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Jiayuan Technology (688388)： 6MM lithium battery copper foil boosts performance

Jiayuan Technology (688388): 6MM lithium battery copper foil boosts performance

The company released the 2019 performance report: the company’s revenue in 201914.

46 ppm, an increase of 25 per year.

38%, net profit attributable to mothers3.

30 ppm, an increase of 86 in ten years.

89%.

Among them, 2019Q4 achieved revenue 2.

73 trillion, 33 ring purity.

63%, realized net profit attributable to mother 0.

62 trillion, 29 than the ring purity.

twenty four%.

In 2019, the company’s operating income and net profit attributable to mothers increased in line with expectations.

The company’s performance growth is absolutely: ① The company continues to conduct research and development and new product 淡水桑拿网 development, increase sales of ultra-thin copper foil products of 6μm and below, to release the company’s new capacity; ② The report helps the company to strengthen management and cost control;③ The government subsidies and interest income from bank wealth management gradually increased compared to the same period of the previous year.

In addition, the company’s net net assets attributable to owners of the parent company increase by 168 per year.

98%.

The first is to report an increase in capital reserves and an increase in undistributed profits due to an increase in capital reserves and an increase in operating profit as a result of the initial public offering of funds.

In 2020, the production capacity of 5000 tons of high-end lithium battery copper foil is about to land, and its performance is gradually improved.

深圳桑拿网As CATL, BYD, Guoxuan and other downstream manufacturers continue to increase the penetration rate of 6μm lithium-electric copper foil, 6μm lithium-electric copper foil will reach 2020 with limited replenishment and continuous release of demand, gaps will appear, and processing fees will increase.The production capacity of 5000 tons of high-end lithium battery copper foil is about to land, and the company’s main product is 6μm lithium battery copper foil. It is expected to achieve further release of performance in 2020 with the help of price increase.

Profit forecast and investment suggestions: It is estimated that from 2019 to 2021, the company may realize net profit attributable to its mother.

2.7 billion, 4.

62 ppm and 5.

82 trillion, PE corresponding to the closing price of February 26, 2020 were 47.

5x, 33.

6x and 26.

6x, maintaining the rating of “Prudent Overweight”.

　　Risk reminder: 6μm lithium battery copper foil output is less than expected; 5000 tons of new production capacity is delayed; battery manufacturers’ 6μm lithium battery copper foil demand is less than expected

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Jin Shiyuan (603369) 2019 Interim Report Review： Performance Meets Expected Potential and Steady Release

Jin Shiyuan (603369) 2019 Interim Report Review: Performance Meets Expected Potential and Steady Release

Matters: The company released its 2019 Interim Report, and the company achieved revenue of 30 in 2019H1.

5.7 billion, an increase of 29.

4%, net profit attributable 杭州夜网 to mother 10.

7.2 billion, an increase of 25.

2%, from a single quarter point of view, the company achieved revenue in Q2 201911.

2 billion yuan, an increase of 26.

6%, net profit attributable to mothers4.

310,000 yuan, an increase of 24.

1%, performance is in line with our expectations.

Accounts received in advance for 19H1 are 3.

07 billion, an increase of 29.

4%, a ring increase of 5.

3%, the enthusiasm for channel payment is good.

19H1 net operating cash flow was 2.

980,000 yuan, a decrease of 24.

5%, mainly due to Q1 advance receipt confirmation and payment of taxes and surcharges.

The national border series continued to grow rapidly, and the province maintained steady growth.

In terms of different products, 19H1 special A + products earned 16.

7.4 billion, an increase of 44.

3%, 深圳桑拿网 continuing the trend of high growth. Its four-way folio in China still mainly focuses on heavy-volume products. After the V series was launched, it was well distributed and its growth rate changed. The follow-up company built the V series as an important growth point; special class products 19H1Income 9.

73 trillion, with an increase of 19.

8%.

19H1 company’s special A and above products accounted for 86% of total revenue.

9%, an increase of 3 per year.

0, the product structure continued to optimize, the price system steadily moved up.

In terms of different regions, the revenue in the province in 19H1 maintained a steady growth with an income of 28.

5.7 billion, an increase of 28.

4%, of which Huai’an / Xuzhou District Q2 income increased by 28.

9% / 66.

0%, Q1 growth faster than the previous quarter, the Nanjing region maintained a high growth, and revenue increased by 41.

4%, which is in line with our air force grassroots research feedback. The market ‘s potential in the Nanjing market continues to be released, and Q2 revenue in Southern Jiangsu / Yancheng District increased by 8 each.

8% / 3.

9%, the growth rate contracted slightly, mainly due to the short-term impact of product structure adjustment.

19H1 income outside the province1.

8.7 billion, an increase of 51.

4%, the number of dealers outside the province has reached 356, an increase of 55 from 19Q1. The “1 + 2 + 4” strategy outside the province continued to break through, and some key markets have initially formed the demonstration effect of “emerging famous wines + regional big business”.

Gross profit margin remained stable and profitability remained outstanding.

19H1 company gross profit margin 72.0%, basically unchanged in one year, 19Q2 gross profit margin 67.

2%, 0 per year.

6 points.

Since June 25, the company has improved and improved the national margin price system. The ex-factory prices of some national margin adjustment products have been increased uniformly. The retail price and group purchase price of the four-way / off-country national margin have been increased by 30/20 yuan.Improve space.

19H1 company business tax rate 13.

6%, increase by 1 every year.

1 case, mainly due to the increase in consumption tax rate, 19H1 consumption tax rate11.

7%, increase by 1 every year.

Two.

In terms of expense ratio, the company’s 19H1 sales expense ratio was 12.

9%, a year to raise 0.

4pct, Q2 off-season expenses are not large, and H2 expenses are expected to increase.

Overall, the 19H1 net margin was 35.

1%, slightly reduced by 1 every year.

2pcts, overall profitability remains outstanding.

The brand channel is two-wheel-drive, and the potential energy release is justified.

At the beginning of this year, the company proposed the business goal of “striving for five years and achieving quadrupling”, and strived to create a “brand + channel” dual-driven marketing system.It has achieved results, and it is expected that the development situation has already taken shape.

Looking forward to the development of the market in the province, we believe that the company’s base market continues to consolidate, and the large single product national border series has benefited from the steady expansion of the province’s sub-high-end price band. The combination of quality reputation and channel thrust is still being released.Do not change the market in the province into the growth period.

Regarding the markets outside the province, the expansion momentum has been strengthened, and cooperation with Dashang has progressed smoothly. With key points, key markets will enter the channel layout bonus period. It is optimistic that the key markets around the province will continue to strengthen in terms of operating depth and breadth and achieve sustained high growth.

Investment suggestion: The company’s first-half performance is in line with expectations, and the start of the new five-year period is progressing smoothly. The business strategy has turned positive and progressive, and the target has been gradually achieved.The market in the province has been steadily sinking into a good growth period, and the market expansion outside the province has actively entered the channel dividend period.

We slightly adjusted EPS to 1 for 2019-2021.

17/1.

47/1.

77 yuan (the original predictor 1).

20/1.

51/1.

80 yuan), corresponding PE is 23/18/15 times, maintaining a 12-month target price of 37.

8 yuan, for about 26 times next year, maintain the “strong push” level.

