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.

Zoomlion (000157): Comprehensive market competitiveness continues to strengthen, emerging sector business advances at full speed

Zoomlion (000157): Comprehensive market competitiveness continues to strengthen, emerging sector business advances at full speed

Event description Zoomlion released three quarterly reports: 317 revenue.

55 ppm, an increase of 50 in ten years.

96%; net profit attributable to mother 34.

800,000 yuan, an increase of 167 in ten years.

08%; net profit attributable to non- mothers is 27.

660,000 yuan, an increase of 188 in ten years.

93%.

Among them, Q3 single quarter revenue of 94.

93 ppm, an increase of 50 in ten years.

33%, net profit attributable to mother 9.

40,000 yuan, an increase of 105 in ten years.

97%.

After the event comment, the periodical equipment and high-boom business combined with the company’s market competitiveness improved, and its performance continued to grow rapidly.

The construction machinery industry has entered the post-cycle stage. Compared to front-end equipment, concrete machinery and hoisting machinery have a higher growth rate and greater certainty of continuous growth under the lag of the replacement cycle. After benefiting from the rapid growth of cycle products, the company’s concrete machinery, Traditional advantages such as truck cranes and tower cranes have maintained high growth.

Improvement, the company stimulated the team’s vitality through the reform of the business unit system, increased the launch of new products, and introduced a variety of models4.

0 New products are highly recognized by the market, and the market share of truck cranes has increased significantly. In the second half of the year, the sales volume of the truck crane industry increased while maintaining a high growth rate. At the same time, tower cranes, long boom trucks and other vehicles continued to maintain the number one position in the industry.

The high-growth trend of the post-cycle products is good, the combined company’s market share has increased, and the earnings flexibility has been released. It is expected that the company’s performance will continue to maintain high growth.

In Q3, the gross profit margin in the single quarter decreased slightly from the previous quarter. In the subsequent attempts to stabilize and improve, cash flow continued to perform strongly.

In Q3, the company’s gross profit margin for the quarter fell slightly from Q2.

59 points to 29.

40%, mainly due to intensified competition in the automotive crane market, but the company’s concrete machinery and tower crane products’ gross profit margins should continue to grow, and the concrete machinery gross profit margins have room to recover. It is expected that the overall gross profit margins will continue to improve on a steady basis.space.

At the same time, the company paid more attention to the quality of operations, with net operating cash flows of 49 in the first three quarters.

62 ppm, an increase of 62 in ten years.

51%.

The aerial work platform and the earthmoving machinery business are advancing at full speed, and the emerging sectors are trying to relay the 深圳桑拿网 company’s future growth.

Relying on the superior product quality and market development speed, the company’s aerial work platform business is advancing faster than expected. According to the company’s official website, in September the Zoomlion Aerial Work Machinery Customer Alliance Branch was set up with over 400 million on-site orders on the day of establishment, highlighting the company’s powerfulMarket appeal, is expected to enter the first echelon of aerial work platforms in the future.

The domestic aerial work platform is still in the early stage of rapid growth, and the market space is broad. The full-speed development of emerging sectors is expected to relay the company’s future growth.

Increase the company’s net profit attributable to mothers for 2019-2020 is 42.

13, 54.

56 ppm, based on the latest equity, EPS is 0.

54, 0.

69 yuan / share, corresponding to PE is 11 times, 8 times, continue to recommend, maintain “Buy” rating.

Risk prompts: 1. Infrastructure construction and real estate investment growth are rapidly expanding; 2. Prefabricated building advances less than expected; 3. Raw material prices increase; 4. Market competition intensifies.

Dragon Python Baili (002601): Price rises again after 22 days, titanium dioxide faucet embraces high boom cycle

