State-owned enterprises mixed reform and increase: power, oil, gas, civil aviation and other industries will continue to make efforts

State-owned enterprises mixed reform and increase: power, oil, gas, civil aviation and other industries will continue to make efforts

State-owned enterprises’ mixed reform and overweight in the oil and other industries will continue to make efforts.Continue to promote mixed ownership reform.

Experts believe that state-owned enterprises in basic industries such as power, oil, natural gas, and civil aviation will continue to make mixed efforts.

  Yesterday, Liu Zhe, deputy director of the Weber New Economic Research Institute, said in an interview with the Securities Daily that the mixed ownership reform in 2019 will reflect three major characteristics: First, the scope will be wider.

The mixed reform of monopoly industries such as power, oil and gas, and military industry is still the focus of reform in the next stage; the second is a deeper level.

The benchmark for mixed reform is not simply a change in the composition of shares. In the future, more attention must be paid to the efficiency of the capital operation. After the mixed reform, the incentive mechanism of the company will be improved, and the operating efficiency and competitiveness will be improved.

By establishing an open and transparent state-owned enterprise mixed reform evaluation and trading mechanism, and improving the regulatory system, based on the principle of maintaining and increasing the value of conventional capital, and in accordance with the principles of marketization and rule of law, a win-win situation for state capital and private capital is achieved.

  Huang Zhilong, director of the Macroeconomic Research Center of Suning Financial Research Institute, said in an interview with the Securities Daily that the main directions or areas of mixed ownership reform in 2019 are the following three aspects: First, in terms of the type of state-owned enterprises, the main industry is in full competitionCommercial state-owned enterprises will become an important area for mixed reform this year; the second is that state-owned enterprises in the basic industries such as power, oil, natural gas, and civil aviation will continue to make mixed reforms; the third is that at the enterprise level, subsidiaries of state-owned enterprisesThe depth of mixed reform will advance in an orderly manner.

  ”It is undeniable that after four batches of mixed reform pilots and joint-stock reforms, most state-owned enterprises have achieved a mix of capital and shareholding structure and decentralization, but the corporate governance structure and operation management mechanism of state-owned enterprises have not changed fundamentally.

Huang Zhilong believes that the future focus of mixed reforms should be on overall planning and taking into account the leadership of the board of directors, market-oriented selection of operating managers, implementation of differentiated reform of corporate salary distribution, and employee shareholding, so as to promote the systematization and integrity of the reform.
At the same time, it is also necessary to accelerate the establishment of a 重庆耍耍网 medium- and long-term incentive and restraint mechanism that meets the requirements of a socialist market economy, to stimulate the endogenous motivation of the enterprise and enhance the competitiveness of the enterprise. This is the direction of the mixed reform from quantity to quality.

The market is here, and 7 have attracted more than 100 million yuan!Brokers and technology theme ETFs attract gold

The market is here, and 7 have attracted more than 100 million yuan!Brokers and technology theme ETFs attract gold
The market is here. Brokers and technology-themed ETFs buy gold. Source: wind Hong Kong Wonder News Agency reported that on January 13, the Shanghai Composite Index closed up 0.75% reported 3115.57 points, a new high since 8 months.From the perspective of large capital flows, brokerage firms and technology-themed ETFs have been sought after.  Wind data shows that on January 13, 7 stock ETFs attracted more than 100 million yuan.Among them, Cathay Securities ETF share increased by 6.4.9 billion copies, the unit’s net worth on the day 1.05 yuan to get 6 with this prediction.The net inflow of US $ 8.2 billion was a new high since its establishment, and its scale rose to 159.400 million US dollars, once again set a historical record; Huabao China Securities All-Share Securities ETF also won 2.Net inflow of 6.7 billion funds.  In addition, Huabao CSI Leading Technology ETF, E Fund GEM ETF, Cathay Pacific CES Semiconductor ETF, Huaan GEM 50 ETF, and Huaxia GEM Low-Wave Blue Chip ETF respectively received 2.2.2 billion yuan, 1.9.4 billion yuan, 1.6.9 billion yuan, 1.2.3 billion and 1.A net inflow of 5.0 billion funds.  The agency believes that the securities and technology sectors are expected to become 无锡夜网 the main line of this year’s market.China Merchants Securities Zhang Xia believes that in 2020, residents’ funds are expected to accelerate into the city to boost the market, and the industry’s thinking focuses on technology and securities firms.  Anxin Securities said that the current estimate of the securities firm on the right still does not fully reflect the value, and the allocation of securities firm shares is equivalent to the allocation of “capital market reform dividends” and “bulk up” bullish spending.  Guoxin Securities Yanxiang said that the inflection point of the technology sector’s earnings upward cycle may have appeared, and it is expected that 2020 will have the most flexibility.

