Collis (603808)： Outstanding performance among similar companies

Collis (603808): Outstanding performance among similar 武汉夜网论坛 companies

2019Q1 company achieved revenue 6.

23 ppm, a ten-year increase of 8.

32%, net profit attributable to mother was 8,916.

320,000 yuan, an increase of 11 in ten years.

00%.

The main brand and Ed Hardy have grown steadily, Laurel has improved, and from the perspective of IRO China’s fast-growing sub-brands, the company ‘s main brand revenue is 2.

53 ppm, an increase of ten years6.

42%.

Laurel revenue is 0.

24 ppm, an increase of -13 in ten years.

55%.

EdHardy Revenue 1.

24 ppm, a six-year increase of 6.

19%.

IRO revenue 1.

61 ppm, an increase of 10 in ten years.

45%, of which IRO China revenue increased 270.

74%.

VT revenue is 0.

40,000 yuan, an increase of 454 in ten years.

11%.

In terms of channels, there are 307 channels of GLS, with a net increase of 5, Laurel 39, a net increase of 2, EdHardy 180, a net decrease of 1, IRO51, a net increase of 2, VT14 and a net increase of 1.

In terms of channels, direct sales revenue3.

27 ppm, an increase of 13 in ten years.

19%.

Franchise revenue 2.

40 ppm, a ten-year increase of -0.

twenty one%.

The overall gross profit margin decreased slightly, the expense ratio remained stable during the period, and the operating indicators remained stable.

82%, 67 in the same period last year.

05%, mainly due to the slightly broadened price band of the main brand Gorius, while the proportion of EdHardy’s X series increased.

Period expenses 42.

95%, 42 in the same period last year.

06%, of which the sales expense ratio increased, and the management expense ratio decreased. The former was mainly due to the increase in expense, including the increase in new brand expenses, and the majority was mainly reduced by share-based amortization.

In terms of operating indicators, the inventory turnover days and accounts receivable turnover days were 208 days and 49 days, respectively, compared with 198 days and 48 days in the same period last year.

The expected EPS for 2019-2021 is 1.

32 yuan / share, 1.

59 yuan / share, 1.90 yuan / share We are optimistic that the company’s growth 杭州夜网论坛 rate is expected to accelerate quarter by quarter. In addition to the decrease in the base year-on-year, the impact of the Spring Festival in January-February was basically eliminated. The growth of terminal sales returned to normal in March.The future development accelerates the opening of stores. Compared with the fourth quarter of last year, EdHardy has improved significantly and is expected to remain stable.

The current price corresponds to 13 times the 2019 price-earnings ratio. With reference to comparable companies, the company is given a 16-year price-earnings ratio for 2019, with a reasonable value of 21.

12 yuan / share, maintain “Buy” rating.

Risk reminders of goodwill impairment risk; terminal retail downturn risk; multi-brand management risk.

Kitakami Capital’s change in May： 6 consecutive days of net overlap in favor of low-priced stocks

Kitakami Capital’s “change in May”: 6 consecutive days of net overlap in favor of low-priced stocks

Kitakami Capital’s “change in days” in May: 6 consecutive days of net overlap, preference for low-priced stocks. On May 23, the three major A-share index adjustments were weak throughout the day, with a weak performance.

At the close, the Shanghai Composite Index fell by 1.

35% at 2852.

52 points, the Shenzhen Stock Exchange Index fell 2.

56%, GEM Index fell 2.

51%.

　　On the disk, the industry sector fell nearly across the board, and artificial meat, pork, Huawei, 5G, information security, industrial hemp, and blockchain all fell sharply.

　　Funds from Kitakami continued to move up and down, and the data showed that the net was over 38 on the day.

7.9 billion yuan.

Among them, the Shanghai Stock Connect saw a net decrease of 13.

5.1 billion yuan, the Shenzhen Stock Exchange net reduction of 25.

2.8 billion, a net overlap for the sixth consecutive trading day.

　　After the preference for low-priced stocks entered May, due to the increasing instability of the surrounding environment, Kitakami Capital continued to sell net.

　　Judging from the stocks with more than 10 million shares reduced by Kitakami Capital, since May, China Construction, Bank of China, Agricultural Bank of China, Industrial and Commercial Bank of China and other large-cap blue-chip stocks have been the main targets of the sell-off.Compared with the shareholding data at the end of April, the share reduction ratios have exceeded 10%.

　　In addition, Hikvision, Yili shares, Midea Group, Gree Electric Appliances, Hengrui Medicine and other white horse stocks can reduce the number of shares, but from the perspective of the proportion of reductions, relatively low.

　　However, under the slump, Beijing Capital still increased its holdings on some stocks.

