New Natural Gas (603393) 2018 Annual Report Comments: Asian and American Energy Consolidated Contribution Significantly Optimizes Upstream Business

New Natural Gas (603393) 2018 Annual Report Comments: Asian and American Energy Consolidated Contribution Significantly Optimizes Upstream Business

Event: New Natural Gas released its 2018 annual report.

In 2018, the company realized operating income16.

3 ‰, an increase of 60 in ten years.

6%; net profit attributable to 佛山桑拿网 mother 3.

30,000 yuan, an annual increase of 26.

9%; earnings per share 2.

09 yuan.

The company disclosed the dividend distribution plan, and distributed 10 yuan (including tax) for every 10 shares and increased 4 shares.

Downstream business is steadily advancing: Benefiting from strong natural gas demand, the company’s Xinjiang regional natural gas sales volume in 20186.

5 billion cubic meters, an increase of 17 in ten years.

8%; gross profit of natural gas supply business increased by 13 in ten years.

6%.

Affected by factors such as upstream price increases, the company’s natural gas supply business gross margin in 2018 was 26.

5%, ten-year average 1.

4 units.

In addition, the company’s natural gas connection business has developed steadily, with user installations completed in 20183.

10,000 households, the gross profit of this business increased by 11 every year.

1%.

Layout of upstream business, Asia-American Energy and consolidated contribution to performance increase: In 2018, the company successfully acquired the coal-bed gas company Asia-American Energy (2688.

Hong Kong) 50.

5% equity, layout upstream business.

Finally, at the end of 2018, due to exercise substitution, the company held Asian American Energy 49.

93% equity.

Asian American Energy consolidated on August 31, 2018. We estimate that Asian American Energy’s 2018 consolidated performance was 0.

90,000 yuan, accounting for 25% of the company’s net profit attributable to the mother.

5%.

Affected by factors such as the consolidation of Asian and American Energy, the company’s 2018Q4 net profit2.

1 ‰, with a previous growth rate of 90%, effectively boosting expected performance.

Optimistic about the development of coalbed methane business: With the rapid growth of downstream natural gas demand, a series of natural gas supply and supply tend to tighten, and the upstream price of natural gas has also increased.

As an unconventional natural gas source, coalbed methane will supplement conventional natural gas supply.

With the advancement of Asia-American Energy Panzhuang and the Mabi Blockchain Project, the company’s coalbed methane business has achieved a “volume and price rise”, which has become the core growth point of the company’s future performance.

Profit forecast and investment rating: Taking into account changes in the company’s operating conditions, the profit forecasts for 2019 and 2020 are lowered. It is expected that the company’s net profit attributable to mothers in 2019 and 2020 will be 4 respectively.

400 million, 5.

6 ppm (original value 4).

600 million, 5.

$ 900 million, plus a forecast net profit of 2021 for mothers6.

9.3 billion.

We will not consider the impact of the dividend plan on the share capital for the time being. It is expected that the company’s EPS for 2019-2021 will be 2 respectively.73, 3.

48, 4.

33 yuan, corresponding PE is 15, 12, 9 times.

We are optimistic about the development of the company’s upstream business and maintain a “Buy” rating.

Risk reminder: The sales volume of natural gas is lower than expected, the number of new users’ connection is reduced or the connection cost is reduced, the gas purchase cost exceeds the expected growth, and the gas distribution fee is further down.The risks of change, the cost control effect during the period is less than expected.

Digital China (000034) 2019 First Quarterly Report and Significant Events Comment: Operating Cash Flow Improved, Target Net Profit CAGR Over 20% Over Next Three Years

Digital China (000034) 2019 First Quarterly Report and Significant Events Comment: Operating Cash Flow Improved, Target Net Profit CAGR Over 20% Over Next Three Years
Core Views The company released the 2019 first quarter report and equity incentive plan. The revenue / net profit / OCF of 2019Q1 were 217 respectively.55/1.36/2.6.5 billion, previously +37.8% / + 22.2% / + 273.4%, operating cash flow improved.Equity incentives are extensive, and the target net profit margin will increase by 20% / 45% / 75% in the next three years.Maintain 2019 EPS forecast to 1.01/1.22/1.42 yuan, giving 18 times the 2019 PE, corresponding to a target price of 18.1 yuan, maintain “Buy” rating.  Steady revenue and gross margin decreased slightly, and operating cash flow increased significantly.The company’s 2019Q1 business volume has steadily increased, and its gross profit margin has decreased slightly by zero.97 points.Sales / management / R & D expenses are comparable to 2018Q1, with financial expenses + 30% every six months, and the overall expense ratio (2.24%) -0 per second.74pct, -0.47pct, continued from 2016Q2 (5.20%), to some extent, reflects the scale effect of the company’s business.The decrease in expenses was slightly lower than the decrease in gross profit margin, which resulted in lower profit growth than revenue.In addition, the company’s business has a cap, 2017Q1 / 2018Q1 operating cash flow -1.33 / -1.53 trillion, which will turn positive and grow in Q1 2019. The reason is that the company will strengthen its sales-end assessment and payment recovery in 2018H2. It is expected that the future operating cash flow will be sustainable.  Equity incentives help long-term development, and the target net profit ratio in the future will increase by 20% / 45% / 75% in 2018.The incentive involved 3287.50,000 shares (accounting for 5.(03%), and the target for performance evaluation in 2019/2020/2021 is to increase the net profit ranking by 20% / 45% / 75% in 2018.Among them, the stock budget is 27.8 million shares (accounting for 4 shares).25%), 22.25 million shares were granted to 245 core technical / business personnel, 5.55 million shares were converted, and the exercise price was 15.55 yuan; budget stock 507.500,000 shares (accounting for 0 shares.78%), awarded 9 executives and 14 core technical / business personnel, replacing 1 million shares.Equity incentives help the company to mobilize the enthusiasm of the company’s executives / core backbones. The target net profit CAGR in the next three years is over 20%.  The value of channel B is difficult to replace, and cloud services help maintain high growth.The company 杭州桑拿网 cooperates with 80+ mainstream cloud vendors around the world to establish a cloud resource pool that brings together 120+ SaaS / 500 + partners. It has also become the general distributor of Alibaba Cloud and obtained Office 365 resale qualification. It has accumulated more than 600 channel partners.The nation’s largest sales network to B, fully guarantee the development of cloud business.Recently, the pace of domestic and foreign giants turning to the cloud has accelerated, and the trend of domestic enterprises on the cloud has become prominent. We expect that the revenue in 2019Q1 will exceed 300 million, continuing in 2018 (5.800 million) high growth.  Risk factors: The development of cloud computing is less than expected; the landing of equity incentives is lower than expected.  Investment suggestion: The company’s main IT distribution business is stable, and cloud services are expected to continue high growth. We are optimistic about the company’s equity incentive implementation and the value of channel B.Maintain 2019/2020/2021 EPS forecast to 1.01/1.22/1.42 yuan, 18 times the target PE for 2019, corresponding to a target price of 18.1 yuan, maintain “Buy” rating.