Zhaoyan New Drug (603127) Company dynamic comment: Interim report performance exceeded expected orders and a large number of new production capacity support continued high growth

Zhaoyan New Drug (603127) Company dynamic comment: Interim report performance exceeded expected orders and a large number of new production capacity support continued high growth

Event: On August 12, the company released its semi-annual report for 2019 to achieve revenue 2.

10,000 yuan, an increase of 48 in ten years.

65%, net profit attributable to mothers was 4,013.

630,000 yuan, an increase of 78 in ten years.

86%, net profit after deduction is 2,863.

320,000 yuan, an increase of 87 in ten years.

21%, basic profit income is 0.

25 yuan.

The performance continued to grow rapidly, and the overall cost was well controlled.

The company achieved revenue in the first half of 20192.

10,000 yuan, an increase of 48 in ten years.

65%, net profit attributable to mothers was 4,013.

630,000 yuan, an increase of 78 in ten years.

86% in the second quarter of the single quarter achieved revenue1.

26 ppm, an increase of 51 in ten years.

45%, net profit attributable to mothers was 2,809.

660,000 yuan, an increase of 105 in ten years.

55%, continued high growth performance, exceeding market expectations.

Comprehensive gross profit margin of 50.

90%, a decrease of 0 every year.

42 single, mainly because the clinical CRO and pharmacovigilance business is still in the replenishment period to achieve profitability; net profit margin 19.

86%, an increase of 3 per year.

25 units, the effect of scale gradually emerged.

In terms of expenses, the selling expense ratio is 2.

49%, an annual increase of 0.

The four single ones are mainly due to the increase in labor budget (+ 161%), and the management expense rate is 27.

99%, a decline of 5 per year.

The 62 single ones were mainly due to the limited increase in management expenses under the increase in revenue and the overall period expense ratio was 29.

99%, down 4 each year.

52 in total, the proportion of R & D expenses to revenue was 7.

95%, rising by 0 every year.

12 units, the cost is well controlled overall.

The core business has sufficient orders in hand, the launch of new production capacity has contributed to the growth of performance, and the overseas business layout has accelerated.

The company is a leader in the field of preclinical safety evaluation in China. It has the most complete GLP certification in the market. It has established a professional service team of nearly 1,000 people and has extensive industry experience.

In the first half of 2019, both the number of completed topics and the number of topics in research achieved a breakthrough increase over the same period of the previous year, and the amount of extended contracts increased by approximately 21% compared with the same period in 2018. The company’s accounts received in advance4 continued at the end of the reporting period.

08 million yuan, an increase of 23 in ten years.

56%, about 100,000 yuan in orders, an increase of 17.
6%, sufficient orders in hand, and strong 深圳spa会所 certainty of future performance growth.
Renovation of Beijing Zhaoyan Small Animal House and Suzhou Zhaoyan Animal House. Buildings 3 and 7 will be replaced in the first half of 2019. At the same time, the total area of the animal house will exceed 11,000 square meters, which will effectively alleviate the company’s capacity consumption and service throughput.With the further increase of capacity, the functional laboratory under renovation is expected to be put into use in September, and the repeated isotope laboratory is expected to be used for 12 months. The planning and design of the Guangxi Wuzhou Experimental Animal Base has been completed and construction started in April 2019.The Yan project is expected to start in October 2019, and the successive launch of new production capacity will strongly support the company’s future performance.

In addition, the company accelerated the implementation of its internationalization strategy. In May 2019, the company acquired Biomere, one of the top three preclinical CRO companies in the New England region of the United States, with cash to further improve the company’s market layout in the United States and obtain its quality customer resources.年 年下半年将完成股权交割,若实现并表将一定程度增厚公司业绩。
The new business is progressing smoothly and is expected to become a new profit growth point for the company.

In July 2018, Zhaoyan Mingxun, a holding subsidiary, was established to develop pharmacovigilance services. Zhaoyanxun automatically developed a one-stop pharmacovigilance management platform, iPVMAP, and has been working with enterprises of different sizes, including central enterprises, joint ventures, and research and development since its establishment one year ago.Enterprises, listed companies, etc. have established pharmacovigilance partnerships, and the scope of services covers drugs, medical devices, vaccines, etc., further supplementing and extending Zhaoyan’s new drug service system.

In August 2018, Zhaoyan Pharmaceutical, a wholly-owned subsidiary, was established to develop clinical CRO business. At present, it has signed contracts with hospitals at the city level and above. At the same time, it has jointly established early drug clinical centers. As of the first half of 2019, there are 2 clinical phase I research centersThe hardware, personnel team and quality system have been completed. It is expected that the business can be formally undertaken before the end of the year.

The pharmacovigilance and clinical CRO business is progressing smoothly, and it is expected to begin to formally contribute profits in 2020, becoming a new growth point for the company’s performance.

