Good Mrs. (603848) Annual Report Review: Smart Home Rapid Development E-commerce Channels High Growth

Good Mrs. (603848) Annual Report Review: Smart Home Rapid Development E-commerce Channels High Growth

Net profit attributable to mothers increased by 27% in 2018, and performance was basically in line with expectations. Good wife realized revenue in 201813.

10 ‰, an increase of 18% in ten years; net profit attributable to mothers2.

61 trillion US dollars, an annual growth rate of 27%, basically in line with our growth rate expectations.

18Q1 / Q2 / Q3 / Q4 single-quarter revenue increased 33% / 13% / 13% / 17% year-on-year; net profit attributable to mothers increased by 54% / 57% / 13% / 9% in the single quarter.

We expect the company’s EPS for 2019-2021 to be 0 respectively.

79, 0.

99, 1.

24 yuan, maintaining the “overweight” level.

The smart home business has developed rapidly. The revenue from traditional drying products has slightly arranged the company to implement a dual-brand operation strategy. The “good wife” brand focuses on the drying sector. The “Keleni” brand cuts into the smart home market with AI smart locks and multi-product smart connection systems.

Breakdown of the company’s traditional clothes rack business revenue in 20186.

2% to 5.

USD 1.7 billion, of which sales decreased by 10% to 1.97 million units, the average price increased by 4%, affected by the optimization of product structure, gross profit margin increased by 0.

9pct to 43.

2%; smart home business performed well, with revenue growing 45 per year.

1% to 7.

US $ 6 billion, of which the sales volume of 天津夜网 smart drying racks increased by 38%, forcing the wholly-owned subsidiary of the smart door lock business to achieve revenue of 35 million yuan, the current profit is still slightly insufficient.

Well-known brand publicity and technology research and development, during which the expense rate slightly increased. The company continued to increase brand promotion and brand reputation building. In 2018, it organized activities such as the Chinese clothes drying festival and the Good Wife Festival to enhance brand awareness. In 2018, the sales expense ratio increased by 1.

0pct to 14%; improve product and technology innovation, increase research and development efforts of smart home products and intelligent control systems, until the end of 2018 the company gradually transformed into 371 effective patents, the current R & D expenditure increased.

8%, increase of management + R & D expense rate increased by 0.

5 points.

Net operating cash flow decreases by 4 per year.

8% to 2.

9 trillion, mainly due to the increase in stocking of smart home products.

The channel construction is very effective. The e-commerce channel high-growth company is focusing on the main business positioning of “smart home” and shifted to multi-scenario and multi-entry sales. By the end of 2018, the company had more than 800 dealers and a net increase of 697 specialty stores.It has more than 2200 stores and more than 30,000 terminal sales outlets. In 2018, it achieved 10 in offline channels.

23 ppm, an increase of 11% in ten years.

In addition, the company is also actively promoting the construction of e-commerce channels. In 2018, the e-commerce channels achieved revenue2.

800 million, an increase of 50 in ten years.


The follow-up company will use the strategy of “grab channels, enjoy traffic, and expand radiation” to build a multi-dimensional channel structure covering B-side and C-side, create a new retail model of all channels, and expand consumer coverage.

New businesses such as smart home products, smart clothes drying racks, and smart door locks are developing rapidly. In view of the improvement in the traditional drying business, we have slightly lowered our profit forecast. It is expected that the company’s net profit attributable to mothers in 2019-2021 will be 3.

2, 4.

0, 5.

0 million yuan (2019?
2020 original value 3.

3, 4.

100 million), EPS is 0.

79, 0.

99, 1.
24 yuan.
With reference to the 23 times PE value of the comparable company in 2019, considering the rapid development of the company’s smart home business, the ROE is higher than that of the comparable company, giving the company 30 in 2019?
32 times PE estimate, corresponding to a reasonable price range of 23.


28 yuan, maintaining the “overweight” level.

Risk warning: Real estate sales exceed expectations, and smart home business development is below expectations.

The daily limit or the daily limit depends on Tesla?New energy battery sector trend differentiation

