Po Laiya (603605) three quarterly report comments: good performance development revenue growth in line with expectations

Po Laiya (603605) three quarterly report comments: good performance development revenue growth in line with expectations

Incident research company released the third quarter report of 2019, the company 19Q1-Q3 achieved operating income20.

80 ppm, an increase of 33 in ten years.

35%; net profit attributable to mother 2.

400,000 yuan, an increase of 32 in ten years.

04%; net profit after deducting non-return to mother 2.

380,000 yuan, an increase of 41 in ten years.


The company achieved operating income of Q3 in a single quarter7.

52 ppm, an increase of 45 in ten years.

15%; net profit attributable to mother is 0.

670,000 yuan, an increase of 26 in ten years.

07% commented that the revenue growth in the first half of 2019 accelerated, and the growth of the main brand accelerated: from January to September 2019, the company achieved 20.

8 billion operating income, an increase of 33 in ten years.

35%; net profit attributable to mother 2.

400,000 yuan, an increase of 32 in ten years.


The company achieved operating income of Q3 in a single quarter7.

52 ppm, an increase of 45 in ten years.

15%; net profit attributable to mother is 0.

670,000 yuan, an increase of 26 in ten years.


In a single quarter, the company’s Q1 / Q2 / Q3 2019 single quarter revenue reached 6.



5.2 billion, an annual increase of 27.

59% / 27.

39% / 45.

15%, revenue continued to accelerate.

In terms of brands, the Perla brand accounted for 88 in the first half of the year.

50%, the brand of Youzilai accounted for 3.

99%, other brands accounted for 7.


It is expected that the revenue growth of the main brand Polia will exceed 30%, and other new brands will continue to make efforts to continuously meet new consumer demand.

  E-commerce channel sales accelerated, creating explosives to stimulate revenue.

The report summarizes that the company continues to refine the operation of various e-commerce platforms, focusing on “young”, “fun” and “fun”.

Tmall: In-depth cooperation with KOL outside the station and head live broadcasters on the station, carry out content marketing for new customers, in-depth operations for brand members, and launch new online and offline retail.

JD.com: Deploy explosive items such as sun protection and air cushion CC in advance, and carry live broadcasts with big influencers on platforms such as Douyin and Kuaishou.

According to the number of reports, the “bubble mask” was successfully created through the acne mark, which drove the company’s revenue growth.Q3 company continued to build explosive models through social platforms. In the first three quarters, e-commerce platforms grew by 60%, online channel revenues increased significantly, gross profit margins, expense ratios declined, and profitability was affected.

In Q1-Q3 of 2019, the company’s gross profit margin decreased and decreased4.

62 points to 60.

45%, mainly 杭州夜网论坛 due to the decline in gross profit margin of the mask income ratio continues to rise.

Regarding the period expense ratio, the sales expense ratio ratio in Q3 single quarter decreased by 1.

82pct to 39.

48%, mainly due to good performance; management expense ratio was -0 for half a year.

54 points to 7.

04%; financial expense rate rises by 0 every year.

18pct to -0.


Q3 single-quarter operating cash flow achieved 1.

3.2 billion US dollars, estimated to turn negative last year to positive, the company’s operations have improved significantly.

In terms of inventory, Q3 single-quarter inventory was 2.

8.1 billion; inventory turnover days were 92 days, a decrease of 11 from last year.

94 days.

  Risk warning: brand development is less than expected; new channel development is less than expected

Aiyatong (002183): 18-year performance meets expectations 1Q19 is slightly lower than expected Financial cost reduction still needs time

Aiyatong (002183): 18-year performance meets expectations 1Q19 is slightly lower than expected Financial cost reduction still needs time

The 2018 performance was in line with expectations, and the 1Q19 performance growth was -80% slightly worse than expected. The 2018 performance was in line with the express report: internal revenue was 701% (2%), which was attributed to the parent’s net profit2.

0 million yuan (-66%), net of non-attributed net profit1.

7 ‰ (-70%), which is consistent with the performance report. In terms of ratio, the gross profit rate is unchanged, and the net profit rate is reduced by 0.

6ppt to 0.


From a single 武汉夜网论坛 quarter perspective, operating income for the fourth quarter of 2018 was 16.1 billion (-23%), and gross profit margins fell by zero.

3ppt to 6.

1%, net profit attributable to mothers can be reduced by 260% to -1.

90,000 yuan, net profit margin decreased by 1.

8ppt to -1.

2%, the reasons for the breakthrough in the growth of performance in 2018 are: 1) the company ‘s financing costs under the background of national macro deleveraging have increased significantly from 2017 to 4-6%, to 8-9% in 2018; 2) the company has actively contracted the supply chainFinancial services.

From the perspective of cash flow, 1Q18-1Q19 had four quarters of operating cash flow that were positive, and the ability to collect funds was enhanced.

