Wuliangye (000858): High performance growth in line with expectations Reform dividends are worth looking forward to

Wuliangye (000858): High performance growth in line with expectations Reform dividends are worth looking forward to

Event: The company announced the main performance data for the first half of 2019, and achieved operating income of 271 in the first half.

About 500 million, an increase of about 26 a year.

5%, the net profit attributable to the mother is about 9.3 billion, an increase of about 31% year-on-year, and the basic income3.

4 yuan, an increase of about 29% each year.

High performance growth was in line with expectations, and the ton price increased rapidly.

The company’s second-quarter 2019 revenue and attributable net profit growth plans are respectively 27% and 32%. The growth rate of net 成都桑拿网 profit exceeds the growth rate of revenue, and although it is a low season, the growth rate of the two indicators has been increased from the first quarter, except for the first quarter.We think this is mainly due to the smooth introduction of the eighth generation Wuliangye and the continuous upgrade of the product structure.

Through the promotion and collection of the seventh-generation Wuliangye in early 2019, the company has realized inventory clearance and price increase.

At the marketing meeting of Wuliangye brand dealers of Nissan on March 18, the company stated that the ex-factory price of the new version of Puwu had been adjusted to 889 yuan / bottle, which was about 12% higher than the previous seventh-generation price.

In addition, the company launched the strategic ultra-high-end product “501” Wuliangye at the 2019 Spring Candy Conference, and its product system moved up.

The current Puwu formaldehyde price has risen to about 960 yuan. Controlling the amount of supply in the past two months is the core reason, and the price is quite obvious.

We judge that the new round of the industry’s rising period has not yet officially started. The rise in prices of famous wine companies is mainly due to the limited space for the growth of Moutai’s long-term finished product output. At this time, Wuliangye will increase the ton price to ensure that the sales will greatly increase dealer confidence and the companyBrand value and performance certainty also increase.

The work of sorting out products and constructing a digital system has been carried out steadily, and reform dividends are worth looking forward to.

At present, the company is vigorously combing its product system.

In April, the company’s “Brand Constitution” was officially introduced, and the “high imitation” series of wine products will be cleaned up in batches. In June, three series of wine companies listed will be merged into one. It is expected that Wuliangye “1 + 3” and series wine “4 + 4″The product system will be clearer.

At the same time, the company’s reforms revolved around the introduction and expansion of the new Pu’er Wu, adopting the product’s code-scoring system to realize the digital transformation of the channel, and realizing full-process conversion, price increase, disk distribution and digitalization in the transformation of product production, logistics, warehousing and salesEmpowerment will increase channel thrust and terminal control.

Third quarter or heavy volume, long-term performance deterministic replacement.

Third quarter or heavy volume, long-term performance deterministic replacement.

The second quarter of 2019 is the introduction period of the company’s new products. In order to successfully raise prices, the company conducted large-scale and strict control of the goods. The current channel inventory is less than one month. It is expected that the terminal retail price will stabilize above 1,000 yuan / bottle.Heavy volume during the National Day peak season to achieve the 15% sales increase target.

It is expected that the operating income in 2019-21 will increase by 26% / 23% / 18%, the net profit attributable to mothers will increase by 30% / 29% / 22%, and the EPS will be 4 respectively.

5 yuan / 5.

8 yuan / 7.

1 yuan, corresponding to PE is 27 times / 24 times / 20 times, maintaining the “buy” level.

Risk reminders: food safety issues; company performance exceeded expectations; company reforms were less effective than expected; RMB exchange rate risk; domestic interest rate rise risks; China’s macroeconomic data fell short of 北京夜生活网 expectations; changes in the Federal Reserve’s monetary policy; internal capital market fluctuation risks.

Makihara Shares (002714): Supporting the release of performance with price compensation

Makihara Shares (002714):重庆耍耍网 Supporting the release of performance with price compensation

The company’s recent situation Makihara shares recently announced July sales data: the company’s July pig sales income11.

3 billion (six years-6.

7%, -5.

3%), 1?
Cumulative income for July was 79.

8.7 billion (same as +19.


Looking at the split, July sales of 680,000 heads of pigs (-32 due to a high base last July).

1%, compared with -15.

1%), 1?
July sales of 649 pigs.

50,000 heads (ten years +13.


July commodity pig price 16.

01 yuan / £ (one year +30.

5%, +4 from the previous quarter.


Commentary on price supplement is still the main core logic: the company’s July sales of 680,000 pigs, slightly lower than market expectations.

The company said sales have increased due to the expansion of production scale and the addition of additional reserve breeding pigs.