Risk warning: market competition intensifies, demand is less than expected, and expansion outside the province is less than expected

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Guangdong Kai strategy： technology stocks are still the main prospects after the epidemic fades

Guangdong Kai strategy: technology stocks are still the main prospects after the epidemic fades
For stocks, please read Jin Qilin analyst research report, authoritative, professional, timely, and comprehensive, to help you tap potential potential opportunities!　　Source: Chongli Tan, head of the Guangdong Kaikai Securities Strategy Group, Tan Ye, head of the New Third Board of Guangdong Kaikai Securities, and strategic analyst Yin Yue. Review of the market performance before and after the SARS review. The overall performance of the A-share market during the SARS period.The epidemic brought market fluctuations and a short-term downward trend. After the epidemic ended, the market eased.During the SARS period, banks, non-bank finance, public utilities, automobiles, pharmaceuticals and biotechnology were anti-fall industries, and many industries declined after the outbreak.　　According to the SARS spread and development process, it is divided into four stages: the first stage of the epidemic (November 2002-February 2003), the market value is low, and the impact is less affected; the second stage of the spread ((2003) March to mid-April 2003), the market is not paying enough attention to the epidemic situation, and the mood is still relatively optimistic, many industries offset each other. At that time, the economic growth rate was high, the fixed investment growth was fast, and the macro environment was more relevant.Large financial, automotive, steel and other cyclical stocks have higher gains. Banks, non-bank financial, automotive, and steel industries have all increased by more than 10%, while the pharmaceutical and biological industries have only 南京夜网 increased slightly; the severe period of the third stage (mid April 2003-Mid-May 2003), the market began to panic, public utilities, automobiles, medical and biological are better varieties to resist falling; the fourth phase of the relief period (mid-May 2003-July 2003), TMT, mining,The transportation industry is an industry eroded by the increase, while the automobile, pharmaceuticals, banks, and non-banking finance that fell in the early stage have fallen.　　The SARS VS “New Crown” benchmarked SARS in 2003. The new crown pneumonia epidemic has the following three differences: 1. The Spring Festival holiday only partially buffered the panic during the spread.The SARS market dropped by 8% during the spread period. The outbreak of this round coincides with the Spring Festival holiday. The A-share market has been postponed. The impact of the epidemic has not been fully realized. The contradictory correlation between the Hong Kong stock market and the FTSE A50 index is not optimistic.　　2. Compared with the SARS period, the outbreak prevention and control measures are more efficient and effective, and the short-term impact on the economy has broken through.Substantial and stringent prevention and control measures have been introduced in various places, and a series of regional isolation policies have been adopted. The company resumed work, delayed the resumption of production, forced the returnees to isolate themselves, and restricted travel in the main urban area.Especially in Hubei Province, where the epidemic center Wuhan is located, economic activity in the relevant areas has basically stalled.　　3. In this round of epidemic, the national economy is at the bottom of the counter-cyclical adjustment.2003 is the year of macroeconomic growth and policy tightening beyond expectations; 2020 is the last year for the comprehensive construction of a well-off society, and it is faced with the completion of two doubling of political goals and policies, and the policy needs further efforts to support the bottom.Part of the recent easing policy is beginning to emerge.Whether the follow-up policy can be loosened more than expected will be the main contradiction that affects the progress of the market.　　Under the epidemic, the short-term Shanghai stock index from the interpretation of the A-share market will inevitably fall. We predict the market carefully and carefully from the space and time.　　From the time rhythm of market adjustment, under the optimistic situation, the epidemic situation may be more effectively controlled before the peak return of students (Jin Qilin analysts) at the end of February, and the impact on the secondary market will also fade.Entering March, the market is expected to consolidate at the bottom or usher in a certain rebound, and April is the intensive stage of the quarterly report. The impact of the epidemic on related listed companies in the first quarter will also improve, causing stock indexes or renewed pressure.However, we believe that the probability of the index reaching a new low is relatively small, mainly considering that the gradual release of the two sessions will be a good policy. The short-term impact of the epidemic on the economy will form a corresponding hedge under the counter-cyclical policy.　　Following the market rhythm and grasping the industry’s rotation, the epidemic has now reached the stage of spreading. From the current point of time, online entertainment and pharmaceutical varieties have continued to make a strong breakthrough. The epidemic relief period can be appropriately focused on the rebound opportunities of the oversold sectors.After dissipating, the market may return to its original operating logic.　　The short-term affected by rework delays and passenger flow are the physical service enterprises such as catering, tourism, hotels, retail, and transportation. Internet entertainment consumer services that have a substitute role for physical consumption will increase. Suggested attention: 1) Games and online videosBenefit class target.2) Delayed start of school and delayed resumption of work make online education and video conferencing the first choice, and online education and knowledge will become explosive growth.　　Starting from the needs of the outbreak, medicine is both a fundamental benefit industry and a capital hedging industry. On the first day of the opening of the benchmark Hong Kong stocks, China Medical Group grew by over 280%, and many pharmaceutical stocks in Hong Kong stocks continued to soar.The performance of the three types of pharmaceutical companies is even more prominent: 1) The surge in demand for masks, goggles, protective clothing and other protective consumables and testing reagents rose in volume and price.2) Chinese medicine companies that produce customized medicines.3) Vaccine and specific drug R & D enterprises are supported by policies.　　Short-term epidemic factors The market operation has been disturbed. After the epidemic situation fades, the market gradually returns to its own operating logic.Strong early-stage technology stocks are still the mainstay of the emerging boom.In addition, from the perspective of the medium and long-term, after the arrival of the inflection point of the epidemic situation, we can appropriately lay out the rebound opportunities of the oversold industries in the early stage in combination with the fundamentals.　　Risk reminder: the epidemic spreads more than expected, the economy has fallen more than expected, and the following is part I. The market performance before and after the SARS review (1) What is the market rhythm before and after the SARS?　　Looking back at the performance of the A-share market during the SARS period, the overall SARS epidemic brought about market changes and a short-term market downturn, but the market has eased after the epidemic ended. Specifically, it can be gradually divided into four according to the spread and progress of SARS.Stage: Early in the epidemic (November 2002-February 2003): On November 16, 2002, the first SARS case was found in Foshan, Guangdong, and “SARS” began to appear. At the beginning of the epidemic, the attention was low, and the market was less affected by the epidemic.The market was mainly affected by the “spring agitation”, and the market presented a volatile market.　　Epidemic spread period (March 2003-Mid April 2003): After the first imported case was accepted in Beijing on March 6, the epidemic began to erupt and the market declined slightly, but the government adopted the “Atypical Pneumonia Prevention Technology Program”It is estimated that with the cooperation of WHO, the country began to recognize the SARS epidemic, and the market as a whole remained optimistic. The market situation was not greatly affected by the epidemic, and the market showed an upward performance.　　Severe period of the epidemic (Mid-April 2003-Mid-May 2003): On April 16, WHO officially announced the SARS virus, and then the Central Standing Committee convened an epidemic meeting. The market began to turn around. After recognizing the severity of the SARS epidemic, the Shanghai Stock Exchange comprehensiveRefers to a decrease of about 8% in the short term, and the market appears panic.　　Epidemic mitigation period (mid May 2003-July 2003): Adopt effective national control measures to effectively control the atypical pneumonia epidemic, ease the emotional deterioration caused by “atypical pneumonia” in the short term, and stabilize A shares.　　(II) How does the industry rotate before and after SARS?　　During the SARS period, banks, non-bank finance, public utilities, automobiles, pharmaceuticals and biotechnology were anti-fall industries, and many industries declined after the outbreak.　　In the early stage of the first stage of the epidemic (November 2002-February 2003), the degree of market observation was low and the impact was small.　　In the second stage, during the spread of the epidemic (March 2003-Mid April 2003), market sentiment was optimistic, and many industries were less affected by SARS. The growth rates of banks, non-bank finance, automotive, and steel industries all exceeded 10%.Affected by the high economic growth and the fast-growing macroeconomic environment, the financial sectors such as banking, non-banking finance, and automobile, steel and other cyclical sectors saw large increases. Due to the low market attention to the epidemic, the pharmaceutical and biological industry saw a slight increase.Growth growth; the severe epidemic in the third stage (Mid-April 2003-Mid-May 2003), the market began to panic. At this stage, utilities, automobiles, medical and biological are better anti-fall varieties, and there is a slight increase in public utilities and automobiles.increase.The top five industries that fell were leisure services (-13.8%), real estate (-11.6%), the media (-11.1%), building decoration (-11.1%), household appliances (-10.4%) During the SARS mitigation period, the TMT, mining, and transportation industries were the industries that conducted the increase, while the early anti-oxidant vehicles, pharmaceuticals, banks, and non-bank financials fell.　　