9th Funding Plan-Net Inflow of Main Funds 3.9 Billion Dragon Tiger List Institutions Raise 6 Shares

9th Fund Scheduling: The main fund net inflow of 3.9 billion Longhu Ranking institutions grab 6 shares

[Funds plan chart on the 9th]Main net inflows of funds from the 3.9 billion Dragon Tiger Rankings to grab 6 shares Source: Securities Times Network September 9, the A-share market rose overall.

The final close, the Shanghai Composite Index closed at 3024.

7重庆耍耍网4 points, up 0.

84%, SZSE Component Index closed at 1,0001.

93 points, up 1.

82%, the GEM index closed at 1733.

23 points, up 2.


The total turnover of the two cities was 7,160.

46 trillion, an increase of 820 over the previous trading day.

5.3 billion.

  1 The two cities’ net inflows of funds throughout the day were 39.

1.9 billion today ‘s Shanghai and Shenzhen cities ‘main funds opened a net replacement of 81.

5.8 billion, a net inflow of 53 in late trading.

2.6 billion yuan, the net inflow of funds between the two cities throughout the day 39.

1.9 billion yuan.

  2 Shanghai and Shenzhen 300 today’s main fund net replacement 3.

700 million CSI 300 net replacement of main funds today.

700 million, GEM net inflow of 27.

6.8 billion yuan, with a net inflow of 21 small and medium-sized boards.

9.6 billion yuan.

Net inflow of Shanghai Stock Connect 16.

600 million yuan, Shenzhen Stock Connect net inflow of 19.

4.1 billion US dollars (here the China-Shanghai Stock Connect, Shenzhen Stock Connect net net amount is calculated on the basis of the amount used on the day, slightly different from the transaction net purchase amount, but the meaning is generally consistent).

  3 Net inflow of electronics industry 118.

Among the top 28 first-ranking industries of 1.2 million yuan, 14 industries achieved net capital inflows, of which the electronics industry had a net inflow of 118.

1.2 billion.

  4 The net inflow of margin financing concept is 186.

In terms of the top 8.8 billion concept blocks, funds from concept stocks such as margin financing, technology leader, FTSE Russell concept, and S & P Dow Jones showed net inflows, of which 186 were net inflows.

8.8 billion.

  5 The main capital inflow of BOE A12.

5.4 billion (Note: The main force of net inflow statistics in this table is different from the net purchase statistics of the institutions in the previous table and the next table).The data showed that the institution appeared 11 shares, of which 6 shares such as ZTE showed a net purchase of institutional funds, and 5 shares including East China Computer showed a net sale of institutional funds.

  7The top ten active stocks of Shanghai Stock Connect and Shenzhen Stock Connect today

Kouzijiao (603589) Third Quarterly Report Review: Q3 results remain flat, expect new product performance

Kouzijiao (603589) Third Quarterly Report Review: Q3 results remain flat, expect new product performance

The event company achieved revenue of 34 in the first three quarters.

66 trillion, ten years +8.

05%; realized net profit of return to mother 12.

96 trillion, ten years +13.


Among them, 19Q3 武汉夜网论坛 achieved income of 10.

470,000 yuan, at least -0.

15%; net profit attributable to mothers4.

10,000 yuan, at least -1.

80%, lower than market expectations.

Investment single-quarter results were flat or related to the pace of the company’s confirmation of repayments, but still reflected increased pressure.

The company’s 19Q3 revenue and performance growth were -0.

15% /-1.

8%, channel tracking shows that the company’s new product part confirmed in the fourth quarter.

However, there is no acute increase in pressure on operating budgets.

We have pointed out that the rapid economic growth has improved the demand for liquor, and the industry competition has intensified. Since the second half of 2017, Gujing and Kouzi have shown alternating performance growth. This year, this phenomenon is even more obvious, and Kouzi was basically flat in the third quarter.Or the impact of industry pressure.

According to the caliber disclosed by the company, high, medium and low-grade liquors increased by 7.

5%, 16.

98%, 21.

78%, of which high-end liquor is mainly from Zizi for five years and above. In terms of specific structure, Zizi has a rapid growth rate of 10 years and 20 years, but a small base has a weaker effect on the company’s performance.gentle.

By region, the company’s growth outside the province was 20.

63%, significantly faster than 5 in the province.

28%, expansion outside the province is expected to help companies break through the growth limit, but in the short term it is still icing on the cake.

In terms of financial indicators, advance receipts for the first three quarters were 5.

79 trillion, an increase of 65 million, a decrease of about 13 million compared to the same period last year; the cash inflow received in 19Q3 was 12.

01 ten percent.

49%, higher than the growth rate of income.

The rapid growth of costs drove down the gross profit margin, and the expense ratio was basically stable.

19Q3 company gross margin was 70.

41% (first quarter: 77.

83% / Q2: 73.

5%), at least -5.

15pct, because the company’s revenue growth in the third quarter was -0.

15% and cost growth is 14.

65%, the rapid rise in costs is related to the company’s middle- and low-end products growing faster than high-end.

19Q3 selling expenses expenses 5.

67% in the same period last year increased slightly by 0.
23pct, or related to the company’s new product launch; management costs 4.
66%, an increase of 0 compared with the same period last year.


