Guanglianda (002410): The 3Q19 single quarter revenue growth rate is in line with the pre-judgment and the release of a predetermined increase plan to expand business investment

Guanglianda (002410): The 3Q19 single quarter revenue growth rate is in line with the pre-judgment and the release of a predetermined increase plan to 成都桑拿网 expand business investment

The 1Q3 results are in line with our expectations that Guanglianda will release the third quarter results of 2019.
3Q19 revenue 21.

8.3 billion, +22 a year.

78%, attributable net profit 1.

5.9 billion, -45 per second.

74%, attributable non-net profit1.

28 ppm, at least -52.

48%, the acceleration of single quarter revenue growth is in line with our prediction.

At the same time, the company issued a plan for non-public offering of shares, intending to issue no more than 10 specific shareholders to no more than 15% of the total share capital before the issue (ie 1).

6.9 billion shares), to raise funds of 2.7 billion, and invest in projects including cost big data and AI applications, three-dimensional graphics platforms, repayment of corporate bonds, and Xi’an R & D base.

Development trend income side: The preliminary growth rate forecast in the third quarter may be the decline in cost growth rate.

(1) Revenue in the third quarter of 19 8.

57 megabytes, at least + 17%, earlier 1?
There is a change in the deviation range in 2Q. We gradually expect that the cost will be increased to a certain extent due to the rapid advancement of the transformation in the first half of the year and the decline in macro new construction. (2) Revenue structure budget, we expect the growth rate of cost business income to be about 20%The construction business revenue growth rate is about 30%; (3) The progress of cloud-related data may also improve, and we expect to increase the advance receipts by about 1.

6 million, according to the company’s financial report advance receipts increased by about 0.

9 ‰; (4) Accordingly we expect to sign a new cloud-related contract in 3Q193.

Around 78 ppm, a ratio of 2 from the same period last year.

24, lower than 1H19: 1H18 ratio 2.

50, indicating that the growth rate of the cloud has slowed down; (5) The corresponding budget 3Q19 confirms cloud-related revenue2.

7.9 billion.

The decline in gross profit margin confirms the downward judgment of the cost growth rate, and the expenses remain at a relatively high level.

(1) 3Q19 gross profit margin was 84.

6%, a decrease from the first half of the year and the same period of last year. We judge that it is mainly due to the decline in cost-to-income ratio (96% gross profit rate) and the construction-to-income ratio increase (80% gross profit rate);Companies, R & D, management, and sales expenses increased by 27% / 20% / 43%, all faster than revenue growth; (3) Therefore, the single quarter profit was 0.

69 ppm, -52% previously, up from 武汉夜网论坛 -62% in the second quarter.

Earnings Forecast and Estimates As the company’s expenses may continue to increase, we lower our 2019/2020 net profit forecast by 3% / 8% to 3.

5.2 billion / 4.

830,000 yuan, at least -20% / +37.


Currently corresponds to 112 in 2019/2020.

8 times / 82.

1x price-earnings ratio.

Maintain Outperform rating and 37.

A target price of 00 yuan corresponds to 118.

6 times 2019 P / E ratio and 86.

3 times 2020 price-earnings ratio, compared with the recent merger of 5.

1% upside.

Risk macro-downturn downlink; construction business expansion is less than expected; cloud conversion is less than expected; systematic forecast.

Beijing New Building Materials (000786) In-depth Research Report Series 2: Forty Years of Adherence Creates the Extreme Change

Beijing New Building Materials (000786) In-depth Research Report Series 2: Forty Years of Adherence Creates the Extreme Change

Forty years of hardships and hardships, persistence creates the ultimate.

Beijing New Building Materials was established in Beijing in 1979 and was listed on the market in 1997.

After going public, the company experienced a seven-year exploration period, and it was not until 2004 that it was clear that gypsum board was the main industry. Since then, a period of ten-year high-performance growth has begun, including the acquisition of Taishan in 2005, the layout of desulfurized gypsum in 2006, and the scale of 2012Ranked first in the world for three important officials.

After 2015, the industry’s demand increased, and the company made adjustments again, starting from increasing the proportion of high-end products and expanding its market share, to maintain continuous growth in performance. In 2018, the company’s market share has reached 60%, and its leading scale is stable.