Second, the general research under the impact of the “New Crown” (1) “SARS” VS “New Crown” benchmarking SARS in 2003, the new crown pneumonia epidemic situation has the following three differences: 1. Spring Festival holiday only partially buffered the panic during the spread period.The SARS market dropped by 8% during the spread period. The outbreak of the current round coincides with the Spring Festival holiday. The A-share market has been postponed. Of course, the impact of the epidemic has not yet been fully realized. The Hong Kong stocks and the FTSE A50 index with contradictory correlations have not shown optimism.The Hang Seng Index fell more than 1500 points in the past two trading days, returning to the low point of December last year, and the FTSE A50 Index returning to the low point of May last year.　　2. Compared with the SARS period, the outbreak prevention and control measures are more efficient and effective, and the short-term impact on the economy has broken through.Substantial and stringent prevention and control measures have been introduced in various places, and a series of regional isolation policies have been adopted. The company resumed work, delayed the resumption of production, forced the returnees to isolate themselves, and restricted travel in the main urban area.Especially in Hubei Province, where the epidemic center Wuhan is located, economic activity in the relevant areas has basically stalled.　　3. In this round of epidemic, the national economy is at the bottom of the counter-cyclical adjustment.2003 is the year when the macroeconomic policy is tightened beyond expectations, and 2020 is the last year to build a well-off society in an all-round way. We are faced with two doubling of the political goals and policies, and the policy needs further efforts to support the bottom.Recent signs of easing are obvious, such as the extension of February’s interest rates for some enterprises, and Hubei’s mid-to-low corporate loan interest rates have been reduced by 0.5pct and other policies have been introduced.Our macro team believes that after the epidemic, counter-cyclical expansion will be overweight. Possible measures include lowering the standards, lowering MLF and LPR interest rates, increasing the fiscal deficit rate, further increasing the proportion of special debt invested in infrastructure, and policy banks increasing their infrastructure.Loan support for project supporting financing, more cities will relax their land expansion and increase the stimulus for automobile consumption under the framework of “extending the policy in accordance with the city”.Whether the follow-up policy can be loosened more than expected will be the main contradiction that affects the progress of the market.　　Second, from the time rhythm of market adjustment, we believe that the current round of epidemic may be divided into three stages of spread. Under the optimistic situation, the epidemic may be controlled before the end of February, and the market is expected to usher in improvement.　　The first stage of proliferation is the peak of return to Beijing this weekend.Because next Monday is a normal national return day.　　The second peak is the fifteenth day of the first lunar month. After the lunar year, many freelancers return with a high probability.　　The third peak of the return trip is after the school’s winter break, plus a half-month quarantine period, before the end of February.Basically, the outbreak may be under control.　　Under the optimistic situation, the epidemic situation may be controlled more effectively and the impact on the secondary market will recede before the peak of student return trips at the end of February.Entering March, the market is expected to consolidate at the bottom or usher in a certain rebound, and April is the intensive stage of the quarterly report. The impact of the epidemic on related listed companies in the first quarter will also improve, causing stock indexes or renewed pressure.However, we believe that the probability of the index reaching a new low is relatively small, mainly considering that the gradual release of the two sessions will be a good policy. The short-term impact of the epidemic on the economy will form a corresponding hedge under the counter-cyclical policy.　　Third, follow the market rhythm and grasp the index of the industry’s rotation after the opening of the A-share index will inevitably fall. It is recommended that investors grasp the rhythm of the market interpretation and investment opportunities under the industry’s rotation.Now that the epidemic has reached the stage of spread, starting from the current point of time, the diversity of medicine and entertainment continues to be strong in the short term. During the epidemic mitigation period, you can moderately focus on the rebound opportunities of the oversold sectors. After the epidemic disturbance subsides, the market may return to the originalRun the logic.　　(I) Pharmaceuticals. The short-term expectation of online entertainment continues to be strong. The short-term impact of rework delays and passenger flow will be on physical service enterprises such as catering, tourism, hotels, retail, and transportation. Internet entertainment consumer services that have a substitute for physical consumption willThere is growth.In addition, the pharmaceutical sector fully benefited from the need for epidemic prevention and treatment. On the first day of the opening of the target Hong Kong stocks, China Medical Group increased by over 280%, and many pharmaceutical stocks in Hong Kong stocks continued to soar.　　Based on the media team’s point of view, we believe that starting from the needs of ordinary citizens who are isolated from home and resumed work postponed, participation in online entertainment, online education, and video conferencing has increased significantly: 1) Adding users and activity to games and online videosUsers increase.The old games are collectively picking up. The data shows that Tencent’s server was paralyzed for 30 years. The glory of the king was nearly 20 billion in a single day. The original offline content consumption such as “Aunt” went online, and the online video category was targeted.Benefit.2) Delayed start of school and resumption of work make online education and video conferencing the first choice.Most provinces have extended the start of the spring semester of kindergartens in elementary and middle schools to February 17. Under the influence of the stagnation of offline remedial classes, online education and knowledge will explode.　　Combining the point of view of the medical team, we believe that starting from the need for epidemic prevention, medicine is both an industry that directly benefits from fundamentals and an industry that is safe from capital.The performance of the three types of pharmaceutical companies is even more prominent: 1) The surge in demand for masks, goggles, protective clothing and other protective consumables and testing reagents rose in volume and price.Due to the weak awareness of Chinese people in the daily use of protective supplies such as masks, and the current demand for front-line epidemic prevention staff and patients is large, many provinces and cities have mandated that masks must be placed in public places, coupled with market panic, the supply and demand of protective supplies has decreased, and the distanceChannel sales prices have increased several times, and factory capacity has reached its maximum.2) Chinese medicine companies that produce customized medicines.At this stage is the period of frequent influenza, and there is no specific medicine for new crown pneumonia. Banlangen and Lianhua Qingwen Capsules are the first choice for many patients with high fever. Therefore, it is understood that Lianhua Qingwen Capsules is the first choice for doctors in epidemic areas hospitals.It is also the first recommended drug in the city’s distribution pharmacy.3) Vaccine and specific drug R & D enterprises are supported by policies.The state supports clinical trials of new coronary pneumonia vaccines, the approval of rapid-acting drugs, and the process of conversion to Chinese innovative pharmaceutical companies in bioimmunotherapy methods has achieved substantial breakthroughs. Compared with the SARS period, all sectors have defeated local Chinese pharmaceutical companies.The confidence of 2019-nCoV has increased significantly.　　(2) The mid-to-long-term boom is firmly on the main line of the economy, and the market operation is moderately disrupted. The market operation of the short-term epidemic factors has been disturbed, and the market gradually returns to its operating logic after the epidemic weakens.Strong early-stage technology stocks are still the mainstay of the emerging boom.　　The logical topology of the high-tech sector that has just ushered in the harvest period is picking up the logic topology, and the “black swan” event is difficult to shake the foundation for long-term growth.Against the background of industrial structure reform, the return on assets of technology companies with policy dividends and performance support has continued to increase, and strong technology stocks in the early stage are still the mainstay of the growth boom.Taking the 5G concept and the new energy concept as an example, during the holiday market break, 5G will soon be used to support telemedicine in epidemic areas. The EU countries that are “technology-neutral” have won multiple participating 5G projects. Tesla confirmed with NingdeTime cooperated to produce Model3 batteries, and the two parties reached a supply relationship.It can be seen that the growth trend under technological innovation is long-term and international, and is not affected by the “black swan”. After a period of disturbance, the development of high-tech industries has returned to a strong position.　　From a medium-to-long-term perspective, after the arrival of the inflection point of the epidemic, it is possible to grasp the rebound opportunities of the oversold industry in the early stage.Because the industries that are most affected are those with the strongest consumer attributes, consumption frequency returns to stability, and after the unit price of passengers returns to rationality, the oversold industries gradually return to normal levels of change. Investors are advised to appropriately grasp the rebound opportunity after the market has fallen.

