02 Apr

Jinjiang (600754) 2018 Annual Report Comments: Increase in Labor Costs Slows Performance Growth and Vienna Botao maintains a good growth trend

Jinjiang (600754) 2018 Annual Report Comments: Increase in Labor Costs Slows Performance Growth and Vienna Botao maintains a good growth trend
Key investment events: The company announced its 18-year results and February 19 operating data: 18-year operating income 146.97 ppm, a ten-year increase of 8.21%, net profit attributable to mother 10.8.2 billion, an annual increase of 22.76%, net profit after deduction to mother 7.390,000 yuan, an increase of 9 in ten years.88%, EBITDA is 28.600 million, down 2 a year.41%; 18Q4 operating income 37.41 ppm, a five-year increase of 5.31%, net profit attributable to mother 2.110,000 yuan, an increase of 23 in ten years.82%, net profit after deduction is 0.62 trillion, down 65 a year.18%; 18 years profit 1.13 yuan / share, net cash flow from operating activities is 35.15 ppm, a ten-year increase of 8.10%, may pay 0.6 yuan (including tax).The company released its operating data for February 19, with a net increase of 49 stores in February, of which 52 were domestic and 41 were mid-end. The overall RevPAR of internal hotels increased by 8.05% (economic and mid-range growth of 0 each year).14% and 2.85%), ADR increased by 8 in ten years.67%, OCC pitch 0.37pct, RevPAR of overseas hotels increased by 5.85%. Opinion: The impact of consolidation factors has faded, Vienna / Platinum’s performance is still beautiful, Lu Fu is stable, Jinjiang Star has changed again, the catering business has maintained good growth, and labor and cost increases have dragged performance growth.Reported average, Mainland China territorial income 103.59 trillion, an increase of 9 in ten years.76%, net profit attributable to mother was RMB 606.21 million, a year-on-year increase of 9.74%, overseas income of Mainland China was 527.07 million euros, an annual increase of 2.93%, net profit attributable to mothers was 34.48 million euros, a year-on-year decrease of 12.26%, in terms of hotel series, the profits of the Jinjiang Department have all declined in 18 years. Jinjiang Star was affected by the relocation of its subsidiaries and the renovation of its stores, and its revenue and profits were replaced respectively.19% and 33.At 07%, after a slight improvement in 17 years, profits increased again, and Louvre Asia’s revenue reached 16.86% growth, but profit is close to 60%. Expected increase in personnel and performance related expenses. Jinjiang International Hotel’s investment performance is negative for 5 consecutive years and can create a new high, thereby accruing goodwill impairment provision, fashionThe profitability of Journey was basically flat; the growth rate of Plato’s revenue was mainly due to the influence of direct store closures. The profit maintained rapid growth. The revenue and profit of Vienna maintained a rapid growth rate.Yuan, falling 7 per year.14%, net profit of 179.93 million yuan, an increase of 17.98%, mainly from KFC operations. 18 closed stores accelerated, direct-operated stores continued to shrink, mid-to-high end continued to exert force.The report totaled 1,243 newly opened hotels, 494 opened hotels, and a net increase of 749 opened hotels, of which 43 decreased directly and 792 joined hotels.As of the end of February 2019, there were 2,586 mid-range hotels, with 317,968 rooms, and mid-range hotel rooms accounted for 42.55%, an increase of 9 over the end of 17.59pct; 3,494 non-opened stores (377,764 rooms), and a total of 307,570 mid-range rooms that have not been signed, of which 81 are mid-range rooms that have not been signed.42%, which is equivalent to the number of mid-range rooms that have been opened, to provide protection for new openings in the future; from the perspective of brand stores, mid-ends have become the main force for opening stores. From the perspective of contracted stores, this trend will be maintained in 19 years. Platinum and ViennaBecame the main force of the mid-range, the improvement of overseas mid-range stores decreased in 18 years; the economy was mainly affected by factors such as the strengthening of quality management of 7-day stores, the number of stores closed down in 18 years, and other brands maintained small openings; 19 plans to open a new chain limited service hotel 900The goal of adding 1,500 new limited-service hotel chains was in line with the 18-year target. In 18 years RevPAR showed a trend of high front and bottom, Q4 economy same-stores declined, and the increase in the mid-end share drove RevPAR growth.The overall RevPAR growth of hotels in China in 18 years5.83%, mid- to high-end and economical RevPAR increased by 0.34% and -0.88%, RevPAR growth is mainly increased by the proportion of high-end ADR mid-range rooms; from the same store data, the occupancy rate has shifted at the same time and has a trend of accelerated decline quarter by quarter. After the average house price accelerated in Q2, Q3 / Q4 againThere has been a growth rate. In the past 18 years, mid- to high-end and economic same-store RevPAR have increased by 2 respectively.6%, 4.54% and -0.63%; According to the monthly data of domestic hotels, the past 18 years showed a high level and a low level, which is highly consistent with the overall internal economic trend. Except for the influence of spring factors in January 18, the average of the remaining months has increased; from 19 yearsLooking at the data from January to February, the occupancy rate is still on the rise, and no obvious improvement has been seen. Overseas hotels, overall overall stability, economic performance changed to high-end, occupancy rate increased, ADR decreased. Profit forecast and investment rating: Through the rapid increase in the proportion of mid-end stores and franchise revenue, it is expected that ADR will maintain a rapid growth rate in 19 years and drive the overall RevPAR growth; the company’s store size, the proportion of mid-to-high-end rooms and the brand andSignificant geographical 云尚丽体验网 distribution advantages; through the “one center, three platforms” construction, optimized resource allocation, and promoted deep integration, internal integration has been steadily advanced to promote operating efficiency, reduce costs, and improve profitability; thus, the company’s 19-year revenue target has improved from 18 yearsThe target has been accelerated, and the goal of opening a store is consistent with 18 years. It reflects that the company is not pessimistic about 19 years. We lowered the company’s 19-20 year performance forecast and expect the EPS of 19-21 to be 1.20/1.41/1.66 yuan, the PE corresponding to the closing price on March 29, 19 was 23/20/17 times, maintaining the level of “prudent increase”. Risk reminders: Macroeconomic growth rate, store expansion and revpar growth rate are less than expected, management 杭州桑拿网 improvement and internal integration are not progressing as expected, goodwill impairment losses, state-owned enterprise reform progress is less than expected, shareholders reduce risk, etc.