From Deepening to Accelerating Xiao Gang Explaining the Connotation and Path of Financial Supply-side Reform

From Deepening to Accelerating Xiao Gang Explaining the Connotation and Path of Financial Supply-side Reform

China Finance Forty Forum on April 19, the Political Bureau of the Central Committee proposed to accelerate the structural reform of the financial supply side.

The structural reform of the financial supply side was first proposed during the collective study of the Political Bureau of the Central Committee on February 22 this year. At that time, the term was “deepened”, and two months later, “deepened” became “accelerated”.

What’s the meaning behind it?

  On April 20th, the 11th Anniversary Celebration of the China Finance 40 Forum (CF40)-2019?

The forty people’s annual meeting and thematic seminar “Changing and Resolving Bureaus: The Next Journey of China’s Economic and Financial Reform” are emerging in Beijing.

At the meeting, CF40 senior expert Xiao Gang pointed out that the connotation of financial supply-side structural reform mainly has four points: First, focus on the supply side, not the demand side of credit expansion.

  Second, focus on both service functions and service quality and efficiency, rather than large-scale extensive operations.

  Third, focus on the effective matching of precise supply and demand, rather than increasing ineffective and inefficient supply.

In general, there is a contradiction between excessive money and structural imbalances, whether it is money supply or credit supply.

  Fourth, focus on institutional reform and mechanism conversion, rather than simply equating policy implementation and alternative means.

  Regarding the current relationship between overall supply-side structural reforms and financial supply-side reforms, Xiao Gang believes that financial reforms should serve economic reforms, but economic reforms will also bring challenges to the financial industry, including structural deleveraging and zombie enterprise processing.Wait.

He pointed out that the structural reform of financial supply side is in parallel with the prevention and mitigation of financial risks, and there are several points to be grasped in the current process of risk prevention.

  First, on the basis of stable growth, in the expected development, prevent and mitigate risks.

If there is no certain growth and no expected development, this risk cannot be prevented in the end.

  Second, to prevent and control risks, we must grasp the rhythm and intensity, be consistent, controllable, orderly, and appropriate.

  Third, prevention and control of financial risks must be driven by reforms, with special attention to strengthening the foundation.

Speed up the construction of financial infrastructure, do a good job of comprehensive statistics of the financial industry, and improve the information system and credit punishment mechanism.

  Fourth, “managing people, keeping money, and tying up the institutional firewall” is both the content of reform and the guarantee to promote reform and prevent and control risks.

  Fifth, in promoting reform and opening up, we must improve our financial management capabilities and our ability to prevent and control risks.

  The following is the actual record of Xiao Gang’s speech, which has been reviewed by the author.

  General Secretary Xi Jinping first proposed to deepen financial supply-side structural reforms during the collective study of the Political Bureau of the CPC on February 22, 2019.

On April 19, when the Political Bureau of the Central Committee studied the economic expectations for the first quarter, it was required to accelerate the structural reform of the financial supply side.

The nature of structural reform of the financial supply side can be seen.

General Secretary Xi has carried out financial supply-side structural reforms based on a profound summary of the nature and operating laws of finance, especially on the basis of a deep analysis of the development and changes in the financial industry since the 18th National Congress of the CPC.

The speech on financial work at the February meeting was the further enrichment and development of General Secretary Xi’s new ideas and new requirements on financial work.

  The central transition of financial supply-side structural reform is the adjustment and optimization of the financial system structure. At the same time, a two-way goal of strengthening financial service functions and precision financial services is proposed.

The first objective, in addition to strengthening the function of financial services to the real economy, also proposes a function of serving the people’s lives.

In addition, it has explicitly proposed the need for precise financial services, which involves the establishment of a multi-level, wide-coverage, differentiated, customized, and reasonable and efficient financial system.

Focusing on this central interest rate, the issues of financing structure, financial institution system, financial market system, and product system have been further raised.

This important speech set the direction for deepening financial reform and opening up.

  What is the connotation of financial supply-side structural reform?

  First, focus on the supply side, not the demand side of credit expansion.
Flood flooding cannot be implemented as soon as it represents the function of financial services to the real economy. The central government’s requirements have always been very clear, but not flood flooding at the same time.

In the first quarter of 2019, bank loans increased by 6 trillion yuan, and social financing increased by 8 trillion yuan, so the question of flooding flooded again.

I understand that financial reform is focused on the supply side, not on credit expansion.

  Second, focus on both service functions and service quality and efficiency, rather than large-scale extensive operations.
This is very clear.

  Third, focus on the effective matching of precise supply and demand, rather than increasing ineffective and inefficient supply.In general, there is a contradiction between excessive money and structural imbalances, whether it is money supply or credit supply.

  Fourth, focus on institutional reform and mechanism conversion, rather than simply equating policy implementation and alternative means.

