China Holdings (603903): Two Barrels of Water for Small and Medium Cities

China Holdings (603903): Two Barrels of Water for Small and Medium Cities

China Holdings (603903): “Two Barrels of Water” for Small and Medium Cities

The leading domestic sewage treatment enterprise in Henan and Henan jointly drive the growth of the company. The holding company is a leading domestic comprehensive environmental service provider, which integrates municipal and industrial sewage treatment.

  The company deeply cultivates small and medium cities, and is committed to becoming a leading enterprise in environmental management of small and medium cities in the future.

China Holding uses the “China Assets + Service-oriented” business model to rapidly expand the market, continuously increase customer stickiness, and continue to create new value from the perspective of customer needs, thereby achieving endogenous growth.

In 18 years, the company acquired 60% equity of Nanzi Environmental Protection, and its wastewater treatment technology was strengthened again. Nanzi Environmental Protection had overfulfilled its performance commitments in 18 years.

The company’s performance is expected to grow steadily in 19-21, with overall revenues of 12 respectively.



400 million, net profit attributable to mothers is 1.



02 ppm, with reference to comparable company’s 19-year P / E 17x, giving the company 19-year 19-21x target P / E, corresponding to a target price of 18.


16 yuan.

  The prospects for sewage treatment in small and medium-sized cities are bright, and the market space of individual cities is expected to exceed one millionth of that of large cities. Small and medium-sized cities have fewer departments and lower communication costs.

The company has more opportunities for overall layout in small and medium-sized cities, and its business can expand from sewage treatment to industrial pollution treatment and other fields.

The company expanded its business around regional centers to achieve endogenous growth.

At the same time, with increased national awareness of environmental protection, the scope of environmental governance continues to expand, and more opportunities will emerge in the sewage treatment market in small and medium-sized cities.

At present, the company regards North China and Central China as key markets, adheres to the concept of “regional operation”, and takes into account the national layout to achieve healthy development.

The company is expected to rely on the close distribution of points to maintain high-quality services, enhance customer stickiness, and reduce the market space of environmental protection related to small and medium-sized cities is expected to exceed 100 million yuan. Taking Langfang as an example, the company won another bid on the basis of 18 years of orders in 19.

300 million big orders.

  Dimension reduction has participated in the market competition, and many advantages have helped the company to become a leading company. Xu Guodong introduced the original construction company Jinyuan team to start a second venture, based on small and medium cities, seized the opportunity of policy, and became a pioneer in small and medium cities sewage treatment.

The company team has rich experience in sewage treatment in first-tier cities, and cuts into small and medium-sized cities when the sewage treatment market in large cities is becoming saturated.

The company expanded its technological advantages through outbound mergers and acquisitions, and in April 18, it took cash2.

5.2 billion acquisition of 60% equity of Jiangsu Nanzi Environmental Protection. In 17 years, Nanzi Environmental Protection achieved a net profit of 30.87 million yuan. At the time of acquisition, the company was static PE 14x.

Nanzi Environmental Protection promises a net profit of 33 million yuan and 38 million yuan in 2018-19, with a total of not less than 71 million yuan.

In 2018, Nanzi Environmental Protection actually realized 41.97 million yuan, exceeding its performance commitment.

The company’s wastewater treatment technology has been strengthened again.

  The first coverage is given an “overweight” rating with a target price of 18.


It is estimated that the company’s performance will grow steadily from 19 to 21 yuan, and the overall revenue will be 12 yuan.



400 million, net profit attributable to mothers is 1.



02 ppm, corresponding to 19-21 years P / E is 18/14 / 12x.

With reference to comparable company’s 19 years P / E 17x, consider the company as a leader in sewage treatment in small and medium-sized cities, and the project area is relatively large and concentrated to improve customer stickiness.

As the company’s endogenous growth potential is expected (29% compounded growth rate of profit in 19-21 is expected to be comparable to the company’s consensus compound growth rate of 24%), we believe that the company should enjoy an appropriate premium.Give the company a 19-19x target P / 武汉夜生活网 E, corresponding to a target price of 18.


16 yuan.

The first coverage was given an “overweight” rating.

  Risk warning: New growth orders are less than expected, repayments are less than expected, shareholders’ major reductions in shares, etc.

