Tianshan Stock (000877) Quarterly Comment: Continued Volume and Price Rise, Dual-zone Logic Continues

Tianshan Stock (000877) Quarterly Comment: Continued Volume and Price Rise, Dual-zone Logic Continues

Event: The company released the 杭州桑拿网 third quarter report of 2019 and achieved 72 revenue.

3.8 billion, an annual increase of 28.

57%, net profit attributable to mothers11.

8.1 billion, an annual increase of 54.

29%, asset and debt restructuring at the end of the period40.


Among them, the third quarter achieved revenue of 32.

8.2 billion, an annual increase of 23.

45%, net profit attributable to mother 5.

1.1 billion, an increase of 11 in ten years.

61%, after deducting non-return to mother 5.

0.5 billion, an increase of 51 in ten years.

95%, single quarter gross profit margin of 30.

38%, down 5 from the previous month.

6 units.

Actual announcement of net profit attributable to mother 5.

100 million is slightly higher than the forecast value of 4.

8 billion.

Among them, the increase in the fair value of Western Construction (equity financial assets) increased to net profit of 23.35 million yuan.

Continuing volume and price increases, Xinjiang’s overall industry demand was slightly lower than expected, with a single quarter gross margin of 30.

38%, down 5 from the previous month.

Six expectations are expected to be related to changes in original costs and freight rates.

(1) In terms of sales volume, according to the Statistics Bureau, Xinjiang ‘s gradual cement output from January to September 2019 was 3028.

77 for the first time, growing by 7 per year.

38%, a gradual decrease of 20.


Among them, the average monthly growth rate in August and September this year was less than 1%, while the decline in the same period last year was more than 10 points in a row. At the same time, we observed that the monthly growth rate in 3 and 5 months expanded to reach more than 20%.Within 10%, and further, the monthly change in sales volume has been affected by the base number. Based on this, from October to December this year, the growth rate gradually increased from August to September. However, from the perspective of amplitude, the decline was more and less. After Xinjiang ‘s demand was rectified last year,Recovery speed is still limited, but it also leaves room for construction needs in the coming year.

(2) In terms of price, according to China Cement Network statistics, Xinjiang’s average price in the third quarter was 451.

96 yuan / ton, the single ton ton is up to about 62 yuan, up 6 yuan from the previous month.

After Xinjiang gradually enters winter in October-November, the price is expected to drop slightly, and it is hoped that it will stop rising after the official peak shift is opened.

(3) The company’s special difference lies in the profit contribution of the Jiangsu production line. According to Zhuochuang statistics, the company has one clinker production line with a daily output of 5,000 tons in Nanjing and Changzhou, and one line with a production line of 2500 and 5,000 tons per day in Wuxi.The annual production capacity of clinker is about 542.

5 minimum value, corresponding to about 700 digits of cement production capacity +.

According to statistics from China Cement Network, the average price of high-standard cement in Jiangsu in the third quarter was 451 including tax.

94 yuan / ton, the average price per ton increased significantly by about 9 yuan. Under the influence of the off-season, it fell by 21 yuan / ton from the second quarter, which is different from last year’s off-season performance. The third quarter of 2018 increased by 14 yuan / ton.

Considering that the company’s internal production capacity is relatively small, the price strategy is biased to follow the market.

Jiangsu’s cement output from January to September increased year by year11.

76%, single quarter quarterly growth of 14.
In addition, the report also needs to pay attention to the following aspects: (1) The asset structure has further improved, and the asset-liability ratio at the end of the period has decreased by 40.

25%, a decrease of 3 from the previous value.

15 singles, only down to present value since mid-1999 since listing.

Finance costs fall by 31 each year.

02%, down 28 in a single quarter.

76%, single quarter financial expense ratio 1.

34%, a drop of nearly one decade a year.

During the reporting period, the company repaid bank borrowings, reducing interest-bearing debt, and short-term borrowings declined earlier53.

02%, a decrease of 59 per year.

5%, non-current debt due within one year fell earlier 42.

twenty four%.

As the company increased the infrastructure debt investment plan and the conversion of capital fiscal funds into entrusted loans, the company’s long-term debt increased by 183 over the initial period.

95%, an annual increase of 71.

86%. As of the end of the period, China Construction Materials’ entrusted loan balance to the company was RMB 535.13 million. The conversion of capital financial funds into entrusted loans resulted in a decrease in long-term payables by 98 compared with the beginning of the year.


(3) Sales expense ratio and management expense ratio decreased by 0 year-on-year.

14. 1 average (the management fee for the same period last year includes R & D).

(4) There was compensation for demolition in the same period last year, and the asset disposal income decreased by 96 year-on-year.


Pay attention to the relocation compensation agreement. The remaining 3 batches will be paid in installments. The most recent payment is about 1 at the end of this year.


(5) Received “three supply and one industry” subsidy, non-operating income increased by 55 each year.


We believe that Xinjiang ‘s fixed asset investment growth has “turned from negative to positive” to “stable to positive”, gradually releasing cement demand, and strive to complete 526 in fixed assets investment in transportation in 2019.

33 trillion, 98% completed from January to September, with a higher degree of redemption.

Termination of special bond issuance in the first half of the year 332.

6.6 billion, close to the highest level of last year (360.

700 million).

Xinjiang has been an important western town since ancient times, and the “Belt and Road” is an important starting point. It has certain advantages in terms of project prospects and financial support.

Taking into account the volume and price performance in the third quarter and possible demolition compensation, we will return the net profit of the mother to 2019-20 from 15.

35, 16.

19 ppm is adjusted to 16.

81, 17.

9.8 billion, with EPS of 1.

60, 1.

71 yuan, corresponding to PE 6.

