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Dataport (603881) first quarter report of 2019 comments： Q1 revenue meets expectations New IDC project construction drags down profit performance

Dataport (603881) first quarter report of 2019 comments: Q1 revenue meets expectations New IDC project construction drags down profit performance

Revenue of IDC service business in the first quarter of 20191.

910,000 yuan (+26 for the whole year.

5%, +8.

0%), in line with our budget expectations, but the construction of a new IDC project dragged down current profits and operating expenses in the first quarter.

4% (12 in the same period last year.

1%).

Alibaba Cloud’s strategic customer has been ranked No. 1 in China’s public cloud service market for three consecutive years, and ranks among the top three globally. We expect the company’s new IDC project for Alibaba is expected to be in H2 in 2019?
2020H1 is gradually delivered.

We are optimistic about the long-term investment value of the company and recommend that we continue to pay attention to the possibility of domestic IDC asset valuations switching from the PE method to the EV / EBITDA method.

Matters: The data of the mandatory domestic third-party IDC business was recently released in the first quarter of 2019 financial report. The main financial data items were in line with our expectations, but slightly lower than market expectations, mainly due to uneven progress in the commissioning of new IDC projectsTo.

We commented as follows: Q1 performance was in line with our expectations, and the start of the new IDC project dragged down profit performance.

The company achieved revenue in the first quarter1.

US $ 9.1 billion, which is mainly IDC service business revenue. If IDC solution business is excluded, the IDC service business revenue under the caliber will increase by +26.

5%, +8.

0%, the quarter-on-quarter increase in revenue was mainly due to the improvement of the IDC resource listing rate.

At the same time the company’s business gross profit margin for the quarter (39.

1%) compared with the same period last year (38.

7%) slightly improved.

The company’s first quarter net profit was 0.

36 trillion, ten years +6.

9%, to support the expansion of the personnel team for the new IDC project. Financial costs brought by short-term growth have become a major drag on profit growth. The company’s operating expenses in the first quarter.

4%, an increase of 5 over the same period last year.

Three.

Strategic customer Alibaba Cloud continued to rank No. 1 in the domestic public cloud.

According to research institute IDC data, Alibaba Cloud achieved revenues of more than US $ 20 billion in 2018, and the domestic public cloud market share accounted for 43%, ranking No. 1 in the Chinese market for three consecutive years, and also ranked No. 1 in the Asian market.Microsoft Azure has become one of the top three cloud computing vendors in the world.

Dataport is Alibaba Cloud’s important strategic partner in the IDC field. In May 2018, the company received Alibaba’s IDC demand intention letter. In March 2019, the two parties signed a legally effective cooperation plan. Two different cooperation modes correspond to the future.10 40 years old.

4 billion (excluding electricity prices), 82.

80 ppm (including electricity price) service sales revenue.

Alibaba Cloud’s continued high-speed growth is expected to provide the necessary support for the company’s IDC business.

The company’s new IDC project for Ali is expected to be in 2019H2?
2020H1 is gradually delivered.

According to the company’s announcement information, the company and Alibaba have now expanded their cooperation memorandum on IDC key projects such as ZH13.

At 成都桑拿网 the same time, the company’s construction in the first quarter reached 3.

380,000 yuan, compared with the end of last year (2.

(US $ 1.2 billion), indicating that such projects have begun to enter the stage of centralized construction.

Taking into account factors such as the construction period, we expect the project to be in 2019H2?
2020H1 is gradually delivered.

During this period, the increase in financial expenses, project depreciation, etc. may cause short-term pressure on the company’s profits. It is expected that after the new project enters the stable operation stage, the profit data will be released quickly.
Continue to pay attention to the possibility of domestic IDC asset assessments switching from PE to EV / EBITDA.

IDC is a typical asset-heavy business. The growth of corporate revenue mainly depends 上海夜网论坛 on the continuous expansion of IDC resources and the continuous improvement of resource operation efficiency.

The current overseas market is mainly based on the EV / EBITDA method for valuation and pricing of IDC assets.
The current US stock market IDC company EV / EBITDA (2018) at 16?
21x, such as Equinix (the world’s largest retail IDC), DLR (the world’s largest wholesale IDC) EV / EBITDA (2018) are 20x, 18x, EBITDA CAGR (2018?
2020) is 10% and 6%.

With the deepening of the understanding of the IDC industry attributes by local institutions, the domestic IDC asset evaluation and pricing method is attempting to switch from the current PE method to the EV / EBITDA method. Dataport and other A-share IDC companies are facing the possibility of revaluation.

