Hongqi Chain (002697): Southwest Chain Convenience Store Leader Yonghui’s Shareholding Enables Accelerated Transformation

Hongqi Chain (002697): Southwest Chain Convenience Store Leader Yonghui’s Shareholding Enables Accelerated Transformation
Key points of investment points: From the external environment, the convenience store industry has ushered in a window period of rapid development.The life cycle of the retail business is closely related to the level of economic development. The convenience store covers a small area and the price of goods is high. These two characteristics determine the rapid development of the industry with two conditions: a combined population density and a level of consumption above medium.The Chinese market now seems to have these two conditions.With the general sluggishness of the traditional industry, the convenience store industry still maintained a high growth of about 14% in 2017.Hongqi Chain is the leading supermarket chain company in Southwest China. As of the end of 2018, the number of convenience store stores in each region has exceeded 2,800, mainly located in Chengdu and surrounding suburban areas, with annual revenue exceeding 7 billion yuan. With Japan’s mature convenience store model grading, domestic convenience stores have room for improvement.This is mainly reflected in (1) the decrease in the chain rate of domestic stores and the inability to achieve scale effects. (2) the reduction in the level of refined operations, which is much lower than that of Japanese-style convenience stores. (3) the reduction in the degree of involvement in the supply chain.Some breakthroughs were made in gross margin private label and food processing and sales. We believe that the convenience store community is a model that is more suitable for the development of domestic convenience stores in the future.Community gathering is a unique form of population distribution in China, providing a natural fertile ground for community convenience stores.Based on product sales, more community value-added service projects can be extended. Combining home and store has become a new driving force for the growth of convenience store performance. From the analysis of operating data: the company’s gross profit margin has improved significantly, the previous acquisition and integration effect is good, and net profit has entered an upward channel.Realized operating income of 72 in 2018.20,000 yuan, a growth rate of 4.1%.In the past few years, the Hongqi chain stores have consolidated the stores of Hongyan, Mutual, Leshan Sihai and other competitive supermarkets in the region. During this period, the pressure of expenses has penetrated, and the net interest rate has continued to fall, resulting in a decrease in net profit growth rate.In 2018, the integration was basically completed, and the net interest rate of Hongqi Chain entered an upward channel.Due to the higher operating leverage, the improvement in net profit margin will result in a substantial increase in performance.Net profit attributable to mothers was initially achieved in 20183.230,000 yuan, an increase of 95 over the previous year.7%.Overall gross profit margin reached 29 in 2018.4%, increase by 1 before 2017.8 points.The improvement in gross profit margin mainly benefited from two factors: (1) the scale effect brought by the expansion of stores, which pushed the company to further improve its bargaining power in the upstream; (2) the company continued to extend value-added services based on traditional commodity retail in recent yearsbusiness.This part of the income only increases revenue in the statement, without increasing operating costs, which helps to improve high gross profit margin.From the perspective of the reduction of the expense side, the significant increase in the rental expense ratio is the leader in the increase in the expense ratio.With the improvement in efficiency brought by the acquisition and the gradual maturity of newly opened store operations, the rental expense ratio in 2018 dropped slightly (to 7).9%). Analysis of external competitive environment: The development prospect of the convenience store model is optimistic, and the integration of urban and rural areas in Sichuan Province is further promoted.By 2017, department stores, large supermarkets, etc. have experienced varying degrees of negative growth, while the convenience store industry has achieved 14 at the same time.3% positive growth.Fundamentally speaking, the current convenience store operation efficiency in China still lags far behind Japan. From the perspective of the average daily initial price, average daily passenger flow, customer unit price, floor efficiency, and gross profit margin, they are all at a disadvantage.The daily average of 7-11 is 4 times that of Hongqi Chain, and the Ping effect is 10 times that of Hongqi Chain.The gross profit margin of sales on July 11th, 2017 reached 32%, and Rosen 31.4%. Although the gross profit level of Hongqi Chain has continued to increase in recent years, there is still a gap compared with mature convenience stores in Japan.At the same time, Sichuan’s favorable economic environment provides an alternative basis for the development of the Hongqi chain.In 2018, Sichuan’s GDP reached 40678 billion yuan, an increase of 8%; the total retail sales of consumer goods in the past ten years increased by 11%.The overall economic development and consumption power of Sichuan Province must reach the national average.In addition, the urbanization rate in the province is also continuously increasing, and urban-rural integration 北京夜网 is developing at a high speed. The consumption power of second-, third-, and fourth-tier cities is also continuously increasing endogenous growth. Analysis: increasing regional penetration + upgrading of product categories + expanding service businessCompetitive strategy.After Yonghui joined the Red Flag chain, it grafted the supply chain and store management resources of the fresh operator, and strengthened the upgrade of the fresh product category; the expansion of the value-added business gradually brought new performance increments to the stores, and increased value-added business income in 201862.800 million, an increase of 2 over the previous year.1%.Two-wheel drive is expected to effectively promote same-store revenue growth in the future.In addition, with the increase in the penetration rate of stores outside Chengdu and the gradual maturity of pre-acquisition and integration of store operations, the company’s overall profit is expected to enter an upward channel. Profit forecast and investment recommendations: We believe that the company, as the only listed convenience store chain supermarket listed company, merges the growth rate of the convenience store industry to replace other supermarket segments.The development of the post-fresh food business by Hui Hui is expected to have a more significant impact on the increase in same-store revenue, and earnings are expected to enter the rising channel.With reference to the median assessment value of peer companies, we give companies 25-30 times PE.The company is expected to achieve revenue of approximately 76 in 2019-2021.31/80.96/85.8.7 billion, a five-year growth of 5.69% / 6.09% / 6.06%.Realized net profit attributable to mother about 3.49/3.79/4.USD 3.1 billion, an annual increase of 8.16% / 8.47% / 13.92%.Diluted grain income is 0.26/0.28/0.32 yuan.The current market value corresponds to a PE of about 23/21/18 in 2019-2021.Given 25XPE in 2019, the first coverage gives the company an “overweight” rating. Risk reminder events: (1) The store display speed is slower than expected, the brand effect of the second-level urban area has not been formed, and the new store incubation period is expected; (2) the fresh food business development is less than expected; (3) the competition in Sichuan’s supermarkets has intensified, and Yonghui Green LabelThe rapid development of stores, mini-shops, RT-Mart, etc. has created greater competitive pressure on the Hongqi chain.

