Wanhua Chemical (600309): 2018 performance slightly declines MDI is expected to stabilize and rebound

Wanhua Chemical (600309): 2018 performance slightly declines MDI is expected to stabilize and rebound

Net profit for 20184.

7%, the performance is lower than expected Wanhua Chemical released the 2018 performance report on February 28, thereby achieving revenue of 606.

200 million, an increase of 14 in ten years.

1%, net profit of 106.

1 ppm, 10-year average of 4.

7%, performance was lower than expected.

If calculated based on the caliber of the overall listing, it will achieve revenue of 728.

400 million, an increase of 12 in ten years.

3%, net profit 155.

700 million, downgraded 1 year.

4%, follow 31.

The latest equity of 400 million shares (after completion of the overall listing) is calculated, the corresponding EPS is 4.

96 yuan.

In terms of the pre-merger caliber, 2018Q4 achieved operating income of 147.

0 billion, with an annual value added of 3.

8%, net profit 15.

9 ‰, an average of 52 in ten years.


Based on the combined caliber, 2018H2 杭州桑拿 achieved a net profit of approximately US $ 4.8 billion, and we expect the company’s EPS to be 3 in 2018-2020.



30 yuan (according to the pre-merger caliber), maintaining the “overweight” rating.

The decline in the MDI boom affects performance. Q4’s single-quarter performance was obviously affected by the downturn in downstream demand and sufficient supply. According to Baichuan Information, the average price of pure / aggregated MDI in East China in 2018 was 2 respectively.


92 million / ton, temporarily decreased by 0.

4% / 29%, of which the average price of pure / polymerized MDI in East China in the fourth quarter of 2018 was 2 respectively.


260,000 yuan / ton, 25% / 57% each year, dragging down long-term performance.

In terms of petrochemical products, the lower average prices 淡水桑拿网 of cetyl / acrylic acid / ethylene oxide in East China in 2018 were 0.



84 million / ton, up 15% / 10% / 10%, even though Q4 oil price fell rapidly, but from the average price point of view, the East China residents bid / bid reduction / bid were 0.



93 million / ton, a month-on-month change of -3.

6% /-7.

3% / + 5.

6% /, overall stable. The MDI listing price increased in March, and the price of petrochemical products weakened. On February 27, the company announced that it would raise the pure MDI / polymerized MDI listing price in China to 2 in March.


550,000 yuan / ton, up 1,000 / 2000 yuan / ton from February respectively.

According to Baichuan Information, the aggregate MDI price in East China is currently 1.

510,000 yuan / ton, year-to-date has increased by 0.

360,000 yuan / ton, a cumulative increase of 31%; pure MDI price is 2.

160,000 yuan / ton, a slight increase of 0 year to date.

110,000 yuan / ton.

At present, the overall operating rate of domestic MDI devices is not high, and the peak demand season is coming soon from March to April, and there is limited room for downward MDI prices.

At the same time, due to lower demand in the off-season blended with oil prices, according to Baichuan Information, at the end of February, the prices of propylene / cyclic barium carbonate / acrylic acid in East China were 0.



850,000 yuan / ton, down 9 earlier.

8% / 7.

0% / 1.


Major asset reorganizations have been completed, and the rapid advancement of diversified new projects. The company has completed major asset reorganizations on January 31. It is expected that in the future, it will improve its business synergy in a sound global layout.

At the same time, the company 30 expects that the TDI project will be put into production at the end of December 2018, 5 intervention / year MMA projects, 8 forecast / year PMMA projects will be put into operation in January 2019, and it is estimated that the company expects 13 to enter the second phase of PC projects in 2019.Completed and put into production in the quarter, 50 MDI expansion projects will be completed in 2019, construction of 100 vinyl resin projects will begin, and completion in 2020. 40 MDI projects in the United States are progressing smoothly. The company is expected to start production in 2021.

Maintaining the “overweight” rating combined with the performance report, taking into account the price change of polyurethane (MDI, TDI), we lowered the company’s 2018-2020 net profit forecast to 106/120 / 13.5 billion US dollars (18 years according to the pre-merger caliber, original value120/135 / 1.5 million yuan), the corresponding EPS is 3 respectively.



30 yuan, the combined company’s valuation level (average 9 times PE in 2019), considering the company’s diversified business development, and significant layout advantages, the company is given 12-13 times PE in 2019, corresponding to a target price of 45.


66 yuan (original value 35.


