First Open (600376): Centralized settlement performance of high-margin projects to improve performance sales, speed up land acquisition

First Open (600376): Centralized settlement performance of high-margin projects to improve performance sales, speed up land acquisition
1H19 results exceeded expectations 1H19 results announced by the company: operating income of 23.2 billion US dollars, a continuous increase of 32%; net profit attributable to mothers 21 trillion, an increase of 54%, exceeding the pre-announcement of results (1.7 billion, an increase of 25%) 29 a singleCorresponds to a relative profit of 0.73 yuan. The increase of more than 50% was mainly due to the significant increase in the proportion of high-margin projects.The income from the preliminary real 佛山桑拿网 estate development business increased by 33% annually to US $ 22.8 billion, of which the share of income outside Beijing increased to 54% (compared with 28% last year).The settlement gross margin increased by a maximum of 23 percentage points to 44%, of which the Beijing area / outside Beijing area increased by 28/12 ratios to 45% / 43%, and the comprehensive post-tax gross profit ratio increased to 33% (the same period last year was 17%).Due to the flashing original writing of the company’s budget settlement (25%), the first opening of China Resources City (34%), Fuzhou Champagne International (40%) and other low equity projects, the minority shareholder’s profit and loss increased to 2.1 billion US dollars (the same period last year was 200 million euros), Which accounted for 51% of net profit (12% in the same period last year), and finally net profit attributable to mothers increased by 54% to 2.1 billion US dollars per year. Net debt ratio is high, financing costs are low, and short-term debt repayment pressure is concerned.The company’s net debt ratio at the end of the year increased 6 points to 218% from the beginning of the year, and monetary funds fell 28% to 23.6 billion U.S. dollars, with zero interest-bearing debt due within one year.70 times (initial 0.85).Financing cost of the company at the end of the period 5.38% (initial 5.36%), at a nominal level. Before the development trend, sales increased by nearly 40% in July, and the existing feed exceeded the target.Company 1?The cumulative contracted area in July increased by 25% to 1.79 million square meters per year, and the contracted value increased by 38% to $ 51.1 billion.We expect the company’s saleable value in the second half of the year to exceed US $ 100 billion, and conservatively estimate that it will exceed US $ 50 billion in the second half of the year, resulting in a sales target of over 101 billion yuan for raw materials. In the first half of the year, the land-side speed was increased, and soil reserves were abundant.Initially the company added 1.41 million square meters of land reserves (500,000 square meters in the same period last year), of which 14% were projects in Beijing (21% in the same period last year).We estimate that the company’s saleable soil storage at the end of the period is approximately 19 million square meters, corresponding to a saleable value exceeding 4500 trillion, equivalent to 4 of the 2019 sales target.5 times.At the end of the period, the company’s equity in soil reserves accounted for approximately 60%. Earnings forecasts and estimates remain unchanged from 2019 / 2020e earnings forecasts.The company is currently trading at 5.1/4.5x 2019 / 2020e PE ratio.Maintain neutral rating and target price of 8.60 yuan, corresponding to 6.0/5.3x 2019 / 2020e target price-earnings ratio, 17% upside 成都桑拿网 compared to recent years The risk financing environment was tighter than expected; the key cities for de-allocation were worse than expected; the company’s delivery progress was less than expected.

Inner Mongolia First Machine (600967) 2019 Third Quarterly Report Review: Third Quarterly Report Exceeds Expectations Armor Products Entered into the Performance Redemption Period After Reform

Inner Mongolia First Machine (600967) 2019 Third Quarterly Report Review: Third Quarterly Report Exceeds Expectations Armor Products Entered into the Performance Redemption Period After Reform

The growth rate of performance exceeded expectations, and the inventory side continued to grow. The company achieved revenue of 75 in the first three quarters.

3.6 billion (+5.

25%), achieving net profit attributable to mothers4.

2.1 billion (+20.

53%), realizing deducted non-attributed net profit3.

820,000 yuan (+20.


In the third quarter alone, the company achieved revenue of 22.

2.2 billion (+6.

90%), realizing net profit attributable to mother 8868.

70,000 yuan (+43.


The gross profit margin for the first three quarters was 9.

78%, a decline of 1 per year.

16%, with a net profit of 5.

63%, rising by 0 every year.


The gross profit margin for the third and third quarters was 9.

44%, a decline of 0 per year.

30%, net interest rate is 3.

97%, rising by 1 every year.


The inventory is 36.

