Gree Electric (000651) commented in the third quarterly report: In the first three quarters, net profit attributable to mothers increased for many years.

7% meet expectations

Gree Electric (000651) commented in the third quarterly report: In the first three quarters, net profit attributable to mothers increased for many years.

7% meet expectations

In the first three quarters of 2019, the core budget’s net profit attributable 天津夜网 to mothers increased by 4 per year.

7%, in line with expectations.

Gree Electric announced the third quarter of 2019 results on the evening of October 30.

In the first three quarters of 2019, Gree achieved a total operating income of 1,566.

800 million, an annual increase of 4.

4%, net profit attributable to mother 221.

20,000 yuan, an annual increase of 4.

7%, in line with western expectations; recorded a gain of 3.

68 yuan, an annual increase of 4.


3Q Gree realized total operating income of 583.

300 million, an annual increase of 0.

5%; net profit attributable to mother 83.

700 million, an annual increase of 0.


3Q ex-factory price growth has improved.

In the first three quarters of 2019, Gree’s operating income increased by ten years.

4%, of which 3Q19 operating income was flat for two years.

3Q19 Gree air-conditioning’s internal sales expansion volume fell by more than 7%, the decline was more than the increase in the first half.

We believe that the decline in operating income growth was mainly due to Gree’s opening of more special machines in the cold year of 20, leading to a decline in ex-factory price growth.

3Q gross profit margin declined slightly due to structural changes.

In the first three quarters of 2019, Gree’s gross profit margin increased by ten in ten years.

Two digits, up to 30.

1%, of which the gross profit margin in 3Q19 decreased by 1 year by year.

Two digits, up to 28.


We believe that the decline in 3Q gross profit margin was mainly due to the decrease in 3Q domestic sales of air conditioners.

Terminal retail is expected to recover in the fourth quarter of 19 or the first quarter of 20th.

We believe that the recovery of real estate completion has been improved in the kitchen appliances sector, the white appliances sector will be realized in the fourth quarter or the first quarter of 2020, and terminal retail recovery is expected.

Maintain “Buy” rating.

We expect Gree may earn 4 in 2019/2020.

84 yuan / 5.

70 yuan, the current sustainable corresponding PE is 12X / 10X.

Maintain “Buy” rating.
Risk warning: industry price war, the impact of weather on the terminal, trade war worsens

Fosun Pharma (600196): GLAND plans to promote overseas listed biopharmaceuticals, small molecule innovation continues

Fosun Pharma (600196): GLAND plans to promote overseas listed biopharmaceuticals, small molecule innovation continues

Event: Recently, the company announced that (1) the holding subsidiary Gland Pharma Limited intends to publicly issue shares and list them on the National Stock Exchange of India and Mumbai Stock Exchange; (2) HLX02 (trastuzumab biosimilar) is used forThe Phase III clinical study for the treatment of metastatic breast cancer indications has reached the expected main endpoint; (3) FCN-647 capsules of Chongqing Fuchuang Pharmaceutical, a subsidiary of the company, have been clinically approved for replacement; (4) HLX11 (Pertuzumab biosimilarDrugs) are used for metastatic breast cancer, and early diabetes is clinically substituted.

Gland promotes overseas listing and capital helps long-term development.

Gland is a 74% -owned overseas small-molecule injection generic drug platform. It is the first injectable drug manufacturing company in India to obtain US FDA approval. Its current revenue is mainly from the United States and Europe.

Competitive core products include enoxaparin injection, daptomycin, vancomycin, rocuronium bromide, etc. The glands maintain stable and robust rapid growth.

Revenue in 2018 was 19.

1.2 billion (26.

62% +), net profit 2.

8.3 billion (39.

92% +); revenue in the first half of 201911.

9.5 billion (18.

87% +),杭州桑拿网 net profit 2.

1.1 billion (28.

91% +).

Gland Pharma’s upcoming overseas listing is conducive to the further development and expansion of its local market, optimizing its corporate governance and capital structure, and continuing to expand its leading edge in the industry.

It is expected that after completion of the overseas listing, Gland Pharma will remain the company’s controlling subsidiary.

Continuous innovation, biological drugs and small molecule innovative drugs continue to make progress.

(1) The company has outstanding biopharmaceutical strength. In the first half of 2019, it was approved for the domestically produced first biosimilar drug Hanlikang.

HLX02 (trastuzumab biosimilar) has been declared for production replacement in the first half of the year, and this clinical phase III has reached the intended end point. We expect the product to be approved 深圳桑拿网 for marketing in the first half of 2020, making it the first domestically produced trastuzumab biosimilarmedicine.

HLX11 (Pertuzumab biosimilar) is about to enter the clinic, and the company has a rich pipeline of HER2 catheter products.

(2) FCN-647, a small-molecule innovative drug, has been clinically substituted, and we expect it to be a BTK target inhibitor.

Many small-molecule innovative drugs have gradually entered the clinic, and it is expected that they will be accumulated.