In summary, the company’s net interest rate in the third quarter decreased by 0 compared with last year.

64pct is 38.

28% are still at a high level in the industry.

The company has a stable style and strong ability to resist risks.

The scale of Anhui liquor market is about 30 billion yuan, mainly for mid-range products. The mainstream products of Kouzijiao have been in the price band for 5 years and 6 years, and have a market share of about 30%. This is the first duopoly in the province., Has a deep foundation in the Anhui market.

Benefiting from the trend of consumption upgrade in the province, the company’s price band around 300 yuan has been occupied in advance. It has launched products for 10 years, 20 years, and other products. It has obvious first-mover advantages and enjoys the dividend of consumption upgrade for a long time. At the same time, the company’s new products in early summer andIf Zhong Qiu can successfully go public, it will be even more profitable.

In the long run, the company has provided sufficient incentives for the pure private enterprise system and has a strong anti-risk capability in the one-man manufacturer cooperation model.

Investment recommendations We expect the company’s EPS in 19-21 to be 3 respectively.

10 yuan, 3.

65 yuan, 4.

16 yuan, corresponding to PE, 17, 15, 13 times, maintaining the level of “prudent increase”.

Risk reminder: Macro economy is less than expected, excessive inventory, new product introduction is less than expected

Honglu Steel Structure (002541) in-depth report: New steel structure and other industries such as prefabricated construction are leading the production capacity of steel structure

Honglu Steel Structure (002541) in-depth report: New steel structure and other industries such as prefabricated construction are leading the production capacity of steel structure
Report summary: The company’s steel structure production capacity is leading the country, and its traditional business advantages continue to expand. The company focuses on high-end manufacturing of steel structures, and the company’s scale advantage is obvious.At present, it has R & D and manufacturing bases for large-scale assembled steel structures and intelligent parking equipment such as Hefei, Wuhan, Jinzhai, Chongqing, Guoyang, etc., covering an area of more than 2 million square meters, and has established ten major production bases radiating the country.In 2018, the production capacity reached 160 mm, and in 2019, it is expected that the production capacity will reach 220-250 mm, and the classified plate production capacity is 20 million square meters.If calculated based on the 6,400 steel structure output of the year in 2017, the company’s future production capacity will account for 3 of the national output.4% -3.9%, the company’s production capacity ranks in the forefront of the country, is one of China’s largest steel structure enterprise group.In addition, the company’s organizational structure has a simple front-end development, which effectively improves the response speed and reduces management costs.The size of the company’s employees has increased rapidly, and the per capita profit has picked up year by year. In 2018, the per capita profit was 3.The RMB 760,000 reflects the continuous strengthening of the company’s scale advantage. Actively promote business transformation, new businesses such as steel structure prefabricated construction. In the future, the company can actively promote business transformation. With a strong steel structure technical team and industry-leading assembly technology, the prefabricated general contracting business achieved substantial growth in 2018.It is believed that the country strongly supports prefabricated buildings, especially steel structures. The company will greatly benefit from favorable policies, and its future performance is expected to maintain rapid growth. In addition, the company actively deploys smart cities, and has independently developed a variety of domestic advanced intelligent garage products, with 40 patented technologies.The company has also implemented an intelligent project for steel structures, which has significantly improved production efficiency. The company also has an independent technical center, and currently has more than 800 technical backbones.The Technology Center has completed and gradually completed more than 300 research projects and more than 300 various patented technologies, and successfully completed various projects undertaken. Profits and orders have continued to grow, and R & D investment has increased. The future development of the company’s operating income in 2018 reached 78.A record high of 7.4 billion, an increase of 56 in ten years.46%, the company’s revenue has increased fivefold in the past ten years, with an average annual growth rate of 22.8%.Net profit attributable to mothers in 20184.1.6 billion, an annual increase of 98.6%, the absolute value and the previous growth rate both hit a record high.In 2018, the amount of new orders reached 118 million, a record high, an increase of 31% in one year, and a compound growth rate of 16% in the past six years, of which the growth rate in 2017 was 100%.The company has achieved leapfrog development of overall operating scale and profitability. After the company continues to expand its steel structure production capacity in 2019 and develop new businesses, the company’s future net profit growth attempts to maintain a reasonable high-speed range.The company’s gross sales margin in 2018 was 16.62%, basically unchanged from 2017.In 2018, the net profit margin of sales and the increase in asset turnover increased, and the company’s net asset income replaced 9.8%, up 4 from 2017.5 units.The company’s meaningful technological innovation has led to rapid growth in research and development expenses, which increased by 185 in 2018.80%, three fees rose steadily to highlight the results of management reform.The level of asset interest rate, the company’s ability to repay debts in a consolidated manner. It is estimated to be located in the historical horizontal contrast with the absolute low inside the plate, comparable to the company’s PE average of 32.88 times, while Honglu Steel PE is only 11.28 times, much lower than the average of comparable companies, and the average of PB of comparable companies is 1.93, 佛山桑拿网 while Honglu Steel’s PB is 1.07 is also the lowest value in the plate.Vertically, the company currently has a historical quantile of 5.14%, which is lower than 95% of the time in history.69% are at an absolute low in history.Honglu Steel is in the leading position in the steel structure sector, but it is estimated to be the lowest in the industry, so it has an acceptable room for return to repair in the future. Profit forecast and investment recommendations. We believe that in the future, the company will benefit from the development of prefabricated buildings and the increase in the proportion of steel structures. While maintaining the high-end steel structure manufacturing business, new businesses such as prefabricated steel structures will become the main growth driver, The company’s profit will maintain steady growth.The 杭州桑拿 company’s EPS for 2019-2021 is expected to be 1.02 yuan, 1.30 yuan, 1.58 yuan, corresponding PE is 8.89 times, 6.95 times, 5.71 times. Risks suggest that the prices of upstream raw materials will rise, and downstream demand will be affected by policies that are less than expected, and the company’s production capacity will fall short of expectations.

