Zhou Laojiao (000568) Annual Report & 19Q1 Review: Quarterly Report Exceeds Expectations

Zhou Laojiao (000568) Annual Report & 19Q1 Review: Quarterly Report Exceeds Expectations

Investment highlights: Event: The company released its 2018 annual report and 2019 first quarter report, and achieved revenue of 130 in 2018.

5.5 billion, an annual increase of 25.

6%, net profit attributable to mother 34.

8.6 billion, an increase of 36 in ten years.

3%, EPS is 2.

38 yuan.

We forecast the company’s 2018 revenue and net profit attributable to mothers to increase by 25% and 34% respectively in the performance forecast. The company’s 2018 performance is in line with expectations.

1Q1 achieved revenue 41.

6.9 billion, an increase of 23 in ten years.

7%, net profit attributable to mother 15.

1.5 billion, an annual increase of 43.

At 1%, we forecast the company ‘s 19Q1 revenue and net profit attributable to mothers to increase by 20% and 26%, respectively, in the performance forecast.

Consolidating 18Q4 + 19Q1, revenue will grow 23% annually, and net profit attributable to mothers will increase 39% annually.

In 2018, it is planned to use the total share capital as the base, and a cash dividend of 15 will be distributed for every 10 shares.

5 yuan (including tax).

2019 business plan: Strive to achieve an annual increase in operating income of 15% -25%.

Investment rating and estimation: As the company’s performance exceeded expectations, it raised its profit forecast for 2019-2020, added a profit forecast for 2021, and forecasted EPS for 2019-2021.

18 yuan, 4.

02 yuan, 4.

86 yuan (previous forecast EPS for 2019-2020 was 2.

95 yuan, 3.

55 yuan), with an annual increase of 34%, 26%, and 21%. The current corresponding PE is 22x, 18x, 15x, and the target price is 85 yuan, corresponding to 2019 PE 27x and 2020 PE 21x. Maintain BUY rating.

We believe that Luzhou Laojiao is one of the companies whose fundamentals have changed substantially during the current cycle of the industry. The company has re-established an alternative channel model and sales system in the past 3 years, clearly sorting out the five orders covering high, middle and low.Product matrix, and continue to focus on building the brand strength of the dual brand of Guojiao 1573 and Luzhou Laojiao.

In 2018, the company proactively adjusted the layout on the channel in advance. At present, the channel control has significantly improved. The volume of Guojiao 1573 in high-end wine has exceeded the previous high. The current price and inventory average prices are benign.In the 60th edition, middle-to-high-priced products such as cellar wine and time-honored special songs can also be deployed and grow steadily.

In the context of the industry’s squeezed competition, the company has the ability 苏州桑拿网 to grasp the industry’s potential and achieve healthy, sustainable, and rapid growth.

Guojiao 1573 achieved benign growth in high sales, and its product mix improved significantly.

Guojiao 1573 continued to refine its sustainable channels and break through blank markets, maintaining stable and rapid growth.

In 2018, the high-end wine country cellar’s 1573 revenue was 63.

7.8 billion, a year-on-year increase of 37%, and high-end wine accounted for 48.

85%, an increase of 4 per year.

13 single, we expect the growth in premium wine revenue is mainly due to sales volume contribution.

The mid-range wine Luzhou Laojiao special song and cellar age wine revenue 36.

7.5 billion, an annual growth of 28%, maintaining a rapid development momentum.

Low-end Jiu Tou Qu Erqu and other revenues 28.

07 billion, an increase of 8% before, low-grade wine to resume growth.

1Q1 revenue increased by 23.

72%, combined with channel feedback, we estimate that in 19Q1 Guojiao 1573 revenue will increase by about 30%, mid-range wine special song storage age will increase by more than 20%, and the product structure will further improve.

In 19Q1, the growth rate of profits clearly exceeded the growth rate of excess income. The increase in gross profit margin and the decrease in expense ratio brought about an increase in net profit margin.Net sales margin for 2018 was 26.

89%, increase by 1 every year.

86 averages, the increase in net profit was mainly due to the increase in gross profit.

Gross profit margin 77.

53%, an increase of 5 per year.

6 percentage points. The increase in gross profit margin was mainly due to the increase in the proportion of high-end wines and the increase in the gross profit margin of low-end wines.

The tax rate is 12.

3%, a slight decrease of 0 every year.

54 units.

Selling expense ratio 25.

99%, increase by 2 every year.

79 units, mainly due to increased advertising and marketing efforts, of which advertising and marketing expenses increased 41%.

Management expense ratio (including R & D expenses) 6.

01%, a year up 0.

53 units.

In the first quarter, the net income of mothers increased by 43 each year.

08%, excluding investment income, the growth rate of net profit attributable to mothers was 41.

At 7%, the growth rate of profits clearly exceeded the growth rate of revenue.

19Q1 sales net profit margin 37.

28%, an increase of 4 a year.

With 31 scores, the net profit margin has reached its highest point since 2014. The increase in net profit margin was mainly due to the increase in gross profit margin and the decline in expense ratio.

Gross profit margin 79.

15%, an increase of 4 per year.

48 points, the gross profit margin reached the highest point since listing. The increase in gross profit margin was mainly due to the improvement in product structure and the significant increase in low-end wine gross profit margin.