In the long run, Fosun Pharmaceutical’s product upgrade iteration is taking place. Products such as febustat, pitavastatin and other products are being reversed. Products such as monoclonal antibodies and small molecule drugs are about to become the mainstay of the second stage.The third step is supported by the cell therapy drugs, stem cell drugs, and first-class innovative drugs under development.

The company’s first and second product upgrades are in progress at the same time. In the future, the profit structure will change, and the main business will return to growth in 2020.

Earnings forecast and investment advice: We estimate that the operating income for 2019-2021 will be 286 trillion, 344 trillion, and 402 trillion, with an annual increase of 14%.

58%, 20.

42%, 16.

79%; net profit attributable to mothers is 31.

3.4 billion, 37.

4.3 billion and 45.

55 ppm, an increase of 15 in ten years.

73%, 19.

42%, 21.

70%; corresponding EPS is 1.

22, 1.

46 and 1.

78 yuan.

The company is one of the domestic leading companies in innovative medicines. Starting from 2019, innovative medicines have gradually entered the harvest period and maintained a “buy” rating.

Risk warning: risk of failure of new drug research and development; risk of asset disposal progress being less than expected; risk of overseas business progress being less than expected.

Nupuxin (002215) Semi-annual Report Comment: Revenue Expectation Expects Heavy Growth in Planting Business

Nupuxin (002215) Semi-annual Report Comment: Revenue Expectation Expects Heavy Growth in Planting Business
Performance in line with expectations The company issued a 19-year interim report and achieved revenue 24 in 18 years.53 ppm, an increase of 4 per year.38%, net profit attributable to mother 2.69 ppm, a decrease of 5 per year.65%, deducting non-net profit 2.46 ppm, a 10-year increase2.51%, EPS0.3 yuan.Performance is in line with expectations. Revenue increased slightly, strengthening distributors’ control of the company’s formulation business revenue13.67 ppm, 10-year average4.67%, mainly due to the sluggish global demand for pesticides, prices fell.According to the statistics of the Pesticide Association, the pesticide price index CAPI in May was 98.22, down 5 from the beginning.92 points.Consolidated distributor income10.$ 7.7 billion increased by 17.9%, consolidated net profit of 11.88 million yuan, every 23.44%; there are 54 controlling distributors, 41 of which are consolidated, and 77 participating distributors. The decrease in the number of shares is mainly due to the company’s strengthening of the management of participating distributors, taking the initiative to overcome the disadvantages, and shifting from quantity to quality.The company’s operating cash flow improved significantly after strengthening dealer control, with a net turnover in the first half of 19 1.9.6 billion, a decrease of 4.2.9 billion. Distributors’ net profit decreased, and we expect that short-term expenses will increase mainly due to the invasion of special crops in the early stages and the time required.Profitability remained stable with a gross profit margin of 28 in the first half.75% fell slightly by 1 every week.2PCT, the period rate is also reduced by 1.2PCT, the decrease in net profit was mainly due to a decrease in investment income exceeding 52.4 million.The overall operation of the company is stable. Pesticide management is becoming stricter, and the expansion of the formulation leader is expected to enhance the company’s leadership in the pesticide formulation industry in China. Last year, its revenue was close to the sum of the second and third places, and its market share was only 4% (Zhuochuang Information, Agricultural Resources Market Network).The decentralization of the industry is mainly due to the lowest industry supervision. The new version of the Pesticide Management Regulations was officially implemented in June 17th. The formulation market will be gradually standardized. The impact of environmental protection policies on the original medicines will also accelerate the licensing. With reference to mature foreign markets, we believe that Nuoxin has a market shareImprove significantly. The offline advantage is obvious, and it is worth looking forward to the cultivation of characteristic crops. The company focuses on high-value characteristic crop industrial chain operations, adopts a new model of agricultural science and technology industrial park development of “company + farmers + partners”, and operates the entire industrial chain.The company’s own brand of red heart dragon fruit has laid out more than 7,000 acres. It has established joint ventures with Baiguoyuan, Tiandiren and other companies to gather the superior resources of all parties to create a pathway from breeding and seedlings, planting systems, channel sales and brands to create first-classDragon fruit single crop industry chain. Earnings forecast and investment recommendations are affected by the downturn in weather and pesticide demand, and the company’s EPS forecasts for 2019-2021 are reduced to 0 respectively.36/0.45/0.59 yuan (previous value was 0.45/0.58/0.69 yuan) The current sustainable corresponding 19-19-21 PE is 17.8X, 14.2X, 10.8 times.The company is a leader in the pesticide preparation industry. The company’s market share will be gradually increased by strengthening supervision. The company will change its 杭州养生会所 comprehensive agricultural services and cooperate with companies such as Baiguoyuan. Special crops are expected to grow next year.Give 19 times 22 times PE, target price 7.92 yuan, maintain BUY rating. Risk reminders: product prices go down; the progress of new projects in production is not up to expectations; production safety risks;

Zhonggong Education (002607): Leading Vocational Education Leads to Strong Growth in Performance

Zhonggong Education (002607): Leading Vocational Education Leads to Strong Growth in Performance

The company disclosed its 2018 annual report: the company achieved operating income in 201862.