Yasui Food (603345): Steady revenue and high growth control fee increase net profit margin

Yasui Food (603345): Steady revenue and high growth control fee increase net profit margin

Performance summary: The company achieved revenue in the first three quarters of 201934.

900 million (+18.

8%), net profit attributable to mother 2.

400 million (+21.

2%), deducting non-net profit 2.

1.3 billion (+22.

1%); of which 19Q3 achieved income 11.

600 million (+16.

6%), the net profit attributable to the mother is 73.01 million yuan (+ 35%), and the non-net profit is deducted from 64.02 million yuan (+25.

6%), the performance exceeded market expectations.

Q3 revenue continued Q2’s rapid growth momentum and performed strongly.

1. Q3 revenue growth rate was 16.

6%, continued to maintain a rapid growth momentum: 南宁桑拿 1) In terms of categories, Q3 flour products, meat products, surimi products, and alternative products achieved revenue 3 respectively.

200 million (+ 19%), 2.

700 million (+2.

8%), 4.

300 million (+ 21%), 1.

USD 400 billion (+ 30%). Due to the sudden change in the growth rate of meat products due to cost and phase adjustment, other categories have maintained a rapid growth rate of 20% +.The channel growth rate was 15%, 24%, 7%, and 600%. The distribution channel as the main channel is still steadily advancing. Q3’s sales channel in the supermarkets has accelerated its direct sales, and the sales of fresh products have driven sales., East China, South China, Central China, Northwest China, and Southwest China achieved revenues of 82.18 million yuan (-23%), 1.

400 million (+ 37%), 600 million (+10.

5%), 1 billion (+ 59%), 1.

1 billion (+ 24%), 3124 million (+ 15%), 9294 million (+ 48%), Northeast China increased revenue due to Liaoning ‘s production capacity transmission to North China, and other regions all maintained large and rapid growth under channel penetrationgrowth of.

2. The company received Q3 accounts in advance7.

600 million, an increase of 2 every year.

9 billion (+ 63%).

The channel feedback terminal sold well, and dealers were actively stocking under the expected price increase.

Cost-bearing reduction in gross profit margins and compression of expenses increased net profit margins.

1, Q3 gross profit margin of 23.

9%, down by 1 every year.

73pp, reasons: 1) the price of raw materials such as pork and chicken rose; 2) the product phase adjustment, the growth rate of high-margin meat products was slower, the flour products with lower gross profit margins, and surimi products grew faster.

2. The company further reduced sales expenses by reducing promotions, and Q3 sales expense ratio decreased by 0.

9pp to 11.

9%, the management expense ratio increased by 0.

37pp to 2.

9%, the cost of refundable convertible bonds decreased, and the financial expense ratio decreased by 0%.

98pp to -0.

25%, the overall three rates dropped by 1.
5pp to 14.

5%; 3. At the same time, the company recorded investment income of 9.55 million yuan (finance income), increasing net profit.
Q3 net margin increased by 0.

86pp to 6.

3%, profitability has further improved.

Leading companies have outstanding adjustment capabilities and long-term logic.

1. Within the upward cycle of costs, the company effectively resolved cost pressures through product phase adjustments and price increases, and stabilized profitability through expenditure expenses, showing outstanding adjustment capabilities of leading enterprises.

Next year’s surimi, chicken prices will continue to increase, the company’s cost side has been under pressure, and the company is expected to further increase its price in the future.

2. The fluctuation of performance is a short-term factor, and the logic of long-term costs is clear: Benefiting from the high prosperity of the frozen food industry and its own capacity release cycle, the company’s income end has achieved a steady growth of 20%, and its performance is highly certain.

With a low market share, Anjing has obvious cost advantages and enhanced brand power. Leading companies with leading advantages will continue to harvest market share and increase the net interest rate.

Cost disturbance may affect the company’s profit release rhythm in the short term, but it does not change the company’s core value.

Earnings forecasts and investment advice.

Due to the slightly higher-than-expected profit in the third quarter, the expected profit forecast is raised, and the revenue for 2019-2021 is expected to be 51.

5 billion, 62.

4 billion, 74.

900 million, the net profit attributable to mothers will maintain a compound growth of 25% in the next three years, and the corresponding PEs are 36X, 28X, 23X, maintaining the “Buy” rating.

Risk warning: 北京桑拿体验网 raw material prices may fluctuate sharply, and sales may fall short of expectations.

Diou Home Furnishing (002798) Quarterly Comment: Tooling advantage significantly increased Q1 net profit by 48 year-on-year.


Diou Home Furnishing (002798) Quarterly Comment: Tooling advantage significantly increased Q1 net profit by 48 year-on-year.


In the first quarter of 2019, net profit attributable to mothers increased by 48 per year.

8%, the performance slightly exceeded expectations Diou Home Furnishing released the first quarter of 2019 report, the company achieved revenue of 10 in 2019Q1.

410,000 yuan, an increase of 37 in ten years.

6%; net profit attributable to mother is 0.

66 ppm, an increase of 48 in ten years.

8%, the growth rate is close to the performance forecast of 30%?
The 50% growth rate cap is slightly higher than we gradually expected.

Benefiting from the steady increase in the delivery ratio of hardcover rooms and the rapid development of the company’s tooling business, we expect the company’s EPS to be 1 in 2019-2021.

28, 1.

70, 2.

27 yuan, maintain “Buy” rating.

Osgeno benefited from the rapid development of tooling business, with revenue growing 47 per year.

15% of the self-operated engineering business has grown rapidly.

15% to 9.

47 ppm, with net profit growing 21 per year.

49% to 0.

69 ppm, net margin is about 7.

8%, ten years ago 1.

5pct was mainly due to the increase in retail expenses; excluding consolidated amortization expenses of 551.

