20 Mar

Fire Communication (600498): Actively preparing for 5G pending release of optical communication demand will welcome new opportunities

Fire Communication (600498): Actively preparing for 5G pending release of optical communication demand will welcome new opportunities

Event: The company announced that its operating income for the first three quarters of 2019 was 177.

75 ppm, a ten-year increase2.

32%; net profit attributable to shareholders of listed companies6.

19 ppm, a decrease of 1 per year.


  The performance is basically in line with expectations. It is expected that 5G construction will release optical communication equipment demand. The company’s revenue growth in the first three quarters of 2019.

32%, quarterly growth in revenue in Q1 2019 is 14%.

9%, 2 in the second quarter.

28%, down 6 in the third quarter.

28%, the company ‘s revenue growth forecast is expected to be mainly 杭州桑拿网 affected by the optical fiber and cable business. In 2019, the operator ‘s optical fiber cable collection and procurement prices will change, which is expected to weigh on revenue and profit growth.

In addition, as the 5G construction this year is dominated by NSA networking, the demand for 5G bearer network equipment can be fully released.

In the future, the scale construction of SA network through 5G will drive the demand for optical transmission equipment and fiber optic cable business. The company’s optical communication business is expected to fully benefit and is worth looking forward to.

  The company’s net profit for the first three quarters of 20196.

19 ppm, a decrease of 1 per year.

86%, but Q3 net profit in the single quarter was 1.

92 ppm, an increase of 16 in ten years.

88%, distorting the trend of Q2 transition.

  Gross profit margin decreased, expense ratio decreased, operating efficiency improved The company’s gross profit margin for the first three quarters of 2019 was 21.

93%, down by 1 every year.

The 32 averages are expected to be caused by the decline in the collection and purchase prices of fiber optic cables, but the gross profit margin of Q3 is 24.

78%, an increase of 1 per year.

6 averages, a significant increase of 7 from the previous quarter.

06 profit, reflecting the improvement of the company’s Q3 profitability.

  Three expenses in the first three quarters of 20198.

34%, down by 1 every year.

3 units, of which: sales expense ratio 6.

38%, about 1 unit per year, and the management expense rate drops by 0 per year.

For 2 units, the company’s cost reduction and efficiency improvement effects have appeared; R & D costs have been reset by 10.

93%, a year to raise 0.

There are 83 single 5G and ICT core technologies that reflect the company’s increased research and development efforts, and the company’s product competitiveness will continue to increase in the future.

  ICT veteran powerhouse, “cloud-network integration” strategic transition is actively preparing for 5G beacon deployment in optical communications, strategic transformation of “cloud-network integration”, focusing on resources, transforming the value chain of 5G, cloud computing, big data, rod fiber and cableFocusing on breakthroughs in 5G bearers, telecommunication cloud platforms, optical rods and special optical fibers, marine networks, and high-end switches such as industry-level big data processing and analysis platforms, the company continues to cultivate and innovate in the network field.The Internet of Things and other fields have developed steadily.

  Fiberhome has started research on 5G bearer network technology earlier, and has obtained a series of results, including the release of FitHaul’s 5G bearer network solution and the self-developed 1.

5G solutions such as 2T single-slot equipment cover key areas such as SPN, WDM-PON, OTN, SDN, and network operation and maintenance.

  Investment suggestion: The continued high growth of traffic and the construction of 5G will drive the prosperity of the optical network. The company will continue to increase its market share through technological innovation and rapid overseas expansion.

At the same time, the Group’s restructuring and restructuring of China ICT Company is also expected to make up for the shortcomings of the beacon on the wireless side, and its comprehensive strength will be further improved.

Considering that the fiber optic cable car business is affected by the decline in prices, we have revised the company’s 2019-2021 profit forecast from the original 10.

1 billion, 13.

300 million and 17.1 ‰ is adjusted downward to 9.

4 billion, 12.

600 million and 16.

6 ppm, corresponding to a 19-year PE of 33x, and maintains a “Buy” rating.

  Risk warning: 5G advances less than expected, and increased competition leads to lower product prices and other risks.

19 Mar

Shennan Circuit (002916): High-end and middle-end PCB technology drives leading parts

Shennan Circuit (002916): High-end and middle-end PCB technology drives leading parts

Event: The company released the 2018 performance report to 2.

The total share capital of 8.3 billion shares is the base, and all shareholders pay a cash dividend of 7 for every 10 shares.