Monetary and credit policies and macro-scale measures are constantly adjusted according to the economic and financial situation. The financial sector has gradually worked on merging these policies and restructuring measures. However, these cannot replace reforms, but still focus on the transformation of institutional mechanisms.

  Why deepen 深圳桑拿网 the structural reform of the financial supply side is first and foremost the need for changes in domestic and foreign economies.

  In 2013, the Party Central Committee proposed a period of shifts in economic growth, a period of structural adjustment, and a “three phases” of digestion of stimulus policies.

Since 2014, downward pressure on the economy has increased.

From about 2014 to 2016, it was in a period of relatively loose policy, including lowering of rations and interest rates, relaxation of restrictions on real estate purchases, down payment and loan restrictions, etc.

By the second half of 2016 and 2017, the supply-side structural reforms of the economy were launched.

Fundamentally, the momentum of global economic recovery is also increasing.

Therefore, in the second half of 2016, both domestic and international economic development was relatively fast.

However, in 2018, the expected mutations are also due to various factors, leading to the superposition of multiple internal austerity effects, causing difficulties in 2018.

Therefore, the structural reform of the financial supply side is based on changes in economic indicators at home and abroad.

  The economic work in 2019 mainly grasps the three major relationships.

  First, we must coordinate domestic and international relations.

Where is the foothold?

Concentrate on doing your own thing.

Second, we must grasp the relationship between steady growth and risk prevention. Where should we settle?

The economy must not be allowed to slip out of a reasonable range, which is a GDP growth rate of 6% to 6.

5%.

Third, handle the relationship between the government and the market, and gradually reform and open up to stimulate the vitality of the market itself.

  First of all, it is the stability of the word, the need for progress in stability.

Stable finance, stable foreign trade, stable foreign countries, stable investment, stable expectations, stable employment.

There are also “six stability” in stable finance, stable liquidity, stable social integration, stable stock market, stable debt market, stable exchange market and stable housing market. These are the six aspects of maintaining financial stability.

To achieve the requirements of the central government’s six stability and financial stability, there is an urgent need to accelerate the structural reform of the financial supply side.

  Thirdly, it is the need of economic level and industrial development stage.

The proportion of direct financing in high-income and middle-income economies increased.

The uncertainty and rapid changes of the innovative and creative economy make risk sharing and benefit sharing a direct financing advantage.

The rule of law, culture, and credit systems promote direct financing.

Interest rate, exchange rate, capital exchange, and comprehensive management reforms are driving changes in financial structure.

Based on the current stage of economic development, the level of economic development and the stage of industrial development, there is an urgent need to promote structural reforms on the financial supply side.

  What is the relationship between economic supply-side structural reform and financial supply-side structural reform?

  Financial supply-side structural reform is part of the economic supply-side reform. Financial reform must be subordinated to serve economic reform.

At the same time, the two promote each other.

If economic supply-side reforms are not effectively implemented, it will also be difficult for financial supply-side reforms.

The supply-side structural reform of the economy provides both possibilities and challenges for the financial industry.

An important goal of the structural reform of the supply side of the economy is to have the vitality of the micro-subjects and the level of the industrial chain to be improved.

This has created a good environment for the development of the financial industry and is worthy of an alternative foundation.

  But at the same time, we should see that the supply-side structural reform of the economy will bring challenges to the financial industry.

This challenge includes structural deleveraging and disposing of zombie businesses.

Practically speaking, the speed of zombie companies is still relatively slow. If we speed up the processing speed, it will have a great impact on our financial industry and our asset quality.In addition, the potential risks of local hidden debt are still very large, and the disintermediation of funds has brought great pressure on the transformation of the financial industry and the prevention of financial risks.

  Financial supply-side structural reform is in parallel with preventing and mitigating financial risks, with the same goals, mutual penetration and coordination.

The goals of both sides are to promote economic growth and to overcome the middle income trap.

There are several points to be grasped in the current process of risk prevention.
  First, on the basis of stable growth, in the expected development, prevent and mitigate risks.

If there is no certain growth and no expected development, this risk cannot be prevented in the end.

  Second, to prevent and control risks, we must grasp the rhythm and intensity, be consistent, controllable, orderly, and appropriate.

This puts higher demands on the financial industry to deleverage and prevent risks, and it also sums up the lessons learned in 2018.

We have some problems in order and appropriateness. In the future, we must pay attention to grasping the rhythm and strength.

  Third, prevention and control of financial risks must be driven by reforms, with special attention to strengthening the foundation.
Speed up the construction of financial infrastructure, do a good job of comprehensive statistics of the financial industry, and improve the information system and credit punishment mechanism.
  Fourth, “managing people, keeping money, and tying up the institutional firewall” is both the content of reform and the guarantee to promote reform and prevent and control risks.

  Fifth, in promoting reform and opening up, we must improve our financial management capabilities and our ability to prevent and control risks.
  Finally, how to implement financial supply-side structural reforms?

  We must implement the eight-character policy.

The Eight Character Guide is “Consolidate, Enhance, Enhance and Unblock”.

Consolidation is to consolidate the results of deleveraging and managing chaos in the financial industry.

There is indeed a lot of work to be done in this regard.

In terms of enhancing service capabilities, innovation capabilities, and management capabilities, the financial industry also needs to increase its efforts.

In terms of improvement, it is very important to improve our consciousness of incorporating new development concepts, focusing on matching financial supply with effective demand, thereby improving asset quality and service levels.

In terms of unblocking, it is mainly to unblock monetary policy mechanisms and strive to achieve three virtuous cycles: a virtuous cycle of finance and the real economy, a virtuous cycle of finance and real estate, and a virtuous cycle within the financial system.

  To implement the structural reform of the financial supply side, one of the keys is to enhance the sense of urgency and mission of financial reform and opening up.

Why ask this question?

At present, China’s financial strength continues to increase, and China’s four major banks are ranked first in the world’s top ten banks in 2018.

Looking back on the history of the past 100 years, in 1913, the top 20 banks in the world were mainly British, and in addition to banks in other European countries, there were not many banks in the United States.