54X, 6.

12 times.

Risk warning: Infrastructure projects landed less than expected; the price changes in the Jiangsu region in the fourth quarter were less than expected.

Hytera (002583) 2018 Annual Results Express Comment: Operating cash flow is leveraging operators to cut into the public network intercom market

Hytera (002583) 2018 Annual Results Express Comment: Operating cash flow is leveraging operators to cut into the public network intercom market

In 2018, the company’s external mergers and acquisitions had significant synergies, smooth domestic and overseas business development, and rapid revenue growth; effective internal cost control, positive operating cash flow, and significant improvements in profitability and ROE.

Short-term optimistic about the company’s merger and acquisition bonus, overseas market expansion and refined management, long-term attention to the industry’s broadband intelligent new cycle start and the company’s high-end product research and development and related business progress.

The EPS for 2018/2019/2020 is predicted to be 0.



56 yuan, 32 times the target PE for 2019, corresponding to a target price of 13.

12 yuan, give “overweight” rating.

Significant synergies in mergers and acquisitions, smooth overseas business development, and rapid revenue growth.

In 2018, the company achieved revenue of 70.

1.2 billion, an annual increase of 31.

02%, first of all, is the continuous breakthrough of the “Belt and Road” overseas emerging markets. In 2017, the acquisition of Sepel, a subsidiary consolidated in 2018, is in a good development trend, and the company ‘s “Seiko Intelligent Square” core strategy has steadily landed in the continuous development of high-end manufacturing EMS.
At present, the merger and acquisition of Sepura and Noset businesses are progressing smoothly, with significant synergies in terms of products, channels, and personnel. In the future, the sustainable development of overseas emerging markets will be gradually developed.

The company announced 4 in 2019.

68 million overseas orders and 2.

Domestic orders of $ 8.8 billion accounted for 10 of 2018 revenue.


The refined management is effective, the operating cash flow is positive, and the profit margin and ROE are significantly improved.

The company achieved operating profit / net profit attributable to mothers in 20184.


73 ppm, an increase of 102 in ten years.

33% / 92.

68%, significantly faster than revenue growth, while increasing ROE by 3 pcs to 8.

04%, first of all lies in the scale effect of high revenue growth and the cost control of refined management.

In addition, in 2018, the company strengthened its cash flow management, and its operating cash flow turned to Q3, one quarter earlier than in previous years. In combination with the issuance of bonds to raise funds and the purchase of investment stock incentive plans, the company’s future financial situation is expected to continue to improve.

High-end products have entered the operator market, and the trend of intelligent / broadbandization of private networks has been determined, and long-term growth is expected.

In recent years, the company has maintained high investment in the field of intelligent broadband, with a complete layout of terminals, platforms and industry solutions.

Recently, one of the most high-end smart terminal products, “and intercom H12 terminal and accessories” was awarded Mobile 2.

The US $ 8.8 billion order reflects the company’s professional advantages in the industry and the technical advantages of high-end products. It indicates that the company’s scale has entered the public network intercom and operator industry markets and has a bright future.

In addition, the private network intelligent / broadband trend is expected to start 淡水桑拿网 in 2020, driving the growth of the industry scale. The company is expected to achieve a high share with the advantages of professional technology and leading players, and long-term growth is expected.

Risk factors: Expansion of overseas business exceeds expectations, and broadband private network advances less than expected.

Investment advice: short-term optimistic about the company’s merger and acquisition bonus, overseas market expansion and refined management, long-term focus on industry broadband, intelligent deterministic trends and the start of a new cycle, as well as the company’s high-end product research and development, and business progress.

It is predicted that the EPS for 2018/2019/2020 will be 0.



56 yuan, 32 times the target PE for 2019, corresponding to a target price of 13.

12 yuan, for the first time, give “overweight” rating.

Ziguang (000938) 2019 Interim Report Review: ICT Convergence Trend Operator Market Opens New Growth Space