5 yuan (including tax), the capital reserve will be transferred to all shareholders for every 10 shares of 2 shares.

Revenue in 2018 was 76.

02 million, an increase of 33 each year.

68%; net profit attributable to shareholders of listed companies6.

97 ppm, an increase of 55 per year.


Q4 single quarter sales gross margin 24.

12% in the fourth quarter.

91%, profitability has gradually improved.

Positioning high-end and mid-end PCB products, embracing leading global customers: The company’s positioning is mainly high-end and mid-end PCB-related products with stable and reliable quality. According to the annual report, the company has become a supplier to many leading global companies, including Huawei, ZTE, Nokia, HoneywellSeoul, GE Healthcare, Bosch, BYD, Lenovo, ASE, etc. In 2018, the company won Huawei’s “Gold Core Supplier” for six consecutive years, and also ZTE’s “World’s Best Partner 2018”, Rockwell Collins “”Global Best Partner”, Changdian Technology “Best Supplier” and other presets.

At the same time, the company is also actively expanding new customers, providing too much momentum for the company’s long-term stable development.

Product upgrades, technology-driven leading categories: As a leading company in the domestic PCB field, the company is in the leading position in terms of revenue and per capita output value according to statistics from the wind industry.Continued fermentation, leading companies are expected to reach premium space: 1) In the field of PCB boards, the company will continue to strengthen R & D and replacement in the field of 5G communications (including wireless and data communications), maintain the company’s first-mover advantage, and promote the construction of Nantong’s investment and investment projects.At the same time of automation, internal factories have continuously improved the efficiency of resource allocation through technological transformation, the construction of specialized factories has gradually penetrated, and breakthroughs have been gradually made in the automotive panel market. The capacity of the Nantong factory has gradually climbed, becoming one of the company’s growth points in 19 years; 2)In the field of packaging substrates, the company will maintain the company’s advantages in market segments for many years, while expanding high-speed communication and storage packaging substrates; 3) in the field of electronic loading and unloading, focusing on expanding communications, medical, aerospace and other fields.

Pioneer in the field of national packaging substrates, leading consolidation is solid: According to the annual report, IC substrate business achieved revenue9.

47 ppm, silicon microphone is the main product of the substrate business, while fingerprint and RF module packaging substrates 杭州桑拿 have achieved rapid growth.

The annual report pointed out that the company’s Wuxi fund-raising project has an orderly progress in the construction of the substrate factory, and the development progress of key storage customers is in line with expectations. It is expected to be put into production in 2019.

Investment recommendation: Buy-A investment rating, 6-month target price of 133.

1 Yuan.

We expect the company’s revenue from 2019 to 2020 to be 97.

3.1 billion, 118.

72 ppm, net profit is 8 respectively.

7.1 billion, 12.

31 trillion, outstanding growth.

In 19 years, the production capacity of Nantong factory benefited from the smooth release, and the demand for 5G was gradually landed.

Risk reminder: PCB industry development exceeds expectations; 5G industry development exceeds expectations; 杭州桑拿网 fundraising projects fall short of expectations, etc.

18 Mar

BTG Hotel (600258): 19Q1 hotel REVPAR growth rate segmentation of high-end and franchise expansion trend unchanged