3.7 billion (+ 54% YoY).

72%), achieving net profit attributable to mother 11.

5.3 billion (+119 year-on-year.

67%), corresponding to its gross profit margin of 59.

39% (YoY-0.

23pct), net interest 武汉夜网论坛 rate 18.

49% (+5 compared to the same period last year).

46pct), which is higher than the performance commitment amount of 9.

3 trillion, performance completion rate 120.

73%, fulfilled the 2018 performance commitment.

At the same time, the company intends to distribute cash dividends to all shareholders2.

3 yuan for a total of 14.

1.9 billion yuan.

  The full-category layout drove the company’s rapid growth, and the civil service continued to contribute significantly.

Examinations affected by institutional reforms have become more difficult, and the enrollment ratio has continued to decline. Scholars increasingly require continuous cycles of study. As a result, the company’s proportion of long-term courses has continued to increase, resulting in an increase in the overall unit price of face-to-face training.


In 2018, the civil servant training business achieved revenue of 30.

8.2 billion (+ 49% YoY).

15%), with a revenue share of 49.

41% still contributed the major increase to the company’s largest business; the training business of public institutions achieved revenue7.

8.5 billion (+ 37% YoY).

91%), accounting for 12.

58%; teacher recruitment and teacher qualification training business achieved revenue10.

7.5 billion (+ 60% YoY).

58%), accounting for 17.

24%; comprehensive training business achieved 8.

2.8 billion (+ 87% year-on-year.

17%), including the postgraduate entrance examination, finance, IT, driving school and other training businesses have grown rapidly, driving its revenue share to significantly increase to 13.


  Employment expectations change year by year, so that the number of trainings continues to increase, training methods are gradually diversified, and online trainings are growing rapidly.

The company continues to deepen the network layout and channel sinking. As of 2018, the company has established 701 learning center networks covering 319 prefecture-level cities. With new employment opportunities, the company has gradually trained 230 people.

790,000 (+57 compared to the same period last year).

43%). After the company’s training category was transformed, the training mode was diversified, and the number of face-to-face training was 119.

210,000 (+35 compared with the same period last year).

10%), while the number of online trainings was 111.

580,000 (+91.

19%) is growing rapidly.  Operational efficiency improved, the expense ratio increased significantly during the period, and the company’s profitability gradually increased.

After decades of operation, the company has formed a vertically integrated and fast-response management system, and has reduced the company’s costs through the dual division model, online + offline, etc., thereby improving the company’s operating efficiency.

The report warned that the company’s sales expense ratio, management expense ratio, and R & D expense ratio fell respectively 3 last year.

20%, 2.

55%, 0.


  R & D capabilities continue to strengthen, and large-scale R & D and vertical integration response capabilities gradually expand the company’s categories.

The number of employees in Tier 1 companies reported was 25718, an increase of 34 throughout the year.

83%, of which the number of R & D personnel and teachers increased most significantly, respectively 1350 (YoY + 36.

92%) and 9,424 (+44 compared to the same period last year).

32%), R & D expenses7.

3% is basically the same as last year.

  Profit forecast: We believe that the field of vocational education is strongly supported by policies at this stage, and the market will usher in a blowout.

  As a leader in vocational education and training, the company continues to deepen the vocational training field of public professional examinations, continuously expands the subdivision categories, and is optimistic about the recruitment of teachers and teachers. Following the recruitment of civil servants and public institutions, it has become a new industry growth highlight.Through Quanzhaoying’s national channel network and strong large-scale R & D team, it continued to expand the multi-category coverage of vocational education and gradually formed a large and comprehensive vocational education leader.

It is estimated that the company’s net profit attributable to the parent from 2019 to 2020 will be $ 1.7 billion and $ 2.3 billion, respectively, and the annual growth rate will be 45.

58%, 39.

79%, the latest closing price corresponds to 46 PE in 2019.

9x, giving a fair value of 14.

18 yuan, maintaining the “overweight” rating . Risk reminder: policy risks, new business start-up is not smooth, the participation rate is lower than expected, etc .

Gloria British (002821) Commentary Report: Performance continues to maintain high growth, optimistic about integrated service capabilities

Gloria British (002821) Commentary Report: Performance continues to maintain high growth, optimistic about integrated service capabilities

Recently, the company announced the semi-annual report for 2019: reporting that the combined company realized revenue10.

9.3 billion, an increase of 44 in ten years.

27%; realized net profit attributable to mother 2.

2.9 billion, an annual increase of 46.

37%; net profit deducted from non-attributed mothers2.

2 billion, an annual 杭州夜网 increase of 42.

75%; realized earnings per share of 1.

0 yuan.

At the same time, the company announced the results of the first three quarters: the company expects to realize net profit attributable to its mother in the first three quarters.


7.8 billion, a year-on-year increase of 35% -45%.