Seagull Living (002084): Proposed acquisition of champion building materials subsidiary complete sanitary development

Seagull Living (002084): Proposed acquisition of champion building materials subsidiary complete sanitary development

Event On December 24, Seagull Laborers issued the “Announcement on Signing Cooperation Agreement”.

  The company and Champion Building Materials extended the “Cooperation Intent Agreement” on December 23, 2019, intending to acquire no more than 60% equity of the wholly-owned subsidiary of Champion Building Materials.

The “Cooperation Intent Agreement” signed this time is a preliminary intent and is the basic consensus reached by the company and champion building materials on cooperation in ceramic tile production and operation. More specific formal agreements are required for specific matters.

  Our analysis and judgment business has been extended to the production and operation of ceramic tiles. The development of complete sanitary wares can be expected. The old building tile enterprise champion of this cooperation, which was established in November 1972, was listed in Taiwan, China in 1992, and is listed on the mainland.With Kunshan, Jiangsu as the national marketing center, professional green tile production bases have been established in Penglai, Shandong and Suzhou, Anhui.

The “Champion” brand is the innovation of champion building materials. Since 2018, it has been the “Top Ten Tile Brands” for the best home furnishing for two consecutive years, and has been selected as the “Top 500 Most Valuable Brands in China” by the World Lab for 11 consecutive years.

At the same time, Champion Building Materials is an important partner for many major customers of star projects, such as: Beijing Olympic Bird’s Nest, Water Cube, Shanghai Pudong International Airport, Shanghai Maglev Station, Taipei Railway Station, etc., and with internationally renowned chain brands KFC, McDonald’s, Starbucks,BMW, Cadillac, Hema Xiansheng, etc. have formed strategic cooperative relationships and become Vanke, Greenland, Poly, Wanda and other well-known real estate, hotels, luxury homes and other high-end decoration preferred brands.

With a good reputation and excellent quality, Champion Building Materials has been highly recognized in the market. Its products sell well in more than 70 countries and regions including the United States, Japan, Germany, France, Britain, South Korea, Australia, Africa, Southeast Asia and other regions.

  Haigu Shougong acquired 60% equity of Champion Building Materials’ subsidiary this time to expand ceramic tile production and operation.

At present, the complete assembly materials on the market are mainly divided into three types: SMC, color steel plate, and ceramic tile. In addition to the traditional SMC products, the company has realized the conversion of color steel plate products, and the tile products have also completed sample confirmation.

In the first three quarters of 2019, the company’s complete bathroom business achieved revenue1.

37 ppm, a 319-year increase.

77%; Realized revenue of 4347 in the quarter of 2019Q3.

270,000, an annual increase of 401.

97%, the whole bathroom business continued to grow rapidly.

If the first cooperation is officially reached, the company will expand its business to the production and operation of ceramic tiles through the integration of the industrial chain, and promote the continued development of the new business of complete bathrooms.

  Hardcover rooms are trending, and Seagull ‘s complete sanitary and bathroom layouts are beginning to bear fruit. The company currently owns two custom-made sanitary ware brands, “Youchao” and “Seagull Furunda”. In the first half of 2019, in order to expand the coverage of sanitary ware sales,Through the integration of key city marketing centers, six complete bathroom sales areas have been established in South China, East China, Central China, Southwest China, Beijing, and Northeast China; with a good brand image and excellent product quality, Seagull Furunda continues to become Longhu Real Estate and Yuexiu Real EstateAfter Vanke Real Estate’s SMC and color steel plate complete sanitary ware collection suppliers, it further expanded its market share to become Xuhui Leading Apartments, Excellence Group, China Resources Land and Shangkun Group.

  On July 25, 2019, Seagull Laborers completed the registration change of industrial and commercial increase of capital to Jaco Polo, directly holding Jaco Polo 67.

27% 南京桑拿论坛 equity.

Jaco Polo is a full-house custom home enterprise that integrates design, production, sales, installation and after-sales service, as well as all-in-one cabinets, wardrobes, etc., is Evergrande, Country Garden, Yuexiu, Poly, R & F and other national well-known real estate group companies hardcover room cabinet, Wardrobe, bath cabinet project supporting strategic partners; the addition of Jaco Polo, has enriched the company’s existing complete bathroom interior product categories, and laid the foundation for the company’s future expansion of the customized overall kitchen business.