Ziguang (000938) 2019 Interim Report Review: ICT Convergence Trend Operator Market Opens New Growth Space
In 2019H1, the company realized revenue / net profit attributable to mothers / net profit attributable to non-mothers 228.74/8.47/5.980,000 yuan, +1 a year.92% / + 15.51% / + 2.39%.The company expanded its R & D investment, consolidated its full-stack, full-cycle digital service capabilities. The facilities and services business developed rapidly in the first half of the year, and its IT distribution business continued to grow.The trend of ICT integration in the 5G era is optimistic about the company’s steady growth in the government and enterprise market and the rapid development 武汉夜生活网 of the operator market in the next three years. It is expected that the EPS in 2019/2020/2021 will be 1.09/1.30/1.63 yuan (after the latest diluted share capital), maintaining the “overweight” rating. Digital facilities and services have developed rapidly, and IT distribution has continued to grow.In terms of digital infrastructure and services, the company’s network products actively explored the operator market, and switches / routers / WLAN / firewalls won the bid; IT infrastructure products and services continued to expand industry users and SMEs, and many projects were implemented;Business revenue increased by 15 in advance.05% to 115.07 ppm, but gross margin decreased by 2 over the same period.43 to 33.98%; In terms of IT product distribution and supply chain services, the company continued to deepen its cooperation with existing manufacturers such as Hewlett-Packard / Dell / Lenovo, actively released new manufacturers and product lines, continuously improved the level of logistics and information technology, and slightly increased business revenue2.84% to 141.52 ppm, gross margin 8.47% is basically stable.Subsidiary Xinhua III achieved operating income / net profit attributable to mother 145.53/11.63 ppm, -4% / + 5% for one year, Ziguang Digital achieved revenue / net profit of 99.92/1.2.6 billion, previously +18% / + 26%. R & D investment has been continuously increased to continue to consolidate the full-stack full-cycle digital service capability.The company focuses on the IT industry, with R & D personnel accounting for more than 30%, and Xinhua III ‘s subsidiary accounting for more than 50% of R & D personnel. This has led the company to continuously expand its R & D investment in areas such as ABCIoT, network products, and industrial applications.Cycle digital service capabilities. 2019H1 R & D investment 18.2.2 billion, previously +15.21%, the proportion of R & D investment increased to 15.twenty one%.At present, the company’s patent application scale has gradually exceeded 10,000, the product line has been continuously enriched, the solution is leading internally, and its core competitiveness has been continuously improved. The trend of ICT convergence has brought new growth space for the operator market.In the 5G era, SDN / NFV is going commercial, carrier networks are accelerating cloudification, and ICT convergence is inevitable. With the new round of capacity expansion of bearer networks and full cloudification of core networks, the company is expected to cut into the operator market from government and enterprise customers and usher in a new growth.space.In the first half of the year, the company launched a full range of 5G mobile backhaul bearer network switches, RX8800 / RA5000, and a cloud-based managed router, CR19000, which continued to break through high-end core scenarios and landed commercially in some operators’ markets.The company’s Wi-Fi 6 series products continued to make breakthroughs in the operator market scale, and won the bid for some operators’ WLAN equipment collection and acquisition projects in 2019 with the largest share.The company released a full range of new-generation AI firewalls, and the company has been selected by some operators for the centralized procurement of hardware firewall products for 2019-2020.In the collection of distributed file storage products for some operators in 2019, the company successfully won the bid for two types of hardware, capacity and performance, indicating that the company’s independent research and development of distributed storage products has obtained breakthrough applications for operators. Risk factors: The customer development of the operator is less than expected, the technology landing results are less than expected, and market competition is intensified. Investment suggestion: optimistic about the company’s full-stack, full-cycle digital service capabilities, steady growth in the government and enterprise market, and rapid development of the operator market. Fine-tune the net profit forecast for 2019/2020 to 22.25/26.55 ppm (original value 22).28/26.65ppm), with a net profit forecast of 33 in 2021.38 million, corresponding to EPS for 2019/2020/2021 of 1.09/1.30/1.63 yuan (after the latest diluted share capital), maintaining the “overweight” rating.

Yunda Co., Ltd. (002120) Interim Report Comments: Cost Management Control Helps High Growth

Yunda Co., Ltd. (002120) Interim Report Comments: Cost Management Control Helps High Growth
Investment highlights: Event: Yunda Express releases 2019 semi-annual report.2019H1 achieved revenue of 155.540,000 yuan, an increase of 163 in ten years.5%; net profit attributable to mother 12.96 ppm, an increase of 29 in ten years.6%; deduct non-net profit 11.27 ppm, an increase of 27 in ten years.46%. Cost control helped boost high performance and was in line with market expectations.In terms of quarters, the growth rate of net profit attributable to mothers in Q1 2019 and Q2 2019 was 40.35%, 22.38%.Overall, Yunda’s performance growth mainly comes from two aspects: one is the completion of business volume in the first half of the year43.3.4 billion orders, an increase of 43 in ten years.The growth rate is 34%, which is 19 percentage points higher than the average growth rate of the industry. The second is to gradually increase the potential of sorting and transportation through the “cost-leading” competition strategy based on technological innovation and refined management.For example, to further improve the matching degree of trucks, cargoes, and loading rates, and continue to reduce the cost of single ticket transportation; to intelligently and efficiently upgrade some automated sorting equipment as needed to continuously reduce the cost of single ticket sorting;Hierarchy, “further reducing the starting point for transfer. The company has initially moved from a cost advantage to a capital advantage.From the perspective of Tongda express company, cost control is its core competitiveness, and “scale effect-cost barrier” is the growth path of existing leaders.Due to the differences in the cost calibers of several companies, it is not possible to directly compare them, but from the perspective of the single ticket gross profit, Yunda shares have always been higher than their peers, which can also show their cost advantage.  As of 2019Q2, Yunda’s single ticket gross margin is 0.51 yuan, higher than the peer Yuantong express 0.38 yuan.The company with relatively single ticket cost has stronger ability to collect pieces at the end, and the boots get more business volume.Relatively high business scale, multiplier effect of single ticket gross profit, so the company’s gross profit scale and net profit scale advantage of single ticket cost expenditure are gradually enlarged. The industry concentration continues to increase, and the difference in the cost of a single ticket will be the core reason for the differentiation of the performance of the Tongda department.From the industry perspective, the unit growth rate in the first half of this year was 25.7%, Pinduoduo parcels contributed a major increase, the proportion has exceeded 25%.Against the background of the industry’s sustained high unit volume, price pressures remain.Taking Shentong as an example, the single-piece income in June fell by about 14%.Under the pressure of price wars, the second- and third-tier express delivery companies have lost market share continuously, and the total market share of single-volume units in Q2 has increased to 73%.For the Department of Access, the difference in the cost of a single ticket will be the core reason for the differentiation of performance.Taking 厦门夜网 the A-share three-home appliance courier company as an example, the average number of Yunda shares PE (TTM) in the past two years was 29.1x, Yuantong Express is 24.2 times, Shentong Express is 17.8 times.Obviously, the companies with the necessary costs have obtained higher valuations. Investment suggestion: Maintain “Buy” rating: In the industry, the next 1-2 years will be a critical period for the differentiation of existing leaders.In this process, a company with a relatively single ticket cost has a stronger ability to collect packages at the end, and obtains more business volume.Relatively high business scale, multiplier effect of single ticket gross profit, so the company’s gross profit scale and net profit scale advantage of single ticket cost expenditure are gradually enlarged.We maintain our profit forecast for 2019-2021, and expect the net profit attributable to mothers to be 27-20 in 2019-2021.6.1 billion, 33.2.1 billion, 38.820,000 yuan, due to changes in equity in the first half, EPS is 1.24 yuan, 1.49 yuan, 1.74 yuan (previous average 1).61 yuan, 1.94 yuan, 2.27 yuan), corresponding to PE is 30 times, 25 times, 22 times. Risk Warning: Industry Price War Exceeds Expectations, Online Shopping Growth Is Below Expectation

