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.
BTG Hotel (600258): 杭州桑拿网Profitability boosts performance and maintains mid- to high-end and franchise expansion unchanged
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.
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
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.
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.
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
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
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.
08) Yuan, maintaining EPS 7 of 2021.
00 yuan, maintaining a target price of 136.
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.
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
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.
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.
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.
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 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.
National Gold 佛山桑拿网 Strategy: Assuming VAT head tax rate is reduced to 13%
[National Capital Strategy Li Lifeng’s team]VAT-related calculations: Assuming that the VAT head tax rate is reduced from 16% to 13%, the others remain unchanged, which industries & listed companies benefit?
Main points: China’s value-added tax was adjusted twice in 2017 and 2018: 1) On July 1, 2017, the value-added tax rate was adjusted to four and three levels, adjusted by 17%, 13%, 11%, and 6%.17%, 11%, and 6%; 2) The value-added tax rate will be reduced by one point on May 1, 2018. The tax rates are 16%, 10%, and 6%, which are currently in this tax rate;Extra-price tax, if only the product price is affected, and the supply and demand of the product does not change, then the value-added tax has no impact on corporate profits.
However, in practice, 1) the increase or decrease 重庆耍耍网 in the value-added tax rate will lead to the rise and fall in the prices of terminal goods, or affect the demand for products, which will affect the profit level of the enterprise;Different corporate profits have different impacts; 3) VAT adjustments have an impact on corporate cash flow, and at the same time have an impact on surcharges, which in turn has an indirect impact on corporate earnings; ③ based on the existing tax rate, assuming the highest VAT tax file16% down 3 points to 13%, other tax rates remain unchanged, which is good for “manufacturing, mining, wholesale and retail, leasing and business services”, etc. According to the financial reporting statistics of listed companies, the above areas are respectivelyThe tax reductions are in turn 767.
200 million, 447.
900 million, 65.
800 million, 8.
600 million, the total tax reduction calculated from this reached 1289.
500 million yuan, accounting for 3.7% of the net profit of all A shares
4% (according to the caliber of financial reports of listed companies); ④ Calculation of the profit elasticity of specific industries in the manufacturing industry: Based on the existing tax rate, assuming that the manufacturing value-added tax is reduced by 16% from 3% to 13%, the other tax rates are unchanged.Based on the 2017 annual report data of listed companies, we measured the manufacturing industry and ranked it according to “the proportion of underpaid VAT to the total profit of the industry after VAT reductions”. The top 5 industries that benefit from flexibility are: mining (4.
3%), non-ferrous (3.
5%), chemical industry (3.
4%), communication (3.
4%), machinery (2.
7%); ⑤ Estimate the absolute scale of tax reduction for listed manufacturing companies: Based on the current tax rate, assuming that the manufacturing value-added tax is reduced by 16% from 3% to 13%.Look, SAIC Group (33.
Billion), CRRC (19.
300 million), Baosteel (16.
200 million), Guizhou Moutai (16.
Billion), Midea Group (15.
900 million), Gree Electric (14.
0 billion), ZTE (9.
600 million), Qingdao Haier (7.
700 million) and other companies have a larger tax reduction; ⑥ Based on the net profit elasticity of listed companies in manufacturing,
3%), Huiyuan Communication (+325.
9%), North China Pharmaceutical (+301.
1%), petrochemical machinery (+292.
1%), Zhongke New Materials (+286.
0%), Hisun Pharmaceutical (+272.
5%), Yuanwang Valley (237.
2%), Dalian Heavy Industry (+205.
8%), etc., benefited greatly from the VAT reduction.
——————————- We have done detailed detailed calculation of VAT in the early stageThe benefit is relatively greater).
Construction Machinery (600984): 2019H1 Exceeds Expected Growth Tower Crane Leasing Leader Will Cater to Price Rise
Event: The company announced the 2019 semi-annual results pre-increasing announcement.
880,000 yuan, an increase of 217 every year.
About 74%; net profit attributable to non-attributed mothers1 is expected.
8 percent, an increase of 210 per year.
Q2 single quarter profit 1.
660,000 yuan, the semi-annual report exceeded expectations: quarterly, Q2 single quarter net profit attributable to mothers, net non-attribution net profits were 1.
6.6 billion, 1.
5.9 billion, an increase of 154 each year.
3% and 143.
9%, the performance exceeded expectations. We analyzed the main reason. The subsidiary Pangyuan Leasing benefited from the increase in leasing prices and growth in performance.
