Shentong Express (002468) 2018 Annual Report Comments: Significant Effect of Repurchase Transshipment Center, Profits Continue to High Growth

Shentong Express (002468) 2018 Annual Report Comments: Significant Effect of Repurchase Transshipment Center, Profits Continue to High Growth

Event: The company released its 2018 annual report and achieved revenue of 170.

1.3 billion, an increase of 34 in ten years.

41%; realized net profit of 20.

49 ppm, an increase of 37 in ten years.

73%, deducting non-net profit 17.

20 ppm, an increase of 24 in ten years.

12% . Comments: Business scale: The company completed packaging volume 51 in the reporting period.

1.2 billion pieces, an increase of 31 in ten years.

13%, 34 of which were completed in the second half of the year.

6.8 billion, an increase of 38 in ten years.

44%, accounting for 67 of the expected parcel volume.

84%; single ticket price is 3.

33 yuan / piece, 0 for ten years.

1 yuan / piece, single ticket cost 2.

79 yuan / piece, 0 for ten years.

18 yuan / piece; the company’s courier business gross margin is 16.

24%, an annual decrease of 11.

99 units.

It can be polished. Although the company is growing rapidly on the revenue side, the industry competition is still very fierce, leading to a decline in gross profit margin.

The repurchase work of transshipment centers continued to advance.

By the end of 2018, the company had 2,233 independent 成都桑拿网 outlets, an increase of 20 each year.

96%; In 18 years, the company increased the repurchase work of transshipment centers, and repurchased 15 transshipment centers from franchisees. By the end of 2018, it had 68 transshipment centers, of which only 8 were non-self-operated.

The acquisition of the transshipment center is an important change in the “one game” strategy of continuing the merger of the company’s transit layout, which helps the company to strengthen the standardized construction, standardized operation and refined management of the transshipment center, and comprehensively improve the technological development and sorting timeliness of the transshipment center.

The cold chain is starting, and the higher gross margin is worth looking forward to.

In terms of cold chain, in 2018 the company established a cold chain subsidiary, Shanghai Shenxue, and began to enter the cold chain field. It has now covered Jiangsu, Zhejiang, Shanghai and other regions such as Shanghai, Suzhou, Ningbo, and the average cold storage utilization rate has reached 84.

25%, the cold chain business realized income of 7.39 million yuan, accounting for a relatively small but gross margin reached 44.

55%, far higher than the main express delivery business, and future development is worth looking forward to.

Sell Fengchao and hug Ali.

1) The purchase and sale of shares in Fengchao in June 18 increased the profit after tax2.

9.8 billion, marking one of the cooperation notices with SF in smart express cabinets; 2) Ali Yi 46.

600 million shares in Shentong will indirectly hold 14.

65% equity, as the most important customer of express delivery, the stake in Shentong will help it better connect with the rookie platform, and it is also an important alternative for Ali to improve its own logistics network. Shentong is also expected to obtain more from AliSingle amount.

Considering that the company may continue to seize the market by reducing unit prices in 19 years, and the possible short-term impact of performance by the expansion of the cold chain, but the expansion of scale and scale effects will translate into performance, which is beneficial to profits after 2020.Revise the profit forecast for 2020 and increase the profit forecast for 2021, and forecast net profit for 2019-2021 to be 22 respectively.

3.5 billion, 29.

8.1 billion, 38.

2.4 billion (originally 23 in 2019 and 2020).

7.8 billion, 28.

8.6 billion), corresponding EPS is 1.46 yuan, 1.

95 yuan, 2.

50 yuan, corresponding to PE is 18 times, 13 times, 10 times; target price of 37.

2 yuan unchanged, maintain BUY rating.

Risk reminder: The scale of the macro economy and the decline in online shopping will reduce the express delivery volume.

Hang Seng Electronics (600570) semi-annual report comment: net profit attributable to mothers increased by 125.

85% of innovative business growth capabilities highlighted

Hang Seng Electronics (600570) semi-annual report comment: net profit attributable to mothers increased by 125.

85% of innovative business growth capabilities highlighted

Attributable net profit growth rate was 125.

85%, Wealth Management, Banking IT and other line businesses are growing faster. The company released its semi-annual report for 2019: revenue of 15.

24 ppm, an increase of 11 years.

97%; net profit attributable to mother 6.

780,000 yuan, an increase of 125 in ten years.

85%; the increase in performance was mainly due to the implementation of the new financial instrument accounting standards and the increase in the fair value of financial assets held by the company.

After deduction, return to mother’s net profit 2.

56 ppm, an increase of 14 in ten years.


  From the perspective of business breakdown: (1) Banking IT business YoY 28.

73%, mainly due to cash management in trading financial product lines, active market demand for asset pools and platform access, stable market demand for bills business product lines, and stable level of intermediate business product lines; (2) year-on-year wealth IT business

08%, benefiting from the rapid growth of existing business; (3) Internet business was 12 year-on-year.

