Industrial Bank (601166) Interim Report 2019: Net interest margin performance is better than the industry

Industrial Bank (601166) Interim Report 2019: Net interest margin performance is better than the industry

Industrial Bank disclosed in its 2019 Interim Report that Industrial Bank achieved net profit attributable to its mother of US $ 35.9 billion in the first half of 2018, an increase of 6 per year.


  The decline in equity multiplier affects ROE. ROA is basically stable. The average ROE in the first half of the year decreased by 0.

Six averages, but ROA rose slightly over 0.

01 average, basically stable.

From DuPont’s analysis, there are two major factors that have changed significantly: first, the net interest rate / average asset has increased significantly, and second, the asset impairment loss / average asset has increased significantly.

  The net interest margin improved significantly in the short term, and the average daily net interest margin in the first half of the year after excluding the financial leasing business was basically stable1.

60%, previously expected to increase by 18bps, mainly due to the improvement in interbank financing costs, related to the decline in money market interest rates and its special compensation structure.

  On a month-on-month basis, the average daily net interest margin is 佛山桑拿网 basically stable, and the first half of this year is only 2bps higher than the second half of last year.

This is also close to the industry trend, but slightly better than other banks.

  The asset quality trend is consistent with the industry. The NPL ratio at the end of the second quarter decreased by 1bp to 1 from the end of the first quarter.

56%, the attention rate decreased by 24bps to 1.

88%, the overdue rate decreased slightly by 2bps to 2 compared with the initial period.

00%, non-performing loans overdue for more than 90 days decreased by 6 from the initial replacement to 121%.

The remaining indicators performed better, but the bad generation rate increased by 52bps to 1 compared with the same period last year.

57%, showing an increase in adverse marginal production pressure, the trend is consistent with the overall trend of the industry.

  In addition, we noticed that the company’s asset impairment losses increased at least, mainly due to the increase in loan impairment losses.

We estimate that the company’s provision for loan losses in the current period / increased non-performing loans in the current period decreased by 10 percentage points compared with the same period last year, so we believe that the increase in loan impairment losses was mainly due to the increase in non-performing generation rate.

  Investment recommendation The overall performance of the company is in line with expectations, and we still maintain the company’s “overweight” rating.

  Risks suggest that the continued weakening of macroeconomic indicators may adversely affect the quality of bank assets.

Xinhua Wenxuan (601811) 2019 Third Quarterly Report Review: Deducting Non-Net Profit Increases 30% Year-on-year, Bestseller Effect Drives High Growth of General Book Retail Code

Xinhua Wenxuan (601811) 2019 Third Quarterly Report Review: Deducting Non-Net Profit Increases 30% Year-on-year, Bestseller Effect Drives High Growth of General Book Retail Code

Company dynamics The company announced the third quarter report of 2019, and the company achieved revenue of 58.

2.8 billion, an annual increase of 6.

38%; net profit attributable to mother 7.

470,000 yuan, an annual increase of 24.

56%; net profit after deduction is returned to mother 7.

1.3 billion, an annual increase of 29.


Matter comments The general book publishing business has a high sales code, and the gross profit margin of the textbook teaching and auxiliary publishing business has increased. The company’s general book publishing business has achieved sales code 18 in the first three quarters of 2019.

660,000 yuan, an increase of 18 in ten years.

52%; realized income 6.

22 ppm, a ten-year increase of 8.


The company’s general book sales code increased rapidly, especially for children’s books.

The company’s best-selling book, the “Miaoquan Series” has become a prominent extracurricular reading material for people in the middle and lower grades of elementary schools. In the 8-month retail list of children’s books published in open books, the “Miaohuan” series is top-selling19 of the top 30 books.

Due to the relatively high sales volume of children’s books and e-commerce channels, and more discount activities, the company’s general book revenue growth rate is slightly lower than the code foreign growth rate.

The company’s textbook teaching and auxiliary business maintained a steady development momentum. The first three quarters of the textbook teaching and 杭州桑拿网 auxiliary publishing and distribution business achieved positive growth in the average value of revenue and revenue.

Benefiting from the company’s own cost control of education and publishing products, certain results were achieved, and the company’s gross profit margin for the publication of teaching materials and teaching aids increased.

01 single, driving the company’s comprehensive gross profit margin to achieve positive growth.

