the province is expected to accelerate.
　　In summary, the company is expected to achieve a net profit of 1.9 billion and 2.4 billion in 2019-2020, respectively, an increase of 30.

7% and 24%, the EPS is 2 respectively.

2 yuan and 2.

74 yuan, corresponding to PE and 25 times and 20 times respectively, to maintain the investment recommendations.

　　Risk reminder: Expansion of pipelines outside the province is less than expected, and business growth outside the province is less than expected.

Youngor (600177)： Steady Growth of Multi-Business Group, Clothing Recovery, Return to Rise Channel

Youngor (600177): Steady Growth of Multi-Business Group, Clothing Recovery, Return to Rise Channel
This report reads: As a multi-segment business group, the company has expanded its clothing sales share, increased store expansion efficiency, and achieved solid performance in the real estate sector. For the first time, it has given a cautious increase rating. Investment points: The first coverage gives a cautious overweight rating: EPS is expected to be 0 in 2019-2021.84/0.93/1.02 yuan, an annual increase of 14%, 11%, 10%. With reference to the valuation of peer-brand clothing companies and real estate companies, the company is given a target price of 7.09 yuan, corresponding to about 8 times PE in 2019. Multi-segment business group, with solid real estate sales and rising apparel share.The company owns a number of business sectors including clothing, real estate and financial investment.Among them, the existing real estate projects sold well, and the overall pre-sale ratio reached 82.89% of the sales are on schedule.The project has abundant reserves, widening the geographical coverage, and ensuring long-term sustainable development.The initial scale of apparel sales has expanded, and the proportion has begun to rise, and the focus of business has gradually shifted. Expanding stores to improve store efficiency, consolidating the advantages of direct sales channels, and significantly improving clothing margins.The company’s offline stores 南京夜网论坛 resumed growth, with a net increase of 76 to 3,101 stores in 2018.Thanks to the strategy of large stores, the store area has expanded and the average store area has reached 132.With an area of 8 square meters, the efficiency of the store has increased simultaneously. In 2018, the average store sales reached 164.960,000 yuan, single store quality continued to optimize.The offline stores are mainly based on direct sales channels. In 2018, the number of direct sales stores further increased to 2,896, with a direct sales ratio of 93.39%, an increase of 3 per year.24pct, channel card position advantage is significant.The construction of digital stores accelerated, online and offline connections were opened, and full-channel O2O operations were launched.The intelligent production line was put into operation, the production efficiency was increased by 25%, the large-scale production cycle was shortened to 32 days, and the rapid response system and supply chain efficiency were greatly improved.Cultivate new-generation customers, the number of full-brand members is rising rapidly, global drainage, precision marketing, and a full recovery of clothing business. Catalysts: The growth of offline clothing stores, the implementation of big store strategies, and improved store efficiency. Risk warning: clothing consumption, real estate sales, investment returns are less than expected.

Joy City (000031) Third Quarterly Report Review： Commercial and Residential Revenue Goes High, Q3’s Efforts to Pick Up Land Rebound

Joy City (000031) Third Quarterly Report Review: Commercial and Residential Revenue Goes High, Q3’s Efforts to Pick Up Land Rebound

Settlement increased revenue and increased sales, and disposal of assets increased profits.

The company achieved revenue of 223 in the first 3 quarters of 2019.

32 ppm, an increase of 68 in ten years.

28%, the high increase in revenue was mainly contributed by the increase in the internal rate of return and investment property income, which was attributed to the net profit of the mother 24.

350,000 yuan, an increase of 47 in ten years.

08%.

In terms of profit margins, the achievable gross margin and net profit attributable to mothers 北京夜生活网 are 48 respectively.

4% and 10.

9%, which is increased by 2 pct and decreased by 1 each year.

6pct, the net profit rate decreased and the profit growth rate exceeded the revenue growth end point is the disposal of the previous high growth in the last period and more diluted profits.

Initially, the company will inject the relevant equity of Shanghai Changfeng Joy City and Xi’an Joy City project assets into overseas M & A and transformation funds, increasing the investment income in the first three quarters to 7.

4.7 billion.

Sales increased steadily, and settlement was abundant.

In terms of sales, according to Kerer data, the company achieved a full-caliber initial income of 510 trillion in the first three quarters, a long-term growth of 31%, an equity income of 330 trillion, and an operating area of 157.

3重庆耍耍网0,000 countries, pushing up advances to 31.7 billion, an increase of 40 per year.

2%, covering current revenue and 18 years of revenue1.

4 times and 2.

5 times, relatively abundant settlement resources.