Huang Qifan proposes to cancel housing provident fund

Huang Qifan proposes to cancel housing provident fund
For stocks, please read Jin Qilin analyst research report, authoritative, professional, timely, and comprehensive, to help you tap potential potential opportunities!  Original title: Huang Qifan proposed to cancel the housing provident fund hot discussion!Economic “anti-epidemic” policy on the road to the economic “anti-epidemic” reached a critical moment.  Recently, economists have made suggestions on how to deal with the impact of the epidemic on people’s livelihood.  Among them, Huang Qifan, chairman of the Tsinghua Industrial Transformation Advisory Committee, wrote about the impact of the epidemic on China’s economic development and manufacturing, and proposed that the cancellation of the enterprise housing provident fund system cause widespread market discussion.  Recently, Huang Qifan suggested in the article “Some Suggestions on Economic Development and Resumption of Manufacturing in the New Crown Epidemic” that the housing provident fund system was learned from Singapore in the early 1990s, and now it has been market-oriented. Commercial banksHas become the main body to provide housing loans, the existence of housing provident fund is of little significance, canceling it can directly reduce the cost of 12% for enterprises and employees.  In the article, Huang Qifan also put forward related policies to restore migrant workers to settle in cities as soon as possible, quickly solve the problem of manufacturing employment, introduce policies to encourage enterprises to implement annuity systems, and clear channels and mechanisms for enterprise annuity investment capital markets, and find ways to reduce logistics costsAnd so on.  Image source: Tsinghua University Internet Industry Research Institute In fact, the proposal to cancel the compulsory payment of the provident fund system has a long history.  Yang Weimin, deputy director of the Economic Committee of the National Committee of the Chinese People’s Political Consultative Conference, repeated many occasions at the Lujiazui Forum in 2018, and gradually eliminated the mandatory housing provident fund, gradually replaced the mandatory housing provident fund with voluntary deposits, and established a policy-oriented housing financial institution reform.  However, there has been controversy over whether to abolish the mandatory payment of the provident fund system.  Yin Zhongli, director of the Real Estate Finance Research Center of the Institute of Finance of the Chinese Academy of Social Sciences, said in an interview with China Securities Journal that the housing provident fund system is the most important part of China’s policy housing financial system.Important impetus.It has played an irreplaceable role for the working class, especially young people, to complete their home purchases and reduce their home purchase costs.If China’s policy housing finance support, the only channel is the housing provident fund, which is an integral part of policy housing finance.  Yin Zhongli said that for enterprises that really have difficulties, they can adopt a policy of postponing payment or temporarily exempting the payment of provident fund, or reduce the proportion of provident fund deposits as a whole.  ”This article is based on several suggestions for economic development and the resumption of manufacturing in the context of the New Crown epidemic, so objectively it focuses on the consideration of reducing the cost of enterprises.”It is of great significance to mention the reduction of corporate costs.In May 2018, the Ministry 重庆耍耍网 of Housing and Construction, the Ministry of Finance, and the expansion of the three ministries and commissions issued the “Notice on Improving the Housing Provident Fund Deposit Mechanism to Further Reduce Enterprise Costs”. Based on the original reduction of the deposit ratio, the relevant policies were extended to 2020.April.Therefore, from the perspective of reducing corporate costs, studying the content of reducing or canceling provident fund contributions has also had a positive effect.Of course, the direct cancellation must be fully demonstrated. It is not excluded that after April this year, the state’s existing policy of reducing the housing provident fund deposit ratio of enterprises will be extended by 1-2 years.”Yan Yuejin, research director of the Think Tank Center of the E-House Research Institute, told China Securities Journalists.  Yan Yuejin believes that from the current market reaction, it is generally considered that the statement of canceling the provident fund deposit is not feasible.First, the accumulation of provident funds is not entirely a burden on the enterprise, but also a manifestation of the spirit of mutual assistance between enterprises and employees.Secondly, although the real estate market is relatively high, the pressure on housing prices and housing prices is still great. From this perspective, in order to further reduce the pressure on home buyers, the provident fund system cannot only be cancelled, but needs to be strengthened.Third, judging from the current situation of the provident fund work in various places, the loanable amount has increased. Objectively, there has been a step-by-step guide to support the purchase of houses. Buyers also have relatively large recognition and support for the provident fund system.  Economic “anti-epidemic” related policies have been on the road. The Standing Committee of the Political Bureau of the CPC Central Committee around February 12 pointed out that it is necessary to strengthen macroeconomic policy adjustments and study and formulate corresponding policies and measures in response to the impact of the epidemic.It is necessary to make better use of the role of active fiscal policy, increase capital investment, and protect the needs of epidemic prevention and control funds in various places.We must continue to study and introduce phased, targeted tax and fee reduction measures to alleviate business difficulties.It is necessary to maintain a stable and flexible monetary policy, increase preferential credit support for epidemic prevention material production enterprises, and improve differentiated preferential financial services in areas affected by the epidemic.It is necessary to implement the employment priority policy with budgetary strength, and improve the fiscal, tax, financial, social security and other policies to support small, medium and micro enterprises.  The meeting pointed out that it is necessary to actively expand domestic demand and stabilize external demand.It is necessary to focus on key areas, optimize the investment of special bonds by local governments, make good use of the investment in the central budget, mobilize the enthusiasm of private investment, and accelerate the construction of major projects.It is necessary to promote the quality and expansion of service consumption, expand physical commodity consumption, and accelerate the release of emerging consumer potential.It is necessary to support foreign trade enterprises to speed up the resumption of production, increase trade financing support, and give full play to the role of export credit insurance.It is necessary to actively participate in international coordination and cooperation and create a good international environment for the development of foreign trade.It is necessary to promote the implementation of large foreign investment projects, implement foreign investment laws and supporting regulations, optimize the foreign investment environment, and protect foreign legal rights and interests.  For the various economic “anti-epidemic” policies that are about to be introduced and have already been introduced, the chief economists of securities firms interviewed by China Securities Journal reporters generally believe that compared with monetary policies, fiscal policies can achieve better results because of their specificity.effect.  Peng Wensheng, deputy director of China Everbright Group Research Institute and chief economist of China Everbright Securities, said that in terms of macro policies, the impact of the epidemic on the economy is a short-term phenomenon and an important judgment.This means that the policy response should be more targeted support to help deal with serious industries, regions and populations, rather than flooding.In other words, macro policy should focus on structure rather than accumulation.Although monetary policy may be looser than in the absence of an epidemic, the main force should be fiscal expansion, including reductions in income and expenditure.  Guo Changjun, chief global economist at the Guotai Junan Research Institute, said in an interview with a reporter from China Securities News recently that fiscal policy recommends the issuance of special government bonds.The fiscal deficit rate can be significantly increased, in special periods3.A deficit rate of 5% is acceptable and reasonable.Increase tax and fee reductions for boycott industries, such as reducing corporate income tax, restructuring, government funds, etc., increase the scope and intensity of their pre-tax deductions for the first quarter, and even carry out labor and rental costs for these companiesCertain financial subsidies.  At the same time, local government fiscal revenue is bound to be affected. At this time, the government’s financing tools should be appropriately expanded.For example, it can help local governments issue REITS products to revitalize operational infrastructure stock assets.

Shiji Information (002153): How to understand the accumulation of Shiji?