Yifan Pharmaceutical (002019): Self-produced preparations achieve rapid growth. Calcium pantothenate boom gradually picks up

Yifan Pharmaceutical (002019): Self-produced preparations achieve rapid growth. Calcium pantothenate boom gradually picks up

Event: The company announced its 2019 Interim Report: 25 operating income.

180,000 yuan (+8.

27%), net profit attributable to mother4.

8.5 billion (-10.

04%), net of non-attributed net profit4.

3.2 billion (-16.

66%), EPS 0.

40 yuan, the performance is in line with expectations.

Opinion: The performance of the second quarter has improved significantly from the previous quarter, and the prosperity of the drug substance has gone out of low.

The company’s Q2 single-quarter revenue was 13.

8.2 billion (+28.

83%), net profit 3.

3.8 billion (+57.

75%), Q1 QoQ, the growth rate changed from negative to positive.

Among them, the calcium pantothenate plate H1 achieved income 5.

US $ 8.8 billion, -29% previously, estimated net profit2.

930,000 yuan, at least -31%.

The price of Q1 calcium pantothenate decreased from the high price base in the same period of 18 years, but Q2 was affected by environmental and security incidents and prices rebounded. The average price of Q1 was 181 yuan / kg, the average price of Q2 was 343 yuan / kg, and the average price of H1 was 270 yuan / kg.The average price of 18H1 is 182 yuan / kg.

19H1 calcium pantothenate is affected by factors such as African swine fever and bird flu, and its sales volume has decreased compared to 18H1.

However, the overall raw material drug sector has come out of a low point. It is expected that Q3 will maintain a high degree of prosperity, and it is expected to achieve growth under a low base in the same period last year.

The “531” key varieties were concentrated, and the preparation sector achieved rapid growth.

The 19H1 company focused on strengthening the cultivation of “531” core products, and the 19H1 preparations segment achieved revenue17.

840,000 yuan, a sharp increase of 32 before.


Of which the agent income is 8.

5.8 billion, an annual increase of 33%, income from self-made preparations9.

$ 2.5 billion, an increase of 32% per year.

Nearly half of “531”, such as self-products, completed bidding, clinical path and expert consensus, dehumidification and antipruritic ointment, pediatric Qingqiao granules, Fuyinkang lotion, Piminxiao capsules, ginkgo biloba pills, compound Yinhua Jiedu granulesThe core products achieved multiple growth, and the trend of concentrated volume began to show.

The price of calcium pantothenate continued to rise in the second half of the year, and the self-produced preparations entered the harvest period, and the performance will be significantly improved.

As of now, the terminal price of total acid calcium is 355 yuan / kg, and the Q3 API is expected to maintain a high level of prosperity.

The 16 key products of the “531” strategy began to focus on increasing the number of products and promoted the sales in the grassroots market. The compound Huangdai tablets were exported to Chile and other countries. They were selected into the European leukemia expert consensus and the WHO base medicine catalog. The preparation sector is expected to achieve a “qualitative leap”.
19H1 Jiannenglong completed the F-627 stock solution process verification production. It is expected that the BLA on-site inspection will be completed in the second half of the year. The preparation of the preparation plant will be completed by 2020. At the same time, the Sino-US dual newspaper will gradually unveil the blind spot. The innovative drug platform Jiannenglong R & D pipeline begins.Landing.
Profit forecast and estimation: The company added 23.9 million 杭州夜生活网 shares due to the equity incentive plan and adjusted its EPS in 19-21 to 0.



26 yuan (originally 0.


05/1.28 yuan), previously + 51% / 14% / 22%, corresponding to the 19-21 PE of 13/12/10, the current estimate is low, there is a performance recovery catalyst in the second half of the year, medium and long-term optimistic about the strategy of preparations and innovative biomedicinesOutlook, maintain “Buy” rating.

Risk warning: the price of calcium pantothenate drops, and innovative drugs fail to meet expectations.

Livzon Group (000513): Achievements in line with expectations The profitability of APIs has improved significantly

Livzon Group (000513): Achievements in line with expectations The profitability of APIs has improved significantly

Event: The company released the 19-year semi-annual report. The revenue, net profit attributable to mothers and net profit attributable to non-mothers were 49.

3.9 billion yuan, 7.

3.8 billion and 6.

US $ 5.8 billion, respectively, + 8%, + 17%, and + 15% for one year, in line with our mid-term forecast of 15% deduction for non-profit growth.

The comments are as follows. The profits of 19Q2 have maintained rapid growth, and the revenue growth of 19 H2 APIs is expected to improve.

In 19Q2, 杭州桑拿 the company’s net profit attributable to mothers and net profit attributable to non-mothers increased by 6%, + 21% and + 15%, respectively.

We estimate that due to the sales of individual drug substance varieties, the company’s drug substance revenue will increase by about -8% in the time of 19Q2, which will affect the overall revenue growth rate, but we expect 19H2 to improve significantly.

At the same time, the profitability of the company’s APIs has greatly improved, and Q2’s profit growth has not been affected by API revenues, maintaining a high growth rate.

19H1 gastrointestinal and gonadotropin preparations performed excellently.