71 yuan), maintaining the “overweight” level.

Risk Warning: Downstream demand continues to be at risk, new projects fail to meet expected risks

Gemdale Group (600383): Performance continues to grow year after year

Gemdale Group (600383): Performance continues to grow year after year
Gemdale Group released its 2019 Interim Report and consolidated its operating income 224.80,000 yuan, an annual increase of 48.78%, achieving net profit attributable to mother 36.32 ppm, an increase of 51 in ten years.65%, eps0.8 yuan / share. The real estate business carried forward and improved, with high performance.The current scale performance of the company both increased rapidly, and the increase in performance was higher because: 1. Benefiting from the expansion of the company’s sales scale in the past two years, the carry-over volume of the current real estate business has increased significantly; 2. The quality of profit has improved; 3. The costThe management and control ability has been further improved; 4. Net investment income has improved significantly. The sales performance is dazzling, and the value of goods is sufficient to help grow again.In the first half of 2019, the company signed a total of 855 contracts.7 ‰, an increase of 35 per year.68%; cumulative contracted area is 428.0 million flats, up 13 a year.97%. Take your time to relax and focus on the first and second tiers and the metropolitan 苏州桑拿网 area.In the first half of 2019, the company acquired a total of 46 cases of land, with a total land investment of about 55.4 billion yuan, accounting for 64 of the local area.74%, the newly added land reserve is about 6.75 million miles.From a structural point of view, the company strengthened the layout of first- and second-tier cities in the first half of the year. Equity investment in first-, second-, third-, and fourth-tier cities accounted for 14%, 63%, and 23%, respectively.The annual increase is 6%. Diversified financing methods have significant advantages in capital costs.As the representative housing company in the A-share market, the company has a significant advantage in terms of capital costs. In the first half of 2019, the average cost of the company’s debt financing expenses was 4.87%, net debt ratio increased by 16 percentage points to 64%, financing costs and debt scale remained at reasonable levels. Business diversification to ensure coordinated development.The company has strengthened its real estate business, while continuing to explore and deploy in diversification and other aspects, so that the company continues to maintain a sound momentum of steady development and achieve coordinated growth in scale and efficiency. Investment rating and profit forecast: We expect the company’s EPS in 19-20 to be 2 respectively.14, 2.57 yuan, maintain “Buy” rating. Risk warning: Real estate forecasts exceed expectations.

Hualan Biological (002007): Blood products industry resumes sales, rationalizes demand release

Hualan Biological (002007): Blood products industry resumes sales, rationalizes demand release

2019H1 results are in line with our expectations of Hualan Bio’s 2019H1 results: operating income14.

30,000 yuan, an increase of 16 in ten years.

77%; net profit attributable to parent company 5.

07 million yuan, an increase of 11 in ten years.

94%, deducting non-net profit4.

62 ppm, an increase of 14 in ten years.


Corresponds to a profit of 0.

36 yuan.

Performance is in line with our expectations.

Development Trends In the recovery of the industry, the inventory of operating improvement has declined.

The company’s revenue and net profit in the first half of the year increased by 16 each year.

77%, 11.

94%, net operating cash flow 5.

390,000 yuan, an increase of 41 in ten years.

47%, faster than the growth of revenue and net profit.

In the second quarter, the company’s single quarter revenue and growth rate were obvious, increasing by 10 respectively.

57%, 0.


Various operating indicators showed a marked improvement, and accounts receivable in the first half of the year6.

64 ppm, a decrease of 14 per year.

95%; for inventory, every 30 items in stock fall.

48%, raw 北京桑拿洗浴保健 materials only increased by 5.

21%, an increase of 11 in ten years.


We judge that the supply of the company is slightly tight during the recovery of the industry.

In the first two quarters of 2019, the company’s sales expense ratio decreased quarter by quarter, respectively, at 11.


09%; compared with 10 in the same period last year.


25%, a significant improvement in the second quarter.

Following the release of capacity supply, the performance of the company’s blood products segment is expected to resume.

The quality of batches issued declined, and sales prices were stable.

The industry average of 40.38 million batches of blood products issued from January to July (after being converted to standard products), basically unchanged from last year.

The company’s two major blood products, albumin was only issued in the second quarter of 24.

270,000 bottles (converted to 10g), exceeding the decline of 56.

78%; Jing Cing only issued 10 in batches.

940 thousand bottles (converted to 5g), exceeding 70%.32%.

From January to July, the proportion of batches of imported albumin issued was 59 last year.

