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.

Wolong Electric (600580): Entering the ZF Motor Supply Chain to EV Motor Business

Wolong Electric (600580): Entering the ZF Motor Supply Chain to EV Motor Business

The company’s recent situation Wolong Electric Drive announced on June 10, 2019 that it had received a fixed letter from Germany’s Pick Ev 南宁桑拿 regarding the supply of new energy vehicle motors and parts and components. The estimated implementation period is from 2020 to 2026, and the amount is RMB 22.

About 5.9 billion.

The review entered ZF Motor’s supply chain, and its quality was recognized internationally.

ZF is the world’s leading supplier of automotive transmission systems, and is currently a leading company in the development of electric drive systems.

ZF has two main products for pure electric vehicles: DynaStart motor and electric axle drive.

Among them, electric drive axle products refer to the integration of motors, motors, and reducers, with high research and development accuracy. ZF, Bosch, and GKN are at the forefront, which is the main development trend of electric drive systems for high-end new energy vehicles in the future.

We believe 上海夜网论坛 that the entry of Wolong Electric Drive into ZF Motor’s supply chain can prove that the quality of its motors and related parts and components has reached the international first-line level.

Benefiting from global electrification speed and logging Evo localization strategy, EV motors help accelerate volume.

The global electrification trend is stable. ZF’s main customers BMW, Volkswagen, Mercedes-Benz, etc. have accelerated their electrification layout and occupied the Chinese market.

ZF also hopes to increase China’s local production ratio to 100% in the future.

We believe that Wolong Electric Drive will benefit from the acceleration of motor demand from international customers and the promotion of import substitution, and is expected to enter the motor supply system of more high-quality first-tier car companies to accelerate the volume of EV motor business.

Benefiting from the high boom in equipment spending in the coal, oil and gas, steel and other industries, the volume of high-voltage motors increased.

Since 2018, the added value of the core downstream industry of high-voltage electrical machinery business, such as oil and gas, and coal mining, has continued to improve, and the economy has maintained its prosperity in 1Q19.

High-voltage motor revenue in 2018 increased by 23.

4%, gross profit margin increased significantly by 8.

4ppt.

We expect the business to maintain prosperity in 19 years, bringing 20% -25% sector growth.

Low voltage motors and micro special motors are expected to grow steadily over the long term.

We believe that the company’s traditional low-voltage motor business has benefited from the growth of overseas revenue following the completion of the SIM acquisition, and the micro-motor business has mainly benefited from the improvement in gross profit margin brought about by the optimization of product structure.

It is recommended to maintain 19 / 20e 7.

96/9.

2.7 billion net profit is expected to be 11.

5 yuan target price.

The current routine corresponds to 19 / 20e 16 / 13x P / E, and the target price corresponds to 19 / 20e 19 / 16x P / E, with 20.

4% upside, maintain recommended level.

Risks Lower-end capital expenditures of high-voltage motors were lower than expected, and actual demand for EV motor customers was lower than expected.

UFIDA (600588): Introduced incentive programs for three consecutive years to constrain talent promotion3.

0 development

UFIDA (600588): Introduced incentive programs for three consecutive years to constrain talent promotion3.

0 development

The event company announced a new round of equity incentive budget, and plans to grant a total of 225 stock rights to 156 executives and key employees.

0.75 million copies (including 150.

5.52 million stock budgets, not exceeding 75.

02,300,000 carbonic acid stocks), accounting for about 0 of the current share capital accumulation.

091%.

  Brief comment on the allocation of equity incentives to the company and its holding subsidiaries of a total of 156 executives and key employees, the merger of stock investment and conversion of two types of incentives: (1) stock investment: the company intends to grant 150 incentives.

The stock price of 5.02 million shares is a certain exercise price.

15 yuan, divided into three exercise periods.

Within the next 36 months after the 12th month from the completion date of the registration of the budget, the rights will be exercised according to 40%, 30%, and 30% for three years; (2) Value stocks: shares repurchased by the company in 2019The stock is the source and will not exceed 75.

02,300,000 shares are used as an incentive for the expansion of the stock, and the grant price is 6.
.

11 yuan / share (25% of the 南京桑拿网 average repurchase price).