  As one of the leading technology providers of interior package solutions for the complete bathroom industry, the company actively participates in the formulation of relevant industry standards. The standards currently participating in the formulation include “Assembled Moderate Toilets” and “Technical Specifications for the Application of Assembly Moderate Toilets.”

In addition, the “Assembly Integrated Bathroom Application Technical Standards” (JGJ / T467-2018), which was previously compiled by the company, has been officially released by the Ministry of Housing and Urban-Rural Development and implemented on May 1, 2019.

  The company continues to deepen its transformation and upgrading strategy, actively explores the domestic interior industrialized parts and services market, and vigorously develops domestic sales of customized private bathrooms, cabinets, smart homes and other private brands. The initial strategic layout of the bathrooms and other businesses has achieved initial results.

According to the company announcement, the company’s net profit attributable to its parent in 2019 is expected to be 10,841.

98 to 15,000.

330,000 yuan, an increase of 158 in ten years.

46% -257.


  Investment suggestion: Regardless of the transaction of the Cooperation Intent Agreement, we estimate that the net profit of Seagull Living will be 1 in 2019-2020.

29, 1.

5 billion yuan, an annual increase of 208.

02%, 16.

27%, corresponding to the current PE of 25.

4x, 21.

8 times.

The first coverage was given an “overweight” rating.

  Risk warning: The development of the whole bathroom is less than expected; the price of raw materials fluctuates greatly.

Satellite Petrochemical (002648): Profit growth rate in line with expectations

Satellite Petrochemical (002648): Profit growth rate in line with expectations

I. Overview of the incident The company released its semi-annual report and achieved operating income 杭州桑拿 of 516,007 in the first half of the year.

810,000 yuan, an increase of 18 in ten years.

39%; net profit attributable to shareholders of listed companies 55,671.

510,000 yuan, an increase of 70 in ten years.


Second, the analysis and judgment of profit growth in line with expectations, the release of new production capacity to ensure performance growth in the first quarter of the company is expected to return to the mother net profit growth in the first half of 65.

31% to 86.

74%, profit growth in line with expectations, profit is at the median notice.

In the first half of the year, an annual output of 45 second-stage units of acrylic acid dehydrogenation to propylene was inserted, and a second-stage unit with an annual output of 15 polypropylene and polypropylene was successfully put into operation. Increasing production capacity and release significantly improved performance.

At the same time, the average gross profit margin of the main products increased, and the company’s overall gross profit margin increased by an average of 6.

75 units.

The Lianyungang project progressed in an orderly manner, and refinancing progressed smoothly.
Lianyungang Petrochemical 320 Progress / Young Hydrocarbon Comprehensive Utilization and Processing Project has been implemented smoothly, and the work has been advanced in time.

The refinancing work is progressing smoothly. In the first half of the year, the company obtained approvals for the issuance of corporate bonds with a size of not more than US $ 2.8 billion; the plan for the non-public offering of shares to raise less than US $ 3 billion and the interbank financing plan of not more than US $ 3 billion have been approved by the company’s boardPassed, this financing plan helped the construction of Lianyungang project.

At the same time, the resumption of Sino-U.S. Trade negotiations is expected to have a positive effect on future raw material procurement.

The C3 industry chain is complete, production capacity continues to increase, and product price growth results are flexible. Large companies currently have a molecular weight of 90 on the C3 industry chain to replace (by-product 2).

6 methyl acrylate), polypropylene 45 acrylate, acrylate, acrylate and acrylate increase production capacity by 360,000 tons.

The strength of the company’s C3 industrial chain integration has strong anti-risk capabilities and high product price flexibility.

At the same time, the transformation of environmental protection across the country has become increasingly stringent, and industry concentration has inevitably increased, and the profitability of the top three companies in the industry has improved.

Third, the investment proposal is expected to the company in 2019?
The EPS in 2021 will be 1.

39 yuan, 1.

51 yuan, 2.

60 yuan, corresponding to PE is 10 times, 10 times, 6 times, the current industry average is estimated to be about 15 times, maintaining the “recommended” level.

4. Risk warning: The prices of major products will fall, and the storage schedule for new projects will be uncertain.

Weixing New Materials (002372): Q3’s income-end operating quality is still excellent

Weixing New Materials (002372): Q3’s income-end operating quality is still excellent

The incident described the company’s operating income for the first 3 quarters of 201931.

2 billion, a five-year growth of 5.

2%; Attributable net profit 6.

9.2 billion, a five-year growth of 5.


Equivalent to Q3 in a single quarter to achieve 杭州桑拿 operating income10.

1.5 billion, ten years ago 6.

1%; attributable net profit 2.

49 billion, the previous decade 7.


Event commentary Q3 single quarter revenue growth was negative.

The performance of Q3’s revenue growth was average. In terms of business, due to the weak demand of the overall industry and the increase in the proportion of hardcover houses, the retail business is expected to be under pressure. Under the company’s “structure adjustment, quality-oriented” keynote, the decrease in revenue may resultThe construction engineering business is expected to maintain the growth trend in the first half of the year; in terms of profitability, gross profit margin in Q3 declined and decreased by 1.

8 pct, reducing income and reducing the growth of booth cost; the replacement of product structure changes, the proportion of engineering business with a relatively high gross profit margin increased.

The rate drops by 0 every year.

