Haitian Flavor Industry (603288): Stable performance and leading style

Haitian Flavor Industry (603288): Stable performance and leading style

Event: The company announced its semi-annual report and achieved operating income of 101 in the first half.

60,000 yuan, an increase of 16 in ten years.

51%, net profit attributable to mother 27.

50,000 yuan, an increase of 22 in ten years.


Revenue in the second quarter alone was 46.

7 ‰, an increase of 16% in ten years, realizing net profit attributable to mothers12.

73 ppm, an increase of 21 in ten years.


  The company’s revenue growth rate exceeded expectations, and the growth rate of seasoning sauce has improved: in terms of products, the company’s three major categories of soy sauce, seasoning sauce and oyster sauce increased in the first half of the year.

61%, 7.

48%, 21.

13%, of which the growth rate of soy sauce and oyster sauce products slowed down in the second quarter. Seasoning sauce products were actively adjusted by the company to achieve breakthrough levels and promote continued to the end.

The sum of the growth rates of the three major categories is lower than the total growth rate of 16.

51%, representing the growth of new categories such as cooking wine and vinegar over 37%, achieving leapfrog development and continuously expanding and expanding product categories.

The company ‘s original oyster sauce expansion project, Gaoming 15, was completed in June. The expansion of production capacity will effectively support the high growth of oyster sauce product sales.

  The gross profit margin decreased due to the impact of cost and product structure, and the expense ratio continued to improve: the company’s gross profit margin was 44 in the first half of the year.

86%, a decrease of 2 over the same period last year.

25 averages, obviously exceeding the maximum.

  The decline in gross profit margin was due to the rise in prices of raw materials such as soybeans, which ended on June 30, and the market price of soybeans was 4,226.

7 yuan / ton, an increase of 12 per year.


Although Haitian’s purchases of condiments range, its bargaining power on the upstream is limited, which has affected its profit.

Subsequently, low-margin categories such as oyster sauce, vinegar, and cooking wine grew faster, resulting in lower gross profit margins due to product 杭州桑拿网 structure changes.

As the company strengthens its purchasing strategy, the company’s gross profit margin will be restored for the optimization of production within a single category.

The most obvious improvement in the company’s expense ratio was the sales expense ratio, which was 11% in the first half of the year, a decrease of 2 from the same period last year.

49pct, especially the transportation cost rate and promotion cost rate are significantly reduced.

Haitian’s current density of dealers has further expanded, and the proportion of dealers choosing self-lifting models has increased, and unit freight has been diluted.

In general, the company has obvious scale advantages, with costs and sales barriers that are difficult for other companies to surpass.

In the future, the company’s gross profit margin will remain 武汉夜生活 stable or slightly increase, with high profitability and leading style.

  Profit forecast: EPS is expected to be 1 in 2019-2021.

98, 2.

34, 2.

72 yuan, corresponding to PE of 50, 42, 37 times. The company’s performance is stable, and it is favored by the capital of the north in the context of the increase in the openness of the capital market. It is also a high-quality hedging target in the market turbulence stage. The estimated premium is given.Evaluate switching and maintain “Buy” rating.