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Haixing Power (603556)： Excellent profitability rebounded Implement employee shareholding incentives for common development

Haixing Power (603556): Excellent profitability rebounded Implement employee shareholding incentives for common development

Event: Haixing Power released the 2019 Interim Report, reporting that the combined company achieved operating income13.

$ 7.4 billion, an increase of 16 per year.

69%; net profit attributable to mothers2.

810,000 yuan, an increase of 76 in ten years.

66, EPS is 0.

57 yuan.

Both domestic and overseas growth has been high, and profitability has rebounded significantly.

2019H1, the company’s overseas market revenue 9.

53 ppm, an increase of 11 years.

69%; the company’s domestic market revenue4.

21 ppm, an increase of 29 in ten years.

86%.

In the first half of 2019, the company’s gross profit margin and net profit margin reached 42.

11% and 20.

41%, increasing by 0 each year.

99 points and 6.

64 points; 19Q2 single quarter gross margin and net profit reached 44.

70% and 24.

11%, an increase of 6 in the earlier 19Q1.

78 points and 9.

56 points, a quarterly improvement.

During the first half of the year, the company’s expense ratio totaled 20.

0%, down 4 each year.

21 points, the growth rate of management expenses and sales expenses are lower than the growth rate of revenue.

The company still maintains budget operation. The cash revenue ratio reaches 104%, the operating cash flow is positive, and the level of asset-liability ratio is maintained at about 25% year-round.

Smart meters entered the replacement cycle, and the bidding volume of the State Grid increased significantly.

The world’s first generation of smart meters is nearing its end, and the newly installed second-generation advanced metering infrastructure (AMI smart meters) is being widely promoted and used worldwide, known as the service cycle rotation of smart meters.

Starting from 2017, grid investment in developing countries has gradually shifted to the field of power distribution, and the development of power grids has gradually changed from high-speed growth to gradual development. The “three types, two networks, and world-class” strategy has become the latest development direction of the national power grid.

The scale of domestic smart grid construction has been rolled out for 8-10 years, and the second batch of smart meter rotation is about to begin. It is expected that in the next few years, the demand for smart meters based on the flood of power IoT technologies will increase year by year.

In June 2019, the first batch of bids for smart meters of the State Grid reached 40.17 million, and the first batch of bids for 2018 increased by 57.

0%, which is basically close to the initial tender volume in 2017 (45.59 million).

Utilizing ubiquitous IoT technology to provide sustainable development solutions for global power customers.

The company has been deeply cultivating overseas markets for 27 years, has long served electric customers in overseas markets, and has a deep understanding of the needs of electric customers at different stages of development.

In the end, the company’s R & D expenses remained on average a high percentage of 8%, and it continued to expand R & D investment in the fields of electric power Internet of Things, communication architecture, data processing, cloud applications, smart sensing, and new generation smart meters.

The company makes full use of the advantages of the global marketing platform, and forms a marketing “iron triangle” through account managers, solution experts, and delivery experts to provide customers with customized solutions.

The company is committed to establishing an ecosystem with Haixing Power as its core, enhancing core competitiveness and creating value for global power customers.

Implementation of employee stock ownership plan, employees and the company develop together.

杭州夜网论坛In May 2019, the company completed the repurchase of 9.21 million shares, accounting for 1 of the company’s total share capital.86%.

All the repurchased shares were transferred to the company’s first employee shareholding plan in the form of non-trading transfers in July 2019, and the lock-up period for the shares was 12 months.

The subscription price for this employee shareholding plan is 13.

69 yuan / share, fund budget is 1.

2.6 billion.

Among them, three executives have a subscription share of 15.

71%, other eligible employees subscribed for points to 84.

29%.

Investment suggestion: Maintain Buy-A investment rating with 6-month target price of 18.

00 yuan.

We expect the company’s net profit for 2019-2021 to be 5 respectively.

03 billion, 6.

1.3 billion, 7.

3.8 billion yuan, net profit growth rate was 52.

4%, 21.

8%, 20.

5%, EPS is 1.

02, 1.深圳桑拿网

24 and 1.

49 yuan.

Maintain the company’s buy-A investment rating, with a 6-month target price of 18.

00 yuan.

Risk warning: exchange rate fluctuation risks, overseas subsidiary management risks, new technology development risks, etc.

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Shanghai Airport (600009) 2019 Third Quarterly Report Review： Q3 profit growth of 15.

7% performance is in line with expectations

Shanghai Airport (600009) 2019 Third Quarterly Report Review: Q3 profit growth of 15.

7% performance is in line with expectations

The company released three quarterly reports: Q3 increased by 15.

7%, the performance was in line with expectations.

1) Financial data: operating income for the first three quarters18.

9.5 billion, an increase of 18 in ten years.

95%, net profit attributable to mother 39.

9.5 billion, an annual increase of 27.

19%; quarterly, operating income in the third quarter was 27.

5.3 billion, an increase of 14 in ten years.

9%, Q1, Q2 are 21 respectively.

6% and 20.

5%; Q3 returns to net profit of the mother 12.

9.5 billion, an increase of 15 in ten years.

7%, Q1, Q2 are 36.

6% and 30.

3%.

2) Business volume: Q3 takeoffs and landings12.

960,000, an increase of 2% per year, and passengers exploded in 1968.

80,000 people, an increase of 2 in ten years.

6%, of which 8.5 million are international, with an annual increase of 4.

6%, 1.47 million people in the area, and 13.
.

0%, international + regional total 9.97 million, an increase of more than 1.

6%, accounting for 50.

6%; the first three quarters of the first three quarters increased by 2%, the number of passengers exploded by 3.