06%; (4) Asset management IT business was 9 year-on-year.

05%, benefiting from the recovery of the securities market, the implementation of science and technology board business policies, financial institutions to expand IT technology investment, securities, funds and other industries achieved growth; (5) Brokering IT business YoY 0.

99%; (6) Exchange business of IT was -14.


(7) Non-financial business YoY-3.

Increase by 97% year-on-year.

20%, accounting for 44 of revenue.

19%; short-term gross profit margin increased by 1.

56pct2019H1 R & D expenses accounted for 44 of revenue.

19%, an annual increase of 19.


Gross profit margin 97.

94%, increase by 1 every year.

56 points.

Net operating cash flow changes-6813.

520,000 yuan.

Accounts receivable 2.

4.1 billion, an annual increase of 58.


  The growth ability of innovative business and important subsidiaries is prominent (1) Juyuan Data’s contract ratio of Juyuan application database products in the field of financial information services continues to rise. At the same time, it seizes innovative business opportunities in the securities market such as science and technology board to launch database-to-product-sideOverall solution; (2) Hengyun Technology’s 2019H1 revenue maintained high growth rate, new products3.

0 and new C-end market services are under development; (3) Whale Teng Network is in the strategic extension period but its business is facing a narrowing. Its GTN open platform registration institutions have exceeded 2000, and OPENAPI service connection institutions continue to increase, with significant revenue.increase.

(4) In the service area of private equity institutions, the business volume and revenue of the overall private equity solution solution formed by Yunji and Securities Investment have grown significantly, and Shangzhi has seen a certain growth in the banking business.

  Investment suggestion: The company’s various business lines are steadily growing, and 四川耍耍网 the ability to innovate business is outstanding. We are optimistic about the company’s continued growth in the future.

The company’s corresponding EPS for 2019-2021 is expected to be 1.74, 2.

62, 3.

75 yuan, maintain the “recommended” level.

  Risk warning: business progress is less than expected, innovation business growth is less than expected risk, competition is intensifying

A shares of phospholipid concept birth of pesticides in the new crisis, seed stocks have risen and stopped

A shares of “phospholipid concept” birth of pesticides in the new crisis, seed stocks have risen and stopped

How does the agricultural industry invest the most money?

Come to Sina University of Finance and listen to Wu Dan’s original title of “Industrial Investment Excellent Course · Agriculture” Original title: 400 billion spider worms approaching, stocks “quantum worm concept” was born, pesticides in the new crisis, seed stocks have their daily limit sources:The 21st Century Business Herald reported that the new crown virus epidemic has not ended, and the global diabetes disaster has raised alarms.

  Since 2019, a fissure that occurred once in 70 years has broken out in Kenya, an East African country, and desert retinas have quickly spread to East and South Asia.

At present, Somalia, Pakistan and other countries have declared a state of emergency to deal with the crack insect disaster.

  The hazard of locust transit is not sensational. Desert locusts are the world’s most dangerous migratory pest, according to United Nations budget information.

A normal-sized silica cluster can have more than 40 million spot worms, can move 150 kilometers a day, and eat 3 of them.

Food for 50,000 people.

  According to the latest news, desert locusts have crossed the Red Sea into Europe and Asia, approaching China.

Will 400 billion menacing deserts affect China?

  Recently, the Plantation Management Department of the Ministry of Agriculture and Rural Affairs responded to the weighing. Considering the topographic features of the border areas, climatic characteristics and the migratory flying habits of desert terrain, the probability of harm by desert locusts is very small.

  However, the spread of the phosphate disaster still triggered a reaction in the capital market, and the pesticide and grain sectors have improved.

  On February 17, the three major A-share indexes turned red, and the GEM index reached a new high. In terms of sectors, the military and securities companies sectors saw the highest gains.

  The increase in the fertilizer and pesticide sector is also considerable, with an increase of 4.

83%, 45 stocks turned red, and only 1 stock turned green.

Among them, 14 stocks including Huilong, Hunan Haili, Red Sun, Huachang Chemical, etc. have a strong daily limit.

In the agricultural sector, the daily limit of 4 kinds of stocks, such as Tsunyin Hi-Tech, Beidahuang, Wanxiang Denong, Jinjian Rice, Xinsai, etc.

  Institutional research reports are also prompting opportunities for the layout of the agricultural sector.

  Founder Securities (Protection of Rights) pointed out that considering the natural barriers of the “three mountains” in the western frontier, we believe that the desert worm invasion has changed, but we still need to be vigilant about the possibility of “rerouting” entry.

Considering the possible impact of the global and domestic food supply that may be damaged, there are factors that drive up food prices. It is recommended to pay attention to the relevant targets of the planting industry: Longping High-tech, Dabeinong, Denghai Seeds, Tsunyin High-Tech, BeidahuangSu Kennongfa, etc .; COFCO Sugar, a sugar-related target.