19H1 company’s digestive tract preparations revenue 9.

45 billion, + 51% a year, we estimate that ilaprazole enteric-coated tablets are about + 63%, which is the core driving variety; ilaprazole powder injections earn about 50 million.

We are optimistic that ilaprazole sodium powder injection will enter the national medical insurance directory through negotiations, driving the company’s performance to a higher level.

Dele, Leibe and Lizhu Sanlian have maintained a growth rate of about 30%, which fully demonstrates: 1. The company’s digestive products are excellent and the market is highly recognized; 2. Multiple products in the same department form brands and channelsSynergy.

19H1 gonadotropin income 8.

9.4 billion, previously + 19%, of which leuprorelin microspheres maintained a rapid growth of 27%; follicle stimulating hormone returned to double-digit growth of 11%.

The profitability of APIs improved significantly.

19H1 Revenue from APIs and Intermediates Business12.

1.9 billion a year.

64%, but gross margin is 30.

58%, an increase of 7 per year.

18 outstanding, bringing a significant increase in profitability.

We estimate that the initial improvement in the company’s gross profit margin is an improvement in technology.

The decline in Shenqi Fuzheng and rat nerve income narrowed.

19H1 Shenqi and rat nerve income were about -17% and -1%, respectively. Earlier 18A income declines were significantly narrowed.

In 19H1, the ratio of these two products to the revenue of preparations was 13.

85%, 16 of the earlier 18A.

39% continued to decline, and the impact of the two products on the company’s performance was getting smaller and smaller.

The growth rate of the company’s preparation income (western medicine + traditional Chinese medicine) also returned from 0% at 18A to 11% at 19H1.

R & D budgets have grown steadily and steadily, and microsphere and monoclonal antibody projects have continued to advance.

19H1 company research and development funding3.

$ 4.4 billion, + 5% per year; of which R & D costs are 2.

8.8 billion yuan a year + 18%.

The triptorelin microspheres in January / time have completed the phase I clinical pre-experiment, separated the related work of the phase I formal clinical trial, and the phase III scheme discussion work.

The IL-6R recombinant antibody source injection is undergoing phase I clinical trials; HER2 and PD-1 humanized monoclonal antibodies are ready for Ib trials.

Upgrade earnings forecast and maintain “Strongly Recommend-A” rating.

As the company ‘s drug substance business profitability has improved significantly and its revenue in 19H2 has improved, we have raised its profit forecast: we expect the company’s return to net profit growth at 15% / 12% / 12% in 2019-2021, and the corresponding EPS is 1.


50/1.68 yuan (the original EPS was 1 after the capital increase).



43 yuan), the current city value corresponds to 19 years pe estimated about 20x.

We expect that ilaprazole powder injections will enter the medical insurance to drive subsequent volume growth in 19 years to drive performance growth; we are optimistic about the transformation and growth brought about by the new products launched by the monoclonal antibody + microsphere platform in the future, and maintain the “strong recommendation-A” rating.

Risk warning: product sales are not up to expectations, 杭州桑拿 research and development progress is not up to expectations, production and operation and product quality trends, risks of commercial bribery, and some products are transferred to the medical insurance catalog.

Baby-friendly room (603214): Speeding up the exhibition store and continuously optimizing the supply chain

Baby-friendly room (603214): Speeding up the exhibition store and continuously optimizing the supply chain

Event: The company achieved operating income in 201821.

400 million, +18 per year.

1%; net profit attributable to mother 1.

200 million yuan, +28 per year.

2%; net profit after deduction to mother 1.

0 ‰, +24 a year.


Among them, the single-quarter revenue of 2018Q4 was 6.

200 million, +19 a year.

2%, net profit attributable to mother 0.

500 million, +18 a year.


The gross profit margin hit a new high, and the expense ratio rose slightly during the period.

The company’s gross profit margin increased by 0 in 2018.

36pp to 28.

8%, a record high. Initially, product structure adjustment and continuous optimization of the supply chain; the expense ratio rose during the period.

56pp to 21.

4%, of which, the sales expense ratio increased by 1.

23pp to 18.

2%, the management expense rate dropped by 0.

55pp to 3.

0%, the financial expense ratio fell to 0.

12pp to 0.


Accelerate the layout of advantageous areas and expand horizontally across regions.

(1) Advantage areas: As of the end of 2018, the company has established 223 directly operated stores in Shanghai, Jiangsu, Zhejiang, and Fujian. The number of new stores opened by the company in 2016-2018 was 27, 37, 33, and 45, with a net increase of stores.The number is 15, 20, 10, 34, and the speed of opening a store has been increasing.

(2) New area: At the end of 2018, the company announced that it would control Chongqing Taicheng to control about 20 stores (about 7-8 million yuan in revenue) in Fuling District, Chongqing. In the future, Chongqing will be the base to open up business in the Southwest market.Layout for entering new areas.

Optimize the product structure and strengthen the company’s supply chain.

(1) Increase the proportion of own-owned products: the company’s own-brand products sales in 20181.

800 million, accounting for 9% of merchandise sales, more than + 29%. The gross profit margin of own products is 10 points higher than the existing one. It is expected that the proportion of own products will reach 20% in the next three years.

(2) Increase direct supply brands.

In 2014-2017, the company’s direct gold mining accounted for 44.

0%, 50.

1%, 57.

8%, 60.

1%, the company reached a direct supply confirmation agreement with Royal Friesland in 2018, and the proportion of direct supply will be further increased in the future.

(3) High-end merchandise: The company is positioned in the mid-to-high-end maternal and infant market. In the future, it will further expand the procurement channels for mid-to-high-end brand products and strengthen brand cooperation.

