Month: April 2020

Sinopharm (600511) 2018 Annual Report Comments: Overall Business Stable Results Meet Expectations

Sinopharm (600511) 2018 Annual Report Comments: Overall Business Stable Results Meet Expectations

Introduction to this report: The overall main business maintains steady growth, the advantages of hemp business continue to consolidate, and new businesses such as industry and oral cavity are actively exploring to maintain the level of overweight.

Investment points: Maintain the company’s holdings.

The company’s overall operation is stable, and Beijing’s regional commercial leader + national hemp business distribution leader’s advantages have become more stable.

Maintain the company’s overall net profit forecast for 2019-2020 at 14.


41 trillion, with an expected net profit of 17 in 2021.

00 ppm, due to the company’s repurchase replacement in 2018 to reduce its share capital, regardless of the 2019 repurchase replacement equity, the 2019-2020 EPS will be adjusted to 1.


02 yuan (was 1).


01 yuan), EPS is expected to be 2 in 2021.

22 yuan, maintaining the company’s target price of 30 yuan, maintaining the company’s holdings grade.

The overall performance was in line with expectations.

Realized operating income of 387 in 2018.

4 ‰, an increase of 6 in ten years.

8%, net profit attributable to mother 14.

0 ppm, an increase of 23 in ten years.

0%, net profit of non-return to mother is 12.

60,00杭州夜网0 yuan, an increase of 24 in ten years.


Due to the company’s major asset reorganization completed in 2017, the net profits of the four target companies from January to May belonged to non-recurring gains and losses, and from June to December belonged to the company’s recurring profits and losses. Considering comparable calibers, the company’s main business net profit growth rate is expected to be 15?out.

The core business was stable overall.

Anesthetics: Continue to maintain an 80% market share of the national anesthetic and specialty medicine distribution market, and the company’s core anesthetic shares company Yichang Renfu’s revenue growth rate22.

7%, profit growth rate of 28.


Distribution: The overall sales growth of second- and third-tier hospitals increased in 2018.

1%, the overall primary medical market 苏州夜网论坛 sales revenue increased by 23.

5%, sales of equipment and consumables increased by 21 year-on-year.

4%, overall stable.

Affected by industry policies and variety structure, Guokong Beijing and Guokong Tianxing have not completed the gambling net profit target.

Actively develop new business.

In the future, the company will continue to make efforts in a number of existing basic subdivisions, such as Guorui Pharmaceutical Industry, Prospective Dental, Devices and Consumables. At the same time, the company will also actively explore in the field of specialized retail pharmacy to cultivate the company.New profit growth points.

Risk warning: Tender price cuts exceed expectations

Yongxing Materials (002756): Leading high-end materials awaiting revaluation

Yongxing Materials (002756): Leading high-end materials awaiting revaluation

Investment points: Objective: The company is a high-end new materials company rather than an ordinary steel company. The completion of the company’s high-end steel upgrade and the completion of the lithium battery sector will drive the company’s performance gradually released.

Considering that the company’s lithium carbonate is still climbing, it lowers the company’s EPS for 2019-2021 to 1.



66 yuan (originally 1.



80 yuan).

Taking into account the good prospects for the application of lithium carbonate, referring to similar companies, the company was given PE14 in 2020.

72 times, raise target price to 22.

22 yuan (originally 18.

72 yuan), maintaining the “overweight” level.

  The company is a high-end new material company rather than a normal carbon steel company, and its cycle attributes are weak.

The company is mainly engaged in the manufacture of high-end steel products. It adopts the business model of “fixing production with sales” and “adding costs” to completely pass on the risks of upstream raw materials.

The company’s production lines are the best in the world, the product power has steadily increased, downstream demand is stable, and the profit per ton of products has continued to rise.

Looking back at the company’s operating performance since 2012, the company’s performance in the economic downturn cycle is still solid, and the company’s cyclical attributes of earnings are weak.

  The company’s high-end steel plate is positioned as an alternative to imports, with broad space.

At present, the dependence on the import of high-end manufacturing core materials is high. Under the external pressure, the long-term manufacturing autonomy process will accelerate, and the demand for high-end steel will gradually rise.

