Shanxi Coking (600740) 2018 Annual Report Comments: Acquisitions Improve Better Performance Future Changes Also Look at Coking

Shanxi Coking (600740) 2018 Annual Report Comments: Acquisitions Improve Better Performance Future Changes Also Look at Coking

The company’s traditional main business is coke and related chemical by-products, and its profitability is weak. The net profit in the past 10 years has been below 100 million yuan.

However, in 2018, it acquired a 49% stake in China Coal Huajin, and its performance increased significantly.

The increase in performance of the acquisition is expected to improve in the first quarter of 2019, but with the high and stable price of coking coal, changes in subsequent company performance will replace the traditional coking sector.

Acquisitions increase investment income, and net profit increased by 15 in 2018.

67x.

The company’s operating income / net profit in 2018 were 72.

2.9 billion / 15.

33 ppm (+20 each year.

58% / + 15.

67x), basically consistent with the level of performance forecast, EPS is about 1.
.

21 yuan.

The increase in performance was mainly due to the acquisition of a 49% stake increase in China Coal Huajin11.

150,000 yuan investment income.

Net profit after deduction 12.

94 ppm, non-recurring income is mainly generated by the discount of the acquired equity, which is about 1 in terms of the company’s stock business performance.

800 million.

The company’s profit distribution plan is 2 yuan (including tax) for every 10 shares, and the dividend rate is about 20%.

Coke sales rose by nearly 6%, and factors such as environmental extreme production led to a decline in coal chemical sales.

In 2018, the company produced coke 300.

66 announced (100% of annual plan completed), sales of 299.

68 initially (at least +5.

92%).

Coke formaldehyde / cost is 1777.

36/1509.

88 yuan / ton, previously +17.

71% / + 17.

26%, gross margin increased by 0 in the short term.

34%.

The company produces anhydrous tar 25.

83 for the first time, at least -14.

33%; production of carbon black 5.

57 earliest, at least -15.

48%, coal chemical production has not completed the production plan indicators, mainly 都市夜网 due to environmental protection and production restrictions need to adjust the coking time leading to equipment shutdown and maintenance.

In 2019, the company plans to produce 285 inserts of coke, 31 inserts of processed tar, 11 joints of crude benzene, 20 pins of methanol, and 7 of carbon black.

2 nominal.

China Coal Huajin is still expected to contribute to this year’s performance increase.

China Coal Huajin’s 2018 net profit was 29.
64 ppm, the net profit per ton of coal is expected to reach about 340 yuan, because the corresponding equity net profit is only included in the investment income after the completion of the acquisition in March 2018, so assuming that Huajin Company’s 2019 profit is stable, the investment income in the first quarter can still increase by about 3Billion or so.
Risk factors: The company’s coking business profits have increased sharply; coal prices have fallen sharply; and the macro economy has exceeded expectations.

Investment suggestion: Considering the latest coal, coke price expectations (the price of coking coal is unchanged, and the price of coke is down by 3%) and all additional equity issues, we lower the company’s 2019/2020 EPS forecast to 0.

95/1.

04 yuan (previous forecast was 1.

19/1.

23 yuan), plus EPS forecast 1 for 2021.

12 yuan.

The current price is 10.

52 yuan, corresponding to 2019?
2021 P / E11 / 10 / 10x.

Give the company a target price of 14 yuan, corresponding to 2019 P / E15x, and maintain a “Buy” rating.

Jinyi Technology (002869) Quick Comment on Major Events: Proposed Capital Increase, Shareholder Payment, Credit Union Payment, Consolidation of Equipment Leader Panel, and Collaborative Layout of ETC Market