  According to the Tianfeng Securities Research Report, from the perspective of the affected regions, India and Pakistan have replaced important positions in the global production of rice, cotton and sugar: in terms of rice, in 2019, India and Pakistan will account for 23% of the global crop.

19% and 1.

41%; In terms of cotton, India, Pakistan ‘s cotton production will account for 24% of the world ‘s total in 2019.

38% and 5.

In terms of white sugar, India, Pakistan ‘s white sugar production 武汉夜生活网 in 2019 will account for 16% of the global total.

84% and 3.


Therefore, at present, potential insects are likely to affect the global supply and demand of rice, cotton, and sugar.

But if the area affected by the retina is further expanded, the impact will also increase.

  Tianfeng Securities believes that from the perspective of orientation, it can be achieved by spraying genetically modified insect-resistant seeds and pesticides, focusing on investment opportunities in the seed and pesticide sectors; from the perspective of impact, nymphs cause agricultural products to reduce production and thus increase agricultural product prices, and focus on investment opportunities in the agricultural reclamation sector.
Key recommendations are Longping Hi-Tech and Dabei Nong.

  Guotai Junan Research Report pointed out that 杭州桑拿 considering the potential destructive power, the global food supply may be supplemented, and the food price will rise. Recommended planting targets: Suken Nongfa, Beidahuang; seed industry targets: Longping Hi-Tech, Beidahuang, Tsunyin Hi-Tech, related benefitsThe target Denghai Seed Industry.

In addition, as a major sugar crop country in India, if cereal worms have an unexpected impact on sugarcane cultivation in India, it may lead to the historical reversal of global sugar prices due to the disruption of the division. It is recommended that COFCO Sugar, the relevant beneficiary target, * ST South Sugar.

  Guojin Securities believes that the retina insect disaster may drive the demand for related pesticides.

If the parasites migrate to China, it may cause an increase in the use of pesticides in the short term, and the pesticide sector is expected to fully benefit.

Based on the overall overall pesticide market assessment indicators, it is recommended to pay attention to the following companies: develop high-quality pesticide leader-Yangnong Chemical with strong research strength, and also have the original pyrethroids; Evergreen shares: Triazophos, fipronil;Hailier: It contains fipronil original medicine; Fengshan Group: It has chlorpyrifos, flufenuron, diflubenzuron, and diflubenzuron; Xinnong shares: it produces chlorpyrifos and triazophos.

Jiuyuan Yinhai (002777): Leading people’s livelihood informatization benefited from medical insurance TI’s construction of tide card position control fee upgrade business model

Jiuyuan Yinhai (002777): Leading people’s livelihood informatization benefited from medical insurance TI’s construction of tide card position control fee upgrade business model

Jiuyuan Yinhai: a leader in the field of informatization of people’s livelihood.

The company is a smart people’s livelihood and military-civilian integration service provider. Its business focuses on four major directions: medical and medical insurance, digital government affairs, smart cities, and military-civilian integration.

Among them, medical insurance and smart cities, digital government business accounted for more than 95% of revenue, and became the main force for the company’s growth.

The net cash flow generated by the company’s operating activities in 2019 was 2.

2.1 billion, an increase of 58 in ten years.

99%, achieving net profit attributable to mother 1.

190,000 yuan, an increase of 30 in ten years.

77%, the company’s net cash flow continues to be higher than net profit.

The company’s major shareholder is Sichuan Jiuyuan Investment Holding Group, with a shareholding ratio of 16.

32%, Sichuan Jiuyuan Investment is a state-owned platform exclusively controlled by the China Academy of Engineering Physics, and Ping An Holding Company3.

49% equity.

The establishment of the Medical Insurance Bureau drove the construction of medical insurance informatization, which became a key condition for DRGs.

1) The National Medical Insurance Bureau was established to undertake the “three guarantees in one”, organize the formulation of medical insurance catalogs and payment standards for medicines and medical consumables, payment standards, and alternative procurement policies, becoming China’s largest payer of medical care.

The design of the national medical insurance information system and platform was introduced. The launch of some designs will quickly sink to the provincial platform. The provincial medical insurance platform will use the national medical insurance platform as a template for the construction of a unified national standard local medical insurance platform.

At the same time, the “three guarantees in one” meanwhile drive the need for updating and reforming the medical insurance settlement interface.

2) On December 20, 2018, the National Medical Insurance Bureau issued the “Notice on Declaring National Pilots by Country Grouped by Disease Diagnosis.” DRG has become the main trend of medical insurance control fees, and informatization has become a prerequisite for achieving DRG.

The accumulation of resources in the field of people’s livelihood is deep, and the business model upgrade of the national medical insurance platform can be expected.

The company’s market covers 24 provinces (autonomous regions, municipalities) and more than 100 cities across the country, providing services to 70,000 hospitals and pharmacies and nearly 500 million members of the public.

