Jinke shares (000656): Performance exceeded expectations and financial optimization continued

Jinke shares (000656): Performance exceeded expectations and financial optimization continued
I. Event Overview Jinke Co., Ltd. announced its semi-annual report for 2019, and the company achieved operating income of 261 from January to June.10,000 yuan, an increase of 67 in ten years.9%, net profit attributable to shareholders of the parent company was 25.90,000 yuan, an increase of 288 in ten years.5%. Second, the analysis and judgment of performance exceeded market expectations, the profitability increased significantly from January to June, the company achieved operating income of 261.10,000 yuan, an increase of 67 in ten years.9%, net profit attributable 重庆耍耍网 to mother 25.90,000 yuan, an annual increase of 288.5%.The growth rate of the company’s net profit was higher than the growth rate of revenue mainly due to the company’s projected gross profit margin increased from the same period of the previous year.76 points.In addition, the company’s return on net assets and net profit margins reached 10.36% and 12.13%, an increase of 6 over the same period last year.9 and 7.03pct, the profit level is further upward. Sales keep gaining revenue. The company achieved sales of approximately 81.4 billion US dollars from January to June, an increase of about 36% per year. It has completed more than half of the 150 billion sales plan, ranking 17th in the industry.In the first half of the year, the company added 94 new projects, with a total land acquisition price of 423 trillion, a year-on-year increase of 57% and a land sales ratio of 0.52. Maintain positive expansion. As of the end of the first half of 2019, the company’s saleable project area is about 5,600 square meters, which can effectively protect the development needs in the next 2-3 years. Optimized leverage ratio and smooth financing channels As of the end of the first half of 2019, the company’s net debt replaced 147.47%, a decrease of 11 compared with the same period last year.9pct, continuous improvement in club level.Report communique, the company successfully issued 1.5 billion ultra short-term bonds, 2.3 billion ordinary medium-term notes, 35.There are 800 million corporate bonds and 300 million US dollars of debt, and financing channels are diverse. Third, investment advice Jinke’s performance has grown rapidly, sales are solid, soil reserves are abundant, and its financial position is good.The company’s EPS for 19-21 is expected to be zero.91, 1.10, 1.31 yuan, the corresponding PE is 6.7/5.5/4.6 times, the company’s highest in the past three years, the lowest, the median PE is 28.7/9.2/15.9x, maintaining the company’s “recommended” rating. 4. Risk warning: The real estate budget policy is tightened, and sales are below expectations.

Chengdi Shares (603887): High performance growth and consolidation of Xiangjiang Technology’s strategic transformation IDC

Chengdi Shares (603887): High performance growth and consolidation of Xiangjiang Technology’s strategic transformation IDC

Event Overview The company issued a 2019 annual performance forecast, and it is expected 南京桑拿网 that the net profit attributable to mothers in 2019 will be 3.
.

18 to 3.

5.7 billion, the previous growth rate of 340% to 395%, high performance growth.

Among them, the net profit of Xiangjiang Technology, which is the subject of restructuring, is 2.

1 to 2.

500 million, accounting for 66% -70% of the company’s net profit.

The company broke the non-recurring profit and loss return to its mother net profit.

10 to 3.

49 trillion, an increase of 330% to 385% per year.

In the acquisition of high-quality IDC targets, companies that successfully entered the IDC industry completed a 100% consolidation of Xiangjiang Technology Co., Ltd. in April 2019, and the company’s main business successfully transformed into a data center business (IDC).

The overall evaluation of Xiangjiang Technology 23.

33 ppm, promised that the actual net profit attributable to shareholders of the parent company after the replacement of non-recurring gains and losses realized in 2018, 2019, and 2020 will not be equal to RMB 1, respectively.

800 million, 2.

48 ppm, 2.

7.2 billion.

Xiangjiang Technology focuses on IDC integrated solutions, IDC equipment, and IDC operations. According to the disclosure of the acquisition announcement, the company’s total core data center project is the second phase of the Shanghai Zhoupu Data Center, with a total of 3649 cabinets.
In the context of increasingly scarce data center resources in first-tier cities in China, the positioning of this project shows a breakthrough advantage.

Xiangjiang Technology disclosed a total of 14 new data center orders at the end of 2019.

95 million, to ensure continued growth in 2020, the company’s 武汉夜网论坛 successful entry into the IDC industry is guaranteed.

The outbreak of cloud computing + 5G traffic drove demand for data centers, the industry continued to grow, and the growth rate of the cloud computing market accelerated. Internal cloud computing vendors Alibaba Cloud, Tencent, Baidu, and international vendors Amazon, etc., are rapidly expanding their market share in cloud computing platforms.

The needs of these cloud computing vendors have brought huge incremental demand to the data center market.

At the same time, data traffic will usher in a big explosion after 5G commercialization. Cisco predicts that global IDC data traffic will reach 20ZB in 2021, and global data will exceed 60ZB.

In 2018, the total size of China’s IDC business market reached 122.8 billion U.S. dollars, with an annual growth rate of 29.

8%.

With the introduction of 5G technology, it is foreseeable that the data center business will continue to maintain a high level of growth.

Investment suggestions The company’s traditional foundation-based business maintains steady growth. The acquisition of Xiangjiang Technology has transformed the communications industry. It is optimistic that the company’s IDC business will continue to expand. It is expected that the company’s IDC business will account for more than half of its revenue in 2020, and the overall gross margin is expected to gradually increase.

The company’s revenue is expected to be 28 in 2019-2021.

92 ppm, 41.

6.9 billion, 51.

90 trillion, net profit attributable to mothers are 3.

2.2 billion, 4.

1.9 billion, 5.

1.5 billion, corresponding to the current PE of 23.

8 times, 18.

3 times, 14.

9 times.

Covered for the first time, giving “overweight” rating.
Risks indicate the growth rate of downstream customers; industry competition has led to lower gross margins.