In terms of business, in-depth business (380 distribution platform) still accounted for 58% / 65% 深圳丝袜会所 of revenue / gross profit, but the revenue growth rate dropped to 1%. The breadth business (upstream and downstream customers) accounted for 24% of revenue and gross profit respectively.% / 14%, revenue growth rate is still high at 19%, global procurement platform and Yushang Financial Holdings have 13% / 88% income replacement respectively.

The performance of the first quarter of 19 was slightly worse than expected: According to the performance forecast released on February 28, the net profit attribution range was 60-90%, and the actual deviation was 80%, which was close to the lower edge of the forecast.

It still takes time for the company to replace the high-cost funds with the lowest-cost funds, and the effective interest rate in 19Q1 decreased by 1 compared with 4Q18.

5ppt to 7.

7%, but still much higher than 1Q18 4.

4% level.

In addition, Yi Yatong estimates that the performance in 1H19 will increase to 60-85%, corresponding to 2Q18 net profit of 0.


9 ‰, corresponding to a 10-year decline in 2Q19 net profit of 34-94%.

Looking forward, the state-owned shares will reduce the change in financing costs, but the time required may be longer than investors’ predictions. In addition, we also recommend that we pay attention to the efforts of Yi Yatong to streamline its business and improve human efficiency.

In the supply chain business, the company will strengthen cooperation with local governments to improve the service capabilities of major brands such as Philips, Bosch, and MTG in Japan.

Earnings forecast takes into account that financial costs have been reduced more slowly than we expected, and we cut our 2019 / 20e earnings by 68% / 59% to 2.


600 million.

Estimates and recommendations companies are currently sustainable at 5.

78 yuan, corresponding to 54/34 times P / E in 19/20.

We maintain our Neutral rating and maintain our target price of 5.

5 yuan (corresponding to 5% downside), the target price corresponds to 51/32 times P / E in 19/20.

Risks Macroeconomic stall, high financing rates, and worsened cash flow.

Shanying Paper (600567) 2018 performance pre-increasing comment: performance continues to grow rapidly Central China base release of capacity to promote thickening 19-year performance

Shanying Paper (600567) 2018 performance pre-increasing comment: performance continues to grow rapidly Central China base release of capacity to promote thickening 19-year performance

I. Overview of the event On March 18, the company released its 2018 annual report.

Reporting intelligence, the company achieved revenue of 243.

670,000 yuan, an increase of 39 in ten years.

48%; net profit attributable to mother 32.

40,000 yuan, an increase of 59 in ten years.

04%; realized basic profit income of 0.

70 yuan.

Second, the analysis and judgment of long-term performance maintained rapid growth. In 2018, the company’s revenue increased by 39% and 59%, respectively, and its performance maintained rapid growth.

In terms of products, the base paper realized revenue of 185.

0.94 million yuan, an increase of 47 in ten years.

85%; sales of 460.

63 for the first time, growing 30 annually.


Paper products realized income 43.

69 ppm, an increase of 19 in ten years.

72%; sales reached 12.

1.8 billion square meters, an increase of 4 in ten years.


Recycled fiber contributes revenue10.

54 ppm, an increase of 26 in ten years.


During the period, the expense ratio increased, the profitability reached the highest reporting year in recent years, and the company’s sales expense ratio increased by 0.

02pct to 3.

96%, the increase in staff costs and administrative expenses in the management costs increased the management expense ratio2.

49 points to 3.

52%, R & D expense ratio dropped by 0.

11pct to 2.

43%, the financial expense ratio decreased by 0.

49 points to 3.

03%, during the period, the overall expense ratio increased by 1.

87 points to 12.


In 18 years, the national waste price center for raw materials has moved up compared to 17 years. However, due to the increase in terminal paper prices and the high gross profit margin of Nordic Paper’s special paper, the overall gross profit margin has increased, and the overall gross profit margin increased by 0.

04pct to 23.


Despite the increase in the expense ratio during the period, the value of the net asset value of the acquisition of Phoenix Paper exceeded the non-operating income and net profit margin brought by the consideration.

54 points to 14.

10%, the company’s profit level reached the highest in recent years. Imported waste paper has been gradually tightened in advance, and the decline in external waste prices has brought cost-side advantages. In 2018, a total of 1703 imported waste paper was gradually reduced, a 34% decrease. The approval of external waste quotas continued to shrink in 19 years. Reduced demand reduced external waste prices.At present, the average price of US waste substitutes about 1950 yuan / ton, and the national waste substitutes about 2450 yuan / ton.

Since 武汉夜网论坛 19 years, the foreign waste quota has been approved about 554 euros, of which 79 have been approved by Shanying, accounting for 14%, and the company has an advantage in terms of cost in the context of replacing large factories.

The layout of production capacity continued to advance. The release of production capacity in the Central China base increased the company’s performance. Overseas, Nordic Paper was able to achieve 26-inch paper capacity and 24 tons of pulp capacity. The company entered the food-grade packaging paper market through the acquisition of Nordic Paper; Phoenix, USAThe paper industry has a capacity of at least 30 inches of cultural paper and 36 inserts. After the transformation, the company will have 36 high-end beer cardboard production capacity in the United States.