The daily limit or the daily limit depends on Tesla?New energy battery sector trend differentiation
Tesla zooms in, battery-related industry chain is good!Come to Sina University of Finance and listen to the opening column of the Trading Day Financial Morning Post. Original title: Look at the daily limit of Tesla?New energy battery sector trend is extremely differentiated Source: Shanghai Securities News a word?The movement of the new energy battery sector was extremely differentiated, and the analyst had another news in the morning of a fierce operation of Tesla. The original fiery new energy vehicle sector experienced a huge earthquake.  On February 18, it was reported that the negotiations between Tesla and Ningde Times are in the follow-up stage. Tesla plans to use “cobalt-free” Ningde Times batteries in pure electric vehicles produced at Chinese factories.  As soon as this news came out, market investors were uproar.You know, in this round of bottoming rally since February 4, the strong performance of the new energy vehicle sector has contributed.Among them, cobalt resources-related stocks performed particularly well. Huayou Cobalt and Hanrui Cobalt had the largest average gains of more than 20% since February 4.Tesla’s news that the battery “excluded cobalt” at this time caused more or less influence on the industry.  In early trading today, the new energy battery sector was extremely differentiated.Positive stocks of lithium iron phosphate (LFP) battery-related stocks have further increased, and many stocks have broken out of the “single-point limit.”In the meantime, cobalt resources-related stocks suffered a severe setback, and Huayou Cobalt and Hanrui Cobalt closed their daily limits.  What is the difference between “with cobalt” and “without cobalt”?  Since the news of Tesla came out, the Merger Brokers Research Institute urgently followed up the research report and explained the difference between “with cobalt” and “no cobalt” in new energy batteries for investors’ reference.  Citic Construction Nonferrous Metals team pointed out that new energy vehicle batteries can be divided into two categories: ternary power batteries and lithium iron carbonate batteries.The ternary battery contains cobalt, and the lithium iron carbonate battery excludes cobalt.  The Guoxin Securities new energy team said that the existing cobalt-free battery solutions mainly have two directions: the first is the traditional lithium iron phosphate battery path, by improving the energy density of alternative cells and CTP, blade batteries and other technologies to reduce costsSynergy; the second new cobalt-free material battery.On July 9, 2019, Hive Energy, a subsidiary of Great Wall Motors, released cobalt-free materials and quaternary materials batteries.From the current perspective, the cobalt-free battery path of 南宁桑拿 lithium iron phosphate is more technologically mature.  Minsheng Securities’ new team said that lithium iron phosphate batteries and ternary power batteries are mainly different in cost and energy density: in terms of cost, compared with ternary, lithium iron phosphate has a clear cost advantage, which is conducive to reducing vehicle costs.Taking a square battery as an example, the current average price of lithium iron phosphate ternary cells is 0.58 yuan / Wh, 0.At 73 yuan / hour, the average price of lithium iron phosphate and ternary battery packs is 0.73 yuan / Wh, 0.88 yuan / Wh, the average price of lithium iron phosphate batteries and battery packs is about 21% and 17% lower than the three yuan.  In terms of energy density, improvements in the process structure can help increase the energy density of lithium iron phosphate 无锡夜网 batteries.The CTP battery pack introduced by Ningde Times can maximize the volume of traditional battery packs by 15% -20%.  How will it affect the cobalt and lithium carbonate industries?  The long-term impact of the cobalt industry is not significant CITIC believes that if the news is true, the short-term demand for cobalt may be affected, and the long-term impact is expected to be small.  Specifically, the cost of lithium iron phosphate batteries is lower than the cost of ternary batteries. Due to cost considerations, it is expected that the proportion of lithium iron phosphate batteries used in low-cost cars will increase, which may affect the short-term demand for cobalt.However, due to the performance advantages of ternary batteries, it is expected that ternary power batteries in new energy vehicles, especially high-end vehicles, will continue to be the mainstream. At present, the proportion of new energy vehicle production in automotive output will decrease, and the conversion of new energy vehicles in the future will continue to drive.In the long run, the demand for cobalt is considered to have little effect on the demand for cobalt.  Favorable lithium carbonate producer CITIC Construction Investment suggests focusing on lithium carbonate-related producers.  Ganfeng Lithium is one of the leading companies in the lithium industry and has existing lithium salt production capacity.One of which is lithium carbonate 4 oxide and lithium hydroxide 3.1 unit (5 indicators of capacity under construction). It is estimated that the output of lithium carbonate will be 2 in 2019.5-3, lithium carbonate production capacity can be further released in 2020.  Tianqi Lithium is one of the leading companies in the lithium industry, and now has lithium salt production capacity4.It is estimated that the production capacity of lithium carbonate is about 4, and the production capacity of lithium hydroxide is 0.5. The capacity of lithium carbonate under construction is 2, and the capacity of lithium hydroxide under construction is 4.8 digits.The company has the world’s lowest cost spodumene mine Thalesin lithium ore, and the cost advantage of lithium carbonate is obvious.  Yahua Group’s lithium carbonate production capacity is 0.6 (where battery level is 0.4)), existing lithium hydroxide production capacity1.2 samples (2 samples under construction).  Weihua’s existing lithium salt production capacity1.3 inches (of which lithium carbonate 1 additive, lithium hydroxide 0.3)), capacity under construction 2.7 (expected to be completed in the first half of 2020), and the total throughput will reach 4 (including lithium carbonate 2).5, lithium hydroxide 1.May). In November 2019, the company’s 75% -owned Jinchuan Oino Mining went into production. In 2020, the company’s lithium salt costs are expected to decline significantly.

After the refinancing loosened, the bank’s financial management funds can’t stand the funding and increase leverage?

After the refinancing loosened, the bank’s financial management funds can’t stand the funding and increase leverage?

Original title: After refinancing “unbundling”, the bank’s financial management funds can’t sit still!

“Financing plus leverage” participation in the increase in the end is not fragrant?

  Source: After the implementation of the new rules on refinancing by the Daily Economic News, some emerging listed companies that have launched a fixed increase plan act quickly and adjust their plans in accordance with the new rules.

Affected by this favorable situation, listed companies have continued to rise and fall daily. Among them, Gree Electric intends to subscribe for US $ 2 billion after Sanan Optoelectronics revised its growth plan, which can also continue to grow.

It is under this kind of money-making effect that the popular scene of “first-level hospitality and second-level paying bills” reproduces Dingzengjianghu.

  ”Daily Economic News” reporter noticed that in order to gain greater profits, the phenomenon of “allocation of funds plus leverage” in the fixed-income market again.

Recently, an intermediary released a small advertisement in a private equity group saying: “Recently, the fixed-income market has begun to heat up. For 6-month and 18-month tickets, we can provide leverage funding, the leverage ratio is 1: 1, one vote and one trial.Tip 6.


“After the refinancing new rules came into effect, some emerging listed companies that have launched a fixed increase plan acted quickly and adjusted the current plan in accordance with the new rules.

According to incomplete statistics from reporters, recently, there are no less than 30 listed companies including Shenyu Co., Ltd., Guanghong Technology, Kaipu 重庆耍耍网 Biotech, and Aonong Biotech. All of them have “overtime” to modify the fixed increase plan.Program.