53 ppm, an increase of 11 years.

00%, an increase of 15 from the previous month.


The impact of the reform of the military representative system is coming to an end, and we are concerned about the growth in performance brought about by the realization of inventory. The reform of the military representative system that has begun since the third quarter of 2018 has adversely affected the company’s product delivery, and therefore the main battle equipment products require military representatives.Delivery can only be achieved after acceptance, but during the reform period, due to the adjustment of relevant institutions, the delay in the acceptance progress led to the gradual and timely acceptance of the products into inventory.

So far, it is expected that the reform is coming to an end. In order to complete the equipment plan during the 13th Five-Year Plan period, relevant military departments may speed up equipment acceptance.

The company’s inventory products entered an accelerated realization period.

The demand for ground-based main battle equipment continues to grow at home and abroad, and the long-term performance continues to improve overall. The Chinese Army and Marine Corps are now in the period of military reform, which is more adaptable to digital operations. The new command system of the “military-battalion” accelerates the formation of combat 南京夜网 effectiveness, which is in line withThe demand for anti-thinking 8X8 tanks, new 15-type light tanks, and 99A main battle tanks in line with the idea of “heavy-load heavy-fire high-level digital network combat routines” is in a period of continuous growth.

In terms of foreign trade, the demand for VT-4, VT-5, VN-1 and other foreign trade armored combat vehicles has been increasing rapidly due to the intensified regional conflicts and the severe prospects of military struggle in traditional friendly countries in South Asia, Southeast Asia, and the Middle East.

Risk reminder: The progress of military-related reforms may exceed the expected progress of the realization of inventories. The investment progress is lower than the expected investment advice: Maintain the buy rating to give profit forecasts, and return to the net profit 南京桑拿网 attributable to mothers in 2019-2021.



810,000 yuan, 22 years growth rate.



9%; Diluted EPS is 0.39/0.


58 yuan, the current sustainable corresponding PE is 26.




Using the relative estimation method, the company’s reasonable estimation interval is 14.


8 yuan, corresponding to 30-35 times the dynamic PE in 2020, an increase of 38 compared to current expectations.

2% -55.


Therefore, maintain BUY rating.

October Xinji Observation-Debt-based Jicheng Issued Theme Equity Fund Explosions Frequently Appeared

October Xinji Observation: Debt-based Jicheng Issues Theme Equity Fund Explosions Frequently Appears

Source: Morningstar’s product dynamic review and market fluctuations in the second half of the year, investors’ risk aversion is heating up.

Against the backdrop of increasingly stringent regulatory requirements for money market funds, bond funds have undertaken the spillover demand for low-risk investments.

As a type of bond fund, the fixed bond base quickly became popular due to its stable size and the ability to allocate low liquidity products to obtain higher returns.

With the introduction of the accumulated amortized cost method, the net value of the fixed debt base no longer changes the secondary market’s ups and downs, and long-term stable returns have therefore attracted the favor of many individual and institutional investors.

At the same time as demand rises, fund companies have also rushed to establish related debt bases in order to help the company increase the scale of its solid-income products through such funds.

At present, the ultra-long-term limited debt-making base is the key issue target of fund companies.

At least in the market, the short-term fixed debt-making base is usually fixed within three years, and the ultra-long-term limited debt-making base of more than 5 years is being reported intensively. Among them, Puyin Ansheng’s fixed debt-making maturity period is as long as nine and a half years.

The ultra-long-term limited bond-issuing base is generally an institutional customized product: reorganization, the long-term allocation of institutional funds is high, and the holding period of the ultra-long-term bond-issuing base is just accompanied by matching; instead, public funds have their own tax-saving attributes, and debtLong-term cooperation can bring certain tax benefits to the organization.

  Market Overview Affected by the 11th holiday, the fund issuance market in October was obviously cold.

As of October 31, 2019, a total of 40 funds were newly established that month, raising a total of 809.

6.3 billion funds.

With the peak index issued in September, the number and size of new funds in October both fluctuated significantly.

However, the average issue size of newly established funds in October was 20.

2.4 billion, an increase of 39% from the previous month, the highest level in the year.

From this point of view, investors’ expectations for the purchase of new funds are still very large, and the decline in volume and scale is mainly dragged down by the early month holiday.

  From the perspective of operating methods, the scale of open-end fund raising decreased in October, and funds were received that month (371.

5.1 billion yuan) only the previous month (1249.