Investment suggestion: As a domestic high-quality pre-clinical safety evaluation agency, the company has obvious advantages in terms of facility scale, industry qualifications, business experience, and customer resources. There are too many orders in hand and new production capacity has been successively launched to provide rapid performance growth.Accelerate overseas business layout through outbound mergers and acquisitions.

The pharmacovigilance and clinical services business is progressing smoothly and is expected to become the company’s new profit growth point.

We predict that the company’s EPS for 2019-2021 will be 0.



01 yuan, corresponding to the price-earnings ratio of 55X, 39X, 27X, maintaining the “recommended” level.

Risk reminders: risks of changes in pharmaceutical policies; increased competition risks; market development is not up to expectations; construction in progress is not up to expectations.

Zhongnan Construction (000961) Quarterly Report Comment: Expected Rapid Growth and Expansion of Further Expansion

Zhongnan Construction (000961) Quarterly Report Comment: Expected Rapid Growth and Expansion of Further Expansion

Core Views The third quarterly report on October 28 shows that the company’s operating income for the first three quarters was 409.

600 million, +36 in ten years.

5%; net profit to mother 22.

6 trillion, +78 a year.

7%; EPS0.

61 yuan.

Among them, net profit attributable to mothers was achieved in the third quarter9.

5.2 billion, previously + 180%.

The performance was close to the upper limit of the forecast, and the rhythm of performance release gradually accelerated, in line with expectations.

Taking into account the high proportion of carry-over in the fourth quarter results, it still maintains EPS 1 in 2019-2021.

08, 1.

90, 2.

46 yuan profit forecast, maintain “Buy” rating.

The performance has grown rapidly, and sales have steadily increased to 18-20 million yuan in the first three quarters of growth. The core lies in: 1) the proportion of consolidated internal settlement equity has increased, and the proportion of minority shareholders has decreased by 3% from 18% in the same period last year;) The settlement volume of non-consolidated caliber projects increased significantly, and the investment income reached 3.

7.4 billion, previously + 356%.

Reported total real estate settlement amount 284.

600 million, +28 a year.

6%, gross profit margin of real estate business 23.

5%, rising by 0 every year.


At the end of the reporting period, the company’s unsold amount under the consolidated statement amounted to 1,278.

800 million, equivalent to 310% of 18 years of revenue, laying the foundation for future performance growth.

From January to September 2019, the company’s land business achieved sales of 130 billion U.S. dollars, an annual increase of + 27%. The sales growth rate is higher than the industry average. Since September, the sales enthusiasm has continued and the delivery scale has accelerated. We believe that the company’s scale sales will reach 1800-2000 trillion progress steadily.

The intensity of investment in land acquisition has not diminished, and the focus on core urban agglomeration strategies and the main residential industry continues. According to the three quarterly report, the company’s new investment amount from January to September was 415.

900 million, +42 a year.

6%; investment intensity (land acquisition amount / sales amount) increased by 4 percentage points to 32%; investment intensity is not reduced, continue to focus on the core city group strategy, layout optimization continues to accelerate the realization of high-quality resources.

At present, the company’s construction area under construction totals 47.55 million square meters. Based on the average sales price and the unsold stacks on the consolidated table, it is currently available for sale at about 30 million square meters.

At the same time, the company transferred the Suzhou South-South Center project to Zhongnan Holdings to further focus on the main residential business, and it is expected to thicken the company2.

Investment income of 460,000 yuan.

15.On the basis of the end of last year, it dropped further by 15.

9pct to 175.

At the same time, the debt structure has also been optimized. The proportion of short-term debt has been replaced by 31% at the end of last year.

21%, cash coverage multiples from 1 at the end of last year.

13 rose to 1.

59 times.

On September 27, it was approved to issue 2.7 billion corporate bonds. Since the second quarter, the financing environment has continued to be high. The company’s initiative to improve its leverage and rapid payment recovery have created better conditions for future sustainable development.

Equity incentives are overweight, scale expansion, and “Buy” rating maintained. Following July last year, the company plans to grant a total share capital of 3 to 486 people in May 2019.
73% of budget incentives are advanced in depth around middle management.
The company’s short-term and medium-term focus is on high-speed sales growth, steady increase in land acquisition, steady decline in debt ratio, and abundant stock settlement resources to drive high performance growth. The long-term focus is on professional managers to improve corporate governance and high standard fair incentives to promote management dividends.

The EPS for 2019-2021 is maintained at 1.

08, 1.

90, 2.

46 yuan profit forecast.

Refer to comparable companies for June 2019.

With a 9x PE estimate, the company is in a period of rapid expansion. We believe that a 重庆耍耍网 reasonable PE in 2019 is 10-11x and the target price is 10.


88 yuan, maintain “Buy” rating.

Risk warning: sales growth budget risk; tighter financing, capital deposits increase the pressure on the capital chain.

