Xugong Machinery (000425): 2018 Annual Report, 2019 First Quarter Report Meets Expectations, Optimistic for Longitudinal Profit Elasticity in 2019

Xugong Machinery (000425): 2018 Annual Report, 2019 First Quarter Report Meets Expectations, Optimistic for Longitudinal Profit Elasticity in 2019

Event: Xugong Machinery released the 2018 annual report and 2019 first quarter report on April 29, 2019, and the company achieved total revenue of 444 in 2018.

10,000 yuan (ten years +52.

45%), net profit attributable to mother 20.

460,000 yuan (ten years +100.

44%); The company achieved total revenue of 144 in the first quarter of 2019.

20,000 yuan (ten years +33.

72%), net profit attributable to mother 10.

5.3 billion (+102.


Investment highlights: 2018 annual report and 2019 first quarter report are in line with expectations, and revenue continues to bloom across the board.

Revenue by segment in 2018: lifting machinery 157.

460,000 yuan (+48 for the whole year.

11%), 89 for construction machinery spare parts.

0.2 million yuan (ten years +72.

89%), 50 scraping machinery.

1.3 billion (+39.

79%), piling machinery 48.

7.9 billion (six months +46.

65%); Revenue by region: Domestic market 385.

1.6 billion (previously + 49%), 58 overseas markets.

9.4 billion yuan (ten years + 78%).

The historical burden is effectively cleared, and we continue to be optimistic about the profit elasticity of the decade in 2019.

Gross profit margin decreased: In 2018, the company’s sales gross profit margin was 16.

69% per year -2.

The gross profit margins of 20pct, lifting machinery, spare parts for construction machinery, scraper machinery, and pile machinery are 21 respectively.

62% / 10.

19% / 17.

35% / 19.

66% a year -1.

49 / + 2.

11 / -2.

94 / -2.

72pct. In 2018, the company relied on “Project No. 1” to increase the handling of two mobile phones and legal aircraft, which led to a reduction in the deviation of the gross profit margin of the main engine, especially the automobile crane sector.The gross profit margins were 18 respectively.

11% / 16.

70% / 19.

30% / 上海夜网论坛 12.

63%, the fourth quarter gross margin was -6.

67 points.The company still handled a small amount of historical baggage in Q1 2019, with a gross profit margin of 16.

76%, it is expected that the impact of historical burdens on the company’s profitability in the second half of 2019 will be basically eliminated.

The period expense ratio decreased: the company’s period expenses in 201810.

84%, three years -3.

36pct, sales / management (including R & D) / financial expenses 5.

12% / 5.

77% /-0.

04%, -0 per year.

55 / -1.

67 / -1.

13pct, based on the effect of scale, the category with a smaller decrease in sales expense ratio caused the increase in market expansion. The decrease in financial expense ratio was mainly due to the increase in index revenue and the decrease in exchange losses.

Improvement of important financial indicators: In 2018, the company’s net sales margin was 4.

63% (ten years +1.

10pct), ROE (increase) / ROA are 8 respectively.

28% / 3.

96%, ten years +2.

97 / + 1.

31pct; 2019Q1 company net profit margin rose to 7.


Strictly control the risks of credit sales and improve operational efficiency.

In 2018, the company increased the collection of collections, effectively promoted the collection of debts and the risk of strong control. By the end of 2018, the account receivable was 18.1 billion (total + 24).

64%), accounts receivable accounted for 40% of total revenue.

66% (decade-9).


During the current cycle, the company strictly controlled credit risk. Except for the full payment, credit sales were tilted to the installment form with a higher down payment ratio. The company reported that the sales amount of the company’s mortgage and financial lease accounted for 5 of the total revenue.

06% / 13.

09%, ten years -10.

36 / -2.

52 points.

In 2018, the company’s accounts receivable turnover rate / inventory turnover rate were 2 respectively.


78 times a year + 0.

78 / + 0.

83 times.

Operating cash flow was slightly under pressure: In 2018, the company’s operating cash flow was 33.

09 million yuan (+4 for the whole year.

92%), 2019Q1 operating net cash flow1.

07 billion US dollars, the annual increase from the previous month, mainly due to the gradual main sales model and bills receivables. The company ‘s downstream large state-owned enterprises accounted for a relatively high proportion. Instalment + bill settlement is a common practice. Short-term impactOperating cash flow.

Estimates and grades: Increase earnings forecasts and maintain “overweight” grades.