  Risk Warning: Less than expected sales; food safety issues

Super Big Order: Ten Billion Big Funds Flee from Chloroquine Phosphate

Super Big Order: Ten Billion Big Funds Flee from Chloroquine Phosphate
For stocks, please read Jin Qilin 深圳桑拿网 analyst research report, authoritative, professional, timely, and comprehensive, to help you tap potential potential opportunities!  [Super Large Order]Ten billion yuan of funds fled, and the concept of the phosphate chain was suddenly good. The funds actually operated the original Lin Lifeng’s two cities with a large net replacement of 145.4.4 billion US dollars, the large single fund of the pharmaceutical and biological industry can exceed 4.2 billion US dollars, chloroquine phosphate concept stocks many capital inflows.  The three major A-share stock indexes closed up today. Among them, the GEM index rose more than 1%, and reached a new high of more than three years since December 2016.The total turnover of the two cities was 9999.500 million US dollars, a large amount of industry sector revenue growth, technology stocks led the rise, many stocks hit a record high. Specifically, the semiconductor, chip, aviation, domestic software and other sectors have the largest expansion; agricultural, financial sector.Northbound funds fell 53% today.9.1 billion yuan.  The two cities have a net deduction of 145.4.4 billion, of which Shanghai and Shenzhen 300 net reduction of 106.800 million, GEM net reduction of 21.8.8 billion yuan.More than 1300 large orders in the two cities have net circulation, and more than 1,800 shares have net circulation.  Today, there are 7 industries with a large single fund inflow in 28 industries, and 21 industries with a net inflow, of which 6 industries have a value of over 1 billion yuan.The largest single inflow in the textile and clothing industry, with a net inflow of 4.$ 5.6 billion, however, the single stock inflow amounted to 4 on Saturday.The amount of inflows of other stocks in the industry was over 9.7 billion US dollars.Large-scale inflows of comprehensive industries 3.US $ 6.3 billion, but it is also caused by the excessive inflow of a single stock. China’s Baoan inflows4.6.9 billion yuan.Net inflow of machinery equipment industry 3.At US $ 4.1 billion, a single stock in the industry, Nevada, measured and controlled inflows6.9.3 billion yuan.In addition, defense military, media, and transportation exceeded 200 million yuan.  The largest single-fund replacement in the pharmaceutical and biological industry ranked first, with a net replacement of 42.7.3 billion, the pharmaceutical and biological industry index rose slightly.01%.Non-bank financial industry large single fund replacement25.At US $ 7.2 billion, the securities firm’s shares collectively fell, and Guoyuan Securities plunged more than 3%.Electronics and agriculture, forestry, animal husbandry and fishery each exceeded US $ 1 billion, and banking and communications exceeded US $ 900 million.  In terms of individual stocks, 47 large-capital inflows exceeded 100 million yuan, and Huafeng, a new stock listed on the science and technology board today, has the largest capital inflows, with a net inflow of 6.With a potential of 9.3 billion US dollars, a potential surge of 216% and the latest price of 340 yuan, it has become the first high-priced stock of the science and technology board.  China’s software big money inflow5.7.2 billion US dollars, has hit the daily limit in early trading.Last year, the stock market rose again on Saturday, with a large single fund inflow.9.7 billion, the Dragon Tiger list shows that an institution participated in buying more than 60 million yuan.In addition, China’s Baoan, Beijing-Shanghai high-speed rail, and BOE A’s large single capital inflow exceeded 400 million yuan. China Baoan broke the daily limit. After-hours rankings showed that the Shenzhen Stock Connect grabbed the budget and the scale of the institution was nearly 100 million.  Today, the daily limit of photoresist and domestic chip concept tide, Hangjin Technology, Rongda Photosensitivity, Nanda Optoelectronics, Feikai Materials, Shanghai Xinyang, Taiji Shares, Broadcom Integration and other nearly 20 stock daily limit, the news surface, media reports said,The United States is considering changing regulations to achieve the goal of preventing companies such as TSMC from shipping chips to Huawei, and domestic substitution has led to a sharp rise in concept stock prices.From the perspective of capital flows, Shanghai Xinyang, Hangjin Technology, and Chengmai Technology inflowed more than 200 million, Jingjiawei, Hite High-tech, Zhiguang Electric, Ziguang Guowei, Zhuoshengwei inflowed more than 100 million, Baotong Technology,Feikai materials flowed in over 40 million yuan, Jingrui shares flowed in over 10 million yuan, Rongda Photosensitizer, Nanda Optoelectronics and other net replacements.  There are 72 stocks with a large single fund exceeding 100 million yuan, of which 16 are in the electronics industry and 12 in the biomedical industry.Hisun Pharmaceutical’s large single-fund alternatives led the way, with a net alternative of 9.7.6 billion yuan.As an anti-virus concept stock, Hisun Pharmaceutical has been soaring by over 70% since January 17.In addition, the company issued an announcement the night before that its fapilavir tablets were officially approved by the State Food and Drug Administration with conditions for listing. The drug is used to treat new or re-influenza flu in adults, which has intensified the word board yesterday, but has recently opened higher.Go lower and potentially close up 3.26%.  The investment of other pharmaceutical stocks has also exceeded the concentration, and Hainan Haiyao (protection of rights) has decreased by 400 million US dollars. The company previously announced that it has completed the research and development of Redecive APIs and preparations; Zhongsheng Pharmaceutical has replaced them.The company announced that it would participate in the clinical research of new coronavirus pneumonia treated with chlorofluorophosphate tablets; Huahai Pharmaceutical, Baiyunshan, Shanghai Pharmaceuticals, Shanghai Rice, and Hualan Biotech all exceeded 100 million yuan.  Yesterday, the Ministry of Science and Technology announced that the anti-lung disease drug chloroquine phosphate has a significant effect on new crown pneumonia.At the beginning of the morning, multiple stocks including Zhongsheng Pharmaceutical, Cap Bio, and Essence 深圳桑拿网 Pharmaceuticals opened. However, the termination of the close was limited to Guonong Technology (rights), egg-based organisms, and Essence Pharmaceuticals.From the perspective of capital flow, Zhongsheng Pharmaceutical has the highest amount in concept stocks, followed by Shanghai Pharmaceuticals and Baiyun Mountain, with an average price exceeding 100 million yuan, and Cap-Bio replaced over 40 million yuan. Inflows into individual stocks have the highest inflow of egg-based organisms.50 million yuan, the essence of pharmaceuticals, Guonong technology and other small net inflows.  Disclaimer: All information content of DataBao does not constitute investment advice. Securities are risky and investment should be cautious.