After 80,000 yuan, the profit will be 0.

6.4 billion.

In 2019, the company continued to increase its share of cooperation with existing customers such as Country Garden. New customers such as Agile, Rongsheng, R & F and other leading real estate companies tried to gradually increase the volume of retail.Distributors are encouraged to cooperate with the assembly enterprises to jointly help Osheno’s revenue and achieve high growth.

Regarding Emperor Sanitary Ware, 2019Q1 revenue was 16 per quarter.

4% to 0.

94 trillion, net profit can be reduced by 467 trillion, exceeding the loss reduction of 63.


The gross profit margin was stable, the expense ratio rose slightly, the repayment increased, and the cash flow was good.

6 points to 33.

6%, the period expense rate increased by 0 in ten years.

6 points to 25.

8%, of which the sales expense ratio is maximized to 0.

9pct is mainly due to the increase in engineering costs and advertising costs; the scale effect gradually appears, and the management expense rate gradually decreases to zero.

6 points to 7.

6%; financial expense rate increased 重庆耍耍网 by 0 in ten years.

2pct is mainly due to the increase in current borrowings and the increase in interest expenses.

Operating net cash flow increased by 656% to 1.
USD 8.2 billion was mainly due to the increase in current receivables; high growth in engineering business and long-term growth of accounts receivable + bills receivable increased by 52% to 16.
500 million, accounts receivable + bills receivable turnover days increased to about 73 days.

Expansion of its own production capacity and long-term and long-term growth of the basic production and use, we expect the company’s 2019 production capacity is expected to reach 5,700 GM.

With the continuous release of the company’s production capacity and the improvement of the previous production capacity, the problem is expected to be eased and at the same time, it is expected 成都桑拿网 to form a scale effect, improve production advantages, and further improve the company’s profitability.

Significant tooling advantages, maintaining the “Buy” rating Ossino has a significant advantage in the field of ceramic tooling. In 2019, the company is expected to continue its high revenue growth, driven by the stock + incremental customers.

Maintaining profit forecast, we expect the company 2019?
The net profit attributable to mothers will be 5 in 2021.

0, 6.

6, 8.

7 trillion, corresponding to EPS 1.

28, 1.

70, 2.

27 yuan.

With reference to a comparable company’s average PE of 23 times in 2019, give Diou Home Furnishings 22?
23 times PE estimates, the target price range is 28.


44 yuan, maintain “Buy” rating.

Risk warning: Real estate sales exceed expectations, and new client expansion is below expectations.

V share rebound in A-shares

V share rebound in A-shares

For stocks, please read Jin Qilin analyst research report, authoritative, professional, timely, and comprehensive, to help you tap potential potential opportunities!

  Original title: V-shaped rebound in the A-share market. The odds of winning the stock market are as follows: □ Our reporter Wu Yuhua bottomed out in the two cities yesterday and the three major stock indexes staged a “V” -shaped rebound.

At the close, the Shanghai Composite Index rose 0.

28%, SZSE Component Index rose 1.

08%, GEM Index rose 1.


Analysts said that the recent index volatility breakthroughs, but the fundamentals are still good, the ChiNext trend is significantly stronger than the main board, and it is expected that the structural market led by technology stocks will continue.

  After the stock index V-shaped rebound quickly fell in early trading yesterday, the three major indexes collectively attacked.

The Shanghai Composite Index rose 0 on the day.

28% at 3060.

75 points; SZSE Component Index rose 1.

08% at 11072.

06 points; GEM Index rose 1.

37%, reported in 1993.

At 90 o’clock, the GEM refers to the time when it stood at 2000.

In terms of transactions, the Shanghai market turnover was 2784.

5.7 billion yuan, Shenzhen market turnover was 4295.

3.1 billion yuan.

  Of the 28 Shenwan Tier 1 industry sectors, 15 sectors rose yesterday, of which the electronics, electrical equipment, and computer sectors had the highest rises, increasing by 3 respectively.

57%, 2.

23%, 1.

57%; of the 13 industries that fell, the textile and clothing, agriculture, forestry, animal husbandry and fishery, and pharmaceutical and biological industries led the decline, falling by 1, respectively.

88%, 1.

68%, 1.


  In the concept sector, 南京桑拿网 the National Fund, Graphite Rubber, Lithium Titanium Nitride, etc. led the gains, while Artemisinin, Vitamins, and Gold Jewellery led the declines.

Yesterday, the Wind National Big Fund Index rose 6.

36%, 18 constituent stocks rose across the board, of which Anji Technology rose the most, reaching 13.

54%, Jingfang Technology, Huiding Technology, Tongfu Microelectronics, Jacques daily limit.

  The technology sector was the biggest highlight of the market yesterday. Jingfeng Mingyuan, Changxin Technology, DragonSoft Technology, Core Source Micro, Anheng Information, China Micro Corporation, McGrady Technology, Zhaoyi Innovation, Shenxinfu, Huiding Technology, Jingfang TechnologyTechnology stocks hit a record high.

  Regarding the technology sector, Founder Securities (protection rights) said that in 2020, a wealth of opportunities for “growth bulls” will emerge, and the key to getting out of the “growth bulls” is to form a long-term upward industry development trend. The current technology industry has shown this.Competitiveness.

With reference to the development experience of the 4G mobile Internet wave, the agency believes that the development of new technology in the 5G industry is still in a very sharp position. It may experience a period of infrastructure construction and in-depth development and diffusion in the future, but the long-term upward trend of the 5G industry is already obvious.

It is expected that the acceleration of 5G base station construction and the start of 5G mobile phone replacement in 2020 will become the focus of market attention.

  Incremental funds continued to flow into Wind data, showing that northward cash net replacement yesterday.

USD 6.4 billion, of which the net net reduction in Shanghai Stock Connect funds was 7.

7.1 billion yuan, the net inflow of Shenzhen Stock Connect funds was zero.

07 billion.
But since 2020, the cumulative net inflow of northbound funds has reached 501.
USD 5.3 billion, continued to achieve net inflows in early January, until the market adjustment and volatility turned into net penetration in the last two trading days.