The medical and medical insurance business is oriented to the in-depth layout of the Medical Insurance Bureau, the Health and Health Commission, the Drug Administration, and medical institutions, medical institutions, and commercial insurance institutions.

The 无锡桑拿网 company won the bid for the national medical insurance platform’s second package of cross-provincial medical treatment management model, the eighth package of basic information management architecture, medical insurance business infrastructure, and application support platform instead.

The eighth package belongs to the core business system of medical insurance, which plays a fundamental role in the three core functions of medical insurance payment, medical insurance pricing, and medical insurance supervision.

We believe that the successful bid of the core medical insurance business of the national medical platform will further enhance the company’s market expansion in the new round of medical insurance IT construction and become the core IT power of DRGs and “medical insurance big data”.

At the same time, on the medical 南京桑拿网 insurance side, the company also built multi-regional medical insurance core systems and the medical insurance DRGs platform; on the hospital side, the company supported the stable operation of more than 10 top three hospitals and more than 2,000 small and medium-sized hospitals.City Medical Community Data Center Integration Platform; On the medical side, the company has formed a one-stop solution for pharmacies.

Under the general trend of DRGS fee control, the company is expected to obtain commercial insurance and service costs through strategic card positions in medical insurance related businesses such as hospitals and pharmacies.

With a target market value of 9.3 billion in 2020, it is given a “Buy” rating.

We expect the company to achieve revenue in 2019-2021.



1.6 billion, with a net profit of 1, respectively.



30,000 yuan, the previous growth rate was 32.

05%, 48.

13%, 30.


The company was given a market value of 9.3 billion in 2020, corresponding to a 40-fold estimate in 2020. It was covered for the first time and given a “Buy” rating.

Risk reminder: The medical insurance informationization investment fails to meet expectations; the promotion of innovative business models fails to meet expectations; key assumptions may risk errors.

Depth-Company-Xinhua Insurance (601336): Agents scaled up but NBV performed poorly in Q2

Depth * Corporate * Xinhua Insurance (601336): Agents scale up but second quarter NBV performs poorly

The company released its 2019 Interim Report, achieving net profit of 105 attributable to mothers in the first half of the year.

5 ‰, +81 a year.

8%; realized premium income was 739.

9 trillion, +9 for ten years.

0%; new business value 58.

9 ‰, at least -8.

7%; embedded value 1,914.

0 billion, +10 from the previous 18 years.


The release of the investment end + the return of taxes and taxes drove high performance growth, and the new insurance individual orders fell by a margin: in 2019, the company’s net profit attributable to its mother was 105.

5 ‰, +81 a year.

8%, accruing the impact of AFS impairment, the company’s performance in the first half of the year was worse than its peers; excluding the new tax reduction policy18.

After £ 500 million, it is +49 per year.


2019H company realized premium income of 739.

9 trillion, +9 for ten years.

0%; health insurance premium income 283.

9 trillion, +25 for ten years.


Among them, one insurance channel has a long-term insurance premium of 90 in the first year.

6 ‰, at least -2.

4%, from a single quarter point of view Q1 / Q2 insurance channels in the first year of long-term insurance premiums are 55.


4 ‰, Q2 single season half a year -21.

8%, -35.


An insurance channel accepts the first year of premium growth rate of long-term insurance, which is mainly due to the time required for new agents to release capacity.

The number of agents has picked up, but NBV has performed poorly: 2019H Company realized an embedded value of 1,914.

0 billion, +10 from the previous 18 years.

5%; new business value 58.

9 ‰, at least -8.

7%; remaining margin of 2,083.

1ppm, +6 over 18 years.


The new business value rate dropped by 12.

6 averages to 38%, of which, the value of new business in one insurance channel / bank insurance channel is 57.


9 trillion, the annual growth rate is -3.1% /-64.

2%; new business value rate is 50.

7% / 7.

1%, which decreases by 3 each year.


6 units.

In addition short-term insurance premiums38.

8 ‰, +31 a year.

0% is also expected to dilute the new business value rate increase.

Although the number of agents grows by 15 per year.

5% to 38.

60,000 people, at least +15.

5%, but monthly per capita capacity fell by 13.

8% to 4,472 yuan, dragging down the performance of NBV in various insurance channels.

The investment side benefits from the secondary market conditions, but the provision of AFS impairment affects the performance of the investment side: 1) The total annualized / net investment return for 2019H is 4

7% / 5.

0%, the total investment return is half a year -0.

1 unit, the net investment return rate is the same as last year, the annualized total investment return rate is lower than the listed peers; 2) other comprehensive 武汉夜网论坛 income improved, compared with last year’s floating loss of 27.

9 trillion, twisted to floating profit 0.

9 ‰; 3) Impairment loss of invested assets 10.

2 trillion and bid-offer spread loss 5.

With an impact of 20,000 yuan, the company’s total investment income increased only slightly 2.

0% to 168.

800 million.

