Funeng shares (600483): Internal operating data meets expectations Haifeng project progresses steadily

Funeng shares (600483): Internal operating data meets expectations Haifeng project progresses steadily
The company disclosed its operating data for 2019: In the fourth quarter of 2019, the operating power plants of the company completed power generation in accordance with the consolidated statement caliber 51.3.7 billion kWh, a decline of 4 per year.57%; completed online power 48.7.5 billion kWh, a decline of 5 per year.01%.In 2019, the total power generation is 190.6.9 billion kilowatt-hours, a 10-year increase4.93%; completed online power of 180.8.2 billion kWh, an increase of 4 per year.72%. Most of the indicators occupied in the first three quarters are the breakdown of thermal power generation in the fourth quarter alone.The company’s thermal power generation in the fourth quarter totaled 43.4.1 billion kWh, a decline of 8 per year.53%.Among them, Hongshan Thermal Power has completed 17 generations.3.6 billion kWh, a decrease of 5.45%; Jinjiang Gas & Power has completed power generation5.3.7 billion kWh (excluding alternative electricity), a decrease of 23.29%; Liuzhi Power Plant completed 19.8.3 billion kWh, a decrease of 6.95%; quarterly power generation temporarily exceeded the main reason is that the first three quarters consumed most of most indicators.The company’s initial thermal power generation totaled 168.5.2 billion kWh, an increase of 3.62%.Among them, Hongshan Thermal Power has completed 70 generations.8.8 billion kWh, an increase of 1.23%; Jinjiang Gas & Power has completed 26.5.5 billion kWh (excluding alternative electricity), an increase of 1.22%; Liuzhi Power Plant completed 68 electricity generation.5.6 billion kWh, an increase of 6.84%.Except for the decline in Jinjiang Gas, Electricity and Gas prices (0.5957 yuan / kWh is temporarily 0.5906 yuan / kilowatt hour), the on-grid electricity prices of other branches are the same as in 18 years. In the early stage, wind power generation increased significantly, and the Haifeng project contributed some increase.The company’s wind power generation in the fourth quarter (windward period) was 7.9.4 billion kWh, an increase of 25.04%.Among them, Funeng New Energy has realized power generation7.2.5 billion kWh, an increase of 19.24%; Jinjiang Gas Power has achieved wind power generation of 0%.3.1 billion kWh, an increase of 14.81%.The company’s maximum wind power generation is 21.6.8 billion kWh, an increase of 16.25%.Among them, Funeng New Energy has achieved 20 power generation.2.6 billion kWh, an increase of 13.76%; Jinjiang Gas Power has achieved wind power generation of 0.9.6 billion kWh, an increase of 14.29%.The on-grid tariffs for wind power of various companies are the same as those of 18 years.At the end of the third quarter, the company’s Pinghai Bay and Shicheng Offshore Wind Power Project put into operation some units to contribute 0% of offshore wind power generation.4.6 billion kWh, the Internet price is zero.85 yuan / kWh (including tax).The installed capacity of the remaining projects in the Shicheng Formation and Pinghai Bay F area is expected to be separately started today and will continue to be put into production in batches in the next two years to increase wind power business performance.In addition, the company’s Changle Offshore Project (49.(80,000 kilowatts) has begun construction, and wind turbines are in the tender process. The company’s high-level heating business volume and price rose.The company’s quotation for the fourth quarter was 191.13 tons, an increase of 21.27%.  Among them, Hongshan Thermoelectricity realizes the donor 140.54 南宁桑拿 tons, an increase of 22.97%; Longan Thermoelectricity has achieved 50 donors.59 tons, an increase of 16.43%.Hongshan’s average heating power price is 151.46 yuan / ton, the same increase of 1.05%; Longan thermoelectric heating average price 194.58 yuan / ton, the same increase of 0.85%.The company’s maximum funding is 651.95 tons, an increase of 23.04%.Among them, Hongshan Thermoelectricity realized donor 483.41 tons, an increase of 27.34%; Longan Thermoelectricity achieved donor transformation 168.54 tons, an increase of 12.18%.Hongshan Cogeneration’s average heating price is 152.09 yuan / ton, the same increase of 1.23%; Longan’s average heating and heating price is 194.08 yuan / ton, the same increase of 0.72%. Earnings forecast and estimation: It is transformed into the orderly advancement of equity acquisition of Ningde Nuclear Power, the offshore wind power (Shicheng, Pinghai Bay F area) project units have been put into production one after another, and the flexibility brought by the thermal power business under coal prices, we expect the company ‘s performance to continueGrowth, the predicted net profit for 2019-2021 is 12 respectively.71, 15.17, 17.650,000 yuan, after considering the acquisition of Ningde Nuclear Power, the corresponding EPS is 0.82, 0.87, 1.01 yuan, maintaining the company’s “Buy” rating. Risk warning: uncertainty of the prices of coal, natural gas and other raw materials; uncertainty of wind power supplementary policies; uncertainty of wind power utilization hours.