27, of which sales, management fees increased by 0.

37, 0.

55 pct, financial rate decreased by 0 due to index increase.


Eventually achieved a net interest rate of 24.

55%, a decrease of 0 every year.


The quality of the reports is still excellent, reflecting the company’s operating philosophy.

The market is worried that the growth of the company’s retail sales will decline, and the increase in the engineering growth rate will affect the company’s operating quality. In fact, although the income side is under pressure, the company still maintains better report quality.

The first three quarters received a cash ratio of 1.

14. It remained at a better level. In the case of Q3 single-quarter revenue and performance changes, net operating cash flow3.

1.4 billion, better than the same period last year; the current company’s asset-liability ratio is 19.

1%, down 2 every year.


In addition, the accounts receivable remained stable, and the currency funds in hand were maximized.

Long-term optimistic about the company’s retail business.

The current rapid increase in the proportion of hardcover houses has indeed improved the industry’s retail demand, but the long-term view of the stock market will still replace it.

From the company’s perspective, the sinking of core channels in eastern China and the continuous development of central and western China rely on the core business model advantages. The current 10% city occupancy rate has increased the occupied space; new business waterproof coatings and water purification business and current pipe materialsThe channels are the same. After the channel resources are realized, the growth space will be further opened.

Optimistic about the company’s ability to adjust, look forward to rainbow after the storm.

At present, the 苏州夜网论坛 company’s operation is indeed under pressure. Historically, the company has also experienced excessively difficult times, but it has overcome short-term difficulties through strategic adjustments, such as 2008 and 2014.

The company’s attributable net profit for 2019 and 2020 is expected to be 10.

2 billion, 11.

600 million, corresponding to PE of 23.

6, 20.6 times.

Risk Warning: 1.

Real estate sales increased significantly; 2.

The price of raw materials rose sharply.

State Laojiao (000568): The Interim Report will create another double-billion mark in the near future

State Laojiao (000568): The Interim Report will create another double-billion mark in the near future

Investment Highlights Event: The company achieved revenue of 80 in the first half of 2019.

13 ppm, an increase of 24 in ten years.

81%, net profit attributable to mothers27.

500,000 yuan, an increase of 39 in ten years.

80%, basic profit income 1.

88 yuan, an annual increase of 39.


Performance exceeded expectations, Guojiao, special song two-wheel drive.

19Q2 company income and net profit growth rate was 26.

01% and 35.

98%, the performance exceeded market expectations, mainly due to the national cellar, the volume and price of special song rose, and the price increase of high-end wine driven profit growth.

In 2Q19, the company’s advance receipts reached 13.

9.2 billion, an increase of 8 from the previous month.

24%, an annual increase of 27.

24%, taking into account the advance income factor, the actual performance is better.

By product: 1) 19H1 premium 43 income.

13 ppm, an increase of 30 in ten years.

47%, gross margin increased by 0.

53pct, the company followed the price increase in the first half of the year, and the volume and price rose together to drive the continuous growth of Guojiao 1573.

2) Revenue from mid-range wines22.

24 ppm, an increase of 35 in ten years.

14%, gross margin increased by 5.

03pct. Among them, the growth rate of special song products is expected to be about 30% -40%, accounting for about 80% of mid-range wines. The old-fashioned special song is used as a channel product. It is expected that the price increase contribution will be more significant in the first half of the year.With this, the 60th edition of Special Songs continues to focus on group purchases and maintain rapid growth through word-of-mouth marketing. Preserved wines are still in the adjustment period, and the number of products is expected to increase. The products are mainly promoted for 60 and 90 years.

3) Low-grade alcohol income13.

840,000 yuan, an increase of 0 in ten years.

68%, gross margin increased by 6.

58pct, low-grade wine is also in the channel and organizational structure adjustment. We believe that price increases have hedged sales substitution, and it is expected to usher in improvement next year.

In terms of different markets, we expect that the growth rate of traditional dominant markets such as Southwest and North China will be relatively stable. The East China market will continue to perform 佛山桑拿网 well after the expansion, and the South China market needs further development.

Gross profit margin increased significantly, and profitability further improved.

The company’s gross profit margin was 80 in 19Q2.

30%, a substantial increase of 5 per year.

11pct, allowing further upward movement of product structure, the proportion of national cellars increased by 5 from the end of 18th.

06pct to 53.

91%, once contributed from the price increase of national cellars, time-honored products and other products; the cost was 25 during the period.

69%, an increase of one year.

53pct, of which selling expenses cost 21.

67%, an increase of 2 a year.

72pct, mainly because the company has increased the support for the terminal, pay more attention to the terminal cultivation work than before; the management cost is reduced.21%, down by 1 every year.

83pct, financial 成都桑拿网 expenses cost -1.

19%, a year up 0.

64 points; taxes and surcharges up to 14.

21%, an increase of 1 per year.

87pct, mainly due to the partial increase in the consumption tax levy after the product price increase; net interest rate was 31.

88%, increase by 1 every year.

57 points, profitability further improved.

2Q19 The company’s net cash flow from operating activities was 11.

$ 4.6 billion, a sharp increase previously, with outstanding cash flow performance.

The initial income growth is expected to be close to the planned upper limit, and the decisive victory of the old cellar will accelerate.