Blackstone’s top ten predictions for 2019: the Shanghai Index will rise 25% and the forecast success rate will exceed 50%

Blackstone’s top ten predictions for 2019: the Shanghai Index will rise 25% and the forecast success rate will exceed 50%
The Shanghai Composite Index will rise 25%, and gold will fall below 1,000 yuan!Blackstone’s top ten predictions for 2019 have come, and the accuracy rate reached last year.  On January 3, China Fund News Amman East Time, Byron Wayne (Byron Wayne), vice chairman of Blackstone and well-known Wall Street prophet, released the top ten predictions for 2019 (“10 surprises”).  Byron predicts that in 2019, the Federal Reserve has not raised interest rates, the Shanghai Composite Index will increase by 25%, gold will fall below 1,000 US dollars / above, and the United Kingdom will not leave the European Union.  Since Byron Wayne first released the “Top Ten Prophecies of the Year” in 1986, he insisted that at the beginning of each year, the practice of pointing out the top ten predictions has been adhered to for 33 years. The success rate of predictions has often exceeded 50%, but in recent years it has deteriorated.  The top ten predictions for 2016 are basically street-beating, and at most two have become reality.Even Byron Wayne couldn’t help but ridicule himself when he released the 2017 Top Ten Predictions. Everything had happened exactly as I predicted, and it turned out to be on stage, and everything changed.  Therefore, when the Black Swan comes, even the veteran Wall Street analysts’ predictions will hit the streets, not to mention those young brokers in China identify them?  So what does Byron think of 2019?  Byron Wayne: Top 10 predictions for 2019 According to the fund’s verification, Byron Wayne’s 2018 top 10 predictions are as accurate as 40%, but all predictions related to China have been beaten (this part of the hitThe rate is similar to that of domestic broker judges).  The following are the full contents of Byron Wayne’s top ten predictions for 2019: First, the global economy is weak in 2019, and it has gradually moved towards the Federal Reserve. There has been no interest rate hike, and it has gradually moderated. The 10-year US bond yield has remained at 3.Below 5%.  Second, the S & P 500 Index will increase by 15% in 2019. The reorganization is due to the Fed’s absence of vertical interest rate increases. The reorganization benefited from the sharp decline in US stocks at the end of 2018.The market will experience several rebounds and contractions, but the improvement in earnings will cause the stock market to rise in a moderately favorable interest rate environment.  Third, traditional GDP growth drivers have only a modest contribution to capital expenditure and real estate in 2019, but the economy continues to expand due to consumption and government spending.Possible alternatives to recession before 2021.  Fourth, the tone of the financial market has changed and investment in precious metals has been suppressed.When US stocks and other global stock markets improve, gold will fall below $ 1,000 / above.  Fifth, investors are more interested in emerging markets.This is mainly due to the proportion of developed markets and historical levels, the price-earnings ratio of emerging markets is attractive, and the profit outlook is more clear.The middle class in emerging markets continues to grow, contributing a lot of consumer spending to corporate profits.Among them, China is a leader in emerging markets, the Shanghai Composite Index will rise 25%, and the Brazilian stock market will continue to recover.  Sixth, March 29, 2019 is a special day but also an ordinary day of the year. Britain will not leave the EU on this day.One of the resolutions was approved by Congress, with Theresa May still in office, and she argued that changes in leadership would not help.Britain will hold a second referendum on antiques, with the result that it will remain in the euro zone.  Seven, the US dollar has not changed much in 2019, and it is expected that it will maintain the level at the end of 2018.Because of concerns about economic development, the Fed has stopped raising interest rates and stopped shrinking its balance sheet.The rate of overseas capital inflows into the United States has slowed because multiple loose monetary policies and business expansion are not sufficiently demanding of new funds.  Eighth, the investigation of Special Prosecutor Mueller of the “Tong Russia Gate” incident concluded that members closest to the president would be charged by the judiciary, but the evidence does not support any direct action against him.However, sometimes the mass departure of the most trusted advisers has led to a crisis of confidence that the public is worried about the government’s ability to achieve important goals.  Nine, the Democratic Party ‘s majority vote in the US Congress has achieved more than expected, especially in terms of trade policy, and in protecting important parts of the Affordable Care Act and immigration policy.The federal infrastructure plan to be implemented in 2020 will be announced in 2019.  X. Growth stocks will remain committed to establishing the US stock market, and technology stocks and biotechnology stocks will also perform well with continued strong earnings.As the economy has progressed, value stocks other than energy stocks have been disappointing.  As in previous years, Byron Wien offers several replacements: first, geopolitical tensions will escalate.Iran may re-ignite the Middle East situation, and North Korea may not make good progress on the nuclear issue.At that time, US Secretary of State Pompeo and National Security Adviser Bolton issued a statement saying that the United States might take pre-emptive actions in these two places, resulting in sharp sell-offs in several markets.But despite rhetoric, the United States will not go to war with any country near the 2020 elections.However, previous tough talk on issues such as trade may lead to the success of the United States in national security diplomatic negotiations.  First, China may launch ambitious infrastructure projects.  Third, as the United States continues to challenge free trade regulations, China is more compliant with the rules of free trade.The United States has further isolated itself.  