Philippine Foreign Minister: Peace and Stability in the South China Sea Is Most Important

Philippine Foreign Minister: Peace and Stability in the South China Sea Is Most Important
Xinhua News Agency, Manila, August 8 (Reporter Dong Chengwen and Yuan Mengchen) Philippine Foreign Minister Cayetano said on the 8th that peace and stability in the South China Sea are most important and the Philippines does not want another dispute in the South China Sea.In response to the recent statements issued by the US, Japan, and Australia on the South China Sea, he warned countries outside the South China Sea that the Philippines is an independent and sovereign country and 北京夜网 no other country is required to tell the Philippines what to do.  As the rotating presidency of ASEAN this year, the Philippines has held a number of ASEAN related meetings since August 2.In summing up the series of meetings of the ASEAN foreign ministers, Cayetano said that peace and stability in the South China Sea are the most important. Countries have disputes over the sovereignty of the South China Sea, but the dispute cannot affect the good relations between countries.At present, China and the ASEAN countries are moving on an active track.  The joint communiqué of the ASEAN Foreign Ministers’ Association issued on the 6th pointed out that China’s economic growth will continue to benefit ASEAN and China’s role in the region is becoming increasingly important.Cayetano further stated on the 8th that China will be the driving force for social and economic development in the region, and that China’s positive role in the region will be affected by the dispute over the sovereignty of the South China Sea.  In response to another statement issued by the United States, Japan, and Australia on the South China Sea during a series of meetings, urging the Philippines to reinstate South China Sea arbitration, Cayetano responded: We believe that the positions of other countries, but the Philippines is a sovereign independent countryOne can tell us what to do.The Philippines will decide for itself what to do in its national interest.  ASEAN Foreign Ministers’ Meeting, ASEAN-China-Japan-Korea (10 + 3) Foreign Ministers’ 厦门夜网 Meeting, East Asian Summit Foreign Ministers’ Meeting, ASEAN Regional Forum and other meetings were held in Manila on August 2-8. Original Title: Foreign Minister of the Philippines: Peace and Stability in the South China Sea Is Most Important

Yongxing Special Steel (002756): Special Steel’s profit grows steadily and expects lithium battery business to gradually increase

Yongxing Special Steel (002756): Special Steel’s profit grows steadily and expects lithium battery business to gradually increase

Investment Highlights Performance Summary: Yongxing Special Steel announced the 2018 performance report, which reported that the company gradually realized operating income47.

0.94 million yuan, an increase of 18 in ten years.

93%; realized net profit attributable to shareholders of the parent company.

870,000 yuan, an increase of 10 in ten years.

13%.

The EPS for 2018 is 1.

08 yuan, 0 for the same period last year.

98 yuan, of which EPS in the first quarter of 2018 were 0.

25 yuan, 0.

37 yuan, 0.

30 yuan and 0.

16 yuan.

At the same time, the company announced the 2019 first quarter performance report, reporting and realizing operating income11.

85 ppm, a ten-year increase2.

99%; net profit attributable to shareholders of the parent company.

10,000 yuan, an increase of 10 every year.

61%; EPS in the first quarter was zero.

28 yuan; budget, the company approved the common stock profit distribution plan approved by the board of directors: 3.

With 600 million shares as the base number, a cash dividend of 10 per 10 shares will be distributed to all shareholders.

00 yuan (including tax), a total of 3 cash dividends are distributed.

6 ppm (including tax); ton of steel data: The company achieved product sales of 28 in 2018.

06 for the first time, growing by 12 every year.

2%; among them, sales of bar material are 15%.

76 Cobalt, 10 wire sales.

85 for the first time, other products are sold1.

45 inches.

Combined with the annual report data, the comprehensive ton steel content is 17086 yuan, the comprehensive ton steel cost is 14,367 yuan, and the gross profit per ton of steel is 2,720 yuan. At the same time, it has increased by 968 yuan, 804 yuan, and 164 yuan. The performance has achieved substantial growth.Manufacturers whose main products are widely used in petrochemical industry, high-pressure boilers for power stations, nuclear power, equipment manufacturing, aerospace, marine engineering, military industry and other industrial fields.

The reported emissions have translated into an upward trend in the rise in international oil prices. Orders for pipeline steel in the oil and gas extraction sector have performed well. In addition, the company’s previous fundraising projects have released production, and the company’s performance has improved significantly with both volume and price.

In addition, from the perspective of the company’s cost control capabilities, it reports the three expense ratios of the combined company4.

39%, a decrease of 1 compared with the same period last year.

91 single, specifically, the company’s management expenses and sales expenses remained stable while the company’s revenue increased significantly, and financial expenses increased only by the previous “lithium carbonate construction project”.

1.4 billion US dollars, showing its excellent cost control capabilities; new energy lithium battery business has continued to advance: Since the company entered the lithium battery industry in 2017, it has continuously accelerated the deployment of new energy lithium battery business.

According to the report’s baseline, Yongxing New Energy’s annual production of 1 battery-grade lithium carbonate project is progressing in an orderly manner according to plan. The equipment has entered the installation 杭州桑拿网 stage and will be put into production in the first half of 2019.

In addition, in order to effectively guarantee the supply of upstream raw materials for the lithium battery business, the company has successfully acquired a controlling stake in Xu Li Mining. It is expected to form a synergistic effect with Yongxing New Energy’s 120-ton / year lithium ore high-efficiency beneficiation and comprehensive utilization project for the company’s new energy projects.The development trend has advantages in cost and resources; investment advice: the company is a leader in the field of stainless steel rods and wires in the field. The ownership of duplex stainless steel and boiler tubes is well-known. The ultra-high market share of stainless steel seamless tube blanks makes the company in market segments.Have the expected bargaining 都市夜网 power.