9% dropped to 51.

4%, albumin price pressure eased, the company’s albumin income in the first half of the year5.

10 ‰, an increase of 7 per year.

94%, gross profit margin increased by 0.

91ppt to 54.

53%; Jing Cing income 4.

720,000 yuan, an increase of 73 in ten years.

67%, gross profit margin stable around 61%.

Revenue from other blood products remained flat, structurally affecting gross profit margin.

We judge that under the environment of large fee control, even if the supply is tight, the terminal price increase may be extremely small.

Blood products have recovered for two years, and vaccines will be the highlight in the second half of the year.

Blood products recovered in the two years of 2019-2020. The performance elasticity in 2019 comes from the improvement of the rate side after the improvement of the supply-demand relationship; the performance elasticity in 2020 comes from the increase in supply after actively collecting pulp in 2019.

The company’s quadrivalent influenza vaccine is currently the only high-end vaccine approved in China. The flu vaccine volume in the second half of the season is highly expected.

Earnings forecast and net profit forecast remain unchanged. Taking into account the impact of capital increase, we lower the EPS forecast for 2019/2020 to 1 in the same proportion.

04 yuan, 1.

28 yuan, an annual increase of 28% / 24%.

The current contradiction corresponds to a P / E of 32x / 25x in 2019/2020.

Taking into account the recent improvement in the evaluation of the pharmaceutical industry, we have lowered our target price by 25% (excluding the effect of equity and raised by 13).

02%) to 40.

00 yuan, corresponding to 2019/2020 price-earnings ratio of 39x / 31x respectively, maintain outperform industry rating.

Risks Industry policy risks, volatility of vaccine sales.

Suning Tesco (002024) Company Express: High base of investment income affects profit growth and expects profitability of small stores to improve