Tax rate 11.

53%, increase by 1 every year.

33 units.

Selling expense ratio 16.

93%, down by 1 every year.

27 expenses, the decline in expense rate was mainly due to the gradual re-channeling of old warehouses in 2019, increasing the efficiency of use of expenses.

Management expense ratio (including R & D expenses) 3.

9%, a decline of 0 per year.

26 cash, the growth rate of cash flow is slower than the growth rate of income, mainly due to the increase in bills receivable.

Advance receipts at the end of 201816.

4.0 billion, an increase of 1 from the end of the third quarter.

9.2 billion.

Net cash flow from operating activities in 201842.

9.8 billion, a 10-year growth of 16.

04%, of which 148 were cash received for sales of goods and services.

2.8 billion, an increase of 19 years.38%, the growth rate of cash flow is slower than the growth rate of income, mainly due to the increase in notes receivable.

Advance receipts at the end of the first quarter of 1912.

8.6 billion, down 3 from the previous month.

1.8 billion, the advance receipts at the end of the first quarter of 2018 fell by 5 compared with the previous quarter.

6.9 billion.

Net cash flow from operating activities 5.

6.1 billion, an increase of 60 in ten years.

99%, the performance of cash flow growth is dazzling mainly due to the growth of paid taxes and fees instead of growth.

Cash received from sales of goods and services 41.

5.8 billion, a 10-year growth of 16.

2%, the growth rate of cash flow is slower than the growth rate of income, mainly due to the increase in bill use.

High-quality, benign, sustainable growth, long-distance running ability is fully demonstrated.

The increase in the price of Maowu batches will benefit the national cellar. After the holiday, the national cellar will be 1573, and the cellar will be 90 years old.

At present, the approval price of the State Reserve 1573 gradually rises to 740-760 yuan. Under the segmentation model, manufacturers have strong control over inventory, and channel and terminal inventory are not high in 1-2 months. The company has moderately replaced channels this yearAnd terminal fee release, which improves management efficiency.

We believe that in the context of the industry’s squeeze competition, the company has the ability to grasp the industry’s potential and achieve healthy, sustainable and rapid growth.

Announcement “Plan for Issuing Corporate Bonds.”

The budget of the raised funds shall not exceed 4 billion, and the term shall not exceed 5 years. It is mainly used for the second phase of the technical transformation project of the brewing engineering and the intelligent upgrade of the information management system.

At present, the first phase of the brewing project is progressing. In 2018, the value of the project under construction is 3 billion, and the project progress is 40%.

The entire project is divided into two phases. The bond issuance is to prepare for the second phase.

After completion, it will effectively improve the brewing and storage capabilities of high-end and high-quality base wines, modernize production, and ensure the company’s medium- and long-term capacity supply and sustainable development.

Catalysts for continued performance: Performance exceeds expectations Core assumptions Risk: Economic downturn affects overall demand for high-end liquor

Kao shares (603007): Eco + business continues to advance orders and enhances performance flexibility