By the 1950s and 1960s, US banks overlapped with major parts of the 20 largest banks in the world.

By the 1980s, Japanese banks had come to the forefront.

To this day, China’s banking industry has also moved ahead.

This achievement is shared by all.

  Judging from the development of small and medium-sized financial institutions, the overall situation is also stable.

Reforms in many past situations have been forced. Looking back at the history of financial reforms, it is only when there are many problems and even crises that there is a motive force for reform.

So, when China ‘s current financial crisis is relatively stable and the strength of the financial industry continues to increase, how can it enhance the sense of urgency and mission of reform?

This is a big problem we face.

  The requirements for the new round of financial reform and opening up are very high.

The most important thing is to have a sense of urgency, a sense of mission, and the pursuit of self-confidence and self-improvement, to improve the level of financial reform and opening up, enhance international competitiveness, take the road of financial development with Chinese characteristics, and formulate international financial governance and rules.Contribute Chinese wisdom and solutions.

Signal to add positions?

Chen Guangming, Fu Pengbo at the helm of the public offering suddenly opened a large amount of subscriptions

Signal to add positions?
Chen Guangming, Fu Pengbo at the helm of the public offering suddenly opened a large amount of subscriptions

Related reading: Dongfang Hong, Xingquan’s favorite stocks were brought to Rui Yuan by Chen Guangming and Fu Pengbo.

Fund boss Chen Guangming and Fu Pengbo at the helm of the public offering suddenly opened a large amount of purchases of Ge Jia to set sail on the science and technology board, while the Shanghai Composite Index hovered at 2900 points. Fund leader Boss Chen Guangming and Fu Pengbo’s Ruiyuan Growth Value Mixed Fund suddenlyAnnounced the release of large purchases.

  On July 24, surging news reporters learned that the Ruiyuan Growth Value Hybrid Fund became effective on July 26 and opened a large amount of subscriptions.

The fund also confirmed the news by issuing an announcement on July 25.

  In this regard, some representatives were very excited to say that the position of Ruiyuan Growth Value Hybrid Fund 北京夜网 was close to 80% at the end of the second quarter. At this point, the large-scale purchases were released and the scale of expansion seemed to be a structural opportunity for the two fund managers.And ready to signal a position increase.

  ”This time Ruiyuan’s growth and opening up may be the last chance to catch a ride on Ruiyuan Fu Pengbo.

“A bank channel financial manager told the surging news reporter that this time Ruiyuan plans to increase some scale, and the subscription share will not be proportionately placed. However, the fund manager also has certain expectations on the scale limit, and does not rule out expansion toAfter a certain scale, the subscription will be suspended.

  The above-mentioned bank channel financial management manager further found that according to his understanding, the fund manager had always felt that it was not time to add positions. Now it is more appropriate to place around 2900 points, so he opened a large amount of purchases.

  On March 21, the first fundraiser of the “Guangyuan + Fu Pengbo” fund gang combination made Ruiyuan’s growth value mixed fund the first fundraiser was enthusiastically sought after by the market. This product with a size limit set at 6 billion US dollars was eventually over 72 billionFunds snapped up and became the equity fund with the highest subscription amount on the first day of this issue quickly.

  On March 27th, Ruiyuan Growth Value Hybrid Fund announced the effective date of the contract. The fund was established on March 26, and 410,000 people effectively subscribed. The per capita subscription was 170,000 yuan, and the Class A allocation ratio was as low as 7.

03%, after the placement, the funds A and C shared the total raised amount of 58.

700 million.

  It is obvious that the employees of Ruiyuan Fund Company subscribed for the distribution of Fund A at the time of the initial launch.

660,000 copies, accounting for 0.

002%; subscription C share 2344.

50,000 copies, accounting for 0.

399%, a total of 2357 subscriptions.

20,000 copies, accounting for 0% of the fund’s total shares.

401%.

  However, the mandatory announcement of the fund contract showed that Fu Pengbo and Zhu Xi did not hold the fund at the time.

I don’t know whether the fund managers Fu Pengbo and Zhu Xi will invest in this product for the first time due to the opportunity to release large purchases.

  On June 25, Ruiyuan Growth Value Mixed Fund, which was established for 3 months, ushered in the first open subscription and redemption.

However, restrictions are still imposed on large-scale purchases. Individual fund accounts subscribe for and purchase Class A shares on a single day. The total amount of Class C shares does not exceed 1 million.

  So, how is the performance of this explosive fund?

  Ruiyuan’s growth value mix disclosed in the second quarterly report of 2019 recently showed that after the opening of the second quarter, the net value of Ruiyuan’s growth value mix fund has declined.

  As of the end of the second quarter, Ruiyuan’s growth value mixed A fund share net value.

9,865 yuan, the average value of the report, the growth rate of this type of fund share net value is -1.

40%, the benchmark income for the same period of performance can be -1.

99%; as of the end of the reporting period, Ruiyuan Growth Value Mixed C Fund allocated net value.

9,854 yuan, the average value of the report, the growth rate of this type of fund share net value is -1.

50%, the benchmark income for the same period of performance can be -1.

99%.

  However, as of July 24, the fund’s net A-share value has rebounded to 1.

At 0253, C’s total net value rose back to 1.

0239.

  Ruiyuan Growth Value Hybrid Fund A / C share net worth performance Ruiyuan Growth Value Hybrid Fund’s second quarter report showed that the fund’s share at the end of the period was 59.6.6 billion copies, an increase of 92.19 million copies, an increase of 1 when it was established earlier.

57%.

That is to say, although the market experienced a decline in the second quarter, the fund’s net value also fell by 1.

40%, but Ruiyuan’s growth value share is still increasing.

  Regarding the fund’s investment strategy and operational analysis, Fu Pengbo and Zhu Qi said in the second quarterly report that after the fundraising was established, the fund completely operated for a quarter in the second quarter of 2019.The adjustment process of liquidity from relatively loose to moderately counter-cyclical.