Shiji Information (002153): How to understand the accumulation of Shiji?
According to the company’s official public account information, on May 9, 2019, Shiji Information established a new office in Akasaka, Tokyo, Japan, and appointed Mr. Nakano Hei as the head of Shiji’s Japanese market. He will be responsible for managing Shiji’s operations in the Japanese market.And sales.At this point, we believe that Shiji has now achieved full coverage in the Asia-Pacific region.In addition, offices in other parts of the world are constantly being developed.The company has offices in the United States, Germany, Poland, Austria, Spain, Portugal, Singapore, Malaysia, India, Japan, Thailand and Sydney. Here, one question that everyone has been wondering is, why is Shi Ji reorganizing?If it is to promote hotel cloud services, why not start with small and medium-sized hotels in China?Is it necessary to set up branches in various regions of the world, subsidiaries and offices?Before answering these questions, let’s take a look at the accumulation process and progress of Shiji. Why continue to establish molecular companies overseas? At present, Shiji has more than 30 overseas molecular companies, which have been distributed in major countries and regions around the world.Behind this is a basic need of IT vendors from top global hotel groups.In our view, the next goal of Shiji Hotel Cloud Services is to gain recognition and procurement from top hotel groups in the world.And to get the recognition of these Lianhao hotels, it is not only the product recognition, but also the conversion service system recognition.In other words, the IT service system around the world is a basic requirement for products to enter Lianhao Hotel, and it is also a biological level requirement.To understand this, we can look at how the software giants such as Oracle and SAP are deployed globally. Therefore, we can establish Shiji as a global molecular company. It is understood that Shiji is establishing a global IT product development and service system (currently Shijiyun POS has been recognized by Intercontinental, Hyatt, Peninsula and other top global hotelsAnd purchasing).From the perspective of global hotel IT suppliers, there are very few companies that have the ability to integrate layouts.In the era of the original stand-alone version of hotel management software, the top hotels’ PMS software mainly purchased Oracle products, and Oracle handed over the operation and maintenance of PMS products in China to third parties.However, in the era of cloud PMS products, it is only the productization capabilities that test the cloud product suppliers, including localization and integration service capabilities. The beginning of Shiji’s cohesive layout? In our opinion, Shiji’s layout was started in 2015, and the iconic event was Kevin King’s joining Shiji.Kim’s professional experience is worthy of attention.Prior to joining Shiji, Kevin was Vice President of Micros Asia Pacific.Micros is the predecessor of the hotel department of Oracle Hotel Division.In 2014, Oracle spent $ 5.3 billion to acquire Micros.Therefore, we can think that Kevin brought the international genes and strategy of Micros to Shiji. Since then, Shiji has begun its overseas market expansion strategy, including acquiring overseas companies, establishing overseas offices and branches, and subsidiaries.In fact, we often find that Shiji constantly acquires overseas companies, and the starting point for acquiring overseas companies began in 2015 after Kevin joined Shiji. Since 2015, Shiji has continuously expanded its business boundaries globally.Snapshots, Galasys, Future, Review Ratings, Hetras, GK and other companies have been acquired. What is the best layout? There are not many Chinese software companies entering overseas markets.There are many influencing factors, including: domestic software companies ‘continuous development capabilities are not as strong as overseas IT companies; domestic software companies’ strengths are in industry application software and solutions.This is also different from domestic software companies and overseas software companies, because domestic software companies are more familiar with local industry application processes and customer customization requirements.Therefore, we rarely see domestic software companies being able to make their business overseas. Based on overseas acquisitions, Shiji established branches and subsidiaries to continuously improve itself and its product and service system.From 2018 to 2019, the company successively acquired several overseas companies, including StayNtouch, Concept, ICEPortal, TouchPeak and other companies. 1. StayNtouch: StayNToch provides high-star hotels with mobile cloud PMS products, suitable for both small hotels and large hotels with more than 1,000 rooms.StayNToch’s product customers are mainly high-star hotels, covering the United States and Europe, and hotels served worldwide cover more than 90,000 rooms.Typical customers include: Fontainebleau Miami Beach Hotel, Nikko San Francisco Hotel, MGM Resorts International, Chicago Thompson Hotel, Utrecht Times Square Hotel, Joie De Vivre Hotel, and New England Great Wolf Hotel. 2. Concept: Concept is the world’s leading provider of golf, spa and POS (Pantry) solutions, focusing on providing services for luxury hotels.Users cover more than 60 countries 杭州桑拿 around the world and have more than 20 years of industry experience.Concept’s comprehensive system service system can be fully integrated with the hotel’s PMS system, providing online and offline golf and spa customer data management for hotel operators. By integrating existing products with concept software system solutions, Shiji will continue to create a comprehensive and innovative network of technology solutions to interconnect systems. 3. ICE portal: ICE portal is a world-renowned visual content management publishing platform for the hotel industry, providing hotels and resorts with the publishing and management services of pictures, videos and 360-degree panoramic views.Currently, more than 50,000 hotels around the world are using the services of ICE Portal to publish visual content through several different distribution 上海夜网论坛 channels to show travelers what the hotel looks like. Through ICE Portal, Shiji will help the hotel industry operator to better manage and publish visual content through multiple channels, while maintaining brand standards and improving distribution capabilities, bringing leapfrogging to the industry’s digital transformation strategy. 4. Touchpeak: Touchpeak was established in 2014, built a mature payment system integration framework, and successfully deployed in the United States, Canada, and Europe.The design of Touchpeak Switch is based on the application of dynamic information routing, configuration and interaction technologies to achieve real-time data interaction and processing between applications.After the acquisition, Touchpeak will further integrate with Shiji’s overall payment solutions and, as a wholly-owned subsidiary of Shiji, will further provide payment solutions to global markets and users. The layout of the reorganization is not only the company, but also the layout of the foundation of talents and resources. What we see is the acquisition of overseas companies and the establishment of offices and service outlets around the world.But what we can’t see is that among the 30 overseas molecular companies currently deployed by Shiji, their management team has experienced overseas experience and localized operations.In other words, these 30 overseas subsidiaries are basically overseas teams.As such, most of these overseas management teams come from the original IT suppliers of the world’s top hotels, or from top hotel customers.Deeply cultivated in this industry for many years. The more typical ones include: 1. Stone-based COO: Kevin King (金凯文).He joined Shiji in 2015. He previously worked for Micros, the world ‘s largest hotel IT supplier for more than two decades. He is the vice president of Asia Pacific for Micros Asia Pacific, and the managing director of Japanese companies. 2. Shiji Asia Pacific Managing Director: Nikkie Randhawa-Sing.Joined Shiji in July 2016.He joined Micros in 2002 and continued to serve the Asia Pacific region until Oracle acquired Micros in 2014, and then Oracle’s hotel division. 3. CEO of the subsidiary StayNtouch: Jos Schaap.Prior to founding StayNtouch in 2012, he had been the director of global product research and development at Micros and worked for Micros for 17 years. We now see the main branches of Shiji established overseas, and the heads of subsidiaries (including offices) have rich overseas experience. Shiji’s overseas team brings not only industry experience, but also convenient local business development methods.When Chinese companies’ business and products go overseas, they not only need to solve the problem of product competition, but also the communication problems brought about by cultural background, as well as the local service capabilities required by local customers. Earnings forecasts and investment advice.We believe that the depth of Shiji’s high-level layout is already high.In the hotel cloudification industry trend, Shiji is expected to continue to expand its overseas business market beyond its own cloud products.We estimate that the company’s net profit attributable to mothers in 2019-2021 will be 6 respectively.04 ppm / 7.9.6 billion / 9.960,000 yuan, EPS is 0.57 yuan / 0.75 yuan / 0.93 yuan, currently expected corresponding PE is 52 times, 40 times, 32 times.Maintain “Buy” rating. risk warning.The progress of cloud product research and development is lower than expected risk, and the progress of overseas business is lower than expected risk.