01ppm), less than 30%, of which ETF funds and other open-end funds fell by 457.

6.7 billion and 4佛山桑拿网19.

8.1 billion yuan.

Approximately, the closed-end fund’s ability to attract gold increased significantly in October, raising a total of 438.

1.1 billion funds, accounting for 27% of the total funds raised from last month.

07% rose to 54 in the month.


It is obvious that the nine closed-end funds established in October opened bond funds on a regular basis, with an average size of 48.

6.7 billion yuan, much higher than ETF funds15.

$ 7 billion and other open-end funds10.

The average scale of 8.9 billion yuan.

  From the perspective of fund structure, the newly-developed fund market in October showed a pattern of debt-based dominance.

Specifically, 23 bond funds were established in October, raising a total of 541.

USD 8.6 billion was the largest and largest category of funds established in the month.

The size of the bond fund is mainly contributed by the fixed-open bond base. Its China Taihui Huixin regularly opens bonds for three years (141.

9.9 billion yuan) and Zhongrong Ruixiang enjoy 86 months of regular open bonds (141.

02 ppm) The notes on the scale of fundraising of the two funds are half of the total fundraising scale of bond funds.

The proportion of hybrid funds and equity funds raised in October was close to 135.

6.9 billion and 120.

1.8 billion came in second and third place in various funds.

It is worth mentioning that even if only 6 hybrid funds and 9 equity funds were established in the month, the equity funds burst frequently when they were first raised.Except for the Xingquan Hetai Hybrid Fund that was “sold out in one day” and proportionately placed, Invesco Great Wall Innovative Growth Hybrid Fund ended its advancement and exchanged CSI 800ETF for the first time to raise 6.6 billion mean investors for major equity products.Sought after.

In addition, investors and investors’ increasing demand for diversified asset allocation has gradually attracted attention from commodity funds.

Following the establishment of the first Commodity ETF in September, the Dacheng Nonferrous Metals Futures ETF and franchise funds were again established in October.

Prior to this, the issue of commodity funds was very sluggish. In the past three years, only two such funds were established in December 2016 and April 2017.

  Author: Morningstar Morningstar (China) Research Center, Wu Xueyan

Biyin Lefen (002832) 2019 Semi-annual Report Review: High Performance Continues Short-Term Expects to Benefit FTSE Russell A-Share Index Expansion

Biyin Lefen (002832) 2019 Semi-annual Report Review: High Performance Continues Short-Term Expects to Benefit FTSE Russell A-Share Index Expansion

The event describes the company’s release of the 2019 semi-annual report.

In 19H1, the company realized revenue, attributed to its net profit, and deducted non-net profit were 8, respectively.

45, 1.

74, 1.

65 ppm, before + 25%, + 42%, + 45%. The benefits offered by the certification of emerging companies drive the profit side to show a clear income side; if the impact of income is excluded, the net profit attributable to mothers will increase by over 20%.

Incident comments continued to increase after the reduction of fair incentive fees.

In 19Q2, the company realized revenue and the net profit attributable to the mother was 3 respectively.

74, 0.

44 ppm, previously + 22%, + 17%, the profit side performed slightly lower than the income side.

We analyze the scale. The company realizes employee shareholding through repurchase of stocks. As the fair value of the transfer day is higher than the repurchase cost, a one-time accrual of 13.33 million yuan for the distribution of incentive costs. If this part of the cost is 合肥夜网 restored, the net profit attributable to the mother will increase every yearNearly 50%, continued to maintain a high growth trend; decreased, Q2 is generally the off-season of clothing sales, sales unit price and scale expanded and more stores expanded to reserve growth momentum in the second half of the year, leading to an increase in the level of expense ratio.

The extension of expansion expanded the improvement of same-stores, promoted the rapid growth of income end, and improved gross profit margin.

19H1 revenue increased 25% year-on-year, of which 19Q1 / 19Q2 increased by 27% / 22% respectively.

In our judgment, the direct sales end maintained rapid growth driven by the extension of expansion and same-store improvement. The increase in the percentage of direct sales also boosted the gross profit margin3.

7pct 夜来香体验网 to 67.


As of 19/06/30, the company’s number of stores reached 798, of which 385/413 were directly operated and franchised, a net increase of 20/14, maintaining the trend of fast opening.

In 19H1, the company’s sales / management (including R & D) / financial expense ratios were 30.

74% / 12.

31% /-0.

27%, +1 from the same period of the previous year.