Investment suggestion Company Q2 was affected by the decline in per capita capacity and the change in premiums in the first year of long-term insurance, and the value of new business grew less than expected.

With the company’s new secretary-general in place, the company’s opening strategy in the second half of the year and next year still needs to be observed. Adding agents is expected to gradually release capacity.

We expect the company’s NBV growth rate to be -2 in 2019/2020/2021.

9% / 1.

twenty three.

0%, EV growth rate is 13 respectively.

9% / 13.

6% / 15.


The company’s overall 2019 PEV is 0.

81. Maintain the overweight rating.

Risk reminders: The growth rate of insurance premiums for protection-type insurance products is lower than expected; the dual impact of market fluctuations on industry performance and estimates; and the uncertainty of insurance company investment caused by downward interest rates.

Real Madrid Technology (603181) Quarterly Commentary Report: Continued High Growth and Strong New Product Drive

Real Madrid Technology (603181) Quarterly Commentary Report: Continued High Growth and Strong New Product Drive
Event: The company released three quarterly reports for 19 years, reporting a series of realized operating income13.8 yuan, an annual increase of 10.08%; net profit attributable to mother 1.8.4 billion, an annual growth of 35.twenty two%.Single quarter revenue in the third quarter 5.2 ten percent, an increase of 16 per year.45%, an increase of 12 from the previous month.5%; net profit attributable to mother is 65.38 million yuan, an annual increase of 21.2%, an increase of 3 from the previous quarter.5%.The main reason for the sustained high growth of performance is the increase in sales of the company’s products. Key points for investment: Gradually increase the volume of 成都桑拿论坛 production and production, continuous high growth performance The company’s performance has achieved a quarter-on-quarter growth, mainly due to the gradually increased volume of production and production, and product sales increase.The supply of raw materials is stabilized through the large variety of products, and the profit level is maintained and improved through the small variety.The company raised 8.5 small varieties are expected to be completed in 20197.July.The initial recovery of infrastructure construction, Q3 single-season company sales of 27,066 tons of large variety products, an increase of 37% per year, an increase of 14%; sales of small variety products of 20,396 tons, an increase of 43%, an increase of 13%.In terms of price, the average price of a large variety of Q3 in a single season is 8,696 yuan / ton, which is 深圳桑拿网 replaced by 26% per second, which is an increase of 3% from the previous month.The price of the company’s small varieties is reduced in weight relative to the raw materials, and the gross profit margin is 21.32%, increase by 1 every year.32PCT, gross profit increased by 24 in ten years.18%. Break through the technology monopoly and enter MS resin, and the follow-up new products have strong overall performance. MS glue is a new type of product that combines the advantages of multiple product structures. At present, the mainstream manufacturers in the world are WACKER, Germany, and JAPAN, Japan.The company leads the technology research and development and breaks the technology monopoly. At present, pilot products have passed downstream customer testing, and the capacity of 5 MS resins is under construction. It is expected to be put into production in 2020, which will bring benefits to the company in 2021. Earnings forecast We expect the company’s EPS for 2019/2020/2021 to be 0.89 yuan, 1.12 yuan, 1.53 yuan, corresponding to the current continuous price-earnings ratio of 18 times, 14 times, 10 times.Maintain the “Recommended” level. Risks remind that market promotion is less than expected; process safety accidents; force majeure such as natural factors

Guangzhou Restaurant (603043) 2019 Third Quarterly Report Review: Results Meet Expectations, Save External Business and Maintain High Growth

Guangzhou Restaurant (603043) 2019 Third Quarterly Report Review: Results Meet Expectations, Save External Business and Maintain High Growth

Event: Guangzhou Restaurant released the third quarter report of 2019, and the company achieved revenue of 24 in the first three quarters of 2019.

09 billion / + 19.

60%, net profit attributable to mothers3.

25 billion / + 9.

12%; net profit after deduction to mother 3.

11 billion / + 7.

88%, non-recurring gains and 杭州夜网论坛 losses of 14.36 million were mainly due to changes in accounting estimates and investment income from wealth management products.

In Q3, the company achieved revenue of 14.

5.7 billion / + 19.

19%, net profit attributable to mother 2.

6.1 billion / + 8.

86%, net profit after returning to mother 2.

59 ppm / + 10.


  Opinion: Revenue: The company’s revenue and profit growth rates are in line with expectations, and various businesses are developing in a balanced manner.

In terms of different industries, the mooncake / quick-frozen food / other food / catering business achieved revenue of 10 respectively.

6.3 billion / 3.

9.9 billion / 4.

22 billion / 4.

9.9 billion, with annual growth of 17% / 31% / 24% / 14%, respectively, these businesses are in line with expectations.

The mooncake business can still maintain a growth rate of nearly 20% under the severe difficulties of the industry, which shows the company’s leading character.

Expenses: Sales expense rate 26.

35% /-1.

04pct, management expense ratio 9.