We believe that the industrial demand of XCMG listed companies for truck cranes and loaders is only 20% or more in elasticity in 2019, and there are expected state-owned enterprise reforms and group excavator asset injection expectations; the company’s 2019 performance elasticity is multiple, and we believe the company estimates stabilityWill continue to enhance.Increase the profit forecast for 2019/2020, increase the forecast for 2021, and originally expected to achieve a net profit of at least 30 in 2019/2020.


5.5 billion, and is now expected to achieve net profit attributable to mothers in 2019/2020/202134.



920,000 yuan, corresponding to EPS0.



41 yuan, corresponding to PE 10/10/11 times, considering that the company can still change its performance elasticity in 2019, giving 13 times PE in 2019, the target price is 5.

72 yuan, corresponding to about 24% growth space.

Huangshan Tourism (600054) Annual Report Comments: The main business development is stable, and the high-speed rail opening is driving the passenger flow.

Huangshan Tourism (600054) Annual Report Comments: The main business development is stable, and the high-speed rail opening is driving the passenger flow.
The company released its 18-year annual report, and Huangshan Tourism, which was replaced by revenue and non-net profit after consecutive deductions, achieved operating income in 201816.21 ppm, a reduction of 9 per year.13%, achieving net profit attributable to shareholders of listed companies.83 ppm, an increase of 40 in ten years.68%, net profit after deducting non-return to mother3.42 trillion, a decrease of one year.19%.The decrease in the company’s 18-year revenue was mainly due to the disposal of Yuping Real Estate, a subsidiary in 2017, and it was no longer consolidated in 2018; the significant increase in net profit attributable to the mother was due to the company’s reduction of its shareholding in Huaan Securities and the increase in current profits1.9.7 billion, so the company’s net profit after deduction is reduced by 1 every year.19%. Affected by the price reduction, ticket revenue decreased, and the sales expense ratio increased significantly. In particular, Huangshan Scenic Area received a total of 3.38 million tourists in the mountains, and then increased by 20,000 each year, an increase of 0.6%, but due to the reduction in ticket prices last year, the company’s ticket business income2.31 ppm, a decrease of 0 per year.75%.The company’s ropeway and gondola gradually carried tourists 669.110,000 person-times, an increase of 0 in ten years.3%, ropeway business realized revenue4.96 ppm, a ten-year increase1.08%.In addition, the company’s hotel business achieved revenue 6.47 ppm, a 10-year increase3.11%, travel agency business achieved revenue3.94 ‰, a decrease of 0 per year.82%.The 上海夜网论坛 company’s 18-year gross profit margin was 54.14%, an increase of 3.51 units.Period expenses 23.04%, an increase of 4 from 17 years.The four single ones are mainly affected by the increase in sales expenses (paying advertising expenses and awards of civil aviation companies during the vesting period of the expense recognition and increasing marketing activities). Leading domestic high-quality attractions, the opening of the high-speed rail is expected to drive passenger growth. The company relies on the Huangshan Scenic Area, which is known as the “World Cultural and Natural Heritage” and “World Geopark.”At present, the company actively seeks changes, proposes “one mountain, one water, one village, one cave” and other strategic layouts, fully develops the resources around Huangshan, promotes the development of tourism in the whole region, and carries out the construction of secondary consumption projects for scenic spots.In addition, as of April 3, the Hangzhou-Huanghuang high-speed railway has sent more than 150 passengers, and the opening of the new high-speed railway line is also expected to increase the expansion of the tourist circle of Huangshan Scenic Area. To sum up, investment recommendations and profit forecasts, we maintain an investment rating of “overweight” for the company. It is estimated that the company’s operating income for 2019-2021 will be 16 respectively.8.5 billion, 17.32 ppm and 17.840,000 yuan, the corresponding EPS is 0.52 yuan, 0.56 yuan and 0.58 yuan. Risks indicate major natural disasters, the growth rate of tourists is lower than expected, and the progress of outreach projects is not as expected.

Weiming Environmental Protection (603568): Excellent waste incineration operator

Weiming Environmental Protection (603568): Excellent waste incineration operator

Event: The company released a quarterly report and achieved revenue in Q1 of 20194.

79 ppm, an increase of 48 in ten years.

83%; net profit attributable to mother 2.

32 ppm, an increase of 30 in ten years.


Comment: The project construction is advancing steadily, and the performance continues to grow at a high speed. In 19Q1, the company achieved revenue4.

79 ppm, an increase of 48 in ten years.

83%; realized net profit attributable to mother 2.

32 ppm, an increase of 30 in ten years.


The performance continued the high growth trend of the 2018 annual report, mainly due to the company’s increase in project operation of Ruian Phase II (1000t / d), Wuyi (900t / d), Jieshou (500t / d), and Wannian (500t / d)Recognized revenue, rapid progress of projects under construction, and increased equipment sales revenue.