5 / + 2.

3 / + 0.


The increase in the sales expense ratio is expected to be mainly due to the company’s rapid expansion of stores and an increase in the proportion of direct sales. The increase in management expense ratio is mainly due to the impact of equity incentive expenses.

In terms of operating capacity, the increase in stocking caused by new brands, new categories and store expansion continued to affect inventory turnover, and the total inventory turnover in 19H1 was zero.

45 times, a decrease of 0 from the same period last year.

17 times, channel repayment temporarily dragged down the account receivables turnover rate by 4.

6 to 7.

45 times, but still in a better level of health compared to peers.

We continue to be optimistic about the company’s performance under the precise card expansion and fine operation.

In the short term, FTSE Russell confirms that A’s equity will be re-expanded by 3 times, which will be added more than Leinveen, which is conducive to monthly long-term funding.

In addition, the State Council’s “Opinions on Further Stimulating the Potential of Cultural and Tourism Consumption” is also expected to help the development of the Venice brand.

We expect the company to achieve net profit attributable to mothers for 2019-2021.

11, 5.

32 and 6.

69ppm, an annual increase of 41%, 29% and 26%. The current price is 19 times 19PE, which is at the bottom of historical expectations. Maintain the “Buy” rating.

Risk Warning: 1.

Terminal retail deterioration; 2. Expansion of stores was less than expected; 3. Backlog of channel inventory; 4. Expansion of new brands and category expansion were less than expected.

China Automobile Research (601965) Company dynamic review: Preparation for the establishment of the National Hydrogen Power Inspection Center

China Automobile Research (601965) Company dynamic review: Preparation for the establishment of the National Hydrogen Power Inspection Center

Event: Recently, the company’s feasibility study and evaluation of the establishment of the “National Hydrogen Power Quality Supervision and Inspection Center” will be successful.

The expert group agreed that the company’s proposed national hydrogen energy quality supervision and inspection center construction plan has clear goals, clear positioning, complete content, and operability, and the construction project has received strong support from the Chongqing Municipal People’s Government and the Chongqing Liangjiang New District Management Committee.With a better working foundation, it is expected that the construction goals can be achieved.

The expert group suggested to accelerate the project construction through demonstration and pass the national acceptance as soon as possible, and strive to build an international first-class hydrogen power testing and evaluation highland.

In this regard, we have the following comments: At present, there is no national hydrogen power product testing evaluation and research and development institution in China. The national hydrogen power quality supervision and inspection center prepared by the company is provided by the land support provided by the Chongqing Municipal Government and the company’s existing capabilities andResources will become the first domestic hydrogen power quality inspection agency.

This project focuses on the research and development of hydrogen fuel cell vehicle-related products, and aims to fully serve the hydrogen energy industry. It is an important breakthrough in the research and development and testing and evaluation business of China Automotive Research Institute in promoting energy structure adjustment and manufacturing transformation and upgrading.The Chongqing Municipal People’s Government and the Chongqing Liangjiang New Area Management Committee strongly support the Chongqing Liangjiang New Area Management Committee to support the construction of a national hydrogen energy quality inspection center on the 190 acres of land in the Yufu Development Zone in Liangjiang New Area.

The construction of a hydrogen power quality inspection center 合肥夜网 can cover the gaps in the national hydrogen power power product testing evaluation and R & D institutions, and is conducive to improving Chongqing and even the national hydrogen power power product testing evaluation and research and development capabilities.

Domestic hydrogen fuel cell vehicles are developing rapidly with the support of national policies. It is necessary for China Automobile Research Institute to establish a hydrogen power testing center.

As energy sources continue to increase and pollution becomes more serious, hydrogen fuel cells are considered to be the perfect technical solution for automobiles due to their zero pollution, high energy density, and short hydrogenation time (while refueling).

Since the beginning of this year, the national policy of the hydrogen fuel cell industry has been favorable, 北京夜网 and local governments have responded to accelerate their landing, which shows that the state has determined the extent and layout of fuel cell vehicles.

At present, domestic mainstream bus companies basically have the layout of fuel cell buses, and some companies’ products have been officially delivered for operation; passenger cars have a relatively high system integration density and are still in the R & D introduction stage.

With the rapid development of domestic hydrogen fuel cell vehicles, it is necessary for China Automobile Research Institute to establish a hydrogen power testing center.

The company took the lead in building a national-level R & D and testing base for hydrogen power products, and the rapid development of conversion of hydrogen fuel cell vehicles will contribute to the company’s performance increase.