BTG Hotel (600258): 19Q1 hotel REVPAR growth rate segmentation of high-end and franchise expansion trend unchanged
[Event]BTG Hotel released 杭州桑拿网 the first quarter of 2019 quarterly report, and the company realized operating income of 19.4.4 billion, an annual increase of 0.99%; net profit attributable to mother 0.7.4 billion, a decrease of one year.90%; net profit after deduction is 0.56 ‰, a decrease of 3 per year.04%; EPS is 0.0756 yuan / share.Non-recurring profit and loss items are mainly financial investment income of zero.2000000000. [Comment]1) Revenue increased slightly, net profit decreased, and RevPAR was lower than expected. ①Revenue end: hotel business and attraction operation business respectively realized business.7.3 billion, 1.70 ppm, each increase by 0.67%, 4.49%. Hotel business: According to the hotel brand, such as the Home Hotel Group, the first travel stock hotels have achieved revenue of 15 respectively.6.2 billion, 2.12 ppm, an increase of 0 in ten years.42%, 2.57%. The slower growth rate of Rujia’s revenue was mainly due to the closing of stores and upgrading, which led to a decrease in direct sales revenue. Scenic business: The increase in revenue is mainly due to the increase in the number of visitors to Nanshan Park1.90%; from August 2018, the ticket retention ratio will be increased from 40% to 50%; and the purchase and sales model of some commodities will be changed to the pure rental venue model. ② Cost: The company’s comprehensive gross profit margin decreased by 0.61pct to 93.92%. Hotel business: maximized profit of 59.13 million yuan, a decrease of 10 per year.53%; of which, Home Inns Group realized a profit increase of 98.37 million yuan, a year-on-year decrease of 7.85%, mainly due to the decline in RevPAR of economy and mid- to high-end hotels. Scenic area business: realized total profit of RMB 98.78 million, with an annual increase of 10.66%. ③ Expense end: Expense control is effective, and the expense rate decreases by 0 every year during the period.97 points to 85.70%, in which the sales / management / R & D / financial expense ratios continuously change -0.44 points / -0.03 points / +0.05pct / -0.56 points to 70.55% / 12.88% / 0.33% / 1.94%. ④ Profit side: Net interest rate dropped by 0.11 points to 3.81%. 2) Operational data of the hotel business ① Operational data by brand: If Home RevPAR changes, the first trip will be more stable in 2019Q1, and all hotels Home Inn RevPAR will be 137 yuan / room · night, every time -0.5%; ADR179 yuan / room · night, +2 for two years.7%; October 76.7% per year -2.5 points.Among them, the mature hotel RevPAR 135 yuan / room night, many times -3.0%; ADR 173 yuan / room · night, +0 for ten years.1%; occ 78.4%, twice -2.5 points. In 2019Q1, the first travel stock hotel RevPAR 212 yuan / room · night, multiple +1.6%; ADR390 yuan / room · night, multiple +1.7%; October 54.40% every year -0.1pct. ② Operational data by product: Affected by the upgrade, economical short-term mid-to-high-end 2019Q1, such as RevPAR -2 for all hotels in the economy.3%, 5 higher than the middle and high end.7 points.From the perspective of mature stores, 2019Q1 economical RevPAR is longer -2.4%, which is 4 higher than the middle and high end.4pct. In the first quarter of 2019, the first travel stock hotel budget RevPAR was at least +12.6%, lower than the high-end -1.3% is higher than 13.9 points. ③ Operational data by model: The franchise model expanded rapidly in the first quarter of 2019, such as RevPAR +1 for all hotels directly operated by Home Inn.9%, -1 for earlier franchise management.6% is higher than 3.5 points.Direct-operated stores have better locations and operations, and RevPAR outperforms franchised stores.However, in terms of the number of new stores, 622 new stores were opened in 2018, including 578 franchise stores, accounting for 92.93%. As of the end of 2018, the company’s franchised stores accounted for 77.15%, the number of rooms accounted for 72.76%, the franchise chain trend remains unchanged. 3) Profit forecast: The company’s EPS for 2019-2021 is expected to be 1.05/1.21/1.28 yuan, corresponding to 19 for PE.5/16.9/15.9 times.As a domestic hotel chain giant, BTG Hotel has a steady growth in hotel business, a long-term competitive advantage, and has core driving factors. It is expected to develop and repair in the future and give it a “recommended” rating. Risk reminder: macroeconomic downside risks; hotel franchise management risks; hotel renovations are less than expected risks.

17 Mar

Minister of Health is in danger of being elected as mayor of Paris

Minister of Health is in danger of being elected as mayor of Paris

French President Emmanuel Macron selected heavyweights on the 16th, and Health Minister Anies Bizan replaced former government representative Bonjaman Gribo for the mayor of Paris.

  Grievo announced his withdrawal from the fight two days ago because of his involvement in an indecent video scandal.

  [Wholeheartedly for election]Bizan said in an open letter to the media on the 16th that he had asked Macron to resign as the Minister of Health and would participate in the mayoral elections of Paris as a candidate for the Party of the Republic.

She said she would vote with all her heart 上海夜网论坛 and win.

  The Associated Press reported that Bizan’s remarks showed a dramatic change in her thinking.

After Griever resigned from the mayor of Paris two days ago, the Republican Progressive Party hurriedly sought a replacement candidate.

Bizan declared at the time that he would not succeed Griever, because the health minister’s job is important.

  Macron announced on the evening of the 16th that he accepts Bizan’s resignation request, appointing Olivier Velangran as Minister of Health.

  Bizan is 57 years old and was born in Paris. He is a well-known hematologist and respected as a health official.