Regarding the judgment of the number of slaughter, we maintain a high-level view that, due to the impact of the African swine fever epidemic, large breeding companies have generally improved their breeding pig inventory this year, which makes it difficult to surprise them in the 2H19 slaughter.

However, under the proportion, Makihara has a competitive advantage in the breeding field. The increase of replacement pigs at the current point of time will help the subsequent breeding of pigs to rebound, which will provide a certain amount of support for the next year.

As for the judgment of pig prices, considering the industry-scale production capacity is still continuous, the subsequent upward trend of pig prices is determined.

It is said that the average price of pigs in 22 provinces and cities has recently risen to more than 19 yuan / kg, which is faster than market expectations.

In summary, we believe that price supplement is still the core logic of the current company. The African swine fever epidemic has a negative sales volume but a good replacement. The company’s performance this year and next will still release room.

Marginal changes in the industry are beneficial to large-scale breeding companies: In combination with our latest survey, we judge that the epidemic situation is bringing two marginal changes to the pig breeding industry: 1) regional changes, the northern epidemic situation is relatively stable, and the southern epidemic situation has strengthened and repeated since the second quarterThe decline in farming density in areas such as Guangdong, Guangdong, and Hubei has driven the overall throughput of the industry to a greater extent; 2) Structural changes. Due to the impact of the epidemic, small and medium-sized retail investors have withdrawn and wait-and-see attitudes have deteriorated. At present, there is a lack of motivation to fill the pen.

Due to the high proportion of small and medium-sized retail investors, their behavior has also triggered the industry’s throughput trend.

However, due to the upgrade of the prevention and control system and the prevention and control measures, in the third quarter, the breeding leaders were more optimistic about resuming production, and gradually strengthened the production in the northern epidemic-stable areas.

On the whole, we believe 无锡夜网that the breeding leader is trying to reflect a different trend from the industry as a whole, and it is worth benefiting from the higher pig price expectations brought by the large number of retail exits, and it is expected that its production volume will be stabilized in advance due to the increase in production recovery.

Estimates The proposed estimates correspond to 50/13 times the estimates for 2019/2020.

We maintain our 2019/2020 profit forecast31.


47 trillion remained unchanged at 86.

The target price of 00 yuan is unchanged, and the target price corresponds to 57/15 times the 2019/2020 estimate, + 14% space.

Maintain Outperform rating.

Risk Pig prices and slaughter volume are lower than expected; epidemic risk; raw material prices have risen more than expected.

East China Medicine (000963): Acquisition of Zuoli Pharmaceutical to strengthen synergy of traditional Chinese medicine

East China Medicine (000963): Acquisition of Zuoli Pharmaceutical to strengthen synergy of traditional Chinese medicine

The acquisition of Zuoli Pharmaceutical Co., Ltd. announced that the holding company may issue a public announcement on May 26th.

600 million acquisition of Zuoli Pharmaceutical (300181.

SZ) 113,216,652 shares (proportion 18).

60%), to achieve a holding.

Zuoli Pharmaceutical focuses on the research and development, production and sales of medicinal powder series products, traditional Chinese medicine decoction pieces and traditional Chinese medicine formula granules.Bigger and stronger traditional Chinese medicine with chronic diseases.

The company has built a new industrial sector focusing on the four major areas of diabetes, super-anti-tumor, anti-tumor and immunosuppressive agents, and actively deployed the field of medical beauty. We are optimistic about the continued growth of the company’s subsequent performance and maintain the company’s EPS forecast for 19-21.



14 yuan, 19 years of PE24-25x (compared to the average company’s 19 years PE 25x), and a target price of 47.


25 yuan, maintain BUY rating.

  The acquisition premium rate is high, and there is little pressure on operating cash.

The 6% transaction consideration does not exceed about 5.7 billion, and the premium rate is high (271 times PE), mainly because the holding listed company has part of the shell value.

The purchase amount does not exceed 10.

600 million, agreed to pay in two years, there is little pressure on operating cash (the company’s 1Q19 currency funds 18.

2.3 billion).

  Zuoli Pharmaceutical’s operating quality needs to be improved. Zuoli Pharmaceutical’s revenue in 20187.

300 million (-8.

02%), and achieved net profit of 2075.

20,000 yuan (-54.

03%), of which the main variety Wuling Capsules (ranked second in headache and insomnia products) achieved income3.

500 million (+1.

72%), Bailing films realized income1.

300 million (+1.

69%), sales operations need to be improved.

The company achieved revenue in the first quarter of 20192.

30,000 yuan (+19.