01 Apr

Zijin Mining (601899): Steady growth in performance of resource giants

Zijin Mining (601899): Steady growth in performance of resource giants
Event: The company released its 2018 annual report, and achieved operating income of approximately 1,059 in 2018.5.4 billion, an increase of 12 in ten years.11%, achieving net profit attributable to mother of about 40.9.4 billion, a 10-year increase of 16.71%, in line with expectations.Among them, the net profit attributable to mothers was approximately 7 in the fourth quarter of 2018.4.1 billion, down 10 from the Q3 2018.29%; net operating cash flow at the end of the period was 10.200 million, an increase of 4 over 2017.8%. In the fourth quarter of 2018, operating income increased 13% month-on-month, but operating costs rose 15% month-on-month, and gross profit was basically flat.In the fourth quarter of 2018, the company’s operating income increased 13% month-on-month to approximately 29.8 billion, but operating costs rose 15% to approximately 26.7 billion. In the fourth quarter, gross profit decreased slightly by 1% to approximately 31 billion, which was basically the same as 2018Q3.From the perspective of the main varieties: 1) Due to the increase in processing fees and sales volume in the single quarter, the gross margin of the smelting caliber has increased by about 2.300 million; 2) The volume and price of major mineral products have both risen, and the cost has also increased slightly. ① The sales volume of mineral gold increased 9% to 10 from the previous month.46 tons, the price increased by about 4% to 255 yuan / gram, but the cost of grams of gold rose by about 22 yuan; ② sales of mineral copper increased by 5% to 6%.At $ 75, the price increased by about 2% to 3 from the previous month.420,000 / ton, but the cost per ton increased by 0.30,000; ③ sales of mineral zinc 6.The 71 benchmark, prices increased by about 2% to 3 from the previous month.420,000 / ton, the cost per ton dropped by 0.04 thousand.Overall, the gross profit of copper-gold-zinc mineral products decreased by about 1.In addition, the gross profit of iron ore concentrate also decreased by about 1 billion.Therefore, in the fourth quarter, the volume and price of major copper, zinc, and zinc mineral products rose, but the increase in revenue was largely offset by rising costs. Investment income is hedged against impairment, and expenses increase during the period.The company’s asset impairment and credit impairment in the fourth quarter increased by approximately 3 from the previous quarter.500 million, a total of about 8.100 million, including intangible assets, fixed assets, goodwill and construction in progress.At the same time, the company’s management and financial expenses were 9, respectively.8.4 billion and 4.4.9 billion, an increase of about 2.200 million and 300 million, of which, the financial expenses were mainly due to the increase in expensed exploration expenses and M & A consulting fees. Therefore, the impairment and period expenses affected the profit by a decrease of approximately 8 in total.700 million.However, investment income increased by about 6 from the previous month.200 million, gains from changes in fair value increased 200 million from the previous month, offsetting the impact of impairment and increase in period expenses. Copper gold zinc is the core driving force for future performance.In 2019, the company’s main mineral product output plan: 40 tons of mineral gold, an increase of 9 years.6%, the growth rate of mineral copper is 35, and the annual growth rate is 41.1%, mineral zinc budget of 38, an annual increase of 36.7%, 275 tons of mineral silver, an increase of 24.6%, 250 tons of iron ore 无锡桑拿网 concentrate, basically flat each year.The increase mainly comes from Nevsun Resources Ltd.M & A with RTB BOR: Nevsun owns Timok Copper-Gold Mine and Bisha Copper-Zinc Mine (Zinc 12 produced in 2018.5 crowns, producing 1 copper.7)); After the completion of the first phase of the RTB BOR project, it is expected to produce copper 8 annually.2Baseline, annual output of copper is 12 after completion of Phase II project. Investment suggestion: We estimate that the company’s net profit attributable to the parent in 2019/2020/2021 will be 45.6/67.7/76.0 million, corresponding to 0 EPS.20/0.29/0.33 yuan, the current expected corresponding PE estimated levels are 18X / 12X / 11X, respectively, maintain “Buy” rating. Risk reminder: Copper and gold prices are lower than expected; production projects are not advanced as expected, etc.