Looking back at history, it can be polished. The gold of the real estate industry for 10 years has basically promoted the rapid development of the gypsum board industry.

After 20 years of listing, Beijing New Building Materials has experienced rapid development of the industry and also experienced fierce price wars. The company can quickly make effective adjustments every time the industry changes. We believe that it has advanced strategic vision and advanced management system.A series of soft powers such as excellent coping ability are the inexhaustible source of the company’s continuous upward development, and it will also accompany Beixin to start the next brilliant 40 years.

The gypsum board business continued to be optimized, and the global layout started again.

1) Systematization of a single product: Calculated by inserting light steel keels with 100 million flat gypsum boards supporting 16, the company’s keel demand exceeds 300 millimeters, and the total output is only more than 武汉夜生活网 20 tons, with a matching rate of about 8% and a market share of only 5%, With ample room for growth; 2) Significant leading strength in layout: By the end of 2019, the company’s overseas layout of 1 billion square meters has begun to take shape, of which 15 million square meters of production lines have been officially started, and the first project will be profitable in the same year as other projects.The project layout is advancing steadily at the same time; 3) Risk mitigation starts again: a large number of plaintiffs in the US lawsuit have reached full settlement, and the compensation amount is included in the estimated liabilities at one time in 19H1. It is expected that future performance will not be affected by this case.

Join forces to advance into waterproofing, integrated two-wing multi-wheel drive: the scale of the waterproofing industry is nearly 200 billion, 杭州桑拿网 almost 10 times that of gypsum board, but the concentration is extremely low, CR1 is less than 10%, and the revenue growth of leading enterprises is far faster than that of the industry.

From August to November 2019, the company successively acquired Sichuan Shuyang, Yuwang Waterproof, Henan Jinmu pointed to three waterproof companies, officially entered the field of waterproofing, and strived to achieve the top three in the industry within three years.

Up to now, the company has completed the layout of the top 10 production bases in the country, and it is estimated that it can contribute nearly 2 billion in revenue and over 200 million in profits, ranking first in the industry.

We believe that the company’s brand advantages, channel advantages, and capital advantages are very significant. The two wings of the integrated strategy are clear, and new business development will help the company’s performance growth.

High cash flow and low debt escort business expansion: the company’s net operating cash flow in 201827.

830,000 yuan, more than a year into 1.

30,000 yuan, assets and liabilities budget 19.

37% downgraded by 3 per year.

1 pp, reaching the historical lowest value, the current ratio and quick ratio increased year by year, respectively in 2018.


89, increasing by 0 each year.



  We believe that sufficient cash flow and extremely low debt replenishment companies’ entry into waterproofing and global industrial layout provides strong support, and there is still room for borrowing to expand in the future.

Profit forecast and estimation: We expect the company’s EPS to be zero in 2019-2021.



19 yuan, the corresponding PE is 98x / 14x / 12x.

As an industry leader, the company’s ability to resist risks has improved. In the short term, the shortage of raw materials is expected to increase the price of gypsum boards. In the medium and long term, the company actively adjusts its business. Waterproofing and keel can help maintain rapid growth.

Combined with the average situation assessed by the company since 2015 (16.

97x), giving an estimate of 15-17 times in 2020, with a target interval of 27.

6 yuan -31.

3 yuan / share, maintain “strong push” grade.

Risk warning: The real estate budget policy is tightened more than expected, the epidemic spreads more than expected, the synergy effect of the acquisition of waterproof companies is not as expected, and the layout is not as expected.

New City Holdings (601155): Company dynamic comment on high sales growth

New City Holdings (601155): Company dynamic comment on high sales growth

Event: The company released its 2018 annual report and gradually realized revenue of 541.

3 billion, up 33 before.

6%, net profit attributable to mother 104.

9 billion, up 74 previously.

0%, net profit after deduction is 76.

0 billion, up 51 before.

9%, achieving basic EPS 4.

69 yuan, the performance is close to the upper limit of the performance forecast, slightly higher than expected, a total of 10 yuan 15 plans.

Increase in gross profit margin and fair value gains: The company’s return to net profit performance increased rapidly in 2018, mainly benefiting from the increase in gross profit margin and fair value changes. The company’s tax deduction gross profit margin increased by nearly 3pct in 2018, mainly for the complexThe gross profit margin of the sales business increased, and the average change in fair value was approximately three times that in 2017, accounting for 17% of operating profit.