  Key points for investment: Q2 continues to maintain high growth in the single quarter. The growth of early clinical projects in 2019H1 is faster than quarterly. The company’s Q2 achieved revenue and its net profit attributable to the mother was 6.

17 billion, 1.

3.7 billion, an increase of 56 each year.

5%, 47.

3%, continued the high growth momentum on the basis of Q1.

Reports on the core small molecule CDMO business orders of core companies continued to grow: 117 clinical stage projects, a significant increase of 91.

8%, the amount of the project is 3.

5.4 billion, an annual increase of 74.

8%, it is expected that the ongoing clinical phase projects will continue to progress, and some of these projects are expected to be gradually transformed into more profitable commercialization projects; the number of projects in a series of commercialization stages is more than flat and the total execution amount is reported.

7.2 billion, the implementation of some projects increased by 33% each year; each year, the company’s early technology development projects in the first half of the implementation of 177, an annual increase of 64%.

By business area: In the first half of the year, overseas business and mainland business achieved revenue10.

34 billion, 0.

5.9 billion, accounting for 94.

6%, 5.

4%; domestic market development has further accelerated.

  In the commercialization stage, the gross profit has decreased, and the company’s main business gross profitability has remained stable as the reported gross profit margin was 44.

23%, down by 1 every year.

78%, mainly due to the fact that the main business of the commercialization stage was affected by factors such as raw material procurement costs, and gross profit improved (-3.

99%), the gross profit of the clinical stage business remained stable (+1.


In terms of period expenses: sales expenses in the first half of the year 3.

43%, the management expense ratio (including research and development expenses) is 18.

41%, roughly the same as the previous period, and the financial expense ratio was lower than the same period last year, which was -0.


  The current net profit margin was 21%, and the overall profitability remained stable.

  The fixed increase plan was announced. Not long before the company’s future integrated R & D service layout, the company announced the 2019 fixed increase plan: the company intends to non-publicly issue no more than 23.14 million shares to no more than 10 specific objects, and the amount of funds raised is no more than 2.3 billion, Mainly used to strategically expand the biopharmaceutical CDMO business, improve the company’s “API + preparation” one-stop service and optimize the company’s financial structure.

  At present, the company’s business has developed to include small molecule API, preparation business, China-US double newspaper, clinical CRO and other fields, and also involved in early investment in innovative drugs.With the company’s subsequent changes in the distribution of biomacromolecular CDMO and “API + preparation” side business, the company will implement the layout of the innovative drug research and development service chain and actively create drugs under the “VC + IP + CRO / CDMO” model.Integrated service ecosystem.

  Profit forecast and investment suggestions: It is estimated that the company will realize net profit attributable to mothers from 2019 to 2020, respectively.

64 billion, 7.

2.9 billion, corresponding to 2 北京桑拿洗浴保健 EPS.


15; Corresponding to the current sustainable PE of 39 times and 30 times respectively, continue to recommend and maintain the “Buy” rating.

  Risk factors: the risk of failure of the customer’s new drug research and development, the risk of exchange rate changes, and the risk of business expansion and integration being less than expected

Pien Tze Huang (600436): Interim report results are in line with expectations

Pien Tze Huang (600436): Interim report results are in line with expectations

Event: The company released the semi-annual report for 2019, and the company’s operating income in 2019H1 was 28.

94 ppm, an increase of 20 per year.

40%; realize net profit attributable to shareholders of listed companies.

47 ppm, an increase of 20 per year.

89%; Realize net profit attributable to 上海夜网论坛 shareholders of listed companies in place of non-recurring gains and losses7.

45 ppm, an increase of 23 per year.


Reported results are in line with expectations.

Opinion: The growth rate of Pien Tze Huang is relatively stable, and price increases are still expected in the future.

Operating income for the second quarter of 201914.

10 ppm, an increase of 19 in ten years.

33%; net profit after deducting non-attribution to mother 2.

810,000 yuan, an increase of 21 in ten years.


2019Q2 revenue and profit exceeded growth indicators.
The growth rate of 2019Q1 has improved, mainly related to the core product growth indicators.

Reported intermediate pharmaceutical industry revenue was 11.

92 ppm, an increase of 15 in ten years.

01%, accounting for 41 of operating income.


Since the first half of 2018, the revenue growth of the pharmaceutical industry segment has gradually decreased, mainly due to the decline in the revenue growth rate of the Pianzai series products.

During the same period of the previous year, driven by the accelerated development of experience halls and the increase in product prices, the base for revenue growth was higher.

The higher product prices reported are stable, and the company’s experience and expansion in the northern and western regions has expanded prudently and cautiously, thereby reducing the revenue growth rate.

However, based on the attributes of the core product National Treasure Famous Medicine, we believe that there will be price increases expected in the future, and the experience hall layout will also make a breakthrough.

The gross profit margin of the first-class Pien Tze Huang series products was 81.

21%, a decrease of 2.

46 units.