BTG Hotel (600258): Profitability boosts performance and maintains mid- to high-end and franchise expansion unchanged

BTG Hotel (600258): 杭州桑拿网Profitability boosts performance and maintains mid- to high-end and franchise expansion unchanged
[Event]BTG Hotel released its 2018 annual report and achieved an operating income of 85.39 ppm, an increase of ten years.45%; net profit attributable to mother 8.570,000 yuan, an increase of 35 in ten years.84%; net profit of non-attributed mothers 6.90 ppm, an increase of 15 in ten years.99%; EPS is 0.88 yuan / share. The non-recurring profit and loss project is mainly the sale of 20% equity of Yanjing Hotel, 10% equity of Shouqi Co., 100% equity of Bibang Hotel, government subsidy income and compensation for demolition of stores, which affect the net profit attributable to the mother1.6.9 billion yuan. Seen by quarter, Q1 / Q2 / Q3 / Q4 revenue growth rate was 0 respectively.62% / 0.11% / 1.84% / 3.10%, the annual growth rate of net profit attributable to mothers is 116.56% / 28.49% / 49.03% /-31.01%, the annual growth rate of net profit after deduction is 53.47% / 28.08% / 13.92% /-48.41%.The correlation difference between the growth rate of net profit and RevPAR. Take Home Inn as an example, the RevPAR growth rate of Q1 / Q2 / Q3 / Q4 is +4 respectively.0% / + 5.6% / + 4.1% / +2.8%, significantly shortened in the fourth quarter.In addition, the hotel industry is affected by holidays, emergencies, and climate. The change in performance has been consistent; in November 2018, the merger of the Shanghai Expo has increased the price limit measures for hotels in Shanghai.RevPAR of high-end hotels increased, and Shanghai area is the company’s important hotel distribution area, the number of rooms accounts for up to 9.33%. The company plans to use the total share capital at the end of 20189.7.9 billion shares are the base, and 0 may be distributed.11 yuan (including tax) cash dividends, totaling 1.08 thousand yuan. [Comments]1) Revenue has increased slightly, net profit has increased significantly, and franchise expansion has promoted profitability. ① Revenue: The hotel business and the attraction operation business have achieved revenue of 80 respectively.8.9 billion, 4.50 ppm, an increase of ten years.46%, 1.26%.The increase in revenue from the sights business was mainly due to the increase in the number of visitors to Nanshan Park over the years.9%, and from August 2018, the ticket retention ratio increased from 40% to 50%.In the hotel business, according to the brand of the hotel, such as the Home Hotel Group, the first travel stock hotels realized revenue 71.5.4 billion, 9.36 ppm, an increase of ten years.45%, 1.57%; according to the business model, the hotel operation business (direct management) and hotel management business (joining) respectively achieved revenue of 66.5.5 billion, 14.34 trillion, a year change -0.33%, +10.70%, hotel management revenue has increased significantly, mainly due to the company’s accelerated franchise expansion. In 2018, it added 578 franchised hotels, 106 more than the 472 in 2017. ② Cost: The company’s comprehensive gross profit margin decreased by 0.16pct to 94.47%, of which hotel operation, hotel management, and attraction operation business respectively changed -0.48pct / + 0.01 points / + 2.35pct to 93.49% / 100.00% / 91.48%.The decline in hotel operation gross profit margin was mainly due to the promotion of breakfast promotions to attract customers, thereby increasing the cost of food and beverage3.95%; It is expected that the increase in operating gross profit margin is mainly due to changes in the product sales model. The product procurement and sales model in cooperation with manufacturers will be replaced by a pure leased venue business model.③ Expenses: Each time the expense ratio decreases by one.76pct to 80.1%, of which the sales / management / R & D / financial expense ratios have changed twice.25pct / +0.98 points / +0.14% /-0.63pct to 65.70% / 12.04% / 0.35% / 2.01%.Among them, the decrease in the sales expense ratio was mainly due to the closure of some directly operated stores. Due to the reduction of depreciation booth fees, rental expenses and staff costs, and the depreciation of departmental asset depreciation booths expired; the increase in management expenses led to an increase in the number of franchise managers in the main categoriesIncreased labor costs and increased IT maintenance and expansion projects; increased R & D expenses are mainly to increase customer acceptance of hotels, improve hotel operation and management efficiency, and increase investment in information systems; reduced financial costs are mainly due to goodCash management, the surplus operating cash inflows repaid part of the bank loan.