Kao shares (603007): “Eco +” business continues to advance orders and enhances performance flexibility
Matters: The company released the 2018 annual report and 2019 quarterly report, 1) The company realized operating income in 201812.64 ppm, an increase of 21 in ten years.95%; Net profit attributable to shareholders of listed companies was 9,993.07 million yuan, an increase of -41 in ten years.45%, basically 0 benefits.3 yuan / share.The company plans to distribute a cash dividend of 0 to all shareholders for every 10 shares.3 yuan (including tax).2) Operating income in the first quarter of 20192.53 ppm, an increase of 23 in ten years.96%; net profit attributable to shareholders of listed companies was 2409.150,000 yuan, an annual increase of 51.98%, basic profit income is 0.07 yuan / share. The company’s business income has grown steadily, gross margins have fallen, asset impairment losses, and intangible assets amortization have increased significantly, dragging down net profit growth.The company achieved revenue of 12 in 2018.64 ppm, an increase of 21 over the same period last year.95%.Revenue growth was mainly driven by the municipal garden segment. Water conservancy projects and pipeline sales all experienced rapid growth.From the perspective of business structure, engineering revenue is still the main source of revenue, achieving revenue8.4.5 billion (zero-0.17%), accounting for 66.84% (year-14).80pct), in which municipal gardens and eco-tourism landscapes achieve revenues of 5 respectively.470,000 yuan (103 per year).13%) and 2.5.4 billion (-11.59%), accounting for 43.28% (17 a year).30 points) and 20.08% (year -7.62pct), road greening achieves zero revenue.430,000 yuan (ten years -84.82%), accounting for 3.40% (one year -23.93pct), mainly due to the relatively high proportion of “Qingfeng County Kaizhou Road Ecological Greening Project” in the previous period, which accounted for a relatively small amount of construction; the scale of land landscape and maintenance revenue continued to shrink, and the total revenue in 2018 was only 0.10,000 yuan, accounting for 0.08%.In the early stage of the company’s water conservancy projects, pipeline sales and design revenues increased significantly, respectively, to 1.6.8 billion (134 per second.51%), 1.550,000 yuan (78 per year).47%) and 0.1.1 billion (previously 312.89%).The increase in water conservancy engineering and design revenue mainly benefited from the company’s completion of the acquisition of 80% equity of China Victoria International and 60% equity of Zhengzhou Water in 2017, fostering new business growth points in the municipal and water conservancy fields, and strengthening the company’s design field strength.The company’s business structure has been continuously optimized, and its business focus has shifted from traditional real estate gardens to municipal gardens and ecological landscape gardens. At the same time, it has expanded to core businesses such as water conservancy projects, cultural sports, cultural tourism and other fields.Regarding the growth rate of net profit, the reporting company’s net profit attributable to its parent is extended every half year.At 45%, we believe that the decrease in the gross profit margin of the main business, the amortization of intangible assets, the financial expenses, the provision for bad debts of accounts receivable, and the impairment of the goodwill provision of Zhengzhou Water Affairs increased significantly.In 2018, the gross profit level of the company’s main construction projects decreased, and the overall gross profit level fell by about 3 pct; the company obtained intangible assets such as water conservancy level II, municipal level I, and highway level II qualifications, and the corresponding amortization costs increased; it increased due to excessiveAnd financing costs have risen, and budgeted financial costs have increased by 239 annually.84%; the company’s asset impairment loss is zero.6.4 billion (previously +325.92%), mainly including provision for bad debts.26 trillion and goodwill impairment provision 0.300 million.Looking at the quarter, 2018Q1?In Q4, net profit growth attributable to mothers was -44.75%, 32.29%, 241.10% and -98.06%.In Q1 2019, revenue growth continued to grow steadily, with a one-year growth rate of 23.At 96%, the growth rate of net profit attributable to mothers increased significantly to 51.98%. Profitability has improved, and expenses have increased significantly during the period.The total number of reports is 28.98%, a decrease of 3 over the same period in 2017.01.Mainly because the main main project is the main civil infrastructure project replaced by gross profit, the proportion of gross garden revenue replaced by gross profit increased, and the proportion of road greening business with relatively high gross profit decreased in the current period.Caused by the increase in gross profit margin of water conservancy projects.The gross profit margins of the company’s municipal gardens, eco-tourism landscapes, municipal roads and greening, water conservancy projects, pipeline sales and design business were 24.02% (previously +8.39), 33.91% (ten years +3.76 pct), 56.72% (decade +14.02 pct), 9.99% (ten years -30.25), 38.26% (decade -0.92 pct) and 46.81% (decade-3.08 pct).In terms of period expenses, the company’s sales expenses, management expenses, R & D expenses and financial expense ratios were 1 in 2018.41% (decade +0.70), 8.96% (previously +2.20 pct), 3.91% (ten years +3.55 pct), 3.05% (ten years +1.95 pct), the total cost accounted for 17.33% (decade +8.40 pct).According to the content of the annual report, report the annual sales expenses (+142 per year).80%) The substantial increase was mainly due to the company’s sales expenses in 2008, when the company merged Zhengzhou Water and Sino-Ville International’s multinational holding subsidiaries, compared with the same period last year, when it only merged the sales expenses in November-December 2017; the management costs increased complexly(+61.57%) is mainly due to the continuous consolidation period of Zhengzhou Water Affairs and Zhongwei International in the report and the same period of the previous year. At the same time, due to the company’s acquisition of intangible assets such as water conservancy level II, municipal level I and highway level II, the corresponding amortization costs increased.R & D costs increase (+1229 per year.18%) is due to the continuous increase in investment in research and development, and the engineering project research and development expenditures will be included in the engineering costs before 2018, and will be included in the engineering project research and development expenditures and research and development expenses in 2018.Financial costs have increased significantly (+239 per year.84%) was mainly due to the decrease in bank borrowings and interest expenses due to the use of raised funds in the same period last year, and the increase in bank borrowings in 2018 and the increase in average annual financing costs.The net interest rate in 2018 was 8.95% (year -9.35 pct), profitability has improved. Operating cash inflows increased, monetary funds surpluses increased, accounts receivables increased, and asset-liability ratios increased.In terms of cash flow, the cash flow from long-term company operating activities returned to positive, with a net amount of 1.460,000 yuan, an increase of 321 per year.11%, mainly based on the report that the relative gross profit of the short-term acceptance business decreased from the same period of the previous year. The company adjusted its development thinking in the middle of the year, strengthened internal fund management, and strengthened its collection. The net cash flow from investment activities was -3.9.5 billion, an annual increase of 944.33%, mainly due to the short-term implementation of the Wuhan Network Security Project, the company paid capital to associates; the net cash flow from financing activities was 4.USD 5.0 billion, which was gradually expanded and improved compared with the same period of the previous year, mainly due to the increase in a series of banks.In terms of monetary funds, the company’s monetary fund balance at the end of the period was 3.02 trillion, an increase of 130 earlier.53%, mainly due to increased cash inflows from long-term operating activities and financing activities.In terms of accounts receivable, the company’s accounts receivable is 4.21 trillion, an increase of 40 earlier.73%, mainly due to the increase in business scale.In terms of capital structure, the company’s assets and liabilities were re-included at the end of the reporting period.85%, an increase of 6.The 72 pcts were mainly due to the increase in the combined company’s banks; for example, if the asset-liability ratio after checking out the advance accounts was checked, the asset-liability compensation at the end of the year.13%. Outbound M & A expands the industrial chain, and a large number of orders provide support for performance.In 2017, the company successively completed the acquisition of 80% equity of Zhongwei International and 60% equity of Zhengzhou Water Affairs, fostering new business growth points in the municipal and water conservancy fields, at the same time strengthening the company’s design field strength and expanding to the front of the industrial chain.Since 2017, the company has continued to promote ecological construction, cultural tourism, and the deep integration of the sports industry in accordance with the strategic concepts of “ecology + cultural tourism” and “ecology + cultural sports”, and has undertaken high-quality PPP projects related to cultural sports and cultural tourism.As of the end of December 2018, the company has three earliest major PPP projects officially signed contracts, with a cumulative total investment of 127 projects.5.4 billion. The value of new contracts signed in 2018 was 52.34 ‰, an increase of 97 per year.97%, about 4 times the total revenue in 2018. The company’s business undertaking capacity has expanded, 杭州夜网 and excess orders have enhanced the company’s performance flexibility.The company announced the supplementary stock incentive plan in 2018, and completed the first authorized registration of supplementary stocks on June 5, 2018, granting 770 to 95 people.200,000 shares of stock, incentive objects include company directors, senior managers, middle managers, core personnel who served in the company when the company announced the incentive plan.It was decided to conduct performance evaluation in 2018-2020 to lift the sales restriction in each year. The evaluation year for lifting the sales restriction in the incentive plan is 2018-2020. The harsh unlocking conditions highlight the company’s development confidence. Estimates and investment recommendations.It is expected that the revenue from 2019-2021 will be 16 respectively.3.4 billion, 20.4.2 billion and 24.9.3 billion, a previous growth rate of 29.2%, 25.0% and 22.1%; net profit attributable to shareholders of the parent company is 1.5.7 billion, 2.05 ppm and 2.5.6 billion, the previous growth rate was 57.5%, 29.9% and 25.0%; EPS are 0.46 yuan, 0.60 yuan, 0.75 yuan, corresponding to 20 for dynamic PE.7, 15.9, 12.7, PB are 2 respectively.6, 2.3, 2.0.Based on the construction of ecological gardens, the company actively lays out cultural and sports and cultural tourism markets. At the same time, it develops the length of the industrial chain to increase water conservancy engineering and design business. The company’s order income is relatively high and the performance growth is flexible.The market share is expected to continue to grow.Maintain the company’s “Overweight-A” rating and target price of 12.4 yuan, corresponding to about 26 in 2019.9 times PE. Risk reminders: changes in PPP policy, rising interest rates, high receivables, market adjustments and other risks.