However, many analysts believe that Bizan joined the merger too late and was affected by the Griww scandal, and winning the election is impossible.

  [Expect to lose]Paris mayoral elections are scheduled to start on March 无锡夜网 15.

Grievo previously lagged behind the current mayor, the Socialist candidate Anna Hidalgo, and the Republican candidate Lacidadati in polls.

  Grievo was forced to resign from an online chat transcript posted on the Internet by Peter Pavlensky, a Russian living in France, on the 13th.

According to Pavlensky, the chat consisted of Grivo’s conversation with a woman, including indecent videos.

Griever did not deny the authenticity of the content.

  French media reported that Griever was chatting with Pavlensky’s girlfriend.

Pavlensky and his girlfriend were arrested on May 15 and may face charges of assault.

  Reuters reported that Macron’s Democratic Progressive Party, which was founded three years ago, was hit by the Grivo scandal.

Minority insiders predict pessimistically that the Republican Party will be defeated in the mayoral elections in Paris four weeks later.

  A high-ranking Republican Party official said: “The Republican Party will perform poorly, and the political agenda will not matter in this election.

(Chen Dan) (Xinhua News Agency special feature) Original title: Minister of Health is in danger of being elected as the mayor of Paris

16 Mar

Zhejiang Longsheng (600352) Annual Report Comments: Performance Meets Expectations Leading Company Advantages Significant

Zhejiang Longsheng (600352) Annual Report Comments: Performance Meets Expectations Leading Company Advantages Significant

Investment highlights: Event: The company released the 2018 annual report, and the company achieved operating income of 190 in 2018.

750,000 yuan, an increase of 26 in ten years.

32%, achieving net profit attributable to shareholders of the parent company.

110,000 yuan, an increase of 66 in ten years.


  The company’s performance has grown rapidly, and its safety and environmental protection advantages have become increasingly 厦门夜网 prominent.

The domestic environmental protection rectification continued in 2018. As a leading company that continues to improve safety and environmental protection, the company’s competitive advantages have further expanded. The company’s operating income and profits have achieved double breakthroughs, setting a record high.

  Chemical companies have increased their safety, and the company’s advantages have become increasingly prominent.

It is expected that the requirements of national chemical companies for safe production will be further strengthened in 2019.

The company dated DuPont Sustainable Solutions (DSS project) in safety management to prevent accidents from improving safety culture and controlling risk sources.

The company’s strong security advantages will gradually reflect its valuable value.

  Resorcinol anti-dumping continues, and the company’s products are expected to maintain a high level of prosperity.

On March 22, 2019, the Ministry of Commerce announced that the investigation authority ruled that if anti-dumping measures are terminated, dumping of resorcinol from Japan and the United States on China may continue or reoccur, and damage to China’s domestic industry may continue.Or it happened again.

The Customs Tariff Commission of the State Council has made a decision based on the recommendations of the investigating authority. From March 23, 2019, anti-dumping duties on imports of resorcinol from Japan and the United States will continue to be imposed for a period of five years.

Tax refund for Japanese companies such as Sumitomo 40.

5%, tax arrangements for US companies such as Intis Parker 30.


Resorcinol is expected to maintain a high boom.

  The company’s industrial chain has significant advantages.

The company has extended from a single dye product to other special chemicals, taking the integration of the industrial chain as the core to the production of related intermediates such as resorcinol, p-phenylenediamine, and the development and reduction of aromatic amine intermediates such as reduced compounds.And extend the upstream of the dye supply chain, strengthen the control range of strategic intermediate raw materials, thereby further improving the right to transform dye products, so that peer companies generate certain returns.

It is expected that the company will enrich its product line through continuous internal research and development supplements and external mergers and acquisitions, and will eventually become a world-class special chemical production service provider across multiple fields.

  Positive return on operating cash flow is of great significance.

In 2018, the company’s operating cash flow was a net inflow of 10.

7.6 billion, and -2 in 17 and 16 respectively.

5.9 billion, -60.

7.5 billion, operating cash flow is back to confirm that the company’s three major real estate projects in hand are nearing the harvest stage.

It is expected that the company’s operating performance will maintain rapid growth in 19 and 20 years, and the consolidated Datong Road real estate project will gradually enter the pre-sale repayment stage. The company’s net operating cash inflow is expected to show explosive growth.

In addition, the Huaxing New Town project has completed the relocation and overall design of all residents, and joined the 2019 major start-up project in Jing’an District.