Fourth, the European Central Bank was forced to restart temporary easing in response to provocations from Italy, weak German economy and Brexit.Italian legislation, which can break all fiscal rules without having to worry about EU penalties, and Brexit defeats expectations of greater unity among the remaining EU members.The Italian economy closed its baseline. During the recession, debt spreads soared, and Europe was gradually forced to release water again.  The top ten predictions for 2018 with a 40% accuracy rate After experiencing the top ten predictions in 2017 again, the tenacious Byron Wayne still presented his 2018 top ten predictions in early 2018.  Obviously, the hit rate has improved a lot this time.  Byron Wayne’s top ten predictions for 2018 (the red font indicates that the predictions are correct and accurate): North Korea will stop nuclear tests but will not abandon existing nuclear weapons.  Actual: On April 21, 2018, the content of the resolution passed by the third plenary session of the Seventh Central Committee of the Workers’ Party of Korea included that North Korea will suspend nuclear tests and intercontinental ballistic missile launch tests from that date;In nature, North Korea will abandon the northern nuclear test site.As long as North Korea is absolutely free of nuclear threats, North Korea will never use nuclear weapons or interfere with nuclear weapons and nuclear technology.  Populism, tribalism and anarchy will spread all over the world.In the UK, Jeremy Kobe will be the next prime minister; Catalonia, Spain, will remain volatile; Brexit will make the continent more united, and economic growth will increase.  Actual: Theresa Mary May, the current Prime Minister of the United Kingdom.Brexit negotiations are fraught with difficulties.German Chancellor Angela Merkel announced that she was not seeking re-election, and the EU’s future was bleak.  Third, the dollar is finally resurrected.The actual growth rate of the US economy will exceed 3%. Coupled with supplementary stimulus policies, investors will reignite their interest in dollar-denominated assets, and the euro will fall to 1 against the dollar.10, the dollar fell to 120 against the dollar.The repatriation of US funds across companies overseas will also boost the dollar.  Actual: In the third quarter of 2018, the US GDP growth rate has been announced-according to the data adjusted in the prescribed quarter, the actual GDP growth rate in the United States in the third quarter was 2.7%, the annualized growth rate is 3.5%.  Fourth, the US economy is stronger than 2017.The S & P 500 index will decrease by 10% and will drop to 2,300 points. However, as corporate profits continue to improve and economic growth accelerates to 4%, the index will return to more than 3,000 at the end of the year.  Actual: The S & P 500 has a 10% growth rate, with a minimum closing of 2346.58.However, it is an indisputable fact that the US economy is strong.  WTI crude oil prices have risen above $ 80 a barrel.Mainly benefited from the continuous recovery of the global economy and unexpected demand from developing markets, coupled with weak production, reduced inventory, and favorable factors such as OPEC production cuts.  Actual: WTI crude oil prices hit 76 during the year.It’s $ 39, but it has fallen below $ 50.  Inflation has become a worrying issue.Continued global economic 无锡夜网 growth will put increasing pressure on commodity prices, and tight labor markets in industrialized countries will stimulate wage growth.In the United States, average hourly wage growth will approach 4% and CPI will reach 3% or more.  Actual: US data shows that the CPI is basically at 1.Near 9%.  As inflation rises, interest rates start to rise.In 2018, the Fed raised its short-term interest rate four times, and the yield on 10-year US Treasury bonds rose to 4%. However, due to concerns about the impact on financial markets, the Fed can only shrink its balance sheet mildly.High yield spreads will widen, causing losses to the stock market.  Actual: The Federal Reserve raised interest rates four times in 2018.  Although the North American Free Trade Agreement and the Iranian nuclear agreement have been continuously cracked down, 青岛夜网 they will be retained.Because if the North American Free Trade Agreement is ended, it will lead to a large number of job losses in the United States, and US allies generally support the Iran nuclear deal.As China ‘s influence around the world rises, alternatives will begin to replace. It is a mistake not to sign the TPP, and he will promote more alternative trade with Asia.  Actual: TPP exited again.  Republicans will lose control of the Senate and House of Representatives in the November midterm elections.Numerous promises made during the progress of the presidential election cashing in to the presidential election have been frustrated, while the endless stream of tweets will also stimulate an increasing number of alternative responses.The midterm elections will turn into a referendum that decides whether the presidency can be retained.  Reality: The midterm elections received much attention, and the Republican Party lost the House of Representatives and only won the Senate.  10. China will focus on credit issues, restrict commercial lending, and slow the economy.  Actual: China’s economy is decelerating, and the “de-leveraging” policy in the first half of the year has been transformed into a “stabilizing leverage” policy.  In addition, Byron R. Wien said there are five other major incidents and the potential to become the top ten accidents.  First, the profitability of European corporate companies has been recognized by investors. The growth of the Far East and emerging markets has shifted relative to the US market, and the institutional global portfolio has a wider scope.  Second, artificial intelligence will gain significant momentum. The work of legal and financial experts, fast food restaurants and healthcare industry employees will be automated. Third, cyber attacks will be more serious and will hurt consumer confidence to a certain extent.The security systems of enterprises and financial institutions need to be upgraded.  Fourth, European and American regulators began to pay attention to the disruption of the layout of the Internet business model. Due to the pressure from retailers and traditional media, they will conduct anti-competitive investigations on Amazon, Facebook and Google.Supervisory authorities have begun to take actions to limit transactions, etc.  As Byron said, I just expressed my inner thoughts and provided them for discussion. As for the accuracy rate, everyone will pass by with a smile ~~~