6%, of which international + regional passenger growth rate of 3.

2%.

Revenue structure: Disturbing factors affect the growth rate of Q3 tax-exempt income without changing the long-term logic, and it is expected that subsequent effects will weaken.

The company disclosed part of its operating income in the new tax-exempt contract in the third quarter9.

2.5 billion (T2 + Satellite Hall), corresponding to a tax allowance of 21.

7.6 billion, calculated according to T1 tax exemption accounting for about 40% of the total, the total tax exemption in the third quarter is about 3.5 billion, an annual increase of about 14%, about the first half of the growth rate replacement; per capita 青岛夜网 consumption is about 346 yuan, about 12%Per capita growth of about half a year.

We believe that there are multiple disturbance factors: a) Passenger traffic in the Hong Kong and Taiwan regions nearly 20% in 8-9 months led to a significant landing of duty-free shops; b) Frequent typhoon weather caused the passenger flow to accelerate.

Among them, the Shanghai-Hong Kong flight volume decreased by 4 after the change of winter and spring.

8%, its impact will gradually decrease.

Cost structure: The cost of the satellite hall increased due to the commissioning of the project. The scale of the ongoing construction project is only about 12 billion, which is significantly lower than the budget.

1) The company’s operating costs in the third quarter13.

3 billion, an annual increase of 16.
6%, a month-on-month increase of 1.
900 million, is expected to be mainly due to the increase in related operating costs after the launch of the satellite hall in September.

2) The overall scale of the third phase of the project is controllable, reflecting the company’s management capabilities: from the perspective of the scale of consolidation, the end of the third quarter is 200.

800 million, an increase of 11.8 billion compared with Q2, corresponding to 93 under construction.

$ 500 billion 3.

8 billion, which means that the actual final accounts for the third phase of the project are about 12 billion, while the tandem semi-annual report discloses a budget of 18.6 billion, and the controllable capital expenditure will be gradually reduced by the company’s depreciation. The current estimated annual depreciation stall sales are about 6.

85 billion.

Expense management is still excellent, management expenses are reduced from the previous month, and investment income contributes incremental income.

The company’s three fees totaled only about 2 million, ranking 0 in Q1 / Q2.

1.2 billion, 0.

A substantial reduction of 3.9 billion, of which management costs were zero.

5.5 billion, a decrease of 0 from the previous month.

3.4 billion, interest income 0.

5.3 billion (Q2 is 0.

5 billion).

In addition, investment income in the third quarter2.

8.9 billion, an increase of 19 years.

9%, an increase of 0 from the previous month.

4 billion.

Investment suggestions: 1) Profit forecast: Based on Q3 disturbance factors, the revenue growth rate will be adjusted slightly, and the company’s net profit forecast for 2019-21 will be 51.

3, 56.

2, 67.

4 trillion (previous forecast was 53.

4, 60.

5 and 75.

200 million), corresponding to PE27.

6, 25.

2 and 21 times.

2) Under the category setting of fragrance percentage of nearly 80%, the source of tax-free sales is the demand for high-grade fragrance.

With reference to the situation in Japan in the 70s and 80s and the current highest potential, it is expected that the golden age of the face value economy will last for 5-10 years; the statically calculated tax-free return space is about 3 times (100-150 billion scale).

3) With reference to overseas airports, give 28 times PE in 2020, corresponding to a target price of 88 yuan, which is about 20% more space than the current price, and highlight the “recommended” rating.

Risk reminder: The cost of the satellite hall is higher than expected after the commissioning of the satellite hall, the impact of duty-free shops in the city exceeds expectations, and the economy has grown significantly.

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SDIC Power (600886)： Coal Price Reduces Burden of Hydropower, Shanghai-London Link Helps Global Expansion

SDIC Power (600886): Coal Price Reduces Burden of Hydropower, Shanghai-London Link Helps Global Expansion

It is planned to participate in the overseas fund-raising of Shanghai-London Stock Connect to facilitate global business expansion.

In early July, the company’s board of directors passed the “Indices on the Issuance of GDRs by the Company and Listing on the London Stock Exchange and Conversion of Securities Raised Overseas”, intends to issue Global Depositary Receipts (“GDR”) and apply for listing on the London Stock Exchange.
The number of new A-shares in the underlying securities represented by the GDR is not more than 6.

7.9 billion shares (10% of the company’s total common stock before the issue), the issue price is not lower than the latest audited audited net assets (the company’s BPS in 19Q1 was 5.

14 yuan), GDR can be converted into domestic A shares 120 days after listing.

If the company’s closing price on July 31 is 8.

Based on the calculation of a discount of 90% on the basis of 52 yuan, the net amount of funds raised this time will be about 5.2 billion yuan, which will be used for overseas clean energy project operations or project acquisitions.

We believe that the company’s overseas listing is sufficient to expand diversified financing channels and help expand overseas business; at the same time, it promotes the company’s visibility and attention among overseas investors and enhances its international influence.

New coal-fired power units contributed incremental growth, and the decline in coal prices led to improved sector performance.

The company’s thermal power generation in the first half of the year grew at a rate of ten years.

5%都市夜网, mainly due to the commissioning of the second phase of the northern Xinjiang unit in June 18, and the utilization hours of Gansu, Guangxi, and Anhui increased; the on-grid tariff for thermal power dropped by an average of 3%.

37%, mainly affected by the expansion of the scale of electricity marketization.

We believe that the performance of the company’s thermal power sector will benefit from both the increase in power generation generated by the expansion of installed capacity and the dual benefits of lower costs.

According to Wonder data, the CCI5500 coal price index in the first half of the year fell by nearly 9% compared to the same period last year, and the imported coal price index fell by nearly 19%.

If the 18-year market coal purchase amount is 1423, when the market coal price (excluding tax) decreases by 10%, the 南宁桑拿 corresponding increase in the attributable net profit will be about 3.

800 million (assuming a 25% income tax rate).

The incoming water is good to supplement the clean energy consumption and improvement, and the hydropower grid connection power has increased significantly.

In the first half of the year, the company’s on-grid hydropower generation capacity increased by 7.

45%, mainly due to the Yalong River and the small Three Gorges, where the incoming water is relatively abundant, and the Dachaoshan was significantly affected by the upstream storage capacity of the generators. The incoming water increased significantly; the on-grid electricity price dropped by an average of 6.

.

29%, mainly due to the expansion of the scale of market-oriented profits.

In 2019, benefiting from good water supply and the improvement of clean energy consumption brought about by policy promotion, the end of June, the national hydropower generation growth rate11.

8%, among which Yunnan, Sichuan, and Gansu, where the company’s unit is located, have a growth rate of 25.

9%, 2.

8% and 12.

0%.

We expect the clean energy consumption and improvement trend to continue. After the company is constructing Lianghekou and Yangfanggou Power Station is put into operation, it will bring 5%, 15%, and 5% installed growth in 2021-23, and more than 42 million.EBIT.

Profit forecast and estimation.

We expect to achieve net profit attributable to owners of parent companies in 2019-21.

25, 50.

49, 52.

960,000 yuan, corresponding to 0 EPS.

69, 0.

72, 0.

76 yuan.

With reference to comparable companies’ estimates, taking into account the revaluation of the industry value brought by the improvement of clean energy consumption and the improvement of the company’s thermal power and long-term scale expansion brought by the increase of hydropower, the company is given 15-17 times PE in 2019, corresponding to a reasonable value range of 10.
35-11.