Dragon Python Baili (002601): Price rises again after 22 days, titanium dioxide faucet embraces high boom cycle
Event: Only 22 days after the company raised the amount of titanium dioxide on February 13, the company announced again on March 7. From now on, the sales price of various types of titanium dioxide (including sulfate titanium dioxide and chloride titanium dioxide) is at the original price.On the basis, it is increased by RMB 500 / ton for domestic classified customers and USD 100 / ton for international classified customers. Leads in the titanium dioxide industry have gradually increased and stabilized.After the company acquired Longman Titanium in 2016, it has 54 sulfuric acid method production capacity and 6 chlorination method production capacity conversion, totaling 60 tons / year of titanium dioxide production capacity, ranking first in Asia, fourth in the world, and the only one in the country that has bothIndustry listed companies with sulfuric acid and chlorination capacity. The moat that runs through the entire industrial chain has significant competitive advantages.The company has resources upstream (the Longman Titanium and Ruierxin are successively acquired), the middle reaches 重庆耍耍网 have chlorination technology (the first phase is 6 tons / year with stable operation, and the second phase is 20 tons / year is about to be trial-produced), and the downstream has market and pricing rights(Exports account for over 50%, leading the industry to increase prices after the Spring Festival). The industry leader is configured to transition the moat of the entire industrial chain, and has a significant competitive advantage. The introduction of new production capacity of the chloride method helped the company to go global.Against the background of the global supply-side contraction and optimistic export performance, the company’s second phase 20-per-year capacity production plan for the chloride method will be trial-produced in the second quarter. Under the blessing of technology and experience accumulation in the first phase, it is expected that the successful commissioning will be highly deterministic.Will lead the mainstream development direction of China’s titanium dioxide, and help the company’s performance to a higher level. Continued high dividend returns to shareholders.Since the company went public in 2011, it has implemented cash dividends 10 times, with an average dividend rate of 82.3%.6 for every 10 shares in the first half of 2018.5 yuan, the dividend rate is 67%, and the dividend rate is 4.94%, continued high dividend returns to shareholders. Maintain “Buy” rating.It is expected that the company’s net profit attributable to its parent from 2019 to 2020 will be 35.57/41.610,000 yuan, corresponding to EPS 1.75/2.05 yuan, 9/8 times PE, maintain “Buy” rating. Risk reminder: the risk of falling titanium dioxide prices, the risk of new production capacity is less than expected.

East China Pharmaceutical (000963): Main business meets expected R & D supplement

East China Pharmaceutical (000963): Main business meets expected R & D supplement

1-3Q2019 results are in line with expectations. East China Pharmaceutical announced 1-3Q2019 results: operating income of 276.

30,000 yuan, an increase of 19 in ten years.

1%; net profit attributable to parent company22.

10,000 yuan, an annual increase of 22.

3%, corresponding to profit 1.

26 yuan.

Performance is in line with our expectations.

Development trends Industrial growth remains strong.

In the first three quarters of 2019, China-US East China revenue was 83.

9 trillion, an increase of 30 in ten years.

0%, net profit 18.

500 million, an increase of 27 in ten years.

0%, the net profit of the subsidiary accounted for 83% of the total net profit of the parent.

7%.

In the first three quarters of 2019, we expect Bailing capsule revenue to increase by 16% annually; acarbose revenue will increase by 32% annually.

Pioglitazone metformin continued to grow by 120%, which was replaced by the 2019 National New Medical Insurance Directory.

Pyridinaldehyde bufen grows 100% annually.

Revenue from transplantation products grows 30% annually, and revenue from digestion products grows 20% annually.

The company announced in October that it would abandon its acquisition of Zoli Pharmaceuticals.

Medical Beauty continues to explore new markets.

In the first three quarters of 2019, the pharmaceutical business, medical beauty and other businesses totaled 192 revenues.

4 ‰, an increase of 14 in ten years.

9%.

In the first three quarters of the pharmaceutical business, revenue increased by 15% each year, and profits increased by 20% each year.

In the first three quarters of 2019, Sinclair has completed listing registrations in five countries and regions. The key product Ellansé (injectable long-acting microspheres) has completed clinical trials in China. It has strategically cooperated with the American R2 dermatology company and has begun to launch its original innovation.Related clinical research work of F1 frozen freckle medical device F1 in China.

R & D funding increases.

In the first three quarters of 2019, R & D expenses7.

10,000 yuan, an increase of 52 in ten years.

8%.

We expect R & D spending in 2019 to exceed $ 1 billion, with an annual growth of 40 +%.

Oncology line: Mevatinib is in clinical phase II, and we expect to start clinical phase III in the second 深圳SPA会所 half of 2019.

Letrozole tablets were submitted for market application in mid-October.

Diabetes line: liraglutide has now started a national multi-center phase III clinical trial and is expected to apply for production in 2020.

TTP-273 has entered Phase I clinical trials, and Phase II clinical trials are expected in 2020, with production declared in 2021.

HD-118 has entered Phase I clinical trials and is expected to commence Phase II clinical trials in 2020.

We expect that caspofungin injection, anastrozole tablets, compound omeprazole sodium bicarbonate capsules, and sitagliptin dimethylbisphenol tablets are expected to receive marketing approval in the first quarter of next year.

Earnings forecast and forecast maintain 19/20 forecast EPS is RMB1.

92 yuan and 2.35 yuan, corresponding to an annual increase of 23.

6% and 22.

2%.

It currently corresponds to 2019/202013.

1x / 10.

7 times price-earnings ratio.

Maintain Outperform industry rating and target price of RMB38.

46 yuan, corresponding to 20.