Jinyi Technology (002869) Quick Comment on Major Events: Proposed Capital Increase, Shareholder Payment, Credit Union Payment, Consolidation of Equipment Leader Panel, and Collaborative Layout of ETC Market
Event: The company announced on the evening of July 23, 2019 that the company intends to participate in the mixed reform of state-owned enterprises to add value to Shandong Expressway Xinlian Payment Co., Ltd., and the company intends to obtain a letter to Xinlian by participating in the public listing of the Shandong Equity Exchange Center and introducing strategic investors.The paid capital increase right is to subscribe for a supplementary registered capital of RMB 54 million with its own funds not exceeding RMB 80 million. After the capital increase is completed, the company will hold a 9% equity interest in Xinlian Payment.The company will delist separately or form a consortium with other prospective investors.The company has not yet signed related agreements.At the same time, the company intends to use the investment of not more than 13 million yuan to make up for the long-term debt receivables (including interest, late payment, liquidated damages, etc.) of the target company of not more than 13 million yuan, to obtain all the rights and interests of the corresponding claims. Guoxin Computer’s point of view: 1) Xinlian Payment is an ETC card issuer and operating entity of Shandong Expressway. It will switch to the ETC aftermarket in depth and develop ETC + logistics, ETC + fueling, ETC + finance and other ETC after-car service services with ETC as the entry point.The company intends to strengthen the company’s leading position in the ETC equipment market by participating in Xinlian Payment’s capital increase and share expansion projects, and using Xinlian Payment’s advantages in the ETC issuance and third-party payment fields. At the same time, the company will actively promote its cooperation with Xinlian PaymentCollaboration and in-depth cooperation in multiple fields to achieve customer resource and channel sharing, further expand ETC’s application scenarios (after-ETC market) and the company’s business areas, fully grasp the potential of the ETC market brought by the withdrawal of inter-provincial toll stations, and help the company’s sustainable development andIncrease in profitability.2) In the context of the rapid popularization of ETC, the application scenario of ETC payment is extended to car consumption scenarios such as parking lots, on-street parking, gas stations, parking lots, and car beauty.Among them, the parking lot scene is the most deterministic, opening up tens of billions of growth space.The company started to deepen the parking lot scene in 2013, and cooperated with Beijing ETC supplier Sutong Company to complete the project in Bird’s Nest, Water Cube, etc. The company currently has 500+ parking lot application cases.The company provides products and services such as RSU equipment, 杭州桑拿网 secondary sorting platform, installation and integration. In 2018, it has formed large-scale revenue, and its layout and cases are ahead of other associations.3) Benefiting from the policy dividends of the past two years, the boom of the ETC market has rapidly increased, which is expected to bring significant performance increase to the company and bring sufficient capital resources to the company.The recently proposed capital increase or share purchase has opened the prelude to the company’s investment and mergers and acquisitions to enhance ETC’s comprehensive competitiveness. The company is expected to develop endogenously + epitaxially, expand business boundaries and scale, and accelerate the company’s transition from equipment to integration through the acquisition team or the company.Then transition to the management platform solution.Continue to maintain the Air Force’s profit forecast. It is expected that net profit attributable to mothers will be 5-2019.06/3.06/3.7.3 billion, previous growth rate of 2237 / -39 / 22%; diluted EPS = 4.30/2.60/3.17 yuan, currently corresponding to PE = 11/19 / 15x, maintaining the “overweight” level. Comment: Xinlian Payment is an ETC card issuer and operating entity of Shandong Expressway. After the conversion of ETC, the market, Xinlian Payment is an ETC card issuer and operating entity of Shandong Expressway. It is a non-bank financial institution regulated by the People’s Bank of China.Two third-party payment licenses (Internet, prepaid cards) are vice president units of China Petroleum Distribution Association and vice president units of China Logistics Association.The main business includes ETC business, financial business, payment business, refueling business and other businesses.Xinlian Payment is based on the highway ETC, and through continuous integration and innovation, it has completed the transformation from an ETC issuing organization to a data technology company. It has formed a third-party payment sector supported by Internet payments and prepaid cards.The logistics financial sector supported by EasyNet and the three major business sectors supported by non-inductive payment, “high-speed ETC” and “e-high-speed” smart transportation sector. Generally speaking, the provincial highway bureaus set up subsidiaries as provincial ETC operators to manage ETC card issuance and operations.Xinlian Pay is a wholly-owned subsidiary of Shandong Expressway Group.Shandong Expressway Group is a wholly state-owned large enterprise group managed by the Shandong Provincial Party Committee and the State-owned Assets Supervision and Administration Commission of the People’s Republic of China. Its main business covers the transportation infrastructure field and investment, construction, operation, management and transportation infrastructure of smart transportation.Comprehensive development of supporting land; logistics and related supporting services; investment and management of financial assets.截至目前,山东高速集团注册资本233亿,资产规模6,386亿,资产规模居省管企业和全国同行业第一位,经营领域相继涉及全国22个省,海外106个国家和地区,拥有国内 AAA级And international A-grade credit rating, has been selected as “Top 500 Chinese Enterprises” for more than 10 consecutive years.Shandong Expressway Group owns Shandong Expressway (600350.SH), Shandong Road and Bridge (000498.SZ), China Shandong Expressway Financial Group (00412.HK) three listed companies and more than 20 wholly-owned, holding subsidiaries. Benefiting from the cancellation of toll booths at the provincial border, the company’s ETC card issuance business began to usher in high growth in 2019, and realized operating income from January to May 20193.91 trillion, accounting for 54 of 2018 revenue.78%; net profit was 2558.680,000 yuan, basically the same as the 2018 annual performance. It plans to increase capital and shareholding, consolidate the company’s leading position in the ETC equipment market, and collaborate in the development of the ETC market. The company intends to strengthen the company’s advantages in ETC issuance and third-party payment through the participation of Xinlian Payment in value-added capital expansion projects.Leading position in the ETC equipment market. At the same time, the company will actively promote in-depth cooperation with Xinlian Payment in multiple fields to achieve customer resource and channel sharing, further expand ETC’s application scenarios (after-ETC market) and the company’s business areas, and fully grasp the withdrawalThe potential of the ETC market brought by inter-provincial toll stations helps the company’s sustainable development and increase its profitability. (1) The explosive growth of ETC users, the market after ETC deserves attention, and the industry’s prosperity gradually continues. The National Development and Reform Commission said on June 4 that by the end of December 2019, the number of electronic toll express (ETC) users across the country had exceeded1.800 million, full coverage of highway ETC.Based on the above data, the number of new ETC users in 2019 is more than 100 million.In the context of the rapid popularization of ETC, the application scenario of ETC payment is extending to car consumption scenarios such as parking lots, on-street parking, gas stations, parking lots, and car beauty. Until July 2020, OBU will also enter the pre-installation option. Among them, the parking lot scene is the most deterministic, opening up tens of billions of growth space. According to the National Development and Reform Commission, the Ministry of Transport recently