70% / + 1.

18pct, R & D expense ratio 1.

79% / + 0.

67%, financial expense ratio -0.

80% / + 0.

02pct, the decline in sales expense ratio indicates that the company’s brand value is increasing, and the increase in management expenses is mainly due to the increase in labor costs and distribution incentive costs.

Profitability: The company’s comprehensive gross profit margin is 54.

34% /-0.

59pct, net interest rate 13.

45% /-1.

36 points.

Advance receipts: The growth rate of advance receipts is a leading indicator of the company’s performance growth.

The growth rate of the company’s advance receipts in 19Q3 was -23.

2%, single-quarter revenue is expected to increase slightly in 19Q4.As Q4 revenue accounts for a relatively small proportion, it is expected that the company’s scale revenue growth will be about 19%.

  In terms of channels: the company’s direct sales revenue is 10.

9.3 billion / + 17.

05%, distribution income is 12.

90 billion / + 22.


Regionally: the company’s revenue in Guangdong is 18.

7.1 billion / + 14.

50%, the income outside Guangdong is 4.

8.4 billion / + 43.

94%, the company’s business outside the province still maintained rapid growth.

In terms of dealers: As of 19Q3, the number of dealers in the company’s Guangdong Province was 434 / + 15.

12%, the number of dealers outside Guangdong Province was 207 / + 21 chain.

05%, the expansion of dealers outside the province accelerated.

  The growth of the company’s food manufacturing business results from price increases + production capacity releases + expansion outside the province, and the catering business performance growth comes from newly opened stores + rising turnover.

Release of production capacity: The mooncakes at Xiangtan Factory were put into production, and the national market was deepened.

In August 2019, the mooncake business of the Likou Fuxiangtan plant was officially put into production. It is expected that the capacity of the Xiangtan plant will be quickly frozen, and the production capacity of wax flavor will be released by June 2020.

Likoufu Guangzhou and Likoufu Meizhou food production base will gradually reach output in 2022. Mooncake, frozen food, wax flavor, and other new capacity are expected to reach zero.

62, 3.


0, 1.

4 years.

Expansion outside the province: The business outside the province maintained a high growth rate, and the expansion of dealers outside the province accelerated.

The company actively expanded its business outside the province. As of 19Q3, the company’s income outside the province maintained a high growth rate of 44%. The number of dealers outside the province was 207, an increase of 21 from the previous month.

05%, higher than the number of dealers in the province, business expansion outside the province is smooth.

New stores opened: The company plans to add 1-2 new stores every year, and it will gradually release its performance.

  Investment suggestion: In the context of rapid macro growth, the company, as a food and catering company, has a countercyclical nature.

  The company’s growth path is clear, the logic is gradually realized, and it has long-term configuration significance.

It is estimated that the company’s total operating 南京桑拿网 income for 2019-2021 will be 30.

45 billion / 36.

19 billion / 42.

9.8 billion, net profit attributable to mother is 4.

2.8 billion / 4.

9.2 billion / 5.

9.3 billion, corresponding to PE is 30 times / 26 times / 21 times.

Maintain “Buy” rating.

  Risk warning: food safety risks; economic downside risks; capacity expansion is not up to expectations

Suzhou Keda (603660) company update report: half of the pressure reduction plan completed, pressure release to take off soon

Suzhou Keda (603660) company update report: half of the pressure reduction plan completed, pressure release to take off soon
This report reads: The video conference industry has a broad market prospect, and the company ‘s performance continues to improve marginally. According to the reduction plan, the company ‘s shareholders, Lanyi Venture Capital and Lanjing Venture Capital, have completed more than half of their reductions. The pressure on the capital side has been released. Key points of investment: Event 1: From August 1, 2018 to January 2, 2019, (1) the company’s shareholder Lanjing Venture Capital gradually reduced its holding of the company’s shares by 0 through centralized bidding transactions.12%.(2) Lanyi Venture Capital, the company’s shareholder, reduced its holdings of the company’s stock by 0 through incremental bidding transactions.09深圳桑拿网%. Event 2: The company’s shareholders, Lan Yi Ventures and Lan Yi Ventures, plan to reduce their holdings of the company’s shares 1 from February 14 to August 12, 2019.76% and 2.69%, and in the period from February 14 to March 6, 2019, through centralized bidding transactions and block transactions, the company’s shares were reduced.08% and 1.71%, more than half of the reduction plan. Maintain overweight rating.The Ministry of Industry and Information Technology jointly released the “Ultra HD Video Industry Development Action Plan (2019-2022)” on March 1, and the overall size of the ultra HD video industry exceeded 4 trillion yuan.Competitors in other markets of the company category have the advantages of high customer channel barriers, good product stability, strong reliability, large platform capacity and relatively relative prices, maintaining the company’s EPS0 for 2018-2020.89/1.07/1.28 yuan.According to the dual favorable information of the industry and the company, the company is given an estimated premium of 30 times PE in 2019, and the target price is raised to 32.00 yuan (+20.75%). More than half of the reduction plan was completed, and capital pressure was fully released.The shareholders of the company, Blue One Ventures and Blue Capital Ventures, plan to reduce their holdings of shares in 2019 for 6 months. Currently, more than half of the reduction plans have been completed through centralized bidding transactions and block transactions within one month.There is very limited space for monthly reductions. It is expected that the company will gradually surpass the impact of reductions. The impact of disturbances will obviously overlap. The pressure on the capital side is fully released, and the company may take off soon. Catalyst: The video conferencing business has developed smoothly in other industries, and the government has stepped up investment in security. risk warning.The development of video conferencing channels fell short of expectations, and Huawei gained market share.