Increasing income and the increase in investment income The company’s net profit growth rate is due to the company’s associate company, Tibet Venture Capital, the first three quarters of profit growth, so the company’s equity-based investment income of associates increased significantly.

In addition, due to the time difference in the implementation of the gradual first-collection-refund policy for publishing companies, the gradual tax refund received by the company this year increased by about 50 million yuan compared with the same period of the previous year.

The book publishing and distribution business of the combined company’s main business continued to maintain steady growth. The combination of multiple factors contributed to the company’s first-quarter net profit and net profit growth after deductions exceeded expectations.

Profit forecast and forecast The company’s education and publishing business has developed steadily, and the general book business has grown rapidly, and the “Mi Xiaohuan” series of brands have significant effects.

We continue to be optimistic about the company’s future development. It is expected that the company’s net profit attributable to shareholders of the parent company will be 11 in 2019-2021.

5.6 billion, 12.

9.5 billion and 14.

49 ppm; EPS is 0.

94 yuan, 1.

05 yuan and 1.

17 yuan, corresponding to PE 13.

14, 11.

73 and 10.

48 times, maintain the “cautious increase” rating.

Risk warning policy risks; increased competition in the industry; fluctuations in raw material prices; risk of failure of government tenders; increased channel discounts;

Huadian International (600027): Multi-dimensional view of the configuration value of thermal power faucet

Huadian International (600027): Multi-dimensional view of the configuration value of thermal power faucet

The company’s installed area has significant advantages in layout, multi-factor trends are improving, and profitability can be significantly improved. As of the end of 2018, the company’s holding installed capacity was 51.57 million kilowatts, and thermal power accounted for nearly 90%. The overall continued decline continued, and most units were distributed inElectricity, thermal load center area.

The provinces (Shandong, Hubei, Anhui, etc.) where the company’s thermal power units are evenly distributed have better power supply and demand sizes, and the volume and price of power generation business are rising.

Since this year, the government has accelerated the examination and approval of coal production capacity, promoted the release of high-quality production capacity, the coal supply and demand pattern has continued to improve, and the coal price season is not busy.

Although it is not ruled out that the government may introduce measures to stabilize coal prices, such as restricting imported coal or increasing the safety supervision of coal mines, but considering that coal inventories at power plants and ports have reached record highs, macroeconomic operations continue to be weak, and the daily consumption of power plants is difficult to recover.

It is expected that the market price of coal will continue to fall further, significantly reducing 深圳SPA会所 the fuel cost of enterprises, and a significant improvement in earnings is expected.

The value of thermal power allocation is prominent, and Huadian International’s allocation opportunities are optimistic from multiple perspectives: reorganization, the recent increase in the market’s frictions on international trade frictions and the decline in macroeconomics, to avoid serious dangers, and the defense target is favored by the market.

At present the company PB is only 0.

93. Considering that the profitability of thermal power can improve the channel, PB repair and ROE can be expected, the company is expected to show alternative defense attributes at the current point in time.

At the same time, the company’s units are mainly distributed in the center of electric heating load, the supply and demand pattern is good, and the flexibility of coal prices and utilization hours ranks first.

At the same time, the company is expected to benefit directly from the commissioning of the Menghua Railway. The scale and scope of the sub-units ‘over-par power prices are not large, and the risk of subsequent reductions in on-grid power prices is manageable.

The company’s cash flow is good. Under the background of the government’s strict control of additional installed capacity, subsequent capital expenditures are reduced, continuous dividends are guaranteed, and the distribution rate is worth looking forward to.

Electricity reform is steadily progressing, and the risk of lowering electricity prices is small, which will benefit large-scale thermal power enterprises in the long run: Recently, the National Development and Reform Commission and the Energy Bureau jointly issued the “Notice on Fully Liberating Electricity Generation Plans for Operating Power Consumers”, stating that it is necessary to fully liberalize operating power.Users issue power plans, support small and medium-sized users to participate in market-based transactions, and improve the price formation mechanism after comprehensive development and development of power plans.

Considering that the notice does not have a clear scheduled time for fully liberalizing the development of electricity consumption plans, core issues such as clean energy consumption and market-based electricity prices have not yet been resolved, and it is expected that it will not be fully advanced in the short term.

In the medium and long term, marketization will be further liberalized, and the “base price + floating price” mechanism will occupy a place. The increase in the correlation between electricity prices and coal prices will help improve the cash flow and profitability of power generation companies, and also help break throughPerformance fluctuations.