In addition, through the company’s continuous progress in new energy lithium battery projects, the company is expected to form a “stainless steel + lithium battery” dual main business structure in the future, and its profitability will continue to increase and thicken.

The company’s EPS for 2019-2021 is expected to be 1.

24 yuan, 1.

48 yuan and 1.67 yuan to maintain the “overweight” level; risk warning: the boom in the oil and gas chemical industry fell significantly; the advancement of lithium battery business was less than expected.

Zheneng Power (600023): Fourth-quarter results are below expectations

Zheneng Power (600023): Fourth-quarter results are below expectations

Incident Zhejiang Energy published its 2018 annual report, and net profit attributable to mothers continued to drop6.

89% of Zengeng Power released the 2018 annual report, and the company achieved operating income of 566 in 2018.

3.4 billion, an increase of 10 in ten years.

63%; realized net profit attributable to shareholders of listed companies 40.

3.6 billion, down 6 in six years.

89%; expected average ROE is 6.

64%, a reduction of 0 per year.

60 averages.

The company achieved operating income of 135 in the fourth quarter.

95 ppm, a decrease of 0 per year.

09%; net profit attributable to owners of the parent company2.

8.2 billion, an annual decline of 52.

57%.

  A brief comment on the multiple factors of the decline in power generation growth in the fourth quarter caused the performance to be lower than expected.

500 million kWh, compared to the same period last year 6.

37%; long-term power generation growth rate is 7.

63%, an increase of 12 over the first three quarters.

5% formaldehyde 4.

87 averages, the drop is extremely obvious.

From the perspective of Zhejiang’s power supply and demand balance, the growth rate of Zhejiang’s first-level power consumption was 8.

1%, an earlier growth rate of 9 from January to September.

12% fell slightly; thermal power and total electricity generation growth rates were 1% and 2, respectively.

.

7%, compared with 3 in the previous January-September.

5, 0.

9 units.

The company’s fourth-quarter power generation growth rate slowed down or was due to planned electricity and the impact of external charge arrangements.

The company has gradually completed the power generation of 1241.

3.4 billion kWh, an increase of 7 in ten years.

63%, higher than the growth rate of thermal power in Zhejiang Province6.

Six singles, reflecting the company’s overall competitive advantage in Zhejiang Province.

In addition, in the fourth quarter of the company, there were also unfavorable factors such as impairment losses on fixed assets caused by the shutdown of Xiaoshan Units, non-operating expenses caused by the separation of the “three supply and one industry”, and multiple factors affecting the company’s performance that was below expectations.

  High coal price operation combined with dual control of energy resources, speeding up the reform of electricity, and thermal power business continued to weigh on Zhejiang’s 2018 coal price index of 602 yuan / ton, an increase of 36 over the previous year.

5 yuan.

Affected by this, the company’s gross profit margin for power generation business in 2018 was only 8.
.

55%, a year-on-year drop of 2 percentage points.

Zhejiang ‘s power reform has initially accelerated. This year ‘s “four major industries” power sales transactions have been fully liberalized. By 2020, market-based power generation accounts for more than 60% of the province ‘s power generation, which may have a certain impact on the company ‘s power sales prices.
In addition, the province’s dual energy control policy may further increase the proportion of purchased electricity, which will adversely affect the utilization hours of coal power units in the province.

  Diversified layout development and development space The company actively deploys clean energy projects through a 20% fund share in the Green Energy Fund and a 200,000 kilowatt wind power project in Guangling, Shanxi.
In the field of “Plant +” comprehensive energy, diversified energy, user-side energy storage, incremental exchange networks and other cutting-edge power industry projects, the company has extensively involved and participated in.

The company actively guides the heat industry to gather within the heat supply range of power plants, and strives to expand the heat users to potentially increase the supply significantly.

  The leading effect is superimposed on the nuclear power layout, and the contribution of underestimated revenue is stable. As the largest thermal power generation company in Zhejiang Province, the leading effect has emerged and its competitive advantage has become prominent.

In addition, the company is deeply involved in the nuclear power industry. It is currently the third largest shareholder of China ‘s nuclear power industry. The investment income of the nuclear power sector has stabilized at about 1 billion, which has alleviated the impact of coal price fluctuations on the company’s performance to a certain extent.

  In the past three years, the company’s dividend distribution ratio has reached more than 50% of the net profit attributed to the mother. In 2018, the company’s dividend distribution plan is to pay dividends for every 10 shares1.

8 yuan (including tax), which corresponds to the increase in income of the current budget3.

6%.

As a leading company in the undervaluation of thermal power, the company’s relatively stable profit and dividends are expected to continue to contribute to stable income for investors.

Considering that the company’s asset-liability ratio is reduced, the nuclear power layout is expected to provide stable and stable returns for the company in the future. We believe that the flexibility brought by the conversion of the coal price central downstream company’s thermal power business 天津夜网 brings the company’s 2019-2021 earnings per share to 0.39, 0.

47 and 0.

53 yuan, maintaining the overweight level.

Jerry shares (002353): Performance in line with expectations maintains high growth in 2019-2020

Jerry shares (002353): Performance in line with expectations maintains high growth in 2019-2020

The event company disclosed its 2018 annual report and achieved revenue of 45.