The 上海夜网论坛 company has a high level of research and development, and has successively realized alternatives in the nuclear power, thermal power and petrochemical fields, and has become the designated supplier of Sinopec, the three major boilers, DuPont, and other well-known domestic and foreign manufacturers. Therefore, the high-end steel field will gradually expand and the company will continueBenefit.

  The demand for lithium is optimistic for a long time, and the company has obvious cost advantages.

Trial production of the company’s lithium battery project has begun, and the company’s production capacity is expected to gradually climb.

The development momentum of new energy vehicles is good, and long-term lithium demand is expected to gradually rise.

The company’s mica lithium extraction technology has obvious advantages, and 淡水桑拿网 the by-products in the lithium extraction process can be recycled, and the comprehensive cost advantage is obvious.

Although there is an excess supply in the lithium industry, the company’s integration cost advantage will stabilize profits.

  Risk Warning: The price of lithium has fallen sharply, and the market development of the lithium sector has fallen short of expectations.

Lianmei Holdings (600167): Double main businesses continue to enjoy high growth policies to promote clean coal-fired centralized heating

Lianmei Holdings (600167): Double main businesses continue to enjoy high growth policies to promote clean coal-fired centralized heating
Event: The company released its 2019 Interim Report.The company achieved operating income in the first half of the year16.45 ppm, a ten-year increase of 9.72%, net profit attributable to mother 8.150,000 yuan, an increase of 26 in ten years.1%, in line with Shen Wanwanyuan’s expectations. Key points of investment: Heating area and connection area have steadily increased, and both revenue and profit have increased.Due to the company’s heating area and connection area increased, among the important subsidiaries in the clean heating business area in the first half of the year, Hunnan Thermal Power, Shenyang Xinbei, and Guohui New Energy achieved net profits.35, 2.83, 1.8 ppm, a ten-year increase2.78%, 117.78% and 13.56%.Among them, Shenyang Xinbei is located in the northern part of Shenyang. The heating area includes Shenyang Commercial and Financial Development Zone and other areas. It is a key area for Shenyang to gather business, financial centers and open to the outside world.Guohui New Energy is located in Hunnan New City. This area is the future administrative, scientific and cultural center of Shenyang. The heat demand is growing rapidly.As a core city in the Northeast, Shenyang plans to provide heating area targets by 2020.At 5.7 billion square meters, the proportion of combined heat and power will increase to 60%. The company owns the heating franchise right of Shenyang Urban Development New District, which is expected to benefit from the expansion of heating districts in the long term. Acquired a controlling stake in Shandong Heze Fulin Thermal Power to expand industrial steam projects in different locations.The company invested in the first half of the year.30,000 yuan, purchased 66% equity of Shandong Heze Fulin Thermal Power, terminated at the end of the reporting period, the equity transfer and disposal has been completed.Heze Fulin Thermal Power has the franchise right in Zhuangzhai Industrial Park, Caoxian County, Heze.Timber processing is a specialty industry in Cao County, and the export volume of tung wood products accounts for 70% of the country.After the project construction plan is completed, the annual steam supply capacity will reach 309.6.Tianjin Kaisen promised that the target company would sell no less than 100 inches of industrial steam within one year from July this year.According to the company’s forecast, the average annual sales income of the Heze Fulin project will be about 2 after reaching full capacity.99 trillion, the internal rate of return (after tax) is 39.78%. The policy promotes clean coal-fired central heating as the main heating method.In July, the National Energy Administration issued the “Notice on Resolving Relevant Issues in the Process of Promoting Clean Heating, 佛山桑拿网 such as” Coal to Gas “and” Coal to Electricity “.Clean coal-fired central heating area.The company, as a private leader in clean heating, its technology and development direction are in line with the policy guidelines, and it has about 37 cash on hand.780,000 yuan, to protect the need for expansion funds outside the zone. Zhaoxun Media highlighted the advantages of scale and both volume and price rose.As of the end of the first half of the year, Zhaoxun covered 29 national urban areas across the country, more than 500 contracted sites, and more than 6,000 digital media resources nationwide advertising media networks.Among them, 69.4% belong to high-speed rail and train stations, covering Beijing-Shanghai, Beijing-Guangzhou and other four longitudinal and four horizontal high-speed rail aorta.Zhaoxun Media achieved operating income in the first half of the year.86 ppm, a 19-year increase of 19.33%.Net profit was 67.19 million yuan, an annual increase of 32.73%.Comprehensive coverage and efficient network transmission methods have brought scale effects to Zhaoxin Media. In the first half of the year, the profit scale and profitability both increased. Earnings forecast and estimation: With reference to the interim report, we will not consider the increase in profits caused by the acquisition of the Heze Thermal Power Project.The net profit attributable to mothers for 21 years was 15.99, 20.02 ppm and 23.89 trillion, EPS is 0.70, 0.87 and 1.04 yuan / share, the current sustainable corresponding PE is 17, 14 and 12 times.The coordinated development of the two main businesses guarantees a compound growth rate of more than 20% in the next three years, and the company has sufficient funds in hand. Out-of-region expansion brings new points of profit growth, and maintains a “buy” rating.