Laojiao, as the three companies with the most flexible mechanisms in high-end wines, has outstanding brand marketing capabilities. Its volume and price planning has always followed strategies, and its ability to resist risks and adjust is stronger, which will bring favorable foundation for long-term development.

From the initial point of view, 2019 is the year of the company’s 13th Five-Year Strategy’s three-year sprint period. The planned revenue will increase by 15% -25%. The company will definitely strive to achieve more than 20% growth. We think this goal is expected to be successfully achieved.: At least, according to the performance of existing channels, the national cellar stacking price has initially risen to more than 790 yuan, and there is still an upward trend. The enthusiasm for stocking in the Mid-Autumn Festival in Hunan and other places is higher, and the performance in the second quarter is better; further, the price of Maowu continued to riseThe transaction price of the Puwu terminal has exceeded 1,000 yuan, which provides enough space for the national cellar price to rise.

Taken together, we expect to achieve the expected revenue growth and accelerate the realization of the maximum plan. The profit performance will improve better under the drive of price increases and product structure upgrades. We continue to be optimistic that the company will achieve the two-wheel drive of the state reserve and special song.Performance growth.
Investment suggestion: Maintain “Buy” rating.

We adjust our profit forecast and expect the company’s operating income for 2019-2021 to be 161.



59 trillion, an increase of 23 in half a year.

71% / 18.

90% / 17.

47%; net profit is 18.



500,000 yuan, an increase of 34 in ten years.

91% / 24.

61% / 22.

27%, corresponding to 3 EPS.



89 yuan.

Risk warnings: San Gong’s consumption restrictions will increase; competition for high-end wine will increase; food quality accidents.

Suning Tesco (002024) released a comment: omni-channel & all-category expansion revenue continued high growth

Suning Tesco (002024) released a comment: omni-channel & all-category expansion revenue continued high growth
Initial revenue increased by 30.5%, high-growth cashing in on existing Suning Tesco’s results announcement, reaching 187.1 million GMV (yoy + 38).5%), operating income of 245.3 billion yuan (+30 compared with the same period last year).5%); net profit attributable to mother 133.200000000.1) The single-quarter scale growth in the fourth quarter of 18 was slightly higher.In the fourth quarter of 2018, the total GMV was 1022 trillion, a year-on-year increase of +31.4% (stepwise +38.5%).Online GMV single season yoy + 53.1% of which is self-operated / platform yoy + 60.4% / 37.8% (online platform business started to increase by 117% in 4Q17, a high base affects single-quarter growth); offline big stores gradually changed the same store growth2.4% (1-3Q18 progressively +4.8%), the growth rate is clearly stronger than the industry as a whole, but the growth in the fourth quarter alone has improved; 2) the low-end market is the growth focus.At the end 杭州桑拿 of 18, the number of stores increased by 7158 to 11064, of which the direct-to-operate stores + retail cloud stores located in the township market were up to 4,439. In addition, RT-Mart, Auchan and other hypermarkets opened supermarkets with 478 stores.Consumer electronics market. Operating profit has steadily improved, and investment income has resulted in an increase in net profit attributable to mothers.2 ‰, an increase of 216% in ten years, slightly over the original 127.9-132.100 million notice limit.Excluding Ali’s equity sale (108.100 million), logistics funds thickened (8.60,000 yuan), Huatai Securities equity accounting adjustment (5.700 million) and other one-time income, the net profit is about 10.800 million (including Wanda Business Management & Shangtang Technology Investment Income).We believe that Suning has the 武汉夜网论坛 ability to balance offline profitability with online & small stores and transformation changes. It is expected that the company as a whole will maintain operating profitability in 1919, prioritize rapid growth in scale and further capture market share (according to(Day) It is announced that the shareholding ratio of Suning Store in 19 will replace 35%). Industry-leading stability and focus on growth premium Suning Tesco is one of the largest weighting stocks in the retail industry and is one of the few companies that are still expanding rapidly. It is recommended to pay attention to the company’s growth premium.Based on the performance report, adjust the 18-20 year revenue forecast to 2453.1/3025.3/3639.600 million, net profit attributable to mother 133.2/171.2/50.700 million, including a net profit increase of 122 including Ali equity in 18 years.400 million in 19 years, including Suning Financial Services stock appreciation 161.30,000 yuan (announced on December 29, 18).The retail business is assessed using PS, giving consideration to peers and future net profit expectations, giving 0 for 19 years.45XPS, corresponding to 1361 megabytes.The combined equity value of Suning Financial Services has a reasonable total market value of 1,523 trillion, equivalent to 16.36 yuan / share.Maintain “Buy” rating. Risk reminders: Macroeconomic downturn, real estate expansion, and growth in consumer demand for terminal appliances; increased market competition; diversified development tests the company’s operating ability; rapid expansion or affect the company’s short-term performance

Yunda shares (002120): business growth led the industry’s single ticket revenue declined