The company’s current project scale reaches 1.

4 announcements / day, compared with 1 at the end of Q1 2018.

08 day / day growth of 30%; the company’s projects under construction is about 1.

On the 3rd day / day, it will be initially put into operation in 2019-2021, and the equipment revenue growth has been guaranteed in the past two years.

Hydropower-like high-quality operating assets, cash flow and profitability The industry-leading waste incineration business is a hydropower-like high-quality operating asset. Depreciation stalls during the operation period sell most of the operating costs, showing good operating cash flow, Weiming environmentally friendly operationSexual net cash flow / net profit has remained at 1 over the years.

0 or more.

Net cash flow from operations in the first quarter of 2019 was -0.

2.3 billion, mainly due to cash flow expenditures for pre-purchasing equipment and raw materials for projects under construction, and prepayments increased by 147% to 1.

5.8 billion, long-term operating cash flow will still return to normal levels.

In the incineration industry, the company’s operating capabilities and cost control capabilities are leading the industry.

The amount of waste power generated by the company’s units in the warehouse is maintained at about 370 degrees / ton, of which the average Zhejiang project can reach 380 degrees / ton, which is a high level in the industry; the investment per ton of waste is about 400,000, which is lower than the average of 500,000s level.

Companies with operational capacity and cost control have shown extremely strong profitability. The gross profit margin is above 60% per year, and the net margin is about 50%. In 2018, the ROE reached 24%, and the profitability industry is leading.

Extending from the waste disposal terminal to the entire industry chain, the company that has no waste city pure standard has extended from the waste terminal disposal to the napkin kitchenware field since 2015. At present, the Wenzhou food and kitchen project has been completed, and the development and manufacturing of food and kitchen equipment + front-end cleaning +The overall industry layout of terminal trading investment operations has shown good profitability.

In January 2019, the State Council issued the “Work Plan for Pilot Construction of” Non-Waste City “, which proposed a comprehensive solution for solid waste treatment. We believe that 天津夜网 no-waste city involves the front-end classification, middle-end transportation, and terminal classification of intervention.In all aspects of disposal, waste terminal disposal enterprises with mature system solutions in some regions will be the direct beneficiaries.

The company has a mature system of solid waste full industry chain solutions in Wenzhou City, which is the pure standard of waste-free cities. It is expected to be successfully copied to other projects in the future.

Profit forecast and investment recommendations The company is expected to achieve net profit in 2019-20209.

5.1 billion, 11.

5.9 billion, corresponding to 20 times and 16 times the current PE.

We believe that the company has the property of stable cash flow for public utilities, and that the construction of projects under construction brings 杭州桑拿网 deterministic growth. We believe that the reasonable value of the company should be 33.

00 yuan / share, corresponding to 24 times and 20 times in 2019-2020.

“Strong recommendation” rating, risk warning: the project construction progress is less than expected, raw material costs increase

Hengshun Vinegar Industry (600305): Steady operation of condiments and acquisition of Hengshun shopping mall to improve channel construction

Hengshun Vinegar Industry (600305): Steady operation of condiments and acquisition of Hengshun shopping mall to improve channel construction

Investment Ratings and Estimates: Maintaining 2019-21 Revenue Forecast18.

6, 20.

6, 22.

7 trillion, an increase of 10 each year.

0%, 10.

5%, 10.

3%, maintaining the forecast of net profit attributable to mothers in 2019-212.

88, 3.

25, 3.

70 ppm, respectively -5 per year.

4%, 12.

7%, 13.

9%, corresponding to 2019-21 EPS is 杭州桑拿 0.

37, 0.

41, 0.

47 yuan, the latest closing price corresponding to the PE of 2019-20 is 36, 33 times, maintaining the overweight level.

As a leader in the vinegar industry, the company expands and upgrades its own contradictions in the context of low industry concentration and the continuous promotion of consumption upgrades. At the same time, the company’s receptor system is limited and its overall operating efficiency is significantly higher than other leaders in the condiment industry.If the management mechanism can be improved in the future, there is considerable room for potential improvement in profitability.

The main business of the condiment is stable, and multiple measures are taken to open up the growth space: Hengshun, as a leader in the vinegar industry, has the brand’s product advantages, transforms the company to actively promote channel changes, activates the sales team’s initiative internally, and expands the external port market expansion efforts.Marketing synchronization and other methods have improved the company’s overall competitiveness and achieved good results. At the same time, in addition to the main vinegar industry, the company has also increased the layout of other categories of condiments, and the business of cooking wine and soy sauce has achieved rapid growth.