Market-based competition tends to be fierce, large-scale units with high capacity, environmental protection and expected standards and low quotations have core competitiveness.

Investment suggestion: Overweight-A investment rating, 6-month target price of 5.

0 yuan.

We expect the company’s revenue growth to be 5 in 2019-2021.

7%, 3.

9%, 3.

5%, net profit was 35.

2 billion, 45.

2 billion, 53.

300 million, optimistic about the continuous improvement of the company’s performance.

Risk Warning: The growth of electricity consumption in the whole society is less than expected; coal continues to run at a high level; and the downside risk of on-grid electricity prices.

Sanqi Mutual Entertainment (002555): High growth in mobile games continues to focus on major developments

Sanqi Mutual Entertainment (002555): High growth in mobile games continues to focus on major developments

Core point of view: The company announced the 2018 annual report and the 19Q1 quarterly report: 1) The company’s revenue increased by 23 in 2018.

33% to 76.

300 million, net profit attributable to mothers fell by 37.

77% to 10.

10,000 yuan, 2 yuan (taxes included) for every 10 shares.

2) 19Q1 revenue increased by 95%.

5% reached 32.

500 million; net profit attributable to mother increased by 10.

8% reached 4.

500 million.

In 19H1, the company’s net profit attributable to mothers is expected to increase by 12.

3% -24.

8% reached 9-10 ppm.

1) The company ‘s mobile game market share has increased to 6. In 2018, the company’s mobile game market share has increased to 6.

5%, the follow-up product schedule is rich.

On the existing games, the company’s “Douro Continent” H5, “Knife passed on to the world”, etc. have achieved a monthly flow of over 100 million.

In the future, it has more than 12 self-developed projects including “Legend NB” and “Codename YZD”, 9 exclusive agent products such as “Xian Ling 2”, and more than 10 overseas product reserves.

The company continues to iterate in research and development, while maintaining the advantages of ARPG category, while achieving cross-category expansion in multiple areas; rich product supply at the issue end, and also trying alternative substitutions and categories; and establishing 佛山桑拿网 “three-dimensional marketing + precision promotion” in promotion services”” Method to build a new idea of systemic traffic management.

2) The selling expenses are high, and the subsequent net profit may be restored. According to the annual report, the company accrued 9 in 2018.

6 million goodwill was impaired, net profit adjusted for non-GAAP adjustments excluding the impact of goodwill, investment income, etc. increased by 6.

5% reached 15.

0 million.

In addition, high selling expenses in 18Q4 and 19Q1 dragged down the net profit margin. The quarterly report showed that the net profit margin in 19Q1 was 14% (selling expense ratio 66%); we expect the products to mature and the selling expense ratio may be partially controlled.

Investment suggestion: The company adheres to the development strategy of “high-quality, diversified, platformized, and integrated”, with strong core capital and strong prospective strategic layout capabilities.

And the company has established an alternative first-mover advantage in the issuance market, and subsequently tried to achieve diversified breakthroughs in product types and overseas markets.

We expect the company to achieve net profit for 2019-202018.

4 billion, 21.

6 ppm, the current sustainable corresponding PE is estimated to be 14.

9X, 12.

7X, referring to the current average PE of the game industry company in 2019 is 16X, and the company’s reasonable value should be about 14.

00 yuan / share, maintain “Buy” rating.

Risk reminder: lower than expected flow, increased market competition, and the risk of maintaining a high sales expense ratio.

Cree Electromechanical (603960) 2018 Annual Report Comments: 2018 New Decade Single Increase, First Half of 2019 Results Will Continue to Explode

Cree Electromechanical (603960) 2018 Annual Report Comments: 2018 New Decade Single Increase, First Half of 2019 Results Will Continue to Explode

Event: The company announced the 2018 annual report on the evening of March 11 and realized revenue 5.

83 trillion, +131 for ten years.

51%, net profit attributable to mother 0.

650,000 yuan, +32 a year.

31%; It is planned to distribute a cash dividend of 0 to every 10 shares for all shareholders.

97 ppm (including tax), a total of 1311 cash dividends were distributed.

40,000 yuan, accounting for 20% of the net profit attributable to the parent for the current period. At the same time, it is planned to transfer 3 capital shares for every 10 shares to all shareholders in the form of capitalization of capital reserves, which will increase 40.56 million 成都桑拿网 shares in total.