Yunda shares (002120): business growth led the industry’s single ticket revenue declined
Event: The company announced its semi-annual report for 2019 and achieved operating income of 155 in the first half of the year.540,000 yuan, an increase of 163 in ten years.51%; net profit attributable to mother 12.96 ppm, an increase of 29 in ten years.60%; net profit of non-attributed mothers is 11.870,000 yuan, an increase of 27 in ten years.46%.Q2 achieved operating income of 88.6.9 billion yuan, an annual increase of 173.23%; net profit attributable to mother 7.29 ppm, an increase of 22 in ten years.11%; net profit of non-attributed mothers 6.870,000 yuan, an increase of 20 in ten years.74%. The business volume maintained high growth in the first half of the year, and the market share increased.The company completed business volume 43 in the first half of the year.3.4 billion pieces, an increase of 44 per year.71%, 19pcs higher than the industry average growth rate; of which Q1 completed business volume of 17.8.4 billion pieces, Q2 completed business volume of 25.500 million pieces.Report information, the company’s market share increased by 2.06pct reached 15.62%. The adjustment of the income caliber led to an increase in revenue and revenue. Under a comparable caliber, the single-ticket income fell.In the reporting year, the company adjusted its income caliber and included fee income as income (69 in the first half of the year).18 ppm), leading to a substantial increase in revenue by 163.51%, single ticket income 3.30 yuan.Excluding the impact of the fee income on the table, it is assumed that the single ticket delivery fee is 1.60 yuan, the first half of the single-courier express business income of about 1.70 yuan, compared with the same period last year 1.74 yuan / ticket had previously fallen by 2.3%; of which, the single ticket single income is 0.73 yuan (+0.04 yuan), single ticket transfer income 0.96 yuan (-0.08 yuan). The gross profit per ticket decreased, and the company continued to optimize cost management.Under the combined caliber, the single ticket cost is 2.83 yuan, an annual increase of 134.63%; single ticket 重庆耍耍网 gross margin is 0.46 yuan, down 12 every year.68%.In the first half of the year, operating costs increased by 239.57%, much higher than 174.24% express delivery service revenue growth rate, gross profit margin decreased by 16.52% to 14.12%.The company insists on implementing and continuously deepening its “cost-leading” competition strategy based on technological innovation and refined management-based on the management and control of the full-cycle operating costs of the express delivery, the company gradually increases the potential for sorting and transportation, and increases the proportion of tractorsAnd the loading rate reduce the marginal cost of a single ticket, reduce the transportation cost through the in-transit loading system, reduce the sorting cost through automatic sorting, and continuously reduce the transit distance. 武汉夜网论坛 Investment suggestion: The company’s business growth continues to lead the industry, cost control continues to develop, service quality and quality are high, and the main business of express delivery has obvious advantages. Considering that the express business will no longer be consolidated in the second half of the year, the company’s 2019/2020/2021 EPS is expected1.21/1.47/1.76 yuan, PE is 30.23x, 25.05x, 20.84x, maintain “Buy” rating. Risk Warning: E-commerce growth is rapidly expanding, price wars in the express delivery industry, and labor costs are rising

Chenguang Stationery (603899): Annual Report Fu is expected to acquire Anshuo Pencil for internal and external synergy and continue to recommend

Chenguang Stationery (603899): Annual Report Fu is expected to acquire Anshuo Pencil for internal and external synergy and continue to recommend

On the evening of March 25, Chenguang Stationery released its 2018 annual report.

  In 2018, the company realized operating income of 85.

35 ppm, an increase of 34 in ten years.

26%; Net profit attributable to shareholders of listed companies.

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

25%; net profit attributable to shareholders of the listed company after deduction.

49 ppm, an increase of 37 in ten years.


  By quarter, the company’s 2018Q1 / Q2 / Q3 / Q4 revenue was 18 respectively.




11 ‰, an increase of 30 in ten years.

25% / 41.

81% / 36.

86% / 29.

36%; net profit attributable to mothers is 2.




82 ppm, an increase of 23 in ten years.

22% / 38.

24% / 24.

02% / 27.


  The company also announced at the same time that it intends to use 1.

U.S. $ 9.3 billion in own funds acquired 56% of Shanghai Anshuo’s equity. After the acquisition, Shanghai Anshuo will become the company’s controlling subsidiary.

  Our analysis and judgment1. The traditional business has grown steadily and new businesses have continued to develop strength. In 2018, the company focused on “structuring and promoting growth”, focused on and deepened the terminal, comprehensively promoted four race tracks, continued to expand office direct sales, and accelerated developmentLarge retail stores, online sales continue to improve, product research and development is innovated, internal management is constantly optimized, channel upgrades, product upgrades, brand upgrades are multi-pronged, and business performance has grown steadily.

  In terms of products: (1) Writing instruments realized operating income19.

46 ppm, a ten-year increase of 8.

82%, of which sales volume and sales unit price increased by 3 respectively.

64% and 5.

00%; gross margin is 34.

83%, an increase of 0 over the same period last year.

48 points; (2) Student stationery realized operating income of 18.

580,000 yuan, an increase of 13 in ten years.

79%, of which sales volume and unit price increased by 5 respectively.

92% and 7.43%; gross margin is 33.

50%, an increase of 1 over the same period last year.

89 points; (3) Office stationery realized operating income of 46.

1.3 billion, an increase of 62 in ten years.

82%, of which sales volume and unit price increased by 28 respectively.

24% and 26.

97%; gross margin is 18.