Hengdian Dongci (002056) Annual Report Review: Acquisition of Chengji Electronics Extends Magnetic Materials Industry

Hengdian Dongci (002056) Annual Report Review: Acquisition of Chengji Electronics Extends Magnetic Materials Industry

Investment Highlights: The company announced the 2018 annual report.

The company achieved operating income of 64 in 2018.

8.9 billion yuan, an increase of 3%; net profit attributable to mothers6.

8.9 billion, the company intends to distribute a cash dividend1 for every 10 shares.

47 yuan (including tax).

In the 2018 annual report, the company set its operating goals for 2019, and aims to achieve sales revenue of 71 in 2019.

2.2 billion, an increase of 10%, to achieve net profit attributable to mother 7.

310,000 yuan, an increase of 6%.

Acquired Chengji Electronics to extend the magnetic materials industry.

The company announced in November 2018 with its own funds4.

5 billion acquisition of Dongyang Dongci Chengji Electronics Co., Ltd.

Chengji Electronics is a leading domestic manufacturer of vibration motors, with sales of vibration motors reaching 1 in 2017.

500 million, accounting for 30% of national sales and 12% of global sales.


Sales of vibration motors are expected to reach 2 in 2018.

200 million, accounting for about 51% of national sales and about 18 of global sales.


The major customers of Chengji Electronics are mobile phone terminal suppliers such as Samsung, Huawei, ZTE, OPPO, VIVO, Xiaomi, LG and mobile ODM 成都桑拿网 factories such as Wingtech and Zhongnuo.

Sincere Electronics promises that the sum of its incremental net profit for 2018-2020 will not be less than 12002.

150,000 yuan.

We believe that the acquisition will be conducive to the synergy of the company’s magnetic materials business and support the development of the magnetic materials industry.

The repurchase demonstrates the confidence of leaders.

The company announced the repurchase of shares in December 2018 with an amount of not less than 1.

5 trillion, not more than 3 trillion, the repurchase price does not exceed 10 yuan / share.

As of February 28, 2019, the company gradually repurchased 1098 through centralized bidding.

230,000 shares, with a total transaction amount of 62.17 million yuan and a maximum transaction price of 5.

84 yuan / share, the lowest transaction price is 5.

46 yuan / share.

The repurchased shares will be used as stock sources for the implementation of equity incentive plans or employee stock ownership plans in the early and later stages.

The repurchase action reflects the confidence of company leaders in the development of the company.

The magnetic materials business has made steady progress.

The company’s output of soft magnetic materials in 20171.

8 In nominal terms, the domestic market share is about 8%.

In 2018, there was an overall steady increase, and the increase mainly came from the automotive electronics and wireless charging fields.

In terms of gross profit margin, soft magnetics are around 30%, and the output of permanent magnetic materials in 2017 was 10.

7 is the highest, with a domestic market share of 13%. Permanent growth remained stable in 2018.

Revenue of the plastic magnetic industry has grown rapidly, with a growth of more than 30% in the past two or three years. High-end products can be used in automotive sensors. The company expects future growth to be expected.

Profit forecast and rating.The company is a leader in the magnetic materials industry.

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

46, 0.

50 and 0.

56 yuan / share, considering the company’s historical expected level and the scope of industry competition, the company is given a 20-25 times 2019 price-earnings ratio, corresponding to a reasonable value range of 9.


50 yuan, previous market rating.

risk warning.