  In addition, the scale of A-share financing in January was generally climbing.

Wind data show that as of January 21, the financing balance of the two cities was 10444.

USD 3.9 billion, a cumulative increase in financing surplus of 389 in the past month.

3.4 billion.

  In other words, since 2020, the increase in “north-bound” funds and the financing of the two industries has approached 90 billion yuan.

  In addition, there have been many explosive funds recently, and there have been many explosive funds in the market, such as the Bank of Communications Core-Driven Hybrid Fund, GF Technology Pioneer Fund, Bank of Communications Career Technology Innovation Hybrid Fund.

Combining the fund release announcement found that as of January 17, since 2020, 16 active equity funds in the market have raised more than 230 billion yuan, and 14 equity markets that have attracted much attention from the market have reached a total scale of 571.

2 ppm, of which Huitianfu’s core assets of the broad market mixed 113 days to raise 113.

2 ppm, becoming the largest active partial equity fund established this year; Invesco Great Wall Quality Growth raised 3 days to establish a scale of 67.

22 trillion; The Bank of Communications Core-Driven Hybrid Fund, which was established on January 13, “buy gold” over 500 trillion a day, with a placement ratio of only 11.


  Haitong Securities believes that the net inflow of A shares in 2020 is expected to exceed US $ 1 trillion.

Among them, retail funds are expected to flow into US $ 600 billion, leveraged funds are expected to be invested into US $ 400 billion; public funds are expected to flow into US $ 110 billion, private equity fund budgets are expected to flow into US $ 60 billion, and fund accounts are expected to increase by US $ 436 billion; bank wealth management is expected to invest US $ 15700USD 100 billion, brokerage asset management USD 90 billion, trust USD 215 billion; insurance funds are expected to transfer USD 600 billion; foreign exchange is expected to flow into USD 300 billion.

  Institutions are optimistic about the market outlook since January, the Shanghai Composite Index has increased by 0.

35%, the SZSE Component Index is gradually increasing6.

15%, GEM refers to a gradual increase of 10.

89%, the Shanghai Stock Exchange Index has adjusted in recent trading days.

January 23 is the last trading day of A shares before the Chinese New Year holiday. The question of holding shares or holding currency is in front of investors.

  For holding shares or holding currencies, many institutions are optimistic about holding holidays.

  Guoxin Securities statistics found that the performance of the A-share market around the past ten years of the Spring Festival found that the A-share Spring Festival effect is significant, and the market has a high probability of growth before and after the holiday. From the perspective of the rise and fall, the “Spring Festival red envelope” has a significantly low risk in the past ten years., High-yield characteristics; from the performance of various industries, the average growth probability of Shenwan’s first-tier industries in the five trading days before and after the Spring Festival is above 50%; from the absolute value of the rise and fall of various industries, in the pastIn the past ten years, the electronics and computer sectors have performed well overall, while the financial sector has outperformed.

Overall, in most cases, the performance of the A-share market before and after the Spring Festival is relatively good. Therefore, from the perspective of probability, the market performance does have a significant “Spring Festival effect”.

  Great Wall Securities said that from the historical perspective, the last spring market lasted mostly 2-3 months.

The logic of the current spring market has not changed, and the growth trend is expected to continue to 3 months.

With the current economic data and expectations of corporate earnings recovery, there is room for the risk premium to fall.

With reference to the average increase of spring market prices over the years, the market has room for continued growth.

  CICC said that due to the liquidity factors before the Spring Festival holiday, some investors chose to make a profit in advance after accumulating a certain amount of income, instead of affecting the trend of the A-share market in the next 3-6 months, which will be more positive.

In terms of layout, it is recommended to consider both cycle and growth, mainly focusing on the following three areas: first, some underestimation, low downside risks, and potential upside cycle sectors, such as real estate, building materials, and securities firms; second, relatively backward in the consumer sectorUnderestimated sectors, such as home appliances, home furnishings, hotels, tourism, and automobiles; third, technology and high-end manufacturing leaders that are in line with the direction of industrial upgrading, such as technology, new energy vehicle industry chains, and capital goods.

Hansen Pharmaceutical (002412) Semi-annual Report Comment: Profits in the first half of the year continued to increase, and the industry pattern of medicine + investment gradually became

Hansen Pharmaceutical (002412) Semi-annual Report Comment: Profits in the first half of the year continued to increase, and the industry pattern of medicine + investment gradually became

Event: The company released its semi-annual report for 2019 and reported that it achieved operating income4.

19 ppm, a decline of ten years ago2.

02%; net profit attributable to shareholders of the listed company is 0.

7.2 billion, an increase of 18 in ten years.


Three major pharmaceutical sectors + investment sector, the four-legged industry scale is gradually expanding. At present, the company’s profits are mainly composed of three types of pharmaceutical products: proprietary Chinese medicines, chemical drugs, and medical preparations, and investment income. When the structural adjustment of pharmaceutical products is in progress, the big single products remain.Performance upward trend.

In the first half of 2019, the company’s pharmaceutical industry achieved revenue4.

1.8 billion, downgraded by 2 every year.

21%, gross profit margin 73.

63%, unchanged from the previous year.

In the product series, the sales of Simatang oral liquid, shrink spring capsules, injections and other products expanded. Among them, Simatang oral liquid achieved revenue2.

51 ppm, an increase of 3 in ten years.

91%; Shuquan Capsule Revenue 31.

87 trillion, an increase of 9 in ten years.

96%; injection revenue 18.

1.1 billion, an increase of 17 a year.


Combining the company’s production and product strategy, we believe that the company reported that the consolidated pharmaceutical industry’s revenue has been downgraded for two reasons: 1) According to the company’s announcement, the company’s production line technology transformation and old workshop GMP transformation were reported on a larger scale.Temporarily unable to produce some varieties, and the boots will affect the sales of the corresponding products; 2) The company’s main product is Simotang oral liquid for a long time, replacing the company to enhance the ability to resist the risk of a single product and continue to optimize the product structure, we noticedSome of the company’s products have no revenue contribution this year. It can be seen that the product layout is being adjusted. In the future, it may be possible to focus on decentralizing resources to help more star products launch.