Zhengbang Technology (002157) Commentary on Major Issues: Equity Incentive Pigs Go High

Zhengbang Technology (002157) Commentary on Major Issues: Equity Incentive Pigs Go High

Matters: The company released the 2019 Stock Expansion Plan (draft).

Comment: The growth target of equity-inspired pigs is high, and the annual growth rate in 2020 and 2021 will be no less than 60% and 120%, respectively.

The incentive plan intends to award 58 million shares of shares, accounting for 2 of the company’s total share capital.

36%, of which, for the first time, 52.63 million shares were awarded, each for 537 shares; incentives include directors, executives, middle management and core technology, business personnel, and the price was granted for the first time.

56 yuan.

The performance evaluation target of the awarded stocks: Based on the hog sales volume in 2019, the hog sales growth in 2020 and 2021 will not be less than 60% and 120%, respectively.

According to the company’s announcement, the number of pigs to be slaughtered in 2019 is 5.5-6 million heads, that is, the growth rate of no less than 60% in 2020 should be 8.8-9.6 million heads of slaughter pigs, and the growth rate of no less than 120% in 2021 will be a feasible year.The pigs were sold at 1210-13.2 million heads.

Against the backdrop of repeated epidemics, the company’s equity incentives set high hog listing targets, and its confidence in growing and strengthening its hog breeding business has been highlighted.

The company received a large amount of credit from the controlling shareholder, and the determination to strengthen and expand the pig breeding business was highlighted.深圳桑拿网

The board of directors approved the reform today, and the company can make temporary expenditures of no more than 5 billion U.S. dollars to the shareholder’s controlling shareholder, Zhengbang Group, with a term of one year, gradually borrowing control according to the actual operating conditions of the company, and increasing the interest rate as the benchmark interest rate for bank loans.

The non-plague situation that broke out in August 2018 slowed down the company’s expansion. Since 2019, the company has set an increase of nearly $ 1 billion to major shareholders, intends to issue no more than 1.6 billion convertible bonds, and transfer non-core assets to major shareholders. Zhengbang GroupThis large-scale credit grant once again demonstrates the determination of the major shareholders to strengthen and expand the pig 北京夜网 breeding business.

Breeder assets have exploded, and biosafety prevention and control has been upgraded.

① Sufficient breeding pig resources.

The company owns GGP. The total number of GP breeding pigs is about 150,000. At the end of September this year, the company had 65 sows.

30,000, of which 35 can breed sows.

20,000 heads, 30 reserve sows.

10,000 heads, sow inventory at the end of 2019 will reach 1.2 million heads, and by 2020, pigs will be expected to reach 11-13 million heads.

② Comprehensive improvement of biosafety prevention and control.

Biosecurity prevention and control of pig farms is a key factor affecting the survival of pig farms. The company comprehensively reviews the self-built feed mills, self-built pig farms, and cooperative farmer pig farms in terms of software and hardware investment in biosafety control.Improve pig farm biosecurity prevention and control.

Since October, the company has fully combed and adjusted the SOP, and the results have been immediate. In the grassroots process, we learned that the company’s live pig listing rate has reached 90%, and its biosafety prevention and control capabilities have reached a new level.

Earnings forecasts, estimates and investment ratings.

This round of non-plague situation causes severe damage to the ancestors and binary breeders every year. It takes 28 months to grow from the great ancestral breeder to the binary breeder. The recovery of production capacity will be a long process.

At present, the efficiency of ternary seed retention in the market has decreased by more than 60%, the parity is only 1-2, and the non-plague epidemic has been repeated, and the prosperity of the pig breeding industry has continued.

In November of this year, the weight of the fattening pigs of the company’s fattening pigs rose sharply to 115.

28 kg, the non-blast prevention and control from the side reflection has achieved good results, the company’s operating turning point has now been reached.

The company’s equity incentive plan (budget) set a higher growth target for pigs on the market, and obtained a large amount of credit from shareholders. The major shareholders’ confidence and determination to strengthen and expand the company’s pig breeding business are highlighted.

We maintain an estimated 5.7 million pigs, 12 million pigs, and 15 million pigs in the company’s slaughtering population in 2019-2021, corresponding to a revenue of 224.

600 million, 497.

200 million, 568.

90,000 yuan, net profit attributable to mother 24.

100 million, 184.

600 million, 194.

900 million, an increase of 1145 each year.

2%, 666.

3%, 5.

6%, corresponding to EPS0.

99 yuan, 7.

55 yuan, 7.97 yuan.

The hog sector is more than 10 times PE at a profit high. We give the company 5 times PE in 2020 and maintain a target price of 37.

75 yuan, to maintain the “strong push” level.

Risk warning: pig price rises less than expected; blight.

BYD (002594): New Energy Vehicle Market Share Increases and Continues Development of New Energy Commercial Vehicle Business

BYD (002594): New Energy Vehicle Market Share Increases and Continues Development of New Energy Commercial Vehicle Business

The core view performance is in line with expectations.