Oupai Home (603833): Greater than expected growth in big home strategy

Oupai Home (603833): Greater than expected growth in big home strategy

Investment Highlights The company released its 2018 annual report & 2019Q1 quarterly report: the company achieved operating income of 115 in 2018.

09 million yuan, an increase of 18 in ten years.

53%, achieving net profit attributable to mother 15.

72 ppm, an increase of 20 in ten years.

9%; operating income in the first quarter of 201922.

03 trillion, an annual increase of 15.

57%, realized net profit attributable to mother 0.

92 ppm, an increase of 25 in ten years.


It is expected that operating income will increase by about 15% per year and net profit will increase by about 20% per year in 2019.

  Multi-category efforts are underway, and the big home strategy is steadily advancing.

Cabinets: Revenue 57 in 2018.

650,000 yuan, 7 compared to the same period last year.

67%; 19Q1 realized revenue of about 10.

30,000 yuan, an increase of 3% year-on-year.

The company promoted the company’s stable growth in a dual way of horizontal expansion of single value and preliminary budget.

Among them, the sales of cabinets in 2018 increased by 6 every year.

69%, and led the assembly performance to exceed 3.

500 million.

In 2018, the company’s overall cabinet store net increased by 126 to 2,276, and the number of wardrobes: in 2018, it achieved 41.

480,000 yuan, an increase of 25.

86%; 19Q1 realized revenue of about 8.

400 million, a year-on-year increase of 26%.

Sales increase by 17 per year.

70%. In 2018, there was a net increase of 271 wardrobe stores to 2,113. Bathrooms: In 2018, the income was 4.

5.3 billion, 49 year-on-year.

51%; 19Q1 realized revenue of about 1.

08 million yuan, an increase of 54%.

Sales increased by 31 year-on-year.

55%. In 2018, the total number of bathroom stores increased by 116, reaching 559. Wooden doors: revenue in 20184.

750,000 yuan, 47.

69%; 19Q1 realized revenue of about 0.

7.9 billion, a year-on-year increase of 24%.

Sales increase by 26 each year.

10%. In 2018, the total number of bathroom stores increased by 191 to 825, with a total of 6,708 in all categories.

On the basis of continuously consolidating traditional channels, we will continue to promote new sales channels, and e-commerce sales will account for 20% of sales.

  In bulk, the business of assembly business contributed to the increase in performance, and the gross profit margin of large businesses steadily increased, showing the leading advantages.

In 2018, the company’s major business channels achieved revenue14.180,000 yuan, 47.

04%, gross profit margin reached 49.

48%, an increase of 1.

52 points.

  1Q1 company’s revenue account is 4.

20,000 yuan, 196.

0%, the increase in the company’s accounts receivable was mainly due to the increase in engineering business volume.

It can be seen that the company’s engineering business volume has accelerated; in 2018, Oupai took the lead in proposing 夜来香体验网 a large-scale home furnishing model that directly cooperates with leading home improvement companies around the world. The company uses its own advantages to brand the home improvement company and synchronize the products to quickly seize market share.

At present, the company has promoted the strategy of large-scale home furnishings in multiple cities and pilots. It has blossomed in 22 cities and has emerged successful cases of Yibin and Changsha models. The introduction of large-scale home furnishings has contributed significantly to local performance, and the effect of the model has been obtained.The initial appearance.

  The company is currently a leader in custom home furnishings, and ranks first in the industry by volume.

The strategy of big home is steadily advancing, and the company’s core competitiveness will 重庆耍耍网 continue to be enhanced in the future.