Following the agreement of the fund contract, the fund gradually increased its position and reached a relatively high position by the second quarter.

  In the construction of the portfolio, the two fund managers relatively dilute the timing and focus on optimizing the position structure.

Focusing on industries such as advanced manufacturing, medical health, and food consumption.

He also stated that the existing holding companies represent high-quality enterprises within the domestic subdivided industries. To a certain extent, their core competitiveness can help companies withstand changes in the economic cycle and uncertainties in external demand.

Di Su Fashion (603587): Small and beautiful multi-brand fashion group

Di Su Fashion (603587): Small and beautiful multi-brand fashion group

Report Summary: Multi-brand mid-to-high-end women’s fashion operation group, expanded to men’s clothing brands.

Disu Fashion was established in 2002 in Shanghai. It is a multi-brand apparel fashion group. It has three core women’s clothing brands, DAZZLE, DIAMONDDAZZLE, and d’zzit, which respectively cover the mid-to-high-end, high-end and mid-end women’s clothing markets, forming aThe women’s market is multi-dimensional and penetrates deeply.

In the second half of 2007, the company launched the men’s clothing brand RAZZLE, which further enriched the company’s brand connotation and expanded its coverage.

It is said to be Euromonitor. The company’s main brand “DAZZLE” ranked third in the mid- to high-end women’s market in 2014 and third in 2015.

The market for mid- to high-end women’s clothing is large, and design will be the focus in the future.

Women’s spending power has improved, consumption concepts have improved, and the growth of high-net-worth individuals has driven the development of mid- to high-end women’s wear.

According to Euromonitor’s forecast, the retail sales of the women’s clothing market in the whole year of 2020 will reach US $ 112.5 billion, and the retail sales of the mid-to-high-end women’s clothing market will reach US $ 178.7 billion.

Women’s constant demand for clothing personalization, design is the most important trend.

Focus on design and pursue quality.

The company has a team of experienced, energetic and innovative design R & D teams. We always strictly select the designer team and attach importance to all aspects of independent training. It has both an international fashion sense and a deeply localized beauty.

R & D investment has continued to increase, attracting international design 佛山桑拿网 talents, and focusing on training designers.

Grasp the supply chain and cooperate with foreign high-quality fabric suppliers to pursue quality.

Strong profitability, improved channels, and great room for expansion.

The company’s gross profit margin and net profit margin are significantly higher than those of mid-to-high-end women’s wear companies in the same industry. ROE is high, and its profitability is among the highest in the industry.

Compared with comparable company benchmarks, the company’s store efficiency has a lot of room for improvement, and the VIP customer base has increased significantly.

With the completion of the channel adjustment, the company entered the stage of channel expansion, and the retail space of each brand was subdivided.

Profit forecast: It is expected that the company’s revenue 杭州夜网论坛 for 2019-2020 will be 23 respectively.

8.1 billion, 27.

600 million yuan, an increase of 13.

36%, 15.

91%.

EPS are 1.

60 yuan, 1.

84 yuan, currently corresponding to the company’s PE in 2019 is 13.

3 times, give overweight rating.

Risk warning: terminal consumption continues to weaken, store efficiency increases and store expansion is less than expected

BOE A (000725) 2019 Interim Report Performance Review: increasing revenue but not increasing profit in the first half of the year

BOE A (000725) 2019 Interim Report Performance Review: “increasing revenue but not increasing profit” in the first half of the year

A brief evaluation of BOE’s revenue in the first half of 2019 was about 55 billion yuan, a year-on-year increase of about 27%, and net profit attributable to mothers was about 16.

700 million, a year-on-year decrease of about 44%, and net profit after deduction is about 6.

500 million, a reduction of about 57% each year.

Among them, Q2 revenue increased by about 30% each year, net profit attributable to mothers decreased by approximately 36%, and gross profit margin in the single quarter decreased by approximately 1.

7%, revenue and profit as expected.

Operational analysis The new production line was put into operation to drive continued revenue growth. The decline in panel prices dragged the company to “increasing revenue but not increasing profits”: in Hefei10.

Since the 5th generation line was put into production, the company’s revenue growth rate in the past four quarters (3Q18-2Q19) has continued to expand, respectively 5%, 13%, 23% and 30%.It is manifested as “increasing income but not increasing profits”.

As the company currently maintains the world’s largest volume in five major application areas such as smartphone LCD screens, tablet computer screens, notebook computer screens, monitor screens, and TV screens, the company adjusted its product structure for two quarters.Single-quarter gross margin fell by only 1.

7%.

Flexible OLED products have increased in size and increased in size, and new products such as folding mobile phones are gaining momentum: Although the overall price of liquid crystal display panels has shifted downward, taking a 32-inch TV panel as an example, the decline in 2Q is close to 30%, but the company is equipped with Huawei Mate 20 ProAnd P30 Pro’s flexible OLED product output continues to increase, the wholesale volume in the first half of the year exceeded 10 million units.

In addition, as Huawei ‘s core supplier of the foldable mobile phone Mate X, which will be launched in the third quarter of this year, we believe that the new foldable mobile phone products will give the company a leading edge in the competition of differentiated flexible OLED mobile phone panels.

Supply-side production reduction has become the main theme, and panel prices are expected to usher in a rebound in the fourth quarter: starting from mid-2017, the average decline of LCD panels has exceeded 50%. At present, the prices of TV panels 65 ”and below have fallen below that of most panel manufacturers.Cash costs, “closed factories and reduced production” became the main theme of the industry in the second half of the year.

Korean factories Samsung and LG are fully turning to OLED, and it is estimated that the two domestic Koreans will total about 220k / month.

The 5th generation line will be shut down, Taiwanese manufacturers will begin to reduce the production line production rate, and the mainland plant Tap BOE will also be fully production and sales in the first half of the 10th.