Operating income for the first half of the year was 621.

84 ppm, an increase of 14 years.

8%, net profit attributable to mother 14.

5 ppm, an increase of 203 in ten years.

6%, net profit of non-attributed mother 7.

400 million, an annual increase of 210.

0%, EPS is 0.

49 yuan.

The higher net profit growth was mainly due to the increase in gross profit margin and the decrease in period expenses.

The company expects that net profit attributable to mothers will increase year by year in the first three quarters of 20191.

8% to 14.


Affected by the subsidy decline, the gross profit margin decreased in the second quarter from the previous quarter, and the cost control was strengthened during the period.

The gross profit margin for the first half of the year was 17.

1%, increase by 1 every year.

Two averages, gross margin of 15 in the second quarter.

3%, down 3 from the previous month.

7 averages, which are expected to be mainly affected by subsidy subsidence.

Period expenses13.

4%, a decrease of 1 per year.

1 unit.

Net cash flow from operating activities -20.

6 trillion, compared with -14 in the same period last year.

The net profit increased by US $ 600 million, mainly due to the increase in cash paid for purchasing goods and receiving labor services.

The semi-annual inventory was 280.

48 ppm, an increase of 12 per year at the end of last year.


The market share of new energy vehicles has steadily increased.

Revenue of new energy vehicles in the first half of the year was 254.

48 ppm, an increase of 38 in ten years.

8%, accounting for 40% of revenue.


Sales of new energy vehicles in the first half of the year14.

570,000 units, an increase of 94 in ten years.

5%; market share increased from 20% in 2018 to 24% in the first half of 2018.

The company’s new Yuan EV, e5 and Tang DM are among the top five new energy vehicle sales. The new dynasty series of pure electric vehicles will be equipped with the e platform, which will effectively reduce costs; the new e series pure electric vehicles based on the e platform will fully cover new energyMarket segments.

In July, the company reached a cooperation 杭州夜网论坛 with Toyota Motor to jointly develop pure electric models for the Chinese market.In the second half of the year, models such as e2, e3, and new Qin EV were successively launched. It is expected that after the intensive listing of new models, the company’s new energy vehicle sales will maintain a high growth rate.

The company has steadily expanded its new energy commercial vehicle business.

The company continued to expand the electrification of buses and completed the delivery of electric buses to the United Kingdom, Norway, Belgium, Spain, Singapore and Ecuador in the first half of the year.

The company develops the application of new energy vehicles in the field of commercial vehicles, and reports that a series of pure electric intelligent mud trucks have sold more than a thousand units, becoming a new growth point for new energy commercial vehicle business.

Financial Forecast and Investment Suggestions: Slightly adjust the income and gross profit margin, and forecast EPS for 2019-2021.

29, 1.

72, 2.

00 yuan (originally 1.


79, 2.

01 yuan), comparable companies are new energy vehicles, power batteries and other related companies. Comparable companies have an average PE assessment of 32 times in 2020, with a target price of 55.

04 yuan, maintaining the overweight level.

Risk reminder: New energy vehicles, traditional car sales exceed expected risks, new energy vehicle replacement shrinks more than expected risks, government subsidies, etc. are lower than expected, and mobile phone parts business is lower than expected risks.

Depth-Company-Haixing Power (603556): Performance Exceeds Expectations, Both Inside and Outside

Depth * Company * Haixing Power (603556): Performance Exceeds Expectations, Both Inside and Outside Blossom

The company released its 2019 Interim Report, with a 73% increase in performance that exceeded market expectations.

The company’s domestic and overseas revenues have both grown on the same track. The heavy bidding of the State Grid will help future performance growth; upgrade the rating to buy.

Key points supporting the rating The 2019H1 performance increased by 73%, surpassing market expectations: The company released its 2019 interim report, and its revenue for the first half of the year13.

$ 7.4 billion, an increase of 16 per year.

69%; net profit attributable to shareholders of listed companies2.

810,000 yuan, an increase of 72 in ten 成都桑拿网 years.

66%; profit after deduction 2

43 ppm, an increase of 60 in ten years.


Among them, 2019Q2 was profitable 2.

40,000 yuan, an increase of 80 in ten years.


The company’s performance exceeded market expectations.

Domestic and overseas growth at the same time, profitability increased: in the first half of the year, the company benefited from the bidding volume of the State Grid energy meter to drive the market to recover, and the company achieved domestic market revenue4.

21 ppm, an increase of 29 in ten years.

86%; overseas, the company continued to expand the development of smart power distribution solutions to achieve revenue in overseas markets9.

53 ppm, an increase of 11 years.

69%, both domestic and overseas have reversed the expected growth rate in 2018 and are back on the growth track.

In terms of profitability, the quality of orders benefiting from revenue recognition in the first half of the year was higher, and the company’s gross profit margin increased by more than 0.

