CUHK (600704) Interim Review: Focusing on the development of one body and two wings for integrated supply chain services

CUHK (600704) Interim Review: Focusing on the 深圳桑拿网 development of “one body and two wings” for integrated supply chain services

Event: The company recently released its 2019 Interim Report and achieved 1601 operating income.

1.8 billion, an annual increase of 22.

39%; net profit attributable to mother 16.

10,000 yuan, an increase of 28 in ten years.

14%; ROE7.

74%, an increase of 1 per year.

49 shares; total assets at the end of the period 964.

91 trillion, an earlier increase of 12.

13%; net assets attributable to the parent at the end of the period 243.

7.3 billion, an increase of 2 from the beginning of the year.

12%; EPS is 0.

3318 yuan / share.

Leader in the supply chain integrated services industry, with multiple fields of business moving forward.

In the first half of the year, the operating income of the supply chain integrated services segment was 1,521.

27 ppm, an increase of 20 in ten years.

52%, accounting for 95% of the group’s operating income and 45% of profit.

Among them, iron and steel, iron ore, coal, chemical and other four major means of production, the core varieties of production scale are ranked in the top three in the country, and the automotive service business ranks eighth in the comprehensive strength among the national automobile dealer groups.

Take root in the real economy and coordinate industrial development.

In the first half of the year, the company paid more attention to investment in industrial projects and provided “hard support” for advance development.

Deqing Cable Intelligent Manufacturing Industry Base, a particularly important industrial project, has completed an investment of more than 100 million yuan.

The three furnaces and two units of the first phase project of Pujiang Thermal Power Plant under the product and environmental energy are all completed and put into operation. The completion and acceptance of Tongxiang Tai Aisi has been completed. The first phase of Xinjia Aisi’s centralized air supply project is progressing as scheduled.

Wuyuan Qiaosi Automobile Intelligent New Retail Project was launched. The Tongxiang 20 Warehouse Wastewater Treatment Project and Dongyang Nanma Wastewater Treatment Project commenced as scheduled, and the Shanghai Xujing Project completed price increases.

The coordinated development of the two platforms doubled the performance of the financial services business.

The company builds two supporting platforms: a smart supply chain logistics system and a unique supply chain financial system.

The intelligent supply chain logistics system uses the subsidiary’s product flow as the carrier, and uses the Internet of Things technology to transfer terminal data to the big data center to achieve monitoring and realize a full range of Internet of Things effects, reduce the supply chain integration service cost, and improve profitability.

The company utilizes credit advantages and capital advantages, leverages spot-end industrial advantages and futures-end experience and technology, and uses blockchain technology to successfully explore the “credit currency” mechanism in the upstream and downstream of the supply chain to create a unique supply chain financial system.

In the first half of the year, the operating income of the financial services segment was 38.

79 trillion, an increase of 254 in ten years.

36%.

The controlling shareholder completed the increase in shareholding and the refinancing was approved.

From November 29, 2018 杭州桑拿 to May 28, 2019, the state-owned company, the company’s controlling shareholder, gradually increased its shareholding in the company by 1500.

10 million shares, accounting for 0 of the company’s total share capital.

3483%, this share increase plan has expired and has been implemented.

In addition, the company 38.

The 1.5 billion euro refinancing plan was approved by the CSRC on July 16.

Investment suggestion: The company has developed steadily and is a leader in the domestic supply chain integrated services industry.

Supply chain industry development policy support is strong, the industry concentration is strong, the company’s development prospects are expected.

Give “overweight” rating. Risk warning: the refinancing progress is not as expected; the risk of market fluctuations; the macroeconomic downturn.

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