In terms of land acquisition, according to the company’s announcement statistics, the company added a total of 403 GM in the first three quarters, corresponding to a land acquisition amount of 21.4 billion, and a land acquisition amount / sales amount of 42%., Accounting for 63% of the previous cumulative land acquisition amount, land investment strength rebounded significantly in the third quarter.

The scale of financing increased, and leverage indicators improved.

At the end of the period, the company’s interest-bearing balance was US $ 69.3 billion, an increase of US $ 33.8 billion compared with the end of 18th. The company has better controlled the resistance rate based on the increase in financing scale.Decrease 47pct, the improvement is obvious.

The short cash debt ratio was 132%, an increase of 2 compared with the same period last year.

4pct, no short-term debt.

The company is given a buy rating, and the EPS is expected to be 0 in 2019, 20 and 21 respectively.

69, 0.

78, 0.

94 yuan, the corresponding PE is 10 respectively.

7, 9.

5, 7.

8 times.

Risk warning: The reduction of first- and second-tier cities continues to increase, the financing environment continues to tighten, and the rents of newly-developed self-sustaining projects are less than expected.

Intime Resources (000975)： The company’s performance meets expectations and is a steady force of the mine

Intime Resources (000975): The company’s performance meets expectations and is a steady force of the mine
Event: The company disclosed its semi-annual report for 2019, and its operating income increased by 20 per year.63%, attributable profits increased by 60 in ten years.65%, a non-profit increase of 67 in ten years.68%. Production and operation of the company’s major mines.Yulong Mining realized operating income 2.800 million, net profit1.300 million. At present, the technical transformation of the production system is progressing smoothly, and the image project has been completed more than 90%.Heihe Yintai comprehensively processed ore heads in the first half of the year11.54 for the first time, with an average grade of 19.89g / t, silver 142.91g / t, selling gold 1.76 tons, silver 9.78 tons, achieving a net profit of 3 trillion, of which open-pit to underground engineering will be completed by the end of 2019.Jilin Banmiaozi comprehensively processed ore 41 in the first half of the year.66 for the first time, with an average grade of 3 selected.07g / t, selling gold 1.11 tons, net profit is about 1.10,000 yuan.Qinghai Dachaidan Mining has officially started production on April 26, 2019, and currently has a production capacity of 2,500 tons / day. It will comprehensively process ore in the first half of 2019.10 samples, average grade 3 selected.66g / t, selling gold 0.40 tons, net profit is about 0.300 million. The prices of the company’s products have risen and fallen, and the prices of precious metals have gradually come out of the doldrums.In the first half of 2019, due to the impact of the Sino-US trade war, the price of gold continued to rise, and silver went out of the bottom, making up for the obvious increase, the base metal shock fluctuated downward, the price of lead was relatively stable, and the price of zinc gradually fell back after the high level.Among them, the price of 2019H1 gold, silver, zinc and lead increased by 15 each.27 yuan / gram, -60.76 yuan / kg, -3388 yuan / ton and -2431 yuan / ton. In Q2 2019, the prices of gold, silver, zinc and lead respectively increased by 5 from the previous month.96 yuan / gram, -127.43 yuan / ton, -392 yuan / ton and -1004 yuan / ton.Based on the latest price calculations, it is estimated that the company can achieve a profit of about 600 million yuan in the second half of the year. Precious metal prices are still in an upward channel.From the current point of view, the Fed will still cut interest rates 1-2 times during the year, and at the same time, the Sino-US trade war is constantly 北京夜网 repeating and has an escalation trend.In terms of the financial attributes of gold, in the context of the trade war and the Federal Reserve’s interest rate cuts, asset allocations point to gold, which is an interest-free safe haven. At the same time, the probability of the US economy gradually weakening, and the US dollar index will also fall.In terms of monetary attributes, countries may generally increase their holdings of gold to hedge against the depreciation of the US dollar, so we believe that the price of precious metals is still in an upward channel. Earnings and estimates.Maintain the company’s “Buy” rating and raise the company’s EPS to 0 in 2019-2021.53 yuan, 0.61 yuan and 0.67 yuan, corresponding to the current sustainable PE is 28.6 times, 24.7 times and 22.7 times. Risk reminder: the price of precious metals drops, the grade of mines declines, and the progress of 杭州桑拿 mine commissioning is less than expected

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.

75%.

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.

17%.

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.

35%.

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.

01%.

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.

16%.