The best profit structure of investment income, Sanxiang Bank’s business scale continued to grow.

In the first half of 2019, the company’s investment income reached zero.

24 trillion, an increase of 2081 in ten years.

65%, accounting for 27 of total profits.

11%, an increase of 25 over the same period last year.

60 points.

Hunan Sanxiang Bank is the company’s main source of investment income. The company and Sany Heavy Industry established a joint venture in 2016. The company holds 15% of its equity.

Sanxiang Bank is committed to developing into an innovative private bank specializing in “Made in China 2025” national strategy, serving industrial chain finance, and technology leading to inclusive finance. Its business mainly includes industrial banks, inclusive finance, and interbank finance, Technology finance, revenue in the first half of 20196.

23 trillion, an increase of 202 a year.

43%, net profit 1.

58 trillion, an increase of 2157 in ten years.


We believe that the continuous development of the transformation of Sanxiang Bank’s business may become a strong guarantee for Hansen Pharmaceutical’s profitability in the future.

Earnings forecasts and investment advice.

According to the 2019 Interim Report, combined with the 四川耍耍网 company’s product structure optimization progress and investment income performance, we cut the company’s revenue for 2019-2021 to 10.



9.8 billion (previous value was 11.


87/17.9.1 billion), with a net profit of 2.



3.4 billion (previous value was 2.



4.5 billion).

We are optimistic that the company will continue to launch star single products in the field of Chinese and Western medicine, continue to develop marketing channels, and the coordinated growth of the pharmaceutical + investment sector, and maintain an “overweight” rating.

Risk reminder: pharmaceutical industry policy / safety and environmental protection risk, raw material procurement / single product structure / quality / drug safety / R & D risk, goodwill impairment risk, high sales expense ratio, 武汉夜生活网 and management risk brought by rapid expansion

Xugong Machinery (000425): nearly 900 million depreciation measures to refine the real asset quality; focus on mixed improvement exhibition; group excavators, tower cranes, concrete machinery and other highlights

Xugong Machinery (000425): nearly 900 million depreciation measures to refine the real asset quality; focus on mixed improvement exhibition; group excavators, tower cranes, concrete machinery and other highlights

Brief evaluation of the performance In the first half of the year, the company’s operating income was US $ 31.2 billion, a year-on-year increase of 30%; net profit 深圳spa会所 was US $ 2.3 billion, an annual increase of 107%, which has exceeded 2018.

In the second quarter, the company’s revenue / attribution net profit increased by 27% / 110% each year, and net profit continued to grow rapidly.

Operating net cash flow hit a record high.

Operating analysis and interim report performance doubled in line with expectations; the net profit margin increased and the impairment of nearly 9 trillion was provided to consolidate the quality of assets. The gross profit margin for the first half of 2019 was 18.

33%, an increase of 1 pct per year, a total cost reduction of 4 per year.

18pct%, the company’s net margin is 7.

36% increase every year 2.

7 points.

In the first half of the year, net operating cash flow was 28 trillion, an increase of 46%, a record high over the same period.

In the first half of the year, impairment losses on assets and credit impairment losses8 were made.

90,000 yuan, more than the whole year of 2018.

Risks were cleared and asset quality was substantially consolidated.

The core product-lifting machinery’s gross profit margin improved significantly, the performance of pile workers / fire fighting machinery outstanding in the first half of the year, the company’s lifting machinery revenue was 11.5 billion, an increase of 34%, accounting for 37% of total revenue share.

Product gross profit margin 24.

86%, an increase of 3 per year.


The company’s industry leaders have consolidated and consolidated, and the short-term market share has changed. The market share has gradually recovered since June.

Piling / fire-fighting machinery and spare parts are growing at an annual rate of 45% / 59% / 46%, with outstanding performance.

In the second half of the year, the high-altitude operation platform in fire fighting machinery expanded the new production line to break through the expansion of production capacity and gradually achieve sustained high growth.

The scale effect of fire fighting machinery is significant, and the gross profit margin has increased by 7 compared with the same period last year.

9 points.

The reform of mixed ownership of controlling shareholders has been advanced in an orderly manner; the group excavator, heavy truck, and tower crane have many highlights. At present, the company’s controlling shareholder mixed reform plan has been approved by Xuzhou State-owned Assets Supervision and Administration Commission.

The reform of the system has brought new vitality to growth, and the company expects to benefit in many ways.

Parent company’s high-quality assets will not exclude injection in the future.

The Interim Report revealed that the sales volume of the parent company’s excavators exceeded 20,000 units in the first half of the year, a year-on-year increase of more than twice that of the industry, ranking second in the industry in the domestic market.

Heavy trucks maintained an increase of more than 12% in the decline of the industry, ranking first in the industry, with sales exceeding 10,000 units in the first half of the year.

The increase in market share of tower cranes will accelerate the growth into a new important sector of the order of 3 billion.

Earnings forecast and investment recommendations are expected to net profit 35/45/52 million in 2019-2021, an increase of 73% / 28% / 15%, a compound growth rate of 36%.

EPS is 0.



66 yuan; PE is 10/8/7 times.

Given 10 times PE in 2020, a reasonable market value of 45 billion yuan and a target price of 5 in June-December.

7 yuan.

Maintain “Buy” rating.

If the excavator is injected, we believe that the reasonable estimate of the excavator business of XCMG may exceed 20 billion.

Risk warnings: Infrastructure real estate investment is less than expected; sales risk of some product industries; exchange rate risk.