The production capacity of the 5th generation line is reduced by about 25%. The clearing of production capacity at the supply 杭州桑拿网 side will help drive panel prices to stabilize and rebound in the fourth quarter. BOE has clearly benefited as a leading LCD panel.

Investment suggestion We maintain the company’s forecast of net profit attributable to the parent in 19-21 years of 4.8 billion, 10 billion and 15.5 billion, respectively, and the corresponding EPS is 0.

14 yuan, 0.

29 yuan and 0.

45 yuan, maintained at 5.

The target price of 78 yuan remains unchanged.

Risk warning: Sino-US trade war repeatedly affects terminal TV demand; panel industry price war continues to affect company profits

Northbound funding once exceeded 30 billion-waiting to cut foreigners?

The truth is here

Northbound funds exceeded 30 billion yuan: waiting to cut foreigners?

The truth is here

Northbound funds once exceeded 30 billion yuan!

Someone is waiting to cut foreigners leeks?

The truth is here on Friday. Northbound funds rose unilaterally throughout the day, with a total net inflow of 148.

6.2 billion, a record high this year and the second highest in history.

Among them, the Shanghai Stock Connect channel net purchase 71.

3.7 billion yuan, the Shenzhen Stock Connect channel net purchase of 77.

2.5 billion.

  After the close on September 20, the FTSE Russell and S & P Dow Jones Indices index performance adjustments will bring a total of $ 5.1 billion in passive incremental funds to A shares.

Compared with the index adjustment strength in previous years, this figure also reached a new high during the year.

  Northbound funds once exceeded 30 billion. Northbound funds totaled a net inflow of 148 on Friday.

US $ 6.2 billion, the second highest on record, with a net purchase of 71 on the Shanghai Stock Connect channel.

3.7 billion yuan, the Shenzhen Stock Connect channel net purchase of 77.

2.5 billion.

The highest historical record occurred on November 2, 2018, when the total net inflow of northbound funds was 173.

8.5 billion yuan.

  Specifically, the inflow of northbound funds reached the highest point of the day at the last moment.

  After 14:30 in the afternoon, the rate of northbound capital inflows increased significantly, and the round-robin bidding reached its peak in the late session.

In terms of capital surplus, the net inflow of northbound funds in the late session exceeded 30 billion yuan.

  It is worth mentioning that from the above picture, the trend of Northbound funds rushing up and down in the late round of collective auctions, and such a trend in the first few late “pulse quotes” occurred in various degrees.

  The performance of Northbound funds on the same day when the performance of the two previous two indexes was deducted pointed out that this does not mean that Northbound funds were bought and sold in just three minutes, but because the flow chart was calculated by the balance of funds on the day, rather than real-time transactions, Some of the final and final orders may also be calculated internally, temporarily occupying some of the quota.

  Game funds to enter early?

  Because 南京夜网论坛 some northbound funds are expected to be allocated on the last trading day before the index adjustment performance, for some game funds that want to “cut rich leeks”, buy in advance before that, and sell the chips to the northbound funds on the last day.It is a theoretically feasible arbitrage opportunity.

  Judging from Friday’s trading session, many FTSE Russell’s underlying stocks have been rising in a straight line, accompanied by a surge in trading volume.

  Wanhe Electric’s late-season collective bids continued to increase by 10.

02%, down from 0.

62% pulled up to rise 9.

40%; Only Education’s collective bidding price continued to increase by the end of the year9.

95%, down from 0.

05% rose to 9 up.

90%; Guocheng Mining’s collective bidding price continued to increase in the late5.

44%, up from 1.

36% pulled up to rise 6.

80%.

  In addition, Ping An of China, Maotai of Guizhou, Ping An Bank and other long-term favored blue-chip stocks in foreign countries have also seen significant volume late.

  ”Choose a few high-quality white horse stocks that foreign countries will definitely buy, buy them in advance, and even failed to sell them on Friday. Putting high-quality white horses in your hands for a while will not hurt.

I think this is an opportunity to give it a try.”The words of investor Xiao Xu may reflect the mentality of some funds.

  Accelerated foreign inflows since August In fact, with the three major international indexes exceeding and expanding, Northbound funds have continued to enter the market since late August. From August 16 to September 20, the net inflow of Northbound funds has reached 863.

6.1 billion yuan.

On Friday, with the simultaneous performance of the two indexes, the single-day net inflow of northbound funds hit a new high for the year.

  In the past week, it is not uncommon for Northbound funds to be bought in late trading. Some people say that Northbound funds may have opened positions in advance.

  A market source said that passive index funds that require more “harsh” transaction prices in order to trade at prices close to the closing price and achieve at least tracking error are often bought late in the market.

However, it does not rule out that other passive funds open positions in advance when they meet the requirements to smooth market fluctuations around the effective date of the index.

  FTSE Russell related sources said that passive funds tracking the index need to open a position after the close of this Friday, but usually gradually increase positions in advance, without necessarily waiting for the final close.

  According to Zhang Qiyao, chief strategy analyst of Guosheng Securities, according to the replacement plan announced by the first-level MSCI, a round of MSCI expansion plans is expected to be implemented in November this year.

  Zhang Qiyao further pointed out that the recent QFII quota restrictions have been lifted, which indicates that the opening up to the outside world continues to accelerate.

The lifting of the issuance quota limit is another important change in supporting foreign investors to invest in the domestic market and promote the further opening of the internal stock and bond markets.

He said that through the maturity of the interconnection mechanism, the replacement of QFII by northbound funds has become a trend.

Therefore, the cancellation of the QFII quota limit signal is even more significant, and then there may be large and small opening policies.

  According to Morgan Stanley’s forecast, in 2019, approximately $ 40 billion to $ 70 billion of potential transfer funds will be gradually increased, which includes about $ 18 billion of passive funds and about $ 20 billion to $ 50 billion of active funds.