Risk factors: domestic cloud vendors’ revenue growth risk; industry competition continues to intensify risks; the company’s credit cost rises rapidly; the company’s operating data centers are down and the risk of violating the SLA and other risks; excessive reliance on a single large customer risk.

Investment strategy: As one of Alibaba’s IDC’s core partners, the company’s mid- and long-term performance is deterministic and its growth is outstanding.

We maintain the company’s net profit for 2019/20/211.

62/2.

66/3.

6.3 billion, EBITDA5.

46/9.

19/12.

23 trillion forecast, maintaining the company’s “Buy” rating and a target price of 52 yuan.

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Tianqi Lithium (002466)： Financial costs drag down performance and future rights issue will significantly reduce funding pressure

Tianqi Lithium (002466): Financial costs drag down performance and future rights issue will significantly reduce funding pressure

The 2019 interim report results are in line with expectations, and the three quarterly report performance guidance is 2-2.

500 million.

Interim operating income for 2019 is 25.

9 ‰, at least -21.

28%, net profit attributable to mother 1.

930,000 yuan, at least -85.

23%, slightly lower than the performance of 2.

06 trillion, basically in line with expectations.

Net cash flow from operating activities was 9.

4.5 billion US dollars, operating cash flow is not as healthy as ever, but still slightly lower than the financial expenses of the same period10.

10,000 yuan. In the future, financing methods such as rights issue will still be required to resolve the pressure on loan repayment.

The overall gross profit margin is 61.

07%, profitability remains unchanged.

Performance guidance for the third quarter of 2019: net profit attributable to mothers 2-2.

5 ‰, a year of 85.

2% -88.

2%, mainly due to the decline in lithium prices and a significant increase in interest expenses.

Production and sales forecast of the company’s products: Adjust the company’s product sales forecast for 2019-2021 equivalent to 4 lithium carbonate equivalents.

8 digits, 6.

6 predictions, 9 predictions (the original prediction was 5.

34 average, 7.

85 for the first time, 9.

17 Act), the company plans to achieve a total lithium salt capacity of 10 in 2020.

Expansion project 1: Phase 2.

4 Lithium hydrogen fluoride project is scheduled to start production at the end of 2019; expansion project 2: second phase 2.

4 Lithium hydrogen fluoride project is planned to be completed by the end of 2019 and put into production in 2020; Expansion project 3: Suining Anju 2 battery-level lithium carbonate project has completed pre-construction preparations; Expansion project 4: Supporting the Thaleson lithium mine expansion projectProduction started quarterly; expansion project 5: Thaleson’s third-phase expansion to 180-inch grille concentrate (contract 24 lithium carbonate) has begun construction.

At present, the lithium industry is dying due to storms, supplementing supply, excess supply and demand, and pressure on prices. In the long term, the demand for the lithium industry will continue to grow at a high rate of 15% + driven by new energy vehicles, low-speed electric vehicles, and energy storage.The price of lithium products is expected to continue to weaken overall under the pressure of obvious heavy volume. At present, the average price of domestic battery-grade lithium carbonate with taxes.

20,000 / ton, the bottom price of battery-level lithium carbonate is expected to be 5 million / ton. In the long term, the tax-included price of battery-level lithium carbonate will help maintain it at 50,000-80,000 / ton.

Revise down 2019-2021 profit forecast and maintain BUY rating.

Adjust the average tax-included price of battery-level lithium carbonate for 2019-2021 to 6.

60,000 yuan / ton, 5.

50,000 yuan / ton, 5.

50,000 yuan / ton (the original forecast was 7.

).

1 million / ton, 6 million / ton, 6 million / ton), the prices of other lithium products have changed in the same direction as the price of battery-grade lithium carbonate, and the adjustment of the company’s product sales forecast for 2019-2021 is equivalent to 4 lithium carbonate equivalents.8 for the first time, 6.

6 predictions, 9 predictions (the original prediction was 5.

34 average, 7.
85 for the first time, 9.
17 samples), assuming the company’s rights issue in 20193.

300 million shares of financing of 6.6 billion US dollars, in summary, we lowered our profit forecast for 2019-2021, it is expected that the net profit attributable to mothers in 2019-2021 will be 4.
.

200 million, 6.

7.6 billion, 13.

900 million (previous forecast was 10).

1.1 billion, 12.

8 billion, 14.

6.4 billion), net profit growth was -81.

3%, 60.

8%, 105.

7%, corresponding to 83 times, 52 times, and 26 times the PE in 2019-2021.