In the first half of 19, the company achieved nearly double-digit revenue growth. Among them, the main business of vinegar has developed steadily, and the cooking wine business has continued to grow rapidly. It is expected that the company will continue this trend in the second half of the year and maintain double-digit revenue growth.

The proposed cash acquisition of Hengshun Shopping Mall is conducive to exerting synergies: the company issued an announcement on September 26 and plans to invest 44.24 million yuan to acquire 100% equity of Hengshun Shopping Mall, a wholly-owned subsidiary of Hengshun Group.

Hengshun Shopping Center currently has 9 stores, all located in the densely populated area of Zhenjiang City and the tourist scenic area where passenger flow is conducted. It mainly sells Zhenjiang specialty products, mainly Hengshun brand high-end products, and a few other Zhenjiang specialty products.

From the financial situation of Hengshun Shopping Mall, the overall operating trend has been substantially stable, revenue and profits have declined slightly in the past two years, and the book has maintained certain monetary funds. According to the company’s forecast, Hengshun Shopping Mall’s 19-year operating net profit is expected to grow, while Hengshun Shopping MallIt plans to add 2 new stores to achieve steady expansion.

We believe that from a business perspective, Hengshun Shopping Center, as the characteristic sales channel of Hengshun products in the town, has certain synergies with the main business of Hengshun Condiment itself. If the acquisition is successfully implemented, the related party transactions will follow.With the reduction, the company’s own channels and overall sales network will be supplemented, which will help build the brand image of Zhenjiang.

The vinegar industry is still fragmented, and Hengshun is expected to continue to achieve expansion achievements. As one of the subdivisions of the condiment industry, the vinegar industry benefits from the product’s health attributes and multi-functionality, and continues to develop space. It will accompany consumer income in the future.Levels have improved, consumer concepts have improved, and industry has room for coexistence.

The vinegar industry as a whole is still in a highly decentralized state. As the industry leader, Hengshun has a breakthrough first-mover advantage and is clearly leading in terms of brand and product strength. If the internal mechanism can be further streamlined in the future, channel combat power will be improved, and there will be room for improvement.Still very impressive.

Advanced catalysts: Condiment business revenue grows faster than expected, and system reform has breakthrough core assumptions Risks: Performance is lower than expected, industry competition intensifies

Vanke A (000002) 2019 Interim Report Comments: Revenue and Performance Increase Rapidly and Pre-receipt Locks on to Continuously High Levels

Vanke A (000002) 2019 Interim Report Comments: Revenue and Performance Increase Rapidly and Pre-receipt Locks on to Continuously High Levels

19H1 revenue was + 32% ahead of schedule, performance growth was + 30%, gross profit margin and lock-in rate of advance receipts continued to be high. 19H1 companies achieved operating income of 1,393.

2 ‰, +31 a year.

5%; net profit to mother 118.

4 trillion, +29 a year.

8%; basic income 1.

06 yuan, +28 a year.

8%; settlement area is 846.

30,000 square meters, ten years +20.

7%; land settlement income 1,329.

9 trillion, +32 a year.

2%; settlement average price 1.

570,000 yuan, ten years +9.

5%; gross margin, net interest rate and net profit attributable to mothers are 36.

2%, 13.

8% and 8.

5%, +1 each year.

8pct, +1.

1 and -0.

1pct, the decrease in net profit attributable to mothers was mainly due to the significant increase in profit or loss of minority shareholders69.

2%; three fees cost 8 per second.

6%, -0 per year.

3cpt; investment income 13.

0 million yuan, +65 a year.

8%; for the first time since 2011, no impairment loss on assets has been accrued.

At the end of 19H1, the outstanding amount of 6,216 trillion had been sold, and it was +19 in ten years.

5%, covering 18 years of real estate settlement income2.

0 times, the highest level in the industry; unsold area of 44.04 million square meters sold, ten years +19.

2%; 5,673 trillion accounts received in advance, +9 in ten years.


19H1 sales were 334 billion, more than + 10%. Start-ups declined and completions increased steadily. However, maintaining the initial low growth plan, 19H1 companies achieved a contract value of 3,340.

0 ‰, +9 for ten years.

6%, the development business in 41 cities is scheduled to be among the top three in the region; the sales area is 2,150.

10,000 square meters, +5 for ten years.

6%; average selling price 1.

550,000 yuan, +3 a year.