93%), and achieved net profit of 1082.

30,000 yuan (+20.

82%), Wuling series products (+21.

05%) and Bai Ling series (+10.

84%) faster growth.

After East China 北京夜网 Holdings grafted high-quality sales resources and leveraged the synergistic advantages of varieties, the company’s operating quality and efficiency promoted a significant improvement.

  This acquisition is relatively neutral We consider this acquisition relatively neutral: 1) Zoli Pharmaceutical’s Bailing Tablets revenue in 20181.

300 million, poor operating performance.

East China Bailing Capsules benefited from the steady growth of grassroots promotion (1Q19 + 15% year-on-year). Both Bailing Tablets and Bailing Capsules have entered the base drug market and are expected to collaborate in the development of the grassroots market.

Wuling Capsule’s 2018 revenue3.

500 million, the potential is still to be developed; 2) East China preparations as a whole showed rapid growth (1Q19 China-US East China +35.9% yoy), the 南京桑拿网 current production capacity is relatively tight.

Zuoli’s production site is only half an hour away from East China, and it is expected to achieve a regional collaborative capacity-relief capacity breakthrough. 3) Although the first acquisition price is more expensive, it is mainly due to the poor sales management of Zuoli.

After East China takes over operations, sales are expected to achieve rapid growth, and the scale effect highlights the increase in net profit margin, which is expected to be digested.

  Risk warning: business integration fails to meet expectations; risks of core product price reduction; product development progress fails to meet expectations.

The first Shanghai-Shenzhen-Hong Kong cross-border ETF set sail for ICBC Credit Suisse at the antique launch conference of the Shenzhen Stock Exchange_1