Binhua (601678): New projects continue to be put into production and improve the chlor-alkali integrated industrial chain

Binhua (601678): New projects continue to be put into production and improve the chlor-alkali integrated industrial chain

This report reads: The company’s 杭州桑拿 integrated chlor-alkali industry chain has a significant cost advantage. Subsequently, the price maintenance was gradually interrupted, the price of caustic soda entered the bottom range, and new projects continued to be put into production to contribute to performance gains. For the first time, appropriate overweight ratings were given.

  Investment Highlights: Cover for the first time, and cautiously increase the rating.

The prosperity of main products is maintained, and new projects continue to be put into operation. The company is expected to have EPS 0 in 2019-21.

35/0.

43/0.

47 yuan.

Refer to comparable companies and give PB 1 for 2019.

54 times, corresponding to the target price of 6.

20 yuan, the first coverage, given a cautious overweight rating.

  Binhua: The cost advantage of the integrated chlor-alkali industry chain is significant.

The company is a chronically important producer of propylene oxide and caustic soda and a supplier of trichloroethylene and oxide additives.

The company’s integrated integrated circular economy industrial chain extends around caustic soda and PO. The product structure is continuously enriched, and the development of inputs can be dynamically adjusted. At the same time, the self-sufficiency rate of electricity / original salt is also very high, and the cost advantage is significant.

  The price of propylene oxide is expected to remain stable, and the price of caustic soda has entered the bottom range.

Affected by the price increase in 16 years and the expected increase in the integration of chemical companies, PO production capacity has ushered in high growth. It is expected to increase by nearly 100 tons in 19 years, an increase of 30%. PO’s largest downstream polyether polyol is expected to increase production capacity by 22% in 19 years.Taking into account the scale of integrated projects in PO expansion projects, demand growth will provide support for PO; the price of PO is expected to remain stable during the peak season.

The price of caustic soda has been at a historically low level. In 19 years, the amount of alumina and viscose effectively boosted the demand for caustic soda. In the first half of 19, the apparent consumption of caustic soda increased 4.

9%, the North is expected to usher in a limited production, the imbalance of chlor-alkali will support the price of caustic soda.

  New projects continue to be put into production to contribute to performance.

Electronic grade hydrofluoric acid has been driven in 2018, and there is a lot of room for import substitution.

Epichlorohydrin 7 in June 2019.

Production will start in 5 months / year and follow-up prices are expected to continue to rise. In August, the lithium hexafluorophosphate 1,000-ton / year project has completed qualified products, the device is in the optimization stage, and the market space is broad. The company taps the potential for by-products to contain the development potential of hydrogen fuel.

In addition, the company plans to build a comprehensive project of carbon three carbon four will increase the company’s degree of integration.