0 times 2019 P / E ratio and 16.

4x 2020 price-earnings ratio, 53% more upside than before.

The price of risky core products fell more than expected, and products under development fell short of expectations.

Poly Real Estate (600048) December 2019 Sales Data Review: Sales Keep Steady Growth and Land Sprint at Year End

Poly Real Estate (600048) December 2019 Sales Data Review: Sales Keep Steady Growth and Land Sprint at Year End

Event: On January 8th, Poly Real Estate announced December sales data, and in December it achieved a contracted amount of 421.

3 ‰, +15 per year.

4%; Achieve contract area 304.

30,000 square meters, +2 per year.

5%.

Another 694 was built in December.

60,000 square meters, +497 throughout the year.

9%; total land price 380.

0 million yuan, +839 a year.

4%.

Opinion: December sales of 42.1 billion, + 15% per year, annual sales of 461.9 billion, ten years + 14%, a steady increase in December, the company’s sales amount of 421.

300 million, +29.

6%, +15 per year.

4%, +18 from last month.

4pct; sales area 304.

30,000 square meters, +25.

7%, +2 per year.

5%, up from -1 last month.

2pct, slightly lower than the 45 cities in our middle school tracking the transaction area in December at least +3.

3%; average selling price of 13,847 yuan / square meter, +3 chain.

1%, ten years +12.

6%.

In 2019, the company’s total sales amount was 4,618.

500 million, ten years +14.

1%; cumulative sales area is 3,123.

10,000 square meters, previously +12.

9%; the cumulative average selling price was 14,788 yuan / square meter, an increase of 1 over the previous 18 years.

0%.

In 19 years, the company’s sales continued to increase steadily. At the same time, considering the company’s abundant land reserves, at the end of the year, the land acquisition actively turned to jointly ensure that there are plenty of resources available for sale in 20 years.Against the background of relatively stable markets, sales are expected to continue to increase steadily for 20 years.

In December, the company acquired 28% of land + 839% in 19 cities, including Guangzhou, Wuhan, Nanjing, Chengdu, Dongguan, Zhongshan, and Qingdao.
One project corresponds to the supplementary surface 694.

60,000 square meters, +113 chain.

1%, ten years +497.

9%, of which 68 are new equity.

9%; corresponding to the total land price of 380.

0 billion, +315.

8% per year +839.

4%, taking 90% of the land.
2%, an increase of 62 from the previous month.
1pct.

The average floor price is 5,471 yuan / square meter, which is +95.

2%, the average land price in early 18 years -12.

2%.

In December, the company continued to focus on the nation’s balanced layout.

In 1991, the company obtained 127 new projects in the land market, and added 2,681 all-round constructions, each time -12.

9%; corresponding to a total land price of 155.3 billion yuan, a year-19.

0%; the average floor price is 5,791 yuan / square meter, -7 per year.

0%; the proportion of land area rights is 72.

1%, +4 from 18 years earlier.

8pct; Take up 33% of the land.

6%, 18-18 years earlier.

7pct, although the land acquisition is relatively cautious, the land acquisition attitude has obviously turned positive since November, and the proportion of land acquisition rights has been increasing.

Investment suggestion: Sales keep increasing steadily, 南京夜网 sprinting at the end of the year, and re-emphasizing the “strong push” rating. The company’s active transformation started in 16 years. In terms of goals, chairman Song Guangju proposed to return to the top three in the industry in the next three years, revealing the leading spirit of central enterprises;In 17, launched a vigorous follow-up investment plan to lead the highest level of state-owned enterprises to eliminate the lack of incentives. In terms of resource integration, the acquisition of real estate projects owned by AVIC Group was completed, and the acquisition of Poly Real Estate’s equity has also made breakthrough progress, highlighting the advantages of resource integration; 16-19 yearsThe company actively acquires land and focuses on the first and second tiers and urban areas. The optimization of the structure of land acquisition and the steady decline in costs mean that the company’s sales have continued to increase rapidly. The current performance has entered a bumper period.

In addition, the listing of Poly Real Estate’s Hong Kong stocks is beneficial to the company’s assessment.

In view of the company ‘s 19-year performance release beyond expectations and rich advances, we raised the company’s 2019-21 earnings to 2.

23, 2.

67, 3.

08 yuan (the original value is 2.

06, 2.

47, 3.

00 yuan), corresponding to the PE of 19-20 is 7.

0 and 5.

8 times, 18A, 19E dividend yields reached 3 respectively.

2% and 4.

5%, maintain target price of 20.

62 yuan, “strong push” level again.

Risk warning: The real estate industry’s policies have tightened more than expected and industry funds have tightened more than expected.