The operating environment of the photovoltaic industry has deteriorated, and the impact of the trade war on the company’s overseas sales has increased.

Sofia (002572): Q1 results are still under pressure to wait for the worst to pass

Sofia (002572): Q1 results are still under pressure to wait for the worst to pass
Sofia Quarterly Report: The company achieved revenue in the first quarter of 1911.8 ppm, with a ten-year average of 4.7%, net profit attributable to mother 1.1 ppm, a 10-year increase of 3.7%, deducting non-post anthracene 18.3%. Weak demand and reduced revenue: The company’s first quarter revenue decreased4.At 7%, revenue growth continued to decline. Eventually: 1) Real estate demand was weakly driven, and coupled with the marginal shift in the rate of increase in 佛山桑拿网 the penetration rate of customized products, the revenue of major custom-made enterprises has slowed significantly since 18Q4, and the trend of 19Q1 continues.The decrease in passenger flow in Q1 has a certain impact on the growth rate of the company’s performance: 19Q1 the company’s natural passenger flow source customers3.90,000, 26% higher than the average; the order for new homes is about 3.40,000, an annual increase of 8.2%, about 1 for second-hand and refurbished homes.80,000, exceeding 44% of the first level, the total number of customers of the wardrobe is 8.60,000, previously reduced by 9.6%.2) Major brands maintain rapid expansion and intensified terminal competition. In order to strengthen the competitiveness of the company’s products, the company has increased its sales promotion since 18Q2, and the unit price per square 南宁桑拿 meter of wardrobe retail replaced 4.9%, 19Q1 company customer price 10825 yuan, an increase of 2 year-on-year.At 4%, the pull in customer unit price has weakened.3) The Spring Festival is 18 years earlier, and the peak sales season is shortened. 4) The company’s organizational structure was adjusted in 18Q4, and the number of orders received improved, affecting 19Q1 revenue. By category: 1) 19Q1 company customized wardrobe and ancillary products revenue10.4 ‰, an average of about 7 in ten years.3%.The current average urban income is showing a trend, with provincial capitals / prefectures / fourth and fifth tier cities earning 3 respectively.5/3.4/3.4 ‰, with an interval of 12 each year.5% / 4.4% / 1.3%.In terms of different channels, the revenue from the distributor channel Q1 was 8.9 ‰, an average of 3 in ten years.5%; direct sales / bulk revenue increased by 8%, 10 respectively.7%.2) Cabinet: Smi cabinet 19Q1 income 1.1 ‰, an increase of 13% in ten years, the growth rate is 9pcs per year.3) The income of wooden doors in 19Q1 was 28.38 million yuan, an annual increase of 36%. Profit forecast and investment recommendations: We estimate that the company’s net profit attributable to shareholders of listed companies in the years 19-21 will be 10 respectively.800 million, 12.500 million, 14.7 trillion, an increase of 12.3%, 15.5%, 18.1%, given a 6-month target price of 26.9 yuan, maintaining the “Buy-A” level.

Depth-Company-Guoxuan High-tech (002074): Profitability rebounded significantly in the third quarter

Depth * Company * Guoxuan Hi-Tech (002074): Profitability rebounded significantly in the third quarter

The company released the third quarter report for 2019 and realized non-profit deduction4.

The company is expected to benefit from the recovery in iron and lithium demand and maintain an increase in holdings.

Key points of support level The company’s third quarterly report achieved non-profit deductions4.

09 million yuan, an increase of 2% in ten years: the company released the 2019 third quarter report, the first three quarters achieved operating income of 51.

52 ppm, an increase of 25 in ten years.

75%, achieving a profit of 5.

78 ppm, a decrease 重庆耍耍网 of 12 per year.

25%, realized non-profit deduction4.

09 million yuan, an increase of ten years.

02%; of which in the third quarter a single quarter achieved operating income of 15.

45 ppm, a 10-year increase3.

68%, down 16 from the previous month.

70%, realized profit 2.

27 ppm, an increase of 17 in ten years.

22%, an increase of 51.

19%, realized non-profit deduction1.

1.7 billion, down 14 a year.

13%, an increase of 1.


The profitability of the single quarter in the third quarter clearly rebounded: the company’s gross profit margin was 30 in the first three quarters.

80%, falling by 2 every year.

33 averages, including a single quarter gross margin of 33 in the third quarter.

80%, increase by 1 every year.