Directors are deeply restrained by equity incentives.The stock incentive plan announced by the company in early 2019 is proposed to grant 55, including senior management, middle management personnel, etc., a total of 2.12 million shares, accounting for 2% of the total equity.

12%, the lifting of the sale restriction period is divided into three phases.

Profit forecast and rating.

It is estimated that the company’s net profit attributable to the parent in 2019-2021 will be 1.

500 million, 1.

800 million, 2.

200 million, the EPS is 1.

00 yuan, 1.

23 yuan, 苏州桑拿网 1.

48 yuan, corresponding to PE is 42/34/29 times.

Covered for the first time, giving “overweight” rating.

Risk warning: The store development speed and store operation efficiency are lower than expected; the chain retail model has risks such as rent growth.

To implement the government requires 1.

$ 500 million budget for uranium reserve

To implement the government requires 1.

$ 500 million budget for uranium reserve

U.S. Secretary of Energy Dan?

Bruett said on the 10th that the Department of Energy applied for 1 in the federal government’s 2021 fiscal year budget proposed by the White House.

A 500 million U.S. dollar uranium reserve was built to ensure a stable supply of domestic nuclear reactor fuel.

  [Foreign defense opponents]Bruyette said at a telephone conference on the 10th that in the 2021 fiscal budget proposed by the White House, the Department of Energy applied for 1.

$ 500 million for a new uranium reserve.

The Department of Energy budget says the new uranium reserve will provide access to uranium, but no site selection was cited.

  Uranium reserves will benefit domestic uranium mining companies.

Bruett said that if the budget is approved by Congress, it will start the U.S. uranium procurement process.

  The federal money bag is controlled by Congress.

Budgets submitted by the White House often fail to pass all at once and require major revisions.

  U.S. uranium mining companies and more than 20 Western state lawmakers believe that U.S. nuclear power plants rely heavily on imported uranium, and that foreign state-owned companies’ uranium products are flooding the market.

  Bruett said that US President Donald has decided that we will compete in these (foreign nuclear energy companies) anywhere in the world, and this (new uranium reserve) is the first step in bringing us back to this competition.

  Reuters reports that the White House budget is usually the starting point for negotiations between the White House and Congress.

Edwin Lehman, director of the U.S. Union of Concerned Scientists’ Nuclear Energy Security Department, said that the idea of a new uranium reserve would at least be supported in the Senate, where it would be held by the Republican Party in which it is located; in the House of Representatives, where the Democratic majority may face opposition,Because the new uranium reserve area may cause taxpayer dissatisfaction.

  [Internal thrust]Reuters reports that the U.S. nuclear power industry needs to pay high safety maintenance costs, while facing low-price competition from natural gas supply companies.

Since 2013, nearly 10 nuclear power plants have been shut down, and another 8 will be shut down in the next few years.

  The White House budget for the Department of Energy’s fiscal year 2021 is supported by the Colorado Energy and Fuel Resources Corporation.

Mark Chammers, chairman and CEO of the energy company, said that building a uranium reserve will protect our strategic ability to produce uranium for national security.

  The new uranium reserve was replaced by the US Nuclear Energy Research Institute to a previous nuclear fuel working group.

Nima Ashkebs, a fuel expert at the National Institute of Nuclear Energy, praised the government’s decision at this step to recognize (ensure) the value of domestic nuclear fuel supplies.

  Russian satellite news agency reported that the White House’s government budget for the fiscal year 2021 allocated 35.4 billion US 都市夜网 dollars to the Ministry of Energy, of which a small proportion was used to upgrade the nuclear energy industry.

  Unlike the previous three-year fiscal budget, the previous government’s fiscal 2021 budget did not divide the cost of constructing a nuclear waste depot in Yaka, Nevada.

Over the past few decades, the US government has invested about $ 40 billion, but the original repository replacement has not been implanted today.

  As a key swing state in the presidential election, several Nevada lawmakers have opposed storing nuclear waste in Mount Yaka, believing that it could cause water pollution.

Bruett said on the 10th that the Department of Energy will look for other possible options.

(Liu Xiuling) (Xinhua News Agency Special) Original title: Re-government requires 1.

$ 500 million budget for uranium reserve

Yuantong Express (600233): Costs continue to improve and express delivery business maintains steady growth

Yuantong Express (600233): Costs continue to improve and express delivery business maintains steady growth

Summary and suggestions: Event: The company released the 2019 semi-annual report, and the company achieved revenue of 139 in the first half of the year.

5.3 billion, a previous appreciation of 15.

7%, net profit attributable to mother 8.

6.3 billion, an increase of 7 previously.

6%, net profit after deducting 8.

29 trillion, an increase of 7 in ten years.

8%, gross profit margin 12.

33%, a slight decrease of 0 a year.


Among them, 2Q achieved revenue of 75.

09 billion yuan, with an annual increase of 11.

65%, net profit attributable to mother 4.

9.8 billion, with a previous appreciation of 2.

4%, net profit after deduction 4

73 trillion, an increase of 0 in ten years.


The express delivery business volume steadily increased, and the single ticket revenue decreased: the company achieved business volume in the first half of the year38.

3.0 billion pieces, an increase of 35 in ten years.

2%, business volume maintained rapid growth, higher than the industry average growth rate of 9.

5 points.

Market share is 13.

70%, an increase of 0 compared with the same period last year.

96 points.

In terms of business, the express delivery industry achieved revenue of 123.

USD 6.5 billion, an increase of 20 per year.

8 points; revenue from freight forwarding industry 13.

1.7 billion, down 13 a year.

6 points, mainly due to the decline in freight forwarding business; other business 1.

300 million.

In the first half of the year, the company’s single-piece revenue for the express delivery business was 3.