9.7 billion, an increase of 44 in ten years.

23%; net profit attributable to mother 6.

1.5 billion, an annual increase of 807.

57%.

Brief commentary conclusion: The oil service industry has ushered in a high business climate. It is judged that the performance of the company from 2019 to 2020 will maintain a high growth.

9.7 billion and 6.

1.5 billion, basically in line with expectations, mainly benefited from the high prosperity of the oil service industry and the improvement of core business profitability.

We maintain our judgment that the boom of this round of oil services lasted for at least 3 years, as proposed in early 2018.

Judging the company’s revenue for 2019-2020 are 62.

1.6 billion and 82.

3 billion, the previous growth rates were 41% and 32%; net profit attributable to mothers was 8 respectively.

6.1 billion and 13.

6.1 billion, the previous growth rates were 47% and 58%, corresponding to EPS of 0 to 2019-2020.

90 yuan / share and 1.

42 yuan / share.

Improved certainty of expected performance, raise target price to 31 (+6) yuan / share, corresponding to 21 times P / E in 2020, maintain “Buy” rating.

The performance continued to rise quarter by quarter, and the performance performance was in line with expectations of the company’s 2018 revenue of 45.

9.7 billion, 44 per year.

23%; net profit attributable to mother 6.

1.5 billion every year 807.

57%, single-quarter performance continued to rise from quarter to quarter.

The consolidated gross profit margin was 26 in 2017.

8% to 31 in 2018.

65%, profitability quickly recovered.

At the same time, benefiting from economies of scale, the period expense ratio was 22 in 2017.

5% dropped to 15.

22%, it is estimated that the business scale will continue to expand rapidly in 2019-2020, and the expense rate will continue to rise during the period.

Among them, core business income from drilling and completion equipment14.

7.9 billion, 75 annually.

58%, gross 武汉夜生活网 margin 43.

7%, an increase of 7 per year.

07 pcts, basically in line with expectations; income from technical services in developing countries7.

9.9 billion per year.

49%, gross profit margin 11.

20%, an increase of 4 per year.

84pcts, basically in line with expectations, the boom in the oil service industry continued, and the gross profit margin of drilling and completion equipment and generator technology services business was gradually increased.

Statutory average return on net assets7.53%, an increase of 6 per year.

67pcts, judging that ROE will go further and higher.

The continued prosperity and speed of the industry boom is expected to exceed the expected contraction in supply while the steady demand is the main reason for the rise in oil prices in the first quarter.

Brent oil price broke through $ 南京桑拿网 70 / barrel again, and has increased 28% so far in the first quarter. The preliminary results are as follows: 1) OPEC production reduction has been well implemented, and OPEC production reduction rate of 105% in February;The strategy of “flowing” strategy gradually reduced the number of rigs, and the growth rate of US crude oil production began to shorten. 3) The OECD oil inventory has fallen below the 5-year average, and oil prices are more sensitive to changes in supply and demand. 4) The demand side is stable.

The prosperity and strength of the oil and gas equipment industry is expected to exceed expectations.

In 2018, we consolidated and proposed that this round of oil service boom lasted for at least 3 years. Among them, PetroChina’s capital expenditure growth rate in 2018/2019 was 21% and 16%, and Sinopec’s 2018/2019 were 35% and 41% respectively; CNOOCIn 2018/2019, they are 25% and 21%, respectively (taken as the median value of the capital expenditure plan for 2019 is 75 billion).

According to our continuous tracking of the oil service industry, it is expected that the sustainability and speed of the industry boom will exceed expectations. The company is a domestic oil service leader and will fully benefit from the high industry boom.

The orders in hand are full and it is judged that the company’s performance in 2019-2020 has maintained high growth. The company will gradually obtain orders 60 in 2018.

5.7 billion, year-end stock orders 36.

2.0 billion, although the first quarter is usually the scheduled off-season, since January 2019, CNPC has released a large number of drilling and completion supporting equipment bidding projects, and the industry is more prosperous.

Judging the company’s 2019-2020 performance will maintain high growth.

Judging the company’s revenue for 2019-2020 are 62.

1.6 billion and 82.

3 billion, the previous growth rates were 41% and 32%; net profit attributable to mothers was 8 respectively.

6.1 billion and 13.

6.1 billion, the previous growth rates were 47% and 58%.

Risk warning: the industry’s prosperity is lower than expected; orders fall more than expected.

Weiming Environmental Protection (603568) Quarterly Report Review 2019: The company has abundant endogenous orders and steady growth

Weiming Environmental Protection (603568) Quarterly Report Review 2019: The company has 四川耍耍网 abundant endogenous orders and steady growth

Dynamic events The company released the first quarter report of 2019, and realized revenue in Q1 of 20194.

79 trillion, an annual increase of 48.

83%; net profit attributable to mother 2.

32 ppm, an increase of 30 in ten years.

56%.

The company released the main operating data for the first quarter of 2019. In the first quarter of 2019 and above, related subsidiaries completed a total of 42,239 power generation.

950,000 degrees, an increase of 15 in ten years.

83%.

Internet access is 34,638.

430,000 degrees, an increase of 15 in ten years.

58%.

The average on-grid electricity price is 0.

638 yuan / degree, 120 garbage storage.

26 Initially, the annual growth rate is 26.

36%.

The company commented that the project was advancing steadily, with Q1 operating income increasing by 48 per year.