issued the “Implementation Plan for the Rapid Promotion of Electronic Non-stop and Express Toll Application Services on Expressways”. By the end of December 2020, large-scale transportation stations such as airports, train stations, passenger stations, ports and docks will be basically realizedFull parking lot ETC service coverage.Promote the application of ETC in parking lots in residential areas and tourist attractions. The policy of the Ministry of Communications is continuous. Under the clear requirements of the policy documents, transportation stations, residential quarters, and tourism are expected to be promoted quickly. Government-related scenarios such as schools and hospitals are also expected to develop rapidly.At present, the main energy source of the Ministry of Transport is to cancel provincial toll stations, and it is expected that the renovation of parking lots will begin simultaneously in 2020. For the parking lot ETC transformation market, our calculations are as follows: only the government-related transportation stations and residential communities, tourist attractions and future schools and hospitals markets that have experienced rapid growth in the past two years are only measured: ① Airport: data from China Civil Aviation Administration,The number of civil airports nationwide in 2019 is 235. ② Train stations: According to the information of station 12306, there will be 2,853 train stations in the country in 2019, including passenger and non-passenger stations. ③ Bus stations: Assuming that administrative regions above the county level have their own bus stations,Then it corresponds to about 3,000.According to the National Bureau of Statistics, there are a total of administrative divisions at or above the county level: 23 provinces, 5 autonomous regions, 4 municipalities, 2 special administrative regions; 50 regions (states, unions); 661 cities, of which: 4 municipalities;There are 283 prefecture-level cities; 374 county-level cities; 1636 counties (autonomous counties, flags, autonomous flags, special zones, and forest areas); 852 municipal districts. ④Ports and docks: According to the data of the Ministry of Transport, in 2017, the number of China’s 100 million tons big ports reached 34.According to data from the General Administration of Customs, there are 135 water transport ports. ⑤Residential community: According to the 2016 Gaode Community Data Report, the number of residential communities nationwide was 300,000. ⑥ Tourist attractions: According to data from the National Tourism Administration, in 2017, there were 2 types of tourist attractions across the country.There are more than 80,000 and about 9,000 A-level tourist attractions. Schools: The Ministry of Education released the “2017 National Statistical Bulletin on the Development of Education”. In 2017, there were 51 first-class schools nationwide.There are 380,000, of which there are 17 private schools of various types.760,000, deriving about 33 non-private schools.620,000 hospitals: According to data from the National Health Commission, there are about 1 public hospitals nationwide.The cost of 20,000 single-lane ETC reconstruction in 2018 is about 5 million, so the market size of traffic depot reconstruction is about 1.1 billion (since the first transformation is still calculated at 50,000 per lane cost), assuming long-term price stability in the futureAt around 2 million, the size of the residential community and tourist attraction transformation market is 67.The market size of public schools and hospitals is 139 million.2.8 billion.The market size exceeded approximately 21.1 billion. (2) The parking lot company benefited in depth. It is expected that the company’s merger and acquisition conversion solution supplier road has just opened. The company began to deepen the parking lot scene in 2013. It cooperated with Beijing ETC supplier Sutong Company to complete the project in Bird’s Nest, Water Cube and other projects.At present, the company has 500+ parking lot application cases.The company provides products and services such as RSU equipment, secondary sorting platform, installation and integration. In 2018, it has formed large-scale revenue, and its layout and cases are ahead of other associations. Benefiting from the policy dividends of the past two years, the boom of the ETC market has rapidly increased, which is expected to bring significant performance increases to the company and bring a lot of financial resources to the company. The forthcoming proposed capital increase and share purchase may open the prelude to the company’s investment and mergers to enhance ETC’s comprehensive competitiveness. The company is expected to develop endogenously + epitaxially, expand business boundaries and scale, and accelerate the company’s transition from equipment toIntegration and transition to the management platform solution. (3) Other listed company market participants also started to invest in and acquire ETC’s high-quality assets. On May 1, listed company Huaming Smart announced that it plans to acquire one of the three leading suppliers of ETC equipment: Juli Technology; on July 10, thousandsFang Technology announced that it intends to obtain 14% equity of Shandong Expressway Xinlian Payment Co., Ltd. through capital increase.Listed companies and other capitals have begun to intervene in the ETC market, demonstrating the high prosperity and sustainability of the industry. Investment suggestions: 1) Xinlian Pay is an ETC card issuer and operating entity of Shandong Expressway. It will switch to the ETC aftermarket in depth and develop ETC + logistics, ETC + fueling, ETC + finance and other ETC after-car service businesses with ETC as its entry point.The company intends to strengthen the company’s leading position in the ETC equipment market by participating in Xinlian Payment’s capital increase and share expansion projects, and using Xinlian Payment’s advantages in the ETC issuance and third-party payment fields. At the same time, the company will actively promote its cooperation with Xinlian PaymentCollaboration and in-depth cooperation in multiple fields to achieve customer resource and channel sharing, further expand ETC’s application scenarios (ETC aftermarket) and the company’s business areas, fully grasp the ETC market opportunities brought by the withdrawal of inter-provincial toll stations, and help the company’s sustainable development andIncrease in profitability.2) In the context of the rapid expansion of ETC, the application scenario of ETC payment is extended to car consumption scenarios such as parking lots, on-street parking, gas stations, parking lots, and car beauty.Among them, the parking lot scene is the most deterministic, opening up tens of billions of growth space.The company began to deploy parking lot scenarios in 2013, and cooperated with Beijing ETC supplier Sutong Company to complete the project in Bird’s Nest, Water Cube, etc., and the company has 500+ parking lot application cases.The company provides products and services such as RSU equipment, secondary sorting platform, installation and integration. In 2018, it has formed large-scale revenue, and its layout and cases are ahead of other associations.3) Benefiting from the policy dividends of the past two years, the boom of the ETC market has rapidly increased, which is expected to bring significant performance increase to the company and bring sufficient capital resources to the company.The recently proposed capital increase or share purchase has opened the prelude to the company’s investment and mergers and acquisitions to enhance ETC’s comprehensive competitiveness. The company is expected to develop endogenously + epitaxially, expand business boundaries and scale, and accelerate the company’s transition from equipment to integration through the acquisition team or the company.Then transition to the management platform solution.Continue to maintain the Air Force’s profit forecast. It is expected that net profit attributable to mothers will be 5-2019.06/3.06/3.7.3 billion yuan, a year-on-year growth rate of 2237 / -39 / 22%; diluted EPS = 4.30/2.60/3.17 yuan, currently corresponding to PE = 11/19 / 15x, maintaining the “overweight” level. Risk warning: The company has not yet signed relevant agreements, and there is a possibility of unsuccessful transactions; the growth rate of ETC investment is gradually expected; parking fees, and V2X business expansion exceed expectations.