97%, an increase of 0 over the same period last year.

09 points.

  In terms of business: (1) Traditional core business: We estimate that the company’s traditional business realized operating income of approximately US $ 5.6 billion in 2018, an increase of approximately 16% per year compared with 2016.

  (2) Chenguang Klip: Continue to maintain rapid growth and achieve operating income of 25 in 2018.

86 ‰, an increase of 106% in ten years, and realized a net profit of about 30 million yuan.

  (3) Chenguang Living Museum / Jiumu Miscellaneous Agency: operating income in 20183.

0.6 million yuan, an increase of 49 in ten years.

15%, the report continued to reduce losses.

  2. Traditional businesses continue to develop channels, channels and products. The company continues to focus on key terminals, promotes the improvement of single store quality, the upgrade of franchise stores and the optimization and upgrade of distribution centers, promotes the creation of boutique cultural and creative zones, office zones, children’s art zones, and enhances businessCircle share and expand market share.

As of the end of 2018, the company’s retail terminals exceeded 7.

60,000, a net increase of more than 1,000 in 2017.

  According to the announcement, the company plans to take 1.

US $ 93.2 billion in its own funds to acquire 56% of Ashuo Stationery (Shanghai) Co., Ltd.

Shanghai Anshuo still has complementary competitive advantages in the wood pencil industry, with strong technical research and development capabilities. The MARCO brand it owns has a high brand awareness in the wood pencil industry, and it has abundant technical reserves in color lead and color.The product covers children, masses to professional lines.

After the acquisition of Shanghai Anshuo, Chenguangwen has the hope to achieve synergy in research and development, products and channels.

The target company, Shanghai Anshuo, has an overall estimate of 3.

4.5 billion, the consideration for the acquisition of 56% of the equity is 1.

932 million, corresponding to a PB of 1, which is reasonable.

  3. Klipp maintained rapid growth, and major customer development continued to advance Klipp’s revenue in 201825.

8.6 billion, an increase of 106.


The company continued to strengthen major bidding projects and major customer development. In 18 years, it was shortlisted for government customers such as the central government procurement e-commerce platform, the State Administration of Taxation office supplies e-commerce platform, and the Shenzhen government e-commerce platform., Financial enterprise projects.

In addition, the company invested five central warehouses in five major regions across the country and set up new branches in Wuhan, Guangzhou, and Chengdu to improve customer service experience.

  4. Comprehensive development of living hall and Jiumu Sundries Club, continuous exploration of large retail stores. The company actively builds the goods and service model of boutique cultural and creative stores, comprehensively develops Jiumu Sundries Club, and constantly optimizes the Chenguang Living Hall to provide scene-basedProduct solutions.

Income from Living Hall / Jiumu in 20183.

0.6 million yuan, an increase of 49 in ten years.

15%, report significant and significant loss reduction.

 北京夜网 With regard to the Chenguang Living Museum, the company will continue to upgrade the store image, optimize the product portfolio and scene display, and improve the quality of single store operations.

  In terms of Jiumu Sundries, the company will speed up the channel layout, strengthen the operation team construction, strengthen original development, and achieve dual upgrade of channels and products.

Beginning in the third quarter of 2018, the franchise has expanded and expanded from Jiangsu, Zhejiang and Shanghai to the whole country. At present, Jiumu Sundry Club has settled in 32 cities.

At the same time, the company continuously improves and adjusts its product categories, gradually forming the influence of the company’s products. By meeting the consumer demand for cultural and creative products brought about by consumption upgrades, the company further expands its market share in boutique cultural and creative industries and promotes the company’s brand upgrade.

  5. The product structure upgrade continued to drive up the gross profit margin. In terms of profitability, the company’s comprehensive gross profit margin in 2018 was 25 in terms of profitability due to the continuous payment of selling expenses.

83%, rising by 0 every year.A score of 10 was mainly due to the upgrade of traditional business products and improvement of Klipp’s profitability.

Net sales margin was 9.

46%, a decrease of 0 every year.

41 points.

By quarter, 2018Q1 / Q2 / Q3 / Q4 company sales gross profit margin was 27.

19% / 24.

11% / 25.

22% / 26.

78%, net sales margin was 10 respectively.

86% / 9.

01% / 10.

94% / 7.

34%, reporting performance The company’s profitability remained basically stable.

  In terms of period expenses, the company’s selling expenses in 2018 were 9.

25%, an increase of 0 over the same period last year.

28pct, mainly due to the company’s increase in labor salary and labor services, housing rents, business promotion and channel construction costs.

Management expense accounting 5.

79%, a decrease of 0 compared with the same period last year.

24pct; financial costs are -0.

80 ppm, an increase of 182 in ten years.

81%, mainly due to exchange rate fluctuations and increased exchange gains and interest income.

  6. Investment suggestion: The two wings of the company are advancing steadily. We expect the company’s total operating income to be 111 in 2019 and 2020 respectively.


6.7 billion, an increase of 30 each year.

23%, 25.

66%; net profit attributable to mothers is 10 respectively.

09, 12.

4.6 billion, an increase of 25 each year.

03%, 23.

48%, corresponding to the latest PE of 31.

7x, 25.

7x, maintain “Buy” rating.