Domestically, the first and 都市夜网 second phases of the Central China base are progressing smoothly. The project is expected to be completed this year. After reaching the production capacity, the annual production capacity can reach 127 inches. Increasing production capacity will enhance the company’s performance.

Third, investment advice The company enjoys external waste advantages in terms of cost. At the same time, it acquires European waste paper trading company WPT to integrate overseas raw material supply channels, acquires American Phoenix Paper, Nordic Paper opens the international market, and the production capacity of domestic central China bases will further increase.Thick performance.

The company’s basic earnings are expected to be zero in 2019, 2020 and 2021.

73 yuan, 0.

83 yuan, 0.

93 yuan, corresponding PE is 6X, 5X, 4X.

Maintain company “recommended” rating.

Fourth, risks indicate that raw material prices fluctuate sharply; changes in downstream demand for box corrugations; environmental protection, and waste paper policies have undergone infiltration changes; capacity advancement has fallen short of expectations.

Blum Oriental (601339) 2018 Annual Report Comments: Hedging Floating Losses and Investment Income Shifts Drag Down Performance and Capacity Releases Continue to Grow

Blum Oriental (601339) 2018 Annual Report Comments: Hedging Floating Losses and Investment Income Shifts Drag Down Performance and Capacity Releases Continue to Grow
Revenue / Net profit increased by +0 in 2018.77% /-10.30%.The decrease in foreign exchange gains and losses will stabilize the high floating losses of cotton futures hedging and the increase in investment income, which will affect the profit margin. In 2019, it is expected that Vietnam ‘s production capacity will continue to be released to drive revenue growth, and cotton price growth will bring performance flexibility. Revenue / Net profit increased by +0 in 2018.77% /-10.30%.The company’s 2018 revenue / net profit was 59.9.8 billion / 4.380,000 yuan, a year increase of +0.77% /-10.30%, EPS is 0.29 yuan.Among them, Q4 company realized revenue / net profit of 14 respectively.4 billion / -27.67 million yuan, with an increase in revenue of 3.78%.From a profit perspective, the company’s overall gross profit margin increased by 1.96PCT to 19.47%, the management / sales expense ratio decreased by 0.07/0.50PCT to 4.80% / 2.25%.Finance expense ratio in exchange loss gains from 2017 loss1.Under the influence of a conversion of US $ 5.9 billion to a revenue of US $ 380 million, a significant decrease1.70PCT to 2.79%.However, net gains and losses from changes in fair value increased by 33.17 million yuan and investment income decreased by one.Under the influence of 37 trillion, the company’s net interest rate fell by 0 in 2018.90PCT to 7.29%. The main industry’s overall volume and price remained stable, and overseas growth continued.The company’s main business income increased by 1.40% to 57.30 ppm, the company released 200,000 spindles in Vietnam in 2018, and the total yarn output increased by 10.29% to 18.73 initial.In terms of volume and price, yarn sales only increased slightly.08%, and the inventory at the end of this period increased by 26.92% to 3.Initial 95; unit price of yarn as a whole remained stable and product structure was upgraded.By region, China’s territorial income also increased by -8.36% to 28.850,000 yuan; China’s overseas income increased by 13.67% to 28.4.5 billion, of which Vietnam Blum revenue / net profit increased by 18 respectively.76% / 7.97% to 24.6.3 billion / 2.7.1 billion yuan. Foreign exchange gains and losses made up for the impact of the high floating losses and losses of the cotton futures hedging and the increase in investment income, and the company’s net profit decreased.30%.(1) The company’s cotton futures construction costs were higher in 2018, and the cotton price rose later than expected. The overall position recorded a floating loss of 71.09 million yuan, which affected the current profit of approximately 61.3 million yuan.Investment income ranking decreased by 1 in 2017.100,000 yuan, resulting in a decrease in the expected investment income1.3.7 billion.(3) The company achieved exchange gains of approximately 3.8 million yuan in 2018, which is equivalent to January 厦门夜网 2017.59 trillion exchange losses, thickening profits1.6.3 billion.If the one-time impact of maintaining the warehouse scale is eliminated, the net profit in 2018 will actually be a low single-digit growth. Looking forward to 2019, Vietnam’s capacity will continue to be released to drive revenue growth, and cotton price growth is expected to bring performance elasticity.On the revenue side, in 2019, Blum Vietnam is expected to have 200,000 spindles in production. By the first half of 2020, the 500,000 ingots in Zone B will be fully put into operation, and the Vietnamese capacity will reach 1 million.On the profit side, the cotton price in 2019 is expected to show an upward trend, which is expected to drive yarn prices higher. At the same time, the cotton futures hedging floating loss is also expected to rewind and bring performance flexibility to the company.At the same time, the exchange rate opening narrowed, and the estimated exchange rate risk was controlled.As a whole, the company’s net profit is expected to increase by 10% -20% in 2019. Risk factors: 1.Price fluctuations of raw materials; 2. RMB exchange rate; 3.Expansion of foreign capacity did not meet expectations. Investment suggestion: The company’s advantages as a domestic leader in color spinning are continuously strengthened. In 2018, its net profit will be replaced by the effects of hedging floating losses and reduced investment income.Taking into account the operating conditions in 2018 and the company’s future capacity release and the performance flexibility brought by hedging / exchange, the EPS forecast for 2019/2020 is reduced to zero.35/0.38 yuan (previous forecast was 0.45/0.52 yuan), plus the EPS forecast for 2021 is 0.42 yuan, maintaining the “overweight” level.