Comments: 1) Performance is slightly lower than expected but maintains rapid growth. It is expected that the performance in the first half of 2019 will continue to explode.

1) The company realized revenue in 20185.

83 trillion, +131 for ten years.

51%, net profit attributable to mother 0.

650,000 yuan, +32 a year.

31%, performance maintained rapid growth, but slightly lower than market expectations, mainly affected by the delivery time of related orders at Bosch headquarters, Bosch orders expanded, the relative error in the revenue recognition cycle is expected to confirm revenue in the first half of 2019, the companyThe first half of 2019 results will be significantly improved.

② In terms of business, the company’s flexible automation equipment and industrial robot system business income3.

1.南京桑拿论坛3 billion, +24 a year.

40%, gross margin 35.

72%, ten years +0.

02pct; Shanghai Zhongyuan consolidated automotive engine parts and components revenue 2.

69 trillion, gross profit margin 18.


2) Affected by factors such as the consolidation of Shanghai Zhongyuan, the expense ratio increased during the period.

1) Affected by factors such as Shanghai Zhongyuan’s consolidation, intermediary fees, etc., the company’s expense ratio increased during the period of 20184.

85pct to 12.


② Specifically, the slight increase in the expense ratio during the period was mainly due to the management expense ratio (excluding R & D expenses), and the financial expense ratio increased by 4 respectively.

23pct, 0.

87pct to 11.

99%, -0.


Selling expense ratio decreased by 0.

25 points to 1.


③ Maintain high R & D expenses. In 2018, R & D expenses were 31.01 million yuan, accounting for 5 of revenue.


3) The new starting point has a single significant growth, mainly concentrated in the fields of new energy automotive electronics and automotive interiors.

1) New two-year order for flexible automation equipment and industrial robot systems in 2018.

78 ppm, +31 for ten years.

68%.② The new items are mainly concentrated in the fields of new energy automotive electronics (motors, electrical controls, energy recovery, etc.), automotive interiors, etc., the order size, the amount of batch orders, and the technical requirements related to orders are constantly increasing.

4) The company deeply benefited from the development of the automotive electronics industry and the upgrading of the National Six Standard, and its performance continued to maintain a high growth rate.

1) The company is located in the high-quality automotive electronics track. Automotive electronics, as the “crown pearl” in the automotive industry chain, has benefited from the gradual penetration of automotive electronics products from high-end models to low-end penetration and new energy vehicles.

② The company deeply binds major customers to unite Automotive Electronics and Bosch in Germany. In recent years, it is a large-scale construction period of new energy automotive electronics-related production capacity. The company is expected to continue to obtain large orders.

③ The main products of the subsidiary Shanghai Zhongyuan include fuel distributors, fuel pipes, cooling water pipes, etc. The company’s new products adapted to the national VI standard have a relatively high profit level, which will deeply benefit the popularity of the national VI standard.

5) Investment suggestion: It is expected that the company’s net profit for 2019-2021 will be 1.


52, 2.

20,000 yuan, the corresponding EPS is 0.

85, 1.


49 yuan, the corresponding PE is 40.

52, 30.

69, 23.

06 times.

Maintain a highly recommended level.

Risk warning: the order delivery progress is lower than expected, the new business expansion is less than expected, and the risk of high customer concentration

Northern Huachuang (002371): Three expected differences under high prosperity

Northern Huachuang (002371): Three expected differences under high prosperity

Expected difference 1: The accelerated expansion of advanced packaging and testing drives demand for high-end semiconductor 武汉夜网论坛 technology and equipment.

  Under the 5G + AIOT trend, the development of new-generation displays and other technologies has put forward higher requirements for chip packaging technology, and promoted FC2.

The development of 5D, 3D, TSV and other advanced technologies has increased the demand for high-end semiconductor technology and equipment in the field of selective sealed ranging.

  Northern Huachuang is able to provide accurate advanced sealing measurement areas of PVD, ALD, etching, Descum and cleaning and other high-end equipment and process solutions. At present, it has cut into the global sealing testing factory Taper ASE, with significant first-mover advantages.

  Expected difference two: the panel industry is reversed, and the domestic companies’ competitiveness in the global panel industry has increased, driving the 深圳桑拿网 amount of supporting equipment.

The short-term panel prices bottomed out, and in the medium term, Korean manufacturers ‘capacity was expected to withdraw, and the mainland manufacturers’ industry gradually increased their weight.