  Risk warning: The price of the product drops, and the progress of the new project’s commissioning is less than expected.

Kodak Clean Energy (600499): Dingzeng has been approved for approval. These businesses ushered in spring

Kodak Clean Energy (600499): Dingzeng has been approved for approval. These businesses ushered in spring
Report Summary: Incident: The company announced recently that the company formally received the approval from the CSRC on the non-public offering of shares on February 24.The amount of funds raised by the company in this non-public offering does not exceed 1,486 million yuan, the number of issued shares does not exceed 311,214,227 shares, and the issue price is 4.37 yuan / share.The raised funds, after deducting the issuing expenses, are intended to be used for repayment of bank loans and supplementary working capital.The issuance is a non-public offering targeted at specific objects. The issue objects are Liang Tongcan, New Pearl Group (formerly known as: Foshan 深圳SPA会所 Yesheng Investment Co., Ltd.), and Xie Yuezeng.  Comments: 1. The company’s two core businesses are R & D, production and sales of building materials machinery and lithium battery materials.The capital raised by the company’s issuance can optimize the capital structure, provide financial support for the company’s core business development, improve the company’s business layout, strengthen the company’s main business development, and lay a foundation for the company’s strategic development goals to achieve the company’s main businessSustainable development.  2. The company repaid bank loans through the funds raised through this issuance, reducing the company’s financial expenses and effectively improving the company’s profitability.After the completion of this issuance, the company’s interest expenses will be significantly reduced, 杭州夜网论坛 using the existing bank’s one-year loan benchmark interest rate as 4.The 35% simulation estimates that after the raised funds are repaid to repay the bank loan, the company will save 51.33 million yuan in financial costs each year, thereby effectively improving the company’s profitability.  3. By raising funds through this offering, the company can increase its capital strength, provide funds for the company’s R & D and innovation, increase the company’s R & D efforts, strengthen its R & D and innovation capabilities, accelerate the catch-up of international building materials machinery’s leading technology, and enhance the company’s core technology in equipment manufacturing.  Investment advice and rating: The company’s net profit for 2019-2021 is expected to be 1.200 million, 5.5.8 billion and 7.09 million yuan, the price-earnings ratio are 71 times, 15 times, 12 times.Give “Buy” rating.  Risk warning: Overseas business income is less than expected; Lanke lithium’s performance is not up to expectations.

WHO: China shares new coronavirus information in a timely manner

WHO: China shares new coronavirus information in a timely manner

On January 22, at the highest level of the World Health Organization headquarters in Switzerland, WHO Director-General Tandesser ranked at a press conference.

Xinhua News Agency reporter Liu Qu photographed Xinhua News Agency’s anniversary January 22 (Reporter Liu Qu Renke) World Health Organization Director-General Tan Desai said on the evening of the 22nd that China shared information on the new coronavirus epidemic in a timely manner and took corresponding measures.Measures show a fairly high absolute.

  On January 22, at the high-level WHO headquarters in Switzerland, the WHO Emergency Committee re-launched a press conference after an emergency meeting on China’s new coronavirus epidemic.

Xinhua News Agency reporter Liu Qu took a photo of WHO’s emergency committee meeting that day to discuss whether the new coronavirus epidemic constitutes a public health emergency of international concern.

Tan Desai said at the antique press conference after the meeting that, as far as the current situation is concerned, more information is still needed to decide whether to declare the new coronavirus epidemic constitutes a public health emergency of international concern.

He said the WHO team is currently conducting investigations in collaboration with local experts and officials.

  This is an exterior view of the high-level WHO headquarters in Switzerland, taken on January 22.

Xinhua News Agency reporter Liu Qushe Tan Desai thanked the Chinese health department for its cooperation with WHO in epidemic prevention and control, and believed that it was important for the Chinese leadership to take epidemic prevention and control 北京夜网 measures. China shared the epidemic information in a timely manner and took corresponding measures in a timely manner., Showing fairly high transparency.

  It is reported that on the 23rd, WHO will continue to participate in the discussion of the new coronavirus epidemic.

Original Title: WHO: China Shares New Coronavirus Epidemic Information in Time

Zinc Industry Co., Ltd. (000751): Benefit from smelting to improve profit and continue strong performance