Cold is easy to cause joint pain, keeping warm is the first _1

Cold easily causes joint pain, keeping warm is the first
The invasion of cold air, Changsha’s high temperature is like riding a roller coaster, up and down.Middle-aged and elderly people who have suffered from bone and joint diseases are even more difficult to suffer. When the cold wind blows, the bones and joints are faintly painful.According to experts from the Department of Joint and Sports Medicine of Hunan Provincial People’s Hospital, recently, the number of patients who came to the hospital due to joint pain caused by acute sudden drop has increased significantly.Experts remind that the cold wave is coming. In order to avoid pain caused by cold joints, citizens must do warm work. At the same time, the middle-aged and 南京桑拿网 elderly people should avoid accidental falls and fractures.Don’t let your shoulders be cold and cause pain before the cold wave comes. Salsa (a pseudonym) from Changsha is 19 years old and is an art student at a university in Hunan.For almost a year, Sasa’s shoulder has always been painful, but she has never been to the hospital because of the mild symptoms of pain.On November 25th, the temperature in Changsha plummeted, and her entire shoulder and hip pain worsened, so severe that her arms could not be lifted. The family felt serious. She accompanied her to the hospital for a diagnosis. The diagnosis showed that Sarah had myofascia.Pain syndrome.”In the current temperature environment, many people will experience pain in the shoulder, back and other parts.”Wang Jing, the chief physician of the Department of Joint and Sports 成都桑拿网 Medicine of Hunan Provincial People’s Hospital, explained that myofascial pain syndrome is caused by incorrect body posture, plus the effect of cold weather, it will cause obvious shoulder pain, any ageCan occur in adults, especially those with bad posture habits, sedentary desks, abnormal exercise postures, excessive shoulder load, excessive joint movements, etc., may cause shoulder and back muscle strain, low back muscle strain, and boots in the coldThe trigger of the weather caused severe shoulder and back pain.”For this kind of pain, the key to prevention is to develop a good posture, correct exercise mode, to keep warm in cold weather, and to wear a warm down vest in the vicinity to improve blood circulation.”” Wang Jing believes that in addition, shoulder-back muscle coordination exercises, muscle relaxation, stretching, etc. should be paid attention to; when lifting heavy objects, pay attention to shoulder weights to balance shoulder forces, palms forward to reduce the burden on shoulder muscles;When moving objects up high, move first, then shoulders.Strengthening the balance training can reduce the fall injury in winter Chen Ye, who lives in Yuelu District, is 80 years old. She was admitted to the hospital last week. Because she was not careful when doing exercise at home, she fell to the ground and her family rushed her to the hospital.After a thorough examination, Chen Zheng was diagnosed with a fracture of the femoral diameter caused by an accidental fall, and was unable to walk and was confined in bed.”Because of excessive osteoporosis in middle-aged and elderly people, coupled with the cold and wet weather in winter, the ground is slippery, and it is easy to fall and cause fractures. Ordinary flat ground falls may cause osteoporotic fractures in middle-aged and elderly people.”Wang Jing introduced that the common fracture sites are the wrist, spine vertebra, hip, etc., especially hip fracture, the degree of harm.In the cold winter, middle-aged and elderly people should be alert to osteoporotic fractures caused by accidental falls.”There are two causes of osteoporotic fractures, one is the internal cause of osteoporosis, and the other is the external force such as a fall.Wang Jing said that in addition to necessary treatments for these diseases, lifestyle adjustments are necessary.Middle-aged and elderly people can eat more calcium milk, eat appropriate low-salt diet, and supplement protein; lifestyle, avoid smoking and drinking alcohol; use drugs that affect bone metabolism with caution, such as glucocorticoids, anticoagulants, anticonvulsants, etc.At the same time, choose an appropriate exercise method, middle-aged and elderly people can appropriately choose outdoor sports for strength training and rehabilitation treatment, walk appropriately according to the condition of the knee joint, 5000 to 10,000 steps per day, can also ride a bicycle, or practice Tai Chi, increaseMuscle strength, enhance balance and reduce falls; further use hip protection pads to prevent falls to prevent fractures caused by accidental falls in cold weather.Balanced training can improve joint stability, prevent falls, and reduce fall-related injuries. People with good health can try it.The easiest training method is: step on a relatively stable chair with one foot, keep stepping on one foot, maintain balance, maintain this action for 10 seconds, repeat 10 to 15 times, repeat the action with another leg.Lower limb muscle strength exercises can take meditation, scapula, back, waist against the wall, arms hang down naturally, the calf is perpendicular to the ground, the knee is slightly bent, and the angle of flexion reduces the painless position of the knee joint.Knee pain patients can improve their pain through local warmth. Recently, Lin Ying, 50, has developed knee pain.Because of suffering from joint disease for many years, Lin Yu’s pain recurs as soon as he encounters cold weather.Recently, doctors diagnosed her with knee osteoarthritis.”The number of people who come to see a doctor for knee pain caused by cold weather has increased significantly, accounting for about 60% of the total number of visits.Wang Jing said that knee joint pain after cold exposure is more common in the elderly.If the patient has previously suffered from osteoarthritis or patella cartilage softening, bursitis, tendonitis and other basic diseases, the pain symptoms will be more obvious.The cold can also cause muscle contractions and even fractures, which can cause knee pain.Common arthritis includes osteoarthritis and rheumatoid arthritis. Rheumatoid arthritis is arthritis caused by autoimmunity and is a chronic systemic disease. Osteoarthritis is a common joint degenerative disease.Occurs in weight-bearing and hyperactive joints such as knees, hands, waist, and spine.”People with degenerative complications such as arthritis, shoulder joints, and rotator cuff injuries are prone to pain symptoms in winter, and cold is the biggest cause of pain.”Wang Jing explained that when the weather becomes cold and falls sharply, the blood vessels around human joints will shrink, resulting in poor blood circulation and producing metabolites. If these metabolites cannot be effectively removed in time, they will slowly accumulate in the joints.Surrounding, once the accumulated concentration becomes higher, pain can be exacerbated.Coupled with bloated clothes and weight gain in winter, the strength of the human knee joint will increase, so it is more likely to cause knee pain.Wang Jing reminded that the pain caused by atrophic diseases of these joints can usually be improved by local warmth. The knee joint can be kept warm with soft knee pads. It is not recommended to maintain a strong knee pad to keep warm, avoid muscle atrophy and surround the malignancy.cycle.Daily use of hot water to soak your feet to ensure local blood circulation in the joints.Related Links Expert tips on how to prevent elderly people from falling Changsha Evening News, November 27 (whole-media reporter Yang Weiran) What factors can easily lead to elderly people fallingJiang Fenglin, Associate Professor of Cardiovascular Medicine, Third Xiangya Hospital of Central South University, believes that he is older than 60 years old, has unstable walking, accompanied by osteoporosis or arthritis, or has living organisms at home, uses furniture with wheels, no night lights in the bedroom, and the living roomLight bulbs below 60 watts, and toilets and bathing areas without handrails and other borrowing facilities are all reasons for the elderly at home to fall.If the family member or the caregiver finds that the old man has fallen, do not lift the old man blindly. The correct method is to judge whether there is a fracture and go to the hospital for CT and other tests in time. To judge the nature of the disease, it is only temporary cerebral hemorrhage, or brainStroke; to determine if it is sudden death, the patient should immediately lie flat on a hard board. If it is sudden cardiac death, quickly perform cardiopulmonary resuscitation, tap the anterior cardiac area, press the chest heart and mouth-to-mouth artificial breathing, etc., and contactContact the emergency center to rescue the patient in the expected time.In addition, Jiang Fenglin reminded to pay attention to small details of home life.Bathroom: It is the easiest place for the elderly to fall. If there is an elderly person in the home, it is recommended that the floor of the bathroom should be covered with non-slip mats, and handrails should be installed inside.The bathroom is equipped with a solid armrest, which can be grasped immediately by the elderly when they fall; installing an armrest beside the toilet can help the elderly to get up and sit down more easily, especially for the elderly with weak feet.In addition, it is recommended that the elderly take a bath with a bath stool to prevent dizziness.Kitchen: Many households’ kitchen lights are not bright enough, which poses a safety hazard to the elderly.If the kitchen door is too biological, it can cause inconvenience to the elderly who have weak feet.Common things should be placed at your fingertips, not high or low, to avoid the elderly from squatting down and picking things up, and may get dizzy and fall when they get up.Bedroom: It is better to turn on a night light in the bedroom at night, so that the elderly can have enough lighting when they wake up in the middle of the night.Some bedroom floor plates are shifted, causing the ground to be uneven and easy to fall. Repair should be done as soon as possible.Shoes: Wear appropriate shoes to reduce the risk of falling.It is recommended to measure the foot shape before buying new shoes, and you should wear non-slip, non-slip shoes indoors or above.(Reporter Luo Yue)