According to Wind statistics, the increase in capital of Kitakami has a preference for stocks below 10 yuan.

For example, on May 21, out of 1,341 shares of China Stock Exchange with a change in shareholding, 665 shares of Beijing Capital increased the number of shares.

According to statistics, only 665 stocks that have been overweighted are multiplied by the number of overweighted stocks and the average stock transaction price of the day, and then divided by the total number of overweighted stocks.

34 yuan / share; in the same way, 676 Northbound funds sold net stocks, with an average price of 16.

7 yuan / share.

Shows that the current northward capital favors low-priced stocks.

　　On May 20, the net capital of Kitakami could be reduced by 24.

At 26 trillion, of the 1,342 Mainland-listed stocks whose shareholdings have changed, 693 Northbound funds have increased their shareholdings and 649 shareholdings have decreased. On the day, Northbound Funds’ overall shareholding increased by one.

1.7 billion shares.

The expected average price of an overweight stock is 9.

78 yuan / share, the average price of stock reduction is 17.

82 yuan / share.

　　Institutional outlook Huaxin Securities pointed out that the current market has indeed entered the end of the decline, but one point can be found through the recent two days of the market’s rebound momentum is not strong.

In the recent period when the overall rebound volume can be weakened and the rebound strength is excessively weakened, it is believed that short-term indexes even occur repeatedly, and it does not even rule out that the index will bottom out twice, but for investors, the current index is generally downThe space also tends to be limited, so if the index adjusts again deeply, you should dare to make a bottom.

　　China Development Securities pointed out that the increase in short-term events, the pressure on the index to test 2800 points in the short term.

Recently, the MSCI announced the decomposition factor time and continuous stable exchange rate replacement, waiting for the market to rebound after the risk is released.

Before the end of June, the market lacked a new main line and innovative high momentum. It is recommended to maintain low and medium positions.

Recently, urgent attention has been paid to anti-risk large consumption and pharmaceutical sectors, as well as domestic alternative companies in Huawei’s industrial chain, to avoid overvalued and underperforming stocks.

　　The AVIC Securities Research Report pointed out that although short-term uncertain factors affect swap allocation, in the context of accelerating financial opening, the expansion of MSCI expansion will take effect in the next five months for the relative factor of A shares, and structural factors will still drive overseasFunds flowed into A shares.

Against the backdrop of increasing external environment uncertainty, expectations of domestic policy hedging efforts continue to adjust at the same time, and the market may usher in more capital inflows in the future.

　　Ping An Securities believes that due to the uncertainty of the external environment, global asset price sentiment is still mainly risk aversion.

However, high-quality leading listed companies with stable performance (especially in emerging industries) will continue to benefit from the support of real economy and capital market policies, and it is still worth expanding.　　Haitong Securities said that there is limited room for further downside of the market, and it is expected that the Shanghai Index will continue to oscillate around 2830 to 2960.

At the same time, after the continuous expansion on May 28, the MSCI conversion A-share segmentation factor increased from 5% to 10%, and the capital of Northbound is expected to be transformed again, which still has a good positive impact on the funds.

Therefore at this stage, investors are advised not to be too pessimistic.

　　CITIC Construction Investment said that considering the expansion of MSCI at the end of 5 months and the replacement of the current currency exchange rate is only one step away from 7, we expect the passive capital allocation and exchange rate to stabilize again at the end of the month.

The current overseas funds are paying special attention to the Chinese market. Overseas institutions are actively studying the A-share target and finding qualified internal investment entrustment agencies. However, until China’s economic recovery is increasingly strengthened, Beijing Capital will continue to wait and see.

Dividing A shares by the MSCI index will not necessarily bring foreign exchange inflows in a short period 杭州桑拿 of time, but once the economic recovery is confirmed, we expect that the capital of Northbound will resume its transfer. At this point in time, we need to wait patiently.

AVIC Mechanical (002013) Company Review Report： Military Aviation and Defense Drive Overall Performance Growth

AVIC Mechanical (002013) Company Review Report: Military Aviation and Defense Drive Overall Performance Growth

Investment Highlights Event: AVIC Mechanical and Electrical released its 2018 annual report and achieved revenue of 116.

37 ppm, an increase of 4 per year.

08%, net profit attributable to mother 8.

37 ppm, an increase of 16 in ten years.

49%, net of non-attributed net profit7.

12 ppm, an increase of 23 in ten years.

33%.

Military aviation and defense drive overall performance growth The company achieved operating income of 116 in 2018.

37 ppm, an increase of 4 per year.

08%, net profit attributable to mother 8.

37 ppm, an increase of 16 in ten years.

49%, net of non-attributed net profit7.

12 ppm, an increase of 23 in ten years.

33%.

In terms of business, 成都桑拿网 military aviation and defense are sufficient to realize revenue72.