Zinc Industry Co., Ltd. (000751): Benefit from smelting to improve profit 北京夜网 and continue strong performance
Summary of the report: The profit level has improved significantly from the previous quarter. The company’s 2019Q1 was affected by the winter storage zinc mine, and its profit was stagnated.After the climate warmed in the second quarter, benefiting from high processing fees, the profitability of zinc products increased significantly.We believe that under the background that zinc prices and zinc processing fees will remain high in the future, the company’s profitability will significantly improve, and its profits will increase significantly.  Pure smelting companies that benefit from rising processing fees have all purchased raw materials for zinc smelting, earning only processing fees, and have the greatest flexibility in the context of increasing processing fees.About 60% of the company’s raw materials come from imported zinc ore, which is about domestic processing fees. Import processing fees have a comparative advantage.In the next 3 years, overseas zinc ore production will be concentrated and expanded, and the expansion of smelting capacity will be concentrated in the country. Therefore, the company will fully benefit from the increase in processing fees for imported zinc ore.  The overall zinc inventory that is expected to be higher than expected for the duration of high processing fees is at a historical bottom, and domestic monetary policy is tending to be loose, stimulating downstream demand, and metal prices may rebound.In the case of high zinc processing costs, the smelting company’s operating rate has gradually increased. The original idle capacity reuse or high-intensity use of machinery will increase the probability of equipment failure, increase the frequency of maintenance, and affect the release of zinc ingot output at the supply side, maintaining zinc.price.Under the high pressure of environmental protection, the concentration of the industry has increased, and the bargaining power of large smelting companies has improved.From the perspective of capital budget and construction cycle, there is a time lag in the launch of new capacity.  Investment rating and estimation According to the profit forecast, the company’s revenue in the next three years is expected to be 73.05, 75, 75.2 billion yuan, net profit attributable to mothers are 1.84, 4.27, 4.7.5 billion, corresponding to PE of 24.75, 10.71, 9.62, first coverage, preliminary “recommended” level.  Risk Warning: Overseas zinc ore release is less than expected risk; zinc smelting capacity exceeds expected risk; downstream demand is less than expected risk; weather factor company project shutdown risk

Dongfang Shenghong (000301) First Coverage Report: Injecting high-quality polyester filament assets to accelerate the layout of the refining-chemical fiber entire industry chain

Dongfang Shenghong (000301) First Coverage Report: Injecting high-quality polyester filament assets to accelerate the layout of the “refining-chemical fiber” entire industry chain

The company injected high-quality polyester filament assets and significantly improved its profitability.

The company acquired Guowang Hi-Tech, injected high-quality filament assets, and focused on splitting and functional civilian polyester filament products. Its revenue accounted for 93% of the company’s total operating income.

The company has always effective technology research and development, differentiated products are positioned in the high-end market, the product differentiation rate is higher than the market average, and the company’s profitability aims to continue to improve.

  The Group expanded its PTA production capacity and promised to inject opportunities into listed companies.

The Hong Kong Petrochemical Phase I PTA, which the group belongs to, has an annual output of 150 tons. This project mainly provides raw materials for the downstream chemical fiber industry.

With the large-scale development of PTA equipment, the industry’s backward and small production capacity will be gradually phased out, and the industry’s prosperity will remain at a high level. Currently, the Group is constructing PTA Phase II 240 replacement capacity projects, and the Group has promised to choose opportunities to inject PTA assets into listed companies.
  The Lianyungang 1600 preliminary refining and chemical project opens up the company’s development space in the next five years and builds a complete “refining and chemical-PX-PTA-polyester filament” full industrial chain.

The company acquired Shenghong Refining and Chemicals with 10 billion yuan in cash, and injected the refining and chemical projects selected by Lianyungang 1600 into listed companies. The total investment of the project was 71.4 billion yuan, and the refining scale reached 1,600 euros / year. The main products are PX 280 volume / year, and ethylene 110.Year / year, etc.

  The strength of Shenghong Group’s chemical assets continues to increase, and it is expected to achieve an integrated upstream and downstream layout in the future.

The business scope of Shenghong Group involves the petrochemical industry, textile industry, and energy industry. It has invested more than 10 billion yuan in Lianyungang, completed a Siebang Petrochemical 240 unit / year alcohol-based multi-generation project, and has completed a complete set of about 1.4 million cubic meters.Liquid chemical storage, 2 5 plug-in liquid chemical terminals and cogeneration projects.

  Investment suggestion: The company will form a complete “refining-PX-PTA-polyester filament” full industrial chain in the future, bringing growth space brought by it.

The company is keeping abreast of the industry’s economic trends, orderly increasing the production capacity 北京桑拿洗浴保健 of polyester filament and PTA, transforming the industry’s high prosperity trend, and the company’s profitability will also be greatly improved.

Without considering the PTA asset injection and refinancing of refining and chemical projects, we estimate that the company’s net profit attributable to the parent in 2019-2021 will be 17 respectively.

5, 19.

1, 20.

80,000 yuan, EPS is 0.

43, 0.

47, 0.

52 yuan, corresponding to 14 for PE.

0, 12.

9, 11.

8 times.

Considering that the Lianyungang 1600 final refining and chemical integration project invested by the company is expected to be completed and put into operation by the end of 2021, it will bring significant profit improvement space for the company after it is put into operation. Therefore, we cover and give the company a “Buy” rating for the first time.The estimated level of interbank listed companies after injecting refining assets, we give the company a 12-month target price of 8.

0 yuan, corresponding to 18 times PE in 2019.

  Risk reminder: International oil prices have fallen sharply, the macro economy has fallen, and the construction progress of new projects has fallen short of expectations.

I miss you (002582) 2018 Annual Report and 2019 First Quarterly Report Review: Baicaowei’s beautiful performance, good hundred integration development is expected

I miss 成都桑拿网 you (002582) 2018 Annual Report and 2019 First Quarterly Report Review: Baicaowei’s beautiful performance, good hundred integration development is expected

In 2018, Baicaowei’s profit continued to improve, and its performance promises were successfully realized.

With the integration of Haoba, we expect the company to build a leading health food brand and continue to move toward the goal of double revenue / market value.

Performance review: 2018 revenue / net profit increased by 21.