19 yuan, down 10 before.

7pct, considering the adjustment of the company’s pricing rules, the actual single-piece revenue fell by about 5.

1%, mainly due to the impact of industry price wars.

The benefit of single ticket cost control is obvious: the express cost of single ticket in the first half of the year was 2.

81 yuan, downgraded by 11 per night.


In terms of segmentation, the single ticket delivery cost is 1.

3 yuan, a price reduction ten years ago.6%; shipping cost 0.

74, downgraded by 12 every year.

5%; outlet transfer costs 0.

34 yuan, downgraded 31 in the past.

5%; center operation cost is 0.

39 yuan, downgraded by 11 per night.

3%; face order cost 0.

04 yuan.

On the whole, the express delivery industry is still fiercely competitive. Although the company’s single ticket revenue has decreased, due to the effective integration of the company’s scale cost control measures, the single ticket cost has improved significantly, and the single ticket gross profit is zero.

38 yuan, a slight drop of 0 a year.

01 yuan, the gross profit remained basically stable.

Expense management and control capabilities have been enhanced: four fees in the first half totaled 6.

500 million, the expense ratio is 4.

67%, rising by 0 every year.

36 points.

By adjusting the franchise structure, number, and automation level, the company’s management expense ratio gradually decreased to zero.

1 point to 3.


R & D expense ratio, sales expense ratio, and financial expense ratio are 0.

26%, 0.

25%, 0.

21%, rising by 0 every year.

1, 0

07pct, 0.

28pct, mainly due to the increase in R & D investment, increased sales staff to expand the market, and increased interest expenses on convertible bonds.

Core resources continued to be invested to improve overall competitiveness: The company continued to spend and improve core resources such as transfer centers, automation equipment, and transportation capacity systems in the first half of the year.

In terms of segmentation, the transit interval: 68 direct-operated transfer centers, 1/7/3 new / rebuilt / relocated, 60 sets of automated sorting equipment, 21 sets increased earlier than the end of 18, greatly improving the network-wide transferOperational efficiency and stability.

Transport length: Increased proportion of transport vehicles to improve the use efficiency of transport vehicles. There were 1,572 mainline-owned vehicles, an increase of 373 from the first 18 days.

Distribution starting point: 5 self-operated city distribution centers, 43 direct-operated and franchise building centers, and promoted regional service capabilities and operational efficiency of franchisees.

In addition, the company’s aviation fleet has remained stable. Since its organic fleet of 12, it has achieved external sales revenue of approximately 100 million yuan in the first half of the year.

Performance forecast: Due to the outbreak of online shopping demand in third- and fourth-tier cities and rural areas, the express delivery industry still maintains rapid growth.

The company’s strength has greatly reduced the cost-effectiveness and the development of core competitiveness, and has continued to expand its operations and construction and its own aviation fleet, with a steady increase in profitability.

Net profit is expected to reach 21 in 2019-2021.

5.9 billion, 25.

28 ppm, 30.

1.8 billion, a year-on-year increase of 13.

4%, 17.

1%, 19.

4%, EPS is 0.

76 yuan, 0.
89 yuan, 1.
At 06 yuan, the current A has been corresponding to PE at 15 times, 13 times, and 10 times, respectively, and the relative value is estimated, so investment advice for buying is given.

Risk reminder: industry growth rate, new business development is not as good as expected, franchisees’ online stores are unstable, and the risk of increasing restricted stocks will be lifted at the end of September (18.

1.3 billion shares, 北京夜网 accounting for 64% of total equity

Marubeni (603983) Interim Report 2019: Mid- to High-end Eye Care Leading Brand Offline Growth Accelerates, Expecting Online Improvement

Marubeni (603983) Interim Report 2019: Mid- to High-end Eye Care Leading Brand Offline Growth Accelerates, Expecting Online Improvement

19H1 revenue and net profit increased by 11.

85%, 31.

57%, Q2 revenue growth accelerated The company achieved operating income in the first half of 20198.

1.5 billion, with an annual increase of 11.

85%, net profit of non-attributed mothers2.

1.7 billion, with an annual increase of 19.

75%, net profit attributable to mother 2.

5.6 billion, with an annual increase of 31.

57% EPS 0.

71 yuan.

The growth rate of deducted non-profit is higher than that of income mainly due to the decline in expense ratio. The growth rate of deducted non-profit is higher than that of deducted non-profit.

Looking at the performance in recent years, 2014?
In 2018, 19Q1, and 19H1, the company’s revenue growth rate was 10.

45%, 10.

76%, 1.

42%, 11.

94%, 16.

52%, 8.

88%, 11.

85%, of which the increase in revenue growth in 2016 was mainly the revenue growth of CS stores, the largest channel at that time. Although the e-commerce channel maintained rapid growth, it accounted for a relatively low impact. The impact was relatively small. The increase in revenue growth in 2017 and 2018 was mainly CS.Stores returned to positive growth, increasing the contribution of e-commerce channels. The 19H1 revenue growth rate has improved from the previous 18 years, mainly due to the growth rate of e-commerce channels, but 19Q2 increased faster than Q1.

The company’s net profit growth rate during the same period was 24.

13%, 3.

71%, -17.

50%, 34.

34%, 33.

14%, 25.

27%, 31.

57%, the company ‘s net profit growth rate is generally higher than the income growth rate. Among them, the net profit growth rate in 15 and 16 years has gradually shifted. 15 years is the intensification of retail competition, increasing the number of gift releases, and the decline in gross profit margin. In 16 years, the decline in gross profit margin., The increase in the sales expense ratio (16 years of low revenue growth in the background of the reduction of the scale of publicity expenses, at the same time the rapid growth of e-commerce business led to increased platform commissions and expansion of purchasing channels to increase the cost of intermediary services, etc.), 17,18 company net profitThe recovery of positive and rapid growth is mainly to optimize the company’s marketing strategy (reducing poorly-performing TV advertisements, turning to online video advertisements, etc.), driving rapid revenue growth while the sales expense ratio continues to decline.