Rainbow shares (002419): Time is Rainbow’s best partner to maintain recommendation

Rainbow shares (002419): Time is Rainbow’s best partner to maintain recommendation

Core points: 1.

Event summary In the first half of 2019, the company achieved operating income of 96.

76 ppm, fluctuations over a year ago1.

61%; realize net profit attributable to shareholders of listed companies.

30,000 yuan, an annual increase of 3.

65%; Realize attributable non-net profit4.

51 ppm, an increase of 4 over the same period last year.

49%.

Net operating cash flow -3.

50,000 yuan, a year-on-year change of 23.

16%.

2.

Our Analysis and Judgment (I) The retail business scale is small, and the mandatory consumer formats such as supermarkets / convenience stores and the revenue performance of shopping malls are outstanding. In the first half of 2019, the company achieved main business income of 93.

52 ppm, an increase of about 1 from the same period last year.

1.1 billion.

The retail sector achieved 89.

8.4 billion in revenue, a decrease of approximately 0 compared with the same period last year.

21 trillion, 0 of which are comparable stores.

US $ 8 billion, the same-store revenue of department stores / supermarkets / malls / convenience stores divided by business type was -5 compared to the same period last year.

56/2.

54/2.

06/0.

1.5 billion yuan, with about 0 remaining.

The $ 5.9 billion revenue increase came from supplementing the operation of stores in various formats; the real estate segment generated revenue3.

69 ppm, an increase of 1 over the same period last year.

32 ppm; other businesses provide revenue increase of approximately 0.

4.3 billion.

In the first half of the year, the company’s non-net profit attributable to the mother increased by 0 compared with the same period last year.

18 ppm, an increase of 4 in ten years.

49%.

The company continued to make adjustments to the store format and increased the experience format area, which resulted in a substantial increase in comparable store profits.

85%, a decrease of 12% over last year.

21 singles; 56 of them contributed.

The growth rate of department store business with 95% comparable store revenue3.

36%, followed by a total of (35.

58%) The profit of the supermarket format has increased significantly20.

20%, both are still the company’s main revenue generator; shopping mall format (accounting for same-store revenue 6).

63%) and convenience store formats (accounting for 0 of same-store revenue).85%) even the scale is relatively small, and profits increase by 56 each year.

64% / 86.

63%, achieving high-speed growth; from the same-store sales data can grind the company’s mandatory consumption channels and experiential shopping malls profitability is better.

In terms of categories, clothing, food, daily necessities, makeup products, leather shoes, leather goods, household children’s products, catering and entertainment, and electrical products respectively achieved operating income.

96/27.

95/7.

46/7.

44/6.

98/6.

04/3.

63/0.

370,000 yuan, rankings changed -3 respectively in the same period last year.

31/3.

27/1.

01 / -0.

60 / -0.

75 / -0.

22/0.

58 / -0.

1.8 billion.

Among them, traditional clothing and food products contributed 30.

97% and 28.

89% of operating income, accounting for 59 in total.

86%, the proportion of revenue is relatively high; clothing products accounted for a significant position compared to the same period last year3.

99 single items, the proportion of makeup boutiques, leather shoes, leather goods, household children’s products, and electrical products also changed to varying degrees; on the contrary, the categories of food, daily necessities, catering and entertainment, and other mandatory attributes replaced the revenueCompared with the increase, 2019H1 increased by 2 respectively.

97/0.

93/0.

55 up to 28.

89% / 7.

71% / 3.

75%.

In terms of different regions, the revenue of the retail business in the first half of South China, Central China, Southeast China, East China, Beijing and Chengdu changed by -1.

71/1.

80/0.

08 / -0.

27 / -0.

09 / -0.

03 ppm with short-term fluctuations of -2.

97% / 11.

98% / 1.08% /-4.

30% /-3.

20% /-3.

85%.

Among them, the company’s base camp in South China contributed revenue 56.

100,000 yuan, accounting for 57 of the retail business income.

98%, a decrease of 2 compared with the same period last year.

74 units; Central China contributed revenue 16.

89 trillion, accounting for 17 of retail business revenue.

45%, a year-on-year increase compared to the same period last year.

61 units.

In terms of business models, self-operated / associated / leased comparable stores respectively achieved operating income in the first half of the year.

43/49.

64/8.

150,000 yuan, the corresponding change is 2.

24 / -4.

75/1.

56 ppm with 9-year change.

54% /-7.

61% / 14.

86%.

The proportion of joint venture revenue in comparable store revenue (excluding convenience stores) was 58.

25%, a decrease of 4 compared with the same period last year.

87 units; revenue from self-employed model was 32.

19%, an increase of 2 over the same period last year.

95 units.

(2) Comprehensive gross profit margin increased by 1.

78pct, the cost rate increased by 1.

61pct’s consolidated gross profit margin for the first half of 2019 was 28.

38%, an increase of 1 over the same period last year.

78 grades; of which the gross profit margin of the main retail sector is 26.

92%, a zero increase compared to the same period last year.

80 units, the gross profit margin of the real estate sector was 37.

94%, up 10 from the same period last year.

51 units.

In terms of categories, clothing, food, daily necessities, makeup products, shoes, leather goods, household children’s products, catering and entertainment, and electrical appliances have gross margins of 25.

50% / 22.

26% / 26.

69% / 27.

99% / 22.67% / 28.

40% / 78.

80% / 24.

65%, a year change of 0.

69 / -0.

55/0.

20/3.

00/0.

30/0.

68 / -0.

18/16.

At 95 levels, the gross profit margin of home appliances increased significantly.

In terms of different regions, the gross profit margins of retail business in South China / Central China / Southeast / East China / Beijing / Chengdu / Chengdu were 27.

26% / 25.

86% / 25.

42% / 28.

12% / 28.

25% / 26.

With a gross margin of 73%, Beijing still ranks first in all regions, and the gross margin level in East China remains second.

Comprehensive period expenses of the company 21.

63%, a year-on-year increase of 1.

61 shares per share, with sales / management / financial expense ratios of 19 respectively.

62% / 2.

08% /-0.

07%, an increase of 1 each year in the same period last year.

39/0.

10/0.

11 units.

The increase in the sales expense ratio and the management expense ratio was mainly due to the increase in utilities, cleaning fees, advertising and promotion fees brought by maintaining store operations and opening new stores, and the increase in utilities, cleaning fees, and advertising and promotion fees. 69.

28% / 23.

83% / 13.

31%, the cleaning fee / property and lease fee / utility fee increased by 107 under management fee.

07% / 52.

16% / 23.

85%.

Interest income / exchange losses / handling fees and other changes during the period were -22.

46% /-92.

32% /-2.

71%, resulting in a decrease in the financial expense ratio in the first half of the year.