Tunnel Co., Ltd. (600820) Annual Report Review: Steady Growth Achieves Significant Benefit, Accelerates Construction of Yangtze River Delta Integration

Tunnel 四川耍耍网 Co., Ltd. (600820) Annual Report Review: Steady Growth Achieves Significant Benefit, Accelerates Construction of Yangtze River Delta Integration
Investment Highlights: Event: The company’s 2018 revenue was 372.6.6 billion, an increase of 18.21%, net profit attributable to mother is 19.7.9 billion yuan, an increase of 9.32%; plan to pay 1 for every 10 shares.9 yuan (including tax). 4Q18 revenue accelerated, and Jiangsu, Zhejiang and Shanghai areas grew rapidly.From a single quarter perspective, Q1, Q2, Q3, and Q4 revenues increased by 10 each.96%, 22.38%, 17.82% and 19.36%, 18Q4 revenue growth has picked up; Q1, Q2, Q3, Q4 attributed to the mother net profit increased by 9 respectively.79%, 9.79%, 11.48% and 7.46%, 18Q4 growth slowed down.In terms of business, construction and design revenues increased by 16 each.62% and 26.83%, operating business revenue declines by 0 every year.36%, material sales and leasing and other business revenues increased by 174%.51% and 551%; in terms of regions, the company’s business is mainly concentrated in Jiangsu, Zhejiang and Shanghai, with Shanghai’s revenue accounting for 56.79%, Shanghai, Zhejiang, and Jiangsu revenues increased by 19 respectively.98%, 30.30% and 25.32%, the business revenue of Singapore in China increased several times5.42%, India’s business revenue surged 152 in ten years.40%. Gross margin increased, operating cash flow remained flat, and debt ratio increased.Gross profit margin increased by 0 in 2018.65 pct to 12.58%, of which the construction business gross margin fell 0.89 pct to 9.73%, gross margin of design services business increased by 8.81 to 30.48%, operating business gross margin increased by 2.44 to 52.twenty one%.Regarding the period expense ratio, the sales expense ratio was basically flat, at 0.05%; the management expense ratio (including research and development expenses) decreased by 0.81 to 6.60%, of which the R & D expense ratio dropped by 0.55 to 3.52%.Financial expense ratio decreased by 0.26 pct to 1.21%, we believe that the main reason is that the company has more cash on hand, which reduces index expenditure.During the period, the expense ratio decreased by 1.08 to 7.87%.In addition, investment income decreased by 5.42 ppm, due to the disposal of Huaian Hyundai Tram Company in 2017, produced 3.2.4 billion in revenue.The company’s net interest rate fell by 0.45 to 5.36%.In terms of cash flow, net operating cash flow was 15.390,000 yuan, almost the same as in 17 years.But the company’s asset-liability ratio increased by 1.98 to 72.39%. New contracts signed in 2018 fell by 9.74%, 2019 revenue and net profit attributable to target increase by 8-10%.In 2018, the company signed a new contract 588.99 ‰, a decrease of 9 per year.74%, of which the new 10-year order for municipal engineering projects in the construction business.54 ppm, an increase of nearly 75%; design business in the new decade.$ 2.5 billion, an increase of nearly 50% annually.In addition, the company won the bid of 125 for investment projects.RMB 08 million, a decrease from 2017. We believe that this is mainly due to the impact of policies such as PPP project standardization, new asset management regulations, and leverage reduction.The company’s main financing method is long-term borrowing. As of the end of 2018, the balance of long-term borrowings was 75% of the combined fund balance through bank borrowings.49%, due to the company’s outstanding qualifications, we believe that the loan interest rate is relatively low.In addition, when the company’s BT / BOT project enters the operating period, it can also withdraw funds to guarantee the project’s funding requirements.In 2019, the company strives to achieve an increase in operating income and net profit attributable to the parent company by 8-10% in 2018. Profit forecast and rating.We expect the company’s EPS to be zero in 19-20.70 yuan and 0.77 yuan, as the leader of Shanghai railway junction and tunnel construction, will benefit from the integration of the Yangtze River Delta; the perfect incentive mechanism is conducive to accelerating performance, giving a price-earnings ratio of 13-14 times in 19 years, a reasonable value range9.1-9.8 yuan, maintaining the “preliminary market” rating. risk warning.The risk of fluctuations in infrastructure policies, the implementation of infrastructure policies is less than expected.

Kouzijiao (603589): Optimized product structure, outstanding performance outside the province

Kouzijiao (603589): Optimized product structure, outstanding 四川耍耍网 performance outside the province

Event: The company disclosed its 2018 annual report and 2019 first quarter report.

In 2018, the company achieved operating income of 42.

690,000 yuan, an annual increase of 18.

50%; net profit attributable to mother 15.

33 ppm, an increase of 37 per year.

62%; basic profit income 2.

55 yuan.

Q4 revenue was 10.

61 ppm, an increase of 19 per year.

62%; Q4 is net profit of mother 3.

91 trillion, an increase of 83 a year.

57%.

The company’s 2019 first quarter report shows that the company achieved operating income in 2019Q113.

62 ppm, a ten-year increase of 8.

97%; net profit attributable to mother 5.

45 ppm, an increase of 21 per year.

43%, Q1 profit growth exceeded expectations.

Sales volume increased slightly, the upgrade of sales structure was the 杭州夜网 main tone, and revenue growth was at a normal level.

The company’s revenue increased by 18 in 2018.

50%, the growth rate is expected to be between Gujing Gongjiu and Yingjia Gongjiu. After the volume-type growth in 2017, the main keynote in 2018 is the contribution of structural upgrades, which is a normal growth level.

The company’s sales volume increased by approximately 1 in 2018.

49%, excluding the factors contributing to the growth outside the province, the province’s sales volume within the province is estimated to be slightly negative, mainly due to negative growth in the mid-range and low-mid-range.

In 2018, the company’s premium wine revenue was 40.

60 billion, an annual increase of 22%, accounting for 96.

16% (among which average price increased by 10% and sales volume increased by 11%).