83% of the company’s operating income maintained a high growth trend, mainly due to the company’s equipment sales and technical services.

The second phase of the Wuyi and Ruian projects was officially approved for operation in January. The Jieshou and Cangnan Yucang projects were successfully connected to the grid for power generation in early February. The Wannian and Jieshou projects were officially launched in March.

At the end of the first quarter, the project approval and environmental impact assessment approval were completed for the Fengxin project, and the construction phase was entered. The Longquan, Wencheng and Wuyuan projects completed the project approval.

In the first-hand order, the company completed the contracting of garbage disposal projects in Lianhua County, Dongyang and Yongfeng County, with a total processing scale of 3900 tons / day.

The company’s project construction is advancing steadily, and the company’s performance growth is highly certain.

After the first quarter, the company newly won the bid for PPP project of domestic waste incineration power generation in Minqing County, with a project amount of 2.

5 trillion, the processing scale of 600 tons / day, the acquisition of the management right of Pucheng County domestic waste incineration power plant, supplementing the domestic garbage processing scale of 600 tons / day, and actively expand business outside Zhejiang Province.

Actively promote the layout of the entire industry chain, optimistic about business synergy development. The company actively expands leakage filtration treatment, kitchen waste disposal, and domestic waste removal and transportation businesses.

The 2018 annual report shows that the kitchen and sludge treatment scale increased by 590 tons / day in 2018, and the cleaning and transportation scale increased by about 500 tons / day. The newly signed leakage treatment scale totaled 355 tons / day.

In terms of operating income, kitchen waste treatment has grown by 28 per year.

83%, leakage treatment treatment increased by 26.
.

97%.

The company continued to make efforts in new areas in 2019. The company signed the Jiashan County Domestic Waste Transportation Agreement in the first quarter to increase the transportation capacity by 1,050 tons / day. The Wenzhou food and beverage project was officially operated in January. In April, it won the bid for the centralized treatment of food and garbage in JiangshanCenter project.

Optimistic about the construction and promotion of “no waste city”, the company’s entire industrial chain layout brings new performance growth points.

The company’s period expense ratio is well controlled. The company’s expense ratio increased by 0 compared with the same period last year.

2pct, mainly due to the increase in maintenance costs of equipment companies, the financial expense ratio rose by 0.

75pct, mainly due to the recognition of financial expenses of the company’s convertible bonds, and the management expense ratio continued to decline, a decrease of 1 year-on-year.

16 points.

In general, the expense ratio decreased by 0 compared with last year.

4pct, company expenses are well controlled.

The cash flow of the company’s operating activities in 2019Q1 was -0.
23 ppm, mainly due to the increase in the company’s payment of deposits and materials, a decrease compared to the same period last year.
However, from the perspective of each quarter of the calendar year, the cash flow of operating activities in the first quarter was the lowest each year, and the conversion project was put into operation, and the cash flow is expected to improve.

Risk factors The intensified market competition leads to the risk of falling gross profit margin; the project progress is not up to the expected risk; the risk of changes in the electricity price policy for waste incineration subsidies.

Investment advice: In the 南京夜网 next six months, the “overweight” rating.

We predict that the net profit attributable to the parent company from 2019-2021 will be 9 respectively.

08 thousand yuan, 10.

7.6 billion, 12.

84 ppm, an increase of 22 in ten years.

70%, 18.

50%, 19.

30%, with a corresponding return of 1.

32 yuan, 1.

56 yuan, 1.

87 yuan, the corresponding dynamic price-earnings ratio is 18.

93 times, 15.

98 times, 13.

39 times.

The company has plenty of orders in hand, good cost control, and strong endogenous growth. It actively promotes the layout of the entire industry chain, is committed to bringing new points of performance growth, and endogenous and epitaxial synergistic growth.

Maintain the company’s “overweight” rating.

Wuliangye (000858): The price and price of Puwu are rising, and the performance is in line with expectations

Wuliangye (000858): The price and price of Puwu are rising, and the performance is in line with expectations

Event: Wuliangye announced the main performance data for the first half of 2019.

5 billion or so, an increase of about 26 in ten years.

5%; the net profit attributable to the parent company is about 93%, with an annual increase of about 31%.

The price and price of the general five have risen at the same time, and the growth rate of revenue 杭州夜网论坛 and net profit in Q2 2019 has slightly accelerated: According to the company’s first-half performance data indicators, it is expected to achieve operating income of about 95 in Q2 2019.

600 million, an annual increase of about 27%; net profit attributable to mother is about 28.

200 million, an increase of about 32% in ten years.

The growth rate of revenue and net profit in the single quarter is slightly higher than the average quarter-on-quarter growth rate in the first quarter of 2019. The increase in volume and price of core products is the main driving factor for revenue and profit growth. The company has completed the first half of the year.The seventh generation of the fifth generation and the fifth generation of the fifth generation collectible products (total accounting for 65% of the previous volume of the plan), the eighth generation of the fifth quarter (accounting 北京桑拿 for 35% of the same period of the fifth period) began to accept monthly paymentsThe payment was made and shipped as planned; at the same time, the upgrade from the seventh-generation product to the eighth-generation product also promoted an increase in the ex-factory price.