31 Mar

Jierong Technology (002855): Strong certainty in second half performance conversion

Jierong Technology (002855): Strong certainty in second half performance conversion

In the first half of the year, the company’s actual net operating profit exceeded 深圳桑拿网 market expectations. In the first half of 19, it realized revenue13.

22 ppm, an increase of 31 in ten years.

22%; net profit attributable to shareholders of the listed company is 0.

27 ppm, a five-year increase of 5.

05%; comprehensive gross profit margin in the first half of 15.

95%, down 2 percentage points; net profit margin 2.

03%, content 0.

5 units.

In the first half of the year, the cost of equity incentives exceeded 10 million yuan, resulting in a company management fee of 1.

110,000 yuan, an increase of 32 in ten years.

twenty two%.

Excluding the impact of equity incentive expenses, the company’s performance exceeded market expectations.

Driven by major customers such as OPPO, Huawei, and Samsung Electronics, the precision structural parts business achieved revenue12.

4 billion yuan, +31 per year.

62%; precision mold business achieved zero.

27 trillion, +52 a year.


Company revenue in the second quarter 7.

66 ppm, an increase of 20 in ten years.

04%, net profit is 0.

18 ppm, a six-year increase of 6.


The gross profit margin for the second quarter alone was 16.


The business resumed initially. The performance of the second half of the year is highly certain. The net profit of Q1-Q4 companies for the 18 years was 0.

0.8 billion, 0.

1.7 billion, 0.

06 ppm and -0.

02 million US dollars, the net profit margin fell, the first is the relocation of Samsung’s internal factory caused the company’s operating business revenue changes, in the process of opening new customers to face the painful period of increased expenditure costs.

With the improvement of overall efficiency, favorable factors such as the smaller impact of changes in the Samsung plant and the increase in profitability of metal structural parts have gradually transformed, and the company’s net profit margin is expected to return to normal levels.

Looking at each year, we believe that the company will achieve a gradual and rapid increase in net profit from Q3 of 19, and its 2019 performance will reverse the previous slump and rise again.

Actively improve the solution business, develop new business directions for data processing requirements, and significantly increase the demand for thermal management of consumer electronics terminals. Consumer electronics thermal energy management solutions have become one of the main directions for component suppliers in the future.

The company is actively deploying thermal management projects for consumer electronics terminals, which mainly provide one-stop overall solutions for heat storage and heat dissipation.

The company hopes that in the future, the advantages of infrastructure product products and services will integrate the heat dissipation module with the existing structural component business to provide comprehensive services for downstream customers.

Investment suggestion: Maintaining the “overweight” rating company’s profitability will be reversed, and the cooling business is in line with the future development trend of the industry.

We maintain the Air Force profit forecast and expect the net profit attributable to the mother to be zero in 19-20.


35/1.5.3 billion, a 10-year increase of 166% / 72% / 13%, corresponding to a PE of 40.



52 times, maintaining the “overweight” level.

Risk warning: The macro economy continues to weaken, and intensified competition leads to continued decline in product profitability.