70 averages, up 4 from the previous quarter.

79 units; the company’s net interest rate in the first three quarters was 11.

18%, down 4 each year.

88 averages, of which the single quarter net interest rate in the third quarter was 14.

60%, increase by 1 every year.

72 units, up 6 from the previous month.

59 uniforms.

The company’s period expense ratio was 20 in the first three quarters.

87%, an increase of 2 per year.

There are 71 single ones, in which the selling expense ratio drops every 0.

84 up to 3.

88%, the management expense rate drops by 1 every year.

19 up to 5.

25%, and the R & D expense ratio will increase by 2 in the short term.

95 averages to 8.26%, the financial expense ratio increased by one in ten years.

79 up to 3.


The net cash of the company’s operating activities in the first three quarters may decrease.

7.4 billion, a net decrease of 3 in the same period last year.

150,000 yuan has deteriorated.

The convertible bonds were reviewed and approved by the CSRC: The company intends to issue convertible corporate bonds with raised funds not exceeding 18.

USD 500 million for power lithium battery industrialization projects, Guoxuan Nanjing 15GWh power battery system production line and supporting construction projects (Phase 5GWh), Lujiang Guoxuan New Energy 2GWh power lithium battery industrialization project.

The company’s convertible bonds were reviewed and approved by the CSRC, which helped the company’s capacity expansion.

It is estimated that under the current equity, according to the company’s three quarterly report and industry conditions, we will adjust the company’s 2019-2021 earnings to zero.



81 yuan (the original forecast of future returns was 0.



88 yuan), corresponding to a market surplus of 19.



2 times, maintaining the overweight level.

The main risks faced by the rating are that the demand for new energy vehicles has fallen short of expectations, and market development has fallen short of expectations; price competition has exceeded expectations.

Perfect World (002624): Performance in line with expectations

Perfect World (002624): Performance in line with expectations

The 3Q19 results are in line with our expectations of the company’s first three quarter 2019 results.
3Q19 operating income was 58.

12 ppm, an increase of 5 in ten years.

43%, net profit attributable 四川耍耍网 to mother is 14.

76 ppm, an increase of 12 in ten years.

00%, net of non-attributed net profit of 14.

20 ppm, an increase of 28 in ten years.

47%; corresponding to 3Q19 net profit attributable to mother is 4.

55 ppm, a decrease of 15 per year.

00%, deducting non-net profit 4.

470,000 yuan, an increase of 12 in ten years.

13%, in line with market expectations.

Development Trends Core business has grown steadily, and cash flow from operating activities has improved significantly.

On the income side, if you exclude the impact of the consolidation of the theater line since August 2018, 1?
3Q19 revenue increased by 16.


Among them, the “Perfect World” mobile game launched by the report, “Yun Meng Shi Shi Ge” is an authorized Tencent distribution operator to confirm the net flow income, resulting in a 重庆耍耍网 decrease in revenue recognition.

On the expense side, 3Q19 sales expenses also increased by 86.

28% to 4.

81 ppm, the increase is mainly due to the promotion activities and purchase operations of “The Condor Heroes 2” and “Xianxian”, and the promotion fee of Ti9 (Dota2 International Invitational Tournament).The remaining rates remain stable.

On the profit side, the investment income in the third quarter of 19 was 60.87 million yuan, a decrease of 2 each year.

US $ 5.6 billion, mainly due to the disposal of a small share of Zulong (non-recurring gains and losses) and the recognition of investment income (recurring gains and losses) of Universal Film’s single-sheet investment.

After excluding this effect, we expect the profit growth rate to be around 35%.

In terms of cash flow, based on the outstanding performance of the game, the stable development of the film and television business drove the overall net cash flow from operating activities to 8.

1.7 billion.

The game business is developing rapidly, and follow-up products are ready.

We expect the company report to expect rapid growth in mobile games. Among them, the company ‘s self-developed “God of Condor 2” on July 26 is expected to exceed 200 million US dollars in the first month. Due to deferred confirmation, other current liabilities are lower than 6Increase by 3 at the end of the month.

05 billion to 14.

09 million yuan.

In terms of follow-up product reserves, the company developed the MMO sandbox game “My Origins” released by Tencent. It will be launched on November 15th. Currently, more than 13.25 million people have been reserved.

In addition, “Dream Collection Cygnus” and “Xiao Xiao Ao Jiang Hu” have all received version numbers, and we expect to launch them in December.