The company released the 2018 annual report and the 2019 first quarter report. We adjusted our profit forecast and estimated that the net profit attributable to mothers in 2019/2020/2021 will be 18 respectively.



2.1 billion, with EPS of 4.



71 yuan, corresponding to PE26.



9 times (based on closing price on April 30, 2019).

  Risk warning: industry competition intensifies; new business development risks; policy risks

Shenzhen Huaqiang (000062) coverage report for the first time: deep cultivation of upstream and downstream endogenous and epitaxial two-wheel drive in the electronics industry

Shenzhen Huaqiang (000062) coverage report for the first time: deep cultivation of upstream and downstream endogenous and epitaxial two-wheel drive in the electronics industry

5G commercialization is accelerating the 杭州夜网 prosperity of the industry, and the company is expected to benefit as a leader in electronic component distribution.

The company accelerates the integration of the same industry, improves the scale advantage, and continuously extends to the upstream and downstream of the industrial chain to enhance competitiveness.

  Investment highlights: Investment recommendations: 5G commercial acceleration accelerates the industry’s prosperity, accelerating integration highlights the leading advantages.

  EPS is expected to be 0 in 2019-2021.



02 yuan, with reference to comparable companies to give 22X PE in 2019 with a target price of 16.

9 yuan, the first coverage, given a “cautious increase” rating.

5G commercial acceleration is expected to improve the prosperity of the electronics industry, and electronic component distribution leaders are expected to benefit.

In 2019H1, the electronics industry is in the alternating phase of the old and new innovation cycles, which is transformed into 5G commercial acceleration. The new round of innovation cycles is expected to boost the prosperity of the electronics industry. According to StrategyAnalytics, 5G mobile phone sales in China are expected to reach 80 million units, accelerating the industry’s accelerated growth.

The company, as a leading domestic authorized distributor of electronic components, has achieved outstanding results.

Accelerate outbound mergers and acquisitions and strengthen leading advantages.

Pioneer has successively acquired excellent distributors in Xianghai Electronics, Pengyuan Electronics, Qinuo Technology, and Xinfei Electronics. Among them, Xianghai Electronics focuses on passive electronics, Pengyuan Electronics focuses on power electronics, new energy, and Qi Nuo Technology focuses on consumption.electronic.

Initially completed the dual agents of upstream passive + active components, dual agents of foreign + domestic product lines, and the layout of electronic component distribution platforms with full coverage in different downstream application areas.

The company established Huaqiang Semiconductor Group in 2018, further integrated and deepened, and once again enhanced the negotiation ability and core competitiveness in project mergers and acquisitions, product line development and new customer development.

In 2018, the company’s operating income and total assets scale exceeded 10 billion on average, leading advantages further strengthened.

Online and offline integration and development to create an innovative entrepreneurship service platform.

Huaqiang Electronic Network, a subsidiary of the company, focuses on the B2B business of electronic components, and Jieyangxunke focuses on the long-tail market of electronic components. The online trading platform of 19H1 electronic components has exceeded 60.85 million yuan in revenue, integrating online and offline development.

The company builds the Huaqiangbei International Maker Center to provide start-up enterprises with a full range of supporting services such as entrepreneurship guidance, industrial alliances, venture capital, and technological achievement display to enhance long-term competitiveness.

Weixing New Materials (002372) 2018 Annual Report Commentary: PPR grows new business against trend, new regions open smoothly

Weixing New Materials (002372) 2018 Annual Report Commentary: PPR grows new business against trend, new regions open smoothly

Matters: The company’s 2018 performance growth increased by 19.

1%, EPS0.

75 yuan On January 12, 2018, the company realized operating income of 45.

7 ppm, an increase of 17 in ten years.

1%, net profit attributable to shareholders of listed companies9.

80,000 yuan, an increase of 19 in ten years.

1%, earnings per share are 0.

75 yuan; operating income of 16 trillion in the fourth quarter 武汉夜网论坛 alone, an increase of 20.

7%, the ring increased by 48.

3%, net profit attributable to shareholders of listed companies.

2 trillion, the same increase of 17.

3%, ring increase of 21%, single quarter contribution EPS 0.

25 yuan.

Profit distribution plan: A cash dividend of 6 yuan (including tax) will be distributed for every 10 shares, and the capital reserve will be transferred to all shareholders by 2 shares for every 10 shares.