8%, an increase of nearly 7pct in 2017.

From the perspective of revenue structure, the proportion of rental management fee income was 2 from last year.

6% rose to 4.


The ROE level rose by more than 7 pct to 41.

9%, the ROE after deduction is increased by nearly 2pct to 30.


As of the end of 2018, the company’s advance receipts / revenues rose to 219%, and its performance was highly locked.

The net interest rate dropped significantly to 51.

2%, financing costs increased by more than 70bp: the company’s interest-bearing debt continued to maintain a high growth rate, the company issued about 8.7 billion US dollars of debt in 2018, the company’s interest-bearing debt accounted for 14% of interest-bearing debt rose to 14%.
From the perspective of the final structure, the proportion of short-term interest-bearing debt has declined, but the long-term interest-bearing debt replacement, which terminates within 1-2 years.

The company’s average financing cost at the end of 20186.

47%, ranking increased by more than 70bp at the end of 2017, but slightly lower than July 2015.

26% level.

In terms of dividend yield, the company’s net debt ratio was 67 at the end of 2017.

4% revoke 51.

2%, a relatively relative level in the industry, excluding the pre-receipt asset-liability ratio of 75.

9%, a decrease of nearly 5pct, and the multiples of currency coverage of short-term interest-bearing debt rose to 2.


In addition, the intensity of conversion investment has gradually increased, and the operating net cash flow returned to positive in 2018.

Sales have entered the top ten nationwide, and 42 businesses have gradually opened. Investment intensity 深圳桑拿网 has declined: the company has gradually achieved sales of 221.1 billion, an increase of 74.

8%, exceeding the initial sales target of 180 billion yuan. After entering the 100 billion yuan in 2017, it reached a new level again in 2018. According to the CRIC housing company sales list, it ranked 8th, rising about 5 places in 2017 and entering the country for the first timetop ten.

As of the end of 2018, the company has deployed 98 cities, an increase of 23 cities at the end of 2017, and the layout of key national urban agglomerations and cities has been basically completed.

In terms of business, the company opened 19 new Wuyue Plazas in 2018 and renewed 42 new ones, with an average occupancy rate of 98.

83%, the company plans to open 22 new buildings in 2019, and the rent management fee income exceeds 4 billion.

In terms of land acquisition, the company gradually added 47.73 million cubic meters of construction surface, and the year-on-year growth rate narrowed sharply, and investment strength declined. Against the backdrop of tight macro and capital, housing investment has become more cautious.

In addition, the average floor price also has a decline in expansion and contraction, which may be related to the increase in the proportion of the third and fourth lines.

Investment suggestion: The company revolves around the “dwelling + sales” two-wheel drive. The sales performance has maintained a high increase, and the national layout has been basically completed, while the yield has declined.

In 2019, the company put forward the core strategy of seeking progress while maintaining stability, deepening the region, giving priority to operations, and enabling technology, and insisted on transformation, transformation and upgrading.We expect the company to have earnings in 2019-21.



39 yuan, less than 6 times the dynamic PE, according to the latest closing price index rate of more than 4%, the conversion company repurchase also shows the company’s confidence in future development, we maintain a “recommended” rating.

Risk warning: industry and credit budget policies exceed expectations, macroeconomic performance is worse than expected, property tax is introduced beyond expectations

Jidong Cement (000401): Restructuring ends, Beijing-Tianjin-Hebei leader set sail

Jidong Cement (000401): Restructuring ends, Beijing-Tianjin-Hebei leader set sail

The event company issued an announcement that the second batch of assets was injected into the high-efficiency closing. It took 3 years for Jinye Group and Jidong Cement to complete the asset reorganization.

The asset reorganization completed this time mainly refers to the reorganization plan in early January this year: ① The equity of 7 companies such as Zanhuang Jinye Cement Co., Ltd. held by the Jinye Group contributed capital; ② Jidong held Lintong Jidong Cement held by itCo., Ltd. and other 5 companies and 24.

82 trillion cash contribution, ③ both parties jointly increase capital to joint venture wages, ④ at the same time Jidong to 15.

37 trillion cash purchased the equity of 7 companies including Zuoquan Jinye Cement Co., Ltd. from Jinye Group.