73 yuan, maintaining the sustainable market rating.
risk warning.
The macroeconomic downturn brought pressure on the entire society’s electricity consumption; weather factors affected the incoming water; market electricity concessions further expanded; there was uncertainty about the timing of the decline in coal prices; and the issue of GDRs was uncertain.

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Shuangchuang Electronics (600990)： Radar business significantly recovers asset injection space can be expected

Shuangchuang Electronics (600990): Radar business significantly recovers asset injection space can be expected

On October 26th, the company released the third quarter report of 2019 and achieved operating income of 15.

1.5 billion, a decline of 26 every year.

27%, achieving net profit attributable to mothers-7236.

560 thousand yuan, -471 in the same period last year.

780,000 yuan.

　　Actively reducing the size of non-core business, radar and supporting business rebounded significantly On October 26, the company released the third quarter report of 2019, achieving operating income of 15.

1.5 billion, a decline of 26 every year.

27%, achieving net profit attributable to mothers-7236.

560 thousand yuan, -471 in the same period last year.

780,000 yuan, net profit after deduction is -8885.

0.6 million yuan, compared with -6798 in the same period last year.

930,000 yuan.

According to the average report, Bowei Changan actively reduced the scale of its business that lacked core competitiveness, and at the same time, the revenue of smart industries declined, leading to the expansion of the company’s revenue scale, and the company’s gross profit margin for the first three quarters of the year was 16.

07%, compared with 11.

44%, the company’s product profitability improved significantly.

　　During the period, the increase in the expense ratio was extremely significant.

The report totals and the company’s period expenses total 3.

31 ppm, an increase of 16 in ten years.

72%.

Among them, the selling expenses are zero.

98 ppm, an increase of 17 in ten years.

09%, mainly due to the increase in labor costs and after-sales service costs; management costs 1.

66 ppm, an increase of 15 in ten years.

67%, mainly due to increase in labor costs, amortization and depreciation; R & D expenses 0.

34 ppm, a 64-year increase of 64.

33%, mainly due to the increase in R & D investment expenses.

; Finance costs 0.

33 ppm, a decrease of 7 per year.

45%.

　　As of the end of the third quarter, the company’s total inventory was 18.

43 ppm, an increase of 50 in ten years.

25%, mainly due to the report that the long-range radar electronics business is in production and the smart industry business project construction increased; the total budget received in advance is 3.

72 ppm, an increase of 52 in ten years.

95%, mainly due to the increase in advances received from customers for radar and ancillary services.

We believe that radar and supporting business orders have picked up, and earlier orders have entered production and delivery conversion, which will provide momentum for the company’s performance recovery in the future.

　　The transfer of equity has been implemented, the value of the capital operation platform highlights the transfer of equity, and the three-tier organizational structure has been gradually improved.

In November 2017, the CLP Group agreed in principle to form the CLP Bowei Group, which was converted into the entire existing shares of Shichuang Electronics held by 38 and transferred to CLP Bowei for free; September 2018On September 3, 2019, CLP Bowei Group completed the industrial and commercial registration; on September 3, 2019, CLP approved the transfer of the shares within the group company for free; on September 10, the company issued an announcement saying that the 38CLP Bowei’s high-level “Regular Equity Free Transfer Agreement” will hold 38 companies45.

67% of the original shares were transferred to CLP Bowei for free.　　The listing platform of CLP Bowei Group is partially highlighted, and capital operation is expected to be strong.

CPIC’s affiliated institutes include 8, 16, 38, and 43 institutes, and 4 institutes have fully utilized technology reserves and comprehensive strength in the fields of fiber optic cables, superconductors, radar, microsystems and components.Among them, 38 are currently one of the most technologically advanced research institutes in the field of radar in China, with advanced production capabilities for many types of radars, such 天津夜网 as ship-borne, vehicle-mounted and air-borne platforms.

After the completion of the equity transfer, the company’s role as the capital operation platform of the CLP Bowei Group has been further highlighted. Due to the reduction in the degree of confidentiality of assets of the Department of Electric Science and Technology, the future asset injection is expected to be profound.

　　We judge that in 2019, the capital operation of central enterprises in military industry may still be dominated by enterprise assets, and the injection of assets in institutions has gradually approached.

On August 23, 2019, Guorui Technology’s major asset reorganization plan was approved by the National Defense Science and Industry Bureau, which has great significance, providing a new path for the core institutions to inject core assets into listed 南京桑拿网 companies, or it will become a new progressive plan for institutional reform, and thenSimilar investment opportunities deserve attention.

　　Profit forecast and investment advice: The value of the capital operation platform is prominent, and future assets can be injected into the space. The company will maintain its shareholding level as the leader of the internal radar industry. Weather radar, air traffic control radar and alert radar products will occupy a certain market share in the military and civilian markets.The progress of radar business has gradually picked up and improved; the smooth expansion of security and power products business will add new impetus to the growth of the company’s performance; the company, as the operating platform of CLP Bo Capital, may benefit from the continuous reform of scientific research institutes, and the future asset injection space can beperiod.
It is estimated that the company’s net profit attributable to mother from 2019 to 2021 will be 2.

6.3 billion, 2.

8.7 billion, 3.

31 ppm, with annual growth of 2 respectively.

1%, 9.

36%, 15.

2%, corresponding to 1 for 2019 to 2021.

63, 1.

79, 2.

06 yuan, corresponding to the current expected PE is 29, 26, 23 times, respectively, maintaining the level of overweight.

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Depth-Company-Hengshun Vinegar (600305)： Condiment Revenue Continues to Increase Speed and Increase Prices to Enhance Profitability

Depth * Company * Hengshun Vinegar Industry (600305): Condiment revenue continues to accelerate and increase prices to enhance profitability

Hengshun Vinegar announced the first quarter report of 2019.

Revenue in the first quarter of 19
杭州桑拿

6 billion, a previous appreciation of 15.

2%, net profit attributable to mother 0.

7.2 billion, an increase of 21.

7%, deducting non-net profit of 0.

6.2 billion, an increase of 25 previously.

5%, EPS 0.

09 yuan.

The performance exceeded our expectations.

Key points of support level 1Q19 seasoning revenue continued to accelerate, vinegars grew steadily and rapidly, cooking wine continued to increase in volume, and regional performance was balanced.

According to the parent company’s statement caliber, 19Q1 condiment revenue was 4.

1 billion, with a previous appreciation of 15.

5%, speeding up by 7 per year.

1pct, through the simultaneous 4Q18 and 1Q19 to exclude the impact of the Spring Festival staggered peaks, condiment revenue increased by 13.

7%, speeding up by 5 per year.

1pct, we judge that it mainly benefits from good channel sales and price increases.

In terms of categories, 1Q19 company’s vinegar and cooking wine together achieved revenue3.

600 million, of which vinegar 3.

0 billion, accounting for 82.

6%, cooking wine 0.

6.3 billion, accounting for 17.

4%, which accounted for 4 lower than 1H18.

1, high 4.

1pct, so we judge that the growth rate of cooking wine is accelerating and continues to increase.

By region, 1Q19 companies accounted for 50% of revenue in East China, South China, Central China, West China, and North China.

6%, 14.

9%, 16.

9%, 9.

6%, 8.

1%, the earlier 1H18 were -2 higher.

4, 0.

2, 0.

7, 0.

2, 1.