Within the next 36 months after 12 months from the completion of the custom stock authorization registration date, sales restrictions will be lifted at 40%, 30%, and 30% in three years.

  Stock budget and earnings Stock performance evaluation requirements for stocks: The sum of “software business revenue” and “cloud service business revenue (excluding financial cloud services)” in 2019 is not less than 69 budgets, with 2019 as the base 2020The sum of them is not less than 10% (that is, 75).

90,000 yuan), and the sum of the two in 2021 in 2019 is not less than 20% (ie 82.

800 million).

The total cost to be shared between the two is estimated to be about 27.03 million yuan (current estimate). In 2019?
Amortization in 2022.

  Based on “3.

0 Development Strategy “, 2017?

The equity incentive 南宁桑拿 plan will be implemented for three consecutive years in 2019, and the long-term incentive mechanism is clear.

Promote the attraction and retention of talents, bind the company and personal interests, and motivate the backbone employees of the company.

As of now, the company’s equity incentive plans for 2017 and 2018 are still being effectively converted, and the two actually granted to more than 1,400 incentive targets.

Starting from the equity incentive plan in 2017, the company added an independent business unit assessment. When the company’s performance indicators are achieved, the independent business unit also needs to achieve the performance assessment of this unit (the completion rate of the indicator must reach 80% or more) before it can exercise the rightAnd the annual assessment target of the independent business unit is determined by the board of directors every year; the number of individuals, following the 2018 assessment management system, is divided into 5 levels, level 3?
Individuals of 5 have the right to exercise, and the distribution assessment results are basically strengthened according to the proportion of 10% unqualified (level 2, 1), effectively promoting the motivation of key employees.

  Enterprise digitization and industrial interconnection are clear development trends. UFIDA develops in depth based on various industries. Through the supply chain docking, data connection, and business and financial integration, it is committed to providing integrated ecological services for enterprises.

With the promotion of new young people, the company’s business unit model has been further enhanced and its governance structure has been more efficient. It is expected that the assessment of the scale and financial status of related businesses will accelerate the company’s accelerated growth.

We expect UFIDA’s revenue growth rate in 2019 may reach 120-150% (18.

7?twenty one.

300 million), accounting for about 19% of total revenue?
twenty two%.

Under the development trend of localization, centralization, and intelligence of large-scale enterprise management systems, UFIDA Cloud Services is committed to expanding its presence to ultra-large and large enterprise customers in the future, which will open up a larger market space and effectively improve the ARPU level.Drive high income growth.

It is expected that the company’s net profit attributable to the parent from 2019 to 2020 will be 8, respectively.

600 million, 10.

9 trillion, a year-on-year growth of 40%, 26%, maintain “Buy” rating.

Four stomach-raising methods and stomach care products to warm your stomach

锘?

Four stomach-raising methods and stomach care products to warm your stomach

1.

Ginger juice hits the milk, it is very good to raise the ginger juice, take 2-3 spoons of ginger juice, pour into half a catty of boiled milk.

After the temperature is released, the morning is included in the fasting.

Small molecule milk and ginger juice can form a protective film on the ulcer surface of the gastric mucosa to prevent gastric acid erosion.

People who drink milk and diarrhea may wish to try this ginger juice and hit the milk. Generally speaking, there will be no adverse reactions.

2.

Yam stewed sheep, excreted stomach cold sayings, ten stomach problems, nine stomach cold.

Recommend a winter warm stomach medicinal diet – yam stewed lamb chops, with warm and cold, Jianweixiaoshi effect.

Wash the lamb chops in boiling water for 15 minutes, pick up and drain, and stir with ginger, hawthorn, licorice, add water when smelling aroma, and simmer for 20 minutes with high heat.

Finally, pour the yam and the right amount of water, and simmer for 40 minutes.

3.

Move the toes, also raise the stomach and move the toes to axially raise the stomach and strengthen the stomach.

From the meridian, the stomach passes through the middle of the second toe and the third toe of the foot, and the inner court of the spleen and stomach is at the toe.

So before going to bed every day, you can press the toes with your hands and massage for about 15 minutes.

When you massage your toes, pay attention to the massage in the direction of the toes (see the picture below). This is the way to clear the meridians, which can vomit stomach fire.

4.