90 up to 42.


The exchange rate has improved and the profits have been increased, and the funds received in advance have remained high: the company’s financial expenses in the first half of the year were -39.13 million yuan, of which the net exchange income was 6.1 million yuan, and the net loss of 1,383 million in the past year has significantly improved.

In addition, the company’s pre-received budget surplus was 1 from the end of the first quarter of 2019.

36 trillion increased to 1.

US $ 7.5 billion, to a certain extent, shows a gradual increase in the volume of businesses in hand.

State Grid Energy Meter Bidding continues to increase, which is expected to promote performance growth: We judge the company’s domestic revenue growth in the first half of the year is related to the rapid growth of the State Grid’s second batch of energy meter bidding auctions in 2018, and the first batch of bidding in 2019 continued this stepPick up the momentum.

We expect that through the last round of smart meters connected to the grid, the rotation period will gradually enter. The bidding of State Grid Energy Meters is expected to continue to increase in volume in the next few years. As one of the leading domestic energy meter companies, the company will continue to benefit.

It is estimated that combined with the company’s interim report, considering that domestic demand for energy meters is expected to enter a period of continuous growth, we will adjust the company’s forecasted earnings for 2019-2021 to zero.



47 yuan (previous forecast was 0.



32 yuan), corresponding to a price-earnings ratio of 13.



1x; increase rating to buy.

The main risks faced by the rating are adverse changes in the exchange rate situation; adverse changes in the overseas market environment; and the domestic electricity meter bidding volume is not up to expectations.

Zijin Mining (601899): Q2 performance growth is in line with expectations Q3 performance is expected to exceed expectations

Zijin Mining (601899): Q2 performance growth is in line with expectations Q3 performance is expected to exceed expectations
The company released the semi-annual report for 2019: 2019H, and the company realized operating 杭州夜生活网 income of 671.98 ppm, an increase of 34 in ten years.90%; net profit attributable to mother 18.5.3 billion, previous interest rate 26.64%; realized non-net profit attributable to mothers16.570,000 yuan, an average of 30 for ten years.28%; of which, in Q2 2019, the company realized operating income of 381.56 ppm, an increase of 41 in ten years.58%, up 31 from the previous quarter.38%; realized net profit attributable to mother 9.79 trillion, an average of 32 in ten years.07%, an increase of 11.95%; realized non-net profit attributable to mothers and mothers 9.12 ‰, 31 years ago.18%, an increase of 22 from the previous month.47%, the performance is in line with market expectations. We believe that the QoQ change of Q2 2019 is mainly affected by 4 aspects: 1) Q2 2019, the company’s quarterly gross profit increased 3 QoQ.1% to 38.35 ppm, while the gross profit margin decreased slightly.8 up to 10.1%, mainly due to Q2 products other than the main business and internal replacement gross profit or an increase of about 500 million US dollars to improve and improve performance, while the main product Q2 gross profit improved.2) In the second quarter of 2019, the prices of mineral copper / gold / zinc / iron concentrates increased by -6 from the previous month.02% / 1.72% /-18.6% / 8.27%, sales volume also increased by 12 respectively.21% / 0.17% /-4.44% /-9.87%, leading to a 3% increase in the gross profit of copper / gold / zinc / iron concentrates from the previous month.09% /-0.92% /-50.10% / 14.23%, accounting for 34.4% / 24.2% / 14.3% / 10.At 6%, the gross profit share of iron concentrates increased significantly in the context of increasing costs and rising prices, while zinc production from mines increased in the context of falling volume + spreads + rising costs.2) Expense end: 2019H, sales expenses, management expenses and financial expenses increase by 46 respectively.2% / 36.9% / 28.84%. The increase in sales and management expenses was mainly due to the scope of mergers and acquisitions of new mergers and acquisitions. Part of the expenses are expected to be one-off expenditure subjects. The increase in financial expenses and the increase in the asset-liability ratio led to an increase in expenditure3.9.4 billion.However, in the second quarter of 2019, the benefit of foreign exchange losses brought about by the depreciation of the RMB led to a significant improvement in financial expenses.3) The amount of non-recurring profits and impairment losses in the second quarter of 2019 are very close, and the second quarter results may reflect operating profits; 4) The company’s main performance was significantly improved from the previous month, resulting in a decrease in subsidiaries and other reasonsYields continued to improve; but with the expansion of production and consolidation of non-wholly owned subsidiary projects of Kolwezi, Bisha copper-zinc mine and RTB, the volume of minority equity may further increase in the future.We believe that Q2 involves a short-term increase in some of the costs brought about by the merger of new mergers and acquisitions. RTB and Bisha copper and zinc mines are still at the initial stage of cost reduction in new mergers and acquisitions.It is expected that the gross profit of mineral gold will increase significantly in the third quarter, and future performance is expected to continue to improve. Earnings forecast and grade: The company will slightly reduce its net profit attributable to mothers from 2019 to 2021 by 47.4,56.1. 81.90,000 yuan, without considering the effect of the diluted share capital after the additional issue, corresponding to EPS 0.21, 0.24, 0.36 yuan, corresponding to PE 18 on August 29, 2019.0X, 15.2X, 10.4 times.With the release of multiple copper ore production capacity in the future, the price of gold has soared, and performance is expected to improve significantly. Risk reminder: economic recovery is slower than expected, trade war risks, own project is not progressing as expected, etc.