The first Shanghai-Shenzhen-Hong Kong cross-border ETF set sail on ICBC Credit Suisse’s antique conference in Shenzhen Stock Exchange
Source: Panoramic.com Original title: The first Shanghai-Shenzhen-Hong Kong cross-border ETF officially set sail ICBC Credit Suisse in the Shenzhen Stock Exchange Antique Bay to create an ETF launch ceremony to embrace the new era of the Bay Area, innovation leads the futureOn August 29, ICBC Credit Suisse Fund Management Co., Ltd. held a grand antique product launch conference on the Shenzhen Stock Exchange, and witnessed the first domestic Shanghai-Shenzhen-Hong Kong Cross-Border ETF with representatives from all walks of life and the first ETF tracking the Guangdong-Hong Kong-Macao Greater Bay Area Innovation 100 Index.-The release of ICBC Credit Suisse Guangdong-Hong Kong-Macao Greater Bay Area Innovation 100 ETF (fund abbreviation: Wan Chuang ETF, fund code: 159976).Wang Hong, deputy general manager of Shenzhen Stock Exchange, Wang Hailu, general manager of ICBC Credit Suisse Fund, Xu Shouben, president of Industrial and Commercial Bank of China Shenzhen Branch, Jiang Ran, general manager of the asset custody department of China Merchants Bank, Feng Rong, vice chairman of Shenwan Hongyuan Securities, and dozens of Wanchuang 100Representatives of listed companies of index constituents and relevant leaders of major securities companies attended the press conference to witness the historic moment of the launch of the Baytron ETF.  Wang Hong, deputy general manager of the Shenzhen Stock Exchange, pointed out that helping the construction of the Bay Area is both a possibility and a responsibility for the Shenzhen Stock Exchange.The Shenzhen Stock Exchange has always been committed to serving technological innovation enterprises, private enterprises, and growing enterprises, and has played an active role in helping the Bay Area develop gradually.Under the leadership of the China Securities Regulatory Commission, the Shenzhen Stock Exchange will proactively merge the construction of the Bay Area, enrich the product system, accelerate the construction of the Shenzhen ETF market, and guide more medium- and long-term capital entry.Wang Hong said, “The core index of the Wan Chong 100 Index in the Guangdong-Hong Kong-Macao Greater Bay Area Series Index reflects the overall outlook of listed companies in the Greater Bay Area and highlights the advantages and characteristics of Bay Area economic development.The Baytron ETF allocates Bay Area assets to local external investors. It provides a one-stop investment in Bay Area characteristic listed companies and provides a convenient and effective investment tool for sharing Bay Area development dividends.”Wang Hailu, general manager of ICBC Credit Suisse said,” The Wan Chong 100 Index selected 100 high-quality companies with outstanding innovation capabilities from Shanghai, Hong Kong, and Shenzhen. The high-quality companies that are at the forefront of China’s economy are index sample stocks, which fit the theme of the era of innovation and development.It shows the unique advantages and characteristics of the Greater Bay Area, and reflects good growth and investment value.The first ICBC Credit Suisse application and the first issuance of the Baytron ETF, which is expected to better leverage the financial services capabilities of the real economy, while helping the Bay Area to become an all-round world-class Bay Area, while providing investors with the Bay Area development bonus, An efficient allocation tool to grasp the potential of strategic investment.According to reports, vigorously developing passive products, including ETFs, to meet the needs of our customers’ tool products, is an important long-term development strategy of ICBC Credit Suisse.The company has improved the advanced ETF management system to fully guarantee the stable operation and refined management of ETFs. Since 2009, it has formally managed ETFs and has maintained a record of “zero risk in operation”.At present, ICBC 返回码: 404 网站打不开?重查 Credit Suisse ‘s index funds and ETF product lines cover a wide range of industries including broad base, industry, theme, solid income, and overseas. A diversified tool-based product layout has gradually taken shape.As of the end of June 2019, the scale of ICBC Credit Suisse’s passive business management had doubled earlier, reaching US $ 39.7 billion, of which the size of stock index fund management reached 24 billion (equity ETF size of US $ 18.3 billion).  It is said that Zhang Ye, general manager of ICBC Credit Suisse Index Investment Center, introduced that the Baytron 100 Index is a benchmark index that highlights the innovation and development of the Bay Area and has good investment prospects.The weight of the information technology industry in its constituent stocks is significantly higher than other indexes. The patents obtained by A-share companies in the constituent stocks in the past three years have significantly exceeded the level of all A-share companies, and more than 80% of the companies have achieved 10More than one patent, outstanding scientific and technological innovation capabilities.Wind data shows that from June 30, 2017 (the base date of the index) to June 28, 2019, the cumulative yield of the Baytron 100 Index reached 18.21%, while the cumulative returns of the Shanghai and Shenzhen 300 Index increased by 4.33%, the Shanghai 50 Index is 14.93%, Wanchuang 100 achieved considerable excess returns relative to the two broad-based indexes.ICBC Credit Suisse Ventures 100ETF supports the replacement of ETF fund shares with A-share constituents during the raising period. It is attractive to investors who need to optimize the shareholding structure, and is suitable for the Guangdong, Hong Kong, and Macau Greater Bay Area with configuration needs. I hope to participate in the development of the Bay Area.Individual and institutional investors.  Recently, the “Opinions of the Central Committee of the Communist Party of China and the State Council on Supporting Shenzhen to Build a Socialist Pioneering Demonstration Zone with Chinese Characteristics” was officially released. The Guangdong-Hong Kong-Macao Greater Bay Area ushered in improvement and better historical development.Preliminary analysts believe that the ICBC Credit Suisse Venture Capital 100ETF combines the Guangdong-Hong Kong-Macao Greater Bay Area ETF, the technology innovation theme ETF and the Shanghai-Shenzhen-Hong Kong cross-border ETF, and many other features, which significantly differentiated into the preferred configuration tool for investment in the Bay Area.The product has set the highest rate, which is beneficial to holders and provides investors with an ideal investment tool to share the great development prospects of the Greater Bay Area.It is reported that the ICBC Credit Suisse Venture Capital 100ETF is being issued. Investors can subscribe through Guotai Junan, Guoxin Securities, Changjiang Securities, CITIC Construction Investment, Shenwan Hongyuan and other brokerage agencies before October 25.

Dongfang Yuhong (002271): Fast growth in revenue and profits, focus on 2Q cash flow improvement

Dongfang Yuhong (002271): Fast growth in revenue and profits, focus on 2Q cash flow improvement

Performance review 1Q19 performance exceeded expectations Oriental Yuhong announced 1Q19 results: operating income of 26.

9 trillion, an increase of 41% in ten years; net profit attributable to mother +28 every two years.

9% to 1.

27 trillion, corresponding to 0 benefits.

09 yuan, deducting non-net profit growth rate of 40.

5%, exceeding market expectations, mainly due to strong sales growth and significant improvement in gross profit margin.

Comments: 1) Sales continued to grow at a high rate.

The company’s budget growth rate in the first quarter is strong, and it is expected to grow by 40-50% for the whole year, driving revenue to continue to grow at a rapid rate of 41%.

2) The gross profit margin improved significantly, and the gross profit margin of the company increased by 3 in 19Q1.

8ppt to 34.

5% (comparable to the 2018 average), but due to the further increase in asphalt prices, the gross profit margin decreased slightly by 1 in the first quarter of 19.