　　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-Tongkun Co., Ltd. (601233)： Polyester filament leader participates in the integrated industrial chain of Zhejiang Petrochemical Industry

Depth * Company * Tongkun Co., Ltd. (601233): Polyester filament leader participates in the integrated industrial chain of Zhejiang Petrochemical Industry

The company is a domestic leader in polyester filaments, with thousands of product series that can meet market demand.

On the basis of solidifying the polyester filament industry, the company actively participated in the Zhejiang Petrochemical Project and opened up the PX-PTA-polyester-spinning industry chain.

The company’s main product, the polyester filament competition pattern, has been continuously optimized, and its participation in the Zhejiang Petrochemical Project has brought about deterministic growth. For the first time, it has given a Buy rating.

The main point of the support level is the leading polyester filament company.

According to the company’s annual report, the company has a capacity of about 570 tons / year of polyester filament and a matching capacity of 400 tons / year of PTA. The polyester filament has achieved the first production and sales volume in the domestic market for more than ten years, and the domestic city accounts for more than 16%International market share reached 11%.

With the industry’s economic climate rebounding significantly and prices rising, the company’s net profit attributable to its mother reached 21 in 2018.

20 ppm, an increase of 20 per year.

42%.

The competition pattern improved, and the profit of the polyester filament leader maintained a high level.

According to China Fiber Net, the apparent domestic consumption of polyester filament in 2018 was 3,078.

17 is the earliest, with a substantial short-term growth of 11.

67%.

Benefiting from the recovery of the downstream textile and apparel industry, and the increase in the proportion of filaments in apparel fabric raw materials, demand for polyester 南京夜网论坛 filaments has shown steady growth.

On the supply side, the annual polyester filament production capacity in 2018 was 3,862 tons / year, an increase of 7 per year.

52%. In the future, more production capacity will be concentrated in several large enterprises. With the closure and transfer of backward production capacity, the industry concentration will increase, and the profitability of leading enterprises will remain high.

PTA supply and demand maintained balance, and profitability was restored.

PTA has experienced a 4-year downturn since 2014, and the capacity expansion has shifted significantly.

According to the statistics of China Fiber Network, the nominal capacity of PTA in 2018 was 5,132 tons / year, and the capacity utilization rate was increased to 78.

96%.

Considering the recovery of downstream polyester 杭州夜网论坛 capacity, PTA demand will continue to improve.

The company’s PTA is basically self-sufficient, effectively reducing the risk of price fluctuations.

The company’s polyester filament production capacity continues to expand and integrates an integrated industrial chain.

The company started the polyester filament production expansion plan. Jiaxing Petrochemical, Hengrui Phase III, Hengbang Phase III, and Heng Teng Phase III projects have been put into operation. It is estimated that the total production capacity in the first half of 2019 will reach 600 tons.

In addition, the company took a stake in Zhejiang Petrochemical and entered the upstream of petrochemicals.

ZPEC is under construction for a total of 4,000 tons / year of refining and 800 tons / year of PX projects. By then, the company will achieve partial self-sufficiency in PX raw materials and accelerate the development of a complete industrial chain.

The main risks facing the rating are 1. environmental protection risks; 2. project extension risks; 3. macroeconomic downside risks.

It is estimated that the expected earnings for 2019-2021 will be 1.

36 yuan, 1.

61 yuan, 1.

94 yuan, the corresponding PE is 10 respectively.

2 times, 8.

6 times, 7.

1 times.

The first coverage gives a BUY rating.

Zhongnan Media (601098) 18th Annual Report Comment： The impact of Jiao Fu’s new policy fully reflects the improvement in performance and the expected proportion of dividends to a new high

Zhongnan Media (601098) 18th Annual Report Comment: The impact of Jiao Fu’s new policy fully reflects the improvement in performance and the expected proportion of dividends to a new high

Events: 1. The company announced 18-year results and achieved 95 revenue.

7.6 billion (YoY-7.

57%), net profit attributable to mother 12.

3.8 billion (YoY-18.

19%), deducting non-net profit of 10 from the mother.

9.9 billion (YoY-21.

95%); net cash flows from operating activities.

6.9 billion (YoY-35.

62%).

Gross profit margin 38.

72% (YoY-0.

24pct), net sales margin 14.

32% (YoY-1.

25pct).

2. Business breakdown: Revenue from publishing business in 2016 was 24.

3.6 billion (YoY-14.

77%), gross margin of 30.

95% (+2 YoY).

92pct); revenue from issuing business 69.

9.3 billion (YoY-10.

82%), gross profit margin 29.

03% (YoY-1.

93pct); revenue from material business13.

2.2 billion (+35 compared to the same period last year).

67%), gross profit margin 4.

16% (YoY-0.

49pct); printing business achieved revenue 9.