Soymilk Lily Rice, people who have a bad stomach and stomach are not easy to digest, and they recommend “Soya Lili Rice”.

Use soy milk instead of water, add some lily to the rice, and steam the rice together.

Soymilk Lily Rice is rich in nutrients and has the function of nourishing the stomach, which can enhance the protection of the gastric mucosa.

In addition, lily also has the effect of nourishing the stomach and soothe the nerves.

Eat some soft and rotten rice properly, and slowly chew it, but it can promote digestion.

TCM identifies the medicine and true and false of bird’s nest

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TCM identifies the medicine and true and false of bird’s nest

As a sanctuary, everyone has always believed that bird’s nest is the best. Bird’s nest can promote immune function, delaying the body’s aging and prolonging life.

Bird’s nest is sweet, flat, can nourish yin and moisten, replenish qi and invigorate, cure deficiency, cough and asthma, hemoptysis, long-term sputum, suitable for physical weakness, malnutrition, long and short, phlegm and cough, old chronic bronchusInflammation, bronchiectasis, emphysema, tuberculosis, hemoptysis, vomiting and stomach pain.

Since ancient times, all kinds of medical staff have been involved in the treatment of respiratory diseases such as phlegm, cough, hemoptysis, asthma, etc., which is called tuberculosis, bronchitis, bronchitis and other diseases.

In addition, for people with bad smoking habits, bird’s nest is a rare “washing lungs”.

銆€銆€Pregnant women eat bird’s nest two or three months before production, which can make the mother strong and make the future newborn baby stronger, more white, more beautiful and less likely to get sick.

Postpartum women, to rehabilitate and nurture their children, to restore the shape of the scorpion before production, bird’s nest is the best natural nourishing food.

It is sweet and flat, and it is not too greasy for pregnant women and postpartum women, and there is no adverse reaction.

Bird’s nest contains a lot of protein and a variety of amino acids, weak after illness, medium gas replaces each disease, with bird’s nest to eat, can nourish the yin; infants and children can eat long wisdom, enhance thinking ability, enhance resistance, can make upFirst, the day after tomorrow is insufficient.

In addition, regular bird’s nest can make people’s skin smooth, elastic and shiny, thus reducing wrinkles and achieving cosmetic effects.

銆€銆€The medicinal value of bird’s nest is so unique. How should we distinguish it from such a huge demand in the market?

銆€銆€First look: the middle of the bird’s nest is a filamentous structure, and the part of the bird’s nest is a sheet-like structure. The pure bird’s nest is not completely transparent, but translucent, whether it is saturated or under the light.

銆€銆€Second smell: The bird’s nest has a special scent (with a natural swiftlet fecal smell), but there is no strong smell.

The smell is special, and there is a fishy smell or a greasy taste for fakes.

銆€銆€Three water test: 1, take a small piece of bird’s nest to soak in water, take the thread after pulling, the elasticity is poor, a pull is broken for fake; with a finger licking, no elastic force can be made into a paste is also a fake.
But after it is fully opened, there is no flexibility. If there is good elasticity, it is also fake.

銆€銆€2, take the bird’s nest into the water and take it out. After about half a minute, wipe it with your thumb and forefinger several times. If the finger sticks with the smell of chemicals, it will bleach the bird’s nest. If the finger is sticky, it may be glued.Bird’s nest or fake products.

銆€銆€3, take blood swallow or Huang Yan stew 1?
2 hours, if the thin slices are as soft as white swallow, red or yellow is filled with water, then it is dyed by the white Swallow.

The real blood swallows and yellow swallows, because they are natural colors, do not change color after being stewed, but some of the particles will break down in the water. The bird’s nest soup may show a faint red or yellow color, but the color of the bird’s nest silk is almost unchanged.And the oil is still solid.

銆€銆€4, after the bird’s nest is immersed in water, the average can be 5 to 6 times larger, and the superior bird’s nest, such as Guan Yan, can even be 7 to 8 times larger.

銆€銆€Four fire tests: igniting dry bird’s nest with fire, true bird’s nest creaking, splashing Mars, ash is black, this is the result of protein burning.

銆€銆€Five fluoroscopy: Take the bird’s nest sheet and observe it under 365 cm UV lamp. The product is yellowish green or grayish green with purple fluorescence.