  For example, Huaping shares replaced the original fixed-income plan with a lock-up period of 18 months for the subscribed shares, and at the same time, a 20% discount on the issue price; on the evening of February 19, Petty issued an announcement saying that the issue of the non-public offering of stock solutionsThe target, the price and pricing principles of the issued shares, the restricted sale period of the issued shares, etc. shall be adjusted. The issue price shall be adjusted to be no less than 80% of the average trading price of the company’s shares 20 trading days before the pricing reference date.

  In addition, Zhonghuan announced on the evening of February 19 that it adjusted the company’s non-public offering of A 淡水桑拿网 shares.

The adjusted issue target range is no more than 35 specific shareholders, and the issue price is not less than 80% of the company’s stock transaction average price 20 trading days before the pricing reference date. It cannot be transferred for 6 months from the end of the issue.

Raised funds not exceeding 5 billion U.S. dollars, intended for use in integrated circuits
12-inch semiconductor wafer production line project and supplementary working capital.

  San’an Optoelectronics also revised its fixed increase plan. According to the new refinancing rules, the pricing method was adjusted to not less than 80% of the company’s average stock trading price 20 trading days before the pricing reference date. Leading Gaoxin’s proposed subscription amount was US $ 5 billion.Gree Electric’s proposed subscription amount is US $ 2 billion; the lock-up period is adjusted as follows: Leader Gaoxin, the shares subscribed by Gree Electric cannot be transferred within 18 months from the end of the issuance; the total amount of funds raised from the issue does not exceed 7 billion, and the issue price is 17.

56 yuan / share.

The reporter noticed that Sanan Optoelectronics released the preliminary plan in early November 2019, and the issue pricing is now set on the resolution board’s decision day, and the price is set at 17.

56 yuan / share, while the company terminated on February 20 had previously been as high as 27.

55 yuan / share, which means that Miss Dong Hao throws 2 billion, and the proper profit is over 56%.

  Obviously yes, at the same time, some companies have thrown out the fixed increase plan according to the new regulations. For example, Jucan Optoelectronics disclosed the fixed increase plan on the evening of February 17, intending to issue 9 specific issues to the company ‘s actual controller, Pan Huarong.Fundraising does not exceed 6.

USD 3.0 billion, all of the specific issue objects are subscribed in cash, and the issue price is not less than 80% of the company’s stock transaction average price 20 trading days before the pricing reference date, and the lock-up period is set to 18 months.

  Some market participants believe that the introduction of the new policy on refinancing and the market-oriented issuance rules may promote the return of fixed-income investments, while guarantees, transaction agreements, and other gray measures will also be reduced, thus forming a series of consensus expectations for the fixed-income market.

Due to the further reduction of the fund gate information and holding period, the 6-month fixed increase instrument will become a cost-effective way to build positions in the equity investment process such as active equity and quantification. The 6-month fixed increase orThis year marks the peak of declaration.

  According to the private placement, companies that have cracks in the context of “deleveraging” will receive “blood transfusion” under the new refinancing rules, and small and medium listed companies will promote “full blood resurrection”.

The balance sheet of listed companies will be restored, asset quality will be improved, and a new round of balance sheet expansion will be entered.

In the medium and long term, this is definitely a favorable policy for small and medium-sized listed companies.

  It is against this background that a large number of investors participating in the fixed-income market believe that participating in fixed-increasing now is equivalent to a 20% discount to buy stocks, and large shareholders participate in storytelling, basically making steady profits without losing money.

Facing the temptation of arbitrage in the secondary and primary markets, a large number of investors decided to take a big bet and use leverage to allocate funds to participate in the fixed-income market.

As early as 2014, due to the booming growth stock market, some small and medium-sized stocks had high valuations. First, the arbitrage behavior in the secondary market has soared. There was a private equity boss who described the prestige at that time as “first-level invitations, second-level paying.”With similar market potential.

  The reporter noticed that recently, some intermediaries have released small advertisements with fixed funding in a private equity group, and there are also private equity consultants consulting related businesses.

The reporter consulted a little, and the other party actively added the reporter’s WeChat and told the reporter: “Recently the fixed-income market has begun to catch fire. For 6-month and 18-month tickets, we can provide leverage funding.

The reporter further explored, the intermediary told reporters that the current ratio of leveraged funds participating in the fixed increase is 1: 1, and the largest ratio is also so large.

In addition, the company has a shortage of funds called “insurance funds.”

As for the funding rate, the intermediary said that the 6-month period and the 18-month capital use cost are different, and 18-month is definitely more expensive.

In addition, the interest allocated is also closely related to the individual stocks that participate in it. At present, it is a one-voice, one-trial review, depending on the requirements of the inferior funds.

  Later, the intermediary also sent his business card to the reporter, which showed that the intermediary was an employee of a large domestic commercial bank.

The intermediary later told reporters that the fixed-increasing allocation business provided by their company was implemented by the bank’s wealth management subsidiary. Because of the new financial management regulations, the leverage of bank wealth management funds in participating in the equity market cannot exceed 1: 1.Participation is through an insurance asset management plan.
In addition, he also said that many investors are currently interested in the fixed-capital allocation business. Two orders were left that morning, and many investors are learning about this business.
  According to the reporter’s understanding, on September 28, 2018, the highly anticipated “Measures for the Supervision and Management of Commercial Banks’ Wealth Management Business” was officially released. It and the “New Rules for Asset Management” released in April 2018 jointly constituted the bank’s wealth management business to comply with.The regulatory needs of the market have once again focused on the “elephant” of bank wealth management.