Suning Tesco (002024) Company Express: High base of investment income affects profit growth and expects profitability of small stores to improve
Incident company disclosed semi-annual report, revenue of 1355 in the first half.71 ppm / + 22.49%, achieving net profit attributable to mothers21.39 ppm / -64.36%, realizing net profit of -31 after deduction to non-returning mothers.9 billion.Earnings per share are approximately zero.23 yuan. The company achieved revenue of 733 in the second quarter.30 ppm / + 20.10%, realizing net profit attributable to mother 20.04 ppm / -65.99%, realizing net profit of -21 after deduction.9.9 billion. Key points of investment: Online appreciation of expected income affects revenue growth, high investment income affects profit growth: at the revenue end, the company achieved a 22% increase in operating income in the first half of the year, and the revenue growth rate in the second quarter improved, mainly due to onlineThe GMV growth rate was affected, and the GMV growth rate on the Q2 line decreased from 36% in Q1 to 20%.In the first half of the year, online games accounted for about 61% of GMV. Online changes will affect the degree of revenue changes.On the net profit side, the annual interval of net profit attributable to mothers in the first half of the year was 64%, which was due to the high profit base formed by the sale of Alibaba shares in the same period last year.In addition, the Suning shop released its balance sheet at the end of June. Without considering the business reorganization of Suning store and its revenue from the balance sheet, the company realized net profit attributable to its mother in the first half of the year7.610,000 yuan, net profit after deduction is about -9.7.7 billion. The online GMV grew faster than the straight line, and offline mergers and acquisitions of Wanda Plaza promoted the growth of GMV: online, the Internet dividend is approaching the end, and the high growth rate of online retail has improved.As of the end of the second quarter, the number of registered members of Suning Tesco’s retail system has continued to reach.4.2 billion people, an increase of 23 in ten years.8%, a quarter-on-quarter increase of 4.7%.In the first half of the year, Suning Tesco achieved an online GMV of approximately 11.twenty one.5 ppm / + 27%, of which GMV is about 797.0 ppm / + 26%, open platform GMV is about 324.600 million / + 31%.Q2 Suning Tesco achieved an online GMV of approximately 580.3 ‰ / + 19.5%, online GMV high-speed growth in the second quarter of the first quarter. Offline, the acquisition of Wanda Plaza expanded the store area, and accelerated the growth of offline GMV.In the first half of the year, the company’s Suning Tesco direct-operated stores closed on a large scale, reducing the number of stores (excluding Suning stores) at the end of Q2 by 667 to 4,037 earlier.Among them, there are 37 Suning Tesco Plazas (formerly Wanda Plaza), 1746 Suning Tesco Direct Stores, 2110 home appliance 3C stores, 172 mother and baby stores, and 9 supermarket stores.Due to the relatively small Suning Tesco stores, the area of Suning Plaza is relatively long. At the end of the first half of the year, the operating area of Suning’s offline business increased by 15% earlier to 6.94 million square meters, which promoted the offline GMV of about 720 in the first half of the year.1 ppm / + 14.5%, of which Q2 achieved GMV growth of 17.7%, the growth rate has been improved.Affected by the land cycle and the retail environment in the first half of the year, the 3C store efficiency of Suning Appliances decreased by 4%.9%, e-commerce retail cloud-operated stores reduced floor efficiency by 9.0%, and the maternal and infant shop floor efficiency 深圳桑拿网 increased by 24.7%. In terms of different categories, the category of small household appliances including department stores has grown rapidly, and FMCG products can help increase user stickiness.In the first half of the year, the company’s revenue from small appliances including small appliances, red baby maternal and child beauty, household food and other daily necessities increased by 67%. Revenue from communications products, air-conditioning products, white goods, and digital products increased by 0.9%, 17%, 19%, 7.5%, small appliances and department stores promote revenue growth.In the first half of the year, Suning Tesco gradually consolidated the supply chain of fast-moving consumer goods. According to Yibang Power Network, during the period of 618, Suning’s fast-moving consumer goods orders increased by 245%, and the total channel orders increased by 133%.The company intends to acquire Carrefour China, which is expected to further integrate FMCG resources and increase user stickiness and repurchase rate. Price competition strategy has gradually improved. Gross profit margin has been reduced, and the increase in investment income has increased the net worth. In terms of profitability, the company has actively engaged in price competition strategies and increased promotional expenditures on categories. The gross profit margin of major categories increased and decreased, and the gross profit margin decreased in the first half of the year.Down 0.39 points to 14.04%.In the first half of the first half of the year, the employee shareholding plan led to an increase in management expenses, comparable store reductions and rapid expansion of Suning stores to promote higher sales expense ratios, and rapid development of supply chain financing and consumer finance pushed up financial expense ratios. In the end, the company’s total expense ratioBoost 2.66 points to 16.55%.In addition, in the first half of the year, the company’s investment income from the Suning store was not as good as the investment income from the sale of Alibaba’s equity in the same period last year, and the company’s net interest rate fell.59% to 1.54%. Investment suggestion: Suning Tesco insists on the integration of online and offline development.Carrefour consolidated its revenue to boost its sales. Small stores and financial services plan to release their watches. The deduction of non-net profits may be expected to recover.Our company predicts that the annual revenue from 2019 to 2021 will be 1.79, 0.36 and 0.41 yuan.Return on net assets were 17, respectively.4%, 3.4% and 3.7%.Currently the company PS (TTM) is about 0.37 times, lower than 0 of Vipshop.45 times, maintain the “Buy-B” recommendation. Risk warning: M & A integration may be lower than expected; there are uncertainties in the expansion of multiple categories; and the effect of strategic conversion may be lower than expected.

Zhejiang Longsheng (600352) 2019 First Quarterly Report Review: Industry Boom Upturn

Zhejiang Longsheng (600352) 2019 First Quarterly Report Review: Industry Boom Upturn

Core point of view The company is a domestic dye leader, with complete industrial chain support. Affected by the explosion in northern Jiangsu, the dye industry has re-entered a tight supply and demand situation. The company is conducive to fully benefit from the improvement of the industry’s prosperity, maintain a target price of 25 yuan, and maintain a “buy”grade.

The industry’s prosperity is on the rise, and the first quarter’s performance has improved significantly.

The company achieved revenue of 47 in Q1 2019.

71 ppm, +12 for ten years.

75%; realized net profit return to mother 12.

62 trillion, +62 for ten years.


The company’s first-quarter performance increased 青岛夜网 rapidly, mainly due to the company’s dyes and intermediate volume prices rising, and the fair value of other non-current financial assets increased.

In environmental protection, safety regulations are becoming more stringent, and a large number of dye companies limit production and stop production, which has led to tight supply in the industry and high product prices. The company has significant environmental protection advantages, good production safety control, and increased profits under rising prices.

The supply and demand pattern has been tight for a long time, and leading enterprises have fully benefited.

The company has a dye capacity of 30 free radicals (including disperse dye 13 starting, reactive dye 5 inserting), intermediate capacity 10 substitutes (including m-phenylenediamine 6).