Tower crane leasing leader Pangyuan Leasing will rise in price and price: The subsidiary Pangyuan Leasing is an important source of profit for the company, and its engineering tower crane leasing business, we analyze and believe that it will usher in a rise in volume and price, with strong performance flexibility.
(1) Quantity: From 2013 to 2018, Pangyuan’s leasing revenue has a compound growth rate of 16%, which is significantly higher than that of the industry. It has proven its strength and has become a leading tower crane leasing company. The current market share is about 3%, and the future has room for improvement.
The long-term company has carried out a stable capital expansion plan. The new equipment purchases in 2016-2018 were 4 respectively.
2 billion, 10.
600 million and 10.
900 million, the announcement shows that the purchase of 2019H1 exceeds 32%, providing momentum for subsequent growth.
(2) Price: The lease price is determined by the number of tower cranes in the stock market and the actual construction volume. The highest point of tower crane sales is from 2011 to 2014. Based on the 8-10 year life cycle, it will be phased out in 2019.Tower crane sales have plummeted, resulting in a decline in tower crane ownership.
The real estate construction area has maintained an accelerated growth trend since 2015. Supply and demand substitution has appeared in the leasing market, and leasing prices have increased rapidly.
The risk of asset impairment has gradually decreased: the company experienced a large 重庆耍耍网 amount of asset impairment in 2016-2018, which caused pressure on its performance, mainly due to impairment of goodwill and bad debt reserves.
The 2018 annual report shows that Tiancheng Machinery has a goodwill of 75.47 million yuan on its book, continuing to impair its risk costs.
In terms of bad debt provision, in 2017 and 2018, the company made a high proportion of separate receivables, and the risk was substantially cleared. The remaining accounts receivable replaced the part based on aging.
We expect that the company’s historical problems will be gradually resolved and the risk of asset impairment will decrease.
Profit forecast and investment advice: We expect the company’s net profit for 2019-2021 to be 4 respectively.
6.7 billion, 7.
02 ppm and 9.
US $ 3.6 billion, corresponding to PE, 16 times, 11 四川耍耍网 times and 8 times, respectively, given a “buy” rating.
Risk reminder: the risk of asset impairment and the deterioration of tower crane leasing competition.
Jihong shares (002803): Cooperation with Huobi China to explore blockchain applications
Event: The company released an announcement: The company signed a Strategic Cooperation Framework Agreement with Shanghai Huoyu Technology Co., Ltd. (Huobi China) on October 25, 2019.And other areas.
Comments: Cooperation with Huobi China to strengthen cross-border e-commerce and core competitiveness of precision marketing business.
Huobi China’s main military computer technology, network technology, technical consulting and other services.
The company’s cooperation with Huobi China will rely on its leading industrial and technological advantages in the blockchain industry, and cooperate in the blockchain’s product traceability, enabling cooperation in the areas of precision marketing and point circulation.
The company’s main cross-border e-commerce business can enhance the security and traceability of product packaging through blockchain technology, which greatly improves security.
In addition, the company’s subsidiary, Longyu Star, is mainly engaged in precision marketing business, and achieved revenue of about 2 in the first half of this year.
33 million, a year-on-year increase of about 210% +.
The cooperation with Huobi China will enhance the company’s information technology capabilities, and the precision marketing business is expected to continue to grow rapidly.
In addition, the company is exploring two-dimensional code marketing and organically combining online advertising resources and offline packaging resources. The business barrier is extremely high: 1.
Need to have a wide range of offline product resources that can reach end consumers; 2.
Strong advertising and marketing capabilities, possessing marketing design capabilities to design products suitable for different use scenarios.
After the company acquires Anhui Jihong (Anhui Weizhi) and the scheduled increase project is put into production, it will become a domestic leader in QSR packaging, and its products will cover a wide range of end consumers.
At present, the company has reached a cooperation with Netease Koala and Dali Garden on the QR code marketing business. After the model runs through, it is expected to 杭州桑拿网 form a demonstration effect.
This framework agreement will cooperate with Huobi China in the circulation of points. We believe this will further expand the company’s advantage in the field of two-dimensional code marketing, and future revenue is expected to usher in an explosion.
Profit forecast and estimation: The company’s EPS for 19-21 is expected to be 1.
20 yuan, corresponding to PE is 17X, 14X, 11X.
Maintain “Buy” rating.
Risk reminder: cooperation is less than expected, business development is not smooth