The film and television business has initially entered its normal state.

In the third quarter of 19th, the company mainly confirmed the income of “Old Tavern”, “Shanyue knows nothing”, “Brave Heart 2” produced by the company, “Double Peer” and “Half-Life”, etc., entered October 15th.The 19/20 investment list released by Yi is expected to confirm revenue or bring back money in the future.

Earnings Forecasts and Estimates We maintain our 2019/2020 attributable net profit forecast and currently expect to correspond to 2019/202017.

2 times / 15.

3 times price-earnings ratio.

Maintain Outperform rating and 37.

The target price of 50 yuan corresponds to 20 times the 2020 price-earnings ratio, which is 30 compared with current expectations.
3% upside.

Existing games and new games outperformed expectations at risk, and TV drama industry regulation is becoming severe.

Depth-Company-Tianci Materials (002709): Interim report results in line with expected profitability significantly improved

Depth * Company * Tianci Material (002南京桑拿论坛709): Interim report results meet expected profitability

The company released its 2019 Interim Report and realized a non-profit deduction of 52.5 million yuan, an annual increase of 443.


The company’s financial volume has increased steadily, and the industrial chain layout has been further improved; the level of holdings has been maintained.

  The main points of the support level were the non-profit growth of 443 in the first half.

16% was in line with expectations: The company released its 2019 Interim Report, with revenue of 12 in the first half.

180,000 yuan, an increase of 29 in ten years.

30%; net profit attributable to shareholders of listed companies of 50.52 million yuan, at least 88 per year.

67%; profit after deduction of 52.5 million yuan, an annual increase of 443.


The company’s air 南宁桑拿 force forecast profit range is 49 million to 60 million yuan, and the interim report results are in line with expectations.

  It is predicted that the single-quarter profit growth range for 2019Q3 will be -26.

6% to 86.

44%: The company foresees a profit of 19.48-4948 million yuan in 2019Q3, a growth of -26 in ten years.

6% to 86.

44%; profit in the first three quarters was zero.

70-10,000 yuan, the decline range of 78 in ten years.

84% to 85.


In the end: wholesale volume continues to grow; sales of daily-use products and specialty chemicals increase, product structure improves, and gross margins increase; transaction business prices have changed, and production capacity has not yet been fully released, and it is expected to continue in the third quarter of 2019.

  Cobalt volume of lithium batteries rose steadily: After the price of gasoline experienced a unilateral drift in the price war in 2018, it began to rise steadily in the fourth quarter of 2018.

The company adopts segmented marketing methods to increase collaboration and supporting services to frontline customers, and sales have maintained a significant growth rate.

Realized operating income in the first half of the year7.

4.3 billion, an annual increase of 30.

40%, gross margin is 25.

40%, increase by 2 every year.

46 units.

  The profitability of daily chemical products and specialty chemicals has been significantly improved: the company has optimized product structure, opened up domestic high-quality customers, maintained leading advantages, international customers have achieved breakthrough sales in overseas blank area markets, and high-margin products have received more customer verifications.

The business achieved revenue in the first half of the year3.

99 ppm, an increase of 22 in ten years.

74%, gross margin is 32.

02%, an increase of 8 a year.

41 units.

  It is estimated that combined with the company’s mid-term report and industry demand, we will adjust the company’s forecasted earnings growth for 2019-2021 to zero.



86 yuan (the original forecast was 0.


93/1.20 yuan), corresponding to a price-earnings ratio of 73.



1x; we judge that the midstream of the new energy vehicle industry chain may resume its profit bottom in the third quarter, and aim to maintain the overweight level for the company above the leader above the truck.

  The main risks faced by the rating are that new energy vehicle demand falls short of expectations; price competition exceeds expectations; and new capacity releases fall short of expectations.

Semir Apparel (002563) Quarterly Review: The main business is stable and the business of KIDILI Group needs to be developed

Semir Apparel (002563) Quarterly Review: The main business is stable and the business of KIDILI Group needs to be developed

The company’s Q1-Q3 revenue / performance increased by 36% / 3%.

In the first three quarters of 2019, revenue increased by 35.

82% to 132.

6.1 billion, net profit attributable to mother increased by 2.

79% to 13.

07,000 yuan, excluding the consolidation affects our judgment that the company’s main business income / performance has achieved double-quantity growth.

In the third quarter, the company’s revenue / performance increased by +19% /-3% to 50.