At present, the transfer of the underlying assets has been completed.

Cement industry M & A and restructuring Classic Jinji Jidong Cement ‘s asset reorganization began in 2016 and has gone through three stages: In October 2016, the implementation of the equity reorganization of Jinji Group and Jidong Development Group, gradually solving the problem of competition in the same industry: the first batch ofThe implementation of asset reorganization was completed, and the second batch of asset reorganization was completed in March 2019.

After the completion of the reorganization, Jinye Group acquired Jidong Group and indirectly controlled Jidong Cement. As the sole cement business operation platform of Jinye, Jidong listed companies, independent legal persons and other substitutions remained unchanged.

Mutual advantage guidance, strengthening the Beijing-Tianjin-Hebei competition pattern After the merger of Jinyu Jidong, the clinker capacity exceeded 1.

100 million tons, cement production capacity reached 1.

With 700 million tons, the production capacity of Beijing-Tianjin-Hebei accounts for 60%.

Jidong’s unified operation and management of cement assets, enhanced strength, and reduced market communication costs are aimed at improving the profitability of cement assets, 北京夜生活网 while having the advantages of Jinying’s internal control and financing rating advantages to reduce management costs and financial costs.

In addition, as the largest reorganization and merger in the cement industry, it has a demonstration effect on industry integration.

Reorganization and landing to fully meet the needs of Beijing-Tianjin-Hebei construction. The investment volume of Beijing-Tianjin-Hebei in 2019 is expected to reach 264.4 billion U.S. dollars. Considering that the demand for cement per unit mileage of high-speed rail construction is higher, we believe that this part of investment in 18 years will increase cement demandThe amount is about 900-1000 initial.

As the construction of high-speed rail and intercity tracks progressed and was completed, Xiong’an’s own urban infrastructure rhythm was gradually advanced.

From the perspective of solid investment, in the Beijing-Tianjin-Hebei region, Hebei’s solid investment target is described as changing from about 6% in 2018 to more than 6%, and Tianjin’s solid investment target growth rate is 8% (2018 replaced 5.

6%). At the beginning of the month, Tangshan, North China Cement’s “big town”, took the lead in raising the price of clinker, fully showing demand confidence.

North China’s cement output from January to February this year gradually exceeded the growth rate of 33.

82%, continue to lead the rest of the country, Hebei Province January to February clinker, the average price of cement was 385,430 yuan / ton, respectively increased by 32,36 yuan / ton, the price starting point is higher.

We believe that the continuity of the environmental protection policy in 19 years will not undergo a transitional reversal. Under the expectation that cement demand will increase significantly, the price of cement in North China is expected to rise steadily.

Optimistic about volume and price rising, restructuring dividends continue to be released.

We estimate that Jidong Cement’s net profit attributable to mothers for 2019-2020 will be 26 respectively.

700 million, 29.

500 million, EPS is 1.

98, 2.

19 yuan, corresponding to PE is 8.

39X, 7.


Risk reminder: The infrastructure in Beijing-Tianjin-Hebei region has fallen short of expectations; the operation and control effect has fallen short of expectations.

Jiansheng Group (603558): Significant improvement in cotton socks business

Jiansheng Group (603558): Significant improvement in cotton socks business

19Q1-Q3 Company income / net profit attributable to mother increased by 14.

6% / 31%.

19Q1-Q3 company revenue 13.

100 million, an increase of 14 in ten years.

6%, net profit attributable to mother 2.

3 ‰, a year-on-year increase of 31%, deducting non-net profit2.

10,000 yuan, an increase of 39 in ten years.

9%, gross profit margin 29.

4%, rising by 1 every year.

1pct, net interest rate 17.

3%, up 2 every year.

One point, the net cash of operating activities is 300 million yuan, with a multi-year appreciation of 34.


Third quarter 19 revenue 4.

800 million, an increase of 25% in ten years, net profit attributed to mother 0.

800 million, an increase of 32 in ten years.

7%, deducting non-net profit of 0.

9 trillion, an increase of 51 in ten years.

6%, gross profit margin 30.

5%, rising by 0 every year.

6pct, net interest rate 17.

2%, rising by 0 every year.

95 points, net cash from operating activities1.

800 million, an increase of 9 in ten years.