SAIC Group (600104): 19H1 revenue and profit margin growth is expected to extend to 19H2, improving with industry recovery

SAIC Group (600104): 19H1 revenue and profit margin growth is expected to extend to 19H2, improving with industry recovery

Key Investment Events: The company released its 2019 Interim Report, and the company achieved revenue of 3762 in the first half of 2019.

9 ‰, at least -19.

05%; net profit attributable to mother reaches 137.

6 trillion, a year -27.


Among them 19Q2 company achieved revenue of 1761 million, a year -22.

1%; net profit attributable to mother 55.

100 million, before -40.


19Q2 sales increased a certain degree of extended discounts, and the company’s net profit attributable to mother increased.

The company’s 19Q2 car sales were 140.

40,000, at least -17.

3%; the overall 深圳spa会所 sales growth rate is slightly lower than the industry due to Wuling staggered integration.

In 19Q2, the company realized revenue of 1761 million, which was -22 in half a year.

1%; net profit attributable to mother 55.

100 million, before -40.

6%, 19Q2 company’s profit fell more than the decline in revenue than the decline in sales, mainly due to inventory clearance in the second quarter caused terminal discount increase, the overall ASP declined.

In 19H1, the growth rate of investment income shrank, and the performance of major shareholding companies declined to varying degrees.

2019H1 company investment income 169.

300 million, down from 47 previously.

800 million; 19H1 SAIC Volkswagen / SAIC-GM / SAIC-GM-Wuling achieved revenue of 1127

900 million / 913.

800 million / 366.

200 million; ten years-19 respectively.

1% /-18.

3% /-28.

9%; Net profit 98.

800 million / 7.1 billion / 8.

400 million; ten years -36.

1% /-30.

6% /-58.

7%; ROS were 8.

8% / 7.

8% / 2.

3%, twice.

3% /-1.

4% /-1.

7%; headquarter (net profit attributable to mother-investment income)-8.6 billion, ranking in the last year over the same period.

Continue to promote the “new four modernizations”, usher in a new round of product cycles in the second half of the year, and maintain a “buy” rating.

Looking into the second half of the year, after the second quarter of inventory digestion, the company’s overall inventory decline is now close to a reasonable level.

In the second half of the year, GM, Volkswagen, and independent new models will be launched. The company’s new car share will increase. Terminal discounts will continue to increase to improve profitability. The industry ‘s sales growth forecast for the first half of the year will gradually pick up.

According to the latest situation, we adjusted the company’s net profit attributable to mothers to be 304 from 2019 to 2020.

200 million / 325.

700 million / 355.

300 million, maintain “Buy” rating.

Risk warning: industry price war, new car sales are less than expected, policy adjustments are less than expected

Bank of Jiangsu (600919) Quarterly Report Review: Spread Up

Bank of Jiangsu (600919) Quarterly Report Review: Spread Up

Event: On the evening of October 29, Jiangsu Bank disclosed 3Q19 results.

Revenue 3Q19.

20,000 yuan, +27 compared with the same period last year.

4%; net profit attributable to mother 118.

80,000 yuan, +15 compared with the same period last year.


At the end of September 19, total assets were 2.

07 trillion yuan; NPL ratio 1.


The average ROE for the 3rd quarter of 19 is expected to be 14.


Opinion: Revenue growth remains at a high level, with steady profit growth. Profit growth is stable.

Net profit growth in the third quarter of 19 was 15.

8%, up slightly in the early 1H19; net profits have continued to grow in double digits since 2016.

Revenue growth in the third quarter of 19 reached 27.

4%, almost the same as 1H19, also in line with expectations.

We believe that the high growth in 3Q19 results mainly from the quarter-on-quarter increase in net interest margin and the steady expansion of asset size.

ROE rises.

Due to the rapid growth of earnings, the average ROE in the third quarter of 19 reached 14.