(3) The store expansion strategy has been steadily progressing, and the industry format has been upgraded to increase the scale of the physical store experience report. The company opened the Foshan Tianhong Shopping Center in Foshan, Guangdong Province, focusing on “family fun experiences”; the Ji’an City South Tianhong Shopping Center was established in Ji’an, Jiangxi Province.Positioned as “urban garden”; the company’s subsidiary in Nanchang, Jiangxi Province, Zhongshan Tianhong Project successfully renewed its contract.In addition, in July, the company opened its first community living center, Songrui Rainbow, in Shenzhen, and opened the Aqua City Rainbow Shopping Center (Affiliate) in Putian, and added 18 convenience stores.

The department stores 天津夜网 of the company’s department stores continue to experiment with the first-floor block of the store, the editing of other themes, and the simulation of interactive experience projects to enrich the shopping experience of consumers; while the shopping center is committed to creating a happy life center and focusing on happy hoursAnd family life.

The company combines a stable store growth strategy with a physical store consumer experience improvement plan to enhance customer stickiness and increase company revenue.

(4) Digital technology provides efficient services, and supply chain integration accurately matches demand. The company uses digital means as a starting point to promote revenue growth.

In terms of supermarkets, the company has developed an online conglomerate and offline pick-up business. The joint consumption 天津夜网 rate is over 50%, and the sales of “Tianhong Home” business increased by 46%.

For department stores, the store’s on-line shopping guide company’s WeChat function, membership management, order management and user marketing are all online, facilitating direct contact between brands and consumers.

As of the end of the reporting period, the number of digital members has reached 18.82 million, accounting for more than half of the total number of members.

In addition, the company vigorously promotes the integration of the national supply chain. Through strengthening cooperation with suppliers and logistics service providers and vigorously promoting brand management based on strategic core products, the company creates a high-quality and low-cost supply chain with a view to betterTo meet consumer needs.

3.

Investment suggestion We believe that the company is unique in the industry in terms of service leadership and quality leadership in various industries such as department stores, shopping centers, supermarkets and convenience stores.

The company is oriented to customer needs, deeply digs online services through digital technology, creates high-quality services through format upgrades, provides efficient services through supply chain transformation, and improves the efficiency of product category management.

The company reported that although the ratio of cocoa store performance to previous years has been slightly shortened, the gross profit margin of the retail business has steadily increased, and the existing department store business has gradually changed its neighbourhood. The effect of the overall upgrade and transformation needs to be tested.

In addition, the company’s required consumer industry-type supermarkets, convenience stores and other large-scale performance are improving; the theme blocks of experiential shopping malls and shopping malls match the consumer’s pursuit of experiential and personalized consumption trends.The anti-cyclical ability in the downward period is prominent.

At the same time, considering the steady expansion of the company, the store reserve items in the extension are redundant.

The combined company’s orderly expansion of stores and the gross profit margin of its retail business continue to increase. We maintain our forecast that the company will achieve revenue of 215 in 2019/2020/2021, respectively.

67/225.

81/237.

50,000 yuan, net profit attributable to mother 10.

74/12.

09/13.

21 trillion, corresponding to 0 PS.

64/0.

61/0.

58 times, corresponding PE is 13/11/10 times, maintaining the “recommended level”.

4.

The risks indicate the risk of competition and divergence in the consumer market, the risk of renewal of the store due to expire, and the risk of the quality of the store brought by the fast opening of the store.

Yifeng Pharmacy (603939) Interim Report 2019: Store Expansion Steady Growth Performance

Yifeng Pharmacy (603939) Interim Report 2019: Store Expansion Steady Growth Performance
Guide to this report: The company continues to maintain a rapid pace of store expansion, maintains rapid growth in overall operating performance, and maintains the company’s holdings. Investment points: Maintain the company’s holdings.Maintain the company’s forecast EPS for 2019-2021.49/1.95/2.46 yuan.四川耍耍网 At present, the PE of similar companies is about 35 times in 2020. Considering that the company’s merger and acquisition integration capacity is improved, it can enjoy an estimated premium. The target price after the dividend ex-right is raised to 87 yuan (corresponding to about 44 times PE in 2020). The performance in the first half of 2019 exceeded expectations.Benefiting from mergers and acquisitions and consolidation and stable endogenous operations, the company achieved operating income of 50 in the first half of 2019.48 ppm, a 68-year increase of 68.65%, net profit attributable to mother 3.08 million yuan, an increase of 36 in ten years.78%, deducting non-net profit3.03 billion clouds, an increase of 46 in ten years.69%, higher than expected growth rate of non-profit. Stores expanded rapidly and emerging integration was smooth.The company adopts the strategy of “consolidating Central South East China and expanding the national market” as its store expansion strategy. In the first half of 2019, it will increase 516 stores, of which 368 will be newly opened (including 87 new franchise stores) and 204 will be acquired.The company has a total of 4,127 chain stores (3,871 directly operated stores and 256 franchised stores), of which 2,923 are medical insurance stores, accounting for 75 of directly operated stores.51%.We maintain our company’s forecast of 1,000 stores per year in 2019.Hebei Xinxing’s operating income in the first half of 20195.770,000 yuan, net profit 0.470,000 yuan, the overall integration is progressing smoothly. Since the company went public in February 2015, it has successfully merged more than 50 integration projects, involving nearly 2,000 stores. Most of the projects have achieved expected results and demonstrated their ability to respond to business integration. Issuing convertible bonds helped boost growth.The company plans to issue convertible corporate bonds publicly, raising no more than 15 funds.810,000 yuan for the new chain drug store project (6.US $ 8.1 billion), Jiangsu, Shanghai and Jiangxi logistics center construction projects, etc., to further enhance the company’s store expansion capabilities and improve the company’s overall operating efficiency. Risk Warning: Store Expansion Beats Expectations

Huaneng International (600011): Downward coal price boosts performance beyond expectations Thermal power leader set sail

Huaneng International (600011): Downward coal price boosts performance beyond expectations Thermal power leader set sail

19Q2 performance exceeded expectations, optimistic about the thermal power leading rebound in the future 19Q2 companies to achieve revenue / return to net profit 377.