The company’s forward-looking layout of the hydrogen power test center will focus on the research and development of hydrogen fuel cell vehicle-related products. In the future, the company can transform the development of hydrogen fuel cell vehicles.Providing leading technology research and development services will contribute to the company’s inspection business and research and development business.

Investment suggestion: The company is an excellent target with growth attributes that doubles in volume and price + Davis double-click, and is less affected by the car cycle.

In the short-to-medium term, the company has benefited from the national emission standards of five to six. The number of electric vehicle models has increased significantly in recent years and the rapid development of connected smart cars.

From a long-term perspective, the company benefits from the increase in R & D spending of Chinese auto companies.

Increasing competition between manufacturers, shortening the replacement cycle, speeding up the introduction of new cars, upgrading automobile consumption, increasing technological content, and reverse development to forward development are driving cars to increase research and development expenditures, which provides a good track for China Automobile Research’s growth.

It is conservatively estimated that the company’s total revenue for 2019-2021 will be 31 in turn.

26, 35.

88, 40.

02 trillion, the growth rate is 13 in turn.

35%, 14.

77%, 11.

55%, the net profit attributable to mother is 4 in turn.

95, 6.

16, 7.

1.6 billion, with a growth rate of 22 in turn.

7%, 24.

6%, 16.

1%, the current market value is 68.

2 trillion, corresponding to PE in order of 13.

8, 11.

1, 9.

5 times, corresponding to 19 years of exchange income4.


Taking into account the current market risk appetite, the company’s industry and the company’s own fundamentals, the company is given an estimated PE level of 20-25 times in 2019 and a target price of 10 in 19 years.


76 yuan, closing price on May 15 is 7.03 yuan, maintaining the “recommended” level.

Risk reminders: ① the progress of the National Six Standards has fallen short of expectations; ② the popularity of intelligent connected cars has fallen short of expectations; ③ the growth of car sales has fallen short of expectations;

The main fund “inadvertently in love” bank segment was favored against the market

The main fund “inadvertently in love” bank segment was favored against the market

Source: China Securities Journal reporter Ye Tao Wind data shows that on the 22nd, the Shanghai and Shenzhen markets were a net substitute for 223 throughout the day.

5.1 billion yuan, a change in the net inflow layout the day before.

Analysts believe that although the A-share market has recently adjusted in terms of shocks, it tends to stabilize and even form anti-pumps when it reaches around 2850 points in the broad market. In the short term, this point is clearly supported.

From the perspective of funds, although the overall layout of the overall layout continues, local attractions have begun to emerge.

In the past few trading days, the banking sector has continued to receive funding attention, and the scale of net inflows in the stage has been unique in the sector.

  The main funds turned into a net reduction yesterday. A shares returned to the adjustment channel yesterday. The net decrease in the northward capital expanded and there was no clear signal of incremental assistance. The main funds also couldn’t help avoiding the risk aversion mentality, and yesterday chose to watch the game again.

Wind data shows that the main scale of net reduction from the two cities yesterday was 223.

5.1 billion yuan, while the market realized a net inflow of 64 the previous day.

02 billion.

The GEM net growth scale increased slightly from the previous month, from 15 on Tuesday.

4.8 billion to 19.

8.6 billion yuan.

In fact, yesterday, the Shanghai and Shenzhen 300 plates and small and medium-sized board funds flow also reversed, from the previous day’s net inflow to a net alternation.

  It should be noted that extremely uncontrollable risks have always been the key factor in suppressing the risk appetite of funds in the recent stage, which will have an impact on the short-term market trend. Investors need to be vigilant against such risks.

This is also an important reason for the main funds to choose a net replacement in stages.

However, how to adjust and continue to expand, some brokerage institutions’ expectations for the future will change at the same time.

  According to the analysis of Huaxin Securities, the current index has fallen and 杭州桑拿 decelerated. The round of daily line adjustment from the peak of 3288 points in this round has been adjusted. In terms of time period, it should usually be within 24-30 trading days, and 28 have been run so far.On the trading day, the budget adjustment space is also close to 500 points. As far as the daily level adjustment cycle is concerned, regardless of time, the space is close to the end of the adjustment period. The short-term index is expected to stabilize near 2800 points, thus starting a new round of technical rebound.
  And, in the last three trading days, although the index adjustment is still continuing, the main net inflows have been continuously obtained in the late stage. Among them, there is no lack of segmented operation directions. The effect of regaining money in the future is picking up. Hedge funds are likely 杭州夜网论坛 to return to A shares.Set off a new round of market.