As a domestic panel leader, BOE will deeply benefit from the LCD industry reversal and OLED capacity.

  The major shareholder of BOE (domestic panel leader) and Northern China Chuang (a domestic high-end electronic equipment leader) merged the large state-owned enterprise “Beijing Electric Control” to carry out “industry collaboration” and “order acquisition” on the water platform.

  Expected difference three: The localization of warehouses has brought historical possibilities to domestic semiconductor equipment companies, and the company’s storage orders in the Yangtze River have been smoothly obtained.

From the “Yangtze River Storage Technology Co., Ltd. International Equipment Procurement Project” disclosed on January 10, 2020, Northern Huachuang won the bid for 12 units of Yangtze River Storage (the report includes 3 etchings, 3 PVDs, 6 furnace tube equipment), It is predicted that the amount of orders won in this batch is about 200 million.

Judging from the bidding data, it is expected that North China Huachuang’s order to expand storage in the Yangtze River in 2019 will be 3.

6 trillion. The conservative estimate for the full year of 2020 is 6 trillion.

In addition, the company’s etching field gasket, Al-pad isometric process; PVD field CuBS, ECP and other process breakthrough verification will help bring new value growth points to the company.

  Investment rating and estimation: The company’s EPS for 2019-2021 is expected to be 0.



72 yuan, give “recommended” rating.

  Risk reminder: the risk that the amount of depreciation and amortization affects business performance, the downturn of the industry, and the intensification of industry competition.

China Pacific Insurance (601601) 3 quarterly report: Q3 single-quarter net profit increased by 51% 2020 life insurance debt end is expected to usher in an improved transition2.

0 progress can be expected

China Pacific Insurance (601601) 3 quarterly report: Q3 single-quarter net profit increased by 51% 2020 life insurance debt end is expected to usher in an improved transition2.

0 progress can be expected

Investment suggestion: China Pacific Insurance’s net profit attributable to its mother in the first three quarters will increase by 80 per year.

2%, Q3 single quarter growth of 50.

9%, “changes in accounting estimates” reduced profit before tax by 3.7 billion, and profit growth exceeded expectations.

We judge that CPIC Life’s debt end will usher in improvement in 2020, stemming from a better balance between the closing and opening in the fourth quarter, and the improvement of overall capabilities.

In the long run, CPIC is firmly committed to transformation2.

0, to create a new momentum of “team upgrade, service value-added, technological empowerment”, it is expected that CPIC will enter a long-term, stable growth cycle in the next 1-2 years.

Based on Q3’s performance, we adjusted our net profit forecast for 2019-2020 to be 29 billion / 35 billion, + 61% / 21% year-on-year (previous forecast was 30.5 billion / 34.2 billion).

As of October 30, 2019 PEV is 0.

80 times, estimated low, excellent long-term allocation value, maintain “Buy” rating.

1. CPIC’s net profit in the first three quarters was 2.29 million yuan, an annual increase of 80.

2%, of which Q3 increased by 50 in a single quarter.


CPIC adjusted the actuarial assumptions beyond the discount rate, reducing pre-tax profits by up to 37 trillion, and gradually increasing annual profit growth.

2. Life insurance: The growth trend of new single premiums continued in the third quarter, but the value margin of new business is expected to increase.

In the first 3 quarters, the new single premium was extended twice.

3%, the first year delivery interval is inserted 18.

6%, of which Q3 single-season intersection point reached 25 alternately.


We expect to benefit from the optimization of the business structure and the increase in the value of the main guarantee product, and the profit of NBV in Q3 will increase.

3. Property and casualty insurance: The premiums increased steadily and rapidly, and the proportion of non-auto insurance increased.

Property insurance premium income grows by 12 per year.

9%, of which auto insurance and non-auto insurance premiums increased by 5.

3%, 32.

3%, non-auto insurance premiums increased from 28% to 33%.

4. 淡水桑拿网 In terms of investment, the annualized net investment yield is 4.

8%, flat for one year; annualized total investment yield is 5.

1%, a year to raise 0.


5. We judge that CPIC Life’s debt end will usher in improvement in 2020, mainly based on the following advantages: 1) It will better balance the closing of the fourth quarter of 2019 and the start of the next year; 2) In 2019, CPIC’s sales team will “excellent growth, strong”Training” and the deflection of transformation. With the promotion of transformation, the agent’s production capacity will increase in 2020.