8/11.

600 million, previously -3.

8% / + 30.

3%, in the context of a significant shift in electricity, coal prices driven slightly lower than expected performance.

We agree that the long-term coal supply and demand will continue to develop in a loose scale, and the company is expected to fully benefit from the decline in coal prices.

Taking into account that emissions in the future may continue to fall, the profit forecast is appropriately lowered. 19?
The 20-year return to mother’s net profit is expected to be 8/101 billion and EPS 0.

51/0.

64 yuan (previous value was 0.

60/0.

73 yuan), given on January 19th.

25-1.

35x target PB, target price 7.

19-7.

76 yuan (previous value was 7.

30-7.

88 yuan), maintaining the “overweight” level.

In 19Q2, the company achieved revenue / netting net profit / deducted non-homing net profit of 377. The drop in the coal price of the furnace helped the performance exceed expectations, and the anti-cyclical nature of the thermal power faucet was prominent.

8/11.

6/9.

800 million, at least -3.

8% / + 30.

3% / + 26.

2%, in the context of a significant reduction in electricity, factors such as the decline in coal prices and driving performance slightly exceeded expectations: 1) lower fuel costs and boost gross margin1.

3 points to 14.

1%, driving an increase in profit before tax by 3.

200 million; 2) Increase in investment income drives profit before taxation4.

0 billion,成都桑拿网 due to the increase in long-term equity investment income of companies such as Shenneng Co., Ltd. According to the Shenzhen Energy Announcement, the net profit attributable to the parent is expected to increase by 49% to 86% in 19H1, and Huaneng International holds 25% of the company’s equity; 3) Other income increased by + 45%The increase in local government’s heating subsidies received by its subsidiaries promoted pre-tax profit growth1.

0 billion.

Fuel cost reduction is the main cause of driving performance exceeding expectations. 1) Revenue side: the slowdown in the growth in demand for electricity consumption + the compression of clean energy for thermal power has resulted in significant power generation. According to the company’s announcement, 19Q2 domestic power business’s power generation / sales power / settlement 西安耍耍网 power prices-11 every year.

9% /-11.

5% / + 0.

8%, driving domestic power business revenue -10.

8%, the report states that the company’s revenue is ten years.

8%, we believe that it may be caused by the consolidation of the Pakistani project and the increase in the revenue of Sino-Singapore Power; 2) Cost: Benefiting from lower spot coal prices, the company ‘s fuel costs fell significantly in the first half of the year.Fuel cost is 223.

81 yuan / MWh, ten years -5.

8%, driving the gross profit of the main business increased significantly, 19Q1 / Q2 was 18.
3% / 14.
1%, respectively +4.

8/1.

3 points.

Continue to be optimistic about the decline in coal prices. Thermal power leader Yangfan Yuanhang benefited from the accelerated release of coal production capacity, superimposed mid-stream coal inventory + moderate daily consumption of downstream power plants, coal prices fell significantly in the first half of the year, and the spot prices of Q5500 power coal at 19Q1 / Q2 Qingang respectivelyIt is 602/609 yuan / ton, down 98/19 yuan / ton in a week. We firmly believe that the long-term coal supply and demand is still easing. At present, China has entered the peak summer season, and the average coal price of Q5500 power in Qingang in July was only597 yuan / ton, a year of 59 yuan / ton lower, coal prices in the busy season to promote the trend.

As of mid-2019, 84% of the company’s installed capacity is coal-fired generating units, which is expected to fully benefit from the decline in coal prices in the future.

The downside of electricity has exceeded expectations. We have lowered our profit forecast. We maintain our rating of increasing holdings. Considering that the internal macro is still under pressure + clean energy generation is expected to continue to grow, the company’s subsequent electricity may continue to decline. We appropriately lower our profit forecast.
The 20-year return to mother’s net profit is estimated to be 80.1 billion, with EPS of 0.

51/0.

64 yuan (previous value was 0.

60/0.

73 yuan), BPS 5.

75/6.

03 yuan (previous value was 5.

84/6.

14 yuan), refer to the average 19E PB of similar companies1.

18x, considering that the company’s leading effect is outstanding, can enjoy a certain estimated premium, given 19 years 1.

25-1.

35x target PB, target price 7.

19-7.

76 yuan (previous value was 7.

30-7.

88 yuan), maintaining the “overweight” level.

Risk warning: coal price upside risk, electricity price adjustment risk, cash downside risk.

Hisense Home Appliances (000921): Expectations of Household Air Conditioners Lead to Estimates Decline

Hisense Home Appliances (000921): Expectations of Household Air Conditioners Lead to Estimates Decline

Company’s recent situation The price competition in the air-conditioning industry has intensified, triggering market growth.

Comment on the increasing competition in the domestic air-conditioning market: 1) In February 2019, the United States took the lead in reducing prices, 3Q19 Gree, and Haier followed suit.

During the “Double Eleven” period, Gree’s price cuts exceeded market expectations.

2) Hisense was forced to respond to Gree’s high price cuts.

The company grants 300 yuan / Taiwan subsidy to the products affected by the industry price war during the “Double Eleven” period.

Second- and third-tier brands are in a weak position in the industry price war: 1) Although air conditioners are a duopoly market, there will also be price wars when demand continues to break. For example, in March 2015, the industry significantly reduced prices and entered a highly competitive destocking stage.

2) In the 2015 air-conditioning price war, second- and third-tier brands were unable to fight.

In 2015, Hisense’s home air conditioner business exceeded 1.

2.2 billion.

3) 1 in 2019?
Affected by the first-tier leading price reduction promotions in October, the company’s offline retail sales decreased by 1%.

8ppt.