  Earnings forecast and investment rating: We raise the company’s performance expectations. It is estimated that the company’s operating income from 2019 to 2021 will be 20.9 billion, 25.9 billion, and 36.2 billion, respectively; net profit attributable to mothers will be 5.5 billion, 6.4 billion, and 770,000 yuan; EPSThey are 1.

69 yuan, 1.

97 yuan and 2.

37 yuan, corresponding PE is 11X, 10X and 8X.

Maintain the “Highly Recommended” rating.

  Risk reminders: 1. Downstream demand exceeds expectations; 2. Raw material prices fluctuate significantly.

15 Mar

GEM (002340): Performance is in line with expectations and bullish on long-term growth

GEM (002340): Performance is in line with expectations and bullish on long-term growth

Event On April 26, the company released the 2019 first quarter report, reporting that the two companies realized operating income of 31.

42 ppm, a 10-year increase3.

10%; net profit attributable to mother 1.

75 ppm, a ten-year increase2.

47%; realized basic income of 0.

04 yuan, flat for one year.

A brief review of the ternary precursor production and sales boom, the gross profit margin caused by fluctuations in raw material prices slightly restructured the company mastered high nickel, single crystal small particle ternary precursor core technology, core customers include CATL, Samsung SDI, ECOPRO, Ningbo Rongbai,Xiamen Tungsten and other world-renowned lithium battery industry chain companies, the displacement of ternary precursors reached 4 in 2018, accounting for more than 20% of the world market share in the field of power batteries.

Reported that the sales volume of precursors of Tier 1 companies reached 1.

5 minimum value, ample orders in hand, and expected sales volume will exceed 7 figures.

Affected by the downward trend of the cobalt price in the first quarter, the company’s ternary precursors and some cobalt-containing products experienced a decline in prices, so the revenue growth rate was relatively high, while processing profits were affected by inventory gains and losses, resulting in a slight decline in overall gross profit margin.
With the decline in the downward trend of cobalt prices and even a staged rebound, it is expected that the company’s short-term growth in gross profit margin is expected to rise back and forth.

Seize the high growth potential of new energy vehicles and continue to increase the existing production capacity of the ternary precursor materials company, including a total of ternary high nickel precursor production capacity8.

5 announcement; the company plans to increase the total annual output of 8 indicators ternary precursor, 2 targeted ternary replacement project, showing the company’s ternary precursor material products strong demand, after the project fully reached production, the company will form a total annual output of 17 oxidationTernary precursor, more than 5-inch ternary mutation capacity.

The ternary precursor directly determines the core physical and chemical properties of the ternary transition material. It has higher technical barriers. The company deeply binds many high-quality customers. The product is in a state of short supply. In the future, it will gradually expand its production capacity and maintain high performance growth.The business will gradually rely on the existing customers to gradually increase the company’s performance.

Dismantling compensation release resumes, electronic disassembly business is expected to return to growth since 2017, affected by the cycle expansion of the dismantlement fund of waste electrical and electronic products, the company’s electronic shift business has strategically contracted, and the dismantling volume has been reduced for two consecutive years to reduce supplemental arrearsImpact on liquidity occupation.

However, by the end of 2018, the government government dismantled the fund to subsidize accounts receivable, which decreased by 5 at the end of 2017.

At US $ 8.3 billion, e-glycemic cash flow is expected to improve significantly, reducing reliance on bank borrowings.

At the same time, in the long run, the growth space of the scrap electrical appliance recycling market will expand in the future. The producer responsibility extension system and the dismantling fund subsidy policy will be gradually improved, which will improve the current electronics replacement recycling industry breakthrough. The company’s electronic waste has returned to growth in 19 years.situation.

Profit forecast we expect the company 2019?
2021 revenues are 126.

2.7 billion, 155.

8.8 billion, 无锡夜网 204.

3.5 billion, net profit attributable to mothers was 10.

4.2 billion, 13.

7.2 billion, 19.

34 trillion, the current sustainable corresponding PE is 19 respectively.

87, 15.

09, 10.


Maintain “Buy Rating”.

Risk warning; sales of new energy vehicles fall short of expectations, and capacity release progress falls short of expectations.

14 Mar

Skyworth Digital (000810): Cost Dividend Q2 Performance Increases

Skyworth Digital (000810): Cost Dividend Q2 Performance Increases

Event: Skyworth Digital released its 2019 Interim Report.