Mid-range wine / low-grade wine revenue is 0.

92 ppm / 0.

70 ppm, a decrease of 25 per year.

19% / 20.

95%.

The company’s Kouzi warehouse series is the core force. The Kouzi warehouse has been a high-end product for 5 years and above, and the growth rate has been transformed for more than 10 years. We expect that it will be more than 30%, which will fully benefit the province’s consumption upgrade.

The statement faithfully reflects the impact of the Spring Festival in advance. The growth rate of Q1 is slightly lower. The advance receipts are similar to the same period of the previous year.

Due to the advance of the Spring Festival, the stocking of dealers in the peak season is reflected in the fourth quarter of 2018. If Q4 and Q1 are combined to see that the revenue growth rate is about 13%, it is in line with the normal growth level of the sales structure contribution.

Q1 final advance receipt balance4.

89 ppm, an increase of 0 in ten years.

88%, similar to the same period last year.

Distributors outside the province remained stable, growing rapidly, and the proportion of Q1 increased. It is expected that the contribution will increase in the future.

Provincial income in 2018 36.600,000 yuan, an increase of 17% in ten years.

Extra-provincial income 6.

620,000 yuan, a year-on-year growth of 28%, and the growth rate is increased by 17 pct per year.

The performance outside the province was bright in 2018, with three quarters of growth exceeding 30%.

Taking into account the impact of the Spring Festival holiday, adding up 18Q4 and 19Q1, the company’s provincial revenue was 20%.

24 ppm, an increase of 11% in ten years, with a slight budget growth rate, and extra-provincial income3.

700,000 yuan, an annual increase of 27%.

The company adopts the method of superiority and inferiority to dealers outside the province. Generally speaking, the number remains stable. At the end of 2018, there were 234 dealers outside the province, an increase of 33, a decrease of 47 and a net decrease of 14.

At the same time, the company seeks strategic cooperative relations with key distributors, and the adjustment effect is obvious. In the future, the extra-provincial revenue will continue to increase.

The product structure was upgraded and the ton price continued to rise.

With the mainstream price band in Anhui Province moving up to more than 200 yuan, the company’s product structure has been optimized. With the upward shift in the product structure, the price of wine per ton has continued to rise. The price of wine per ton in 2018 was 12.

60,000 yuan, an increase of 17 in ten years.

12%.

2019Q1 premium wine revenue12.

8.3 billion, a growth rate of 9%, the revenue of mid-range wine and low-grade wine is zero.

62 ppm, a decrease of 1 per year.

9%, continuing the trend of upgrading product structure.

The sales expense ratio fell, and the growth rate of net profit exceeded expectations.

The company’s 2018 revenue was 42.

69 ppm, an increase of 18 years.

50%; net profit attributable to mother 15.

33 ppm, an increase of 37 per year.

62%.

Q4 revenue was 10.

61 ppm, an increase of 19 per year.

62%; net profit attributable to mother 3.

9.1 billion, an annual increase of 83.

57%, the faster-than-expected growth was mainly due to the increase in revenue in the third quarter due to price increases and the natural decline in sales expense ratio.

Thanks to the price increase in the third quarter, the company’s gross profit margin in 2018Q4 and 2019Q1 increased, and the gross profit margin of the company in Q4 2018 was 74.

46%, an increase of 1 per year.

56pct, 2019Q1 will continue to enjoy favorable price increases, with a gross profit margin of 77.

83%, an increase of 3 pct per year.

The company’s sales expense ratio in 2018 was 7.

88%, a decline of 0 every year.

97pct, 2019Q1 sales expense ratio is 9%, which is flat compared with the same period last year.

Thanks to the decline in the sales expense ratio, the company’s profitability has improved significantly. In Q4 2018, the net profit margin was 37%, which increased by 13pct each year.

2019Q1 net margin is 40%, increasing 4% every year.

Investment advice: Steady growth through cycles and deterministic performance replacement.

As a leading real estate wine, Kouzijiao has a strong base market.

Enjoy the duopoly competition pattern in the province.2) The channel does not hold goods, the inventory is low, the dealers have thick profits, and have high loyalty.

3) The price band is in the mainstream of the masses. Demand is rigid and benefits from obvious consumption upgrades. The deterministic transfer of performance is the target of steady growth across cycles.

Slightly adjusted the company’s budget revenue for 2019-2020 was 3.

07 yuan and 3.

64 yuan, the target price is equivalent to 21 times the price-earnings ratio in 2020.

Maintain BUY-A investment rating with 6-month target price of 75 yuan.

Risk reminder: Increased bidding of more than 200 yuan in the province leads to increased competition and sales are less than expected.

Sunlord Electronics (002138): Domestic Inductor Leaders Benefit from 5G, Automotive Electronics, Product Upgrade Possibility