The total domestic plastic pipe production in 2018 was 1,567 tons, an annual increase of more than 3%, and a decrease of 3% compared with the growth rate in 2017.

Weixing New Material has excellent brand and operation. Its product structure is mainly retail. The sales and revenue growth rate is higher than the industry. The profitability is stable. The revenue and performance have 深圳桑拿网 maintained a steady growth trend.

The company’s operating goals for 2019 are: operating income goal to strive to reach 52.

500,000 yuan, costs and expenses strive to control at 39.

About 80 ‰; gradually calculated, the target of total operating revenue growth rate is 15%, and the total operating cost control target is within 15% growth.

Comment: The retail business has high pricing power, stable gross profit margin, and reduced sales rate.

Report the company’s consolidated gross profit margin 46.

8%, rising by 0 every year.

05pct; sales rate, management rate and financial cost reset13.

7%, 4.

7%, -0.

3%, a year-on-year decrease of 1%.

3, 0.

6, 0.

1pc, R & D expense rate 3.

2%, rising by 0 every year.

8pct; period rate 21.

3%, down by 1 every year.

3 units.

The company’s comprehensive gross profit margin in the fourth quarter was 45.

8%, a decline of 0 per year.

6pct; sales rate, management rate are 14%, 4%, respectively, down 2.

8, 0.

3pct, R & D expenses and financial expenses are 3 respectively.4%, -0.

14%, each year rose 0.

8, 0.

1pct; period rate 21.

2%, a decline of 2 per year.

1 unit.

PPR business increased against the trend18.

1%, the growth rate of western and central China and export business is high.

Report on core company sales of comprehensive products21.

4In the beginning, it grows 7 every year.


By product, PPR pipe fittings, PE pipe fittings, PVC pipe fittings sales revenue increased by 18 respectively.

1%, 13%, 15.

1%; PPR, PE, and PVC products accounted for 56 of the revenue respectively.

6%, 27.

8%, 12.

2%, gross profit margin is 58.

7%, 33.

1%, 28.

8%, the gross profit margin changed by 0 in the short term.

4, -1.

4 and -0.

9 units.

By region, East China, North China, and Western China accounted for 49% of sales revenue.

8%, 20.

9%, 11.

8%; East China, North China, and West China sales revenues increased by 12.

9%, 16% and 31.


In other regions, Central China’s revenue increased by 27 in ten years.

4%, the proportion increased to 5.

7%; Northeast China revenue increased by 24.

4%, accounting for 5.

4%; revenue in South China increased by 5.

6%, accounting for 2.

9%; export business increased by 25.

8%, accounting for 3.


Profit forecast and investment rating.

In 2018, Weixing New Material’s revenue and profit both grew rapidly and steadily: the company’s products have strong retail attributes and maintain high profitability.In 2019, the improvement of real estate completion and the recovery of second-hand housing transactions in first- and second-tier cities in China are expected to benefit the company’s home improvement retail business, and the municipal and real estate engineering business is also steadily expanding.

We maintain EPS 0 for the company 19-20 years.

90, 1.

The profit forecast of 07 yuan, plus the EPS forecast for 2021 is 1.

25 yuan, with reference to the evaluation level of home improvement building materials such as Sofia, Sankeshu, and the company’s target price of 22.

5 yuan, corresponding to the doubling of the PE level on the 25th of 2019, maintaining the “recommended” level.

Risk warning: the total demand of the macroeconomic downturn; the increase in crude oil prices causes the cost of raw materials to rise.

Tsingtao Brewery (600,600): Increased sales weigh on revenue but product upgrades boost profitability