SF Holdings (002352) In-depth Research Report: FedEx Express Reveals SF Games

SF Holdings (002352) In-depth Research Report: FedEx Express Reveals SF Games
Review of FedEx: 1) Ground2019 fiscal year operating profit exceeds Express.Fiscal 2019 revenue: $ 69.7 billion, with express delivery accounting for 53.6%, 29% on the ground.4%, total 83%; operating profit: 44.7 billion dollars, ground (26.(400 million) for the first time surpasses Express (21).200 million); operating margin: ground sector 12.9%, the highest among all businesses, and the company’s overall operating margin is 6.4%.2) Obvious features of the regional sector merger in the regional sector.Express labor + outsourced transportation + fuel oil totaled 63%, ground labor + outsourced transportation + fuel oil totaled 70%, fuel cost accounted for only 0.1%, and labor 19% is much lower than Express, reflecting the department’s related costs through regional partnerships.3) Bull stock gene: from 1980 to 2019, it will grow 28 times, the highest increase will be 50 times, while the S & P 500 will increase 20 times.5 times, the company outperformed significantly.The excess income is mainly in two stages: a) Overweight ground business with higher operating profit margins in 93-04. Profits have grown rapidly and can outperform. PE increased from 20 times to 35 times, and PS from 0.5 times increased to 1.2 times; b) 05-17 years, after mergers and acquisitions, the United States CR3 market share reached 97%, single ticket gross margin up period, and constantly outperformed the index, the overall business volume growth rate, PE estimates the center 20 times, PS at 0.6-1 times fluctuation.The market performance is clearly related to the gross profit per ticket and the operating profit margin. Under “high operating profit margin + rapid growth of business volume”, prices continue to increase and the mature period after business volume changes is estimated to fluctuate in the central region.4) Enlightenment for SF Holdings: Air superiority and Memphis help each other achieve leapfrog development; more grounded, the ground uses a regional partnership system to meet the e-commerce trend.  Explore SF Chess.1) Revenue structure: 19H1 aging parts revenue was 26.8 billion, accounting for 53.4%; economic parts revenue was 11.5 billion, accounting for 22.9%; new business accounts for 23.7%.2) Chess game 1: Follow the accurate rhythm and re-energize the e-commerce market.In May 19, the company launched a special special product for large e-commerce customers (expected unit price replacement of 5-10 yuan), covering the blank price range in the past, and using the “fill-in” model to stimulate business volume, andImprove loading rate and reduce costs.Effect: After the launch, the business volume increased for 4 consecutive months, and the growth rate in August exceeded 30%.We believe that this product is not a phase product, but a continuous growth point for the company to exert its strength in the future.The price / performance ratio of e-commerce parts is relative, and the coefficient between the customer unit price and the logistics distribution cost directly affects the logistics choice.The drop in express prices will cause more prices to bring products into SF’s distribution range, and SF’s own brand and management can actually help customers reduce hidden logistics costs.  3) Chess game 2: Ezhou Airport, the finishing touch of the aging system.From a cost perspective, the hub structure + axis subdivision operation will make it possible to reduce costs, and at the same time effectively increase the conversion loading rate.More important is whether the surrounding industries in Ezhou can form an enhanced industrial advantage.Wuhan plans that by 2020, the output value of emerging industries will reach 1.65 trillion, assuming logistics costs account for 10%, SF cut into 30%, you can get about 50 苏州桑拿网 billion incremental revenue market.4) Chess Game 3: Entering the supply chain opens up a wider space.The domestic express logistics market has almost completed overtaking by means of consumer express e-commerce express, but now the stage of manufacturing development needs a strong supply chain to help reduce costs and increase efficiency.By acquiring DHL China and Xin Xia Hui, SF, in combination with its own logistics technology chassis, has actually opened up a wider space.  Estimate consultation and investment advice: 1) With reference to FedEx, the current business volume and gross margin recovery period is a better investment period.2) Short-term catalyst: Cost control dividend is being released.Q2 gross profit margin 21.5%, the highest level in the past 8 quarters. Through the increase of Q3 business volume, it is expected that 杭州桑拿网 the growth rate of single quarter profit will be converted earlier.  3) Estimate consultation: The segment estimates that the estimated market value can reach at least about 220 billion.The traditional core profitable business (time-effect + economy) gives 30 times PE, valued at 180 billion yuan; although the new business is not yet profitable, but the rapid growth has a profitable dawn, giving 2 times PS, market value of 37.2 billion (12 billion heavy goods + 5 billion cold shipments +1.6 billion in the same city = 18.6 billion). Without considering the investment of SF Technology, we believe that the company’s market value can reach at least 217.2 billion, corresponding to a target price of 50 yuan, which is 20% more than the current 182.8 billion market value.  Risk reminder: Capital expenditure is too large, and the expansion of the economic scale affects the company’s timepiece business.