  3) Net decrease in operating cash flow29.

26 trillion, a decrease of 20 a year.

US $ 5.5 billion, mainly due to an increase in inventories of approximately 10 billion (mainly low-priced reserve asphalt) and a performance contract guarantee of approximately 1.5 billion.

4) The improvement of the cash-to-cash ratio is a positive signal.

1Q company cash ratio is 1.

4x, 1. for earlier Q18.

3x has improved at least.

  Development Trend Gross profit margin is expected to continue to increase in the second quarter.

1) On the price side, due to the overall upward trend in 上海夜网论坛 asphalt cost since last year, the company has agreed to raise prices with some downstream real estate developers this year, and the price increase will be realized in subsequent quarters.

2) On the cost side, the company actively reserves raw materials when the asphalt price drops in the first quarter. It is expected that the current asphalt inventory can be used until the end of May. It is necessary to tilt the impact of the 2Q asphalt price on the same and sequential increase.

We think the company’s 2Q19 gross profit margin has room to increase further.

  Pay attention to the improvement of operating cash flow in 2Q.

The company will actively adjust the pace of its business strategy this year, highlighting the improvement of operating quality as its primary goal, and will strictly control the collection of receivables.

In the second quarter of 19th, as the inventory level returned to normal and the receivables were strictly controlled, the operating cash flow is expected to improve significantly from the previous quarter.

  Earnings forecast We maintain earnings for 2019/20201.

33 yuan and 1.

71 yuan unchanged.

  Estimates and recommendations currently correspond to 19 / 20e 14.

1x / 10.

The 9 times price-earnings ratio is estimated to be attractive.

Maintain recommended level and target price of 26.

4 yuan, corresponding to 19 / 20e 20x / 15x P / E and 41.

3% upside.

  Risk demand growth was slower than expected, and cash flow improvement was lower than expected.

Wan Nianqing (000789) 2018 Annual Report Comments: Q4 Profit High Maintains Market Share and Continues to Increase

Wan Nianqing (000789) 2018 Annual Report Comments: Q4 Profit High Maintains Market Share and Continues to Increase

Guide to this report: The company announced its 2018 annual report. The volume and quality of all industrial sectors have risen, and the market share has continued to expand, maintaining the “overweight” level.

Investment Highlights: Maintain “Overweight” rating.

18 years to achieve income 102.

08 billion, an annual increase of 43.

89%; net profit attributable to mother 11.

380,000 yuan, an increase of 145 in ten years.

89%, earnings per share 1.

85 yuan, in line with expectations.

We maintain EPS 2 for 2019-2020.

29, 2.

62 yuan, plus EPS 2 in 2021.

99 yuan, according to the average PE of 2019 for comparable companies, raised the target price to 18.

32 (+1.

82) yuan, maintaining the “overweight” rating.

The quantity and quality of all industrial sectors have risen, and the market share has continued to expand.

In 18 years, the sales of clinker cement reached about 2,430 tons, a year-on-year increase of 7%, while the cement output in Jiangxi Province increased by 4%.

7%, the company’s market 杭州夜网 share continues to expand.

Sales of commercial concrete are 5.74 million countries, an increase of 21 per year.

67%; sales of new wall materials5.

5.6 billion standard blocks, an increase of 28 in ten years.

26%; crop sales are at record highs.

Q4 earnings remained high.

The average ex-factory price of our feed for 18 years is 309 yuan / ton, the same increase of 81 yuan / ton, the gross profit per ton is 101 yuan / ton, the same increase is 40 yuan / ton, the net profit per ton is 61 yuan / ton, and the same increase is 33 yuan / ton.

Among them, Q4 basically maintained the historical highest profit level of Q3. The average factory price was 340 yuan / ton, which was a continuous increase of 78 and 21 yuan / ton, respectively; the gross profit per ton was 105 yuan / ton, and the multiple increases were 16 and 7 yuan 西安耍耍网 / ton respectively.; Net profit per ton is 59 yuan / ton, which exceeds the increase of 16 yuan / ton.

The new capacity is expected to be launched in 2019-2020, further improving the layout.

The company is currently constructing 3 production lines. The relocation of Wannian Plant will add 2 * 5100 tons / day clinker production line and 6600 tons / day clinker production line in De’an County. It will be gradually put into operation in 2019-2020 according to the company’s plan.

We believe that with the introduction of new capacity expansion, the company is expected to further optimize its capacity layout and its production and operation indicators are expected to further improve.