3) We judge that the attractiveness of the red-door products in 2020 will be higher than last year.

6. CPIC comprehensively promotes transformation 2.

0, create three new kinetic energy: “team upgrade, service value-added, technology 南京桑拿论坛 empowerment”.

In terms of team upgrades, the company implemented layered classified portraits and fine management, and used technology empowerment (O2O training mode, intelligent sales support, and smart cloud workplace) to build three key teams and promote team structure optimization.

1) Enlarge core manpower (healthy, high-performing manpower). The goal is to increase the proportion of core manpower from 25% to 40% after 3 years.

2) To strengthen the top performance, mainly for the high net worth customer group, the goal is to increase the scale of top performance from 600 to 2,000+ people in 3 years.
3) Cultivate a new generation of teams adapted to the digital sales service model. The goal is to increase the proportion of new generations from 15% to 30% after 3 years.
In terms of value-added services, we will enrich the supply of services and build an “insurance + health + pension” ecosystem.

1) With the construction of “Taibao Homeland” as the carrier, we will deeply cultivate the field of health care and retirement, and plan to establish 6 high-end care and community projects.

2) Establish an “insurance + health” ecology, that is, “Taibao Blueprint” medical services + “Taibao wonderful health” personal exclusive health interactive plan + CWI experience center (smart health steward).

In terms of technology empowerment, we upgraded the whole process of operational services such as underwriting, claims, customer service, etc., to improve customer service experience and operational performance, and to promote sales with services.

CPIC Life has formed its own “big product line” and “scenario application” in terms of AI and data.

The life insurance industry is now moving from a high-speed development to a new cycle of gradual development. The era of occupancy-driven premiums has ended. Insurance companies that can build a full-time, professional, and elite agent team will win in the future, with products + services + technology.It’s gripper.

CPIC is at the forefront in this round of transition, with a clear transformation strategy and mature management mechanism, CPIC is in transition1.

Period 0 reflects the company’s strong ability to transform and execute.

We judge that the transformation will gradually begin to appear in the next 1-2 years, and CPIC will enter a stable growth cycle of “capacity-driven growth and service enhancement of differentiated competitiveness”.

CPIC’s 2019 PEV is 0.

80 times, estimated low, excellent long-term allocation value.

Risk Warning: The interest rate fell more than expected, the size of the agent expanded more than expected, and the sales of guaranteed products fell short of expectations.

New Natural Gas (603393): Non-recurring earnings increase, performance is optimistic, volume and price continue to rise

New Natural Gas (603393): Non-recurring earnings increase, performance is optimistic, volume and price continue to rise

Event: The company released its 2018 annual report and achieved operating income16.

32 ppm, an increase of 60 in ten years.


Net profit attributable to mother 3.

350,000 yuan, an increase of 26 in ten years.

88%, higher than Shen Wanwanyuan’s expectations of 2.

4.2 billion.

The company intends to distribute a cash dividend of 10 yuan (including tax) for every 10 shares, and convert 4 capital shares for every 10 shares in the form of capital reserve.

Investment Highlights: Due to the acquisition of Yamei, the audit confirmed that the difference in fair value of net assets increased non-operating income.

One-time expenses are collectively confirmed, which drags down non-post performance.

In 2018, the company’s main business grew steadily. In the third quarter, it completed the cash acquisition of Asian American Energy and achieved operating income16.

32 ppm, an increase of 60 in ten years.


The company’s net profit to mother 3.

$ 3.5 billion increased by 26.


Among them, after auditing, the difference between the fair value of the net assets acquired by Yamei was 2.

10,000 yuan is recognized as non-operating income.

Due to the confirmation of one-time expenses such as agency fees and consulting fees arising from the acquisition of Asian American Energy, management costs have increased significantly.

The cash acquisition of Asia-American Energy supplemented the financial costs of approximately US $ 100 million, and the overall cost of the period increased, dragging down non-net profit after deductions.

74% is 2.

10,000 yuan.

Xinjiang natural gas distribution continued to grow, and home installation business remained stable.

The company is engaged in natural gas distribution business in Xinjiang, with gas sales in 20186.

5 billion cubic meters, an increase of 17 in ten years.


Gas volume growth has driven gas supply business revenue for many years.


Revenue from natural gas installation business2.

08 yuan, reduced by 0 every year.

5%, basically unchanged from the previous year.

The three main wholly-owned subsidiaries Mi Quan, Kuche and Wujiaqu, which contributed to the performance of the gas distribution business, achieved net profit1.