900 million.

The increase in the proportion of the company’s direct business and the KIDILI Group’s consolidation brought about a rise in gross profit margin, both increasing by 5.

6PCT to 44.

37%, affected by the consolidation of the KIDILI Group and the promotion of the main business brand, the sales expense ratio / management expense ratio increased by 7 as well.


81PCT to 22.

62% / 4.


In summary, the company’s net interest 夜来香体验网 rate decreased by 3.

17PCT to 9.


Casual wear orders were under pressure in the third quarter, and children’s wear / e-commerce continued to grow.

In Q1-Q3, we judge that the company’s revenue growth rate excluding the impact of consolidation is a double value. Among them, the growth rate of revenue in the third and third quarters improved under the pressure of terminal retail sales.

Offline: We predict that the Semir brand will grow slightly, with single Q3 terminals under pressure, and revenue will increase by nearly 10%; children’s clothing brand terminals will grow steadily. Driven by store expansion and same-store growth, the children’s clothing business will grow in the first three quartersMore than 15%, of which single Q3 increased by 10% +.

On the Internet: E-commerce is still an important growth engine 合肥夜网 for the company’s revenue. It is estimated that the growth rate of e-commerce revenue in the first three quarters exceeded 20%, of which the single Q3 growth rate was 15% -20%.

From the first quarter to the third quarter of 2019, we forecast that the KIDILI Group’s consolidated revenue will be around 2-21 billion, which will bring in revenue1.

With more than 500 million, the company is currently focusing on developing K Group’s core brand business in China, and the business is still in the incubation process.

The consolidation affects and actively prepares the goods for the initial inventory turnover, and the operating net cash flow shifts.

The company’s stocks are fully superimposed and consolidated, and the number of days of inventory turnover is increased by 30 days to 178 days per year.

The company’s accounts receivable turnover days were relatively stable, with an increase of 1 to 43 days.

With the increase in the proportion of direct business, the increase in staff costs, advertising costs, etc. and the impact of consolidation, the net cash of operating activities was replaced by -2.

200 million, an improvement from Q2.

Casual wear is still in the reform and upgrading stage, and multi-brand development of children’s wear is coordinated.

We believe that the company’s casual wear business reform is underway, including brand image personality, channel grooming, etc., so that business income remains stable; the children’s wear industry is relatively prosperous, and the company’s Barabara brand, which has the largest market share, maintains double digitsincrease.
The KIDILIZ Group is undergoing integration. We believe that the company still needs 1-2 years to cultivate, and it is expected that it will exceed 200 million in 2019.

Investment suggestion: As a leading company in casual wear and children’s wear, Semir’s apparel and children’s clothing business continues to advance internationally, its category matrix is improved, and Barbara’s leading brands continue to grow at a high speed.

Considering that the integration of the KIDILIZ Group will take some time, we expect the company’s 2019-2021 performance forecast to reach 18.


700 million, the current price of 12.
67 yuan, corresponding to 19 times PE 19 times, maintaining the “overweight” level.

Risk reminder: The terminal retail economy is reducing risks; the risk of unsuccessful overseas business development.

Everbright Bank (601818) Detailed Interpretation of 2019 First Quarterly Report: High Performance, Capital Increase and Negative Structure Optimization Continued

Everbright Bank (601818) Detailed Interpretation of 2019 First Quarterly Report: High Performance, Capital Increase and Negative Structure Optimization Continued

Highlights of investment quarterly highlights: 1st and 1st quarter results are up again: revenue and PPOP in the first quarter achieved the highest growth rates in the calendar year 2013, 34% / 37% per year, and net profit growth also widened compared to the earlier 4th quarter.

2. Net interest margin increased and improved, net interest income increased by 51%, the scale of interest-earning assets increased by 9%, and the interest margin contribution contributed 43%.

3. The growth rate of middle income is dazzling, with a 25% increase for many years under a low base, which is faster than the end of 201819.

The growth rate of 9% is still broad.

Insufficient quarterly reports: 1. The net generation of non-performing annualization in a single quarter increased by 2bp month-on-month; the provision growth increased by 86%, while the provision coverage ratio continued to decline by 0.

4 averages.

2. The core tier one capital adequacy ratio decreased slightly.

In the first quarter, China Everbright Bank continued to maintain beautiful revenue and PPOP growth rates, achieving annual growth of more than 30%.