610,000 yuan (an increase of 3.

53%), with a gross profit margin of 11.

76% (+0 year-on-year.

45pct); media business revenue 7.

6.9 billion (+8 year-on-year.

95%), gross margin 25.

91% (+0 compared to the same period last year).

88pct); digital publishing business realized revenue 2.

8.6 billion (YoY-24.

91%), gross margin of 20.

49% (+2 YoY).99pct); financial services income 4.

2.5 billion (+ 21% YoY).

85%), gross margin 68.

21% (+12.

09pct); the total number of internal offsets is 38.

3.3 billion.

Other business income 2.

1.7 billion (YoY-18.

47%), with a gross profit margin of 64.

77% (+ 23% YoY).

55pct).

Opinions: 1. The performance is in line with expectations. In 18 years, affected by the New Educational Policy of Hunan Province, there was an overall increase in the 18Q4 single quarter interval, which gradually weakened the impact and is expected to achieve improvement.

In 18 years, the company’s revenue and profit have been significantly reduced, mainly due to the implementation of the new policy of teaching aid in Hunan in the second half of 2017, and the downward impact of the teaching aid business.

18 years of teaching materials published income 18.

31 ppm (YoY-19.

7%), the revenue from teaching materials is 41.

1.8 billion (YoY-19.

81%).

Q1-Q4’s single-quarter net profit attributable to mothers increased by -25 each year.

3% /-29.

8% /-20.

7% / 9.

8%, 18Q4 single quarter rebound ahead of schedule, is expected to achieve improvement.

Hunan Xinhua Bookstore actively responded to the impact of standardized market education and supplementary policies in the province, fully implemented the regional responsibility system, and carried out stalls and door-to-door service for all employees. The sales of market education and supplementary materials picked up in the fall, while children’s teaching materials were seized as newGrowth point, achieving sales code of over 100 million.

2. The company’s general book business revenue has grown significantly, and the general book publishing record has maintained the forefront of the book retail market.

The distribution system has continued to improve, while physical bookstores are being built and upgraded simultaneously, while actively expanding online sales.

18 years of general book publishing income5.

10,000 yuan (+16 compared with the same period last year).

14%), and general book distribution income18.

6.3 billion (+ 10% year-on-year.

26%).

According to open book data, the company’s market share in the country’s comprehensive book retail market is 3.

10%, ranking second.

The share of yards in the book retail market of physical stores nationwide increased by 3.

69%, ranking first in the square.

In 18 years, the company continued to increase the construction of brick-and-mortar bookstores. There were 81 new campus chain bookstores, the total number of which increased to 1062, and 32 new center stores.

3. The company continues to focus on product innovation and industry optimization, and has made progress in various aspects such as IP operations and digital education; media integration has continued to advance and operating performance has steadily improved.

18 years of media business revenue 7.

69 ppm, a ten-year increase of 8.

95%.The company continues to advance in the field of digital reading and audio products. It has launched a variety of audio programs, developed audio and video, and deepened IP operations. At the same time, the “Red Net Cloud” platform was launched on media convergence, enabling cloud platform feeds and central kitchen collection., The country’s first body-thousand-screen outdoor live broadcast system; the party and government clouds and the provincial direct network group have developed well, and reached a cooperation agreement with more than 70 counties and cities in the province on the construction of a county-level financial media center.

4. The account has sufficient cash, the financial company’s performance has continued to improve, and the dividend ratio has hit a record high.

The company plans to pay dividends for every 10 shares for 18 years.

1 yuan, the 成都桑拿网 dividend payout rate is 88.

5% (+ 17% YoY).

29pct).

In 18 years, the company’s finance company achieved revenue4.

1.8 billion, net profit 3.

1.4 billion, an increase of 22 each year.

35%, 51.

45%.

As of the end of 18, the company’s monetary fund balance was 123.

4.1 billion.

5. Profit forecast and investment grade: We estimate that the company’s net profit attributable to its mother in the years 19-21 will be 13 respectively.

16/13.

88/14.

840,000 yuan, the corresponding EPS is 0.

73/0.

77/0.

83 yuan, corresponding PE is 17/16 / 15X, maintaining the “recommended” level.

Risk reminders: policy risks, policy guidance for students to reduce their burden, teaching and publishing, changes in circulation, and development and improvement of teaching and teaching business.

Risks of technological 杭州夜网论坛 progress, development of digitalization and education informatization, and changes in the traditional book business landscape.

The decline in the birth rate, the decline in the number of new students, and the decline in the number of people have led to a decline in overall demand for books and a downside risk to the book industry.