  Wind data favored by the banking sector also showed that the net reduction of leisure services, textiles and apparel, and the communications sector was relatively large, specifically 2301.

330,000 yuan, 1.

3.9 billion yuan and 1.

5.9 billion yuan.

Yesterday, only the banking sector stood out in the market, gaining 7461.

130,000 yuan net inflow.

  From the perspective of market performance, the performance of the banking sector was not outstanding yesterday, falling by 0 throughout the day.

29%, ranking eighth in the Shenwan first-level industry.

However, this does not prevent the main funds from continuing to pursue the banking sector.

According to Wind data, in the past three trading days, among all the 10,000-level industries that have been subscribed for, only the banking sector has realized a net inflow of funds, with a cumulative net inflow of 11.

7.7 billion yuan.

  This may stem from both offensive and defensive characteristics of the banking sector.

Shenwan Hongyuan Securities believes that looking forward to the future, there may be two situations: The first is that the economy continues to stabilize and improve, and banks can enjoy the absolute benefits brought by the improvement of fundamentals, similar to 2017.

In 2017, although the policy shifted to reasonable budgetary supplementary measures, the fundamentals of banks still benefited from the stabilization of the economy and the upward movement of the interest rate curve, and the sector achieved absolute returns.

The second scenario is that the economy is falling again. Based on the uncertainty of the sector’s profit substitution, it is estimated that it is cheap and gradually underperforms. Banks will achieve relative returns. Similar to 2018, the downward pressure on the economy has increased but policy expectations have turned positive again.Relative returns.

Hongqi Chain (002697): Third quarter revenue growth speeds up, gross profit margin continues to rise

Hongqi Chain (002697): Third quarter revenue growth speeds up, gross profit margin continues to rise
Event: The company’s third quarter report for 2019 achieved a revenue of 58.900 million, an increase of 7 every year.8%; net profit attributable to mother 4.1 ‰, an increase of 58 per year.7%; net profit after deduction of non-return to mother 3.9 trillion, an increase of 53 each year.7%. Among them, Q3 achieved revenue of 20 in a single quarter.6 ‰, an increase of 11 per year.6%, net profit attributable to mother 1.7 trillion, an increase of 67 per year.5%. The gross profit margin continued to increase, and the expense ratio was generally stable during the period.(1) Adjusting the product structure has caused the gross profit margin to continue to climb: the company’s gross profit margin for the third quarter of 2019 has gradually increased1.1pp to 30.1%, through the supply chain, the continued optimization of product structure, the company’s gross profit margin continued to climb.(2) The period expense ratio rose slightly: the period expense ratio rose by more than 0.26pp to 24.2%.The sales expense ratio rises by 0 every year.08pp to 22.5%, mainly due to the increase in store-related expenses; the increase in management expense ratio rose by 0.41pp to 1.7%, mainly due to the increase in media newspapers and publicity expenses and the 70th anniversary of the founding of the country; the increase in financial expenses rate decreased by 0.22pp to -0.02%. Same-store growth has been steady, and store openings have accelerated.(1) The company’s revenue has improved significantly, mainly due to the steady growth of same-stores, contribution from opening stores and the consolidation of 9010 convenience stores: the company’s same-store growth rate in the third quarter was about 3-4%, and at the same time, the number of store expansions accelerated, until the first half of 2019.There are a total of 2958 stores, which has reached 3030 at present and is expected to reach 3100 by the end of the year.Simple Yonghui Supermarket has accelerated the transformation of the company’s stores. It is estimated that Yonghui’s transformation of the Hongqi chain will reach 300 stores in 2019.(2) Significant growth in investment income: The company’s third quarterly report for 2019 achieved investment income1.310,000 yuan, of which Xinwang 杭州桑拿网 Bank realized investment income1.26 yuan (about 56 million in Q3), excluding the company’s endogenous performance growth rate of 27 after excluding Xinwang Bank.3%, of which the growth rate of the company’s endogenous performance after excluding Xinwang Bank in the third quarter reached 30.6%.(3) Operating cash flow returned to stable: The company’s operating cash flow in the first three quarters was 51.14 million yuan, of which Q3’s single-quarter operating cash flow was 59.94 million yuan. Profit forecast and rating.It is estimated that the company’s net profit attributable to the parent in 2019-2021 will be 4 respectively.700 million, 5.900 million, 7.200 million, EPS is 0.34 yuan, 0.44 yuan, 0.53 yuan, corresponding PE is 24/19/15 times, maintain “Buy” rating. Risk reminders: Macroeconomic trends may be less than 厦门夜网 expected; store expansion speed, fresh produce transformation may be less than expected; cost and risk risks may be less than expected.