④ Profit side: The company’s profitability continued to increase, and its net profit margin increased by 2.62 points to 10.45%.The company accelerated the development of the franchise model, strictly controlled costs, and effectively improved profitability.Company maximizes profits12.USD 8.6 billion, an annual increase of 28.38%.Among them, the hotel business and the scenic area business have realized profit maximization respectively.08 thousand yuan, 1.7.8 billion, an increase of 30 each year.07%, 18.80%; Home Inns Hotel Group maximizes profits in the hotel business.42 ppm, an increase of 19 years.08%.In addition, the report generated an investment return of 1 for the first time.5.6 billion, an annual increase of 5,033.58%, mainly including the sale of 20% equity of Yanjing Hotel (1.260,000 yuan); sell 100% equity of Shanghai Bibang Hotel Management Co., Ltd. (0.1.5 billion); sold 10% of Shouqi shares (470.570,000 yuan); the acquisition of the remaining 49% equity of the First Travel Hanshe (currently holding 100% of the shares), generating current investment income (2.04 million yuan).Gains and losses from asset disposal were 761.07 million yuan, down 76 every year.46% was due to the closing of stores and disposal of long-term net asset income in the previous period. 2) ADR drives RevPAR upgrade, mid-to-high-end franchise trend remains unchanged. ①Brand management data: If the home is in good condition, the first travel stock will remain stable in 2018. For all hotels in the home, RevPAR is 156 yuan / room · night, each time +4.2%; ADR 188 yuan / room · night, +7 for ten years.4%; October 83.0%, twice -2.5 points.Among them, RevPAR for mature hotels is 154 yuan / room · night, +2 multiple times.8%; ADR 183 yuan / room · night, +5 for ten years.2%; occ 84.5%, twice -2.0pct.Looking at the quarter, Q1 / Q2 / Q3 / Q4, RevPAR up and down changes are +4.0% / + 5.6% / + 4.1% / +2.8%, the average daily house price is +7.3% / + 8.9% / + 6.9% / + 5.9%, Occ’s ten-year changes were -2.5% / 2.6% / 2.3% / 2.5%.In 2018, the first travel stock hotel RevPAR 250 yuan / room · night, +1 many times.4%; ADR 397 yuan / room night, ten years +0.4%; October 62.90%, ten years +0.7 points. ② Operational data by product: The adjustment of product structure affects the performance of mid- to high-end hotels in 2018, such as RevPAR +1 for all hotels in the economy.9%, which is 6 higher than the middle and high end.9pct, 2018Q4 economical RevPAR number 0.0%, 4 higher than the middle and high end.7 points.From the perspective of mature stores, 2018’s preliminary economic RevPAR exceeded +2.7%, middle and high-end ten years +2.3%, little difference. In 2018, the first travel stock economy hotel RevPAR was +6 in the past.4%, which is higher than +1 in the middle and high end.2% is higher than 5.2pct. The economy hotel RevPAR transitions from mid- to high-end, mainly due to the adjustment of the company’s product structure. Among the opening hotels, there were 217 mid-to-high-end net openings (243 new openings and 26 closures), 10 economical net closings (208 new openings and 218 closings), and closures were mainly due to property reasons or poor operating conditions.The closing of budget hotels is greatly conducive to the improvement of RevPAR, while the newly opened mid-to-high end hotels have a maturity period of 3-6 months and promotional activities in the early stages of opening. The slow ADR increase affects the growth rate of RevPAR. ③ Operational data by model: The franchise model expanded rapidly in 2018, and all home-owned hotels operated by RevPAR exceeded +5.5%, +3 for earlier franchise management.7% is higher than 1.8pct, 2018Q4 directly operated RevPAR at least +5.1%, +1 for franchise management.9% higher than 3.2pct.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) Actively expand external cooperation and continuously enrich the brand system. In September 2018, Rujia Group and Chunqiu Group long-term strategic cooperation agreement, sharing the comprehensive advantages of aviation, hotel and tourism resources of both parties, and gradually creating new products integrating aviation and travel accommodation.In February 2019青岛夜网 , Home Inns Group and Hyatt Group signed an agreement to establish a joint venture company, of which Home Inns invested 91.8 million yuan and 51% of the shares, which will help the company to improve its mid- to high-end service level, improve its brand layout, and promote the mid-to-high end process. 4) Profit forecast: The company’s EPS for 2019-2021 is expected to be 1.03/1.21/1.28 yuan, corresponding PE is 21 respectively.7/18.4/17.3 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.

Hikvision (002415) 2018 Annual Report and 2019 First Quarterly Report Review: Steady Growth in Operating Performance Continues to Increase R & D Investment

Hikvision (002415) 2018 Annual Report and 2019 First Quarterly Report Review: Steady Growth in Operating Performance Continues to Increase R & D Investment

Event: The company released its 2018 annual 杭州夜网 report on April 20, and the company completely realized revenue of 498.

3.7 billion (18 a year).

93%), and achieved net profit of 113.

5.3 billion yuan (20 per year.


In addition, the company also released the first quarter report of 2019, and the company achieved revenue of 99 in the first quarter of 2019.

4.2 billion, an annual increase of 6.

17%, net profit attributable to mother 15.

3.6 billion, down 15 every year.

41%, the company expects to achieve net profit attributable to mothers in the first half of 201937.

3.3 billion to 45.

62 trillion U.S. dollars, with annual fluctuations ranging from -10% to 10%.