5 toluene, resorcinol 3 武汉夜网论坛 additive), the same fashion has 2 called H acid, 2 para-ester project is under construction.

In 2018, the company’s global dye sales were 24.

19 for the first time, with intermediate sales of 10.

73 initial.

Affected by the North Jiangsu bombing this year, a significant gap in m-phenylenediamine supply has occurred and prices have risen sharply.

Under the continuous fermentation of the event, it is expected that the supervision will be stricter in the future, and the scale of supply and demand in the industry is expected to be tight for a long time, which will increase the price of dyes.

As the industry leader, the company has a complete industrial chain and is expected to fully benefit from rising dye prices and enjoy market dividends.

The real estate business is progressing smoothly and is expected to contribute a substantial cash flow in the future.

The company focuses on Shanghai Huaxing New Town Project, Datong Base Project and Huangshan Road Project.

The Huaxing New City project actively cooperated with the Jing’an District government to do a good job in the demolition work. All residents have been relocated, the overall design plan has been initially completed, and it has been incorporated into the Jing’an District’s major start-up projects in 2019.

The Datong base project started construction in July and is expected to start pre-sale in 2020.

The first phase of civil construction and installation of the Huangshan Road project has been completed to ensure real estate delivery and revenue recognition in 2019.

Risk factors: Environmental protection and safety inspections are less than expected; downstream demand for dyes is weak; real estate boom drifts.

Investment suggestion: The company is a domestic dye leader. It is expected that it will benefit the most from the recovery of the industry boom and product price increases. The real estate business is also expected to contribute rich cash flow. We are fully optimistic about the company’s future performance and maintain the company’s 2019-2021 EPS forecast.Is 2.



43 yuan / share, maintain target price of 25 yuan, maintain “Buy” rating.

Bank of Jiangsu (600919): Performance continues to grow rapidly

Bank of Jiangsu (600919): Performance continues to grow rapidly

This report reads: Bank of Jiangsu’s operating income and net profit maintained rapid growth in the first half of 2019, due to the net interest margin expanding month-on-month, but the pressure of its bad exposure rose marginally, maintaining its target price of 9.

42 yuan, corresponding to 19 years 0.

96 times PB.

Key points of investment: rapid growth in performance, pressure on bad margins.

Maintain 19/20/21 net profit forecast[1T3a.

6b0le% _S / 1u3m.

7m0% ary / 1]3.

90%, EPS1.



57 yuan, BVPS9.

81 (-8bp, due to changes in equity) / 10.


20 yuan, the current price corresponds to 5.



20 times PE, 0.



54 times PB.

Maintain target price of 9.

42 yuan, corresponding to 19 years 0.

96 times PB, holding level.

Performance summary: 19H1 return to net profit of mother +14.

9%, revenue +27.

3%, ROE 15.


Defective rate 1.

39%, unchanged from the previous month; provision coverage ratio was 218%, +6 from the previous quarter.


New understanding: Performance continues to grow at a rapid rate, and margins of adverse pressures continue to increase.

Bank of Jiangsu’s net profit attributable to mothers in 19H1 exceeded the growth rate of 14.

9%, an increase of 0 from 19Q1.


The driving force for the accelerated growth of profits comes 成都桑拿网 from: ① 19H1 interest spread (beginning and end of the period) increased by 10bp from 19Q1.

② The provision and provision speed decayed, the asset impairment loss in 19H1 was at least + 61%, and the growth rate decreased by 14pc from 19Q1.

The interest rate spread expanded sequentially.

① The interest-bearing impedance cost rate (beginning and end of the period) decreased by 10bp from the previous month, which mainly benefited from the decline in interest rates in the interbank market.② Yield of interest-earning assets (beginning of period-end) + 1bp qoq, due to 19H1 retail loan share rising to 34%, qoq 19Q1 + 2pc.

Bad marginal pressure.
The 19H1 NPL ratio was flat compared with 19Q1, and the provision coverage ratio increased by 7pc to 281% from 19Q1.

However, its attention rate increased by 8bp compared with 19Q1, and the overdue rate and bad deviation increased by 11bp and 4 respectively compared with 18A.

3 pieces to 1.

70% and 91%.

Since 18H2, the leading indicators of asset quality have risen slightly, and the pressure of adverse exposure has risen marginally.

Risk Warning: The downturn in the economy has led to an increase in credit risk and an unexpected deterioration in asset quality.