Biyin Lefen (002832): Q3’s performance exceeded expectations, and the high-quality track leader in the high-speed track again welcomed a strong year

Biyin Lefen (002832): Q3’s performance exceeded expectations, and the high-quality track leader in the high-speed track again welcomed a strong year

The event company announced the first three quarters of 2019 performance forecast. It is expected that the net profit attributable to the parent company will increase by 55% -65% to 1 in Q3.


380,000 yuan, the first three quarters net profit attributable to mother increased by 47.

28% -51.

33% to 3.


1.2 billion.

Brief comment on Q3 profit before tax increased by 38% +, the performance growth rate is better than the first two quarters of the company Q1, Q2 net profit 杭州桑拿 attributable to the mother increased by 52.

91%, 17.

32%, Q3 again exceeded expectations, single-quarter performance growth faster than the previous two quarters, a significant increase from Q2 (Q2 increased equity incentive costs of 13.33 million yuan).

Since this year, the preferential tax rate for emerging enterprises has improved the flexibility of their performance. According to the preferential tax rate of 15%, the total profit in Q3 was 1.

5.2 billion-1.

62 trillion, with an increase of 38.

6% -47.

5%, and H1 profit maximization growth rate is 19.

7%, Q3 profit continued to improve after excluding tax factors.

The performance of the company is significantly better than the overall clothing. The extension of the endogenous endogenous force has expanded rapidly since the opening of the store since last year + the same store remains strong is the main driving force to maintain rapid growth this year. In the first half of the year, the company opened 34 to 798 stores (directly operated 385 stores)., Joined 413), the number of stores increased by 16.

5%, the pace of store opening is maintained. It can be seen that with the continuous improvement of brand power and product quality, the market has gradually opened. It is expected that the number of net openings in the second half of the year will be more than that in the first half.Family.

While accelerating the expansion of the extension, the company has begun to refine its offline stores in the past two years. It has opened centralized boutiques and large-scale experience stores. With the optimization of new store locations and areas, the stores are gradually becoming more intelligent, information-based, and fully connected to high-end channels., Bringing the same store continued strong, double-digit growth in the same store in multiple quarters.

The company disclosed that the growth in Q3 performance was mainly due to the continued growth in sales performance. Considering that the profit exceeded expectations, we expect that Q3 revenue will still grow by about 25%, and the same store will maintain double digits.

Direct sales promotion + strengthening of stocking support sales, smooth inventory digestion channels at the end of H1.

9.8 billion, an increase of 34.

3%, mainly due to the increase in the proportion of direct sales + increased stocking under the expansion of sales (direct stocking and gradual increase in franchisees) + new brand Venice stocking increased.

At the end of 2018, the company’s inventory accounted for 76 within one year.

61%, 18 in 1-2 years.

88%, the overall age of the warehouse, the company’s sales are good, and the aging period of goods is shortened. The outlets such as the Olle store digest the out-of-season channels smoothly, and the pressure for impairment is controllable.

In the first half of the year, the net cash inflow from operating activities increased by 121.

2% to 0.

9.1 billion yuan.

Investment suggestion: Sports and fashion are highly prosperous, the company has a variety of sports, fashion, business and other scenarios, customers are mainly middle-aged families with greater spending power, maintaining excellent product quality and strong brand stickiness.

In the past two years, stable store openings and same-store sales have led to a healthy growth in sales. The proportion of directly-operated stores has increased the gross profit margin, and the performance has continued to be flexible.

In the future, the company will sink further to the fast-growing third- and fourth-tier cities, with more and more diversified brands to create space.

The landing of Vice-branded Venice has accelerated this year, and it is expected that this year’s extension of stores will maintain 10% +.

We expect net profit attributable to mothers for 2019-20204.

1.3 billion, 5.

2.6 billion, with EPS of 1.

34 yuan / share, 1.
70 yuan / share, corresponding to the current PE of 20 times, 16 times, the company was selected into the FTSE Russell Index, S & P Dow Jones Emerging Markets Index, market attention increased, subdivided high-quality track leading high-end, maintain “buy”Rating.
Risk factors: High-end market demand is affected by the slowdown of the macro economy; new brands still need to be cultivated, and early-stage expenditures have an impact on performance.