8.3 billion, compared with 67 in 2017.

3.3 billion increase 8.

17%; civil aviation sales revenue3.

5 billion, compared with March 2017.

8.7 billion down 9.

66%; industrial manufacturing revenue 38.

62 trillion, a year down 0.

83%; modern service industry gradually realized sales income1.

430,000 yuan, compared with 1 in 2017.

6.7 billion down 14.

31%.

Overall, the military aviation and defense business has driven revenue growth.

In terms of expenses, the company’s sales, management, research and development, and financial expense ratios were 1 in 2018.

66% (+0.

02pct), 10.

09% (+0.

45 points), 3.

55% (-0.

13 points), 1.

82% (-0.

56pct).

The company’s deduction of non-net profit grew faster, but we believe that the growth rate of deduction of non-profit cannot reflect the endogenous growth of the company’s business.

It can be ground from the non-recurring income statement. The biggest change in 2018 compared to 2017 is the current net profit and loss of the subsidiary from the merger of enterprises under the same control.Therefore, the non-profit growth rate cannot reflect the endogenous growth of the company’s business. The increase in receivables caused the operating cash flow to be negative. The company’s operating net cash flow in 2018 was -9.

09 million yuan, down 140 from the same period last year.

45%, which is primarily for the sale of goods, and the cash received for providing services decreased by 19 compared with the same period last year.

US $ 4.5 billion, cash paid for other operating activities increased by 8 over the same period last year.

2.5 billion.

Judging from the supplementary information of the cash flow statement, it was mainly due to the increase in receivable items and the decrease in payable items, indicating that the company’s downstream customers’ payment speed has slowed down, and the company’s ability to occupy upstream suppliers has weakened.

Profit forecast: According to the annual report, the company’s economic goals for 2019 are: to gradually achieve operating income of 12.3 billion and a profit increase of 11.

5.6 billion, an increase of 5 each year.

70%, 6.

35%.

We believe that the company, as a leader in the domestic aerospace electromechanical field, has a solid industry consolidation, and the military aviation and defense business can drive the company to maintain a solid endogenous growth.

610,000 yuan, 11.

07 thousand yuan, 12.

7.7 billion, corresponding to PE is 27 times, 24 times, 20 times.

Risk warning: The development progress of military aircraft is less than expected; cash flow fluctuations of military industrial enterprises break through.

Dongjiang Environmental (002672) Third Quarterly Report Comment： Excluding the credit loss accrual which affects the growth of profit growth in the third quarter40.

15%

Dongjiang Environmental (002672) Third Quarterly Report Comment: Excluding the credit loss accrual which affects the growth of profit growth in the third quarter40.

15%

Event: On October 28, the company announced the third quarter report of 2019.

During the reporting period, operating income was 25.

77 ppm, a ten-year increase4.

21%; net profit attributable to mother 3.

32 ppm, a decrease of 10 per year.

88%; deduct non-net profit 3.

10 billion, a decline of 16 per year.

27%.

We commented as follows: Credit loss accrued 0.

8.2 billion resulted in a drop in net profit for mothers10.

88%, real profit increased significantly.

1) In the first three quarters of 2019, the company’s operating income was 25.

77 ppm, a ten-year increase4.

21%; net profit attributable to mother 3.

32 ppm, a decrease of 10 per year.

88%; deduct non-net profit 3.

00 ppm, a decrease of 16 per year.

27%.

The company’s gross profit margin was 36 in the first three quarters.

54%, up by 1 each year.

87 points, but net profit can be reduced by 14.

91%, falling by 2 every year.

59pct, the main reason is that the credit loss is accrued 0 in a single quarter.

7.4 billion (for the first time since listing).

Regardless of credit loss accrual, the company’s total profit in 19Q31.

8.5 billion, an annual increase of 40.

15%, significantly improved profitability, we believe that it is mainly due to supplementary capacity release performance.

2) In terms of cash, net operating cash flow in the first three quarters.

8.1 billion, basically the same as the decade of 18 years (8.

9.8 billion) unchanged.

The company’s cash ratio is 109.

83%, operating cash flow / net profit was 229.

12%, with outstanding cash flow performance.

The company’s core area hazardous waste disposal qualification 146 was inserted, and 72 production capacity was under construction.

1) In terms of overall production capacity, as of 2019H1, the company’s core area hazardous waste disposal operation production capacity (qualified) is approximately 145.

In the 77’s / year, the capacity under construction was about 72.4 years / order, sufficient order reserve.

From the perspective of the company’s hazardous waste production capacity by region, in the Guangdong region, the operating capacity is 100 tons / year, and the capacity under construction is 60 tons / year; in the Yangtze River Delta region, the operating capacity is 24.