Sunlord Electronics (002138): Domestic Inductor Leaders Benefit from 5G, Automotive Electronics, Product Upgrade Possibility
Fast-growing domestic inductor leader.Sunlord Electronics Co., Ltd. was established in 2000. It is an emerging company mainly engaged in the research, development, production and sales of various chip electronic components., Varistors, NTC thermistors, LC filters, various antennas, NFC magnetic sheets, wireless charging coil components, capacitors, 无锡桑拿网 electronic transformers and other electronic components.According to data from China Industry Information Network, in 2017, Murata, TDK, and Taiyo Yuden each had a market share of more than 10%, accounting for more than 40% of the global market.The market share of Taiwan ‘s Qili New Market is 7.01%, Sunlord’s market share is 6.69%, second only to the three major Japanese manufacturers.The company’s 2018 revenue was 23.6.2 billion, net profit attributable to mothers4.790,000 yuan in 2014?In 2018, the compounded growth rate of net income attributable to mothers was 19 respectively.38%, 22.46%, in the rapid growth channel.2014?Progressive R & D investment in 20184.400 million, accounting for 4% of total income6%. Multi-product lines benefit from increased electronicization of automobiles.The company has a variety of products that can be perceived in the automotive electronics field, such as electronic transformers, power inductors, wireless charging coils, series current generators, etc. The main strategic plans for this field in the future are new energy vehicles and intelligent driving.The value of bicycles available for products ranges from a few hundred yuan to more than 2,000 yuan.After years of market and customer certification, the company’s products have obtained the qualifications of the world’s top automotive electronics major suppliers. Transformer products have been supplied in batches in the second half of 2018, and orders in 2019 have steadily increased.We expect the automotive electronics market as an important market layout for the company, and the company is expected to continue to benefit from the development of automotive electronics business in the future. Inductors and filters benefit from the 5G trend.5G drives the increase in inductance.The company’s product layout is on communication network equipment and intelligent terminal applications. It can provide RF inductors, power inductors, filters and other products required by the 5G industry. Benefiting from the 5G trend and the domestic production of domestic componentsAccelerate progress. Proximity to 01005 inductor products is the first to follow the trend of miniaturization of inductors.The smaller 01005 inductors have become a substitute for products in the inductor industry.We believe that the 01005 inductor technology barrier is high. As one of the few companies in the world that can mass-produce 01005 inductors, the company occupies a first-mover advantage in the industry, and then benefits from the trend of miniaturization of inductors caused by the complexity of smartphone construction. profit prediction.We predict company 2019?Income in 2021 will be 31.11, 40.07, 50.82 trillion, EPS is 0.71, 0.93, 1.19 yuan / share.Considering that the company is a leader in domestic inductive devices and that multiple products benefit from the 5G trend, we give the company 33?38x PE, corresponding to a reasonable value range of 23.43?26.98 yuan.Covered for the first time, giving a “preliminary market” rating. risk warning.5G construction progress may be slower than expected leading to smartphone replacement peak hours.

Dongjiang Environmental (002672) 2019 Interim Report Review: Steady Development of Non-hazardous Disposal Business Focusing on Gradually Release of Main Business Capabilities

Dongjiang Environmental (002672) 2019 Interim Report Review: Steady Development of Non-hazardous Disposal Business Focusing on Gradually Release of Main Business Capabilities

Event: The company released its 2019 Interim Report and achieved operating income16.

90 ppm, an increase of ten years.

67%; net profit attributable to mothers2.

52 ppm, a reduction of 5 per year.

08%; the company’s Q2 operating income +9.

42% to 8.

8.3 billion, net profit attributable to mothers in a single quarter is continuing to pick up (Q1 +208.

57 to 1.

08 ppm; Q2 +33.

33% to 1.

4.4 billion).

The development trend of harmless disposal is good, and the sales of resource-based products are under pressure.

As a leading company in hazardous waste disposal, the company has reportedly obtained innocuous disposal 四川逍遥网 qualification (incineration and landfill) 14.

3 The lowest annual pre-tax profit, and at the same time improve the quality of capital, and increase the business income of +31 by jointly driving the industrial waste innocent disposal business.

54% to 7.

97 ppm, gross margin increased by 2.

08 to 48.

94%; affected by falling metal prices and shrinking demand from downstream companies, the company’s industrial waste resource utilization business operating income decreased by -13.

64% to 5.

66 ppm; Benefiting from the improved prosperity of electronic plug-in disassembly processing, the company’s electronic plug-in disassembly business increased operating income by 40.

76% to 0.

89 ppm, gross margin increased by 4.

21 pct to 38.

29%; the company focuses on the core main business and the construction of internal engineering projects, environmental engineering (-37.

57%), trade and other businesses (at least -78.

63%) total reduction in operating income.

The company’s comprehensive gross profit level is the highest +1.

4 to 36.

69% (Gross profit margin in the second quarter was +1.

19 to 37.

26%), the rate control during the period is good, ten years -1.

12 pct to 20.

15%.

Sufficient capital reserves and gradual release of production capacity.

Reporting intelligence company obtained bank credit 97.

49 trillion and registered 15 trillion medium-term notes, the cash in hand at the end of the period reached 13.

3.0 billion; the company has a total of 3 projects in Nantong Dongjiang, Xingye Dongjiang put into operation (total production capacity of 18.

In January / year), 4 projects including Xiamen Dongjiang Reconstruction and Expansion, and Shaoxing Huaxin are under construction (total capacity of 13).May / year).

Sufficient capital reserves and strategic prospects will ensure the gradual release of the company’s production capacity and bring a steady increase in company performance.

Maintain “Overweight” rating on A / H shares: The company’s resource business is under pressure, focusing on environmental engineering, trade and other business contraction after the main business of hazardous waste. We lower our profit forecast and expect the company’s net profit attributable to its parent to be 19-19.

54/5.

50/6.

65 ppm (original value 4).

92/5.

84/6.

8.3 billion), corresponding to the EPS of 19-21 is 0.

52/0.

63/0.

At 76 yuan, the current A-share breakthrough corresponds to 19-year PE, and the current H-share breakthrough corresponds to 19-year PE.

As the absolute leader of the hazardous waste industry, the company will still benefit from the high boom period of the industry. The gradual release of production capacity will gradually materialize, maintaining the rating of Dongjiang Environmental Protection (A) “Overweight” and maintaining Dongjiang Environmental Protection (H) “Overweight” rating.

Risk reminder: The progress of the project is not as good as expected. After the development of the company, there is a shortage of talents in the operation business, and the collaborative disposal method of the cement kiln will be squeezed in the future.

Jiayuan Technology (688388): 6MM lithium battery copper foil faucet benefits high industry boom

Jiayuan Technology (688388): 6MM lithium battery copper foil faucet benefits high industry boom

The company is an important 深圳桑拿网 supplier of domestic lithium battery copper foil: Jiayuan Technology is mainly engaged in the production and sales of lithium battery copper foil.