The company successfully acquired SQM equity. At present, the company owns the world’s best lithium ore and salt lake at the same time, consolidating the leading level of the industry. Although the financial cost pressure performance has changed in the short term, in the long term, Tianqi Lithium still has quantity and priceThe logic of the rise will also increase the expected pressure 淡水桑拿网 on repayment of interest after the rights issue. Considering the company’s long-term growth, it maintains a buy rating.

Risk reminder: The financing difficulties cause the loan cannot be repaid on schedule, and the sales of new energy vehicles are lower than expected.

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Hengrui Pharmaceutical (600276)： Surpassing Expectations, R & D Continues High Investment

Hengrui Pharmaceutical (600276): Surpassing Expectations, R & D Continues High Investment

Event: The company announced three quarterly reports. The company achieved operating income of 169 in the first three quarters of 2019.

45 ppm, an increase of 36 in ten years.

01%; net profit attributable to mother 37.

35 ppm, an increase of 28 in ten years.

26%; net profit after deduction is 35.

360,000 yuan, an increase of 27 in ten years.

25%; net cash flow from operating activities26.

08 million yuan, an increase of 27 in ten years.

19%.

Revenue growth was faster than 杭州夜生活网 expected, and core product sales were strong: Q3 achieved revenue and net profit attributable to its mothers of 69.

1.9 billion, 13.

23 ppm, the previous growth rate was 47.

28%, 31.

96%; Q2 earned 28 compared to Q1.

77%, 29.

61% growth and net profit attributable to mother 25.

61%, 27.

03% growth accelerated significantly.

In the field of anti-tumor, it is expected that the overall revenue growth will accelerate to about 40%. PD-1 monoclonal antibody in the field of innovative drugs was approved at the end of May and issued at the end of July. The revenue is expected to be more than 300 million. Apatinib revenue is about 1.5 billion.The level of the same period is similar; Pirlotinib gradually accelerated after entering the medical insurance negotiation list; the white-purple market in the field of generic drugs is still seeking supply and demand, and the revenue is expected to exceed 10 billion, which can be gradually increased.

The growth rate in the field of anesthesia is expected to be about 20% unchanged from the first half.

In the field of contrast agents, the overall revenue growth rate due to the volume of iodixanol and ioversol is expected to be about 40%.

The annual R & D expenditure increased by 67%, and the R & D channel reserves were abundant: the company’s gross profit margin and sales expense ratio were basically the same as last year, and the management expense ratio increased significantly.

Twelve reached 26.

09%, mainly due to R & D investment 28 in the first quarter to the third quarter.

9.9 billion, a 66-year increase.

97%, accounting for 3% of sales revenue.

17 total to 17.

11%; R & D investment in the third quarter was 14.

15 trillion inches increased by 90.

70%, accounting for 20% of sales revenue.

45%.

Judging from the pipeline developed by the company, the priority approval for the second-line treatment of carrelizumab for advanced liver cancer has been reported, and the first-line listing applications for esophageal squamous cell carcinoma and intravenous combined chemotherapy have received CDE replacement; pirlotinib combined with capecitabine treatmentThe phase III clinical trials of diabetes have reached the main endpoint; SHR3680, SHR6390, bevacizumab, etc. are in the third phase of clinical trials; Regagliflozin and Henggliglizide are also in the third stage in the anti-diabetic field; and rich products are in multiple stages, pipelinesRich and complete echelon, it is expected that the company will continue to have new products approved and old product indications expanded, which will help promote the company’s continued high growth.

Investment suggestion: We expect the company’s net profit for 2019-2021 to be 52.

49, 66.

38, 81.

5.3 billion, with growth rates of 29%, 27%, and 23%, respectively.

The 10-year return from 2019 to 2021 will be 1.

19, 1.50 and 1.

84 yuan, the current expected corresponding estimates are 69.

7X, 55.

1X, 44.

9X.

Considering that the company’s innovative medicine has entered a heavy volume period, the company as a leader in the innovative medicine industry has given a certain estimated premium. We maintain the company’s buy-A recommendation.

Risk reminder: Existing generic drug business with volume purchase price cuts exceeds expectations, R & D progress is less than expected, and new drug sales are below expectations.

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Tai Chi (002368)： Steady and steady growth

Tai Chi (002368): Steady and steady growth

The first quarter of 2019 results are in line with expectations. Taiji shares announced the first quarter of 2019 results: operating income increased by 9 per year.

4% to 15.

6 trillion; the company’s gross profit increased by 45 in ten years.

7% to 3.