47 Statutory / year; North China area, operating capacity 21.

3Each year, under construction plans to build capacity 12.
.

4 years.

2) In terms of project construction, in 2019H1, the company obtained a total of 35 hazardous waste operation qualifications.

5 Each year, a total of 14 incineration and landfill qualifications.

3 Nominally, including Nantong Dongjiang 2 pointed out / year incineration project, Xingye Dongjiang 7.

15 Annual Comprehensive Utilization and Treatment Projects, Shaoguan Dongjiang 8.

95 Annual Comprehensive Utilization and Treatment Project, Weifang Dongjiang.

4 announcements / year items.

3) In terms of projects under construction, as of 2019H1, the company is applying for hazardous waste permit qualification8.

9 Annual production capacity of projects under construction 13.
.

5 annual budget, about 61 projects are planned for construction each year.

Hazardous waste industry: Safety accidents are forcing stricter supervision, and effective supply is still scarce.

1) In April 2019, the “Waste Removal Action 2019” was launched, and 11 provinces (municipalities) in the Yangtze River Economic Belt were launched to crack down on solid waste and hazardous waste, and it was required to be completed by the end of April 2020. At the same time, the explosion of the water industry caused the chemical industry in related provinces to rectifyEnvironmental protection verification has become more stringent, forcing hazardous waste disposal to return to professional channels and increasing the amount of hazardous waste disposal.

2) At present, the scale of hazardous waste production capacity is still 西安耍耍网 a scarce resource: in 2017, the national hazardous waste output was 7,465.

In 85 years, the annual growth rate is 33.

61%; 88 for hazardous waste disposal and utilization.

34%, with 870 remaining.

87 Fatal and hazardous waste was deposited without disposal.

Investment suggestion: The company is a leader in the hazardous waste industry. It has a qualification of 146 for hazardous waste disposal. Based on the construction and production capacity of 72, the operating capacity has steadily increased and the profit quality has been high.

We maintain our forecast of net profit attributable to mothers for 2019-2021.

92/6.

17/7.

4.3 billion, a growth rate of 20.

5% / 25.

4% / 20.

4%, corresponding to an estimate of 17 on October 28.

7/14.

1/11.

7x PE, maintaining the level of “prudent increase”.

Risk 杭州夜网论坛 reminder: project construction progress risk, hazardous waste project accident risk, policy risk.

Depth-Company-Dream Lily (603313)： Profitability improved markedly, production capacity changes steadily advanced

Depth * Company * Dream Lily (603313): Profitability improved significantly, production capacity changes steadily advanced

The company disclosed its semi-annual report for 2019: the report consolidated and the company realized revenue of 15.

800 million, +23 a year.

2%; net profit attributable to mother 1.

5 ‰, +294 per year.

8%; non-net profit attributable to mother 1.

4 trillion, +149 a year.

1%.

Among them, 19Q2 achieved revenue of 7.

9 trillion, ten years +18.

1%; net profit attributable to mother is 75.08 million yuan, +123 per year.

9%; deducted non-net profit of RMB 84.81 million, +56 for ten years.

9%.

Key points of the support level Domestic sales growth has improved performance, and domestic omnichannel development has been actively promoted.

In the short-term report, the company’s revenue is +23 per year.

2%, 19Q2 + 18.

1%, a month-on-month decrease, in which the revenue of memory foam mattresses and memory foam pillows respectively exceeded +17.

8%, -6.

1%, the growth rate in the first half of 2018 is 8.
.

9%, 0.

3%, revenue accounted for -2.

4%, -4.

4% to 51.

4%, 14.

1%, sofa, electric bed revenue share increased from zero to 9.

8%, 8.

2%.

Affected by the declining demand in the real estate market in mainland China, revenue growth rate was replaced by 7.

5%, accounting for -2.

3% to 15.

8%, foreign revenue +26.

5%, accounting 杭州桑拿网 for +2.

2% to 83.

3%.

However, the company actively explores domestic self-employed, franchise, department store, and hotel channels. It now has thousands of sales terminals and reached strategic alliances with large large-scale home furnishing stores.Platform, offline and online synchronization, laying the foundation for the next generation of domestic business.

The preliminary anti-dumping ruling is beneficial to the company, and the production capacity is actively transferred overseas.

In May this year, the United States imposed a 25% tariff on mattresses exported from China. The US Department of Commerce also announced the preliminary findings of the anti-dumping investigation that began at the end of 18, with the company’s lowest anti-dumping tax of 38.

56%, reflecting that the company’s products win with quality rather than dumping at low prices, and local customer relationships are stable, and the remaining few companies are 74.
65% or 86.
64%, the number of unexpected companies was 1,731.