6% / 21.

2%, 2019Q1 revenue / net profit increased by 7.

3% / 10.

4%.

The company realized revenue in 201849.

500 million, an increase of 21.

6%, net profit 1.

3 trillion, with the same increase of 21.

2%, of which Q4 realized revenue of 13.

900 million, an increase of 10.

0%; net profit 21.87 million yuan, an 南京夜网 increase of 16.
.

4%; 2019Q1 achieved revenue of 19.

200 million, an increase of 7.

3%, net profit 1.

300 million, an increase of 10.

4%.

By business, 2018N / 2018Q4 / 2019Q1 Baicaowei realized revenue of 38.

900 million / 11.

0 billion / 16.

300 million yuan, an increase of about 22% / 14% / 13%, with a net profit of 1.

400 million / 0.

300 million / 1.

300 million, the same increase of about 43% / 460% / 30%, to complete performance commitments; remove Baicao flavor, 2018N / 2018Q4 / 2019Q1 revenue of 10 respectively.

600 million / 2.

9 billion / 2.

900 million, an increase of 7% /-3% /-17%, with a net profit of -0.

09 / -0.

12 / + 0.

06 billion dollars, a budget accumulated a year ago.

Revenue analysis: The results of the big single product strategy have been fruitful, and Baicao’s performance has been outstanding, pushing the proportion of e-commerce to rise.

In 2018, the taste of Baicao continued to increase, and the company’s overall nut / dried fruit / preserved seafood income was 21 respectively.

700 million / 6.

0 billion / 5.

700 million, an increase of 24.
6% / 20.
2% / 15.

1%; Jujube products are growing at a steady rate offline, and revenue growth in 2018 increased by 4% to 8.
.

700 million.

In terms of different channels, the company’s online channels are based on “Baocaowei” + “Granary on the Tree”. At the end of 2018, the number of online members exceeded 60 million (the same period last year was 40 million). At the same time, the company expanded the number of sales stores through Ali retail through 730,000.In the past ten years, online income exceeded 4 billion, accounting for 82.

3%, of which B2C income is 25.

400 million, an increase of 17.

2%, warehouse receipts of 15.

300 million, an increase of 34.

4%; offline channels, the company’s number of specialty stores is stable (about 800), offline revenue in 2018 increased by 14 with the same.

8% to 8.

800 million, of which Central China increased by 8.

3% to 4.

300 million, others increased by 22.

5% to 4.

300 million.

Profit analysis: Baicaowei’s profitability has continued to increase, and the short-term profitability of this division is under pressure.

From a business perspective, Baicaowei’s profitability has continued to increase, and the net profit margin for Q1 in 2018/2019 increased by about 0 respectively.

4/1.

0PCT, I think your headquarters is subject to the improvement of the business channel channel performance in 2018.

In terms of financial details, the company’s gross profit margin decreased by 0 in 2018.

6PCT to 28.

5%, mainly because ① the gross profit margin of jujube products fell 3.

4PCT to 39.

1%, ② The proportion of red dates with relatively high gross profit decreased by 2.

9PCTs.

The sales / management / financial expense ratio decreased by 0.

54/0.

36/0.

26PCT, meanwhile, investment income / asset disposal income decreased by 8.37 million / 23.91 million yuan, which resulted in the net profit margin remaining basically unchanged.

The company’s gross profit margin increased by 1 in Q1 2019.

19PCT to 31.

4%, due to the Spring Festival marketing investment caused by the same increase in sales expense ratio1.

0PCT, meanwhile, the increase of government subsidies increased the proportion of other income by 1.

0PCT.

Taken together, 2019Q1 net profit margin increased by 0.

2PCT.

Future Outlook: Consolidate the strategy of large single products and focus on the development of omni-channel business.

In terms of products, it is expected that the company will continue to strengthen the creation of large single products and potential new products to ensure the growth of core categories. In 2018, the daily nuts / clear feife indicated that it exceeded 200 million / 7000 million, respectively. In 2019, it plans to build 8 billion-level products, 500020 models of 10,000 products.
In terms of channels, the company looks forward to continuing to focus on developing e-commerce channels and expanding the development of distribution channels; at the same time, it will steadily promote the construction of monopoly channels, supermarket channels and export channels to achieve omni-channel business development.

According to the company’s plan, revenue will reach 56 in 2019.
500 million, an increase of 14.

1%, net profit 1.

600 million, an increase of 23.

81%.

Risk factors: Market development is worse than expected; industry competition intensifies; food safety risks.

Investment suggestion: Considering the adjustment of the business super channel in this department, the company’s EPS forecast for 2019/2020 is reduced to zero.

31/0.

38 yuan (was 0.

42/0.

55 yuan), plus 2021 EPS forecast 0.

44 yuan, maintain “Buy” rating.

China Construction Group (603018): Revenue continues to grow rapidly and net profit growth meets expectations

China Construction Group (603018): Revenue continues to grow rapidly and net profit growth meets expectations

Investment Highlights 2019Q1 The company achieved revenue 7.

850,000 yuan, an increase of 34 苏州夜网论坛 in ten years.

83%, mainly due to the expansion of business scale.

From the perspective of the branch company, the income of the parent company and the subsidiary is 6.

8.7 billion, 0.