7 ppm, gross margin extension increased by 5.

9 singles; net profit attributable to mothers increases by 6 per year.

6% to 19.42 million yuan, which can increase earnings by 9%.

6% to 0.

048 yuan, in line with our expectations.

The development trend maintained steady growth, and the transition steadily advanced.

The company continues to promote the strategic transformation from IT services to digital services, and gradually penetrates into the business application range from system integration and expansion. It focuses on strengthening the layout in two areas of cloud services and network security services.about).

We believe that the gradual transformation of the company will continue to deepen, and the new business will drive the company’s revenue growth to continue to accelerate.

For the government affairs cloud business, the company builds a more open cooperation system, gradually establishes IT infrastructure, strengthens cooperation with Huawei and Ali, further industry applications to complete more cooperation with ISV, and improves the company’s product scalability and competitiveness.

The Industrial Internet business continued to improve its integrated service capabilities and expand its business scope to cover discrete manufacturing and process manufacturing in the areas of power, oil, gas, steel, and coal.

In the first quarter of 2019, the company won the bid of Tianjin Internet Information Office’s government affairs cloud resource service and unified management platform, as well as the construction of the “Internet + supervision” system (a winning bid of 5,279 thousand). We expect that new orders will accelerate the growth of revenue in the second half of the year.
New business investment is obvious, suppressing net interest rate.

The company’s management expenses in the first quarter of 2019 increased by ten years.

8% (mainly employee salary growth), R & D expenses increased by 181% per year (new business investment growth).

The rapid increase in operating expenses has eroded the impact of improved gross margins.

We believe that 杭州桑拿 the company’s increased scale in new business will help the company to obtain new orders and enhance its long-term competitiveness, thereby maintaining a sustained and steady growth in revenue.

With the delivery of orders in the second half of the year, the company’s gross profit margin and net profit margin are expected to gradually improve.

Earnings forecasts We maintain our earnings forecasts for 2019 and 2020: revenue will grow by 13 per year.

7% and 13.

0% to 68.

4 million and 77.

3 ppm, net profit is increasing by 20 per year.

8% and 20.

5% to 3.

800 million and 4.

600 million.

Estimates and recommendations are currently trading at 36.

8x 2019 P / E ratio, we maintain “Recommended” rating and target price of 37.

0 yuan, based on 40 times the 2019 price-earnings ratio, the target price has 9% 四川逍遥网 growth space compared to the current price.

The risk cloud business transformation was less than expected, and market sentiment changed significantly.

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Macalline (601828)： won Ali 43.US $ 5.9 billion strategic investment company ushers in revaluation of offline channel value

Macalline (601828): won Ali 43.US $ 5.9 billion strategic investment company ushers in revaluation of offline channel value
The recent situation of the company McLaren announced that the controlling shareholder Hongxing Holdings completed the non-public issuance of deliverable bonds in 2019, with an actual issue size of 43.59.4 billion, and Alibaba has fully subscribed for this period of debt.Macalline and Alibaba also signed a business cooperation framework agreement at the same time, and then they will cooperate in areas such as home stores and shopping malls to promote the company’s new retail layout. Comment 1. The combination of Qiangqiang and Ali has accelerated the company’s new retail business.The actual issuable scale of 杭州桑拿 Hongxing Holdings’ debts is 43.59.4 billion, fully subscribed by Alibaba.After this transaction, Ali and Macalline are expected to formulate a strong alliance from two scales: 1) After the transfer of debt to equity, it is expected to bring equity constraints: According to the transaction details, the initial exchange of 12.Calculated at 28 yuan / share, if all the convertible bonds are convertible in this period, we estimate that Ali will get 3 shares of Red Star Macalline.5.5 billion shares, accounting for 35 of the total share capital of listed companies.10% of 500 million shares (Ali also holds the Red Star Macalline 3 in Hong Kong stocks.7% equity); 2) Business synergy and resource sharing: Red Star Holdings and Ali on May 15th daily business cooperation framework agreement, the two parties will carry out business cooperation in the areas of furniture building materials and furniture malls, shopping malls (specific cooperationDetails) Try to land before May 28).In our opinion, the subscription of this bondable bond marks the beginning of a new alliance between the new retail leader Ali and the home store leader McLaren, and the subsequent follow-up with equity binding. Ali’s online resources, model and technical support,What he has done brings Macaroon’s rapid rise in new retail. 2. The value of the home store’s traffic entrance is reevaluated, and capital plus holdings is expected to accelerate the concentration of the industry.The home furnishings market is the main sales channel for home furnishings (currently the penetration rate of online channels in the home retail market is only 7).6%), the value of its traffic entrance and platform is outstanding, and its business model is dominated by rental income, which must be resistant to the nature of the land cycle.With the backdoor listing of Actual Home (Alibaba also holds a 15% stake in Actual Home), and Ali’s subscription of Red Star Holdings’ Debt Debt, the home store industry has continued to increase capital, trying to increase the industry’s attention while bringing market concentrationFurther increase in degree. 3. The competition pattern of leading household stores is stable, and Ali Investment has brought about event catalysis.Macalline, as one of the leaders in the household store industry, has outstanding comprehensive operational strength and clear growth logic: we expect the company’s self-operated shopping malls to maintain an expansion rate of five new stores each year, and the same store growth rate to remain about 5%;Manage shopping malls to display 40-50 stores each year, and quickly grab low-tier cities to share.At the same time, Macalline actively teamed up with Ali and Tencent, the two giants, which are expected to bring the acceleration of their new home furnishings. They are optimistic about the company’s long-term competitive advantage as a leader in home furnishings and will continue to benefit from the concentration of home furnishings. It is estimated to maintain 19 / 20e EPS1.43/1.59 yuan.The current 19e deduction of non-net profit corresponds to 15 times P / E for A shares and 8 times P / E for H shares.Maintain recommendation, target price of the stock is 15 yuan.3, corresponding to 19e deducted non-net profit 18 times P / E, 26% space; Hong Kong stock target price of HKD9.0, corresponding to 19e deducted non-net profit 10 times P / E, 25% space. The risk of same-store growth was less than expected; the real estate market continued to decline.