75%. If the final ruling in October this year maintains this criterion, it is expected that a large number of BM clearing will be ushered in, the industry concentration will accelerate, and the company will benefit significantly.

In fact, the company is actively carrying out overseas production capacity deployment. Serbia, Spain, and Thailand production bases have been put into production and supply capacity to the world. The output value is expected to be about 900 million US dollars. The US production base is accelerating construction.The base is put into production, and overseas factories will gradually cover the US market demand.

Lower raw material prices and the depreciation of the renminbi helped boost profitability.

The US dollar is the settlement currency of the company’s export business (with revenue accounting for over 80%). During the reporting period, the prices of main raw materials TDI and MDI continued to fall by about 30% -60%.19H1, 19Q2 gross margin extended by +9.

0pct, +9.

1pct to 37.

4%, 40.

7%.

Transportation and miscellaneous expenses and sales channel fees increased, employee compensation increased, convertible bond interest expenses, etc. increased sales / management / financial expense ratio by +1.

1 point / 1.

5 points / 1.

4pct, 19Q2 +2 twice.

5 points / 2.

8 points / 1.

3pct, the net profit of 19H1 and 19Q2 was extended by +6.

5pct, +4.

7 points to 9.

8%, 9.

8%.

The Sino-US trade war will reduce the number of mattresses exported by the United States to the United States (at least the largest exporter of mattresses), affect the demand for raw materials, suppress the prices of TDI and MDI, and the company ‘s gross profit margin will remain at a high level in the second half of the year.

It is estimated that the company is actively constructing domestic omni-channels, continuously expanding its production capacity, and is relatively affected by the Sino-US trade war among mattress companies. The prices of TDI and MDI raw materials have continued to decline, and the gross profit margin has room for improvement.The annual EPS is 1.

13/1.

57/2.

06 yuan, an annual increase of 94.

6% / 30.

0% / 31.

2%, corresponding to the current expected PE16X, maintain BUY rating.

The main risks faced by the rating are rising raw material prices; RMB appreciation; overseas production bases are put into operation later than expected.

Russia calls on Japanese ambassador to protest Abe’s distortion

Russia calls on Japanese ambassador to protest Abe’s distortion

On the 9th, the Russian Foreign Ministry summoned the Japanese ambassador to Russia last month to protest against Japanese Prime Minister Shinzo Abe’s recent improper statement on Russia-Japan disputed territories and the conclusion of a peace treaty between Russia and Japan. The distortion has gradually become the essence of consensus on accelerating the negotiations.

　　Russia’s Deputy Foreign Minister Igor Morgulov said that Russia has noted that the Japanese leader will explain to the original islanders of the disputed territories that the ownership of these (disputed) islands will be transformed into Japan and that the Japanese government will initiallyIdentify reports of joint abandonment of budgets related to disputed territories.

　　Morgulov 北京桑拿洗浴保健 reminded the Japanese ambassador to Russia that such a Japanese statement seriously distorted the curve to point to the essence of consensus on accelerating the negotiation of a peace treaty, and let the content of the negotiations mislead the public opinion.

Russia believes that Japan has deliberately created a tense atmosphere for the negotiation of a peace treaty and will inevitably sell the Japanese plan to Russia.

　　Abe and Russian President Vladimir Putin met in Singapore last November and agreed to accelerate the process of the Japan-Russia peace treaty based on the “Japan-Soviet Common Declaration” issued by Japan and the Soviet Union in 1956.

The declaration mentioned that after the long-term peace treaty, the Soviet Union handed over to the Japanese side the smaller islands of Sertan and Dancing Islands among the disputed islands.

However, Russia reminded Japan that discussing territorial disputes on the basis of the “Japan-Soviet Common Declaration” does not mean that Russia will automatically hand over the disputed islands.

　　Japanese Foreign Minister Taro Kono and Abe will visit Russia in mid- and late-January, respectively.

Kyodo News said that the Russian side protested the prediction to contain Japan and improve the wisdom of the negotiation gate.

　　The Russian Ministry of Foreign Affairs reiterated in a statement on the 9th that in order to conclude the Russia-Japan peace treaty, Russia-Japan relations need to be substantially improved, public support exists, and Japan unconditionally recognizes the results of the Second World War, including what the Russians call the South Kuril Islands, todayRussia claims the sovereignty of the four northern islands.