Sunlord Electronics (002138): Benefiting from 5G mobile phone terminal, base station side transforms business development and contributes multi-dimensional growth

Sunlord Electronics (002138): Benefiting from 5G 合肥夜网 mobile phone terminal, base station side transforms business development and contributes multi-dimensional growth
1Q19 results are in line with expectations Sunlord Electronics released 1Q19 results: operating income 5.US $ 4.5 billion, an annual increase of 11%; net profit attributable to mothers is 83.9 million yuan, which will decrease by 18% in the future;4%, in line with expectations.The weak performance in the first quarter of 19 was mainly due to the weak business climate of inductors and other businesses, and the profit of the same period last year, which was included in the shareholding company’s net income after the transfer tax of 25.5 million yuan. However, due to the increase in the proportion of high-margin businesses such as automotive electronics, the gross margin level was highly/ MoM increased by 1.5/3.8 units.With the upward trend of the inductor boom and the gradual increase of related services such as 5G and automotive electronics, we are optimistic about the quarter-to-quarter performance of this year and the company’s long-term performance, and maintain the recommendation. Development Trend Mobile Phone: RF inductors benefit from 5G and overall improvement.1) Double the amount of RF inductors in the 5G era.In the company ‘s inductive business, mobile phones in the semi-resonant field and the communication field, with the 5G communication technology transformation, stand-alone replacement of smart hardware inductors such as mobile phones can be expanded and upgraded. We can double the replacement of RF inductors and increase the power inductors.2) Continuous advancement of customer promotion and expansion of scale.In 2018, the company’s ultra-miniature RF inductors have obtained certifications from many major international customers, and we expect to gradually increase the volume this year and next.We believe that along with the cooperation between Sunlord and RF front-end solution providers and the localization trend, the company’s RF inductor market space and sharing will both improve. Base station side: Dielectric filter, LTCC RF device is progressing smoothly.In the 5G era, device presets are the general trend, and the company’s LTCC technology layout has been improved for many years.The company completed the development of prototype samples of dielectric filters, compensators, LTCC filters and other products last year, and some products have successfully obtained key large customer certifications.We believe that with the promotion of 5G base station construction and the introduction of large customers of communication equipment, the company’s base station side dielectric filters, LTCC devices and other products will fully benefit. Automotive electronics, wireless charging, precision ceramic multi-wheel drive.1) Automotive electronics: In 2018, the company’s automotive electronics business achieved substantial progress. We believe that the company’s winding transformers will significantly increase volume this year, and new planar transformers will also begin to increase volume, opening up new growth space.2) Wireless charging: The company relies on the advantages of winding technology and separates multiple layouts in wireless 青岛夜网 charging. We believe that with the widespread wireless charging and the deployment of wireless charging boards in public places, revenue growth can be expected.3) Precision ceramics: The company’s wearable device ceramic structure business is full of momentum. This year, it is expected to make breakthroughs in mobile phone ceramic backplanes and contribute new growth. Earnings forecast We maintain the company 19 / 20e 0 after ex-rights.77/1.02 yuan unchanged. Estimates and recommendations currently correspond to 19 years 25.8 times P / E.Maintain recommended level and 25.00 yuan target price, corresponding to 19 years 32.5x P / E, still about 26% upside. Risks 5G is expected to be less than expected, and the penetration of ceramic structural parts is less than expected.

China National Travel Service (601888) 2018 Annual Report & 2019 First Quarterly Report Review: Focus on the main duty-free industry leader to grow

China National Travel Service (601888) 2018 Annual Report & 2019 First Quarterly Report Review: Focus on the main duty-free industry leader to grow

The main points of the report describe the company’s release of the 2018 annual report and the 2019 first quarter report: (1) In 2018, it achieved operating income of 470.

07 billion (+66.

2%), net profit attributable to mother 30.

9.5 billion (+22.

3%), net profit after deduction to mother 31.

4.4 billion (+27.

8%); Among them, the company achieved operating income of 129 in the fourth quarter alone.

0.6 billion (+71.

2%), net profit attributable to mother 3.

9 billion (-37.

5%), net profit after deduction is 4

5.2 billion (-20.