Attributable net profit will drive the growth rate in the next few years.

1Q18-1Q19 quarterly revenue, PPOP, attributable net profit or growth rate were 7% / 12, respectively.

6% / 18.

2% / 19.

9% / 33.

7%, 6.

7% / 13.

1% / 19.

1% / 25.

3% / 37%, 5.

5% / 6.

7% / 9.

2% / 6.

7% / 7.


Growth rate 无锡桑拿网 of 1Q19 performance: Positively contributed performance factors are scale, interest margin, cost, and growth rate.

The negative contribution factor is non-interest-bearing, provision.

Taking a closer look at the changes in the contribution of each factor, the marginal improvement in performance contribution is: 1. The scale of growth has widened.

2. The interest margin has widened and the contribution to performance has turned positive.

The decline in marginal contributions is as follows: 1. The positive contribution of non-interest to performance turned to negative contribution, which was mainly due to the reclassification of credit card installment income to point income.

2. The positive contribution of cost and performance to performance weakens.

3. In the first quarter, increase the provision for provision and increase the negative contribution of provision to performance.

Investment suggestion: The company 2018, 2019E PB 0.

75X / 0.

69X; PE 6.

75X / 6.

27X (Share Bank PB 0.

91X / 0.

82X; PE 7.

35X / 6.90X), China Everbright Bank18 continued to increase its performance continuously, the adjustment of the negative capital structure returned to the traditional deposit and loan business, and continued to consolidate the advantages of the intermediate business.

The company evaluates that the safety margin is high and the management is improved.

Risk warning: The economic growth exceeds expectations, and the company’s business advances less than expected.

SF Holdings (002352): Increase in business volume and continuous improvement in growth rate

SF Holdings (002352): Increase in business volume and continuous improvement in growth rate
Key points of investment The growth rate of express delivery business continued to increase and maintained for ten years.52% assume that June 19, the express logistics business volume3.7.4 billion votes, an increase of 15 in ten years.79%, business growth continued to increase after returning to double-digit growth in May.Gradually from January to June of 19, the express logistics business volume was 20.2.7 billion votes, an increase of 9 in ten years.16%.With the launch of “e-commerce-specific” products and the recovery of the growth rate of aviation parts business, we maintain the company’s express business volume growth rate of 19 years.52% assumption. Single ticket revenue rose steadily, brand image and bargaining power highlighted June 19, single ticket revenue of express logistics business.21 yuan, down by 1 every year.28%; cumulative from January to June, single ticket income of 23.58 yuan, an annual increase of 3.86%.In the environment where the single ticket revenue of the entire industry is lower than the short-term, the company can maintain a steady increase in single ticket revenue, which indicates that the company’s express service has bargaining power in the high-end market.After the Ezhou Airport is put into production, it is expected to expand the coverage of the company’s aviation network, while reducing costs and increasing efficiency, and the company’s brand 南宁桑拿 image and bargaining power in the high-end market will be consolidated.We maintain the assumption that the company’s courier business’s single-ticket revenue has been continuously stable for 19 years. The supply chain business has developed steadily. In order to build the development of integrated logistics service providers and the development of the supply chain business, since March 19, the company has separately listed the revenue of the supply chain business.June 19, operating income of supply chain business4.4.4 billion, accounting for 91 of total revenue.The ratio of 23 ppm is 4.87%.The development of the supply chain business helps the company to develop new customers, increase the stickiness of existing customers, and improve asset utilization. Midwest and high-end market shares are expected to increase. Labor and transportation costs save space. Large companies have a balanced nationwide distribution network and high-end positioning of expected timeliness and service quality, which will increase their market share in the midwest and high-end markets.In the future, the commissioning of Ezhou Airport and the increase in the proportion of wide-body aircraft will help the company save unit air transportation costs.The utilization of railway resources is beneficial for the company to save the transportation costs of short-distance trunk lines.The transfer room automatic sorting system has a large room for improvement in the allocation rate, which helps to improve the turnover rate of assets and save labor costs.It is estimated that from 19 to 21, the company’s net profit attributable to its parent will be 47.400 million, 59.8 ppm and 71.9 ppm, with a growth rate of 4 each year.0%, 26.2% and 20.2%, the corresponding PE is 31.5 times, 25.0 times and 20.8 times, maintaining the “overweight” level. Risks suggest that labor costs are growing faster than expected, and transportation costs are growing faster than expected.