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Zhongju Hi-tech (600872) 2019 Interim Report Review： Condiment business maintained steady growth

Zhongju Hi-tech (600872) 2019 Interim Report Review: Condiment business maintained steady growth

Event: The 合肥夜网 company released its 2019 Interim Report.

In the first half of the year, the company achieved total operating income.

USD 9.2 billion, an annual increase of 10%; net profit attributable to mothers3.

6.6 billion, an annual increase of 7.

99%; net profit deducted from non-attributed mothers3.

4.6 billion, an annual increase of 5.

86%.

Performance is in line with expectations.

Opinion: The condiment business keeps growing rapidly.

In the first half of the year, the delicious fresh company realized operating income.

6.2 billion, an annual increase of 15.

26%; net profit attributable to parent company3.

6.2 billion, an annual increase of 20.

05%; of which soy sauce achieved revenue of 14.

6.9 billion, an increase of 10 in ten years.

44%; chicken powder and other condiments achieved revenue2.

700 million and 5.

08 million yuan, an annual increase of 29.

5% and 15.

31%.

Zhonghui Hechuang achieved revenue of 60.94 million yuan, a year-on-year increase of 52.

83%; realized a net profit of 22.42 million yuan, an increase of 81% throughout the year.

Zhongshan Zhongjing Machinery Co., Ltd. achieved revenue of 41.56 million yuan, a decrease of 0 every year.

98%; realized net profit of 2.02 million yuan.

Condiment business continued to expand channels.

Continue to advance the channel planning strategy of “steadily developing the southeast coast, focusing on improving the northeast and northeast, accelerating the development of the southwestern region, and gradually developing the northwestern market”, increasing the number of dealers by 111 and the total number of dealers reaching 975, accelerating the optimization of channel segmentation; Development of 15 blank prefecture-level cities, achieving 275 prefecture-level cities nationwide, with a development rate of 81%.

The marketing of catering channels was increased, and sales of catering products increased by 41 in the first half of the year.

49%, much higher than the company’s overall sales growth.

Continue to develop e-commerce channels. In the first half of the year, the direct entry of mainstream direct marketing platforms was completed, and new retail platforms were also developed and managed.

In terms of export channel development, export cooperation with Costa Rica, Turkey, Chile, Argentina and other countries was realized in the first half of the year. At present, the number of exporting countries has increased to seven, and the international market has continued to be developed methodically.

Gross profit margin decreased slightly.

In the first half of 2019, the company’s comprehensive gross profit margin dropped by 0.

13 perfect to 39.

82%; during the period, the expense ratio increased up to 0.

18 perfect to 20.

55%, of which the sales expense ratio drops 0 every year.

3 perfect to 10.

27%, the management expense rate increases by 0 every year.43 good to 8.

99%, financial expenses rate increased by 0 in ten years.

05 excellent to 1.

29%.