McGmitter (002851) 2019 First Quarterly Report Review: Platform Advantages Brewing Results Continue to Increase

McGmitter (002851) 2019 First Quarterly Report Review: Platform Advantages Brewing Results Continue to Increase
Core Views The company released the 2019 first quarter report, achieving net profit attributable to mothers of zero.580,000 yuan (ten years +138.67%).The company lays out several high-quality and high-growth tracks. Based on its own technology and customer advantages, the company acquires minority shareholders’ equity in core assets, which is expected to maintain rapid growth.Maintain 2019-2021 EPS forecast1.03/1.30/1.46 yuan (supplemented by the forecast in 2021). The reasonable estimate range for 2019 is 35x-40x. Maintain the “Buy” rating. Performance continued to grow rapidly, entering the fast track of development.The company released the first quarter report of 2019 and realized operating income7.740,000 yuan (ten years +101.39%), net profit attributable to mother 0.580,000 yuan (ten years +138.67%), reaching the upper limit of the forecasted growth rate range.At the same time, the company’s cost control ability improved during the period of rapid growth in performance, the cost during the reporting period was reduced by 15%, and the sales / management / financial expense ratio was -1 per year.68% /-1.63pcts / + 0.03 pcts, R & D expenses increase by 36 every year.58% to 67.46 million yuan.Net operating cash flow was 1.69 trillion US dollars, benefiting from better reporting of potential customer repayments and discounted bills compared to the same period last year and an increase of 4629 at the same time.12%. Aiming at high-growth industries, demand is building for bottom results.The company’s main layout is several downstream industries that have high growth rates or are about to usher in an industry inflection point: smart bathrooms are undergoing an accelerated penetration period internally, and the sales growth rate is expected to exceed 100% in 2018; the frequency conversion of home appliances and new energy passenger carsHigh-speed growth, railway exchanges are expected to usher in a huge investment of more than one trillion US dollars in three years, the domestic PMI resumed and promoted the continued improvement of industrial control, and the promotion of 5G construction to drive demand for related equipment.Under the company’s diversified layout, the overall demand is improving and its own technology and customer advantages are 都市夜网 better. It will continue to drive rapid growth in performance in the future. The acquisition of minority equity in core assets has long-term positive profitability.In September 2018, the company completed the acquisition of Jardine Sanitary, Shenzhen Driven, and Shenzhen controlled minority equity. The shareholding ratio increased from 52% / 41% / 54% to 86% / 99.7% / 100%, and consolidated since September.The above companies are facing high-end industries such as smart bathrooms, new energy vehicle electric drives, and rail transit air-conditioning control products. The three subsidiaries’ 2018 performance commitments are 7100/5500/13 million yuan, and the actual completion amounts are 7476/9188/1414. Ten thousand yuan, the over-completion rate reached 5, respectively.3% / 67.1% / 8.8%.At the same time, the company issued an announcement on the conversion of convertible bonds 武汉夜生活网 and the further acquisition of the remaining 14% minority shareholders’ equity in Jardine Bathroom. The company intends to raise 6 through convertible bonds.5.5 billion yuan, of which 1.50,000 yuan is intended to be used to acquire 14% equity of Yiyihe Bathroom (if completed, the company will hold 100% equity of Yiyihe).The performance promises of the three subsidiaries for 2019 are 95 million / 70 million yuan / 18 million yuan respectively, and the company intends to continue to acquire minority shareholders’ equity in Jardine Sanitary Ware, which will build a bottom line for 2019 and maintain rapid growth. Risk factors: The production and sales of new energy vehicles are lower than expected; the demand for inverter home appliances and smart home appliances is weak; the progress of rail transit construction is weaker than expected; the manufacturing boom is down. Investment suggestion: The company relies on its own technology platform advantages, acquires a good track, good customer assets, and diversified layout advantages to merge and acquire minority stakes in core assets. The performance is expected to continue to maintain a high growth rate and maintain the company’s net profit attributable to its mother in 2019-2021.Forecast 3.21/4.08/4.57 trillion, maintaining 2019/20/21 EPS forecast1.03/1.30/1.46 yuan, corresponding to the current expected PE of 31x / 24x / 22x, we think the company’s reasonable range for 2019 is 35x-40x, maintaining the “Buy” rating.

UFIDA (600588): Cloud business exceeds growth by 95% Cloud R & D continues to invest heavily

UFIDA (600588): Cloud business exceeds growth by 95% Cloud R & D continues to invest heavily

Announcement: The company announced the first quarter report of 2019 to achieve revenue of 杭州夜网论坛 12.

52 ppm, an increase of 16 in ten years.

The net profit attributable to mothers was 82.2 million yuan, which was turned into a profit a year ago; the net profit after deducting non-profit was -54.7 million yuan, a decrease of 51.

2%.

Performance is in line with expectations.

Q1 revenue was 12.

52 ppm, an increase of 16 in ten years.

6%.

Profits turned from losses to profits, deducting non-net profits reduced by 51% each year, and software + cloud business contributed mainly to growth.

The non-recurring profit and loss mainly came from the disposal of long-term equity investment income of about 87 million yuan, which was due to the company’s sale of some equity in subsidiaries.

The cloud business continued to grow at a rapid rate, growing by 95 per year.

0%.

Cloud service revenue reached 1.

25 ppm, an annual growth rate of 95%, has become the largest and fastest growing enterprise SaaS supplier in the domestic market.

From the perspective of revenue structure, the overall revenue of cloud services accounted for 31.

6%, cloud services (excluding finance) accounted for 10% of total revenue, and about 6% of 18Q1 is still growing rapidly.

Q1 R & D investment further increased, of which cloud R & D ratio increased to 52.

3%.

The company has gradually reduced its traditional software R & D, and its cloud R & D investment has gradually increased.

Q1 R & D funding 3.

31 ppm, an increase of 15 in ten years.

4%, accounting for 26 of revenue.

5%.

The cloud business R & D promotion accounted for 52 of the total R & D investment.

3%, the first quarter still maintained relatively high R & D investment.

NCC and U8C plan to promote the new version to further consolidate the business of large and medium-sized enterprises.