Due to the increase in natural musk resources, an important raw material for Pien Tze Huang, the supply of bezoar is also susceptible to the impact of supply and market demand. The price of musk has been reported to have risen slightly, and the price of bezoar has continued to increase, leading to a decline in product gross margin.

In the long run, the prices of musk and bezoar are still on the rise, which will put upward pressure on the cost of the Pian Tsai series products in the future.

In this regard, the company also controls future raw material costs through self-built breeding bases, cooperative breeding with farmers, and strategic resource reserve in advance.

Reported revenue of the intermediate pharmaceutical business segment was 13.

870,000 yuan, an increase of 22 in ten years.

22%, accounting for 47 of operating income.


Pharmaceutical business gross margin is 8.

85%, compared with the same period last year 8.

88% is slightly lower.
The tightening of pharmaceutical business revenue and profit is related to the in-depth implementation of the control system of pharmaceutical circulation and the further compression of pharmaceutical circulation.

Innovate the promotion model of the experience hall, and build the time-honored brand power.
On the basis of regional distributors and pharmaceutical retail channels, the company further promoted the sales model of “Pianzaiyu Experience Hall”.

The layout of the experience hall transforms the passive layout of customers beyond the search, into an active layout of going out to accurately select customers.

The company actively opened Pianzai Experience Halls in key and blank markets across the country to screen high-quality customers, increase brand awareness and loyalty, 佛山桑拿网 and expand market growth.

At present, the Pianzaiyu Experience Hall has grown from more than 70 years at the end of 2016 to nearly 200, and its management has become increasingly mature, providing important support for performance growth.

Sales in East China are currently the main source of revenue for the company. In the future, the company will also increase the coverage of the experience hall in Beijing, Tianjin, Hebei, and the two lakes, promote product sales from east to west, and south to north, and expand the brand’s regional popularityLay the foundation for national popularity and performance improvement.

The daily chemical sector performed well and opened up space by brand promotion.

Cosmetics business in the daily chemical sector achieved operating income2.

410,000 yuan, net profit 0.

5.7 billion; toothpaste business achieved operating income of 0.

750,000 yuan, 0 net profit.

20,000 yuan, the total annual growth rate of daily chemical supplies income is 40.

24%, accounting for 10 of operating income.


The rapid growth of daily chemical product revenue was mainly related to the sales volume of the experience hall, the optimization of channel management and control, and the upgrade of product structure.

The reported statutory daily chemical products gross margin was 73.

42%, compared with the same period last year (58.

63%) increased by 14.

79%, indicating that the company’s terminal sales layout has achieved initial results and profitability has improved.

Due to the rapid growth of the performance of cosmetics subsidiaries, the company plans to build new warehouses and improve production workshops in order to meet the industry’s growing demand.

Thanks to the company’s continuous promotion of established brands and the gradual development of the experience hall layout, we believe that the rapid growth of cosmetics, toothpaste and other products can be expected.

Profit forecast and investment grade: Pien Tze Huang’s product is a national “double top secret” formula, with high social recognition and resource scarcity attributes, and has built a natural wide “moat” for the company.

We believe that the product has been a space for price increase for a long time, and through the nationwide coverage of experience stores, markets outside the East China region have opened, and the sales volume of Pianzai products has ample room for growth.

In addition, taking advantage of core products, the company actively expanded daily chemical business.

With the advancement of the company’s market expansion, the daily chemical sector will become another driving force for performance growth.

We expect the company to achieve revenue of 59 in 2019, 2020 and 2021.

86, 73.

82 and 90.

5.5 billion, net profit attributable to mothers is expected to reach 14.

81, 18.

88 and 23.

7.9 billion, with an EPS of 2.

45, 3.

13 and 3.

94 yuan, the current expected corresponding estimate is 41.

04, 32.

19, 25.

55 times, maintaining the “highly recommended” level.
Risk warning: raw material prices rise; product sales fall short of expectations.

Yanjing Beer (000729) Review of the Third Quarter Report of 19

Yanjing Beer (000729) Review of the Third Quarter Report of 19

First, the event overview The company released the three quarterly report of 19 years.

Reporting intelligence, the company achieved revenue 103.

700,000 yuan, +1 a year.

34%, net profit attributable to mothers6.

3.9 billion, previously +4.


Second, analysis and judgment of product structure upgrade + expected growth rate reduction, 19Q3 company profit exceeded expectations 19Q1-3 company achieved revenue 103.

700,000 yuan, +1 a year.

34%, equivalent to 39 in Q3 single quarter revenue.

0.8 billion yuan, +1 a year.

30%; 19Q1-3 achieved net profit attributable to mother 6.

3.9 billion, previously +4.

65%, equivalent to Q3 single quarter net profit attributable to mothers1.

27 ppm, +21 a year.

76%, a significant increase from the previous quarter.

Overall, the company’s revenue growth rate in 19Q3 was in line with expectations, and its profit growth rate exceeded market expectations, mainly due to product structure upgrades.

In terms of sales, the company achieved sales of 354 in 19Q1-3.

71 million kiloliters, previously -2.

55%, of which Q3 single-quarter sales were 96.