Affected by the decline in gross profit margin and the increase in expense ratio, the net interest rate fell by 0.

27 good ones.

99%.

Investment advice: Maintain a cautious recommendation level.

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

93 yuan and 1.

14 yuan, corresponding to PE and 42 times and 34 times.

The company’s condiment business will continue to expand its product structure and channel expansion, and its performance is expected to maintain steady growth.

Risk warnings: food safety issues, increased competition in the industry, etc.

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Huayu Automobile (600741)： Proposed acquisition of assets to expand automotive intelligent safety business space and create new profit growth points

Huayu Automobile (600741): Proposed acquisition of assets to expand automotive intelligent safety business space and create new profit growth points

Event: The company announced that Yanfeng Automobile, a subsidiary of the company, intends to purchase part of Yanfeng Baili’s business and assets.

　　Core view Yanfeng Automobile intends to purchase part of Yanfeng Baili’s business assets.

The company announced that Yanfeng Automobile, a subsidiary of the subsidiary, and American Bailide have negotiated to purchase relevant businesses and assets from Yanfeng Bailide, respectively.

Yanfeng Bailide is a joint venture of the company and the company holds 50.

1% equity, mainly for the development and sales of military vehicle safety systems. The products include steering wheels, safety sleeve modules and seat belts, and the entire automotive passive safety system, which supplies many domestic automobile companies.

In 2018, Yanfeng Baili’s net assets were 18.

0.6 billion, with operating income of 58.

6.3 billion, with a net profit of 6.

4.9 billion.

The value of the assets corresponding to the business the company intends to purchase is 2.

08,000 yuan, the total amount of the purchase transaction is about 4.

2.8 billion.

　　It is expected that the company’s revenue will increase after the purchase of related businesses.

According to the forecast of the current vehicle customer purchase plan, the relevant 北京桑拿洗浴保健 business assets that Yanfeng Auto Decoration intends to purchase will achieve approximately US $ 2.3 billion in revenue in 2020, measured at the net profit level of Yanfeng Baili, corresponding to approximately 2.

500 million net profit.

Before the acquisition, Yanfeng Bailide contributed approximately 3 to the company’s earnings.

About 2.5 billion.

If the acquisition completes this business plan in 2020, it will enter the statement, if calculated on the basis of Huayu Automobile’s 2020 operating income forecast, it will generate about 1.

2% revenue growth.

In addition, it is expected that the assets of the intelligent intelligent security system business will be acquired with the company’s existing business. After the integration of customers, the business revenue and profit will promote continuous growth.

　　The company 杭州桑拿洗浴会所 intends to acquire the automotive safety system business and independently develop the space for the automotive intelligent safety system business, which is expected to become a new profit growth point for the company.

The company intends to purchase Yanfeng Bailide’s related businesses. The company will complete the construction of an independent development platform for the automotive occupant safety system business, opening up the company’s space to independently develop the automotive intelligent safety system business.

If the transaction is completed, the company will gradually develop the ability to develop and sell automotive safety belts, airbags, steering wheels and other products, and further improve the company’s product system.

The company is expected to form a good synergy with existing intelligent cockpits, intelligent driving sensors and other intelligent networked products, effectively explore domestic and foreign vehicle customers, and create new profit growth points for the company.

　　Financial forecasts and investment recommendations are expected to EPS2 in 2019-2021.

31, 2.

67, 2.

91 yuan, with reference to comparable company estimates, given a 13x PE estimate for 2019 with a target price of 30.

03 yuan, maintain BUY rating.

　　Risk reminder The passenger car industry’s lower than expected demand will affect the company’s profit; the company’s main supporting vehicle prices will affect the profit.

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Xinbao Shares (002705)： Domestic sales grow fast and exports benefit from RMB depreciation

Xinbao Shares (002705): Domestic sales grow fast and exports benefit from RMB depreciation

1H19 results are higher than we expected the company’s 1H19 results: operating income 杭州夜网论坛 of 40.

43 ppm, a ten-year increase of 7.

4%; net profit attributable to mother 2.

400,000 yuan, an increase of 73 in ten years.

9%, budget benefit 0.

30 yuan.

Corresponding to 2Q19 operating income 21.

63 ppm, an increase of 10 years.

2%; net profit attributable to mother 1.

52 ppm, a 59-year increase of 59.

2%.

The company’s performance was higher than our expectation, mainly due to the continuous depreciation of the Renminbi and an increase in the gross profit margin of its export business.

1H19’s business grew steadily: 1) Progress in domestic market development and domestic revenue growth + 29%.