53 billion (+103 compared to the same period last year).

68%), achieving net profit attributable to mother 1.

7.6 billion yuan (+107 compared to the same period last year).

1%).

The high growth of 2018 results mainly benefited from the volume of 6μm lithium battery copper foil.

The company is one of the few domestic enterprises that can achieve mass production of 6μm products. This product has greater and higher profitability (gross margin of 39% in 2018). Its main customer is CATL.

Thinner and lighter is the future trend. The penetration of 6μm copper foil in the power field is accelerating. The thinner and thinner copper foil follows the trend of high energy density 杭州桑拿 of batteries, while reducing consumption can achieve cost reduction.

CATL started the 6μm copper foil switching as early as 2018 and has achieved a penetration rate of more than 90%. BYD, Guoxuan Hi-Tech and other domestic battery manufacturers are actively dating 6μm copper foil, and the domestic 6μm copper foil penetration rate is expected to increase to more than 55%.

Overseas, such as LG, SK has started to use 6μm in small batches, and it is expected that it will be a large-scale switching window period in the next 2-3 years.

The supply and release of 6μm copper foil is blocked, and there may be a periodical shortage in 2020: the production expansion cycle is as long as 2-3 years, so the supply side discharge volume is slow.

We expect the supply and demand gaps to be -0 in 2020-2021.

7,, + 0.

Two.

The company’s long-term cooperation power leader and new technology continue to advance: the company’s top five customers include CATL, ATL, BYD, Funeng, Xingheng Power.

With the exception of Funeng, the cooperation time has exceeded 8 years.

Among them, the company ‘s 6μm copper foil purchase of similar products in CATL accounted for 60%, expanding the proportion; cooperation with BYD has begun since its establishment.

In addition, the company is currently actively in reserve4.

5μm, 5μm ultra-thin copper foil to continuously maintain product competitiveness.

Investment suggestions: We expect the company’s attributable net profit growth rate to be 87%, 32%, and 42% in 2019-2021; the corresponding EPS is 1.

43,1.

88, 2.

66 yuan.

Currently corresponding to 39 times price-earnings ratio in 2020, maintain Buy-A rating.

Risk warning: New energy vehicle sales are lower than expected, upstream raw material prices fluctuate, new technology development risks, and relatively concentrated customers.

Yuanzu Shares (603886) 2019 Interim Report: Results Meet Expectations Steady Expansion of Stores

Yuanzu Shares (603886) 2019 Interim Report: Results Meet Expectations Steady Expansion of Stores

Performance was in line with expectations, and price increases drove gross profit margins for 2019H1 revenue8.

3.3 billion (+15.

24%), net profit attributable to mother 0.

36 billion (+36.

13%), of which 19Q2 revenue was 4.

92 billion (+10.

03%), net profit attributable to mother 0.

4.2 billion (-20.

96%), performance growth fluctuates, and performance is in line with expectations.

19H1 gross profit margin 64.

28% (+2.

78pcts), with a gross profit margin of 63 in 19Q2.

59% (+1.

49pcts), mainly due to the company’s April price increase for cakes and fruit gift boxes.

19H1 net profit 4.

40% (+0.

82pcts), of which 19Q2 net interest rate is 8.

61% (-2.

85 pcts), mainly due to the increase in gross profit margin and the decrease in management expense ratio1.

07pct, taxes and surcharges dropped by 0.

33pcts, the sales expense ratio rose by 0.

55pcs and so on.

2019H1 operating cash flow 0.

7.9 billion (-39.

78 %%), which was mainly due to the increase in material payment and labor cost paid during the Mid-Autumn Festival.

2019H1 advance payment 0.

4.2 billion, an increase of 19.

92%, mainly due to the increase in advance payment of materials for the Mid-Autumn Festival.

2019H1 inventory 0.

5.5 billion, an increase of 46.
.

38%, mainly due to the increase in stocking of materials for Mid-Autumn Festival.

The proportion of direct sales is stable, and the stores are steadily expanding. From the product point of view, the company’s main business is outstanding, and the cake’s 2019H1 revenue is 2.

8.3 billion (+8.

48%), the growth rate due to price increases in the second quarter has improved, and normal growth is expected to resume in the fourth quarter; Chinese and Western-style confectionery revenue in 2019H14.

6.5 billion (+14.

06%), fruit 2019H1 revenue is 0.

3.7 billion (+14.
98%), both maintained steady growth.
From the perspective of channels, the company’s direct sales accounted for more than 88%, and its 2019 H1 revenue was 7.

2.0 billion (+11.

58%).

From a regional perspective, the company’s revenue is basically from mainland China, and its 2019H1 revenue is 7.

9.3 billion (+11.

77%).

In terms of stores, the company’s stores increased from 631 in 2018 to 642 in 2019H1, a net increase of 11 stores.

We expect the company’s stores to exceed 650 in 2019.

Increasing performance such as price increases, both 都市夜网 online and offline into the second half of the year, we believe the company will continue to benefit from: 1) price increases for cakes and fruit gift boxes; 2) carry-over income from sleep cards; 3) peak season for moon cake sales (generally single three) Quarterly revenue accounts for about 40% and profits account for about 90%).

The company’s performance in the second half of the year is generally better than that in the first half. The company has adjusted product structure and strategic layout to reduce changes in earnings performance.

Offline channels, opening up channel networks in first- and second-tier cities, steadily and meticulously operating; online channels, using self-built official websites, micro malls, various e-commerce platforms to conduct customer drainage, online transactions, strengthen effective management 杭州夜网论坛 of stores, and achieve onlineUp and down integration.

The investment proposal maintains EPS 1 for 2019-2021.

21/1.

43/1.

67 yuan, corresponding to PE18 / 15/13, maintain “Buy” rating.