The company achieved revenue of 38 in 2019H1.

90,000 yuan, +5 year on year.

2%; achieve performance 2.

600 million, a year-on-year increase of +61.


Converted to a single quarter of 2019Q2 to achieve revenue 18.

400 million, a year-on-year increase of +2.

6%; achieve performance 1.

400 million, a year-on-year increase of +49.


We believe that Skyworth Digital will benefit from industrial policies such as the “Ultra HD Video Industry Development Action Plan”, and the company is committed to transforming from a hardware vendor to an intelligent system overall solution provider. Future development is worth looking forward to.

Cost dividend, Q2 gross margin increased significantly: Skyworth’s gross profit margin for Q2 2019 was 22.

8%, +5 per year.

At 7pct, we analyze that the company’s profitability has increased due to the following reasons: 1) The industrial chain integration has achieved significant results and operating efficiency has increased.

2) The price of raw materials such as DDR is at a low level.

According to the announcement, the gross profit margin of Skyworth digital set-top box business in 2019H1 is +6 again.

5 points.

Looking forward, it is expected that the proportion of 4K set-top box sales will be adjusted to increase the profitability of Skyworth.

Q2 operating cash flow improvement: The company’s net operating cash flow for Q2 2019 was 3.

7 trillion, -0 in the same period last year.

100 million US dollars, a substantial increase in cash flow, mainly due to good channel payment.

According to the announcement, at the end of the second quarter, the company’s accounts receivable was 43.

9 trillion, a decrease of 2 from the end of March this year.

600 million.

Benefiting from industrial 杭州夜网 policies, it is estimated that the volume of ultra-high-definition set-top boxes: According to the development plan of the ultra-high-definition video industry, by 2022, the number of ultra-high-definition users in the country will reach 200 million.

Recently, the State Administration of Radio, Film and Television released the “Opinions on Promoting the Continuous Development of the Radio, Television and Network Audiovisual Industry,” which has rapidly promoted the popularity of ultra-high-definition set-top boxes.

According to Grand Research data, as of the first quarter of 2019, the number of domestic cable UHD TV users was 1,484.

90,000 households.

The increase in the number of UHD users will generate a large number of 4K / 8K set-top box orders.

As a leading enterprise in the set-top box industry, Skyworth has found that it has the technology and scale advantages in R & D investment and will be the biggest beneficiary.

According to the announcement, Skyworth R & D expenses for the second quarter of 2019 were 1.

100 million, a year-on-year increase of +39.


Interim dividends to build investor confidence: According to the announcement, the company plans to propose a cash dividend of 0 to all shareholders.

08 yuan (including tax), a total of 8471 cash will be distributed.

50,000 yuan, accounting for 32 of the 2019H1 results.

9%. Investment suggestion: The company is a leading domestic set-top box company, actively deploying operational services, benefiting from favorable policies and falling costs. We expect the company’s future performance to grow rapidly.

We expect 4K order dividends to replace 2019Q4?
Beginning in 2020Q1, the company in 2019?
The EPS in 2020 are 0.


52 yuan, maintain Buy-A investment rating, 6-month target price of 10.

75 yuan, corresponding to a dynamic P / E ratio of 25 times in 2020.

Risk warning: rising raw material prices, risks of overseas trade policies, slower-than-expected progress in policy implementation

13 Mar

Baoxin Software (600845) Semi-annual Report 2019 Review: IDC’s High-Growth Iron and Steel Informatization Leading Position Highlights

Baoxin Software (600845) Semi-annual Report 2019 Review: IDC’s High-Growth Iron and Steel Informatization Leads Position

Core points: 1.

Event company announced the 2019 semi-annual report, the company achieved revenue in the first half of the year26.

99 ppm, an increase of 11 years.

86%; net profit attributable to mother is 4.

0.6 million yuan, an increase of 37 in ten years.

28%; net profit after deduction is 3.

850,000 yuan, an increase of 46 in ten years.



Our analysis and judgments 1) The performance growth was in line with expectations, and the net operating cash flow improved significantly. The company achieved operating income in the first half of the year.

99 ppm, an increase of 11 years.

86%, most of them are stable; net profit attributable to mothers is 4.

0.6 million yuan, an increase of 37 in ten years.

28%, the main reason for the increase is that the IDC business 武汉夜生活网 with a higher gross profit margin continues to increase in revenue; the net profit after deducting non-attribution is 3.