86 million kiloliters, at least -7.

25%, the decline 四川耍耍网 in sales was mainly due to the breakdown of Yanjing’s main brand sales, and the 19Q3 main brand achieved sales of 56.

99 million kiloliters, at least -16.

51%, but against the background that the sales volume of the main brand significantly exceeded the target, the three major sub-licensing volumes became a bright spot.

90,000 liters, a high increase of 18 in ten years.

41%; from the perspective of the ton price, thanks to the continuous promotion of product structure upgrades and the favorable reduction in the replacement rate, the company’s 19Q1-3 ton price reached 2923.

56 yuan / kiloliter, + 4% in the past, of which Q3 single-ton price reached 4035 yuan / kiloliter, a high increase of 9 above.

22%, a significant increase from the previous quarter.

Increase in gross profit margin + decline in the proportion of taxes and additional revenue promoted a slight increase in net profit. Gross profit margin: The company’s gross profit margin was 41 in 19Q1-3.

14%, zero for ten years.

09%, of which Q3 single-quarter gross margin reached 38.

78%, ten years +1.

51%. The increase in Q3 gross profit margin was mainly due to the continuous optimization of the product structure and the reduction in the growth rate;

73%, a slight increase of 0 a year.

23 averages, of which Q3 single quarter is 3.

31%, ten years +0.

In the 56th quarter, the increase in Q3 net profit was mainly due to the decline in the R & D expense ratio + the improvement of the gross profit margin and the decline in the proportion of taxes and additional revenue driven by the advancement of the product structure: the company’s R & D expense ratio fell by -1 in 19Q3.

01 single; 19Q3 tax and additional revenue accounted for at least -0.

8%, our judgment is mainly due to the increase in the ton price of the product, which reduces the consumption tax rate, which leads to a decline in the proportion of consumption tax revenue. In terms of the expense ratio during the period, the sales / management / financial expense ratio of the company in 19Q3 increased by +0.79ppt / + 1.

57ppt / + 0ppt.

Deeply plowing into advantageous markets to promote product upgrades and gradually reduce the scale, continue to be optimistic about the company’s profitability and improve the company’s three dominant markets in Beijing, Inner Mongolia, and Guangxi, with market shares exceeding 75%. Advantage market integration is an important alternative to the company’s product structure upgrade.

At the same time, the expected yield reduction has great flexibility for the weakly profitable beer industry. It is expected that the three reductions in yield will gradually bring about an increase in the company’s yield.

Deeply plowing into advantageous markets to promote product upgrades and expansion cuts, we continue to be optimistic about the company’s profitability improvement.

Third, the investment proposal is expected to achieve operating income of 120 companies in 19-21.

24 ppm / 125.

15 ppm / 132.

55 ppm, ten years +6.

0% / 4.

1% / 5.

9%; net profit attributable to listed companies is 2.

67 ppm / 3.

34 ‰ / 4.

10,000 yuan, +48 a year.

6% / 24.

9% / 20.

0%, equivalent to EPS.

09 yuan / 0.

12 yuan / 0.

14 yuan, corresponding to PE is 63X / 50X / 42X.

At present, the overall market surplus of the beer sector has been reduced by 50 times, and the company has surpassed higher industries. Considering the deep cultivation of advantageous markets to promote product upgrades and expansion reductions, it is expected that the company’s profit growth will be faster than the industry average.

In summary, maintain the “recommended” level.

4. Risk warning: market competition intensifies beyond expectations, cost growth exceeds expectations, and food safety risks

Yangquan Coal (600348) Acquisition of Group Mine Comments: Acquisition of Group’s Quality Resources Expected to Help Estimated Repair