(2) In the first quarter of 2019, the company achieved operating income 无锡夜网 of 136.

9.2 billion (+54.

7%), net profit attributable to mother 23.

0.6 billion (+98.

8%), net profit after deduction is 15

8.9 billion (+37.

4%) Incident Review 2018 Annual Report, the company ‘s tax-exempt business has significantly improved its gross profit margin due to scale effects and the integration of wholesale business.

1. Operating income of 332 was exempted in 2018.

2.7 billion (+123.

6%), with a gross profit margin of 53.

09% (+7.

36 points); Revenue from taxable business 11.

08 thousand yuan (+45.

9%), with a gross profit margin of 26.

91% (+4.


Among them, (1) Haitang Bay achieved revenue of 80.

100,000 yuan (+31.

7%) and net profit of 11.

0.6 billion (+21.

4%), receiving 5.97 million customers (+8.

3%) and 1.7 million shoppers (+29.

8%), shopping penetration rate 杭州夜生活网 of 28.

5% (+4.

70pct), the unit price of 4712 yuan (+1.5%).

(2) China has achieved revenue of 67.

3.5 billion, net profit attributable to mother1.

7.6 billion.

Capital Airport Duty Free Shop (T2 + T3) achieved revenue of 73 in 2018.

8.9 billion, of which T2 achieved revenue 6.

5.4 billion.

(3) Shanghai, Shanghai and Shanghai began consolidation in March 2018, achieving consolidated revenue of 104.

5.1 billion, net profit attributable to mother4.

6.7 billion.

(4) Revenue from other tax-exempt businesses 80.

3.1 billion (+79.

8%), with tax business 11.

08 thousand yuan (+45.

9%), other tax-free + taxable businesses collectively return to the net profit of the mother13.

3 billion (-3.


2. Tourism service revenue 122.

90,000 yuan (+0.


In 2019Q1, the combined time of Shanghai, Shanghai and Shanghai increased by 2 months, and the departure from the travel agency in February 19 brought investment income, driving growth in performance.

Benefiting from the higher proportion of tax-free business income with higher gross profit margin, the overall gross profit margin increased by 9.

98pct reached 49.

At 45%, the increase in airport tax-free rental fees led to an increase in the sales expense ratio by 9.

89pct reached 27.

84%, the overall profitability is super stable.

Against the backdrop of overseas consumption return, the duty-free industry leader, high growth is expected to continue.

(1) In the short term: 51% equity of Haiwai will be injected into listed companies; Meilan Airport, a subsidiary of Haiwai, and Haikou and Boao City stores will contribute performance; (2) In the medium term: procurement business integration and scale effectsThe gross margin increase will be even more significant.

(3) In the long run: the company’s international expansion and new opening of stores in the city will increase its performance, and achieve the goal of “ guaranteeing three competitions in one ” in 2020.

The EPS for 2019-2020 is expected to be 2 respectively.

54 and 3.

32 yuan, corresponding to PE and 30 and 23 times, maintain “Buy” rating.

Risk Warning: 1.

The implementation of Hainan’s tax exemption policy was less than expected; 2.

International expansion, participation in global competition, and challenges.

Wanhua Chemical (600309): 40th Anniversary Successfully Closes Customs and Accelerates in 2019

Wanhua Chemical (600309): 40th Anniversary Successfully Closes Customs and Accelerates in 2019

Event description: On April 22, the company announced the 2018 annual report.

According to the announcement, the company achieved revenue of 606 in 2018.

21 ppm, an increase of 14 in ten years.

11%; net profit attributable to mother 106.

10 ‰, a decline of 4 per year.

71%; estimated average return on net assets increased by 36.

82%, a decrease of 13 per year.

84 partnerships; net cash flow from operating activities was 192.

570,000 yuan, an increase of 79 in ten years.

85%; 2 yuan (including tax) for every 10 shares, accounting for 59% of net profit attributable to the mother.


According to the special preparation of the basic financial report, after absorbing and merging Wanhua Chemical, the company realized revenue of 728 in 2018.

37 ppm, an increase of 12 in ten years.

33%; net profit attributable to mother 155.

6.6 billion, down by 1 every year.


Incident analysis and description: 1. 2018 successfully closed 2018 was the 40th anniversary of the founding of Wanhua. Wanhua made great progress in all aspects in 2018 and successfully closed the customs.

First, Wanhua completed the overall listing, laying an important institutional foundation for future leapfrog development, and the company completed the integration of BC Company. The US project was officially announced and the internationalization strategy was quickly implemented.

In terms of technological innovation, the company’s research and development expenses in 2018 reached 1.6 billion U.S. dollars, an increase of 30%. The company applied for a total of 424 domestic and foreign invention patents. The MDI industry chain has steadily implemented three MDI device intelligence and technological transformation and expansion programs.In addition, the company has also set up new platforms such as synthetic biology, electrochemistry, battery materials, information materials, etc., for rapid forward-looking research and layout for the future. In terms of markets, the company has expanded the development of overseas markets for MDI, and its export share has further increased.In terms of production and operation, continue to deepen the safety management and cost management of Yantai and Ningbo production bases, and the Meishan base has also been officially launched in 2018; in terms of management innovation, further pioneering in safety management, operational excellence, and corporate culturejobs.