Risk Warning: Macroeconomic Downturn, Raw Material Costs Increase

Kailuan (600997) 2019 Interim Report Comments: Coke Business Volume and Price Rise, Contribute to Performance Increase

Kailuan (600997) 2019 Interim Report Comments: Coke Business Volume and Price Rise, Contribute to Performance Increase

Investment Highlights The company disclosed its 2019 Interim Report: 108 operating income.

700 million (+8.

5%), net profit attributable to shareholders of listed companies.

2.2 billion (+24.

1%), where Q1 / Q2 are 3 respectively.

68, 北京桑拿洗浴保健3.

5.4 billion, 7 after deduction.

2.1 billion (+ 24%), equivalent to 0 EPS.

46 yuan / share.

  The profit contribution of the coal sector in 2019H1 is stable, and the performance growth mainly comes from the coal chemical business.

  According to the company’s announcement, the profit growth of the coal business before internal offsetting was 6.

2 trillion, a reduction of 737 trillion a year, a decrease of 1.

2%, the maximum profit of coke and deep processing products is 4.

20,000 yuan, an increase of 1 in ten years.

500 million, an increase of 54%, the first half of 2019 performance growth mainly from the coal chemical business.

  In 2019H1, the price of cleaned coal has increased, and the gross profit margin of cleaned coal has increased. The sales revenue and gross profit of cleaned coal accounted for 94% and 100% of the coal sector, respectively, and are the core revenue and profit source of the coal sector.

2019H1 company’s raw coal production is 387 blended (-4.

9%), 148 joints (+1.

3%), and the washing rate exceeds 2 pct to 36%. According to the company’s export data of clean coal, the average sale price of clean coal is estimated to be 1,217 yuan / ton (+ 5%).

The rise in both volume and price has promoted the growth of clean coal revenue, with 2019H1 clean coal sales revenue at 19.

80,000 yuan, an increase of 8 in ten years.

6%, the cost of sales is 11.

0 ppm, a 10-year increase of 2.

8%, gross profit 8.

8 ‰, with a growth rate of 17% in ten years and a gross profit margin of 44.

5%, an increase of 3 per year.

1 unit.

  The price increase rate of coke in 2019H1 is greater than the cost increase rate. The profit of the sector has increased slightly. In the first half of 2019, the company’s coke production / sales volume was 375/379, which were +8 respectively.

1% / + 9.


Ton of pyroformaldehyde is 1863 yuan / ton (+9.

8%), the cost of ton coke is 1632 yuan / ton (+5.

6%), the increase in sales price was significantly greater than the increase in costs, and the gross profit margin of the coke business rose.

4 to 12.

4%, gross profit 8.

74ppm, a significant increase of 66 per year.

In the first half of 2019, the average price of Tangshan secondary metallurgical coke (including tax) increased by more than one.
8%, we judge that the price of the company’s coke has increased significantly, and it is related to the downward adjustment of the expected growth rate (from 13% to 13%), and may be related to the optimization of the company’s coke product structure.

According to the company’s disclosure, the total net profit of the three coking subsidiaries.

24 ppm, a significant increase every year1.

270,000 yuan, the estimated net profit per ton of coke is 86 yuan / ton, an increase of 29 yuan / ton per year.

  In 2019H1, the average price of deep-processed products declined, and the profit of coking deep-processing business decreased significantly. The company’s main deep-processed product, methanol (capacity 20 growth rate / year), produced 10 sales.


2. +27 per year.

1% / + 31.

4%, the average selling price of 1913 yuan / ton, -18 a year.

2%; production / sales of pure benzene (capacity 20 mg / year) 8.


1 initially, at least -4.

4% /-13.

9%, the average sales price of 3633 yuan / ton, -31 for many years.

3%; production / sales of adipic acid (capacity 15 additives / year) 7.


9 initially, at least +8.

5% / + 16.

2%, the average sales price of 7117 yuan / ton, for many years -23.


Polyacetal project (capacity 4 content / year), to achieve production / sales volume 1.


In July, one year ago + 17% / + 15%, the average sales price was 9,720 yuan / ton, a year-on-year decrease of 22%.

In the first half of 2019, the company’s deep processing business income totaled 33.

3 ‰ (-8%), operating cost 34.

200 million (-1.

8%), gross profit margin -2.

7% (-6.

4pct), gross profit contributed -0.

91 ‰ (decreased by 2 per year.

2.6 billion).

  Earnings forecast and estimation: It is estimated that EPS for 2019-2021 will be 0.

84, 0.

87, 0.

89 yuan / share is expected to achieve net profit attributable to shareholders of the parent company for 2019-2021.


8/1天津夜网 4.