850,000 yuan, an increase of 46 in ten years.

57%, slightly more than expected.

Report communique, the company’s net operating cash flow inflow4.

0.94 million yuan, an increase of 49 in ten years.

10%, preliminary growth in sales scale and operating profit.

2) The listing rate of IDC business continues to rise, benefiting from the growth prospects of cloud computing. The company’s IDC business expansion is in line with expectations, and IDC-based service outsourcing business has grown.

12%, the rapid growth rate and the proportion of revenue continued to rise, which is beneficial to the company’s overall performance growth.

At the beginning of 2019, the company holds a 20% share with WISCO, 重庆耍耍网 Baodi Assets and Qingshan State-owned Assets to build a big data industrial park. The industrial park plans to build 18,000 cabinets in three phases by the end of 2023.

In addition, the company’s Shanghai Baozhiyun Phase 1-3 has been fully put into production, and the latest data shows that the expansion of the Baozhiyun Phase IV project accounts for nearly half of the budget.

We believe that by maintaining a high growth rate through cloud computing, the space for infrastructure needs will continue to be released, and the future growth of the company’s IDC business is guaranteed.

3) The acquisition of Wuhan Iron and Steel Information Technology Subsidiary, the integration of steel information technology leading both highlights the report and the company’s acquisition of WISCO Industrial Technology Group, integration of resources such as technology and personnel, directly increase the company’s market share in the steel information technology market, and strengthen the companySteel information faucet category.

In terms of upstream demand, the merger of Baowu in the steel industry and the merger and acquisition of Maanshan Iron and Steel will bring continuous growth to the company’s software business and guarantee future orders.

We believe that this resource integration will improve the company’s competitiveness in non-Shanghai areas, and also have a certain synergy effect on the development of IDC business, which will promote the company’s overall performance.


Investment suggestions We expect that the company’s EPS for 2019-2021 will be 0.



20 yuan, corresponding to dynamic price-earnings ratio of 41/33/26 times, considering the broad future space of the industry and the company’s business is progressing smoothly, the first coverage is given a “recommended” rating.


Risks suggest that the industry space releases less than expected risks; business promotion is less than expected risks.

12 Mar

Midland Health (002044): Third-quarter results stabilized to meet peak medical examination season

Midland Health (002044): Third-quarter results stabilized to meet peak medical examination season
Mei Nian Health announced the third quarter of 2019 report on October 24, 2019.The company achieved revenue of 62 in the first three quarters.78 ppm, a ten-year increase of 7.89%; net profit attributable to mothers3.91 ppm, five-year average of 5.46%; net profit deducted from non-attributed mothers3.77 ‰, 29 years ago.78%. The third quarter results stabilized.The company’s Q1-Q3 single quarter revenue growth rate was 4 respectively.21%, 2.24% and 15.58%; net profit growth 杭州夜网论坛 of non-attributed mothers -174.28%, -32.74% and 55.80%.Double-digit revenue growth and high profit growth.The gross profit margin for the third quarter was 49.54%, an increase of 0 every year.60pct; selling expenses 22.84%, a decline of 3 per year.22pct; management fee is 7.24%, a decline of 0 every year.04pct; financial expenses cost 5.17%, an increase of 2 per year.07pct; net interest rate is 15.36%, an increase of 2 a year.42 points. The non-public issuance of shares was approved by the CSRC to gradually increase the strength of funds.On September 11, 2019, the company received the approval from the Securities Regulatory Commission to approve the company’s non-public offering of shares, approving the company’s non-public offering.The repurchase is completed, and we look forward to the launch of subsequent incentive plans.The company announced on October 23, 2019 about the completion of the company’s share repurchase announcement. The company paid a total of 3 trillion and repurchased 23.77 million shares, accounting for 0 of the company’s total share capital.635%, used to implement equity incentive plans or employee stock ownership plans. Profit forecast: We expect the net profit attributable to mothers to be 9 in 2019-2021.6.5 billion, 12.8.4 billion, 17.50 ppm, an increase of 18%, 33%, 36% in one year, the company’s 天津夜网 EPS for 2019-2021 is 0.31 yuan, 0.41 yuan, 0.56 yuan.The corresponding PE for 2019-2021 is estimated to be 43X, 32X and 24X.Maintain the company’s “Highly Recommended” rating. Risk reminder: the profitability of the branch is less than expected; the risk of emergencies

11 Mar

Zhongnan Construction (000961) Quarterly Report Review: Outstanding Performance, Continuous Financial Optimization

Zhongnan Construction (000961) Quarterly Report Review: Outstanding Performance, Continuous Financial Optimization

Matters: The company announced the third quarter report of 2019 and realized operating income of 409.