(1) Polyurethane products continue to strengthen synergy: The company’s polyurethane products achieved revenue of 309.

52 ppm, a 10-year increase3.

75% of the existing MDI production capacity of 210 subsidies, is the company’s main source of income; and plans to increase production capacity of Yantai Industrial Park 50 replacement, Ningbo Industrial Park increased production capacity 30 replacement, and plans to invest in the United States to build 40 cutting-edge MDI devices andIntegrated supporting factories.

In 2018, the company’s polyurethane output (isocyanates, polyols, combined polyethers, etc.) reached 187.

42 for the first time, with an annual increase of 2.

99%, Yantai and Ningbo Industrial Park MDI integration project operating rate reached 87.

15%, 77.


In addition, isocyanate and polyol have a strong synergistic effect. The company has gradually become a full-scale polyol manufacturer in China; and the 成都桑拿网 company’s annual output of 30 tons of TDI devices has been put into production at the end of 2018. Wanhua has become an important TDI supplier in the industry.

(2) Perfect industrial layout of petrochemical products: The company’s petrochemical products revenue reached 189.

08 million yuan, an annual increase of 23.


Relying on the advantages of technological innovation, based on butyl primary derivatives such as acrylic acid / butanol / ethylene oxide, the company has developed the super absorbent resin SAP, neopentyl glycol NPG, and polyether multicomponent with unique advantages of Wanhua.Alcohol, MIBK, isophorone and other high value-added fine products have become important domestic starch and derivative manufacturers; they have also entered the isobutene and derivatives field through world-class PO / MTBE devices.

In the future, the company will involve more downstream high value-added derivative products of diabetes and become an important supplier of alternatives and derivatives in China.

The company’s existing 75-inch formaldehyde, 36-inch butyl acrylate, and 26-inch butyl epoxy resin are under preparation. The 100-ton / year ethylene joint unit is planned to be completed by the end of 2020.

(3) Rapid growth of fine chemicals and new materials: The company’s fine chemicals and new materials achieved revenue 57.

30,000 yuan, an increase of 35 in ten years.


The new materials business continues to expand as the company’s industrial chain, producing high value-added products, weakening the industry’s gradual and important part, and developing rapidly in the long run.The company’s first phase 7 budget / year PC project has been put into production in January 2018. At present, the second phase 13 indicator / year project is under construction. After completion, it will form a new pillar industry with high-end engineering plastics PC as its core.

The company’s 5 preliminary / year MMA projects and 8 indicators / year PMMA projects have been put into production in early 2019, and many of its products have reached European and Japanese mainstream product levels.

The global demand for special isocyanates (HDI, H12MDI, IPDI) is nearly 30 tons, which are mainly used in automotive coatings and other fields. The company’s products have been recognized by major customers worldwide.

The special amine business is a unique business platform built by the company based on the hydrogenation technology platform. Part of the products are supplied to the special isocyanate customers within the company, and some of the exports are mainly for the high-end epoxy resin curing agent market.

2.Accelerating 2019 in 2019, the polyurethane industry has made a good start. In the first quarter, the price continued to rise due to the downstream replenishment. In 2019, the only Wanhua in the world had supplementary MDI power generation, which was affected by the centralized maintenance in the second quarter.The easing of downstream demand has improved, and MDI prices have remained relatively high.

In 2019, the company plans to realize sales revenue of 73 billion yuan (after the merger, it is basically the same as 2018).

2019 is the first year of the company’s overall listing. The company will work in accordance with the idea of “grasping reform, consolidating the foundation, controlling costs, and seeking the future”.

The scale of the company should continue to accelerate the construction and layout of the project, and improve the company’s international competitiveness. In 2019, the million-tonne ethylene project entered the peak period of construction.Improve and perfect the warehouse logistics system, technology center, and service center; replace, supplement more research and development resources, and constantly occupy the commanding heights of new chemical material technology.

3. Investment rating and estimation Considering the overall asset injection after listing, we estimate that the company’s net profit attributable to its parent in 2019-2021 will be 122.

04, 148.

74, 171.

2.5 billion, with EPS of 3.

89, 4.

74, 5.

45, corresponding PE is 12, respectively.

03, 9.

87, 8.

57. Maintain the “Highly Recommended” rating.

4. Risk warning: MDI prices are highly volatile, and the project’s production progress is less than expected; the risk of M & A projects reaching their promised performance; and oil price fluctuations.

China Jushi (600176): Industry pressure is the best test for leading enterprises

China Jushi (600176): Industry pressure is the best test for leading enterprises

The main points of the report describe the operating income achieved in the first half of the year.