98 trillion, which changes 37 each year.

39%, 19.

22%, the parent company’s revenue increased rapidly.

The company achieved a comprehensive gross profit margin of 29 in Q1 2019.

33%, down 4 each year.

35 points.

In terms of branches, the gross profit margins of the parent company and subsidiaries were 27.

59%, 41.

55%, respectively -7.

32 tablets, 15 tablets

63pct, the decline in the gross profit margin of the parent company is expected to be mainly due to the increase in engineering revenue with low gross profit margin, and the increase in the gross profit margin of the subsidiary is offset.

In the first quarter of 20杭州桑拿网19, we achieved a net profit margin of 9.

89%, a decrease of 0 every year.

67 pct, the decrease in net profit margin was mainly due to the decrease in gross profit margin; fees decreased by 12 during Q1 2019.

60%, down by 1 every year.

11 pct, broken down by item: the proportion of selling expenses is 4.

46%, down by 1 every year.

40 pct; management cost accounts for 7.

83%, increasing by 0 every year.

27 pct, mainly due to the expansion of the business scale of the newly-increased subsidiaries; financial expenses accounted for 0%.

31%, a year up 0.

02 pct, mainly due to the increase in borrowing interest expenses; the proportion of R & D expenses was 5.

42%, down by 1 every year.

35 pct.

In 2019Q1, the company’s asset impairment loss was -0.

04 trillion, accounting for -0.

45%, a decrease of 0 every year.

93 pct, mainly due to the recovery of accounts receivable; The net operating cash flow of the company in Q1 2019 was -0.

40 yuan, an increase of 0 every year.

01 yuan / share.

From the balance sheet side: the company’s balance of prepayments reached 1.

8.8 billion, an increase of 35 from the beginning of the period.

72%, mainly because the cooperation project did not reach the income and income, and the project funds were received and paid to the cooperative unit.
Earnings forecast and rating: We maintain our earnings forecast for the company, with an EPS of 1 in 2019-2021.
65 yuan, 1.

98 yuan, 2.

30 yuan, the corresponding PE on April 29 closing price is 11.

6 times, 9.

7 times, 8.

3 times, maintaining the level of “prudent increase”.

Risk reminder: Macroeconomic downside risks, orders falling on hand are less than expected, business development outside the province is less than expected, construction project progress is slow, and gross margin continues to decline

July 12 (603712) Company In-Depth Report: The full arms of the product cover the aviation wireless communication leader

July 12 (603712) Company In-Depth Report: The full arms of the product cover the aviation wireless communication leader

Veteran defense industry enterprise with solid core technology: The company is a core supplier in the domestic private network wireless communication field, and has created many internal firsts, such as the first television, the first generation of ultra-short wave communication stations, and the first generation of aviation anti-jammingRadio stations, first-generation railway train radio stations, first-generation maritime automatic identification systems, etc.

The company took the lead in successfully developing the first generation of ultra-short wave communication equipment and the first generation of aviation anti-jamming communication equipment in our army, and has always maintained a domestic leading level in terms of anti-jamming, confidentiality, and networking.

The core technologies include ultra-short wave communication frequency hopping technology, ad hoc network technology, data link technology, radio frequency integration technology, S / Ku / UHF satellite propagation communication technology, CNI system integration technology, etc.

  The equipment covers all arms and has obvious advantages in the aviation field: other domestic wireless communication companies, the company’s main advantages are wide application, and it has obvious advantages in the airborne field.

The company’s products are widely equipped in the three armed forces of the sea, air, and rocket, strategic support forces, and armed police forces. It is one of the few companies that can achieve full overlapping coverage of the entire service. The products include ground single-handed handheld / vehicle radios, and ship communications radios., Helicopter CNI system, aeronautical wireless communication station, etc., which has obvious advantages in the field of airborne ultra-short wave communications. The company’s products cover various platforms such as fighters, bombers, transport aircraft, helicopters, drones, trainers, etc., which are spread across five major theaters, with more than 500A division-level unit.

  In the field of railway and urban rail transit, the products are fully equipped and stable in development: According to the Medium and Long-term Railway Network Plan, by 2025, the scale of China’s railway network is expected to reach 17.

About 50,000 kilometers, including high-speed railway 3.

About 80,000 kilometers.

The rapid development of the railway and urban rail transportation industry will bring corresponding demand for wireless communication products. The company is the main supplier of wireless communication equipment in this 天津夜网 field. The main products include GSM-R terminals, train safety early warning equipment, and simulated wireless train adjustment equipment., TETRA delivers communication equipment and other space barriers for future civilian product needs.

  To benchmark the world’s giants in wireless communications, and continue to expand the company’s business area: After years of mergers and acquisitions in the existing world’s military communications market, it has presented an oligopoly pattern and an increasing degree of industrial concentration.

Foreign companies have continued to expand the military and civilian business areas through mergers and acquisitions. At present, the business in the wireless communications sector has reduced the proportion of each company’s revenue.

The future of July 12 is expected to move closer to the world’s giants in the field of wireless communications, 杭州夜网论坛 continue to expand its business areas, and expand the scope of military technology applications.

  Risk reminders: New equipment is not installed as expected; military spending is increasing; competition for civilian products has increased, leading to a decline in gross profit margin.