1Q1 sales + management expenses fell by 4 every year.

2%, personnel control measures have achieved initial results.

1) The compression of expense ratio will be the key to the 19 performance exceeding expectations. The key lies in the increase in the proportion of standardized products. In 19Q1, UFIDA platform partners have more than 3,500 products and services in more than 5,500 models, and undertake more customized tasks.The quantity is 1.

580,000 people, a decrease of 300 people compared to 18 years, and the proportion of people serving as cloud business was 14.

7%, an increase of 123 people against the trend.

The overall internal control personnel increased slightly in the year, and the cloud business personnel plan to maintain double-digit growth.

Grasp the advantages of enterprise digitalization and self-controllability. The goal of software + cloud service revenue growth over the past ten years is 30%.

Software revenue in the first quarter increased by 20%, and the growth was dazzling, mainly due to grasping the two major benefits of enterprise digitalization and autonomous controllability. Software + cloud service revenue in the first quarter increased by 27% in total.

The cloud business has grown well and maintained its profit forecast.

The company has a leading edge in the ERP field. Benefiting from the digital transformation of the enterprise, the cloud business has a huge space to the B-end. It is expected that the revenue will continue to grow rapidly and maintain the profit forecast. It is estimated that the revenue for 2019-2022 will be 9.6 billion, 11.7 billion, 14.2 billion, 17.2 billion, Net profit attributable to mother is 7.

810,000 yuan, 10.

6.7 billion, 14.8.4 billion, 19.

9.8 billion yuan.

Maintain the “overweight” rating.

Tower Group (002233) Annual Report Comment: Regional Supply and Demand Structure is Good

Tower Group (002233) Annual Report Comment: Regional Supply and Demand Structure is Good

Net profit reached a record high, and the dividend rate remained high. On the evening of March 11, 2019, the company released its 2018 annual report and achieved operating income of 66.

300 million, a year-on-year increase of +45.

3%, net profit attributable to mother 17.

200 million, a year-on-year increase of + 139%, both hitting a record high, but slightly lower than our expectations, the price increase was less than our expectations.

The company strives to achieve a net profit target of more than 2 billion in 2019, a year-on-year increase of 16%.

At the same time, the company announced that it is expected to distribute a cash dividend5.

10,000 yuan, a total of 10 dividends over ten years.

10,000 yuan, the dividend ratio reached 58.

8%, based on the closing price on March 11th, the company’s dividend yield has reached 7%, which is already attractive.

We expect the company to benefit from the construction of the Guangdong-Hong Kong-Macao Greater Bay Area and the strategy of “village revitalization” in 2019. It is expected that the company’s EPS for 2019-21 will be 1.

69/1.

98/2.

16 yuan, corresponding to the target price of 13.

52?

16.

90 yuan, maintain “Buy” rating.

The price of 18H2 increased in volume, and the profitability increased month-on-month. In 2018, the company sold cement 1795 sockets, YoY + 16%, which is the increase in the number of first-line cathodes put into operation at the end of 2017.

We calculated that the company’s average price per ton in 2018 was 344 yuan, which was previously increased by 72 yuan, and the net profit was gradually increased to 92 yuan per ton, which was previously increased by 45 yuan. The profitability has significantly improved compared to 17 years. The supply and demand pattern in South China is good and the company’s cost control is stable.
Among them, 1005 samples of cement were sold in the second half of the year, an increase of 27% from the previous month.

However, we estimate that the company’s average ton price in the second half of the year will replace 19 yuan to 336 yuan, which is affected by the high-temperature rain in the third quarter.

In the second half of the year, the ton fee rose by 8 yuan to 25 yuan, of which the management fee rose by 94% from the previous month.

The increase of 87 trillion and long-term deferred expenses resulted in a net profit shift of RMB 25 to RMB 81 per tonne.

The forecast for cement demand in Guangdong province in 2019 is slightly increased, and the supply is controllable. According to the company’s conference call communication, the company judges the real estate demand or orientation in Guangdong in 2019, but benefits from the Guangdong-Hong Kong-Macao Greater Bay Area construction and rural revitalization strategy. It is expected that demand will continue to grow.

According to the 2019 government work report of Guangdong Province, Guangdong Province will increase its efforts to compensate for shortcomings in infrastructure, and expand the investment in key provincial projects by US $ 650 billion, an increase of 8.

3%, while vigorously promoting the Guangdong-Hong Kong-Macao Greater Bay Area construction and rural revitalization strategy.

On the supply side, as of the end of 2019, except for the company’s consolidation of second-tier 400 insertion capacity, there is no additional capacity in Guangdong Province (including capacity replacement projects). We judge that Guangdong Province will still maintain a good supply and demand pattern in 2019, and cement prices may remain high.
The second phase of employee shareholding expands the size of the company, demonstrating the company’s confidence in the future development of the company. The company released the second phase of the employee shareholding plan. In addition to the first phase of directors and supervisors and mid-level management cadres and more than 150 people, the company also added middle-level management technology backbones.About 1,150 people, total or more than 1,300 people, accounting for 43% of the company’s total number of employees.

At the same time, the company also announced the budget of the employee stock ownership plan for 2018-2023, which is implemented in six phases, each of which is independent and has a basic duration of 60 months.

The employee shareholding plan is expected to achieve a win-win situation for employees and the company, showing the company’s development confidence.

Yuedong Cement Leader, maintain “Buy” rating. We estimate that the company’s net profit attributable to its mother in 2019-2021 will be 20/24/26% (the original forecast for 19-20 was 22/24%), YoY + 17% / 17%/ 9%.

Comparable companies have consistently expected a PE of 5 in 19 years.

7x, considering the company’s initial second-line commissioning, given the company a certain evaluation premium, recognized the company’s 8-10xPE in 深圳spa会所 19 (corresponding to a reasonable target price of 13).

52?16.

90 yuan), maintain “Buy” rating.

Risk warning: The start of major projects fails to meet expectations, and the company’s production capacity is not up to expectations.