19H1 company newly started 19.53 million square meters, 16% a year, accounting for 54% of the previous start plan (18H1 66%); 19 years plan to start 36.09 million square meters, a year -28%; 19H1 completed 10.6 million square meters, in the past + 16%It accounts for 35% of the initial completion plan (35% in 18H1); it is planned to complete 30.77 million square meters in 19 years, +11 over the same period.

6%, and it is clear that the early completion plan is unchanged; 19H1 settlement completion ratio is 79.8%, considering the restoration of the completion ratio of settlement in the future will promote the steady increase in settlement volume.

And comprehensively consider the completion plan of 19 years +11.

6%, 19H1 settlement average price +9.

5%, implied long-term revenue growth rate may be + 22%.

19H1 added 1,372 new land acquisitions.
Take care carefully, the value of goods is relatively abundant, the debt rate is at the lowest level in the industry, and the repayments have increased steadily.

80,000 square meters, 69% equity; according to the announcement, plus logistics land acquisition, 19H1 total land acquisition area of 1,445.

30,000 square meters, ten years -36.

1%; corresponding to the total land price of 961.

0 million yuan, at least -11.

0%, taking up 28% of diesel.

8%, taking land favorably.

At the end of 19H1, the company had not settled its total land bank 1.

500 million flats, 61% equity; saleable area 1.

100 million flats, according to 1.

50,000 yuan / flat extrapolation to obtain the saleable value1.

7 trillion, covering 18 years of sales2.

8 times.

At the end of 19H1, the asset-liability ratio was 85.

3%, ten years +0.

6pct; net debt ratio is only 36.

8%, +6 per year.

0pct, low in the industry; 19H1 interest rate capitalization ratio 35%, ten years +0.

5 points.

The report summarizes that the on-balance sheet sales receipts were 1,981 megabytes, +9 per year.


The diversified business has developed steadily. Property, long-term lease, commerce, logistics and other fields continue to lead the operating income of Vanke Property in 19H1 52.

800 million, previously + 27%; contracted revenue for new projects21.

600 million yuan, 114% per year, of which commercial-owned properties account for 38%.

19H1 leased residential business newly opened 101 projects, 2.

06 thousand rooms; as of 19H1, it covers 35 cities and gradually opens.

20,000 rooms; the average occupancy rate of mature projects is 91%.

At the end of 19H1, the total construction area of the company’s commercial projects under management exceeded 13.5 million square meters (of which 68% of the printing power was accounted for), and a few were second only to Wanda.

In 19H1, Wanwei Logistics acquired an area of 740,000 miles; at the end of the period, it has entered 44 cities and acquired 127 projects with a building area of 9.96 million square meters of leaseable properties.

Investment suggestion: Revenue and performance increase rapidly, advance income locks in at a high level, and maintain a “strong push” rating. Vanke, as the industry ‘s 30-year leader, is advocating high turnover in advance, leading the establishment of a three-tier management and control structure, laying out three major city clusters,Numerous talent plans, deepening small-stock trading models, and innovative business development are well-deserved pioneers. The results have also been reflected in the company’s high sales and performance growth over the past 10 years, and also reflected in industry-leading stable operations and financial indicators.in.

The company has also led the industry in sub-fields such as property services and commercial real estate. Future performance and estimated contributions are worth looking forward to.

We maintain the company’s EPS forecasts for 19-21 are 3 respectively.

66, 4.

41, 5.

30 yuan, maintain target price of 45 yuan, maintain “strong push” level.
Risk warning: The real estate market sales fell more than expected and the 成都桑拿网industry funds tightened more than expected.

Hengli Co. (600346) Annual Report Commentary Report: 18 Years of Refining and Chemical Projects with Performance Consistent with Expectations Set sail

Hengli Co. (600346) Annual Report Commentary Report: 18 Years of Refining and Chemical Projects with Performance Consistent with Expectations Set sail

Revenue and profits doubled, dragging on long-term performance in the fourth quarter. The company announced its 2018 annual report, which reported a total operating income of 600.

670,000 yuan, an increase of 26 in ten years.

51%; Realize net profit attributable to shareholders of listed companies.

23 ppm, a ten-year increase4.


The annual profit level set a record high for listed companies.

Specific to each quarter, Q1-Q4 respectively achieved net profit attributable to mothers11.



7 / -3.

3 billion, the fourth quarter of crude oil prices showed a unilateral rapid decline, the industry’s profit passively shifted, the company’s inventory price loss was zero.

4.8 billion, sustainable peers.

PTA business is the main driver of revenue and profit growth. The newly injected PTA operating assets have become the main driver of revenue and profit growth. Hengli Petrochemical (PTA business) has realized net profit.

400 million, capacity utilization reached 105.