Yangquan Coal (600348) Acquisition of Group Mine Comments: Acquisition of Group’s Quality Resources Expected to Help Estimated Repair
The company announced plans to acquire the Group’s Qiyuan mine under construction, with an annual production capacity of 500 tons / year, which opened up the company’s growth prospects and also contributed to the company’s 杭州夜网 long-term performance.At the same time, it can also strengthen the company’s resource layout in the Shouyang area and give play to regional synergies. The acquisition can also be seen as a new move for the group to avoid peer competition and promote asset securitization.The company’s overall assessment is still in a “broken” state, and it is estimated that there is clear room for repair and that it maintains a “buy” rating. The announcement intends to acquire the Group’s mines, which will help to increase the company’s long-term performance.On January 9, 2020, the company announced that it intends to acquire 100% equity of Qiyuan Mine held by the controlling shareholder Yangmei Group, and entrusted Yangmei Group to carry out related matters of Qiyuan Mining Rights (prospecting rights) in advance to ensure that the company obtains 深圳SPA会所 QiqiMeta mining right.The payment amount of this related party transaction has not been determined, and it is necessary for Yangmei Group to pay in advance to apply for all the actual expenses incurred to obtain the mining right of Qiyuan Mine Project.In terms of financial effects, reducing the payment of acquisitions in the short to medium term, mining rights and other expenses will increase capital expenditures of listed companies, reduce cash flow, and gradually increase intangible assets such as mining rights over the long term. The mine will also add value after the construction of the company.profit. It is expected that the profitability of the mine will be expected to play a regional synergistic effect.Qiyuan Mine is still in the preparatory stage, with a designed production capacity of 500 cubic meters per year. It is located in Shouyang County, Jinzhong City. As of September 30, 2019, the assets size of Qiyuan Mine14.69 trillion, net assets 1 trillion.At present, all the mines in the listed company are Pingshu, Jingfu and Kaiyuan mines in Shouyang County, with a total equity of 645, accounting for 20%.If the acquisition of Qiyuan Mine is completed successfully, the equity and production capacity of listed companies in Shouyang County will reach 31%, which will be conducive to further exerting regional synergy and scale effects.At the same time, Qiyuan Mine is a newly-built mine. It is expected that the personnel burden is light and the work efficiency is relatively high. The cost may be effectively controlled. It is expected that the long-term profit level will be better than the company’s existing mine average. The IPO group resolved inter-bank competition and accelerated the pace of asset securitization.The company’s acquisition of the group’s mines is conducive to further avoiding competition in the same industry. After the completion of the transaction, it can gradually lock in deep resource reserves. In the long run, it will increase the company’s coal reserves, which is conducive to the company’s long-term stable and sustainable development.The development strategy of expanding and strengthening coal production and operation.This acquisition can also be predicted to be a substantial step for Yangmei Group to acquire the “Avoidance of Interbank Competition Agreement”, and it is expected that the pace of asset securitization of the Group will also accelerate in the future. Risk factors: Macroeconomic growth forecast, environmental protection pressure, and restraining coal prices.Progress in acquiring mines is gradually expected. Investment suggestion: According to our latest coal price expectations, we slightly adjust the company in 2019?The 21-year EPS forecast is 0.82/0.80/0.92 yuan (previous forecast was 0.87/0.82/0.87 yuan), the current price of 5.52 yuan, corresponding to 2019?21 years P / E are 7/7 / 6x.Give the company a target price of 7.81 yuan, corresponding to P / B1x in 2020, maintain “Buy” rating.

Jinke Co. (000656) first coverage report: Southwest Wangmou Bureau nationwide, high growth value underestimated