30 Mar

Changshu Bank (601128) Company Research: Micro-loan Recovers Demand Deposits and Bright Profitability Steadily Improves

Changshu Bank (601128) Company Research: Micro-loan Recovers Demand Deposits and Bright Profitability Steadily Improves

Event: Changshu Bank announced the third quarter report, and the first three quarters achieved revenue of 47.

900 million (ten years +11.

86%), net profit attributable to mother 13.

700 million (+22.

4%), the non-performing rate at the end of September was 0.

96% (same as QoQ), provision coverage ratio increased by 13.

5pc to 467%.

  The micro-loan business grew rapidly and customers steadily declined: 1) The size of micro-loans steadily increased: Q3 loan size increased by 3.9 billion, of which personal loans increased by 3.8 billion, and operating loans increased by 20.

400 million, the proportion of total loans steadily increased to 33.

52%; 2) The number of micro-credit customers increased rapidly, and at the end of September, there were about 25 customers with credit lines below 1 million.

70,000 households, a steady increase from the end of June 1.

60,000 households; 3) The customer structure continued to sink. Among the 3.9 billion loans increased in Q3, more than 50 million loans for public loans decreased by 1.6 billion, while micro loans under 1 million increased by 2.3 billion, and continued to be “small and micro”.

  Performance growth accelerated, and profitability steadily increased.

  1) Performance growth angle: Q3 single quarter revenue, PPOP, and net profit attributable to mothers increased by 8 respectively.

69%, 7.

62%, 26.

82%, an increase of 0 from the second quarter.

04 tablets, 2.

2 and 7

0pc, performance growth steadily accelerated.

  2) Net interest margin angle: Measured from the average caliber at the beginning and end of the period, the Q3 single quarter interest margin increased significantly by 13bps from Q2.

It is expected that the proportion of personal business loans (micro-loans) with higher yields on the asset side will increase steadily, while the cost of resistance will also decrease.1.2 billion (+7 chain.


  3) Capital return perspective: ROE in the first three quarters was 12.

27%, it is estimated that after excluding the conversion of convertible bonds, the ROE is increased to 13.

52%, increasing by 0 every year.


In the medium and long term, the ROE of Changshu Bank will continue to rise steadily through the steady increase 南京夜网 in the proportion of micro-loan business.

  The quality of assets is excellent. Provisions naturally release profits, and the provision coverage ratio is as high as 467%.

At the end of September, the non-performing rate was flat at 0 from Q2.

At 96% level, the balance and proportion of focus loans (1.

63%) continued to maintain a “double down” trend.

In the case of excellent asset quality and continuous improvement, Changshu Bank realized a “provision of natural release of profits”. In the third quarter, the provision in the single quarter was even reduced by 15%.0.

11pc up to 467%, 4.


  Asset-liability structure: The proportion of loans increased steadily, and demand deposits grew brightly.
  1) Assets: Total assets increased by 1 in the third quarter.

48%, of which, under the circumstances of the development of micro-loan business, loans increased by 3.9 billion (+3).
8%), its proportion in total assets steadily increased to 58%.

  2) Debt side: deposits increased by 17 in the first half of the year.

In the case of 2%, Q3 deposits increased steadily by 1%, of which demand deposits increased by 2.2 billion (+4).

9%), effectively reducing the comprehensive cost of liabilities.

Interbank certificates of deposit + interbank debt surplus was 20.3 billion, accounting for only 12% of total liabilities.


  Investment suggestion: The overall performance of the third quarterly report of Changshu Bank is dazzling, the growth rate of performance has steadily increased, the micro-loan business has steadily developed, the asset quality has continued to improve, the core resistance advantage has been continuously reflected, and various indicators are leading the industry.

In the medium to long term, Changshu Bank’s micro-loan business system is mature. It is expected that the city’s proportion will continue to increase in the future, and it will gradually develop into a regional micro-loan business with a prominent investment value. At present, its 2019 and 2020 PB are only 1.

45x, 1.

32 times, there is room for contradictive improvement in the future evaluation, and maintain the “Buy” rating.

  Risk warnings: micro-loan investment is less than expected; the lifting of the ban on restricted stocks has brought about changes; the macro economy has exceeded expectations for a long time, and interest rate marketization has advanced beyond expectations.

29 Mar

Keming Noodle Industry (002661) Performance Express Review Comments: 19Q4’s performance improved significantly After full resumption of work, performance flexibility will gradually appear

Keming Noodle Industry (002661) Performance Express Review Comments: 19Q4’s performance improved significantly After full resumption of work, performance flexibility will gradually appear

I. Overview of the event The company released a report on 2019 results, and realized a total operating income of 30 in 2019.