For a long time in the past, major banks headed by China, Agriculture, Industry, Construction, and Communications could easily absorb a lot of public deposits and find very good investment projects.

With high-end and rigid payment, in more than ten years, bank financing has exceeded 28 trillion yuan.

  Since April 2018, in the tide of breaking the new rules for asset management that have just been fulfilled, bank financial management has had to face a major shock.

According to the data disclosed by the CBRC, the balance of non-guaranteed wealth management products of banks at the end of May 2018 was 22.

28 trillion, with a balance of 21 trillion at the end of June, and the scale and proportion of interbank financial management continued to decline.

The new financial management rules also continue the guiding principles of deleveraging in the financial industry. In terms of hierarchical leverage, swap banks issue hierarchical financial products; in terms of resistance leverage, the upper limit of debt ratio (total assets / net assets) and the “new asset management rules”Be consistent; Quantitatively, the leverage level of each open-end public offering wealth management product of a commercial bank shall not exceed 140%, and the leverage level of each closed-end public offering wealth management product shall not exceed 200%.

  What are the risks of leveraged funds participating in the fixed-income business?

Private equity ranking expert Liu Youhua told reporters that in the new refinancing regulations, the lock-up period and the lifting of the ban period have severely decreased, to a certain extent, significantly reducing the liquidity risk of fixed-income funds.

However, if leveraged funds participate in the fixed increase, at the same time that the returns are doubled, the risks are also doubled.

In addition, due to the impact of the lock-up period, due to the inability to liquidate some of the funds participating in the allocation, a large percentage of additional margin may be required, which will affect the normal operation of the fixed-income market to a certain extent.

  There are also private placements that although participating in a fixed increase with leveraged funds can amplify returns, it can also amplify risks.

The first is the uncertainty of the late trend of individual stocks participating in the fixed increase. If there is a deep decline before the ban is lifted, then this “good dream” that is stable and uncompensable may become a “bad dream” that dares not to wake up.

The first is to pay the interest on the funding, which will also eat away some of the profits.

COFCO Sugar (600737) In-depth Report: Hold on to the Upside Opportunity of Sugar Price Under Expected Production Reduction

COFCO Sugar (600737) In-depth Report: Hold on to the Upside Opportunity of Sugar Price Under Expected Production Reduction

Investment Highlights: Deserved leader in the sugar industry.

The company is a leading domestic sugar company, and its business scope includes homemade sugar, trading sugar, processed sugar and tomato sauce, which is an alternative basis for ensuring domestic sugar supply.

The company’s self-made sugar production capacity accounts for about 10% of the country’s production capacity, trade sugar accounts for half of the country’s trade volume, and the production capacity and trade volume convert sugar enterprises to the highest value.

With a capacity of 150 years / year for processing sugar in the port and a storage capacity of more than 200 tons, the tomato business is the largest in China.

The company’s major shareholder COFCO Group holds 51 shares.

53%, enjoying the upstream and downstream resources of the group.

The sugar cycle is expected to restart and industry opportunities are coming.

The sugar price has a significant mutation. The cycle of 5-6 years, the current decline in sugar prices has lasted for 2 years and 7 months, nearing the end, the sugar cycle gradually changed.

The demand for sugar is stable in the short-term and grows slowly in the long-term. The price is mainly at the supply side.

In terms of domestic supply, the area planted to sugarcane decreased from 1401 thousand points in 2016 to 1371 thousand points in 2017. The current ending stocks have been reduced to half of 2015. In addition to the current low sugar prices, it is predicted that the current domestic production will start to decrease and pushSugar prices are rising again.

According to the USDA’s forecast, global sugar production in 2019 is 17,892.

In June, it fell by 8 杭州夜网论坛 each year.

00%; of which sucrose yield was 13,910.

In September, it fell by 7 every year.

89%; beet sugar yield 3981.

In July, it fell by 8 every year.


Brazil, the main sugar producer, is forecast to decline by 24.

16%, India fell by 3.

61%, Thailand fell 3.

53%, the EU-27 fell by 12.

72%, the export volume of the main producing countries accounted for about half of the global export volume. The reduction in production in the main producing countries will affect the global sugar supply, and tighter supply will push the sugar price back up.

The company took advantage.

Over 90% of the company’s revenue comes from the sugar business, and its profit is directly linked to the price of sugar.

The company’s own production capacity exceeds 100 mm, accounting for about 10% of the country’s production capacity, far exceeding its peers.

The company traded 40 tons of sugar within ten years, and rationed an additional 160 tons, and the trade volume overlapped halfway.

The maximum amount of inventory is 35, which is the highest amount for sugar enterprises.

With the advantages of production capacity, trade volume, and inventory, the company can obtain the industry’s dividend to the greatest extent during the upward period of sugar prices.

In addition, the company has good financial data, leading the industry in terms of revenue and gross profit margin, excellent management of three fees, and sufficient cash flow.

Backed by COFCO, the company enjoys the advantages of sales channels and management methods.

Comprehensive analysis of the company’s qualifications is the best for listed sugar companies.

Investment suggestion: It is expected that the company’s annual income in 2019 and 2020 will be 0.

32 yuan and 0.

53 yuan, corresponding estimates are 29 times and 17 respectively.

5 times.

The company is the leader of sugar companies. It has the highest production capacity in the industry and half of the domestic trade volume. It will benefit significantly during the global capacity shift and the sugar cycle is up again. The company’s future performance is expected to improve significantly. The current scale is reasonable. Maintain a recommended rating.

Risk Warning: Climate change, sugar price increase, etc.