2pct, so we believe that the regional performance is balanced, all achieve rapid growth, and regional growth outside East China.

The price increase in the first quarter of 19 drove the expansion of gross profit margin, and the profit exceeded our expectations.

The company’s net profit attributable to its mother increased by 22% annually in the first quarter of 19, exceeding our expectations of 15% +.In the first quarter of 19, the company’s deducted non-net profit increased by 25 in ten years.

5%, 4Q18 + 1Q19 exceeded 21% in value-added, increasing speed 6 times.

9 points.

Benefiting from the average price increase of about 2% of the company’s products and the upgrading of its product structure on January 1, 2019, the company’s gross profit margin reached 43 in 1Q19.

8%, an increase of 3 per year.

5pct, down slightly from the previous month.

4pct may fluctuate from quarter to quarter.

The company’s sales expense ratio in the first quarter of 19 was 16.

4%, rising by 1 every year.

3pct, which is also higher than 14 in 2018.

9%, we judged that the company’s efforts to improve the performance management of marketing personnel and the “reward” policy in the first quarter strengthened.

The company’s management expense ratio (including R & D) for the first quarter of 19 9.

3%, increase by 1 every year.

3pct, but slightly less than 9 in the 2018 decade.

4%, we judge it may be due to seasonal fluctuations.

Taken together, the company’s net profit margin increased to 0 in 1Q19.

8pct, deduct non-net interest rate extension and increase by 1.

1pct, profitability continued to increase.

It is estimated that terminal construction will help sales to grow steadily. Early price increases + product structure enhancement expectations will lead to continuous improvement in gross profit margin. It is worth looking forward to the continued development of the marketing system.

Taking into account that the company’s 1Q19 profit exceeded our expectations, we have raised our 2019-20 profit forecast by 3%, and we expect the EPS for 2019-20 to be 0.

39, 0.

44 yuan, previously reduced by 0.

5%, an increase of 12.

6%, after deducting non-weight gains of 19% and 15% in the next ten years, maintaining the rating of overweight.

The main risks faced by ratings are that the impact of price increases on demand has exceeded expectations, industry competition has intensified, and the reform process is gradually expected.

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PICC (601319)： Industry-leading quality insurance industry-leading life insurance value accelerates growth

PICC (601319): Industry-leading quality insurance industry-leading life insurance value accelerates growth

Investment points: Strong shareholder background + good customer base of established financial groups + excellent quality of P & C insurance + life insurance, the inflection point of the value of health insurance is now + investment is stable.

First coverage, “Neutral” rating.

The comprehensive financial group with property insurance as its core has restructured 苏州桑拿网 its profitability; benefiting from the background of shareholders, it has deep cooperation with the government.

1) China-managed financial enterprises. As of September 2019, the Ministry of Finance and the Social Security Foundation each hold 60 companies.

84%, 15.

36% of the shares.

The company has a deep foundation of cooperation with banks, state-owned enterprises and government agencies, with a large number of large customers and high quality.

2) The company has a huge service network, and has outstanding ability to grasp the potential of the blue ocean market in small and medium-sized cities and counties.

3) The group owns PICC property insurance, PICC life insurance, PICC health, PICC assets, PICC reinsurance, PICC Hong Kong and PICC, and other holding subsidiaries. The large financial layout has obvious synergies in integration.

4) Property insurance accounts for nearly three-quarters of revenue and the contribution of life insurance profits has increased significantly.

Higher asset turnover, stable underwriting profitability, and leading investment returns have led to an average ROE of 11 in the past three years.

34%, second only to Ping An, significantly higher than other listed insurance companies, with profitability alternatives.

Property and Casualty Insurance: The premium structure is optimized, the cost control ability is strong, and the market share is steadily rising.

1) PICC P & C maintains a market share of 1/3 throughout the year, and the market restructuring in 2019H1 is 35.

2%, compared with the beginning of the year + 2pct, the market share has increased for the first time since 2016.

2) The premium structure continued to be optimized.

The proportion of auto insurance premiums has been 73 from 2014.

1% dropped to 54 in 2019H1.

0%, 17pct lower than Ping An, the business structure is more diverse.

2016?
In 2018, the compound growth rates of Italian health insurance, liability insurance and agricultural insurance premiums reached 31.

4%, 25.

9%, 17.

0%, non-auto insurance high-growth operating companies under the high base of the total premium growth rate can still be basically the same as the industry growth rate.

3) Comprehensive cost rate Among the top three households, the average comprehensive cost rate from 2010 to 2018 was 97%, and the expense rate remained basically below 35%, which was far lower than Ping An and CPIC. The 2019H1 expense rate exceeded the re–1.

9pct, the initial low expense ratio includes: significant scale effects, refined management to reduce the management expense ratio, and agricultural insurance and health insurance, which are mainly policy-oriented businesses, account for a high proportion.

4) Affected by natural disasters and increased premium formation rate, the payout rate for H1 2019 has increased, but the company insisted on reducing costs and increasing efficiency, and achieved a loss of 17.7 billion in the first three quarters.

We believe the company’s scale advantages in auto insurance and non-auto insurance are expected to be further transformed into efficiency advantages.

Life insurance: Significant results of life insurance value transformation, accelerated growth of NBV and EV; significant improvement in profitability of health insurance.

1) PICC Life started late, and its bancassurance business accounted for a relatively high proportion of its peers and its value rate was lower than its peers.

The company comprehensively promoted the transformation in 2015, and the average annual growth rate of term premiums from 2015 to 2018 was 59.

57%, compound growth rate of NBV 28.

6%, new business value rate from 3.

3% increased to 10.

6%.

In 2019H1, the insurance premiums for new policies for a ten-year period are + 44%, and after NBV +25.

6%, new business value rate +2 per second.

5 points to 9.
3%, the transformation effect is remarkable, the high growth rate of NBV led to the first half of life insurance EV +16.
9%, leading the industry.

2) The net profit of health insurance continued to grow. It turned losses into profits in 2016, and the profit in the first three quarters of 2019 jumped to 3.

2.6 billion.

From 2015 to 2018, the government commissioned business scale grew at a compound annual growth rate of 78% in three years, accumulating a large number of high-quality customers and conducting secondary development, effectively driving the development of other health insurance businesses for the company.

Profit growth is expected to remain at a high level, with a “neutral” grade.

With the advancement of “combination of newspapers and banks”, the reduction of the commission rate has the effect of reducing the proportion of the scale, the arrangement of the fees and commission tax front-end expenses has increased, the growth rate of financial insurance 杭州桑拿网 profits has improved significantly, and future profits are still maintained.Earlier high growth.

We use the segment assessment method to arrive at a reasonable value interval6.

27-6.

70 yuan / share, given a “neutral” rating.

Risk warning: interest rates trend downward; stock market fluctuates sharply; protection-type growth is less than expected

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Zhou Dasheng (002867) 2018 Annual Report Follow-up Review： Channel Store Expansion and Diversified Products Boost Performance Growth and Maintain Recommendation

Zhou Dasheng (002867) 2018 Annual Report Follow-up Review: Channel Store Expansion and Diversified Products Boost Performance Growth and Maintain Recommendation

1.

Event summary The company achieved operating income of 48 in 2018.

70 ppm, an increase of 27 in ten years.

97%; realize net profit attributable to shareholders of listed companies.

0.6 million yuan, an increase of 36 in ten years.

15%; Realize attributable non-net profit 7.