84%, rising by 0 every year.

52 averages, ROE is in the rising channel.

It is very close to the average ROE level of A-share listed city commercial banks, and may be exceeded in the future.

Optimized asset and liability structure. At least the net interest margin improved significantly.

In the third quarter of 19, the deposit reached 1.

21 trillion yuan, an increase of 8 in ten years.


The proportion of loans in the last two years has continued to rise, and the ratio of loans to interest-earning assets in the third quarter 杭州桑拿网 of 19 has reached 49.

68%, optimized asset structure.

Assets expanded steadily.

Asset size in the third quarter of 19 2.

07 trillion, an increase of 7 from the beginning of the year.

3%; the earlier 1H19 increased slightly by 19.6 billion.

Net interest margin rose month-on-month. We estimated that the net interest margin of 3Q19 was 1.

36% (I9 caliber), a quarter-on-quarter increase of 7BP, additional contribution from asset-liability division.

The optimization of the asset structure has slightly increased the yield of interest-earning assets. The ratio of loans to interest-earning assets in the third quarter of 19 increased by 1 from 19H19.

5 pct to 49.

68%; the proportion of storage area decreased by 1.

37 pct to 6.29%.

The calculation of interest-bearing impedance cost rate decreased by 9BP to 2 杭州桑拿网 from the previous quarter.

84% is still benefiting from the decline in market interest rates.

We expect that the cost of compensation will require further downside to support stable interest margins.

Pay attention to the improvement of the loan rate, and the provision level will continue to improve. Asset quality will remain better.

The non-performing loan ratio in the third quarter of 19 was 1.

39%, the same as 1H19, maintaining a continuous level.

Focus on the loan ratio in the third quarter of 192.

03%, a significant decrease of 31 BP compared to 1H19.

In recent years, the credit structure has improved significantly, the proportion of loans in non-performing high-income industries has decreased significantly, the proportion of housing mortgages has increased, and there is less concern about future asset quality.

Provision level is high.

The loan-to-loan ratio in the third quarter of 19 was 3.

13%, an increase of 11BP earlier in 1H19, the provision level increased; provision coverage ratio was 225.

1%, an increase of 7.

53 pct, with increased risk resistance.

Investment suggestion: The performance will maintain a rapid growth, the asset quality will continue to improve, and through the adjustment of the restructuring of the asset-liability structure, the performance of Jiangsu Bank in 1919 will usher in a change; and it will insist on a stable retail transformation strategy.

25%, an increase of 3 earlier.

83 pct; we maintain its 19-year revenue / net profit growth rate of 20.

8% / 14.

7% forecast.

Maintain 1x 19PB target estimate, corresponding to target price of 9.

76 yuan / share.

Maintain BUY rating.

Risk warning: loan interest rates fall sharply; asset quality is worse than expected.

Mount Emei A (000888): Increase in passenger cableway ticket price increase, performance arts project opening, incremental increase expected

Mount Emei A (000888): Increase in passenger cableway ticket price increase, performance arts project opening, incremental increase expected

The 3Q19 results were higher than we expected the company’s 3Q19 results: 1-3 years 19 operating income8.

7.3 billion, an annual increase of 3.

04%; net profit attributable to mother 1.

8.6 billion, an increase of 10 in ten years.

34%, corresponding profit 0.

35 yuan.

Among them, 3Q19 operating income3.

4.4 billion, an annual increase of 6.

65%; net profit attributable to mother 1.

09 million yuan, an annual increase of 10.


The company’s performance was higher than our expectation, mainly due to the rapid improvement of passenger ropeway maximization.

  Ropeway revenue contributes to revenue growth.

1) 3Q18 Emeishan peak season attractions tickets are reduced by 25 yuan, reducing ticket revenue growth; 2) The increase in tourist ropeway utilization has become the main driving force for the company’s performance growth, 2H18 / 1H19 ropeway revenue increased + 12% / + 23%.

There are a total of two ropeways in the attraction. The Jinding ropeway is located in Gaoshan District and the Wannian ropeway is located in Zhongshan District.


0, a significant increase (theoretical highest rating of 4.


  Financial analysis: 1) 3Q19 gross profit margin reached 47 due to improved ropeway efficiency.

7%, increase by 0 every year.

2ppt; 2) 3Q19 selling expenses twice +24.

3%, corresponding to the sales expense ratio 上海夜网论坛 of 1.

6%; management costs +19 per year.

1%, corresponding to the management expense ratio of 10.


3) Due to the decrease in investment by associates, the investment income of 1-3Q19 companies decreased by 18.6 billion compared with the same period of the previous year; 4) Net cash flow from operating activities of 1-3Q193.

4.3 billion yuan, a marked improvement over the same period last year.

  Development trend Business diversification: 1) On August 23, the company announced an increase in capital to Yunshang Tourism1.

USD 20.7 billion, accounting for 40% of the tourism capital on the cloud after the capital contribution, becoming the controlling party.

2) The tourism business on the cloud includes literary and artistic creation and performance, art performance venues, cultural tourism project marketing and planning, etc. It is a construction and operation company of “only Emeishan” tourism performing arts project.

3) The premiere of “Only Mount Emei” on September 6, the project was edited by the well-known director Wang Chaoge (Impression, see also the director of the series). It is an original ecological real village immersive drama with an investment of about 700 million yuan.

4) The company expects that the project will bring an increase of 5% of tourists to the attractions every year, increase the hotel accommodation rate by about 10%, increase tickets every year, 33 million ropeways and 20 million hotels.

  Earnings forecasts and estimates As the company’s performance exceeds our expectations, we raised our EPS forecast for 2019/2020 by 6% / 6% to 0.

44 yuan / 0.

47 yuan.

The current sustainable correspondence is 2019/202013.

8 times / 12.

7 times price-earnings ratio.Maintain Outperform rating and 7.

Target price of 30 yuan, corresponding to 16.

8 times 2019 P / E ratio and 15.

4 times 2020 price-earnings ratio, compared with 21 recently.

5% upside.

  Risks Natural disasters affect travel; reform of state-owned enterprises exceeds expectations.