34 trillion, ten years +6.

24%, achieving net profit attributable to mother 2.

09 million yuan, ten years +12.

40%, the basic EPS is 0.

65 yuan.

Second, analysis and judgment of profit growth in line with expectations, Q4 performance significantly improved the company in 2019 to achieve revenue / return to net profit.


09 million yuan, at least +6.

24% / + 12.

40%, the previous revenue growth rate slightly exceeded expectations, profit growth in line with expectations.

The company’s Q4 single quarter achieved revenue / attribution net profit.


760,000 yuan, at least -8.

62% / + 245.


In the first three quarters of the company, the expansion of low-margin products and the extension of expenses have dragged down performance; Q4 increased the proportion of high-margin products while controlling sales expenses, and the company received a total of 1,845 government subsidies in Q4.

370,000 yuan, the expansion of the above factors promoted a significant increase in profit growth in 19Q4.

The downstream orders are full, and the performance flexibility after full resumption of work will show that the company’s non-noodle business will account for about 15% in 2019. The high-end wet noodle production capacity will be replaced by approximately 1, and the instant noodle production capacity will be replaced by approximately 2.

Since the outbreak of this year, household consumption of noodles, instant noodles and other products has increased significantly. In February, the company’s cumulative unsold orders exceeded 1.

6 At least, the company’s only instant noodle production capacity can meet about 10% of the order. Noodles are also out of stock in some channels, and the production capacity gap has penetrated.

The main contradictory factor of production capacity is the difficulty in recruiting and returning to work. In the future, the return rate of each factory will gradually increase. After the production capacity is gradually released, the high flexibility of performance will gradually appear.

The category and capacity expansion guarantee the company’s long-term growth. The company is currently continuously expanding new categories based on the noodle business, and has formed a product structure mainly consisting of noodles, supplemented by instant noodles and wet noodles.

With respect to the traditional noodle business, the company expanded to consolidate the 重庆耍耍网 advantages of the supermarket channel through high-margin products, and gradually promoted channel sinking through low-margin products.

In terms of new products, the company acquired overweight non-fried instant noodle business through the acquisition of COFCO Wudao Dojo; meanwhile, it gradually entered the catering channel through its high-margin wet noodle business.

In addition, the company ‘s new daily processing 3000-ton wheat flour production line project aims to strengthen the matching with cost-effective products and increase the self-supply rate of flour to ensure the profit stability of low-margin products.

Third, the profit forecast and investment recommendations are expected to earn revenue from 2019 to 2021.



92 ppm, ten years +6.

2% / + 33.

3% / + 16.


Net profit attributable to listed 西安桑拿 companies 2.



100,000 yuan, ten years +12.
5% / + 21.
8% / + 21.

6%, equivalent to EPS0.



93 yuan, corresponding PE is 26/21/17 times.

The estimated value of the existing food industry is about 33 times. The company estimates that it significantly exceeds the overall level of the previous industry and maintains a “recommended” rating.

Fourth, risk warnings Fourth, the market acceptance of rice noodle products has declined, financial costs have run out of control, and food safety issues have been raised.

28 Mar

AVIC MECHANICAL & ELECTRICAL (002013): Leading military and civilian leaders in aviation mechanical and electrical industry help growth

AVIC MECHANICAL & ELECTRICAL (002013): Leading military and civilian leaders in aviation mechanical and electrical industry help growth

Leading domestic aviation mechanical and electrical industry, aviation mechanical and electrical industry development driving force growth company is the aviation mechanical and electrical system business platform affiliated to AVIC Group, aviation mechanical and electrical system products are complete, business scale and technical capabilities have advantages in the domestic aviation mechanical and electrical field.

With the upgrading of domestic military aviation equipment and the advancement of domestic production of large aircraft industry chains in the future, the company has broad business development prospects.

At the same time, with the transformation and upgrading of non-aviation business and the promotion of state-owned enterprise reform, the company aims to improve the quality and efficiency of its operations, and it is also expected to usher in a new round of asset integration.

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

26 yuan, 0.

29 yuan and 0.

33 yuan, target price range 8.


31 yuan, the first coverage given a “buy” rating.

The aviation electromechanical business platform of the group, the military and civilian market has broad prospects for development. The company is a professional integration and industrialization development platform for the aviation electromechanical system business affiliated to AVIC Group.Capabilities occupy an advantage in the domestic aviation mechanical and electrical field.