Actively respond to external challenges and internal integration to improve operating efficiency.

The company has faced the least external challenges since last year. The decline in 深圳桑拿网 domestic macroeconomic growth has led to a reduction in purchase demand from major customers, and non-market factors such as international Sino-US trade disputes have affected the speed of external expansion.

As a global security monitoring leader, the company has adopted a proportionate annual more stable and conservative sales strategy, simplified the short-term risk management measures, and actively promoted the internal structural transformation, reorganizing the traditional security business into a public service business group, and an enterprise.Business group and SME business group to better meet customer needs and improve operating efficiency.

Although the company’s revenue growth rate has improved in 2018, operating efficiency has improved, expenses have been properly controlled, and overall operations have remained stable, and its profits have been in line with expectations.

The company’s gross profit margin for sales in 2018 was 44.

85%, net sales margin is 22.

84%, increasing by 0 each year.

85 and 0.

46 foreign countries with solid profitability.

Continue to advance the AI Cloud architecture and build a smart IoT platform.

The company once proposed a three-level architecture of AICloud edge nodes, edge domains, and cloud centers in 2017 to promote the development and application of AI in the field of Internet of Things.In 2018, it further deepened the existing product line on the cloud-edge integration infrastructure.Integration, and focus on solving AI application scenarios, fragmentation, and difficulty in landing user needs. The internal unified software architecture, external integration and open integration strategies, and conforming to the trend of AI and IoT integration, actively build a smart IoT platform.

Fluorite Internet focuses on smart home business and maintains high-speed growth on the basis of “fluorite hardware + cloud + AI + open interface”, and gradually has a revenue of more than 16 billion yuan. At present, the fluorite cloud platform has 40 million orders of magnitude.Device access and 30 million users can provide stable and continuous video-based comprehensive services for global users.

Continue to increase R & D investment, and grasp the pulse of AI development in advance.

Maintaining technological leadership is the core driving force for the company to maintain its competitive advantage. The company is highly innovative and innovative, and is reporting increasing R & D efforts to achieve R & D investment44.

8.3 billion, an annual increase of 40.

36%, R & D investment accounted for 9 of the revenue.

00%, ranking increased by 1 last year.

38 averages.

At present, the company has formed a layered research and development system consisting of a technology platform, a product platform and a solution platform, and has made advance arrangements in terms of artificial intelligence algorithms, software and hardware.

In the future, the breakthrough in security and intelligent penetration will continue to increase, and the company is expected to deeply benefit from the wave of artificial intelligence development.

Investment advice: The first coverage is given a “cautious recommendation” rating.

The company’s EPS for 2019-2020 is expected to be 1.

43 yuan, 1.

65 yuan, corresponding to PE and 24 times and 21 times respectively, risk reminders: domestic macroeconomic fluctuations, Sino-US trade friction, etc.

Minhe Co. (002234) Interim Review: Industry boom continues to boost company performance

Minhe Co. (002234) Interim Review: Industry boom continues to boost company performance

Event: Minhe shares released the semi-annual report for 2019, and the company achieved operating income in the first half of the year15.

6.3 billion (+133.

3%), net profit attributable to mother 8.

6.9 billion (+4618.

2%), deducting non-net profit 8.

6.7 billion (+13966.


Of which single and second quarter: company operating income 8.

3.2 billion (+121.

0%), net profit attributable to mother 4.

8.3 billion (+1318.

8%), deducting non-net profit 4.

82 billion (+2006.


The price of chicken fry reached a record high, and the company welcomes the best semi-annual report performance in history.

Affected by the gifts, the price of chicken seedlings broke through historical highs in the first half of 2019, and once rose by more than 10 yuan / feather, the company achieved the best historical performance in the same period.

We expect the company’s chicken sales to increase to 1 in the first half of the year.

About 600 million birds, the average price is about 7.

9 yuan / feather, the full cost is about 2.

6 yuan / feather, each profit 5.

3 yuan, breeding business contributed about 8 profit.

4 billion.

The food sector, which has benefited from rising chicken prices, has sometimes turned a profit, and is expected to contribute approximately 9.9 million in profits. The power business increased to approximately 16 million due to increased R & D expenses.

Industry supply is slowly recovering, and seedling prices are still running at a high level.

Introduced nationally in 201874.

50,000 sets, insufficient introduction for four consecutive years.

As of the end of July, 55 species have been introduced in China.

40,000 sets, we expect the expected introduction volume may be 800,000-900,000 sets.

Although the introduction has rebounded, it has not been replaced to the downstream. The existing parent company inventory of the existing association companies is about 15-16 million sets. In addition, the problem of poor production efficiency that has continued since 2018 has not improved, and the industry supply is still tight.

The price of Miao Miao temporarily dropped in late June, and has now risen to more than 7 yuan / feather, still operating at historical highs.

The peak season is approaching, and the price of bird chains under the support of demand will help maintain the boom.

With the accelerated growth of production capacity in the pig industry, at least pork output may exceed 15%, and the gap between supply and demand will exceed 800 mm and will continue to expand next year.

Compared with aquatic 杭州桑拿网 products, poultry meat has the strongest alternative to pork. Currently, pig prices have exceeded their previous highs. Pig prices will further increase after the peak season. The demand for chicken substitutes is expected to continue to increase.
Investment suggestion: The industry supply is still tight. After the peak season comes, the demand for poultry meat replacement will gradually change, the seedling price will continue to run at a high level, and the company’s performance flexibility will continue to be released.

We adjusted the company’s EPS for 2019-2021.

36, 4.

01, 3.
94 yuan, based on the closing price on August 20, 2019, the corresponding PE is 8 respectively.


8 times, maintaining the level of “prudent overweight”.