2 trillion, equivalent to 0 respectively.

84, 0.
87, 0.
89 yuan / share, currently 5.

7 yuan corresponding to PE is 6 respectively.

  8X / 6.

5X / 6.

Four times, as a leader in coal and coke integration, the advantages of low estimates are obvious, and the rating of “Buy” is maintained.

  Risk reminders: macroeconomic downturn; uncertainty of administrative restructuring; environmental protection and production limitation are less than expected risks.

Vanke A (000002): Preliminary sales expected in the first quarter are expected to remain stable

Vanke A (000002): Preliminary sales expected in the first quarter are expected to remain stable

Diluted earnings in the first quarter of 19 (0).

10 yuan, an annual increase of 25%, in line with expectations of Vanke A’s first quarter of 19 results: operating income of 48.4 billion US dollars, an increase of 57%; net profit attributable to mothers 11 trillion, an increase of 25%, corresponding to zero profit.

10 yuan, in line with expectations.

Concentrated carry-over of real estate projects drove revenue growth.

The initial settlement area of the company increased by 88% to 3.11 million square meters per year, the settlement amount increased by 64%, and the operating income increased by 57%.

The three expense ratios decreased by 2 units to 12% compared with the same period last year, but the effective tax rate increased by 5 percentage points, the minority shareholders’ profit and loss increased by 136%, and the net profit attributable to the mother increased by 25%.

Net interest rate is still low, and cash on hand is abundant.

At the end of the period, the company’s net debt ratio increased by 14 percentage points from the beginning of the year to 45%, and cash on hand was 143.2 billion yuan, which could cover twice the interest resistance due within one year.

Recently the company took 3.

The 6% coupon rate publicly issued 2 billion yuan (5 years) of housing lease special corporate bonds, and the issue cost was low in the industry.

Development trend Short-term budget materials flatten every night.

The actual new construction area of the company fell by 10% to 10.19 million square meters (instead of the company’s planned new construction area of 36.09 million square meters, which was a 28% decrease from the actual new construction area 苏州桑拿网 last year), and the sales / sale area decreased by 3% / 12% to1494 ppm / 9.25 million square meters.

Initially, we expect the company to achieve an order of about 6000 trillion, and maintain stability for one year.

At the end of the period, the total construction area of the company’s planned projects under construction was 1.

5 billion square meters, delivery value is about 2 at the current average selling price.

5 trillion.

The carry-over income is highly lock-in, and the initial completion plan has a growth rate of over 10%.

At the end of the period, the outstanding amount of the company’s sales increased by 19% to 5864 trillion per year, which is equivalent to 1.

4 times.

The company’s estimated completion area in 2019 is 30.77 million square meters, an increase of 12% over the actual completion area in 2西安耍耍网018.

Earnings forecast We lower the company’s 2019 earnings forecast by 9% to 3.

83 yuan (mainly due to the low-margin sales of intensive expansion of the policy end in 2017 entering the centralized settlement period, which may lead to a progressively lower gross margin than expected in 2019), dating to 2020 profit forecast4.

56 yuan.

Estimates and recommendations companies currently have a sustainable response7.


4x 2019 / 2020e PE ratio.

Maintain recommended level and target price of 33.

1 yuan, corresponding to 8.


3x 2019 / 2020e target price-earnings ratio and 13% upside.

The progress of risk delivery was lower than expected, and the continuous accrual of impairment caused the performance to be lower than expected.

Nengke (603859): Intelligent manufacturing enters the harvest period and the performance further accelerates