The aeronautical electromechanical system is the total weight of the system that performs flight flight support functions over the aircraft. It has an important impact on the overall performance of the aircraft. Its product value usually accounts for 15% of the total value of aerospace vehicles

According to the data of AVIC Group, the annual market size of military aviation 西安耍耍网 electromechanical system production and maintenance exceeds 33 billion.

The rapid deployment of new military aviation equipment is the main driving force for the company’s short-term business growth.

The domestic large aircraft industry chain is accelerating and improving, and the domestic market for supporting aviation mechanical and electrical products will be broad in the future.

Pioneer in the reform of conventional military industrial enterprises, and gradually increase asset integration. The company is a pioneer in the reform of conventional military industrial enterprises, taking the lead in implementing employee shareholding among state-owned military industrial listed companies; the controlling shareholder has also been included in the list of double-hundred companies, and it is steadily advancing the ongoing corporate reform.

At the same time, the company, as the specialized integration platform for aviation mechanical and electrical systems of AVIC, has completed several mergers and acquisitions of aviation mechanical and electrical assets, and gradually realized further integration of aviation mechanical and electrical related assets.

Leading domestic aviation mechanical and electrical enterprises, with broad prospects for the military and civilian markets. For the first time, we have assigned a “buy” rating. We expect the company to achieve operating income of 125-2019 respectively.

38 ppm, 138.

71 ppm and 150.

6.1 billion, net profit attributable to mothers9.

3.3 billion, 10.

47 ppm and 11.

98 trillion, the corresponding EPS is 0.

26 yuan, 0.

29 yuan and 0.

33 yuan.

According to the company’s historical PE evaluation, from November 2013 to the present, the historical average evaluation level is 43.

41 times PE; excluding 2015 and other estimated extreme values, the historical average estimate is 34.

87 times PE.

We are optimistic about the company’s future business development capabilities and scarce industrial platform segmentation. Based on the historical average forecast level, we will give a PE valuation of 34-36 times in 2019 with a target price range of 8.


31 yuan, the first coverage given a “buy” rating.

Risk warning: military spending growth may be lower than expected, military product installation progress may not meet expectations, and military industry reform may not meet expectations.

27 Mar

Industrial and Commercial Bank of China (601398): Steady performance growth

Industrial and Commercial Bank of China (601398): Steady performance growth

Event: On August 30, 2019, the Industrial and Commercial Bank of Japan announced its 2019 interim results. Investment highlights: Pre-provision profit growth increased by 9.

9%. Expected risk assets grow by 7 per year.

6%: The operating income in the first half of 2019 will increase by 9 per year.

5%, a ten-year increase in profits before provision.

9%, the net profit attributable to mothers increased by 4 per 杭州桑拿 year.


The balance of deposits increased by 8% from the beginning of the year, and the total amount of loans increased by 5 from the beginning of the year.

5%, and expected risk assets to grow by 7 per year.


In the first half of the year, NIM decreased by 1BP compared with 2018: In the first half of the year, asset-side loan yields increased by 12BP, while liability-side deposit costs also increased by 12BP.

The increase in loan yield is mainly due to the increase in the yield of public loans, while the increase in the interest rate on deposits is mainly due to the upward shift in the cost of retail deposits, and the cost of personal time deposits rose by 19BP earlier.

The main contribution of new loans came from the corporate business: from the perspective of the structure of new credit, the new corporate 苏州桑拿网 and retail loans accounted for 54% and 46% of new loans.

The increase in corporate loans is mainly concentrated in the infrastructure and leasing services industry, and other industries have also invested; the increase in retail loans is mainly concentrated in personal housing mortgage loans and personal business loans.

Net fee income is increasing by 11 per year.

7%: In terms of itemized data, the settlement and clearing business, investment banking and guarantee commitment business revenues increased significantly.

The settlement business mainly benefited from the rapid growth of third-party payment business, while revenue from wealth management related business was still floating in the first half of the year.

Total asset quality remained stable: The company’s total asset quality continued to improve, with indicators such as non-performing ratio, non-performing net generation ratio, proportion of attention-based loans, and overdue ratio all falling.

Looking at the breakdown data, the non-performing ratio of real estate-related loans increased slightly.

Profit forecast and investment advice: ICBC’s overall performance has maintained steady growth and asset quality has continued to improve.

The cost of deposits on the debt side has risen rapidly, and the company’s current PB estimate for 2019-2020 is zero.

75 times, 0.

69 times, maintaining the “overweight” level.

Risk factors: The economic recession is better than expected; the market decline presents systemic risks.