5 pictures to understand the market in May: the list of the top ten bull and bear stocks is here

5 pictures to understand the market in May: the list of the top ten bull and bear stocks is here

5 pictures to understand the market in May: the top ten bull and bear stocks are on the last trading day of May. The three major 苏州夜网论坛 A-share indexes closed collectively on the green disk.Now, the new shares have surged.

Looking back on May, the Shanghai Stock Index fluctuated around 2900 points, with a drop of 5 in May.

84%, Shenzhen Component Index fell 7.

77%, GEM Index fell 8.


  Which sectors are strengthening against the market?

Which stocks are performing amazingly?

21 Data Journalism Lab gives you a quick overview with 5 pictures.

  Turnover has shrunk by 40%. In May, the Shanghai stock index fluctuated in a narrow range. In May, the Shanghai stock index fluctuated below 3,000 points. In only four trading days, the index rose more than 1%, and the remaining trading days were within 1%Shock.

It may be that the Shanghai Stock Exchange rebounded when it hit around 2830 points three times.

  From the perspective of turnover, the trend of opening higher and lowering is obvious. The average monthly turnover is 4.9 trillion yuan, accounting for 40% of the average value in April.

    As an important force in the A-share market, the movement of funds to the north has always received much attention.

Wind data shows that the capital of Kitakami reached over 53.7 billion in May, the largest monthly net vertical record in history.

During the period, only two trading days, May 15 and May 18, had a net inflow record.

    Rare concept fires assisted the only 28 non-ferrous metals industries that received the sun, and only the non-ferrous metals received the sun, which rose by 2 in May.

52%, agriculture, forestry, animal husbandry and fishery, food and beverage, banks, and home appliances that rose against the market last month also showed relative resistance.

The auto sector led the two markets down.

    The reason why non-ferrous metals grow against the market is not unrelated to the hotness of rare earth concept stocks.

  According to wind data statistics, out of 139 popular concept plates, the rare earth concept plate has 24.

88% of the increase was ranked first, followed by artificial meat, which rose 18 in the month.


The most bearish concept stocks belonged to low-priced stocks, which fell 33 in the month.


    Jinli Permanent Magnet Co., Ltd. led the daily limit tide for 10 days and 9 shares. ST shares were collectively buried in the fiery market of concept stocks in May. Jinli Permanent Magnet Co., Ltd. (300748).

SZ) led the round of ups and downs with a performance of 9 boards in 10 days.

On the evening of the 30th, Jinli permanently announced that it does not directly own the rare earth mining resources, and on the 31st it still rushed to the daily limit.

Rare earth concept stocks

SZ) followed closely with a monthly increase of 91%.

North Mining Technology (600980.

SH), Minmetals Rare Earth (000831.

SZ), research and development of new materials (600206.

SH) and other five-month increases have exceeded 40%.

  Seed stocks also performed well in May.

Fengle Seed Industry (000713), which has the dual concepts of artificial meat and seed industry.

(SZ) monthly increase of 135%, this year has increased by more than 260%, but it is due to the large increase-the shareholders’ holdings are still effective in its practice, Fengle Seeds announced on the 27th that major shareholders intend to reduce their holdings in the next 6 monthsNo more than 2% of shares.

Dunhuang Seed Industry (600354.

SH), Wanxiang Denong (600371.

SH) and other seed stocks rose more than 60%.  Ice and fire two days.

  Some companies here have the potential to double, and some companies have been lying on the daily limit in May.

    The most tragic concept in May is ST / * ST shares, with 11 shares stretched out and swept the list of May bear stocks.

Under the strict supervision of A shares, the ST sector started a straight-down mode.

* ST Northern News (002359.

SZ), * ST Opal (Protection of Rights) (002711.

SZ) did not even open the limit board for a whole May.

Some people point out that in the future, the survival space of ST stocks will become smaller and smaller, and investors should pay attention to investment risks.

  Disclaimer: The content of this article conforms to the reference and is not used as an investment basis.

Investors do so at their own risk.

Dongfang Yuhong (002271) Annual Report Comment: Operating income increased by 36.

Significant improvement in 46% of operating cash flow

Dongfang Yuhong (002271) Annual Report Comment: Operating income increased by 36.

Significant improvement in 46% of operating cash flow

annual report.

The company achieved operating income of 140 in 2018.

460,000 yuan, an increase of 36 in ten years.

46%; realized net profit attributable to shareholders of listed companies 15.

08 million yuan, an increase of 21 in ten years.

74%;深圳桑拿网 realized non-net profits deducted from shareholders of listed companies.

23 ppm, an increase of 15 in ten years.


At the same time, the company realized net cash flow from operating activities in 201810.

140,000 yuan in 2017.

Significantly increased by 1386 on the basis of 68 million dollars.


The company’s operating cash flow improved significantly.

In 2018, the company received 129 cash from selling goods and providing services.

90 trillion, “receivables received by ABN and receivables received by factoring” in the financing activities was 13.

3.3 billion, the sum of the two is 143.

2.3 billion, with operating income of 140.

46 ppm is basically the same.

At the same time, the company’s bills payable and accounts payable increased, and the ending balance was 32.

00 billion, 11 than the beginning 杭州夜网论坛 of the period.

04 billion increased by 20.

9.6 billion, the increase in accounts payable is mainly due from goods, from the beginning of the period 6.

Growth of $ 4.9 billion at the end of 25.

9.2 billion yuan.

The company’s purchases from the top five suppliers in 2018 were 32.

24 ppm, accounting for 37% of annual purchases.

65%, ranking 47 in 2017.

35% accounted for a decline.

The lower profit growth was mainly due to higher raw material prices.

The gross profit margin of the company’s waterproof material sales in 2018 was 37.

48%, a decrease of 3 per year.