As a result of the company’s strategy of protecting profits, the household air-conditioning business in 1H19 saw a 8% decrease in revenue and a profit of 3%.

1.4 南宁桑拿 billion.

Considering that the second half of the year is the low season for air-conditioning demand, 2H18 Hisense’s home air-conditioning business was interrupted 0.

5.5 billion US dollars, we expect the 2H19 home air conditioner business to expand each year.

It is estimated to be affected by emotions: 1) The intensified competition in household air conditioners has caused the company’s valuation to decline.

The relaxation of domestic air-conditioning competition will help the company estimate that it will return to normal.

2) The company’s main value is in the central air-conditioning business (contributing 65% of the company’s net profit in 2018).

The company consolidated Hisense Hitachi from September 30.

The central air-conditioning market benefited from the increase in the penetration rate of refined decoration houses, and the completion and delivery of real estate in 4Q19 accelerated.

It is estimated that the impact of the consolidation of Hisense Hitachi on the financial statements is not considered for the time being, and the 2019 / 20e EPS forecast is maintained at RMB 1.

16 yuan / 1.

39 yuan.

Maintain Outperform rating on both A and H shares.

Taking into account the intensified price competition in the air-conditioning industry, the A-share target price is reduced by 14% to 13.

93 yuan, corresponding to 12x / 10x 2019 / 20e P / E, 35% more upside than currently expected; lower H-share target price by 14% to 9.

86 release, corresponding to 8x / 7x 2019 / 20e P / E, 35% more upside than before.

The current A-share contradiction corresponds to 9x / 7x 2019 / 2020e P / E.

The current H share corresponds to 6x / 5x 2019 / 2020e P / E.

Risks The risk of central air-conditioning being affected by the sales cycle of real estate; the competition in the home appliance market is exacerbated.

Siyuan Electric (002028): Rapid growth in semi-annual report results and another big order from State Grid

Siyuan Electric (002028): Rapid growth in semi-annual report results and another big order from State Grid

The company released its semi-annual report for 2019. The reported revenue is attributed to net profit, and net profit after deduction is 24.

12,1.

92, 1.

810,000 yuan, an annual increase of 37.

71%, 42.

78%, 74.

84%.

Among them, the income in the second quarter was attributed to net profit, and the net profit after deduction was 15 respectively.

70, 1.

72, 1.

6.3 billion, an increase of 34 in ten years.

18%, 21.

00%, 34.

41%.

Achieve rapid growth in performance.

The company actively explores domestic and foreign markets, and continues to consolidate and increase the market share of target customers. In the first half of 19, each additional contract order was US $ 4.1 billion, an increase of more than 42%.

Among them, in the domestic business, another one billion orders from the State Grid were obtained. In the overseas business, the company’s products made breakthroughs in the average prices in Southeast Asia, South America and Europe, and overseas orders are expected to increase by more than 20%.

At the same time, the company’s order quality has improved, its gross profit margin has gradually picked up, and its profitability has been further enhanced.

The automotive electronics and EPC businesses actively cultivated by the company have achieved initial results and are expected to become a new growth driver. Maintaining a “prudent recommendation” rating with a target price of 13-13.

5 yuan.

The performance in the first half of the year increased rapidly.

The company released its semi-annual report for 2019, reporting revenue, which is attributed to net profit, and net profit after deduction is 24.

12,1.

92, 1.

810,000 yuan, an annual increase of 37.

71%, 42.

78%, 74.

84%.

Among them, the income in the second quarter was attributed to net profit, and the net profit after deduction was 15 respectively.

70, 1.

72, 1.

6.3 billion, an increase of 34 in ten years.

18%, 21.

00%, 34.

41%.

Achieve rapid growth in performance.
Itemized business.

In the first half of 2019, the company achieved total operating income of 24.12 billion US dollars increased 37.

71%.

  Among them, high-voltage switches, coil products, reactive power compensation, and engineering turnkey projects have achieved revenue 9 respectively.

93, 5.

43.2.

77, 2.

59 billion U.S. dollars, each growing 17 years.

4南京桑拿网%, 73.

3%, -5.

2%, 425.

5%.

The annual order growth rate is high, the domestic network has received a large order again, and overseas markets have made breakthroughs.

The company actively explores domestic and foreign markets, and continues to consolidate and increase the market share of target customers. In the first half of 19, each additional contract order was US $ 4.1 billion, an increase of more than 42%.

Among them, in the domestic business, another one billion orders from the State Grid were obtained. In the overseas business, the company’s products made breakthroughs in the average prices in Southeast Asia, South America and Europe, and overseas orders are expected to increase by more than 20%.

Consolidate traditional businesses and actively deploy new businesses such as automotive electronics.

重庆耍耍网
The company continues to consolidate and strengthen its traditional business, and continues to launch new products, 500kv flexible switches, 500kV and below DC circuit breakers and 220kV and below transformers.

At the same time, the company’s automotive electronics and EPC projects have achieved initial results.

Investment suggestion: Maintain “Prudent Recommendation-A” investment rating with target price of 13-13.

5 yuan.

Risk Warning: The business delivery progress is less than expected, and the new business investment is less than expected.

COSCO Ocean Energy (600026): Outstanding upward cycle starts as expected

COSCO Ocean Energy (600026): Outstanding upward cycle starts as expected

Event / News: COSCO Haineng released its 18-year annual report, net profit attributable to the parent company1.

0.5 billion, net of non-attributed net profit of 0.

6.7 billion, consistent with the performance forecast.

The performance was in line with expectations, and freight rates rose in the fourth quarter of 2018, thereby turning around losses.

The OPEC production increase in place of the Iran sanctions suggested in the in-depth report “Confirmation at the bottom of the cycle and entering the vertical layout interval” issued on August 6, 2018 was successfully fulfilled in the fourth quarter, which affected the VLCC ship type Middle East-China (TD3C)) The average daily return of sailing reached USD 44,794 per day, which is a significant improvement from the level of USD 10,413 per day from January to September.