26 Mar

Zhongke Shuguang (603019) Quarterly Review: Substantial Progress in Supply Chain Operations

Zhongke Shuguang (603019) Quarterly Review: Substantial Progress in Supply Chain Operations

Investment Highlights The company released three quarterly reports with steady growth in performance.

In the first three quarters of 2019, the company achieved operating income of 67.

810,000 yuan, an increase of 24 in ten years.

24%; realize net profit attributable to mother 2.

50 ppm, an increase of 43 in ten years.

57%; net profit deducted from non-attributed mothers1.

1.3 billion, an increase of 33 in ten years.


From the single quarter data, the company achieved operating income of 21 in 3Q19.

74 ppm, a five-year increase of 5.

93%; net profit attributable to mothers was 46.09 million yuan, a year-on-year increase of 67.


Compared with 19Q2, the growth rate of net profit attributable to mothers increased in 19Q3 (the net profit growth attributable to mothers in 19Q2 was 23.


  The supply chain has been operating steadily.

On June 24, 2019, the company was included in the US Export Control Regulations (EAR) entity list.

Subsequently, the company mitigated the impact on the company’s production and operation by sorting out the supply chain, finding alternative parts, and adjusting production plans.

The company weighed that, at present, substantial progress has been made in the operation of the supply chain, and a relatively complete response plan has been formed to keep the company’s supply chain running smoothly.

  Self-research capabilities have been continuously strengthened.

The company continued to increase R & D investment and strengthen self-research capabilities. 19Q1-3 the company invested R & D expenses4.

41 trillion, an increase of 54 in ten years.


R & D accounts for 6 of the revenue.

5%, compared to 5 in the same period last year.

0%, an increase of 1.

5 units.

In the first three quarters of 2019, the company expanded R & D investment in areas such as advanced computing, storage, big data, and cloud computing that can be localized, including edge computing servers, storage software, localized component replacement and domestic servers.Type, increase the proportion of high value-added service revenue, and gradually integrate it into the application of a systematic information technology infrastructure to improve the product ecology.

  Silicon Cube is the world’s leading scientific and technological achievement of world-class Internet, and its technical strength is continuously verified.

On October 20, 2019, at the Sixth World Internet Conference, the company’s silicon cube immersion liquid-cooled computer was selected as the 15 leading Internet technology achievements in the world.

The silicon cube immersed liquid-cooled computer combines the latest research results in computer architecture, efficient cooling, high-speed networking, and mass storage, breaking through traditional cooling methods, and achieving world-leading deployment density that can effectively support AI and big data.Cloud computing and other applications.

At present, silicon cube has been applied in many provinces and cities such as Beijing, Nanjing, Shanxi, Gansu and so on.

The company’s technical strength has been continuously verified by the market and endorsed by the industry.

  Earnings forecasts and investment advice.

At present, the company’s various businesses are operating normally and its operations are stable.

We believe that the “Entity List” incident 南宁桑拿 has a certain impact on the company’s performance in the short term, but in the long term, the company’s products and core R & D capabilities are not affected.

We estimate that the company’s net profit attributable to its parent in 2019-2021 will be 5 respectively.

29 ppm / 7.

53/10/10.140,000 yuan, EPS is 0.

59 yuan / 0.

84 yuan / 1.

13 yuan, currently expected corresponding PE is 58 times, 41 times, 30 times.

Maintain “Buy” rating.

  risk warning.

Demand from downstream customers was lower than expected risk, and business development of subsidiaries was lower than expected risk.

25 Mar

Guanglianda (002410) 2019 First Quarterly Report Review: Performance Growth Meets Expected Continuous Growth Strategy Transformation Speed

Guanglianda (002410) 2019 First Quarterly Report Review: Performance Growth Meets Expected Continuous Growth Strategy Transformation Speed

Event: The company released the 2019 first quarter report, and the company achieved revenue 4 in Q1 2019.

5.7 billion, an annual increase of 37.

42%; net profit attributable to mothers was 55.36 million yuan, an annual increase of -2.

29%; net profit after deduction of 49.77 million yuan, an annual increase of -6.

86% comment: The performance growth is in line with expectations, and the cloudification transformation accelerates the company’s revenue in Q1 20194.

570,000 yuan, an increase of 37 in ten years.

42%, the rapid growth of the company’s revenue in the first quarter of 2019 was mainly due to the continued growth of its main business and the recognition of revenue from newly signed cloud contracts in the second half of the year; the company signed new cloud contracts in the first quarter of 20191.

31 ppm, a 72-year increase of 72.

61%, the cloud transformation was smooth, and the balance of advance accounts related to cloud transformation at the end of the period.