Among them, Morphyrichards adopts social and explosive marketing methods, and its revenue grows rapidly; Dongling brand is adjusting its marketing methods, and its revenue fluctuates slightly; the company cooperates with Pinduoduo to launch a new factory brand; cooperates with Xiaomi Ecological Enterprise, Foundry water purifiers, electric toothbrushes and other products.

2) Foreign revenue + 3% per year.

Although affected by the Sino-US trade friction, there is no substitute capacity overseas in the short term, and US orders may be affected.

Profitability benefits from the continued depreciation of the Renminbi: 1) The company’s business is dominated by exports (1H19 exports account for 81%), which is transmitted by the influence of exchange rates.

Starting in the second half of 2018, the renminbi continues to depreciate (from July 2018 to June 20196.

7%), which is conducive to the improvement of the company’s profitability.

2) 2H18 / 1H19 company’s net profit attributable to the parent for half a year + 70% / + 74%, if it replaces the impact of exchange loss gains and losses and net income from changes in fair value, then + 18% / + 20%

3) The gross profit margin of exports increased in 1H19.

7ppt to 18.

84%, mainly benefited from the devaluation of the RMB and the decline in raw material costs.

1H19 financial analysis: 1) Due to the rapid growth of internal sales brand business, sales expenses increased by 36 each year.

3%; management costs increase by 8 per year.

1%, matching revenue growth.

2) Operating net cash flow of 1H19 company 5.

10,000 yuan, a significant improvement over the same period last year.

Development Trend The company has the advantage of production efficiency. The Chinese market grasps the new demands of social traffic, fight a lot, Xiaomi, etc., breaks the monopoly of the leading small household appliances, and walks out of its own development path.

The export business will continue to benefit from the devaluation of the renminbi in the short term; affected by the Sino-US trade friction, the company is examining the feasibility of overseas bases.

Earnings forecasts and estimates benefit from the continued depreciation of the RMB, the company’s performance exceeds our expectations, and the 2019 eEPS forecast is raised by 4% to 0.

76 yuan, maintaining the 2020e EPS forecast of 0.

84 yuan.

Maintain Neutral rating and 12.

The target price of 66 yuan, corresponding to 17x / 15x 2019 / 20e P / E, has 19% upside compared to the current consensus.

The current contradiction corresponds to 14x / 13x 2019 / 20e P / E.

Risks: Sino-US trade friction risks; RMB exchange rate fluctuation risks; market demand fluctuation risks.

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Mona Lisa (002918) 2019 Third Quarterly Report Review： Steady Growth Ready for Development

Mona Lisa (002918) 2019 Third Quarterly Report Review: Steady Growth Ready for Development
The company is a leading enterprise in the ceramic tile industry.Benefiting from the growth of the B-end business and the C-end consumption upgrade trend, the company’s revenue and profit maintained rapid growth in the first three quarters.With the increase in the proportion of engineering projects, the selling expenses increased. Event: The company announced three quarterly reports and realized operating income of 26.76 trillion, the same increase of 17.44%, attributable net profit 3.4 billion, an increase of 13.45%, deducting non-net profit 2.72 trillion, an increase of 14.92%, gross margin 36.72%, minus 0.05pct, net operating cash flow 8.5.8 billion.Among them, Q3 has a single quarter operating income of 10.710,000 yuan, an increase of 23.37%, attributable net profit 1.39 trillion, with an increase of 3.31%, deducting non-net profit1.2 trillion, with an increase of 9.19%, gross profit margin 37.64%, the same minus 0.37 points, net operating cash flow 5.3.6 billion. Accelerating revenue growth.The company’s Q1 / Q2 / Q3 revenue increased by 12 respectively.32% / 14.69% / 23.37%, faster growth.In order to adapt to the increase in the number of hardcover houses in the industry, the company has taken a two-pronged approach this year to lock in next year’s revenue growth: Extend the production schedule of the Tengxian base and expect to increase production capacity by more than 20 million cubic meters around the Spring Festival next year; it has expanded to the B-end model room development speed, the topIt completed the highest number of model room development last year. Gross profit margin remained basically stable.The company’s Q3 single quarter gross profit margin was 37.64%, zero for one year.37pct, an increase of 0 from the previous month.76 points.Historically, the company’s gross profit level has shown an upward trend, verifying the scale advantage of the B-side scale of the ceramic tile industry and the advantage of increasing the proportion of high-end products under the upgrade of C-side consumption. The increase in sales expenses was due to the increase in the proportion of engineering projects.The proportion of the company’s engineering projects has increased since this year. As the project requires ceramic tile companies to bear freight and service charges, the proportion of transportation costs has increased, affecting the company’s net profit level.As the company’s Tengxian production line in Guangxi has not yet been put into operation, the company’s two existing production bases currently have short production line lengths and there is no cost advantage in engineering business, which will affect the company’s profit margin level. It will convert the Tengxian production capacity into production and pursue a shift in future net profit levelsit is good. Excellent cash flow.The company’s Q3 single-quarter cash ratio was 1.09. Net operating cash flow 5.USD 3.6 billion, far higher than the current net profit, reflecting good operating 苏州夜网论坛 quality.Accounts receivable and bills decreased by 0.5.3 billion, the turnover rate has further increased, the inventory has remained basically stable, and the turnover days are less than 150 days, which is at a historical low. Risk factors: industry demand reduces risk; receivables collection risk. Profit forecast and investment rating.The company is a leading company in the ceramic tile industry. Benefiting from the increase in the number of model rooms in hardcover rooms, we expect that the company’s revenue growth rate will exceed 15% in 2019, and its profit growth rate will exceed the revenue growth rate.We maintain the company’s net profit for 2019-2021.36/5.51/6.6.2 billion forecast, maintain “Buy” rating.