Risk Tips: Fluctuations in chicken prices, risk of epidemics, rising raw material prices

Aojiahua (002614): Independent brand heavy volume Q1 stable operation

Aojiahua (002614): Independent brand heavy volume Q1 stable operation

Event: Ogilvy Announces 2018 Annual Report and 2019 First Quarter Report.

The company’s single quarter revenue in 2018Q4 was 16.

700 million, a year-on-year increase of +18.

8%; performance 1.

300 million, YoY-3.


2019Q1 achieved revenue of 12.

400 million, a year-on-year increase of +20.

2%; performance 0.

400 million, a year-on-year increase of +30.


We expect that through the increase in overseas orders and new product listings, Ojiahua’s revenue is expected to continue to grow rapidly.

OGAWA, a domestic independent brand, has grown rapidly: According to the announcement, the domestic sales of OGAWA in the fourth quarter of 2018 was approximately 2.

200 million, a year-on-year increase of +41.

2%, faster than the company’s overall revenue growth.

We expect domestic OGAWA sales in Q1 2019 to continue this trend.

According to our analysis, the company continues to introduce new products and has high market acceptance, which is the most important factor for rapid growth 武汉夜网论坛 in revenue.

According to the announcement, in 2018, the global sales of Mitsumi Ward Master Chairs exceeded 3.

70,000 units, compared with 20,000 units in the same period last year.

Expenditure increased significantly: According to the announcement, in 2018, the domestic OGAWA net interest rate was 6.

2% per year -0.

6pct, we analyze, this is mainly due to: 1) the company increased investment in research and development.

In 2018, Aojia’s R & D expenses were 1.

800 million, a year-on-year increase of +36.


2) Selling expenses increased.

In 2018, the company’s sales expenses were nearly 1 billion yuan, a year-on-year increase of +22.


We believe that Aojiahua knows R & D and accelerates the launch of new products, which is conducive to grab market share of massage equipment.

Recovery of 西安耍耍网 performance growth: The company’s fourth-quarter performance growth in 2018 was mainly due to the hedging business affected by exchange rate changes, and investment income in the fourth quarter was -0.

4 trillion, compared with 0 in the same period last year.

9.2 billion yuan.

According to the operating situation in the first quarter of 2019, the company’s investment income has now recovered.

It should be noted that due to subject adjustments, the company’s non-operating income in the fourth quarter of 2018 is included in the income from simultaneous asset disposal, so the non-operating income of the annual report replaces the third quarterly report.

Q1’s operating cash flow declined: Aojia’s net operating cash flow for Q1 2019 was -1.

1 trillion, a month-on-month decrease, mainly due to the company’s increase in the amount of prepayments in the first quarter, which caused the prepayments to reach 3 at the end of March.

9 trillion, an increase of 162 over the end of 2018.

6%.We expect that the cash flow will improve through subsequent receivables.

Investment suggestion: The company has a complete massage appliance industry chain, and its brand influence has gradually increased. Considering the continuous improvement of R & D strength and optimized channel layout, we expect the company to have a 2019?
Earnings per share for 2020 is 1.


34 yuan, maintain Buy-A investment rating, 6-month target price of 22.

44 yuan, corresponding to 22 times dynamic price-earnings ratio in 2019.

Risk warning: sharp rise in raw material prices and worsening competition

Gujing Gongjiu (000596): The initial goal of continuous improvement in profitability is worry-free

Gujing Gongjiu (000596): The initial goal of continuous improvement in profitability is worry-free

This report reads: The performance is in line with expectations, profitability has improved significantly after fee control, product structure upgrades have been completed, multi-price product layout has strong anti-risk capabilities, and the goal of 10 billion US dollars was successfully completed. Future performance is expected to continue to maintain excellent performance.

Investment Highlights: Maintain Overweight rating.

The performance is in line with expectations. The expected revenue will reach 20% + the target is expected to be successfully completed. The profit will remain faster than the revenue growth. The EPS for 2019-2020 will be slightly increased to 4.

52 (+0.

15), 5.

64 (+0.

08) Yuan, maintaining EPS 7 of 2021.

00 yuan, maintaining a target price of 136.

15 yuan.

Performance was in line with market expectations, and profits continued to grow faster than revenue.

Q1-Q3 achieved revenue of 82.

3.0 billion, +21 every year.

31%, net profit attributable to mother 17.

42 trillion, +38 a year.

69%, deducting non-net profit 16.

10 ‰, +32 a year.

04%; Q3 single-quarter revenue was 22.

1.5 billion, +11 a year.

91%, net profit attributable to mother 4.

930,000 yuan, +35 for ten years.

78%, deducting non-net profit 4.

44 trillion, ten years + 28%.

Q3 single quarter revenue growth rate slightly exceeded expectations, is expected to be mainly due to the weakening of holiday effects and other reasons.

Advance receipts rose month-on-month, and receipts declined slightly.

Q3 final advance payment 8.

90,000 yuan, an increase of 3 from the end of H1 in 2019.


73 trillion; notes receivable 12.

5.0 billion, before, a slight decrease from the previous month.

Q3 single quarter sales received 29 trillion, 5% quarterly; net operating cash 12 trillion, then -36%, mainly due to increased costs, labor and tax expenses (Q3 tax payable at least -31% to 3.
7.5 billion).

Increased profitability and worry-free future performance.

Gross margin for the first three quarters of 76.

31% a year -1.

6pct, 合肥夜网 of which Q3 single quarter gross margin is 75.

21%, one year -2pc, ancient 8, ancient 16 and other high-priced products have better momentum, the product structure continues to upgrade, but the decline in gross profit margin is expected to be related to rising labor costs, promotional rebates, and other factors;Once -3.

9 points to 29.

41%, ongoing expense control; net margin +2.
66pct to 21.
At 7%, the company’s multi-price-linked products continue to strengthen its competitive advantage in the province, and its future performance is expected to continue to maintain excellent performance.

Risk factors: Macroeconomic fluctuations are under pressure, and industry competition is intensifying.