7%, the report estimates that PTA sales are 573 tons, and PTA tons net profit is expected to be 339 yuan / ton.

Looking forward to 2019, the domestic PTA supply-side increase is quite limited, and the demand increase is still in progress. The supply and demand of the PTA market is expected to further tighten, and the PTA profit level is expected to reach 350?
About 400 yuan / ton.

The profits of polyester filaments are stable, and the engineering plastics and film businesses have fully improved. The polyester chemical fiber business scale has also maintained a relatively stable profit range. In 2018, the company’s polyester civilian filaments and industrial filaments were close to full load.

Polyester full-caliber harvest 229 was inserted (civilian silk 131 / industrial silk 14 / polyester chip 84 additives), and Hengli Chemical Fiber achieved net profit of 13.

9 billion yuan, the net profit of denatured polyester unit is about 607 yuan / ton (600 yuan / ton in 17 years), which is significantly relative to its peers. It has two advantages: 1) The profit of polyester industrial yarn is better than that of civilian yarn. The report indicates that industrial silk woolInterest rate 30.

2%, civil silk gross margin of 20.

3%; 2) The company’s polyester civilian silk varieties FDY and DTY account for a relatively high proportion, and are positioned at the high end, with a high proportion of differentiation.

The subsidiary Yingkou Kanghui Petrochemical reported net profit.

0.5 billion (1 in 17 years).

1.3 billion), the initial improvement 深圳桑拿按摩网 of the profit of engineering plastics PBT and polyester film business.

Refining and chemical projects set sail. Ethylene, PTA, and filament projects are follow-up increments. According to the company’s announcement, Hengli Refining and Chemicals successfully opened the entire production process in March 2019 and successfully produced gasoline, diesel, aviation kerosene, PX, etc.The main products are moving towards the goal of achieving full load operation and full production of the entire refinery. At the same time, the company has reached strategic cooperation agreements and product sales agreements with partners such as PetroChina, Sinopec, CNOOC and Sinochem, and oil product sales channels.Achieve consensus.

As the construction of refining and chemical projects is coming to an end, ethylene and PTA engineering projects 都市夜网 will become important follow-ups. The 150-ton / year ethylene project and the 250-ton / year PTA-4 are expected to be delivered in the fourth quarter of 2019.The project is expected to be delivered in the second quarter of 2020. Hengke’s 135 budget / year split filament project will be launched in batches within 48 months.

The company’s profit forecast, forecast and investment rating refinement and chemical projects have been put into operation smoothly, and its progress is significantly ahead of similar projects. The company is expected to enjoy high PX profit before the PX price drops, and forecast 19/20 performance from 63.


100 million increased to 68.


800 million, an increase of 100 in 2021 performance forecast.

800 million, currently corresponding to PE14 in 19/20/21.



7x, maintain “Buy” rating.

Risk reminder: polyester filament and PTA profit review; risk of refining and refining projects being less than expected

Xianfeng Pharmaceutical (002332) Commentary Report: Benefiting from volume sales of pharmaceutical preparations and price increase of APIs, Q1 2019 results exceeded expectations

Xianfeng Pharmaceutical (002332) Commentary Report: Benefiting from volume sales of pharmaceutical preparations and price increase of APIs, Q1 2019 results exceeded expectations

Event: On April 24, 2019, the company released the 2018 annual performance report and the 2019 first quarter report, and achieved revenue of 36 in 2018.

2.2 billion (+26.

97%), net profit attributable to mother 3.

10,000 yuan (+45.

85%), net profit after returning to the mother 2.

8.2 billion (+51.

00%); In Q1 2019, it achieved revenue of 8.

3.6 billion (+0.

70%), net profit attributable to mother is 58.01 million yuan (+43.

23%), net profit after deduction is 56.26 million yuan (+37.

16%), 2019Q1 performance growth exceeded market expectations.

Comments: 2018 and Q1 2019 results increased 45.

85% and 43.

23%, 2019Q1 performance growth exceeded market expectations: revenue end, the company achieved revenue of 36 in 2018.

22 ppm, an increase of 26 in ten years.


Among them, leather hormones, gynecological and family planning medicines, anesthesia and muscle relaxation medicines, and other products achieved revenue of 15 respectively.

9.7 billion, 8.

5.6 billion, 5.

5.1 billion, 6.

08 million yuan, an annual increase of 70.

82%, 8.

79%, 29.

20%, -12.


According to the sales of various business segments, we believe that the increase in the price of APIs has driven the rapid growth of leather hormones, and rocuronium and atracurium have become important sources of growth for the anal Hull muscle relaxant drug segment; Q1 2019Realize revenue.