21 grades; gross margins of waterproof membrane and waterproof coating are 36 respectively.

74% and 38.

85%, respectively reduced by 3.

66 digits and 2.

36 units.The decrease in gross profit margin was mainly due to the rise in material costs. Direct materials in coil costs increased by 46 in 2018.

3%, direct materials in coating costs increased by 39 in 2018.

19%, which are higher than both in 2018 37.

19% and 33.

8% revenue growth.

The company’s raw materials, such as asphalt and polyether, are mostly petrochemical products, subject to large fluctuations in international crude oil prices.

Earnings and estimates.

We expect the company’s EPS to be about 1 in 2019-2021.

27, 1.


80 yuan for 2019 PE18?
22 times, a reasonable value range of 22.


94 yuan.

risk warning.

The real estate boom has declined and oil prices have risen sharply.

Overseas Chinese Town A (000069) Quarterly Report Review: Profits Continue to Improve

Overseas Chinese Town A (000069) Quarterly Report Review: Profits Continue to Improve

OCT released the third quarter report of 2019: the company achieved operating income of 298 in the first three quarters of 2019.

6.1 billion, an annual increase of 21.

6%; net profit attributable to mother 59.

97 ppm, an increase of 17 in ten years.

8%, basic income is 0.

73 yuan.

The profitability of reviews continued to improve, and the sales gross profit margin hit a new high.

The company’s revenue and performance growth in the first three quarters of 2019 were 21 respectively.

6%, 17.


Thanks to the company’s unique resource acquisition method, the company’s sales gross margin reached a new high of 62.

6%, increase by 1 every year.

7 units; net sales margin 22.

8%, 0 per year.

9 averages, significantly expected industry average.

As of the first three quarters of 2019, the company’s advance accounts and contract debts reached US $ 72.7 billion, a continuous increase of 80%, and future performance growth is expected.

Cultural tourism takes land, and more first-tier and second-tier core cities are deployed.

In the first three quarters of 2019, the company supplemented 29 land projects and added 799 capacity plans.

530,000 square meters, with an equity building area of 520.

890,000 square meters, 65% equity.

The company’s new land reserves are still mainly focused on first- and second-tier key cities, and the strategic layout in Guangzhou, Shenzhen, Nanjing, Jinan, Wuxi, Zhengzhou and other cities has been further deepened. Cultural tourism and land acquisition are beneficial to the company’s cost advantage in land acquisition.
Leverage levels have risen, and short-term debt repayment pressure is low.

As of the first three quarters of 2019, the company’s asset-liability ratio was 76.

89%, an increase of 2 per year.

5 units; net debt ratio 102.

64%, an increase of 13.

3 units.

The company has abundant cash flow. As of the first three quarters of 2019, the company received 599 in cash from selling goods and providing services.

29 ppm, an increase of 65 in ten years.

77%; short-term loans and non-current debt due within one year totaled 267.

30,000 yuan, 410 currency funds in hand.

8 trillion, short-term debt repayment pressure.

Investment suggestion: Relying on the background of the group, OCT is a tourism practitioner in the whole region, and continues to cultivate on the development path of 佛山桑拿网 “culture + tourism + urbanization”.

The company’s “tourism + real estate” land acquisition model is difficult to replicate, with strong business entry barriers and easy to replicate in different places.

The soil reserves are large and high quality, and the release of future performance is expected.

We expect the company EPS to be 1 in 2019-2021.

90, 2.
RMB 26, corresponding to 4 for PE.

52, 3.

73, 3.

13 times, maintain “Buy” rating.

Risk warning: industry sales fluctuations; policy adjustments leading to operational risks; changes in financing environment; corporate operational risks.

Xinlun Technology (002341) 2018 Annual Report and 2019 First Quarterly Report Comments: Changzhou Project Advances Less Than Expected Performance Progress

Xinlun Technology (002341) 2018 Annual Report and 2019 First Quarterly Report Comments: Changzhou Project Advances Less Than Expected Performance Progress

Event: The company released its 2018 annual report and 2019 first quarter report, and achieved operating income of 32 in 2018.

140,000 yuan, an annual increase of 55.

67%, net profit attributable to mother 3.

10,000 yuan, an increase of 74 in ten years.

53%, net profit of non-attributed mothers2.

35 ppm, an increase of 91 in ten years.


In Q1 2019, it achieved operating income6.

3.3 billion US dollars, an annual increase of 24.

53%, net profit attributable to mothers was 9.79 million yuan, a year-on-year decrease of 80.


Guoyuan’s point of view: The share of electronic functional materials has increased, but due to the sluggish downstream demand, the product’s share in Apple has continued to increase in 2018 to achieve $ 400 million, which has more than doubled every 2017.It is expected that the corresponding expected profit will be reduced by 30 million yuan.

The company has written some domestic mobile phone BOM lists in the second half of 2018, and the company’s overseas customer material numbers continue to increase in the first quarter. It is expected that the gradual revenue of electronic functional materials in 2019 is expected to continue to grow.

The first phase of the production of aluminum plastic film and optical film affects profits. The second phase of the project has delayed production. The Changzhou aluminum plastic film project and optical film project have been put into operation in July and November 2018. Due to the need to re-verify and introduce domestic production lines,The process of maximizing production capacity and climbing requires a process. The depreciation and trial production costs in the initial stage after the project is put into production gradually lead to the company’s fourth quarter breakthrough and the first quarter of 19’s net profit significantly reduced, dragging down cumulative results.

The company reorganized the second phase of the production of two projects, aluminum plastic film and optical film, from the end of March to the end of September and the end of December, respectively. The significant contribution of the new project is expected to 2020.