19H1 CS stores, department stores and other growth accelerated, the growth rate of e-commerce distribution channels was vertical. In the second half of the year, the expansion of e-commerce direct sales was expanded. From the point of view of small brands still adjusting their distribution channels, 19H1 online revenue increased by about 10%, and offline revenue increased.An increase of about 13% in ten years.

The growth rate of online channels was 31 years earlier every 18 years.

A targeted growth rate of 01%. Among them, direct sales and the largest online distributor, Minnie Maya, enjoyed steady growth, mainly due to the rapid growth of Taobao’s distribution. The major brands still maintained a leading market level in the eye segment segment.For the first six months of the first half of 19 months, Tmall Eye Care Kit category Marubei flagship store ranked first, JD.com eye cream category Marume brand ranked top three, domestic products first, Vipshop 618 Marube brand ranked second in beautyIn the second half of the year, the company will focus on direct sales channels of Tmall to accelerate online growth.

Offline growth is faster than in the past 18 years, with CS stores increasing by more than 10% annually, more than 18 years ago5.

The growth rate of 81% increased. The department store channel accelerated to over 30% with the help of high-end imported Japanese sake series, and the beauty salon channel continued to maintain a 20% + growth rate.

In terms of different brands, the proportion of major brands increased to 91.

92%; Chunji brand is still under adjustment, and will continue to expand brand marketing and new product promotion in the second half of the year; Lianhuo brand will continue to develop, achieve a comprehensive upgrade from counter to product, eliminate obsolete products, and launch Lianhuo Time Beauty Muscle Collagen Cushion Cream,Glamour imprint silky lip glaze and other high-end products imported from Korea.

In 19H1, the gross profit margin was stable, and the expense ratio decreased. Supplementing government subsidies to promote other incomes increased the gross profit margin: 19H1 gross profit margin was 68.

62%, basically unchanged from the same period last year.

Expense rate: The period expense rate is 34.
76%, down 2 from the same period last year.
33PCT, of 杭州桑拿 which sales, management + research and development, and financial expense ratios are 29.

22% (-0.

84PCT), 6.

72% (-0.

49 PCT), -1.

18% (-1.


Other financial indicators: 1) The total inventory at the end of June 19 was 1.

29 trillion, slightly down earlier.

45%, 19H1 inventory / revenue ratio is 15.

77%, inventory turnover profit 2.


2) Accounts receivable increased by 18 in the early and early stages.

13% to 3.42 million yuan, of which accounts receivable within one year each year; accounts receivable turnover 257.

76. Continue to maintain high-speed turnover, reflecting that the company has a right to speak with dealers under the re-distribution model, thereby achieving good accounts receivable management.

3) Asset impairment losses increase by 69 each year.

70% to 2.64 million yuan, mainly due to an increase of 770,000 yuan in inventory loss, and an increase of 41 in the future.

twenty two%.

4) Investment income increases by 9 every year.

49% to 11.98 million yuan, mainly the transfer of investment income from transaction financial assets.

5) Other income increases by 762 every year.

35% to 33.07 million yuan, mainly due to increased government subsidies.

6) Net cash flow from operating activities has been downgraded for ten years.

99% to 1.

93 ppm, mainly due to increased revenue and increased government subsidies.

Leading brands in mid-to-high-end eye care want more high-end and refined trends in the industry, upgrading high-end Japanese imports to help offline sales accelerate, and e-commerce channels are underway. We believe that: 1) the company’s main brand positioning is mid-to-high-end eye care.Expanding the leading market area in the segment of eye care segment is expected to fully integrate the industry’s high-end and refined trends.

2) In recent years, the company has continuously enhanced research and development, dating overseas high-quality research and development resources, upgrading high-end imported series of offline channels and selling well; expanding the speed of online video advertising, improving marketing efficiency, and shaping brand image; in recent years, with the help of product power and brand power, in recent yearsThe company’s e-commerce channel continued to maintain rapid growth. CS stores, department stores, beauty salons and other channels continued to grow at a faster pace. The 19H1 e-commerce channel was affected by Taobao’s distribution expansion and the growth rate was not expected. The Tmall channel in the online beauty field will continue to exert its strength.Under the background, the company plans to increase the direct development of Tmall.

3) Chunji is targeting mass-market skin care products, and the competition is extensive and fierce. The establishment of Lianhuo is not long. It is expected that small brands will still need to be nurtured.

4) In recent years, the company’s gross profit margin has been generally stable. Increasing the direct development of e-commerce in the future is expected to bring about an increase in gross profit margin; due to the different marketing growth rates, the sales expense rate will show seasonal changes and is expected to be generally stable.

We are optimistic about the company’s re-established local leadership position in the mid-to-high-end eye care field. In the future, it is expected to fully change the industry’s high-end and refined trends, the company’s product power and brand power are strong, and it is expected to achieve sales monetization under marketing and channel expansion and obtain rapidincrease.

Due to higher-than-expected offline sales, direct sales of e-commerce, new government subsidies, etc., we raised the company 19?
The 21-year EPS is 1.

26, 1.

50, 1.

77 yuan, the compound growth rate of net profit in the next three years is 19.

53%, corresponding to 39 times PE in 19 years, given an “overweight” rating.

Risk Warning: Weak terminal retail; weaker than expected high-end products; marketing effects are worse than expected; direct e-commerce development is worse than expected; sub-new stocks overcome risks.