19Q3 revenue growth significantly increased earlier than 19Q2.

We believe that the reason for the significant improvement in the company’s revenue growth in 19Q3 was that ① the relocation of Hangzhou Smart Factory in 19H1 had a certain impact on crops, and production capacity gradually recovered in the second half of the year.

On September 19th, the company’s Jiangshan Industrial Park was officially opened, and the factory annually produces mid-to-high-end cotton socks.

3 billion pairs, with more than 2,000 knitting equipment, accumulated excessive foundation; ② Judging from the zero data of downstream agencies, we believe that domestic demand has picked up from the first half of the year; ③ underwear business continues to maintain competitive advantages and maintain rapid growth.

The decline in the expense ratio during the period led to an increase in net interest rate.


We believe that the company’s cotton socks production capacity is picking up. After the sales are expanded, the cost rate brought about by the scale effect will decrease, and the production efficiency of the newly opened factories will be further improved after gradual running-in.

We expect the business in Vietnam to develop smoothly and continue to contribute to net profit.

19Q1-Q3 company sales expense ratio 2.

8%, a decline of 0 per year.

4pct, management expense ratio 9.

5%, a decline of 0 per year.

4pct, financial expense ratio -0.2%, 0 per year.

6 points.

The impact of exchange rate changes on the elasticity of net profit has weakened, and gross profit margin has maintained steady growth.

In 19Q3, the company’s gross profit margin increased by 0 in ten years.

6pct, keep stable, we think the increase is higher than Q2 (3.

3pct) The increase was mainly due to the positive impact of the depreciation of the renminbi (19Q3 average exchange rate of Renminbi against the US dollar: 7.

0, 18Q3: 6.

8), we judge that the proportion of high-margin underwear remains stable.

The rebound in sales promoted the improvement of inventory indicators.

2019Q1-Q3 company inventory 4.

1 trillion, 0 per year.

5%, inventory turnover days 121.

9 days, reduced by 0 every year.

In 8 days, the first year to date has shown a positive trend. We believe that with the recovery of cotton socks business and improved production efficiency, the company’s inventory indicators will be further optimized.

Turnover days of the company’s accounts receivable during the same period were 58.

5 days, increase by 1 every year.

Keep stable for 5 days.

Profit forecast and estimation.

At present, the company’s Vietnam Haiphong factory and Vietnam Xing’an factory have begun effective operations. The seamless underwear factory and Qinghua factory in Xing’an, Vietnam are also under construction, and strive to complete an annual output in 20191.

Crop target of 5 billion pairs of cotton socks.

We expect the company to achieve net profit in 2019 and 20202.

50, 3.

13 ppm, given the company’s 2019PE estimated range of 18-20X, corresponding to a reasonable value range of 10.


00 yuan, maintaining the “permanent market” rating.

risk warning.

The risk of order loss, capacity expansion is not up to expectations, and exchange rate changes affect profit.

CEIBS’s three-year holding hybrid fund won a wholesale bank

CEIBS’s three-year holding hybrid fund won a wholesale bank

Recently, the three-year holding fund of the China-Europe Sailing Group of China-Europe Fund was formally approved.

It is understood that CEIBS Sailing is another holding period model product of CEIBS Fund after CEIBS Ingenuity and CEIBS Pension 2035.

Each allocation of the fund sets a lock-up period of 3 years, and the function of “closed holding period + fixed investment” enables it to apply for purchase or fixed investment every day.

This setting coincides with the long-term investment philosophy of the fund, which helps guide investors to make rational investments.

  It is understood that the “holding period model” is an innovative product with the highest fund ownership. At present, there are not many fund products that choose this model, especially in equity products.

Analysts point out that the core value of adopting “closed operation” fund products lies in “managing humanity” and avoid emotionally chasing gains and losses.

CEIBS ‘s “determinable investment + closed holding period” model is equivalent to providing investors with a tactical layout tool, which helps to obtain the transformation and higher win rate in the process of investing in closed operation funds.

China Europe Funds has two holding product lines in equity and fixed income at the same time, which is the embodiment of active investment management capabilities and product innovation design capabilities. It is also based on guiding investors to hold long-term, insist on fixed investment behavior, and adopt rationality.Investment keeps assets valued.