The issuance rhythm was properly controlled, and the price of the Puwu lot continued to rise. Since 2019Q2, Wuliangye has achieved a steady increase in the price of the Puwu lot and the terminal retail price through the promotion of the issuance rhythm and a series of sales policies.

At present, the approval price of the seventh-generation Puwu is around 930 yuan, and the shipment has been officially stopped recently. It is expected that there will be continuous upward space. The approval price of the eighth-generation Puwu is around 959 yuan. According to the company’s plan, after August 10The eighth-generation Puwu approval price and terminal recommended retail price should continue to rise to 1006 yuan and 1399 yuan, respectively.

At least, after Wuliangye’s full volume in the first half of the year, the price of the second half of the year continued to break through the volume of decomposition; the expansion of Maotai’s approval price stood at more than 2,000 yuan, which significantly reduced the space for Wuliangye’s price. The company took advantage of the trend.A firm price increase is conducive to the improvement of medium and long-term brand influence.

Xinpu five controlled distribution, channel system transformation: The eighth generation of Puwu implemented the “control distribution” sales strategy during the promotion process. At the marketing level, 60 base markets in 21 theaters were established, and the channel structure was further improved;In terms of sales staffing, increase the number of full-time sales personnel, strengthen the maintenance of core terminals, and the construction of a “control and profit sharing” channel system also makes up for the price of the Fifth.

Profit forecast and investment grade: The company’s first half performance forecast is in line with expectations. We maintain Wuliangye’s forecast for 2019-21 net profit at 170.

29/208.

25/247.

520,000 yuan, an annual increase of 27.

23% / 22.

29% / 18.

86%; corresponding EPS is 4 respectively.

39/5.

36/6.

38 yuan, the current sustainable corresponding PE for 2019-21 is 27x / 22x / 18x respectively, maintain “Buy” rating.

Risk warning: economic fluctuations affect demand for high-end liquor; price increases are not as strong as expected.

Zhaoyan New Medicine (603127): Deterministic timing of steady revenue growth and heavy volume of performance

Zhaoyan New Medicine (603127): Deterministic timing of steady revenue growth and heavy volume of performance

On the evening of April 29, the company released the 2019 first quarter report, realizing revenue, net profit attributable to mothers, and net profit attributable to mothers after deductions were 74.42 million, 12.04 million, and 457 million, an increase of 44.

13%, 37.

27% and -18.

13%, achieving EPS 0.

10 yuan / share.

A brief comment on the steady growth of revenue, deducting non-net profit is affected by the cost of new business personnel, etc. From the perspective of revenue, the company achieved revenue growth of 44 in the first quarter.

13%, maintaining steady improvement.

On the profit side, the company’s net profit attributable to its mother is increasing every year.

27%, net profit after deducting non-returning mothers fell by 18.

13%, the difference in growth caliber is mainly the impact on the company’s investment income.

In the first quarter of this year, non-recurring gains and losses were about 7.47 million, of which 6.16 million were financial management income, equivalent to a significant increase in the same period last year.

The company’s cash flow from operating activities in the first quarter increased by 132 in ten years.

02%, the main 武汉夜生活网 business cash flow control multiple good.

Based on past experience, the company’s proportion of expected results in the first quarter is often small.

The decrease in the company’s non-attribution net profit was initially due to expectations caused by new business expansion.

Clinical CRO and pharmacovigilance replacement company’s new business expansion last year is currently in the early expansion stage. There were about 2 to 3 million yuan replacement in the first quarter of this year. The company has not launched new business in the same period last year, so it can affect the overall gross profit margin and profit end.

In addition, the company ranked that the number of employees increased by more than 100 in the first quarter of last year, and the cost of personnel increased significantly. In addition, the overall 杭州桑拿网 impact of new business is expected to affect about 5.5 million.

In addition, the company had about 2.47 million asset impairment losses in the first quarter, mainly due to the provision of some bad debts (part of receivables) and some retired monkeys in Wuzhou Monkey Farm, which also partially affected profits.

The company’s gross profit margin for the first quarter was 52.

66%, a decrease of 2 compared with the same period last year.

10 averages compared to the fourth quarter of last year (52.

62%) remained basically stable. The gross profit margin was mainly affected by the increase in labor costs required for related raw materials and new businesses and capacity expansion.

We believe that with the changes in the company’s subsequent business structure, changes in gross profit margin are within a reasonable range.

From a cost perspective, the company achieved sales in the first quarter (2.16 million, +87.

47%), management (195.01 million, +38.

54%), R & D (7.38 million, +28.

76%), finance (8.

360,000, compared with -22 in the same period last year.

730,000) expense ratios are 2.

90%, 26.

21%, 9.

92% and 0.

11%, a change of 0 compared to the same period last year.

67, -1.

06, -1.

18, 0.

55 units.

Among them, the increase in sales and management expenses is mainly due to the increase in personnel required for the development of the company’s new business and the corresponding increase in expenses. The development of production capacity and new business has been steadily progressing, and the performance is deterministic. Merger The company’s two new buildings (10,800 square meters) in Taicang have already established the GLP business qualification.After the end of May, the GLP business will be gradually implemented.

The expansion of new production capacity will establish a guarantee for the company’s subsequent performance improvement.

Subsequent companies will set up new bases in Wuzhou and Chongqing, and cooperate with the reorganized bases in Beijing and Taicang to better cover the national security assessment business.