11, 0.

34, 0.

$ 3.7 billion, the main business profit changes to 5 per year.

12%, -25.

12% and -7.

78%.In 2017, the company added franchise rights to Urumqi High-tech Zone to ensure the company’s gas sales to grow steadily.

Asian and American energy prices rose, and profits increased significantly.

Continuous supplementation and gradual progress, Mabi Blockchain was approved, and the development scale has continued to grow.

Gas production of Panzhuang project in 20187.

0.5 billion cubic meters, an increase of 23 in ten years.


The average sales price of the Panzhuang project increased by 27 compared with 2017.

48% to 1.

67 yuan / square.

The gas output of the Mabi project is 0.

9.7 billion cubic meters, an increase of 67% over the same period, and its average sales price increased by 21 compared with 2017.

93% to 1.

39 yuan / square.

The volume and price of coal-bed methane rose, and Yamei Energy achieved operating income in 201812.

580,000 yuan, an increase of 71 in ten years.

02%; net profit achieved 4.

1.3 billion, an increase of 125 in ten years.


In 2018, 63 holes were drilled in the Panzhuang blockchain, an increase of 8 from 2017.

In October last year, the Development and Reform Commission approved the coalbed methane development plan for the southern region of the Mabi blockchain.

The latest NDRC policy has changed the development plan of coalbed methane foreign cooperation projects from the approval system to the record system, which will help the company develop new blockchains and increase its growth space in the long run.

Profit forecast and estimation: With reference to the company’s gas distribution in 2018, and the increase in the volume and price of coalbed methane, we adjust the forecast for the company’s 2019-2020 performance to 5.

33, 6.

2.9 billion (5 before adjustment).

02, 6.

4.9 billion), and the new forecast for 2021 is 7.

4.4 北京桑拿洗浴保健 billion.

Corresponding to the current expected PE is 12, 10 and 9 times.

Natural gas consumption continues to grow at a high rate, and the new policy of coalbed methane development is conducive to the company’s long-term expansion.

The company’s assessment is lower than the industry average and maintains a “Buy” rating.

Blu-ray Development (600466) Quarterly Report Review: Performance Growth Continues and Profitability Continues to Improve

Blu-ray Development (600466) Quarterly Report Review: Performance Growth Continues and Profitability Continues to Improve
Event description Blu-ray Development achieved revenue 57 in the first quarter.670,000 yuan, an increase of 73 in ten years.40%, net profit attributable to mother 4.9.5 billion, an annual increase of 64.31%, gross profit margin gradually increased by 1.31 up to 29.06%.  Event Comment The sales in East China and Central China are dazzling, with high-intensity land holdings to support future growth.The company achieved sales of 188 in the first quarter.62 ppm, an increase of 10 in ten years.23%; among them, the company’s East China and Central China region sales performance is excellent, the first quarter achieved sales of 58.25 ppm and 42.100,000 yuan, an increase of 390 each year.73% and 149.85%.The company continued to make efforts to expand the nationwide layout, and its regional sales contribution became more balanced.In terms of land acquisition, in the first quarter, the company replenished 23 land reserves with a total construction area of approximately 3.2 million square meters, far exceeding the sales area of 207 in the same period.390,000 square meters, can support the company’s later sales growth to a certain extent.  Revenue and profits have steadily increased, and profitability has continued to increase.The company achieved operating income of 57 in the first quarter.6.7 billion, an annual increase of 73.40%; net profit attributable to owners of the parent company.950,000 yuan, an increase of 64 in ten years.31%; revenue and performance continued a solid growth momentum.At the same time, the company’s profitability has continued to improve, with a gross profit margin of 29 in the first quarter of 2019.06%, an increase of about 1 per year compared to 2018.The 31 singles maintained a temporary upward trend; affected by the uneven pace of investment and settlement during the year, 厦门夜网 the company’s first quarter net profit increased.41%, but still at least significantly improved.  In terms of advance receipts, the company’s advance receipts at the end of the first quarter of 2019 reached 563.7.3 billion, compared with 509 at the end of 2018.9.5 billion euros continued to rise rapidly, and a certain scale guaranteed the stability of the company’s future performance.  Concentrated investment expenditures resulted in a gradual decline in cash and the overall financial position remained stable.Due to the uneven distribution of investments and receivables during the year, and the company increased its investment efforts in the first quarter of this year, the company’s cash has gradually replaced.In terms of leverage, the company’s net debt ratio at the end of the first quarter was approximately 129.53%, a phased 佛山桑拿网 increase from 2018.With the gradual return of cash and the scale of profit carry forward, the company’s leverage may decline in the future.  Benefiting from the nationwide layout and the enhancement of product power, we maintain the “Buy” rating.The company’s nationalized layout and improved product performance have been recognized by the market. Performance growth has entered a fast track, and future operations are expected to reach a new level.It is predicted that the EPS of the company in 2019, 2020 and 2021 will be 1.11 yuan, 1.70 yuan and 2.03 yuan, the profit growth rate was 49%, 53%, 19%; corresponding to April 26, the daily PE was 6 respectively.26x, 4.09x, 3.43x.Maintain “Buy” rating.  Risk Warning: 1. There are certain uncertainties in industry normative policies and project settlement progress, or they may affect the sales performance of listed companies; 2. Macroeconomic and liquidity fluctuations may have an impact on the company’s operations.