Tsingtao Brewery (600,600): Increased sales weigh on revenue but product upgrades boost profitability
Investment Highlights: Event: 深圳养生会所 Tsingtao Brewery released the third quarter report for 2019, and achieved operating income of 248 in the first three quarters of 19 years.97 ppm, a five-year increase of 5.3%; net profit attributable to mother is 25.86 ppm, an increase of 23 in ten years.2%; net profit deducted from non-mother 22.98 ppm, an increase of 27 in ten years.6%.3Q19 company achieved revenue of 83.460,000 yuan, a ten-year growth rate of -1.7%; net profit attributable to mother 9.55 ppm, an increase of 19 in ten years.8%.In the performance forecast, we expect the company’s 19Q3 revenue growth rate to be -1%, and its net profit growth rate to be 15%, basically in line with expectations.  Investment rating and estimation: Maintain 2019-2021 profit forecast, forecast EPS for 2019-2021 to be 1.30, 1.49, 1.69 yuan, an increase of 23 in ten years.1%, 15.1%, 13.6%, the current sustainable corresponding PE for 2019-2021 is 37x, 32x, 28x respectively, maintaining the overweight rating.In the medium and long term, the company’s brand and quality advantages, product R & D and innovation capabilities lead the industry, with a foundation for continuous upgrading of product structure.This year, the company focused on reducing costs and improving efficiency, and optimized the production capacity in an orderly manner.It is recommended to keep paying attention to verify the sustainability of the improvement of profitability.  The decline in sales volume in Q3 dragged down revenue, and structural upgrades led to higher ton wine prices and higher gross profit margins.The company achieved beer sales of about 2.47 million kiloliters in 19Q3, a year-on-year decrease of about 6%. Among them, the main brand of Qingdao achieved sales of about 1.17 million kiloliters, a decline of about 3% each year, and the decline trend was basically in line with industry conditions.The overall sales volume of the beer industry in the second half of the year was affected by the abnormal weather in the south and the increase in shipments in the first half of the year.The company received cash for goods sold in 19Q3, which fell 4 each year.2%, the decline is significantly greater than the income, indicating that Q3 digested the peak season inventory, the channel payment speed has slowed.However, in terms of scale, the company ‘s mid- to high-end positioning of the main brand increased by more than the price of its sub-brands. The price of ton wine still benefited from the structural upgrade and continued to increase.5%, the growth rate is slightly impurities.  The cost of the company’s Q3 ton of wine is about 2020 yuan per thousand liters, with an annual increase of about 2.3%, the growth rate is less than the ton of wine revenue, the pressure on raw material costs has improved.In 19Q3, the company’s gross profit margin accelerated, surpassing the increase1.3 pieces to 40.34%.  The Q3 expense ratio continued the trend of the first half of the year, and its profitability improved steadily.19Q3 selling expenses 13.46 ppm, a 10-year increase3.8%, sales expense ratio 16.1%, a year to raise 0.8pct is expected to go through structural upgrades, with high-end production capacity concentrated in Shandong, which will lead to an increase in freight rates, which will increase investment in high-end products.Management expense ratio (including R & D expenses) 3.9%, a decline of 0 per year.3pct, continued the downward trend in the first half of the year, and continued to improve operating efficiency.In addition, in 19Q3, the percentage of corporate taxes and additional income decreased by zero.5pct, it is expected that the impact of some of the expected downward revisions remains.The company achieved a net profit margin of 12% in 19Q3, surpassing the increase of 1.9pcts, the main reason is that the increase in gross profit margin has driven steady improvement in profitability.It is expected that the company will continue the previous regulations in the fourth quarter and will confirm the supplementary channel fees and one-time costs brought about by closing the plant.However, at present, the company relies on its brand advantages to continue to improve its product structure. The company’s efficiency improvement is progressing steadily. Long-term profitability improvement is expected.  Catalysts for advanced performance: industry competition slows down, product structure continues to upgrade Core assumptions risks: intensified mid-to-high-end competition, and raw material costs increase significantly

Science and Technology Board Tour: China Pass (688009)