Since aluminum-plastic film and optical film belong to the field with great growth potential, we are optimistic about the release of performance of domestic projects in the medium and long term.

New business is growing steadily, which is expected to increase the company’s profits. After Qianhong Electronics’ merger and acquisition is completed, the company integrates the die-cutting sector, and the electronic material component business develops steadily. Qianhong’s 18-year net profit1.

5.6 billion yuan to complete performance commitments.

Revenue from Smart Molding Business for 18 years1.

2 ppm, an annual increase of about 30%. The basic construction of the PBO project has been completed, and mass 四川成都耍耍论坛 production will be gradually realized in 19 years.

The gradual formation of new business will enhance the company’s ability to resist risks, but it will also test the company’s management capabilities.

Investment suggestion and profit forecast The company’s Changzhou project has not been advanced as expected, and the expansion of subsequent projects in the short term may continue to drag the company’s performance release progress.

The company’s 18Q4 and 19Q1 results were significantly lower than expected, lowering the company’s profit forecast.

Expected operating income for 2019-2021 is 43.



2 trillion, the estimated net profit is 3.



5 trillion, lowered EPS to 0.

34 (-0.

22) / 0.

44 (-0.

33) / 0.

57 yuan / share, corresponding to PE of 29/22/17 times. Considering that often the project progress is less than expected, the company’s rating is downgraded to “overweight”.

Risks suggest that the downstream introduction of aluminum-plastic film and optical film is less than expected, and the capacity utilization of new production lines is less than expected.

Huayu Automobile (600741): Strategic acquisition of Yanfeng Bailide’s related assets to independently develop automotive intelligent safety system business

Huayu Automobile (600741): Strategic acquisition of Yanfeng Bailide’s related assets to independently develop automotive intelligent safety system business

Event: The company recently announced that Yanfeng Company and KSS (United States Bailide), wholly-owned subsidiaries of Huayu, based on their respective business strategy development needs, decided through consultations to postpone the purchase of relevant businesses and the related businesses by the joint investment companies andAssets, total transaction amount of Yanfeng’s purchase of assets is about 4.

2.8 billion yuan.

Completed the integration of Yanfeng Baili’s assets, built an independent development platform for the automotive occupant safety system business, and will independently develop the automotive intelligent safety system business in the future.

Yanfeng Bailide is a joint venture between Yanfeng and KSS, a wholly-owned subsidiary of Huayu (share ratio of 50.

1% and 49.

1%), the total amount of Yanfeng Intelligent Security Security’s proposed purchase of Yanfeng’s business assets from Yanfeng Bailide is approximately 4.

28 ppm, of which the estimated asset transaction value is approximately 2.

08 million yuan, the transaction amount of other assets is about 2.


It is expected that after the transaction is completed, the corresponding funds will be returned to the joint venture in proportion to the shares, and Yanfeng Bailide Joint Venture will be restructured in the 杭州桑拿网 future.

With this announcement of the acquisition of Yanfeng Bailide’s related assets, Huayu will complete the construction of a wholly-owned automotive safety system business platform, which will serve as an alternative basis for the subsequent independent development of automotive safety business.

The asset consolidation is expected to increase Huayu’s consolidated income statement revenue in 2020, which will reduce profit.

Before the transaction, Yanfeng Bailider operated a joint venture with Huayu. The related income was not consolidated and the related profit was 50.

1% of the investment goes to Huayu to benefit.

Yanfeng Bailide achieved operating income of 58 in 2018.

6.3 billion, net profit 6.

4.9 billion.

According to the forecast of the current vehicle customer purchase plan, Huayu Yanfeng Intelligent 北京spa会所 Security intends to purchase the above assets, and it can achieve an operating income of approximately US $ 2.3 billion in 2020, and its profitability will remain basically stable. It is expected that the profit will be achieved through investment benefitsThe profits are comparable.

The industry has optimized asset allocation, strengthened the ability to independently develop intelligent and safe business, and at the same time, the company’s electric intelligent layout has taken the lead and maintained a “prudent increase” rating.

Absolutely, through the integration of acquisitions, the joint venture assets will be gradually internalized and the company’s own business scope and competitive strength will continue to be improved.

At the same time, the company has a comprehensive layout of core technologies for electric intelligence, leading mass production.

We are optimistic about the company’s long-term competitiveness, and believe that in the current process of the bottom of passenger cars going up, the company is expected to double-click upwards in estimation and profitability.

  We estimate that the company’s net profit attributable to its parent in 2019-2021 will be 68.

700 million / 74.

8 billion / 81.

800 million, maintaining the rating of “prudent overweight”.

  Risk warning: the industry recovery is less than expected, overseas factories are not operating well

Strong growth signals are released everywhere

Strong growth signals are released everywhere

For stocks, please read Jin Qilin analyst research report, authoritative, professional, timely, and comprehensive, to help you tap potential potential opportunities!

  Original title: The release of strong growth signals from various places is expected to be released more than usual. Reporter Liang Min ○ Editor Lin Jian While doing a good job of epidemic prevention and control, the trend of local work focus on economic development is becoming more and more obvious.

  ”Efforts to achieve this year’s economic and social development goals” “Research and formulate greater measures to support economic development efforts” “Take extra-conventional alternatives” . Recently, various places have held meetings to deploy a series of work priorities, and many contents and expressions have been passed onStrong signal of solid growth.

  Analysts believe that more local policies for stable growth are expected to be introduced, further increase tax and fee reductions for local enterprises, 杭州桑拿网 and accelerate government industry fund support for advanced manufacturing.