Jinke Co. (000656) first coverage report: Southwest Wangmou Bureau nationwide, high growth value underestimated
The expansion from Chengyu to the whole country, the layout of the second and third lines mainly: 1) The company’s national strategic layout was initially completed: the company was established in Chongqing in 1998 and continued to cultivate the Sichuan and Chongqing markets.The new strategy of “One Belt” will lock in the “Ten Core Cities”. As of 2018, the company has completed the strategic layout of “Three Rings and One Belt, eight major urban agglomerations and 25 core cities”; 2) The company’s main layout is second and third tiers, and the soil reserve exceeds 5,600 yuan: the companyPositioning layout is mainly on the second and third tiers, and second and third tier cities account for more than 80%.As of the 2019 Interim Report, the company’s saleable construction area of hand soil storage is about 5,600 GM, and the corresponding value is about 5,433 trillion, which is enough for sales in the next 2-3 years.In terms of different regions, the company’s land acquisition structure has been adjusted. Chongqing, Yangtze River Delta, Hubei, Hunan and Shandong are the new key areas. Among the newly added soil 合肥夜网 reserves in 2019H1, Chongqing + Sichuan accounted for only 27%, of which Chongqing’s share fell from 35% to 12%. The three regions’ total share is still 19%, but the Yangtze River Delta increased to 16%.And Shandong, Henan, Hunan, Hubei, Yunnan and other provinces and cities increased the proportion of new soil storage area. Sales growth leads the industry, and settlement profits are steadily increasing: 1) It is expected that sales in 2020 will exceed 200 billion yuan: the company’s cumulative sales growth in 2017 and 2018 were 97.49% vs. 88.57%, 2019H1 sales amount increased by 40 in ten years.10%, sales area growth rate of 20.37%.In 2019, the company achieved sales of 180.3 billion yuan, exceeding the growth rate by 40%, exceeding the existing gradual sales target and leading the growth rate in the industry.We expect the 天津夜网 company to exceed 2000 trillion in 2020.2) The gross profit margin of settlement has steadily increased, and the net debt ratio has fallen steadily: ROE driven by the growth of sales profit margin has increased significantly. The net profit growth rate of 19H1 is + 289%.The company’s gross profit margin and net sales attributable to mothers are 30.3% and 12.13%, an increase of 1 over 2018.74pct and 2.38 points; the price of three fees is 10.2%, a decline of 2 per year.7pct, in which the sales rate and financial rate decreased by 1.5pct and 1.0pct.At the end of the reporting period, the company’s asset debt ratio and net debt ratio were 83.9%, 147.5%, respectively -0 per year.9pct, -11.9%.The growth rate of the company’s return to net profit was significantly higher than the growth rate of revenue, mainly due to the 17 years of high-margin projects entering the settlement and harvest period, and the gross profit margin increased significantly. The top ten property service industries, the value of property rights is underestimated: 1) the contract area of the property 2.400 million flats, top 10 in the industry: In 2019, Jinke Property Services ranked 10th in the Top 100, with a contract management area of about 2.At 3.9 billion yuan, the external competitiveness is extremely strong, with a total market value of more than 10 billion yuan.2019H1 property revenue scale reached 12.03 ‰, 84% year-on-year, and net profit reached 1.59 trillion, 260% year-on-year.At the same time, the company’s profitability has continued to improve, with gross profit and net profit of 23 in 2019H1.6%, 13.2%, considerable profit level.In addition to the project’s completion and delivery, the company’s projects also have a strong competitiveness in the tripartite expansion.The number of companies entering the city increased from 60+ to 149+ in 2016-2018, surpassing 100 cities in the layout of real estate projects, and the number of projects under management rose from 60 to 149. The average number of projects under management in each city was about 5 and was basically stable., Indicating that the company is highly competitive in terms of tripartite expansion.2) The estimated property is estimated to be close to RMB 10 billion, and the market is not fully found. It may not be ruled out that it may be divided into listings. Currently, the 11th and 12th companies in the industry are China Overseas Property Co., Ltd. and Blu-Ray Garbo Property Co., Ltd., currently (January 10, 2020).The market value is 17 billion Hong Kong dollars, 87.The total market value of the company’s property sector is more than 10 billion Hong Kong dollars, and the market value of the parent company is about 7.6 billion. High-quality growth and high dividends attract long-term investment, and the equity structure is stable: The company’s actual controller is Huang Hongyun, whose concerted actions hold about 30% of the total shares, and the second largest shareholder Sunac shares (less than 30% of the redemption offer)In the third quarter of 2019, Qianhai Life Insurance’s new top ten shareholders, the company’s high dividends and high dividends, are attractive as financial investment targets. The company passed the employee shareholding incentive plan in June 2019 and stipulated that when the company’s net profit in 2019-2022 increased by 30%, 60%, 90%, and 110% compared to 2018, the company’s dividend distribution in 201848%, the index rate is 5.82%, we expect the existing equity structure to try to maintain stability with considerable dividends. Investment suggestion: The company’s strategic layout from the region to the country has achieved remarkable results, and its positioning is mainly on the second and third tiers. We expect sales to exceed 200 billion, leading the industry in growth rate, and the company’s property management business is underestimated. We estimate the company’s net profit attributable to mothers to be 54.08 million yuan, 68.2.7 billion, 82.8.7 billion, of which the real estate sector’s net profit attributable to mothers for 19 years was 50.52 trillion, with reference to comparable companies’ consensus PE of 9 times in 2019, corresponding to a city ranking of 454.710,000 yuan, the property sector is expected to return to net profit in 20192.At 92 million US dollars, we give the company’s property management business a consensus PE of 26 times in 2019, corresponding to a market variable of 76.07 billion, a reasonable market value should be 530.7.7 billion.Corresponds to the target price of 9.94 yuan, the first coverage given a “buy” rating.Risk warning: policy changes are less than expected, project development is less than expected, financing cost control is less than expected

Houlsay (002963) Inquiry and Pricing Report for New Shares

Houlsay (002963) Inquiry and Pricing Report for New Shares
Company profile The company’s main business is lighting engineering 武汉夜网论坛 construction and related lighting engineering design, research and development, and lighting product sales.The company is an emerging company with industry-leading lighting engineering construction and design capabilities. It has obtained the highest level qualifications such as “City and Road Lighting Engineering Professional Contracting Grade I” and “Lighting Engineering Design Grade A” in the lighting engineering industry.Houlsay specializes in landscape lighting such as iconic / ultra high-rise buildings, cultural performances / art landscapes, urban space lighting, etc.Highlights of the company (1) Howell is one of the few domestic companies with the highest qualifications in the first-level professional contracting of urban and road lighting engineering and the first-class lighting engineering design in the lighting engineering industry.Completed a series of large-scale lighting projects with tight schedules, high quality requirements, and technical and construction difficulties, such as Operation Beautiful Qingdao and Wuhan’s “Two Rivers and Four Banks” project, which has accumulated rich design and construction experience and effectively improved the companyRefined management and formed a high brand effect in the industry.Houlsay has been carrying out the capabilities and advantages of multiple large-scale engineering projects at the same time, and has continuously developed market competitiveness in domestic large-scale lighting engineering projects. (2) The lighting engineering construction of super high-rise buildings represents the top level of the lighting engineering industry, and is known as the “crown pearl” in the lighting engineering industry. The long-term lighting engineering construction of Khorsai military has accumulated rich design and construction capabilities for super high-rise buildings.As of the end of June 2019, the number of supertall buildings with a height of 200 meters or more undertaken by Horsail totaled 50 buildings, accounting for 7 of the supertall buildings of 200 meters or more in China.29%, leading in the field of super high-rise buildings.