36%, an annual increase of 0.

70%, we expect rocuronium bromide and atracurium to maintain a growth rate of more than 25%. The impact of the relocation of the API plant and the impact of Newchem’s revenue changes are the main reasons for the rapid growth of revenue in the first quarter of 2019.

On the profit side, the company achieved net profit attributable to its mother in 20183.

10,000 yuan, an increase of 45 in ten years.

85%, growth in line with expectations.

Among them, non-recurring gains and losses were 18.99 million yuan, mainly from government subsidies.

NewChem achieves revenue and profit5.

63 million and 8977.

280,000 yuan, formed a good synergy after the merger.

The net profit attributable to the parent in 2019Q1 was 58.01 million yuan, a year-on-year increase of 43.

23%, mainly due to the increase in raw material prices to promote gross margin improvement (the overall gross profit margin from 56 in 2018Q1.

32% increased to 59 in 2019Q1.13%).

Expenses remained stable after 2018, with three fees accounting for 46% in 2019Q1.

85%: Three fee revenue accounted for 46 in the first quarter of 2019.

85%, a year to raise 0.

29 amounts, period expenses will remain basically stable after 2018.

Among them, the sales expense ratio, management expense ratio, and sales expense ratio are 30.

07% (-0.

73 pct.

), 13.

78% (1.

11 pct.

), 3.

00% (-0.

09 pct.

APIs benefit from price increases and high-end production capacity acceptance, and the formulation business is in-depth in specialized areas: APIs. In the near to medium term, under the influence of the 四川耍耍网 “environmental improvement and pharmacological environment” expansion, the acceleration of small factory exits, and the oligopoly layout is favorable for the short-term andLong-term, due to the acquisition of 100% equity of Newchem and Effechem in Italy, the company has laid out and extended high-end APIs. We believe that the follow-up process of basic APIs will gradually realize the production of high value-added high-end APIs.The introduction of high-end APIs from overseas to achieve domestic market preparation declarations and preparation exports is an important part of the company’s long-term performance growth.

Preparation section, in-depth layout of gynecology, anesthesia muscle relaxation, respiration, and skin. The four specialty high-quality racetracks. Xianfeng Pharmaceutical is one of the few steroid hormone companies that has the integrated cost advantage of drug substance preparations.
Profit forecast and estimation: Based on the company’s current business situation, we estimate that the company’s net profit attributable to the parent in 19-21 is 4 respectively.

1.5 billion, 5.

2.4 billion, 6.

40 ppm, corresponding to 18, 14, 11 times PE, maintaining the “highly recommended” level.

Risk reminder: The price increase of the API does not meet expectations; sales and R & D progress are not up to expectations; price reduction risks.

Haitian Flavor (603288) 2019 Third Quarterly Report Review: Soy Sauce & Oyster Sauce Performs Stably

Haitian Flavor (603288) 2019 Third Quarterly Report Review: Soy Sauce & Oyster Sauce Performs Stably

The company’s soy sauce and oyster sauce performed steadily in Q3 2019, and the seasoning sauce continued to accelerate, and other categories of vinegar and other categories achieved rapid growth, and the profitability steadily improved.

We are optimistic that the company ‘s “Three Five-Year Plan” has been successfully promoted, and the leading companies have gradually consolidated and maintained a “Buy” rating.

In the first three quarters of 2019, revenue / net profit / non-net profit were increased by 16 each.

62% / 22.

48% / 23.


The company achieved sales revenue of 148 in Q1-Q3 2019.

2.4 billion, an increase of 16.

62%; net profit attributable to mother 38.

3.5 billion yuan, an increase of 22.

48%; deduction of non-net profit 36.

3.8 billion, an increase of 23.


Of which Q3 earned 46.

6.4 billion, an increase of 16.

85%; net profit attributable to mother 10.

8.5 billion, an increase of 22.

84%; deduct non-net profit 10.

3.8 billion, an increase of 31.

68%, continued solid performance, as expected.

Revenue share: The performance of soy sauce and oyster sauce is steady, and the sauce category continues to accelerate.

In terms of categories, the company’s soy sauce oyster sauce performed solidly, and the soy sauce business achieved revenue of 26 in Q3.

90 trillion, the same increase of 14.

08%, a total increase of 13 in the first three 杭州桑拿网 quarters.

76%; Oyster sauce business achieved revenue in Q38.

3 billion, an increase of 18.

70%, a total increase of 20 in the first three quarters.

33%; Seasoning sauce business channel adjusted significantly, and achieved revenue in the third quarter5.