60,000 yuan, an annual increase of 36.

5%, net profit 22.

60,000 yuan, an annual increase of 78.

7%, achieving EPS0.

6103 yuan, located in the upper limit of the performance forecast interval.

  Ping An’s view: The performance is beautiful and the outstanding resources are abundant: the company actually realized operating income of 409.

60,000 yuan, an increase of 36 in ten years.

5%; net profit attributable to mother 22.

60,000 yuan, an increase of 78 in ten years.


The main reasons why the growth rate of net profit is higher than the growth rate of revenue: 1) The annual sales and management expense ratios have decreased by 0.

89 and 0.

85 units; 2) Due to the increase in settlement of non-consolidated projects, investment income was realized in the first three quarters.

7 trillion, 0 compared with the same period last year.

8 ppm increased significantly; 3) The proportion of interest in the carry-over project increased, and the proportion of minority shareholders’ profits and losses continued to decrease by 15%.

3 up to 3.


As the sales amount was higher than the settlement income, the advance payment at the end of the period increased by 16 compared with the beginning of the period.

1% to 1278.

80,000 yuan, as the basis for subsequent performance growth.

Sales continued to increase at a high rate, and investment relaxation was moderate: the company achieved sales of 1024 in the first three quarters of 2019.

30,000 square meters, an increase of 31 in ten years.

7%; realized sales amount of 1299.

50,000 yuan, an increase of 26 in ten years.

6%, the market share increased by 0 compared to 2018.

2 up to 1.


The average sales price was 12,687 yuan / square meter, a decrease of 1% compared with the same period in 2018.

In the first three quarters, the company newly entered Jinan, Xiamen, Jieyang, Zhanjiang and other cities, gradually expanded 51 projects, added 7.51 million square meters of construction area, and gradually decreased 42.

8%; land sales area ratio is 73.

3%, the average floor price (5,541 yuan / square meter) is 43 in the same period average sales price.

7%, down 66 from 2018.

1 up by 10.

1 unit.

Among them, the newly-built area in the third quarter was 3.33 million square meters, an increase of 45 from the second quarter.

8%, land sales area ratio is 87.

2%, an increase of 29 from the second quarter.6 units, the investment intensity has increased.

The construction area under construction at the end of the period was 34.23 million square meters, of which the construction area to be started was only 13.32 million square meters.

The debt structure continued to be optimized, and there was no pressure on short-term debt repayment: at the end of the period, the company’s net debt ratio and the asset-liability ratio excluding advance receipts had fallen earlier respectively.

3, 0.

9 up to 175.

6%, 44.

1%, continuous optimization.

Cash in hand 254.

5 ppm is 158 of long-term and short-term debt due within one year.

8%, an increase of 45 earlier.

With 5 shares per share, there is no pressure on short-term debt service.

As these companies grab sales rebates, net operating cash inflows48.

10,000 yuan.

  Investment suggestion: Maintain a sustainable profit forecast. It is expected that the EPS for 2019-2021 will be 1.

09 yuan, 1.

87 yuan, 2.

43 yuan, the current sustainable corresponding PE is 7 respectively.

9 times, 4.

6 times, 3.

6 times.

The company’s stable turnover strategy, upgraded and improved incentive mechanism, continuous optimization of urban layout, multi-factors to help the industry continue sales performance; advance income and profit margin repair, the continued release of future performance is also worth looking forward to, maintain a “recommended” rating.

Risk reminders: 1) The overall performance of the current property market is cooling, while the third and fourth lines are subject to sufficient supply, demand shrinks, and there is too much adjustment without significant adjustments. The subsequent volume and price will be under pressure.Excessive adjustment of the property market in the third and fourth tiers may result in less-than-expected sales risks, and at the same time may bring the risk of impairment of some of the company’s third and fourth tier projects; 2) Land prices continue to rise since 2016 due to the hot property market, and subsequent price limit policies in citiesThe risk that the company ‘s gross profit rate will decrease in the future; 3) Recent changes in the industry ‘s funds have tightened, and the property market sales have increased slightly. Subsequently, if the property market returns to a stable process and then cools down more than expected, the company faces tight financing 深圳桑拿网 channels and upward financing risks.