60,000 yuan, an increase of 0 in ten years.

9%; attributable net profit of 10.

500 million, a year down 16.

8%, deducting non-net profit declines 23.


The event commented that the industry was under pressure, and volume increases and prices fell.

In the first half of the year, the industry was at a low level of cyclical prosperity (Zhuochuang data showed that in the first half of the year, the average price of alkali-free glass fiber yarns has been falling 4.

2%), the company’s operations were slightly under pressure, and accounts receivable and cash flow also confirmed the fierce competition in the industry.

In the first half of the year, the revenue of glass fiber and products decreased by 0.

8%, the sales volume is expected to increase slightly, and the average price has dropped, so the gross profit margin in the first half of the year was 45 from the same period last year.

6% dropped to 40.

4%, but still maintained at a high level.

In addition, the new material intelligent base received a government subsidy of 40 million yuan, and eventually the non-net profit was gradually reduced23.


The business philosophy behind the increase in costs is worthy of recognition.

Under the background of operating pressure of the company, the overall cost of the company is on the rise, and the rate increases during the period3.

2 units, of which management (including R & D) and financial rates increased by 1.

4, 1.

Three, management costs stemmed from staff budget growth, leasing and other expenses increased, and financial expenses stemmed from increased interest-bearing debt. Due to capital expenditure breakthroughs in 2018-2019, financial expenses are expected to decrease to a high point and may decrease slightly thereafter.

Behind the increase in management expenses is the value to employees. Behind the increase in financial expenses is a optimistic outlook for the future. Only by expanding production capacity against the trend can we seize more market share.

Industry pressure is the best test for leading companies.

In the second quarter, the average price of the industry continued to decline from the previous month. We judge that it may be caused by the intensification of trade frictions and indirectly the domestic short-term growth.

Against the background of increasing industry pressure, the company’s revenue and performance have improved on a sequential basis, demonstrating its product cost advantages. At the 武汉夜网论坛 same time, the company continues to tap its internal potential, and both costs and expenses have decreased from the previous month. Therefore, the net interest rate in the second quarter increased from 19.

8% increased to 21.


When does the glass fiber industry bottom?

We believe that the current core contradiction of the glass fiber industry comes from global demand — about 91 tons of global supplementary feed in 2018, and it is estimated that about 30 tons of global supplementary supply in 2019 (both have been put into production in the first half of the year), from the second half to next yearThe replenishment pressure is small.

Based on the endogenous growth momentum of the domestic economy, taking into account the demand for electronics, automobiles, and real estate expectations, margins will improve, and prices may be expected to gradually stabilize in the end.

Assuming demand is stable, the start time for price increases is the first half of next year; assuming demand is down, the time for price increases will continue to be delayed.

The company’s EPS is expected to be zero in 2019 and 2020.

62, 0.

71 yuan, corresponding to PE14, 12 times, continue to be optimistic.

Risk Warning: 1.

The global economic growth has dropped sharply; 2.

The production capacity of the industry exceeded expectations.

Qixingxingchen (002439): Market segmentation is solid, preliminary expectations for high growth

Qixingxingchen (002439): Market segmentation is solid, preliminary expectations for high growth

Qixingxingchen recently released the 南京夜网论坛 third quarter report of 2019, and reported an initial operating income of 15%.

8.3 billion, an annual increase of 21.

57%, an increase of 26 years after excluding Anfang Hi-Tech.

23%; net profit attributable to mother is 97.1 million yuan, a decrease of 17.

93%, mainly because Hengan Jiaxin last year generated more than 80 million investment income due to the change in recognition method; net profit after deduction of 77.65 million yuan, an increase of 239.

18%, with a budget benefit of zero.

11 yuan.

Accelerated revenue growth and long-term performance can be expected.

Company Q1 revenue 3.

470,000 yuan, an increase of 18 in ten years.

64% in the second quarter.

35 ppm, an increase of 19 in ten years.

46%, Q3 revenue was 7.

10,000 yuan, an increase of 24 in ten years.

77%, the quarterly revenue growth accelerated significantly, the company’s performance maintained rapid growth.

Accounts received in advance by the company at the end of the reporting period2.

32 ppm, a ten-year average of 14.

71%; accounts receivable at the end of the period 16.

29 ppm, an increase of 34 in ten years.

74%; company inventory at the end of the period 2.

70 ppm, an increase of 36 in ten years.

36%, the company has sufficient stock for the fourth quarter.

The operating net cash flow during the reporting period was -1.

08 million yuan, -2 in the same period last year.

3 billion, operating cash flow has improved.

The gross profit margin was basically flat, and the cost control was effective.

Report fact company gross margin 63.

33%, a decrease of 0 from the same period last year.

02 points.

The company’s period expense ratio is 63.

57%, a decrease of 4 over the same period last year.

4pct; sales expense ratio 27.

63%, a decrease from the same period last year.