The company has huge orders in hand, which can provide support and guarantee for subsequent business improvement. The company has about 800 million orders in hand at the end of last year. We estimate that the number of orders for Zhaoyan New Drug will be about 9 trillion at the end of the first quarter.

From the perspective of the company’s advance receipts, the growth in the first quarter was about 10%, which basically matched the growth rate of orders in hand and was at a reasonable level.

In addition, the company’s inventory increased significantly in the first quarter. Due to the increase in the number of personnel corresponding to the company’s new capacity expansion, it may be possible to fully recognize the revenue before the first quarter. We are gradually replacing the company’s new capacity growth.high.

In terms of new business development, the company’s clinical CRO and pharmacovigilance businesses are in the early expansion stage, with a small income volume, and have not yet generated profits. It is expected to be basically in a breakeven state.

In terms of clinical CRO, the company is in Taicang, and Tonghua already has a clinical center under construction, which is expected to be gradually deployed and used in the second half of the year.

The pharmacovigilance business has established cooperation with the merged company in the first quarter and is gradually improving.

We believe that the change in the relationship between pharmacovigilance and clinical CRO and Zhaoyan’s original main business is currently in the early stages, and it will gradually become the company’s growth point and promote subsequent improvement.

Profit forecast and investment rating At present, domestic R & D of innovative drugs continues to be hot. Safety evaluation business is a necessary step for new drug research and development. It is at the front end of drug research and development and has a high percentage.

After years of accumulation, Zhaoyan New Medicine has a high reputation in the domestic safety assessment industry. Such qualifications are comprehensive and will give priority to enjoying industry dividends.

At the same time, Zhao Yan has expanded its source of income through capacity expansion, overseas expansion, and active cooperation. As a leader in subdivided fields, it continues to maintain rapid growth.

We estimate that the company’s net profit attributable to its parent for 2019-2021 will be 1.

52, 2.

12 and 2.

8.9 billion, the previous growth rate was 40.

5%, 39.

2% and 36.

3%, corresponding to EPS per share of 0.

95, 1.

32 and 1.

79 yuan / share, maintaining the “overweight” rating.

Risks indicate that the number of orders has grown less than expected; the expansion of production capacity has fallen short of expectations; the clinical business, pharmacovigilance business and overseas business have expanded less than expected.

Zhejiang Meida (002677): Distribution of channels with high performance and high dividends

Zhejiang Meida (002677): Distribution of channels with high performance and high dividends

Event: The company released its 2018 annual report.

In 2018, the company achieved operating income of 14 trillion, a long-term growth of 36.

49%, net profit attributable to mother 3.

78 ppm, an increase of 23 in ten years.

70%, the corresponding return is 0.

59 yuan / share; Q4 company’s income is 4.

68 ppm, an increase of 25 in ten years.

96%, net profit attributable to mother 1.

3 billion, an annual increase of 4.

59%, the company’s performance is basically in line with the military express expectation.

The company intends to distribute cash dividends to all shareholders for every 10 shares4.

65 yuan (including tax), a total of 3 trillion in cash, 79 cash dividends.

57%.

Q4 revenue growth has improved, and online growth continues to be high.

1) Quarterly: The company’s Q4 revenue growth rate was 25.

96%, and the company’s Q1-3 2018 revenue growth was 42.

46%; the expectation is that the growth rate of real estate sales in third- and fourth-tier cities will affect the demand for home appliances; and the number of new entrants to the integrated stove industry will increase, increasing competition.

2) Breakdown of channels: The sales volume of online channels in 2018 doubled compared with the same period of the previous year, and was basically the same as the half-yearly reporting time; the rapid growth of the company’s revenue was mainly due to the improvement of offline channel growth.In 2018, the number of terminal stores increased by more than 400, and the growth rate of newly opened stores was close to 20南京夜网%. The newly opened stores contributed to increase revenue growth. Through this, the company actively explored engineering channels and increased cooperation with real estate developers.

It is expected that the company’s revenue growth in 2019 will mainly come from channel deepening and development: the company will establish first-tier and second-tier cities in 2019 to supervise dealers to open stores, focusing on Suning, Gome and local appliance channels; third- and fourth-tier cities encourage dealers to addStores and small stores changed to big stores; at the same time, online optimization and optimization of operating models, increase online specialty stores.

The company’s gross profit margin was small, and channel construction increased sales expenses.

The company’s highest gross profit rate is the highest.

4 to 51.

5%, leading to rising costs of raw materials, expanding the company to make certain price adjustments 北京夜网 in the face of increased competition; the company’s expansion of advertising expenditures, new channel development brought about cost expansion, resulting in an earlier increase in sales expense ratio, 2018The annual sales expense ratio increased by 1.

22pct, the fourth quarter single quarter advance advance to 4.

6 points; reduction in management expense ratio by 2.

7 and 0.

One pcts, mainly due to the decrease in the provision of budget stocks and shares; the financial expense ratio remained basically stable.

In addition, the company’s investment income in 2018, non-current asset disposal income and government subsidies were 1,147.

50,000 yuan, a year-on-year decrease of 21.83 million yuan.

In terms of balance sheet and cash flow statement: at the end of 2018, the company’s accounts receivable and bills increased by 94 from the beginning of the period.

5%, mainly due to the growth of e-commerce channels led to faster growth in accounts receivable and bills.

Prepayments increased by 182 from the beginning of the period.