  At present, in addition to focusing on active investment management, the China Europe Fund also considers re-planning the existing product layout, condensing the product line, and concentrating its flagship products on various strategies 南京桑拿网 to gain market recognition through long-term replicable performance.

Guided by this idea, each flagship product will have a distinct strategy label, and ultimately achieve the strategic goal of providing investors with “multi-strategy” boutique funds.

Depth-Company-Sunlord Electronics (002138) Performance Review: Performance Growth Expected to Benefit from 5G and Automotive Electronics Development

Depth * Company * Sunlord Electronics (002138) Performance Review: Performance Growth Promotes Benefits from 5G and Automotive Electronics Development

The company released its 2018 annual report and achieved operating income23.

62 ppm, an increase of 18 years.

84%; net profit attributable to shareholders of listed companies increased by 40 each year.

23%, reaching 4.

7.9 billion.

The net profit of restructuring non-recurring gains and losses attributable to shareholders of listed companies increased by 51 year by year.


The company’s operations are stable and its performance has maintained a growth trend.

Key points supporting the rating In 2018, the company’s shares, the average net profit reached a record high, achieving operating income23.

62 ppm, an increase of 18 years.

84%; net profit attributable to shareholders of listed companies increased by 40 each year.

23%, reaching 4.

7.9 billion.

The reported company focuses on the development of ultra-miniature RF inductors and has obtained more customer certifications; it is expected that the one-piece high-power inductors will also achieve mass production and delivery in 2019.

In automotive electronics, power inductors, transformers, on-board common-mode initial current transformers, wireless charging coils, and other product platforms have been constructed successively, and batch delivery has been achieved.

In 5G, the company’s prototypes of dielectric filters, couplers, LTCC filters and other products were researched and developed. Some products received certification codes from key large customers, which was transformed into the arrival of 5G. Benefiting from the company’s earlier research and development, the start of filter research and development, andWith experience in microwave materials and good cooperation with major customers, the company cooperates with mainstream equipment manufacturers to develop 5G ceramic filters, which is expected to benefit in the 5G era.

At the same time, the company’s transformers, wireless charging coils 深圳桑拿网 and other products are also being promoted.

The company is a leading company in domestic inductance, that is, the head end customer that has covered the domestic smart phone terminal market.

As the penetration rate increases among several major end customers and the number of major end customers increases, the company is expected to benefit.

At the same time, when 5G applications are converted to land, its single machine usage is expected to increase significantly, and its market space will gradually open.

In the field of automotive electronics, after the company’s development in the field of automotive electronics in the past few years, some of the company’s products have passed certifications from major manufacturers such as Bosch and Valeo.

The automotive electronics certification cycle factory has high barriers and long-term stable orders. It is expected that it will bring some revenue growth to the company in the future.

The main risks faced by the rating are that smart phone end customers, automotive customers, and other customers are less broad than expected.

Estimated for 2019?
In 2021, the net profit will be 5 respectively.

90 billion, 7.

7.7 billion and 8.

95 trillion, EPS is 0.

727 yuan, 0957 yuan and 1.

103 yuan, the current expected corresponding estimate is 24.

6 times, 18.

7 times and 16.

2 times.

Optimistic about the company’s customers and product line expansion, maintaining the buy level.

Alcoholic Brewery (000799): Confirmation of advance receipts affects income and expense, drags down profits