(Liu Xiuling)[Xinhua News Agency Microblog]Original Title: Russia Calls on Japanese Ambassador to Protest Abe’s Distortion of Leadership Agreement

Blu-ray Development (600466)： Rapid growth in performance and significant national distribution benefits

Blu-ray Development (600466): Rapid growth in performance and significant national distribution benefits
I. Overview of the event Blu-ray Development announced a semi-annual performance pre-announcement announcement. The company expects that the net profit attributable to shareholders of listed companies for the first half of 2019 will increase by approximately 6 from the same period last year.About 2.5 billion, an increase of about 101% each year; the net profit of alternative non-recurring gains and losses attributable to shareholders of listed companies increased by about 5 compared with the same period last year.About 90 ‰, an increase of about 98% each year. Second, analysis and judgment of performance growth and growth, scale effect performance The company expects to achieve net profit attributable to its mother by about 12 in the first half of 2019.500 million US dollars, an increase of about 101% a year; non-net profit deduction of about 1.2 billion US dollars, an increase of about 98% a year.The growth of the company’s net profit was mainly due to the substantial increase in the carry-over income of the company’s real estate projects during the reporting period.At present, the company has achieved a national strategic layout. Through the continuous expansion of sales scale, the future development is expected to go to the next level. Sales increased steadily, accelerating the nationwide distribution According to data from Kerer, the company achieved sales of USD 48.3 billion in the first six months of 2019, an increase of 10.4%, continued to maintain stable growth, ranking 30th in the industry.As of the end of 2018, the company’s land share in Central China and South China increased from 5% and 13% to 26% and 23%, respectively, and the 上海夜网论坛 proportion of Metropolis and East China decreased from 45% and 21% to 16% and9%, a national breakthrough in depth. Diversified financing, controllable financial risks As of the end of 2018, the company’s asset-liability ratio and net debt ratio after excluding advance accounts were 48.24% and 102.7%, an increase of 1 over 17 years.22 and 11.17 foreign exchange, while the cash short-term debt ratio was 1 from the previous year.62 increased to 1.74. The short-term solvency has continued to improve. Generally speaking, the company’s financial position remains stable.The report summarizes that the company successfully issued perpetual medium-term tickets, short-term financing bonds, ABS for home purchases, private placement bonds, and US dollar bonds. The average financing cost was 7.54%, the overall cost is controllable. Third, investment recommendations Blu-ray development performance has grown at a high speed, sales have steadily increased, the nationwide layout has been deepened, finance has remained stable, and financing channels have been diversified.The company’s EPS is expected to be 1 in 19-21.17/1.78/2.14 yuan, the corresponding PE is 5.0/3.3/2.7 times, the highest and lowest in the past three years, with a median PE of 22.8/7.0/15.1x, giving the company a “Recommended” rating. 4. Risk warning: The real estate budget policy is tightened, and sales are below expectations.

Guangzhou Restaurant (603043) 2019 Interim Report Review： Equity Incentives and R & D Interventions Impact Q2 Performance Interim Report

Guangzhou Restaurant (603043) 2019 Interim Report Review: Equity Incentives and R & D Interventions Impact Q2 Performance Interim Report

Investment Highlights Company Announcement: 1) Revenue in 19H1 9.

51ppm / + 20.

22%, net profit attributable to mother is 64.3 million yuan / + 10.

19%, deducting non-attribution net profit of 5,130 yuan / -4.

98%.

Among them, Q2 single quarter revenue4.

1.9 billion / + 20.

77%, net profit attributable to mother is 18.79 million yuan / -4.

92%, deducting non-attribution net profit of 9.43 million yuan / -41.

75%.

2) Change the accounting estimates, and change the lease deposit of other business receivables from the provision for bad debts in the previous aging analysis method to no provision for impairment of bad debts.

　　In the first half of the year, Q2’s profit accounted for a very small proportion of the previous, and the range of change was normal.

Since the moon cake business with the highest profit margin in Guangxi mainly recognizes revenue in Q3, and Q2 is also quick-frozen, and the sales of wax products are low season, Q2 is the lowest in terms of net profit and net interest rate.

The highlight of the company’s interim report is that the target business revenue has maintained double-digit growth, advance receipts, inventory and operating net cash flow have increased compared with the same period of the previous year, and the construction of the new factory in Xiangtan has been accelerated and the first phase has been trial-produced.The performance in 19H2 and the next few years will grow rapidly.

　　Revenue from various businesses has grown steadily, and online marketing network construction has achieved initial results.

19H1 company revenue 9.

51 ppm / + 20.

22%, 1) By product: Mooncake series revenue is 0.

34 ppm / + 107.

99% of this year’s Mid-Autumn Festival is slightly ahead of last year.

60 ppm / + 22.

77%, revenue from other products3.

03 ppm / + 17.

63%, catering revenue 3.

3.7 billion / + 14.

01%; 2) By region: revenue in Guangdong Province 8.

2.5 billion / + 17.

64%, domestic and foreign revenue is 0.

91 ppm / +45.

The 34% rapid growth comes from the gradual emergence of the effects of Internet marketing construction, and overseas revenue is zero.