Depth-Company-Ziguang Co., Ltd. (000938): 15% increase in main business, customer structure enhanced, multiple features

Depth * Company * Ziguang (000938): 15% increase in main business

The company released its 2019 Interim Report: 228 revenue.

700 million (+2.

0%), net profit 8.

5 billion (+15.

5%), deducting non-net profit 6.

0 billion (+2.


The business structure has improved, and operators’北京夜网 5G demand has grown rapidly, which will become a focus in the second half of the year.

Maintain BUY rating.

Key points of support level The 15% growth rate of the core business of infrastructure is in line with expectations, and the benign indicator of the distribution business.

Revenue from core business “digital infrastructure and services” 115.

100 million (+15.

1%) in line with expectations; revenue from “IT product distribution and supply chain services” was 141.

5 billion (+2.

8%) noticeably flawed.

Since Xinhua III is the domestic total distributor such as Hewlett-Packard, the distribution business also has an impact on the performance growth of Xinhua III’s subsidiaries.

In addition, Q2 has a reason for the change in the settlement method of the procurement service.

H1 gross profit margin has therefore 北京夜网 increased significantly to 22.

5% (infrastructure gross margin decreased by 2.

4pct or guided by server expansion growth.

R & D funding 18.

The 200 million (+ 15%) growth rate matches the core revenue growth rate.

In 2019H1, the external environmental pressure was overcome, and the overall performance was stable.

Although the growth rate is slower than Q1, the previous prediction has not changed.

5G has increased operator business, and additional features have started to appear in its revenue structure.

One reason for not expecting change is also related to customer structure.

In 2019, the operator’s business increased rapidly, and the proportion increased because the company began to improve the operator’s product line and superimposed the start point of the 5G construction cycle.

It is expected that the proportion of operators is expected to increase significantly from the previous 10%.

Affected by the settlement cycle of the operator’s customers, the fineness of the performance improvement has shown a small feature in the first (half a year) and a large feature in the latter (six months).

H2 information security, operators and overseas as the starting point.

19H1 prepayments and inventory increased by 152% and 31%, much higher than the growth rate of the previous year.

The first reason is to deal with the uncertainty of the supply chain, and it also shows that it is looking forward to the force: the company’s largest share recently won the bid for one of the operator’s hardware firewall collections; the 5G station is leading.

Estimated to fine-tune 2019 due to distribution control and R & D growth?
Net profit to 20 in 2021.

2, 27.

7 and 37.

200 million, EPS is 0.
99, 1.

36 and 1.
82 yuan (down 4?
13%), corresponding to PE, 35, 25 and 19 times.

The estimated growth rate matches and does not fully reflect the company’s leading position in the ICT industry, and maintains a BUY rating.

The main risks faced by the rating are that the business development of the operator is less than expected; the inventory price has been lost.

Tianqi Lithium (002466): Rights issue eases financial pressure

Tianqi Lithium (002466): Rights issue eases financial pressure

Tianqi Lithium Industry announced an allotment plan of placing 3 shares for every 10 shares to all shareholders (maximum of 3 shares).

400 million shares) will be set at 8.

The price of 75 yuan / share.

The net amount of the company’s rights issue 合肥夜网 after deducting issuance costs is intended to be fully repaid to purchase SQM23.

77% equity related M & A loans.

The application for the rights issue has been approved by the CSRC on August 30 this year.

  Review issue price is discounted from previous.

The company’s rights issue price is 8.

75 yuan / share, accounting for about 32% of the company’s latest closing price, with a high discount.

If the maximum number of shares is 3 this time.

Calculated with 400 million shares, the maximum raised funds for this rights issue is about 29.

9.8 billion yuan.

  Financial cost pressures eased.

The company acquired SQM with a time limit of 3.5 billion U.S. dollars in debt, and the pressure on budget expenditures increased significantly, with financial expenses from 0 in 2017.

55 ppm rose to 4 in 2018.

7 ppm, while 1-3Q19 financial costs are as high as 16.