Alcoholic Brewery (000799): Confirmation of advance receipts affects income and expense, drags down profits
The report text event Jiujiu Jiu announced the third quarter report of 2019, the company 19M9 revenue 9.68 ppm, +27 a year.34%; net profit attributable to mothers1.84 trillion, ten years +14.27%.Among them, 19Q3 achieved income 2.59 trillion, ten years +9.48%; net profit attributable to mother is 0.28 ppm, at least -39.50%, lower than market expectations. Note 1: After the recovery of advance receipts, the income maintained a high increase, and the pace of expense recognition dragged down the profit level.The company’s single 南京桑拿网 third quarter revenue2.59 trillion, ten years +9.48%, an outstanding growth rate compared to the first half of the year, and Q3 net advances increased by 0.7.4 billion yuan, Q3 real income after tax is 3.120,000 yuan, the real income after the recovery of the advance payment in the same period last year was 1.76 yuan, the real income growth rate of this caliber in the next three quarters is about 70%, and overall still maintains high growth. Judging from our analysis and feedback, the internal sales company has completed its tasks in October, the sales volume has doubled, and the sales revenue of the sales company has reached US $ 50 billion. Under the system reform, internal sales companies are more optimistic about the high growth of internal sales this year and next.In terms of cash flow, 19Q3 sales of goods received cash inflows2.880,000 yuan, +50 for ten years.17%, net cash flow from operations 1.79 trillion, +215 a year.25%, also verified that the company’s actual ability to receive money is higher, dealers expect to make money.19Q3 return to mother net profit for ten years -39.5%, the first is the company’s expenditure expenses according to the expected revenue growth target, the expenses increased significantly and poor sales dragged down net profit. 2. The structure is improving, and the expense recognition has dragged down the net profit.The company’s Q3 gross profit margin was 77.56% (Q1: 77.49% / Q2: 77.58), the previous + 87bp, the initial is the rapid growth of internal reference sales, structural improvement and improvement.Q3 sales expense ratio was 37.53%, compared with 27 in the same period last year.33%, an increase of 10 per year.2pc, the maximum sales expense ratio is further increased, that is, the third quarter expenses and confirmation rhythm problems, is expected to gradually or return to a stable level; Q3 management expense ratio 11.07%, compared with 11.12%, little change. Q3 net margin was 10.88% (Q1: 20.99% / second quarter: 22.92%), at least -8.8pct, the sharp decline in net profit was due to the drag on selling expenses. Risk warning: economic downturn affects the prosperity of sub-high-end liquors, large-scale expenses, etc.

Gold Medal Kitchen Cabinet (603180): Engineering heavy volume helps growth accelerate cash flow maintenance

Gold Medal Kitchen Cabinet (603180): Engineering heavy volume helps growth accelerate cash flow maintenance
Core point of view: The company disclosed in its 2019 Interim Report that net profit attributable to mothers increased by 13.87% of companies achieved revenue 7 in H1 2019.8.5 billion (+ 22% year-on-year.15%), net profit attributable to mother is 69.8 million yuan (+13 compared with the same period last year).87%).One single Q2 achieved operating income of 5.7.0 billion (+ 33% YoY).14%), net profit attributable to the mother is 50.72 million yuan (+18 compared with the same period last year).74%).Company Q2 gross margin was 36.14% (year -3.63pct), net profit attributable to mother 10.00% (year -1.21pct).The growth rate of profit is lower than the growth rate of income, which is mainly due to the heavy volume of engineering business, which lowers the profit rate.The company’s Q2 net operating cash flow inflow2.08 million, extra healthy cash flow. Kitchen clothing and wood products are diversified. Channels actively embrace the hardcover market. In the first half of the year, the retail business of cabinets was under pressure to actively adjust.33%).It reported that the number of cabinet franchise stores of first-tier companies increased by 103 to 1,508, and the number of wardrobe franchise stores increased by 128 to 459.In addition, the company is also actively deploying new businesses such as wooden doors, cloud finishing, and smart homes, which provide growth momentum for the company’s long-term development reserve. Benefiting from the rapid development of the hardcover housing market, the company’s H1 bulk business achieved revenue1.7.3 billion (+142 y / y).98%).At present, the company has established strategic cooperation with 38 of the Top 100 real estate developers.In addition, the company strengthened the cultivation of core engineering agents, strengthened the agent’s operating capabilities, and its risk control capabilities. Earnings forecast and investment advice The company’s EPS for 2019-2021 is expected to be 3 respectively.73, 4.41, 5.23 yuan / share, closing on August 22 corresponds to 2019 PE 15.1 times.The company’s main business volume is relatively small, and its category expansion and channel expansion are flexible. With reference to the same industry valuation, a reasonable estimate of 20 times PE in 2019 is given, corresponding to a reasonable value of 74.6 yuan / share.We are optimistic about the category of the company and the driving force for channel expansion, and maintain the company’s “Buy” rating. Risks suggest that real estate sales are sluggish and competition in the industry is intensified; the expansion of wardrobe 佛山桑拿网 and wooden door categories has fallen short of expectations; the channel advancement has fallen short of expectations.