1.7 billion / + 3.

18%; 3) points model: direct sales 5.

2.6 billion / + 18.

15%, distribution 4.

08 ppm / + 21.

The growth rate was slightly faster at 42%, of which dealers in Guangdong Province increased by 34/11 in 19H1.

　　Gross profit margin stayed flat, net interest rate declined, and rates increased during the period.

19H1 company gross profit margin 47.74% / + 0.

05pct is basically flat with a net interest rate of 6.

65% /-0.

82pct decreased slightly.

In terms of period expenses, the sales rate is 27.

58% /-1.

24pct reduces costs from advertising and other management costs (excluding R & D) 11.

64% / + 1.

26pct is derived from the additional supplementary equity incentive expenses of 7.43 million yuan and increased staff costs, and the R & D expense ratio2.

28% / + 1.

26pct originates from the company’s increase of new production lines and new product research and development expenditures, and the financial rate is -1.

18% / + 0.

23pct is basically flat.

Taken together, excluding the impact of changes in accounting policies, the company’s performance in the first half of the year has improved. The main sources are: 1) increased distribution incentive costs; 2) increased R & D investment;
　　Earnings forecast and investment rating: The company’s non-performance maximization in the 北京夜网 first half of the year was due to the increase in original incentives and R & D expenses, but the increase in advance receipts and inventory indicated that Q3 moon cake sales were good, and performance gradually returned to normal growth.

Looking forward to the future, the new factories in Xiangtan and Meizhou will be gradually put into operation, and the transformation of the production base of Liangfeng Park and Likoufu will be advanced steadily. The marketing network inside and outside Guangdong will continue to be built, and the expansion of supply and demand will promote rapid growth of performance.

According to the performance situation, the profit forecast is slightly reduced, and the EPS is expected to be 1 in 19-21.

08/1.

33/1.

60 yuan, the closing price on August 27 corresponding to PE is 33/27/22 times, maintaining the level of “prudent increase”.

　　Risk 杭州桑拿 reminder: The development and growth of attractions are less than expected, natural weather disasters affect the passenger flow of attractions, and the risk of goodwill impairment, etc.

Tongwei (600438)： High-performance growth in the second half of the performance is expected to continue to release capacity

Tongwei (600438): High-performance growth in the second half of the performance is expected to continue to release capacity
The company released the semi-annual report for the year 19, and the H1 revenue in the year 19 was 161.2.4 billion, an annual increase of 29.4%, net profit attributable to mother 14.51 ‰, an increase of 58% in ten years, net of non-attributed net profit13.86 ‰, an increase of 55 in ten years.7%.Q2 achieved revenue of 99.55 ppm, an increase of 37 in ten years.5%, an increase of 61 from the previous month.4%, achieving net profit attributable to mother 9.600 million, +60 in ten years.5%, +95.7%.The company’s performance is in line with the performance performance forecast, high-quality production capacity has been continuously released, and the interim results have grown rapidly. New solar cell projects have reached production one after another, and the scale advantage has been consolidated. The first half-year report shows that the company’s photovoltaic cell sales are about 6GW, + 97% per year, and the capacity utilization rate is> 110%.According to research data, the company’s non-silicon cost for single / polycrystalline batteries is zero.2-0.25 yuan / W and presented a downward trend, far below the industry level.According to PVinfolink data, the current stock price of single crystal PERC batteries is zero.93 yuan / W, approaching the cash cost of new capacity in the industry, old capacity, and restructuring capacity are exiting.From a single quarter point of view, the price of pure battery may affect the third quarter profit, which may be under pressure from the previous month. However, driven by the reasonable price difference of single polycrystalline battery, the price of single crystal PERC battery is expected to return to 1 yuan / W, which will bring about improvement in battery business profit. High-purity crystalline silicon has steadily expanded its leading edge, and its production capacity is expected to continue to be released in the second half of the year. According to the company’s semi-annual report, the company’s silicon sales in the first half of the year2.28 per year, at least +162.85%, the production cost of the new production line has reached less than 4 million tons / ton, and the 杭州桑拿网 production cost of the old production capacity is expected to continue to decrease by 10% compared to 18 years.At present, the price of silicon materials has fallen below the cost line of most manufacturers, and the subsequent prices will gradually stabilize. In the first half of the year, the new production capacity of Baotou and Leshan will be released by about 20%.The old factory in Leshan has full horsepower. We expect that the company’s silicon material capacity will be fully released in the second half of the year, and the gradual expansion is expected to reach 6.5Cobalt and silicon materials business will contribute more profits to the company in the second half of the year. The 2019-2021 results are expected to be 0.81 yuan / share, 1.01 yuan / share, 1.Driven by 27 yuan / share of photovoltaic and agricultural and animal husbandry businesses, the company’s net profit attributable to its mother is expected to be 31 in 19-21.27/39.12/49.150,000 yuan, EPS is 0.81/1.01/1.27 yuan / share, the closing price on August 14 corresponds to PE of 15.89X / 12.7X / 10.11X.The company has obvious cost advantages in the field of photovoltaics. The expansion of production capacity consolidates the scale of the leader. The leading edge is expected to expand. The company’s 19-year photovoltaic business estimates 20 times PE, and the agricultural sector 22 times PE, corresponding to a reasonable value of 16.46 yuan / share, continue to give a Buy rating. Risk reminders: PV installations are less than expected, and the price of the industrial chain has fallen sharply; risks of changes in internal policy environments and risks of changes in international trade conditions; and battery technology updates have made the company risk of backward production capacity.