5 ppm, a long-term increase of ten years ago5.

6x (3Q19 financial expenses 6.

400 million, up 28% from the previous month).

After the completion of the rights issue, the net proceeds raised will be used to repay SQM-related acquisition loans, and the company’s financial cost pressure will be eased by then.

  Helps optimize capital structure.

As of the end of the third quarter of this year, the company’s asset-liability ratio was about 75%, and net debt replaced 264%.

We estimate that if the company raises 29 shares this time.

The company’s asset-liability ratio and net debt ratio will drop to 69% and 192%, respectively, while the company’s asset-liability ratio and net debt ratio will decrease to $ 7 billion in the previous vertical of $ 7 billion.
61% and 131%.

  Lithium fundamentals are expected to recover.

The acceleration of European automobile electrification and 5G construction in 2020 is expected to drive the recovery of lithium consumption, while the difficulties in lithium mine operation in Australia will limit the increase in supply. We believe that the fundamentals of the lithium industry next year are expected to be repaired at the bottom.

In the first half of 2020, lithium concentrate inventories may inhibit the upward movement of lithium prices, but in the second half of the year, the fundamentals are gradually repaired. We expect that lithium carbonate prices may usher in a staged rebound.

  We maintain our profit forecasts for 2019 and 2020 unchanged.

It is currently expected to correspond to 40 in 2020.

0 times price-earnings ratio.

Maintain neutral rating and 25.

00 yuan target price, corresponding to 36.

2 times the 2020 price-earnings ratio, compared with 9 previously included.

4% downside.

  Risk lithium prices fell more than expected.

Hua Tailai (603659): The first quarter profit slightly increased, capacity expansion cycle is about to start

Hua Tailai (603659): The first quarter profit slightly increased, capacity expansion cycle is about to start

The profit in the first quarter is under pressure, and it is initially expected to improve the company’s revenue in the first quarter of 2019 10 quarterly.

29 ppm, an increase of 79 in ten years.

52%, net profit attributable to mother 1.

29 ppm, an increase of 0 in ten years.

51%, deducting non-net profit 1.

14 ‰, an increase of 9 in ten years.

78%, operating cash flow -1.

27 trillion, 1383 million in the same period, mainly due to the increase in raw material needle coke prices and the increase in carbonization processing costs caused by the increase in fast-charging products, 天津夜网 repeated material profit breaks through the pressure, and the comprehensive gross profit rate from 36.

55% returns 26.

51%. At the same time, in order to accelerate the expansion of production capacity, bank borrowing and financial leasing are used to form certain financial expenses.

The company’s total maximum material output is 3, and finally to the 5th hour, another convertible bond is issued to raise and put into operation 3, and the capacity expansion cycle is started to drive quarterly improvement.

Short-term materials: expanding production capacity and speeding up, entering the world’s leading short-term materials. Major customers include ATL, Samsung SDI, CATL, etc., sales in 20182.

In September, the annual growth rate was 24.

34%, net profit 4.

2 ‰, an increase of 8 in ten years.

35%, the production capacity will be increased from 3 to 8 replacements in the next 2 years, which will fully open the power battery market.

In the short term, due to the increase in the price of needle coke and the increase in graphitization processing fees, the gross profit rate in 2018 was 39.

22% dropped to 33.

90%, gradually increase the production of graphitization capacity, profitability will gradually stabilize and recover.

Replacement machine: Adjust the structure of customers to achieve an increase in sales of 199 lithium-ion equipment in 2018, a year-on-year decrease of 16.

39%, net profit is 0.

97 ppm, an increase of 27 in ten years.

16%, under the pressure of intensified competition in equipment, the company actively adjusted the customer structure and realized product upgrades, with a gross profit margin of 30 in 2018.

01% increased to 33.


Investment suggestion: The company is about to enter the period of performance harvest. Maintaining the capacity of the buy-rated company is about to enter the period of rapid release and bring about release of performance. Regardless of the impact of convertible bond raising projects, the company’s EPS is expected to be 1 in 2019-2021.

81, 2.

42 and 3.

12 yuan / share, corresponding to P / E ratios of 27X, 20X, and 16X. For the benchmark midstream lithium battery leader company, considering the high barriers of the company’s card swap, it will give a 2019 performance of 35X P / E ratio, a reasonable value of 63.

35 yuan / share, maintain BUY rating.

Risk reminder: The price of anode materials has fallen more than expected; the customer development has fallen short of expectations.