78 points; management expense ratio 7.

24pct, 2 less than the same period last year.

60pct; R & D expense ratio is 27.

74%, a decrease of 2 over the same period last year.
60pct; financial expense ratio is 0.
96%, an increase of 1 over the same period last year.

25pct, mainly due to the financial expenses confirmed by newly issued convertible bonds during the reporting period.

Industry leaders continue to lead.

According to the latest CCID data in September, the size of China’s cyber information security market in 2018 reached 495.

200 million, the company to 5.

1% market share ranked first.

In terms of products, the IDS / IPS market size reached 31 in 2018.

400 million, the company’s market share is 16.

6%, ranking first in the market for 17 consecutive years; UTM market share in 2018 was 27.

1 trillion, the company’s market share 21.

4%, the product ranked first in the market for 12 consecutive years; 2018 SOC market share of 18.

300 million, the company’s market share is 23.

5%, the product ranked first in the market for 11 consecutive years; 2018 grandma data security product market size was 18.

3 trillion, the company’s market share 9.

9%, ranking first in the market for 4 consecutive years.

In addition, IDPS was selected into the Gartner IDPS Market Guide after entering the 杭州夜生活网 Gartner IDPS Magic Quadrant report for two consecutive times; the company’s Tianqing Hanma firewall firewall successfully entered the Gartner Magic Quadrant report.

The company’s outlook for 2019 continues to be the industry leader.

[Investment suggestion]It is estimated that the company’s operating income in 19/20/21 will be 30.



1.3 billion, net profit attributable to mothers was 6.



22 trillion, EPS is 0.



14 yuan, corresponding to price / earnings ratio of 44/36/29.

Maintain overweight rating.

[Risk Tips]The risk of goodwill impairment caused by mergers and acquisitions; the risk of increased competition in the industry;

Anxin: Anhui Water Conservancy Results Release Expected Expectation to Accelerate Employee Stock Ownership Shows Confidence

Anxin: Anhui Water Conservancy Results Release Expected Expectation to Accelerate Employee Stock Ownership Shows Confidence

[Anxin Construction]Anhui Water Conservancy: Performance release promotes speedup, and employee shareholding demonstrates confidence.

The engineering business structure is optimized, the volume and price of the real estate business go 淡水桑拿网 up, and the company’s performance is expected to accelerate.

The company’s executives actively increased their shareholdings and launched an employee stock ownership plan, demonstrating the company’s leaders and core employees’ confidence in the company’s development.

The company’s evaluation advantage is significant, and the PE is expected to be about 11 in 2019.

6 times, welcome to exchange, Su Duoyong / 13918384864.

  The PPP + EPC project has a high gross profit margin, and the optimization of the engineering business structure has helped performance release.

In 2018, the company’s gross profit margins for PPP, EPC and single construction projects were 25.

93%, 18.

85% and 7.

16%, operating income accounted for 10 respectively.

86%, 1.

88% and 87.

28%, the remaining contract amount of unfinished projects accounted for 59.

92%, 34.

81% and 5.


In 2018, the company’s newly signed contracts for infrastructure business accounted for 71.

42%; new contracts for housing construction accounted for 26.

28%, the company’s business structure is gradually optimized, the proportion of infrastructure business increased, the company’s engineering business gross margin is expected to continue to improve, and help the company’s performance release.

  The volume and price of the real estate business went up, and the real estate carry-over accelerated the release of performance.

The company’s projects are mainly concentrated in the third- and fourth-tier cities in Bengbu, Yinzhou, Wuhu, Ma’anshan and other provinces. The company’s real estate sales volume and price have risen simultaneously, and advance accounts have grown rapidly.

As of the end of 2018, the company received advance payment 97.

37 trillion, an increase of 96 over the end of 2017.


The company’s pre-sale proceeds will start to be delivered in 2019, which will have a positive impact on the 2019 interim results. Real estate carry-over will accelerate the release of results.

The company’s pre-sale house prices have increased significantly.In 2018, the company’s average pre-sale price increased by 7.

36%, the company’s real estate business gross profit margin is basically around 30%, the average pre-sale price rise will drive the company’s real estate gross profit margin to increase, and enhance the real estate business profitability.

  The increase in senior management’s holdings and employee holdings demonstrates confidence in future development.

In 2016, company leaders actively increased their holdings and gradually increased their holdings by 187.

820,000 shares, a net increase of 165.


At the same time, the company launched a wide-ranging employee shareholding plan, and achieved employee shareholding through participation in targeted additional issuances, with a total shareholding of 3%.

6.6 billion shares, with a shareholding ratio of 5.


The increase of senior management’s shareholding + employee shareholding demonstrates the confidence of leaders and core employees in the company’s development. It is expected that the employee shareholding plan will expire and the company will change its momentum to release performance.

  Risk warning: Infrastructure investment growth is slower than expected, PPP is regulated and rectified, interest rates are up, performance is lower than expected