I miss you (002582) 2019 Interim Report Review-Baicaowei Speeds Up the Headquarters to Adjust Performance and Reduce Losses

I miss you (002582) 2019 Interim Report Review-Baicaowei Speeds Up the Headquarters to Adjust Performance and Reduce Losses

Core point of view 2019H1 Baicao growth speeds up, I miss you continue to adjust.

Optimistic about the company’s continuous integration of Haobai, the omni-channel layout is gradually being rolled out, and the leading health food brand is gradually built, maintaining the “Buy” rating.

2019H1 revenue / net profit increased by 8.

81% / 22.


2019H1 company realized revenue 28.

5.7 billion, an increase of 8.

81%, net profit attributable to mother 1.

2.7 billion, an increase of 22.

75%, deducting non-net profit 83.41 million, down by 3%.


  Among them Q2 realized income 9.

35 billion, an increase of 11.

99%, net profit attributable to mothers-6.04 million, narrowed continuously beyond 65.

63%, deducting non-net profit-18.79 million, narrowing beyond the continuous narrowing of 5.


Among them, 2019H1 Baicaowei realized income of 24.

0.6 billion, an increase of 15.

11%; net profit attributable to mother 1.

3.5 billion, an increase of 31.

46%; of which revenue was 7 in the second quarter.

7.3 billion, an increase of 19.

39%, net profit attributable to mothers was 8.96 million, an increase of 63.

twenty one%.

Revenue sharing: Baicao’s growth accelerated, and offline channel growth was under pressure.

In terms of categories, 2019H1 Baicao maintained a rapid growth, and nuts, dried fruits, and dried meat seafood products achieved revenue1佛山桑拿网4.

51 billion / 3.

38 billion / 3.

1.4 billion, an increase of 12 respectively.

90% / 10.

15% / 42.


I really think you are still in the adjustment period and your income has increased.

8.9 billion, down 11.


In terms of different channels, the company’s online channels are solid overall. The number of online registered members has exceeded 70 million, which continues to expand from the beginning of the year with 60 million people.

300 million, accounting for 89% of revenue, of which B2C also increased by 18.

81% to 16.46 billion yuan, a 10% increase in warehousing.

03% to 8.

8.1 billion; revenue from offline channels3.

US $ 100 million, of which monopoly / supermarket channels achieved revenue1 respectively.

7.9 billion / 0.

8.8 billion. Imagine that your number of specialty stores has 杭州桑拿网 remained at more than 700; the revenue of Central China by region also fell by 27.

36% to 1.

67 trillion, down 22 in other areas.

14% to 1.

6.3 billion.

  Profit analysis: Baicao flavor promotes the overall profit of the company, I miss you slightly.

By business, Baicaowei’s profitability has been steadily improved, and the net profit margin in the first half of 2019 / the second quarter of 2019 increased by 0.


31PCT to 5.

62% / 1.


I miss your channel adjustment, Q2 exceeds the loss reduction of 38.


Specifically, the company’s gross profit margin increased by 1 in 2019H1.

23PCT to 29.

99%, gross profit margins of nuts / dried fruits / preserved seafood products increased by 1.



11PCT; the gross profit margin of the jujube business fell 4.


In terms of expenses, the company’s sales expense ratio increased by 1.

38PCT to 21.

12%, mainly due to the increase in business promotion expenses, salary expenses and transportation expenses; the management / R & D / financial expense ratios increased by +0 respectively.

18 / + 0.

15 / -0.


In addition, the company received about 52 million government subsidies in the first half of the year, which has increased its performance; the expense ratio has gradually decreased4.

33PCT to 23.

36%, comprehensively leading to the company’s net profit margin increased by 0.

51PCT to 4.


Future outlook: The big single product strategy continues to advance, with online and offline integration and integration of omnichannel advantages.

The 2019 H1 company’s big single product strategy has achieved significant results. The daily nut series achieved nearly 200 million yuan (about 50 million in the same period last year); Qingfeifei earned 40 million yuan (30 million yuan in the same period last year); and it is expected that daily nut revenue will reach 400The company plans to build 8 models of 100 million products and 20 models of 50 million products in 2019.