In the fourth quarter of 2018, the VLCC freight rate went up, 北京夜网 and the non-attributable net profit 3 was deducted in a single quarter.

900 million, and gradually succeeded in turning losses.

The surge in domestic trade in finished product transportation contributed to profits, and LNG maintained steady growth.

The overall gross profit margin of the company’s domestic trade decreased by 7.

7%, but benefited from the increase in volume brought by the acquisition of the PetroChina product oil fleet, the turnover of refined oil transportation increased by 278%, and the total gross profit contributed 11.

600 million, an annual increase of 11%.

The company’s LNG business has different shareholding ratios, which are divided into two parts: consolidation and investment income. Benefiting from the delivery and operation of LNG ships, the LNG investment income portion contributed 2 in 2018.

4.4 billion, an increase of 67% over the same period.

Consolidated part of LNG gross profit6.

6.5 billion, an annual increase of 83%.

At present, the market has no expectations for the growth of LNG shipping.

After the improvement of the Sino-US trade war, LNG is expected to usher in an increase.

Ship dismantling is inversely related to freight rates, and the off-season freight rates in the second and third quarters do not have to be overly concerned.

Since January 2018, only one VLCC has been dismantled. If the freight rate drops in the second to third quarters, shipowners are expected to decline, and the IMO 2020 sulfur limit order is coming.

If the freight rate goes up against the trend in the second and third quarters, it further verifies the upward cycle.

Concerned about the progress of sulfur restriction order, Q4 freight rate is expected to exceed expectations.

The current charter market differs by $ 3,000 in TCE levels for ships with and without desulfurization towers.

Although the sulphur limit order is still uncertain, the spread of rents on the time charter market has already reflected the market’s expectations of the difference between low sulfur oil and high sulfur oil.

Clarkson predicts that 22% -35% of VLCCs will install desulfurization towers in 2020. The proportion of installations that have been completed so far is only about 4%, and 16% have announced that they have not been installed.

It is expected that from the second half of 19, affected by the installation of desulfurization towers, the temporary withdrawal of VLCC will lead to effective capacity efforts, and the Q4 peak season freight rate is expected to exceed expectations.

Update profit forecast and maintain “Buy” rating.

The factors affecting the tanker cycle are limited. Investors are advised to grasp the main logic of the uplink cycle determinism brought by the increase in US oil exports, and pay attention to the marginal catalysis caused by uncertain factors such as Iran, internal Rira sanctions, and Sino-US trade disputes.We focus once again on the right side of the tanker’s upward cycle.

The VLCC freight rate in the upward period is extremely flexible. In 2004, the TCE was close to 100,000 USD / day, and the 15-year average value was close to 65,000 USD / day. It is difficult to accurately predict the freight rate.

We estimate that the VLCC TCE level for 19-21 will be USD 30,000,500,000,500,000 per day. Based on this calculation, we will slightly increase the profit forecast for 2019, maintain the profit forecast for 2020, and add a profit forecast for 2021.

We estimate the company’s net profit attributable to the parent, 2019-2021.

4 billion, 47.

3 billion, 47.

600 million (previous forecast was 15 in 19 and 20 years.

3 billion, 47.

300 million), corresponding to PE 16 times, 5 times, 5 times, maintaining the “buy” level.

Risk warning: Trade war escalates again, economic downturn, changes in US oil export policy

Disinfection and avoiding pestilence

Disinfection and avoiding pestilence
During this time, most people stayed at home due to the impact of the new crown pneumonia epidemic.Li Lixia, director of the Department of Acupuncture of Guangzhou Chinese Medicine Hospital, said that at 杭州桑拿网 home, in addition to washing hands frequently and ensuring indoor ventilation, Chinese medicine fumigation can also be used to achieve the effect of removing filth and removing plague.  Traditional Chinese medicine has a wealth of experience in fighting plagues. Every time a plague strikes, traditional Chinese medicine plays a very important role.Ancient doctors used fumigation drugs to prevent disease.According to the characteristics of the epidemic that are mainly cold and wet, and combined with the recent humid climate in Lingnan, Li Lixia recommends that you use wormwood and Atractylodes for fumigation at home.  How to use: Use dry wormwood and Atractylodes chinensis, taking about 30-60 grams per 100 square meters of space in a 1: 1 ratio.Soak the atractylodes root with 95% alcohol for one day, drain the alcohol a little after removing it, mix with moxa to ignite, blow out 合肥夜网 the fire extinguishing seedlings, smoke for about 30 ~ 60 minutes, once a day.  In the absence of alcohol, Cangzhu can be beaten into coarse powder, mixed with moxa, and ignited and smoked.The wormwood has a large burning smoke. If it can not adapt to the wormwood smoke, it can also be smoked with Cangshu alone.  Caution for use: It should be placed in the open space and smoked, and away from the surrounding flammable materials. Be sure to extinguish the fire when there is a flame.Disinfection and sterilization mainly rely on smoke. When Chinese medicine is smoked, it is best to close the windows and doors. After being fully burned, the smoke fills the house and the personnel avoid it. After about 1 to 2 hours, open the doors and windows to ventilate.Avoid those who are allergic to smoke.  Li Lixia introduced that Artemisia sylvestris is an essential product for dispersing cold and dehumidifying, warming and relieving pain and avoiding evils, and is an important medicine for preventing plague in ancient China.Modern research also shows that moxa has inhibitory and killing effects on a variety of bacteria and viruses.Atractylodes rhizome has the effects of dryness, dampness, spleen and dehumidification.The combination of Artemisia argyi and Atractylodes macrophylla has the effect of aromatizing dampness and removing filth and turbidity.(All media reporter Zhang Qingmei, correspondents Zhang Qufei, Liang Yiyin)

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