52 ppm, an increase of 32 over the same period last year.

53%.

Net operating cash flow was 3.

670,000 yuan, an increase of 3 over the same period last year.

30%.

2.

Our Analysis and Judgment (I) Expansion of franchise model and diversified products promoted revenue, and net profit increased significantly. In 2018, the company achieved operating income of 48.

700,000 yuan, an increase of 10 over the same period last year.

6.4 billion, of which self-operated offline sales and online sales were 11 respectively.

27/3.

5 billion revenue, an increase of 10 year-on-year.

86% / 23.

69%, contributed 1.

10/0.

67 trillion revenue increase; franchise business achieved revenue 32.

470,000 yuan, up 35 before.

14%, contributing 8.

44 trillion revenue increase, of which franchise business increased wholesale revenue and increased 38.

83%, franchise brand royalties / affiliate management services achieved revenue 3 respectively.

30/1.

72 ppm, corresponding to a 10-year increase of 26.

01% / 26.

22%, respectively contribute 0.

68/0.

Revenue increase of 3.6 billion U.S. dollars; other main businesses such as supply chain and financial microfinance are new projects in the second half of 2017, totaling zero in the current period.

5.2 billion.

From a business model perspective, franchise sales and self-operated offline sales maintain a high share, contributing 66 in 2018 respectively.

67% / 23.

14% of the main operating income, of which the revenue of franchised stores increased by 3 over the same period last year.杭州夜网

53 averages, a decrease of 3 below the self-operated line.

58 averages, both of which remain relatively stable.

From the perspective of product categories, plain gold jewelry / accessory jewelry / other jewelry contributed 11 respectively.37/30.

83/0.

03 billion revenue, an increase of 15 year-on-year.

15% / 33.

17% / 17.

26%, corresponding to the increase in revenue 1.

50 ppm / 7.

68 ppm / 43.

0.94 million yuan.

Prime gold jewelry / replacement jewelry accounted for 23% of total operating income.

34% / 63.

30%, the proportion of prime gold jewelry shows a downward trend, while the proportion of jewelry has increased steadily year by year. At the same time, the purification changes in 2018 compared to the same period of the previous year were -2.

60/2.

47 units.

The company’s attributable 苏州桑拿网 non-net profit in 2018 increased by 1 compared with the same period last year.

8.5 billion US dollars, mainly benefited from the reported product development and improvement, product line is rich and complete, driven by factors such as franchise to continuously promote market expansion, the company’s operating capabilities and profitability have steadily increased.

(2) Comprehensive gross profit margin increased by 1.

62pct, during which the rate of expense rose by 0.

45pct’s 2018 consolidated gross profit margin was 34.

00%, an increase of 1 compared with the same period last year.

62 units; net sales margin was 16.

55%, rising by 0 every year.

99 units.

The self-operated offline and franchise business gross margins exceeded 0, respectively.

12/1.

36 units; gross profit margins of prime gold and accessory jewelry products increased by 2.

76/1.

13 units.

The increase in gross profit margin was mainly due to the significant increase in gross profit margin of franchise business with relatively high revenue.

Period expenses13.

98%, ranking rose 0 in the same period last year.

45 units.

The sales / management / financial expense ratios are 10 respectively.

66% / 2.

59% / 0.

54%, corresponding to a change of -1.

05/0.

80/0.

71 units.

The increase in sales expenses was mainly due to the increase in expenses such as labor costs brought by business expansion; the increase in management expenses (including research and development expenses) was the share-based payment expenses of 4070 generated by the first equity incentive in the reporting period.480,000 yuan; the increase in financial expenses was an increase in bank borrowings and gold leases and increased interest payments during the reporting period, corresponding to an increase in index expenditure by 1900.

RMB 190,000, exchange loss gains and benefits increased by 1873.

79 thousand yuan.

(3) “Self-employed + franchise” construction extension network expansion, supply chain optimization and integration, grasp the channel construction company has established a wide and deep coverage of “self-employed + franchise” chain network, the first and second-tier cities core business district layout self-operated stores,It has a strong radiating effect and driving effect on the development and operation of franchise stores around the city and third and fourth tier cities.

Through asset-light and integrated operational business strategies, the company focuses on brand operations, channel management, product research and development and supply chain integration, and continuously improves its brand image and influence. In 2018, the company continued to maintain a rapid market development rate and effectively opened new stores.872, a net increase of 651, including a net increase of 625 franchise stores, a net increase of 26 self-operated stores, the total number of stores continued to grow, at the end of the reporting period, a total of 3375 stores, of which 3073 franchise stores, 302 self-operated stores.

Outside the channel, the company has established a set of effective raw material suppliers, outsourced manufacturers / designated suppliers to select, manage, evaluate and eliminate mechanisms to achieve product quality control, production progress, production costs and supply chain channel changesTimely control and quick response to other information.

At the same time, aiming at the different growth of the business scale, the company has established long-term cooperative relationships with several national logistics companies with the strongest overall strength, which has improved the efficiency and accuracy of goods delivery, and the daily order processing capacity has been continuously improved.

(4) The brand image and value are constantly improved, the product matrix is rich to meet the diversified consumer demand, and according to brand positioning and strategic planning, the company has integrated a comprehensive, three-dimensional brand integrated marketing strategy, and strengthened brand recognition by optimizing brand image spokespersons;Necessary pivotal jewellery design competitions, participating in national industry fairs, implementing featured project marketing, public relations marketing and affiliate marketing; comprehensively covering target consumer groups, and continuously increasing the awareness, reputation and loyalty of the “Chou Dasheng” brand.

According to the certification issued by the China Baoxie Association, the market share of the “Zhou Dasheng” brand ranks among the top three in the local jewelry market.

At the same time, since 2011, the company has been awarded “World’s 500 Most Valuable Brands” by the World BrandLab for eight consecutive years, with a brand value from 305 in 2017.

58 million rose to 376 in 2018.

8.5 billion.

The company’s products are mainly aimed at fashionable women pursuing a quality of life. It has determined that diamond jewelry is the main product, 100-face cut diamond jewelry is the core product, gold jewelry is a popular product, Caibao jewelry / gold inlaid jewelry / platinum jewelry / K goldJewelry and other product portfolio strategies.

At the same time, in order to adapt to the positioning of the brand and the differences in regional consumption needs, the company planned a combination of styles and styles based on different design styles and themes, and established a multi-dimensional product style library.

At present, the company has designed more than ten different series by locating five categories of consumers, including energetic girls, happy women, intellectual beauties, glamour elites, and goddess of starlight, to fully meet various needs.

3.

Investment suggestions Zhou Dasheng scaled up market expansion efforts, steadily increased market share, and strived to enhance the brand’s influence and radiance. In 2018, a net increase of 625 franchised stores was achieved, a growth rate of 25% (compared with a net increase of 286 franchised stores in 2017); Continue to improve product development efforts, give full play to the company’s competitive advantages of diamond substitute products, and constantly enrich and improve product lines to meet market demand for consumer demand.

Therefore, we predict that the company’s revenue will reach 60 in 2019/2020/2021.

63/73.

05/85.

790,000 yuan, net profit 10.

03/12.

27/13.

99 trillion, corresponding to PS2.

77/2.

30/1.

96 times, corresponding to PE17 / 14/12 times.

4.

Risks suggest that industry brand competition is intensifying; poor management and operation of franchise stores; fluctuations in raw material prices.