CITIC Securities (600030): Steady performance of balanced and continuous leading

CITIC Securities (600030): Steady performance of balanced and continuous leading

Investment performance rose and thickened profits, leading the overall stability, the layout outlook 2019H1 return to net profit of 64.

500 million, +15 for ten years.

8%; operating income 217.

9 ppm, one year + 9%; basic EPS is 0.

53 yuan, expected ROE is 4.

11% (annualized), which is basically consistent with the performance report.

In general, the company’s investment income has grown and its performance has increased.

The company’s leader is generally solid, and EPS1 is expected in 2019-2021.



49 yuan, BPS13.



90 yuan, maintain BUY rating, target price of 26.

01 – 27.

35 yuan.

Investment income has grown significantly. Among the securities financing business’s enhanced pricing and risk control level trading business, investment business growth is the core of performance growth.

2019H1 self-operated net income of 72 trillion, +55 in ten years.

8%, the gains from disposal of financial instruments increased significantly.

The stock self-investment insists on absolute return. The stock balance in the final trading financial assets in 19H1 was 39 billion yuan, + 30% compared with the beginning of the year.

FICC is leading the way with a forward-looking layout. Bonds and other debt investments in trading financial assets totaled 1,834 trillion, which was -1% earlier.

Quantitative alternatives are the core of alternative investments and flexible use of financial instruments and derivatives.

Securities financing improved pricing and risk management.

At the end of 19H1, 614 trillion yuan of funds were disbursed from the mainland, which was + 14% earlier; the stock pledged balance was 437 trillion, which was + 14% earlier.

2019H1█ net income of 14 trillion, +8 consecutive.

1%, mainly due to reduced interest rate expenditure.

The investment bank business scale is leading the whole line, and the private equity investment returns are excellent. The company’s investment bank business maintains its advantages and strengthens the full product coverage of customers.

The 19H1 A-share main acceptance amount was US $ 122.9 billion, with a market share of 20%, ranking first, among which the IPO scale was 160 trillion and the refinancing scale was 106.8 billion.

The amount of bond underwriting ranked first in the industry, reaching 452.9 billion yuan.

The major assets reorganization amount is about 37.5 billion, ranking third in the industry.

2019H1 investment bank net income of 180,000 yuan, three years +3.


The company’s science and technology board layout is also in a leading position.

Equity investment performance is outstanding.

Private equity investment subsidiary Jinshi Investment 19H1 net profit 8.

8 ‰, previously + 329%; alternative investment subsidiary CITIC Securities invested 19H1 net profit3.

9 trillion a year + 17%.

Brokers continue to promote the transformation of wealth management, and asset management adheres to the “based on institutions and retail” brokers to optimize customer classification and classification systems, rich product systems, and in-depth application of financial technology to achieve wealth management upgrades.19H1 brokers’ net income was 380,000 yuan, -7 throughout the year.

6%, it is expected that the main reason is that the client structure is mainly institutions.

Asset management adheres to “based on institutions, taking into account retail”, actively develops big pension and occupational annuity businesses, and strives to develop new business models for the transformation of banking business.

19H1 End Asset Management 1.

3 trillion, -3 from the beginning of the year.


Among them, the scale of collections was 1179 million, which was -12% earlier; the scale of targeted categories was 1.

2 trillion, -2 from the beginning of the year.


19H1 asset management net income 26.

7 ‰, at 厦门夜网 least -8.


The stable and balanced advantage is obvious. The business of Hengqiang, which is expected to be strong, is stable and balanced, with a forward-looking layout.

Employee incentives and mergers and acquisitions have taken a two-pronged approach to promote leapfrog development.

Taking into account the sale of the shares of CITIC Construction Investment to increase its 19-year profit and the changes in the current market environment, adjust the profit forecast, and expect EPS1 in 2019-2021.



49 (previous value was 1.



56), corresponding to PE18, 17 and 15 times.

Predict BPS13 from 2019 to 2020.



90 (previous value: 13.



88), corresponding to PB1.

70, 1.

61 and 1.

52 times.

Comparable companies expect the average number of 2019 PBwind1.

38. Considering that the company is the industry leader, the target PB premium for 2019 is given to 1.


05 times, with a target price of 26.

01 – 27.

35 yuan, maintain BUY rating.

Risk Warning: Business development is less than expected, and market fluctuation risks.