Nengke (603859): Intelligent manufacturing enters the harvest period and the performance further accelerates
The income and profits continued to increase, and the transitional development entered the harvest period. The company achieved zero operating income in the first quarter of 2019.86 ppm, an increase of 31 in ten years.71%, achieved net profit of RMB 9.22 million, an increase of 61 year-on-year.33%, net profit of RMB 9.02 million deducted from non-attributed mothers, an annual increase of 501.01%.The company adheres to the “smart electrical + intelligent manufacturing” two-wheel drive strategy, gradually increasing its business capabilities and gradually increasing its market influence.  The proportion of smart manufacturing business has further increased, and the revenue of smart manufacturing business in the first quarter of 2019 of companies that have maintained high R & D revenues continued to be about 0.7.4 billion, accounting for more than 80%. Since 2015, the company has begun to deploy smart manufacturing business. Related business capabilities have gradually strengthened, and business development has gradually made breakthroughs. The company’s revenue volume has continued to increase.The company’s gross profit margin was 47 in the first quarter.33%, increase by 1 every year.85 points.The company’s overall expenses in the first quarter were 33.60%, a decrease of 0 every year.96pct, of which 11.38 million yuan for research and development costs, cost of 13.29%, the company continued to invest in research and development, focus on the intelligent manufacturing basic platform and targeted solutions, the company’s core business capabilities have gradually improved, and market competitiveness has been improved.  Mergers and acquisitions to achieve technology market synergy, fund-raising projects to address downstream specific needs. In 2018, the company started to issue shares to acquire Shanghai Lianhong Technology to achieve technology and market synergy.Through mergers and acquisitions, the company expanded the business scope of smart manufacturing services, and at the same time increased the coverage of SMEs. The market competitiveness has been further improved. According to the company’s first quarterly report, the acquisition has been completed and the consolidation is expected to begin in four months.In addition, the company plans to issue shares to raise funds of no more than 300 million U.S. dollars. It is used to invest in products based on digital replacement products, full-life-cycle collaborative platforms and high-end manufacturing assembly system solutions, and to supplement the company’s liquidity.After the research and development was completed, it was quickly applied to further improve the company’s performance. According to the company’s first quarterly report, this work was in refutation of the opinions of the CSRC.  The investment proposal considers the downstream smart manufacturing transformation needs, and the company’s smart manufacturing business is about to enter a period of rapid development.Lianhong started consolidation in April 2019, and it is expected that the company’s net profit attributable to its mother for 2019-2021 will be zero.83, 1.15 and 1.5.2 billion.Corresponding to the current expected PE 苏州桑拿 is 35, 25 and 19 times.Considering that the company’s intelligent manufacturing business is mainly software and its revenue ratio has exceeded 50%, the company’s growth inflection point has been transformed, and we maintain the company’s reasonable value28.The price of 02 yuan / share is unchanged, corresponding to about 42 times the company’s PE in 2019, and the rating of “Buy” is maintained.  Risks indicate that the smart manufacturing business is developing less than expected; market competition is intensifying; accounts receivables are increasing; raising funds is unsuccessful.

China Shenhua (601088): Leading Supply Supply Steady Operation

China Shenhua (601088): Leading Supply Supply Steady Operation

Introduction to this report: Shenhua’s latest data is mainly reflected in two points:.

Investment Highlights: Reduce earnings forecast and maintain target price of 24.

78 yuan to maintain the “overweight” level.

Considering 2019.

The one-time reduction of the price of the Long-term Association and the impact of the epidemic on the thermal power business in December will reduce the company’s 2019?
EPS to 2 in 2021.

27, 2.

16, 2.

22 yuan (previous forecast 2).

27, 2.


47), maintaining 24.

Target price of 78 yuan, maintain “overweight” rating.

Supply is maintained in critical periods, coal production is stable, and there is room for further recovery.

The company released operating data for January 2020, of which commercial coal production was 24.

1 million tons, an increase of 3 per year.

0 million tons (14.

2%); before 2019.

December 24.

2 million tons fell by 0.

1 million tons.

According to the announcement, the company “guarantees energy supply in the country, especially in Hubei, and its main operating indicators exceed the monthly plan.”

The company has advanced production capacity and most of it is sold by railway, which is not affected by transportation. The leading 武汉夜生活网 advantages are prominent.

According to the previous announcement, due to land acquisition, licenses and other factors affecting the victory of production in 2019, Hal Usu, Wanli and other coal mines gradually resume normal production, and we expect room for further increase in production.

Coal prices have risen in the short term, but have fallen each year.

According to data from the Coal Market Network, the company is 2020.

In January and February, the annual long-term association price was 542 and 543 yuan / ton (the same period last year were 553 and 551). The price decrease of the long-term association was mainly determined by 2019.

The BSPI index was revised downward in December.

It is expected that the current scale of supply and demand is expected to continue after the upstream and downstream work resumes, and the price of the long-term association will remain stable.

Electricity generation is accumulating from a month-on-month basis, and capacity growth is expected in the medium term.

Public 2020.

The power generation in January was 12.

14 billion kWh, compared to 2019.

December 14.

20 billion kilowatt hours 14.

5%, the early Chinese New Year, the combined impact of the epidemic, and is expected to continue in February or weak.

The company’s Java 2 under construction, Shengli, Jinjie, Yongzhou, and Tianming Power Plants have been successfully constructed. It is expected that they will be put into production in this year and next year, contributing to incremental performance.

risk warning.
The release of production capacity did not meet expectations; the scale of capital expenditures expanded; the dividends of subsidiaries did not meet expectations.