8.5 billion, continuing to maintain rapid growth.

Expenses increased rapidly in the critical period of strategic transformation. At present, the company is in a critical period of cloud strategic transformation and expansion of the construction business. All aspects are shifting and costs are increasing rapidly. The company’s selling expenses in the first quarter of 20191.

35 ppm, an increase of 23 in ten years.

96%; administrative expenses 1.

34 ppm, a 47-year increase of 47.

04%; R & D expenses 1.

23 ppm, a 67-year increase.

63%; preliminary rapid increase in expenses 1) due to the rapid growth of the company’s 成都桑拿网 personnel and related expenses 2) due to the company’s continued growth in cloudification transformation and new product investment.

Construction business outlook picks up 2018In 2018, the company made strategic adjustments to the construction business. 100% holdings of Zebra, Yilian Electronics, Ibiki, Zhumeng, Zhongran and other subsidiaries changed products, personnel, and channels to integrate, resulting in less growth in the construction business.It is expected that the efficiency of the company’s construction business will continue to improve through the 18-year integration. It is expected that the construction business will return to a faster growth track in 19 years.

Investment advice and profit forecast are expected to achieve net profit attributable to the mother from 2019 to 2020.

25, 6.

64, 8.

400,000 yuan, 南京夜网论坛 corresponding to EPS0.

47, 0.

59, 0.

75, corresponding to PE 59, 47, 37 times, given an “overweight” rating.

Risk prompts that the progress of cloudization transition is gradually lower than market expectations, and the development of construction business is less than expected

24 Mar

Sinochem (601117): Engineering gross margin growth continues with prudent PPP strategy to promote strong cash flow protection

Sinochem (601117): Engineering gross margin growth continues with prudent PPP strategy to promote strong cash flow protection

Company dynamics keep outperforming industry companies. We have recently studied China Chemicals and merged with the company to communicate the recent operating conditions and long-term development strategies. The specific content is as follows.

  Comment on the traditional chemical engineering to consolidate its advantages and increase the gross profit margin to maintain a high level.

At present, there is fierce competition in the field of chemical engineering. The company plans to continue to consolidate its design advantages in coal chemical industry and basic chemical industry, and continue to vigorously develop design to lead its general contracting business.

In the first three quarters, the EPC business accounted for about 44% of the company’s engineering contract orders. We expect the EPC business to remain stable in the future and drive the company’s gross profit margin to remain high.

  Continue to actively develop infrastructure and environmental protection businesses.

Based on the chemical engineering business, the company actively develops infrastructure and environmental engineering contracting businesses that are related to the company’s traditional competitive advantages.

1) Infrastructure business: The company plans to continue to respond to national strategies such as the Yangtze River Grand Conservation and actively contract related infrastructure projects. It plans to have infrastructure revenue of 10 billion yuan within 2-3 years (we estimate that the proportion of revenue from the corresponding engineering contracting business is about 8-10%); 2)Environmental protection business: The company plans to continue its business development in the environmental protection fields such as industrial wastewater treatment and soil treatment through endogenous and extended M & A.

  Carefully develop PPP business.

Since 2019, under the background of relatively tight local government funds, the company has developed a PPP business with an appropriate and cautious attitude and strictly controlled the project acceptance standards. The projects undertaken are mainly provincial capitals, municipalities directly under the central government, second-tier corporate resident sites, and other repayment capabilities.s project.

We believe the company’s prudent PPP development strategy helps control operating risks and related investment expenditures, and maintains a strong level of cash flow.

  The industrial sector has strong earnings and is expected to continue to advance 杭州桑拿 in the future.

The company’s caprolactam project, Indonesian power plants and other industries have strong profitability of investment assets. In the first half of 2019, the company’s industrial and other businesses achieved gross profit margins.

6%, significantly higher than the company as a whole, accounting for 23% of gross profit in the first half.

In July 2019, the company announced that it plans to participate in the investment and construction of a nylon 66 new material industrial base with an annual output of 100 tons. If the project is successfully put into production, it is expected to achieve a better level of profitability.

We believe that the company is expected to continue to promote industrial investment in high-end chemicals and other fields in the future, driving the company’s overall profitability to 北京桑拿洗浴保健 continue to improve.

  Estimates suggest that the current company meets the corresponding.

3x 2019e P / E.

We maintain our profit forecast and outperform the industry rating and target price of 7.

1 yuan is unchanged, corresponding to 13x 2019e P / E and 14% uplink space.

  The fierce competition in risky chemical projects has put pressure on gross profit margins, and the profitability of investment assets has fallen short of expectations.