Qiaqia Foods (002557): Strong growth of core single products, gross profit margin, driving profit improvement continued

Qiaqia Foods (002557): Strong growth of core single products, gross profit margin, driving profit improvement continued

Core Views Core products are focused on high-quality resources, and strong single products still maintain high growth rates.

The company’s overall revenue growth in the first half of the year6.

02%, revenue of 9 in the second quarter alone.

4.7 billion / + 11.

78%, in the first quarter affected by the Spring Festival effect in the second quarter revenue growth rate rebounded.

Breakthrough into a single business: (1) The company’s sunflower seed business achieved revenue13.

7 billion / + 14.

29%, red bags are expected to maintain a steady growth of 5% -10%, blue bags of sunflower seeds will achieve a high-speed growth of more than 25%; (2) revenue from nut products2.

79 ppm / + 39.

83%, the overall growth rate is still strong under the dual drive of volume and price; (3) revenue from other products3.

38 ppm / -29%, major companies with negative revenue growth of other 成都桑拿网 products reorganized at the product side and channel side, focused core resources on the main industry and pushed the company to structurally upgrade nut products.

The increase in gross profit margin has significantly improved overall profitability.

2019Q1 / Q2 company achieved gross profit margin of 30.

38% / 33.

40%, increase by 1 every year.

45 points / 3.

19pct, the gross margin end showed a significant improvement and the marginal improvement range expanded.

Looking at the break-through business, sunflower seed / nut products achieved a gross profit margin of 36.

28% / 21.

26%, a year up 0.

38pct / 5.

54 points.

The improvement in sunflower seed profit has mainly broken through the increase in the structural proportion of blue bag products and the price increase of some red bag products in the third 武汉夜网论坛 quarter of last year, while nut products benefited from the price increase and mechanization rate in the third quarter of 2018.

The sales side is still exerting strength, and the strong single products in the second half of the year will continue to be expected to increase volume.

2019H1 overall sales expenses achieved 2.

$ 6.9 billion / +9.

94%, sales expense ratio increased by 0.

48pct, the cost rate level has increased slightly.

At present, the company is still working hard at the sales end to expand advertising in more than first and second tier cities (Q3 cooperates with Focus Media), promote the double promotion of daily nut single product market awareness and recognition, and gradually increase consumption in first and second tier cities.For growth, companies in third- and fourth-tier cities are expected to sink space. In 19, the number of cities covered is expected to increase to 50 / + 66.


Equity incentives have continued to advance, and employees’ interests have been aligned to provide significant motivation for subsequent performance improvement.

As of the end of June, the company had repurchased 19 shares in total.

580,000 shares, accounting for 0 of the company’s total share capital.


Not more than 50% of the repurchased shares will be used for employee stock ownership plans. Equity incentives will continue to promote the binding of employees and the company’s core interests, and the company’s growth momentum will follow.

Financial Forecast and Investment Suggestions Due to the faster-than-expected growth of blue bag products and the increase in overall gross profit margin, we adjusted the EPS forecast for 2019-2021 to 1.


19/1.36 yuan (1 before adjustment).



28 yuan), maintaining a 30-year P / E ratio of 19 years, corresponding to a target price of 30.

3 yuan, maintain “Buy” rating.

Risk reminders: Sino-US trade war, rising costs of imported nuts, new product growth is less than expected, overseas market development is less than expected