Shanxi Fenjiu (600809) 2019 Third Quarterly Report Review: Revenue and Profit Growth Accelerate

Shanxi Fenjiu (600809) 2019 Third Quarterly Report Review: Revenue and Profit Growth Accelerate


The operating performance in the first three quarters of 19 exceeded market expectations.

At the core of the report, the company achieved operating income of 91.

300 million, an increase of 25 previously.

7%, net profit of 1.7 billion, an increase of 33 in ten years.


Among them, the third quarter revenue and net profit were 27.

500 million and 5.

100 million, revenue increased 34 in ten years.

5% and 53.


The company’s period-end receipts in advance 18.

400 million, an increase of 10 every year.

5 billion.

Since 2019, the company has further focused on core brands, strengthened resource integration, optimized marketing mechanisms, and accelerated revenue and profit growth.


Strengthen the operation of core products and coordinate the development of three major series of products.

The company revolves around the “one excellent and three strong” wine brand integrated operation model, using Fen liquor as the marketing leader, and accelerating the sharing of resources with bamboo leaf green liquor, Xinghuacun liquor, and Fen brand liquor for coordinated development.

In 19 years, the company implemented 杭州桑拿网 internal control over the sales of a full range of products, and continuously strengthened the company’s right to transform and speak in terms of the price of blue and white and Bfen series and market operation.

Fen liquor products represented by blue and white, gold award series and old white fen series accounted for 88% of operating income.

3%; Fen brand series of wine and configuration wine represented by bamboo leaf green accounted for 7 respectively.

7% and 3.



Deepening the nationwide distribution, rapid expansion of markets outside the province.

In 2019, the company identified a base market (Shanxi), three major sectors (Beijing-Tianjin-Hebei, Yulu, Shaanxi and Mongolia), three small market sectors (East China, Two Lakes, and Southeast), and 13 opportunistic markets outside the province.Form factor-“13313” layout.

According to the market characteristics, it is divided into strategies, cultivated intensively, the benign development of the market in the province, and the breakthroughs in the markets outside the province.

In the first three quarters of 19, sales revenue outside the province increased by 68 each year.

4%, income ratio reached 50.

1%, an increase of 6 from the end of the previous year.

4 units.

The company plans to increase the proportion of income outside the province to 70% during the 13th Five-Year Plan period.

It is expected that the market outside the province will still have great potential in the future.


Profit forecast and investment rating.

The company’s EPS is expected to be 2 in 2019/2020.

14 yuan / 2.

63 yuan, the corresponding PE is 40.1X / 32.

6X, the company is estimated to be higher than the median level of the liquor sector (25 in 19).

5 times), PE (TTM) is located in the middle of historical estimates for the past 10 years.

Taking into account the acceleration of the nationalization process, the results of the reform of state-owned enterprises have come to an end and exceeded expectations, the company is expected to continue to release vitality and enhance performance, maintaining the “overweight” rating.


risk warning.

Food safety, changes in consumption tax rates, etc.

Chongqing Iron & Steel (601005) 2019 Interim Report Review: Reduced Costs and Increased Benefits Significantly Help the Company’s Profitable Industry

Chongqing Iron & Steel (601005) 2019 Interim Report Review: Reduced Costs and Increased Benefits Significantly Help the Company’s Profitable Industry
Chongqing Iron & Steel released its 2019 Interim Report, and 2019H1 net profit fell by 19 each year.2%.The company’s operating income in 2019H1 was 11.5 billion yuan, a year-on-year increase of 3.5%; net profit attributable to mother 6.1.6 billion, down 19 a year.2%.The gross profit 武汉夜网论坛 of 2019 H1 ton of steel is 369 yuan, and the net profit of ton of steel is 199 yuan.In 2019H1’s profitability industry, the annual decline in net profit was significantly lower than the industry average. The 7 listed steel companies that have disclosed the interim report or performance forecast have a total net profit decline of more than 47%.  Production continues to increase, cost reduction and efficiency improvement are significant, helping the company’s profitability industry.(1) After the judicial reorganization, the company’s production will gradually resume, and the steel output of the company will increase and increase in 2019H1.4%; (2) product structure upgrade, 2019H1 company’s ton steel business income was 3705 yuan, continuously flat; (3) strengthen corporate governance, reduce costs and increase efficiency 深圳桑拿网 significantly, 2019H1 company’s ton steel period cost is 146 yuan / tonThe second complex is down 53%.After the company’s restructuring, the crude steel production capacity is 840, and there is still room for growth in the future.  The net profit in the single quarter of Q2 2019 increased significantly by 209%.The company’s single-quarter revenue in 2019Q2 was 61.76 ppm, a 10-year increase3.96%, an increase of 16 from the previous month.3%; net profit attributable to mother 4.6.5 billion, an annual increase of 13.1%, an increase of 209% MoM; net cash flow from operations 2.2.7 billion, the company’s performance in the second quarter improved significantly.  Looking forward to deep cooperation with Baowu Group.After the reorganization of the company, the former Zhonggang Group has gradually withdrawn from the reorganization. The senior executives such as the chairman and the general manager of the company were former executives of Baowu Group, which is conducive to the company to achieve more efficient production and operation, which is good for the company’s profit recovery.Recently, the chairman of Baowu Group inspected the old steel plant of Zhonggang. In the future, the company and Baowu Group may have deeper cooperation.  The first coverage was given an “overweight” rating.We expect the company’s EPS for 2019-2021 to be 0.14 yuan, 0.11 yuan, 0.10 yuan.With reference to a comparable company, the company is given a target price of 2.10 yuan, H share target price of 1.10 builds.The company’s output growth bonus, and the strengthening of cooperation with Baowu are beneficial to the transformation of industries with stable profitability. For the first time, we cover and give the company an “overweight” rating.  Risk reminders: corporate governance risks, steel price fluctuation risks, etc.