  To make up for the losses caused by the epidemic, in order to implement the relevant spirit of the Central Committee, various localities have recently participated in conferences to study and research opinions, and deployed the next step of work.

  Judging from the contents of the conferences in various places, localities are expected to do a good job of the “six stability”, effectively turn pressure into power, turn crisis into possibility, minimize the impact of the epidemic, and ensure the completion of economic and social development goals and tasks.

  The pressure for steady local growth is not small.

According to Shanghai Statistical Daily reporter’s rough statistics, 30 provinces have announced their economic growth targets for this year.佛山桑拿网

Except for Tianjin, Heilongjiang, Jilin, and Xinjiang, the GDP growth targets are lower than 6%, and other regions are all over 6% or set to 6%.

  ”The publication date of any local government work report is before January 21, 2020, when the new crown pneumonia epidemic had not yet occurred, and these expected targets had high estimates.

“Wang Hongju, a researcher at the Institute of Financial Strategy of the Chinese Academy of Social Sciences, said.

  Although the epidemic has affected the local economic operation to some extent, many places have clearly stated that the inertia and causes of economic growth still exist, and the fundamentals that have improved for a long time have not changed.

The governments of various places have put forward the need to pay close attention to the prevention and control of the epidemic, and to step up economic and social development, and do everything possible to make up for the losses caused by the epidemic.

  For the construction of major projects, clicking the “Fast Forward Key”
will play a key role in effective investment in the deployment of follow-up work, and promote the opening of key projects.

  For example, Sichuan proposed to implement in-depth actions to supplement shortcomings in key areas of infrastructure, accelerate the construction of major transportation projects, and strengthen the guarantee of land, funds, and other aspects.

Combined with the “Fourteenth Five-Year Plan”, we will plan ahead for large-scale projects based on the advancement of the dual-city economic circle in Chengdu and Chongqing; Ningxia requires to strengthen economic operation and scheduling, stabilize enterprise production and operation, grasp major project construction, and maintain stable economic operation;Hebei also pointed out that we must pay close attention to investment and construction of key projects, continuously expand consumer demand, and ensure a good start in the first quarter.

  The construction of major local projects has already clicked the “fast forward button”

SSE newspaper reporters combed and found that in the past two weeks, Shandong, Jiangsu, Anhui, Henan, Guizhou, Sichuan and other places have successively signed a large number of major projects or started construction, involving an investment scale of over one trillion yuan.

  In essence, Beijing, Fujian, Henan, Yunnan, Jiangsu and other places have also released a list of investment plans for major projects in 2020, with a total investment of more than 11 trillion yuan, of which infrastructure investment is still an important part.

  Su Jian, director of the National Economic Research Center of Peking University, said in an interview with the Shanghai Securities Journal: “The shortcomings of infrastructure construction are still an important starting point for steady local growth.

It is necessary to speed up the issuance of local debt, and to long-term improve the capital system for major infrastructure projects that meet the requirements of special claims.

“Advanced planning to promote the replacement of consumption. Actively promoting consumption is also the next priority for local work. Many places have proposed to plan ahead to respond to consumer demand that may be released quickly after the epidemic has ended.

  Guangxi proposes to vigorously promote the upgrading and upgrading of traditional consumption, and do a good job of “going home with cinnamon products” to boost consumer confidence and promote consumption replenishment.

  The relevant person in charge of the Tourism and Culture Department of Hainan Province revealed recently that Hainan is working out a plan to revive the tourism industry after the epidemic.

After the epidemic is stable, the International Tourism Consumption Year series will be fully implemented, giving priority to attracting activities that are highly attractive and stimulating consumption power, and increasing the strength of attracting tourists from outside the island. It will quickly resume charter flights abroad, restore potential and open up the inbound tourism market.
  In addition, many places are outstandingly expanding emerging consumption.

Among them, Guangxi proposed to vigorously develop new economies such as the digital economy, platform economy, creative economy, and flow economy; Sichuan stated that it is actively developing new technologies such as intelligent manufacturing, unmanned distribution, online consumption, medical health and online education, digital entertainment, and digital life.New business model.

  Hu Yuexiao, chief analyst at the Shanghai Securities Research Institute, said that despite the short-term impact of the epidemic, after the weather warms, retaliatory consumption growth will show up, and consumption and industry will jump up after squatting.

  More stable growth policies are expected to be promulgated, and strong signals of stable growth policies have also been released at relevant meetings.

  Guangxi mentioned that it is necessary to comprehensively analyze the research, determine with firm confidence, adopt an ultra-conventional alternative to replace the impact of the epidemic, grab back the lost time, and ensure that the economic and social development goals and tasks are completed; Yunnan is outstanding, and it is determined to prevent systemic risks from occurringBottom line, we should study and formulate more measures to support economic development in a timely manner.

  It seems that there are many references to “adopting supernormal replacements” in work deployments.

In this analysis, Zhang Jun, chief economist at Morgan Stanley Huaxin Securities, said: “Extraordinary means can be supported by advanced tax reduction and subsidy policies, guided by industrial development funds, and strengthened support for advanced manufacturing.Speed up economic restructuring.

Tang Jianwei, the chief official of the Bank of Communications, also told the Shanghai Securities Journal that the central government has recently introduced a number of steady growth measures, and that local governments mainly implement central policies.

In addition, local governments can increase tax and fee reductions for local enterprises, depending on the strength of local fiscal revenue.

  In Su Jian’s view, stable car consumption is also a policy option.

Relevant Air Force ministries have explicitly encouraged localities to introduce new energy vehicle consumption based on growth changes, adapt to local conditions, increase restrictions on the purchase of traditional vehicles, and carry out replacements for old and new vehicles.