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Baiyun Mountain (600332) 2019 First Quarterly Report Review： Spring Shipping Boosts High Profit Growth

Baiyun Mountain (600332) 2019 First Quarterly Report Review: Spring Shipping Boosts High Profit Growth

In the first quarter of 2019, the consolidated revenue of Wanglaoji Pharmaceutical Co., Ltd. increased significantly, and the profit from spring shipments increased by 180 in 2019Q1.

5.5 billion (+161.

32%), net profit attributable to mother 14.

07 billion (+55.

42%), deducting non-attributed net profit13.

7.3 billion (+57.

36%).

After excluding the consolidation factors, the revenue of 2019Q1 was 86.

53 billion (+25.

2%) and a total profit of 16.

8.2 billion (+47.

1%), performance growth exceeded market 淡水桑拿网 expectations.

Great Southern Medicine and Great Health both improved significantly in the fourth quarter compared with the previous quarter. Excluding consolidated industries and a small number of commercial revenues increased by 25%. It is estimated that the number of businesses will maintain a growth rate.

There are still some low-to-high-to-high or high cost increases in the growth of Great Southern Medicine, and the actual profit growth is 17%.

In 2018Q4, the core parent company of Great Southern Pharmaceutical reported only 700 million revenues, and 1.8 billion revenues in 2019Q1. In the big health aspect, the 2018Q4 contract rejection and advance receipts increased from 1.1 billion in 2018Q3 to 3.7 billion, and in 2019Q1 it fell to 1.3 billion.This shows that the Air Force’s spring stock sales are in good condition.

It is expected that the net profit margin of the large health sector will continue to increase, and the growth of net profit will exceed the growth rate of revenue, and the growth rate is expected to increase to about 20%.

Outlook: In the new stage of development, the employee shareholding plan expires, and the pressure on great health competition is reduced. Following the successful consolidation of the two major subsidiaries of Wanglaoji Pharmaceutical, the company has recently successfully acquired the trademark portfolio from the controlling shareholder.

The company is set to increase by 3 in 2015.

3.5 billion shares, of which 3.86 million shares held by employees, should be lifted in August this year.

In terms of big health, the competitive pressure on competing products has been reduced, and gross profit has increased. In the future, potential ex-factory price increases and cost reductions will significantly improve the level of net profit margins.

Risk warning: Great Southern Medicine and Chinese Medicine continue to be under pressure; Great health fails to meet expectations; The bottom of the big circulation fails to meet expectations; Investment suggestions: Development has entered a new stage, with rich cash reserves, trying to usher in accelerated reform and maintain a “Buy” rating companyIn 2018, the increase in the equity of the two core subsidiaries was completed, and the Chinese medicine part of Great Southern Medicine also adjusted the channel inventory. The reduction in cost due to reduced competition pressure on health and the increase in gross profit and price increasesNet profit margins have the potential to improve, performance exceeds expectations. We raised our profit forecast.
Net profit in 2020 is 29.

7/33.

6/37.

300 million, corresponding to the current expected 南京夜网 PE is estimated to be 24.

9/22.

0/19.

8 times

Based on the 2020 segment net profit and cash holdings, the company’s one-year reasonable valuation is 788
94.3 billion, corresponding to an increase of 13?
35%, maintain “Buy” rating.