Risk warnings on food safety issues; growth of raw materials; lower-than-expected price increases for core products;

Blu-ray Development (600466): Performance continues to grow at high levels

Blu-ray Development (600466): Performance continues to grow at high levels
Investment Highlights The company has entered a period of accelerated release of performance. The 2019H performance is expected to grow by approximately 101% per year.The company announced that it expects that the company’s net profit attributable to mothers in the first half of 2019 will increase by approximately 62,511 million and approximately 101% over the same period last year.The non-recurring gains and losses attributable to shareholders of the listed company will increase by approximately 59,012 million and approximately 98% from the same period last year.The performance growth in the first half of 2019 is initially translated into high growth in the company’s sales in 17 and 18, and the company’s carry-over scale has increased. The company has entered into a period of performance release. As of Q1 2019, the company’s pre-collection account size was 563.700 million, we believe that the company has abundant settlement resources and the fair incentive performance target will be successfully achieved.  Land acquisition has not decreased, the equity ratio has increased, and the average floor price has increased.In the first half of 2019, the company added 32 new projects, with a much more even land distribution, further expanding the proportion of soil reserves in the new frontline, new second line, and strong third line in East China and South China, and increasing the total land occupation 263.A general-purpose site, with an annual growth rate of 25%, with an added capacity of 506.One GM, with an annual growth rate of 19%, and an added equity building area of 382.5 Ordinary people, the actual increase was 40%, and the equity ratio was 76%, which was 12 exchanges higher than the 64% equity of land acquisition in the same period last year.At the same time, the total land price of the company in the first half of the year was 184.60,000 yuan, a significant increase of 81% previously, the equity land price was 145.100 million US dollars, previously a substantial increase of 104%, with an average floor price of 3647.6 yuan / square meter, an increase of 51 in ten years.7%.  The strategy of “going eastward and going southward” has deepened the nationwide layout. The sales proportion in central and eastern China is expected to increase significantly.  According to data from Kerer, the company’s H1 sales in 2019 reached 48.3 billion U.S. dollars, an increase of 10%, and its sales area reached 5.29 million square meters, an increase of 11%. We expect the company’s size to be between 100-120 billion.According to the data disclosed by the company’s first quarterly report, the Q1 company’s sales share in 北京spa会所 Chengdu area significantly decreased in 2019, while the sales share in Central China and East China increased from 18% and 20% in 2018 to 24% and 29%, respectively.In the first quarter of 2019, the company’s sales share in Chengdu and East China reached the same level, and the nationwide equilibrium layout of going eastward and southward can be broken.According to the start-up data disclosed in the first quarter report of 2019, the start-up area in the Chengdu region accounted for 38% of the total area in 2018, and fell to 10% in 2019.  The newly started areas in Central China, Yunnan and Chongqing, and Beijing increased from 25%, 10%, and 6% in 2018 to 30%, 17%, and 31% in the first quarter of 2019, respectively.  Earnings forecasts and investment advice.The EPS for 2019-2021 is expected to be 1.16 yuan, 1.80 yuan, 2.31 深圳桑拿按摩 yuan.Considering the company as the target of high growth and high quality, the company is given a 7x valuation in 2019, corresponding to a target price of 8.14 yuan, maintain “Buy” rating.  Risk warning: Property sales recovery is less than expected, regional division policies are continuously upgraded, and financing is continuously tightened.

Sinopec (600028): Steady growth in oil and gas production in 2019

Sinopec (600028): Steady growth in oil and gas production in 2019

Oil and gas equivalent output increased slightly.

In 2019, the company achieved an oil and gas equivalent output of 458.

85 million barrels, an increase of ten years.

64%; of which natural gas production is 296.

7.4 billion cubic meters, an increase of 7 in ten years.

21%, which will boost the company ‘s oil and gas equivalent output.

The proportion of natural gas production in oil and gas equivalent production has increased year by year.

The company’s natural gas production in 2019 is 296.

7.4 billion cubic meters, accounting for 38% of oil and gas equivalent crops.

06%.

In recent years, the proportion of natural gas in oil and gas equivalent production has continued to increase, from 25 in 2015.

95% increased to 38 in 2019.

06%.

The volume of crude oil processed increased, and the diesel-to-gas ratio decreased.

As the world’s and domestic largest crude oil processing company, Sinopec’s crude oil processing capacity in 20192.

48.5 billion tons, an increase of 10 years.

85%.

In 2019, the company’s diesel output 6606 stepped in, surpassing growth2.

07%; the growth rate of gasoline production is 6277, with an annual increase of 2.

63%.

The company’s diesel-to-gas ratio dropped further to 1.

05: 1 (The diesel-to-gas ratio in 2017 is 1.

17: 1).

The output of chemical products 无锡桑拿网 increased steadily.

The steady increase in the processing volume of crude oil has led to an increase in the output of refined oil products and an increase in the output of chemical products.

In 2019, the company’s ethylene production reached 1,249.

3 For the first time, it breaks through 1,200 Euros for the first time and grows 8 per year.

52%.

In addition, the company’s output of synthetic resin, synthetic fiber, synthetic rubber and other products also increased to varying degrees.

Refined oil sales continued to grow steadily.

In 2019, the company’s total refined oil sales volume reached 1.

8.4 billion tons, an increase of 2 in ten years.

34%; of which retail volume is 1.

2.3 billion tons, an increase of 0 in ten years.

74%, direct sales and wholesale 0.

6.2 billion tons, an annual increase of 5.

63%.

Profit forecast and investment rating.We expect the company’s EPS for 2019-2021 to be 0.

49, 0.

50, 0.

51 yuan, 6 BPS in 2019.

06 yuan.

Based on the estimated level of the international petrochemical company, a reasonable value range of 5 will be given in accordance with EPS in 2019 and 12-14 times PE.

88-6.

86 yuan (corresponding to 2019 PB 1).

0-1.

1x), maintain the investment rating of “previous market”

risk warning.

Crude oil prices fell and petrochemical product spreads fell.