49%, mainly due to the increase in prepaid advertising costs.

The company received 16.

4.0 billion, exceeding the revenue scale, the company has excellent cash flow quality.

There is a lot of room for product growth, and the channel is further improved.

Integrated cooker products are at the stage of increasing the penetration rate of the industry, and the market education transformed into consumers is becoming more and more mature.

The company will accelerate the development and construction of main sales channels and emerging sales channels such as e-commerce, KA, engineering, etc., and establish diversified marketing channels, which will further widen the difference with second-tier brands. Earnings forecasts and investment advice.

We expect the company’s net profit to be 4 in 2019-2020.

53,5.

3.6 billion (previous average 4).

44 and 5.

1.6 billion), adding 2021 profit forecast6.

1.5 billion, the annual growth rate was 20.

08%, 18.

23% and 14.

73%, corresponding to dynamic PE of 19 times, 16 times and 14 times, the company as an integrated stove leader is expected to benefit the industry’s continued growth dividends, maintaining the “overweight” investment rating.

Risk warning: real estate sales gradually increase industry demand; integrated stove sales fall short of expectations; raw material prices rise

Qianhe Flavor Industry Co., Ltd. (603027) 2019 Interim Report Review: Continued Expansion of National Market Q2 Performance Increased Significantly

Qianhe Flavor Industry Co., Ltd. (603027) 2019 Interim Report Review: Continued Expansion of National Market Q2 Performance Increased Significantly

Event: The company released its 2019 Interim Report.

In the first half of 2019, the company realized total operating income5.

USD 9.4 billion, an annual increase of 24.

07%; net profit attributable to shareholders of listed companies is 0.

8.7 billion, down 35 each year.

55%; Deduction of non-net profit of 0.

800 million, an annual increase of 34.

35%, performance exceeded expectations.

Opinion: Soy sauce and vinegar keep growing rapidly and continue to explore the national market.

In terms of quarters, Q2 revenue and net profit attributable to mothers increased by 29 respectively.

96% and 44.

1%, the growth rate has been significantly improved over the past two years, mainly due to the pioneer of the national market.

In terms of products, the company’s soy sauce and vinegar achieved revenue 3 respectively.

5.6 billion and 0.

9.9 billion yuan, an increase of 37% and 20% annually.

9%; caramel color achieves zero revenue.

7.8 billion, a decrease of 17 per year.

64%, continuous contraction.

In terms of regions, the Southwest of the core region achieved revenue2.

9.3 billion, an annual increase of 16.

4%; East China, the second largest region, achieved zero revenue.

9.4 billion, an annual increase of 28.

52%; North China, South China, Central China, Northwest and Northeast China achieved zero revenue.

4.8 billion, 0.

4.6 billion, 0.

3.1 billion, 0.

1.3 billion and 0.

$ 1.1 billion, each growing 64.

59%, -12.

04%, 44.

98%, 50.

4% and 56%.

Realize 0 revenue online.

$ 7.4 billion, an annual increase of 86.

67%.

The number of dealers continued to increase. At the end of the first half of the year, the total number of dealers reached 932, a net increase of 84. In the first half of the year, the dealer channel achieved revenue3.

8.8 billion, an annual increase of 31.

3%. Gross profit margin continued to increase.

The company’s consolidated gross profit margin for the first half of 2019 increased to 3 repeats to 46.

61%, mainly due to the optimization of product structure.

The period expense rate is increased by 2 each year.

08 perfect to 29.

76%, of which the sales expense ratio increased by 4.

11 are excellent to 23.

51%, the management expense ratio and financial expense ratio decreased by 1.

08 facts and 0.

95 averages, each reaching 6.

84% and -0.

59%.

Net interest rate has decreased by 13 every year.

59 good to 14.

7%. The high net interest rate in the same period last year was mainly due to the pull in asset disposal income.

The proposed acquisition of Zhenjiang Balsamic Vinegar Company will help enrich the product line and expand the market in East China.

The company intends to use cash1.

Acquired 100% equity of Zhenjiang Hengkang Sauce and Vinegar Co., Ltd. for 500 million U.S. 杭州夜网论坛 dollars, and signed the Equity Transfer Agreement.

Zhenjiang Kangkang Sauce and Vinegar Company is mainly engaged in the production and sales of vinegar, and owns the brands “Jinshan Temple” and “Hengkang”. Among them, “Jinshan Temple” is a famous trademark in Jiangsu Province;, Shanghai, Hubei, Anhui, Jiangxi, Xinjiang and other places have been operating for many years and have a better market foundation.

As of July 31, 2019, the total assets of Zhenjiang Hengkang Sauce and Vinegar Company were 4,132.

360,000 yuan, net assets of 1090.

380,000 yuan, 3,250 operating income from January to July 2019.

10 million yuan, net profit of 104.

130,000 yuan.

The company acquired the target company and wanted to build it into a production base in East China and serve the strategic market in East China nearby.

Investment advice: Maintain a cautious recommendation level.

The company’s EPS for 2019-2020 is expected to be 0.

53 yuan, 0.

65 yuan, corresponding to PE and 39 times and 32 times.

The company continues to explore the national market, continues to promote the upgrading of its product structure, its performance continues to increase rapidly, and it maintains a prudent recommendation level.

risk warning.

National market development was less than expected, food safety issues, etc.