Science and Technology Board Tour: China Pass (688009)
Giant in rail signal system with revenue exceeding 40 billion.The company’s main rail transit control system related business and engineering general contracting business have now become the world’s leading rail transit control system solution provider. From 2016 to 2018, the company’s revenue from 297.7 billion to 400.1.3 billion, with an average annual compound growth rate of 15.93%; net profit 深圳spa会所 attributable to mothers is 30.45 billion, 32.22 billion, 34.09 million yuan, maintaining steady growth. Railway construction runs at a high level, and the demand for rail transit control systems reaches more than 200 billion yuan.According to the historical project and the Medium and Long-term Railway Network Plan (2016), the market capacity of new railway control systems between 2019 and 2025 is estimated to be more than USD 84 billion, and the plan is likely to be completed ahead of schedule, and the railway control system will supplement the demandBreakthrough ahead.From 2019 to 2025, the total capacity of the high-speed rail and ordinary railway control system operation and update market will be about 60 billion; it is estimated that the total market capacity of the new urban rail control system and system upgrade requirements is about 85 billion US dollars. The core technology is leading and the market share is first.With strong scientific and technological innovation capabilities and service characteristics of the entire industry chain service of the rail transit control system, the company has completed a number of “China’s first” step-by-step projects.The company’s high-speed rail covers a mileage of 65.At 2%, the city share of urban rail transit based on the number of successful bidding lines is close to 40%, both of which are at the leading level in the industry.At the same time, the company has continuously explored overseas markets, and its market share is far ahead. Raise funds to increase investment in research and development, leading the new direction of industry intelligence.Among them, the raised funds to be raised for advanced and intelligent technology research and 四川耍耍网 development projects are US $ 4.6 billion, the raised funds for advanced and intelligent manufacturing base projects are to be raised to US $ 2.5 billion, and the raised funds for information construction projects are to be raised to US $ 300 million.Adapt to future development. Risk reminder: Railway construction investment is less than expected, and competition intensifies risks.

Guilin Tourism (000978) Semi-annual Report 2019 Review: Price cuts have limited impact and actively explore exogenous and extended projects

Guilin Tourism (000978) Semi-annual Report 2019 Review: Price cuts have limited impact and actively explore exogenous and extended projects

Performance growth was under pressure, labor costs dragged down net profit: 1H19, revenue 3 billion / + 16.

83%, net profit attributable to mother 991.

620,000 yuan / -66.

16%, net profit after deduction is 1154.

60,000 / -57.

82%, EPS is 0.

At 03 yuan, the tax settlement of the Fulong Park project contributed to the increase in revenue, which was unchanged from the same period last year after replacement, and had no impact on net profit.

The decrease in net profit was due to increased labor costs and Danxia’s disposal of assets.

Q2 revenue 1.

8.4 billion / + 27.

24%, net profit attributable to mother is 1186.

320,000 yuan / -62.

36%, due to Danxia Hot Spring’s disposal of assets resulting in a decline in net profit.

  Gross profit margin was 44 in the first half.

42% /-2.

33 points, excluding Fulong Park, the gross profit margin was 35.

02% /-11.

73pct, due to the increase in labor costs and Danxia Hot Spring Project, a total of 30.05 million operating costs.

For the three fees, the sales expense ratio is 2.

85% / + 0.

67pct, mainly due to the increase in tourism and advertising promotion of Tianzhitai Project of Guizhen Company; the management expense ratio is 25.

52% /-5.

17pct, due to the company’s optimized management structure, strict control of management costs; financial expense ratio 8.

07% / + 0.

22pct, the 杭州桑拿网 increase in corporate loan surplus and loan interest.

The overall passenger flow decreased slightly, and the main business was affected by the price reduction: the company received a total of 4.16 million tourists in 2019H1 / -0.

21%, by business: Revenue from attractions business 1.

2.6 billion / -0.

56% of tourists were 201.

480,000 people / -6.

7%, due to the reduction in the price of tickets, the impact on performance is limited; Lijiang tourism passenger business revenue 6046.

550,000 yuan / + 6.

7%, tourists 29.

690,000 people / + 13.

57%; Lijiang Waterfall Hotel revenue was 4,208.

70,000 yuan / + 0.

24% of tourists.

160,000 / -4.04%; investment income for the current period is 2492.

350,000 yuan, of which Lijiang Qianguqing project contributed 531 in this period.

30,000 yuan.

Endogenous 南宁桑拿 extension is positive, looking forward to the future of Lijiang’s eternal love: In terms of endogenous growth: 1) The company continues to actively promote the completion of integrated marketing, improve the level of smart tourism, increase the marketing strength of “one city tour”, and cooperate with Ctrip to promote e-commerce sales channels.

2) Actively dispose of inefficient assets, dispose of Fengyuyan Company and Danxia Hot Spring assets.

3) Re-plan the Tianmenshan-Zijiang scenic spot, lay out the Longsheng Hot Spring Kangyang Town project, and strive to explore new directions for the development of scenic spot business.

In terms of outreach projects: Currently planning the “Mirror SHOW · Precise Lotus” featured cultural tourism project (expected to operate in 2020) and Nanning Xiangsi Lake project, and then gradually implement the Lijiang Eternal Love Project. The volume will grow and it will create new profits for the companygrowth point.