China Coastal Defense (600764)： The client’s formulation of plans and the adjustment of the schedule of the assembly plant do not affect the long-term operation of asset injections.

China Coastal Defense (600764): The client’s formulation of plans and the adjustment of the schedule of the assembly plant do not affect the long-term operation of asset injections.

Event: The company achieved revenue in the first half of 20191.

1.5 billion, down 8 a year.

59%; 1453 net profit attributable to mother.

140,000 yuan, down 7 every year.

90%.

Key points of investment The adjustment plan of specific customers and the adjustment of the overall schedule of the assembly plant will not affect long-term operations.

In terms of business, the revenue of special-equipped electronic products was 8,326.

660,000 yuan, a decrease of 19 per year.

62%; test and inspection services income 165.

540,000 yuan, a decrease of 58 per year.

03%; income from special power sources such as ballast water 74.

110,000 yuan, a decrease of 85 per year.

63%, income of power tools and other 2264.

640,000 yuan, an increase of 173 in ten years.

55%; Real estate lease income is 592.

310,000 yuan, an increase of 80 in ten years.

20%.

Automotive electronics revenue 42.

900,000 yuan, down 63 every year.

61%.

At present, the company is gradually optimizing its product structure and flexibly exiting low-value-added industries under the premise of controllable risks to further improve the company’s profitability.

The decline in Great Wall Electronics’ first half of the year was mainly due to the adjustment of specific customer delivery plans and the overall schedule of the assembly plant. At the same time, due to the reform of the pricing review pricing model, the company’s various new research equipment contract prices were not determined.The conditions for revenue recognition were met, which affected the progress of profit realization in the first half of the year.

The gross profit margin and operating cash flow have improved slightly compared to last year, and the net profit margin has remained basically the same.

Affected by the decline in revenue in the first half of the year, the company’s operating costs increased by 10%.

13%, gross margin 44 in the first half.

45%, compared with 43 in the same period last year.

49%, a slight increase.

Selling expenses also fell in the first half of the year6.

34%, management expenses increased due to factors such as investment in information platform construction and increase in employee compensation6.

74% in the first half of the year.

67%, compared with 12 in the same period last year.

58%, basically unchanged.

In the first half of the year, the company’s net cash flow from operating activities was -2144.

620,000, compared with -9767 in the same period last year.

02 thousand.

The reconstruction 深圳spa会所 plan is advancing steadily.

According to the latest announcement, the company plans to make a price of 67.

500 million acquisition of Haisheng Technology, Liaohai Equipment, Jerry Electronics and other six companies, including 59 shares.4 billion (issue price is 21.

49 yuan / share), cash payment 8.

1 billion, while non-publicly raised funds do not exceed 32.

01 billion.

Through this reorganization, China Haiphong ‘s main business is to expand the underwater information transmission to underwater information acquisition, underwater information detection and countermeasures, underwater evidence systems and supporting equipment to achieve full coverage of all professional areas of underwater information systems.
At the same time, it is clear that the company, as a part of the group’s electronic information industry integration platform, thoroughly opens up the business and capital channels of the research institute and listed companies in advance.

After the completion of this injection, China Haiphong’s height as the only integrated platform for the electronics and information industry sector of CSSC Heavy Industry Group has become clearer.

Democracy, the company has announced that the shareholder is China Shipbuilding Industry Corporation and China Shipbuilding Industry Corporation is planning a strategic reorganization. We estimate that the annual profits of the two groups’ external informatization assets will reach billions of dollars.

Investment suggestion: For prudence and consideration, the current forecast does not include the newly injected assets and is published. Considering the maximum amount of matching funds to be raised, the company’s net profit is calculated according to performance commitments. After the reorganization, the current price of China Coastal Defense corresponds to about 33 times PE in 2019, 2020.About 28 times a year.

Risk warning of maintaining “Buy” rating: slow progress in asset integration.