  In terms of channels, the company continued to advance the online and offline integration progress, the expansion of monopoly channel dealers, and the stable improvement of supermarket channels; meanwhile, Baicaowei opened offline stores and gradually planned to reach 10 stores.

The company aims to achieve revenue / net profit of 56 in 2019.500 million / 1.

600 million, respectively increased by 14.

1% / 23.


Increased risk.

Market expansion was worse than expected; industry competition intensified; food safety risks.

  profit prediction.

Maintain 2019/20/21 EPS forecast of 0.



44 yuan, maintain “Buy” rating.

Biyin Lefen (002832): 19-year performance continues to increase high-power online mini program live broadcast adds another bright spot

Biyin Lefen (002832): 19-year performance continues to increase high-power online mini program live broadcast adds another bright spot

Investment Highlights: The company’s performance continued to maintain high growth, and its 19-year net profit growth rate reached 40%, in line with expectations.

1) The company foresees 19 years of operating income18.

3 ‰, an increase of 24% in ten years; net profit attributable to mothers4.

1 ‰, a growth of 40% in ten years, and profit growth of 4.

80,000 yuan, a year-on-year growth of 38%, in line with expectations.

2) 19Q4 achieved operating income of 50,000 yuan, a year-on-year increase of 21.

Net profit attributable to mother was 98.01 million yuan, a year-on-year increase of 14% and profit increased by 1.

100 million US dollars, a year-on-year growth of 73%. The difference between the growth rate of net profit and profit maximization was mainly due to the company’s certification of emerging companies in the fourth quarter of 2018, and the gradual discounts were concentrated in the fourth quarter.

The high growth of total profits can better reflect its good growth momentum.

3) After the epidemic, the apparel industry has been under pressure to improve, but we believe that after the industry has shuffled, high-quality brands are expected to 武汉夜网论坛 stand out and their market share will increase again.

  The channels have expanded steadily, the store efficiency has been improved simultaneously, and endogenous and extended efforts have been made to drive high performance growth.

1) The channel network continues to expand, and it is expected that there will be more room for growth in the future.

As of the end of November 2019, the number of the company’s terminal stores reached 875 (816 than the Yinlefin brand + 59 Venetian carnival brands), a net increase of 111 earlier than the end of 18 years, and it is expected to maintain a net increase of more than 100 stores in 20 years.

At the same time, the company has dug deep into high-end communities in first- and second-tier cities as potential markets, and has further sunk to third- and fourth-tier cities that are developing rapidly. The market capacity of the brand stores in 天津夜网 the long-term is expected to reach 1,500-2,000 stores.Shop space.

2) Stores were actively adjusted, and store efficiency continued to improve.

The company implements the store restructuring plan of “adjusting the location and expanding the area”, gradually intelligentizing and informatizing the existing stores, and promoting the steady improvement of single store sales, which is at the forefront of the industry.

  Strengthen online sales, test the economy of the Internet, and launch live broadcasts of small programs.

1) The company actively optimizes marketing network construction and supply chain management, establishes e-commerce sales channels, promotes WeChat marketing, and increases VIP community marketing.

In the first half of 2019, the flagship store of Biylefen Tmall was officially opened.

2) The company strives to establish a network influencer economy, launches WeChat mini-program live broadcast, sales are booming, continues to accelerate the construction of new retail channels, and strengthens brand promotion.

  Product power and brand power continue to improve, creating high-quality explosion models, and its influence continues to expand.

1) Increase brand promotion and comprehensive marketing.

The company cooperated with Yang Shuo, Jiang Yiyan, Qiao Zhenyu and other stars to continue to draw in. In December of 19th, they entered the joint series of the palace culture of the New Biyin Lefen Palace, cut into the national tide culture, and strengthened the product fashion and brand influence.

2) Product development and promotion continued to increase.

The company realizes consumer value innovation through fabric innovation, layout optimization, design breakthrough, cultural empowerment and other methods to create highly competitive products.

  The company’s performance continued to grow at a high speed, channel construction was steadily advanced, and its brand power was extremely strong. It maintained a “Buy” rating.

  The company’s performance maintains a high-speed growth trend, issuing convertible debt supplementary channels, upgrading the supply chain, and research and development centers, and is optimistic about continuously strengthening its competitive advantage in the future.

Although the short-term retail environment is slightly pressured, the company is actively responding to the epidemic situation, and offline stores are gradually returning to work. At the same time, online sales are being promoted, bringing new bright spots for growth. Therefore, the original forecast is maintained, and the EPS is expected to be 19-1921.



3 yuan, corresponding to the PE of 19-21 is 17/13/10 times.

The company has a nominal growth rate of scarce growth in the sector, with a PE of only 13 times in 20 years, maintaining the “Buy” rating!

  Risk reminder: If the duration of the new coronavirus-infected pneumonia epidemic is shortened and the retail endurance continues to be under pressure, performance may be less than expected.