In response to the increase in costs, the decline in tickets and the exploration of new revenue growth: Considering the increase in labor costs, the decline in tourist flow at attractions, and the decline in ticket prices at attractions, the company’s EPS for 19-20 was reduced to 0.

17, 0.

24 yuan plus 21 years of EPS is 0.

27 yuan, corresponding P / E is 32, 23, 20 times, downgraded to “overweight” level.

Risk reminder: The impact of force majeure such as natural disasters on passenger flow, the growth of new projects is less than expected.

Nanjing-Shanghai Expressway (600377): Subsidiary operations with high-quality road products and high dividends highlight long-term allocation

Nanjing-Shanghai Expressway (600377): Subsidiary operations with high-quality road products and high dividends highlight long-term allocation value

Expressway investment and operation platform in Jiangsu Province. As a highway investment and operation platform based in Jiangsu Province, each company with high-quality road products has reached 16 road and bridge projects directly involved in operation and investment by the end of 2018. It has opened or owned access bridges.The mileage has exceeded 840 kilometers.

Among the many road products operated by the company, Shanghai-Nanjing Expressway is the core of the company. In addition, the company also holds all or part of Ningchang Expressway, Zhenying Expressway, Guangjing Expressway, and Xicheng Expressway.rights and interests.
In 2018, the average daily traffic volume of the company’s holding road products reached 35 in total.

110,000 vehicles, an increase of 10% in ten years. The average daily traffic volume of the core road-production Shanghai-Nanjing Expressway is 9.

50,000 vehicles, an increase of 4 per year.


In addition to the toll road business, the company also operates ancillary services (mainly oil sales, catering, retail and other related businesses in the six service areas along the Shanghai-Nanjing Expressway) and real estate advertising.

From the perspective of profit structure, the revenue of the toll road segment in 2018 reached 74.

600 million, accounting for 74.

8%, supporting services, real estate, advertising revenue accounted for 14 respectively.

5%, 10.

1%, 0.

At 6%, the gross profit margin of other toll road businesses reached 65.

0%, which is at a high level in the company’s major business sectors.

The increase in car ownership and the gradual commissioning of projects under construction and is expected to promote performance growth The road products operated by the company are located in Jiangsu Province, which is located in the Yangtze River Delta region, and its economic development is very active. In 2018, the province’s GDP reached 9.

26 trillion, ranking second in provinces and cities nationwide.

Driven by the rapid growth of the local economy, the demand for freight and residents’ travel in Jiangsu Province has been increasing. The number of cars in the region has also shown a steady growth in recent years.

From 2013 to 2018, the number of civilian cars in Jiangsu Province was 994.

40,000 vehicles gradually increased to 1783.

20,000 vehicles, with a compound annual growth rate of 12.

4%. In the future, through the further increase of automobile ownership in Jiangsu Province, the company’s existing road traffic will increase steadily.

In addition, the company currently has three roads under construction, namely the Wufeng Mountain Bridge, the Changyi Expressway Phase 北京桑拿洗浴保健 I and the Yichang Expressway. At the end of 2018, the three investment completion progress reached 53.

68%, 54.

14%, 35.

7%, and is expected to be put into production separately from 2020-2021.

Abundant cash flow + high dividends have long-term allocation value. For the first time, an overweight rating is given. Since the company’s highway industry is a heavy asset industry, depreciation accounts for a large proportion of its costs. Therefore, highways often have abundant cash flows.Due to the high proportion of dividends, the company’s net cash flow from operating activities in 2018 was 57.

2 ppm (ratio to net profit of 1.

3 times), up and down dividends 0.

46 yuan, 53% dividend payout ratio.

We believe that the restructuring of Jiangsu Province and the increase in car ownership and the construction of projects under construction will drive the company’s performance to grow steadily, and its dividends will continue to increase. We expect the company to achieve operating income of 107-2021 respectively.

2.6 billion, 115.

1 billion, 123.

9.6 billion, net profit attributable to mothers was 42.

1.9 billion, 44.

3.6 billion, 47.

09 million yuan, the corresponding EPS is 0.

85 yuan, 0.
90 yuan, 0.
95 yuan, the first coverage given an overweight rating.