4 billion, an increase of 13.

80%, chain speed continued to increase (Q1 / Q2 increased by 6 respectively.

13% / 9.

32%); other products such as vinegar achieved high growth, and Q3 achieved revenue3.

7.4 billion, an increase of 39.


In terms of channels, the online / offline revenue of the companies in Q3 2019 increased by 13 respectively.

17% / 16.

79%, online and offline speed up.

By region, Q3 is relatively mature in the east / south, with income increasing by 14 as well.97% / 14.

51%; West / Central continued high growth, with income increasing by 30%.

68% / 23.

41%; Northern distributors increased by 283 to 1671, which accelerated the development.

Profit analysis: Gross profit margin and sales expense ratio decreased, and profitability continued to improve.

In terms of gross profit margin, the company’s gross profit margin in 2019Q3 was 43.

8%, down by 1.

32 PCTs are mainly due to: ① the increase in the prices of raw materials and packaging materials; ② the increase in equipment depreciation vendors due to technological transformation and production; ③ changes in the product structure, and the proportion of low-margin oyster sauce products increased.

In terms of expense ratio, Q3’s sales expense ratio fell by 2.

81Pcts to 12.

87%, mainly due to the decline in transportation costs caused by some of the company’s distributors.

The management expense ratio increased slightly by 0.

65PCT; R & D expense ratio decreased by 1.

32PCTs; the index cost rate is also reduced by 0.

66PCT, mainly due to an increase in interest income of 39 million.

In addition, changes in accounting adjustments caused some income to be transferred from investment income to income from changes in fair value, and Q3’s total total revenue decreased by only 1.


In summary, Q3’s net margin increased by 1.

13PCT to 23.


Future expectations: Year-to-date performance is stable and robust, maintaining a double-digit compound growth judgment for five years.

The company’s revenue / net profit targets for 2019 will increase by 16% / 20%, respectively. The company’s performance in the first three quarters is solid, and it is possible to achieve its performance targets.

2019 is the first year of the company ‘s “Three Five-Year Plan”. The company continues its steady performance and lays a good start for the company’s five-year plan.

We predict that the company ‘s soy sauce / oyster sauce / sauce will increase exponentially in the next five years, with low double / medium double / low double exponential growth, the market share steadily increasing to about 25%, and profitability steadily improving. Based on a comprehensive judgment of the company from 2018-2023Revenue / net profit achieved compound double-digit / medium-high double-digit compound growth respectively.

risk warning.

Risks of raw material price fluctuations; food safety risks; risk of industry prosperity decline.

Profit forecast and estimation.

Maintain 2019/2020/2021 EPS forecast to 1.



80 yuan, corresponding to a growth rate of 20% / 22% / 19%, maintain “Buy” rating.

Baotai (600456): Performance growth and growth are optimistic about subsequent development

Baotai (600456): Performance growth and growth are optimistic about subsequent development

Event: In the first half of 2019, the company gradually realized revenue19.

700 million, previously increased by 24.

4%, realizing net profit attributable to mother 1.

1 ‰, rising 225 per year.

0%, net profit after deduction is 1

10,000 yuan, an increase of 299 in ten years.


In the second quarter alone, the company achieved revenue of 8.

15 ppm, a ten-year average of 7.

8%, achieve net profit attributable to mother 0.

810,000 yuan, up 91.

7%, net profit after deduction is 0.

7.4 billion, previously increased by 110.


  Comments: The main reason for the company’s net profit growth in 2019 is due to the steady rise of the aviation, aerospace, aerospace and other fields, the order of the civilian product market has grown significantly, the international market has broken through, and the production and sales of titanium products have increased.

In the first half of 2019, the company’s titanium product sales were 10,170 tons, an annual increase of 69.

3%; the company’s titanium products operating income is 15.

60,000 yuan, an increase of 49 in ten years.

The gross profit margin was 7% from the same period last year.

12% increase by 1.

36 single to 23.


Benefiting 佛山夜网论坛 from the rise in titanium prices, the subsidiary Baotai Huashen (titanium tetrachloride, titanium metal) in the first half of 2019 achieved revenue3.

1 trillion, net profit 0.

350,000 yuan, an annual increase of 40%.

  Industry supply and demand resonance, the company enjoys the bonus industry: upstream supply, under the influence of various factors such as the country’s continued promotion of supply-side structural reforms and environmental protection policies, part of the gradual generation of power generation, emissions of substandard titanium processing enterprises have withdrawn from the market, and the industry’s supply layout is optimized.
Downstream demand, strategic adjustments to transform the structure of the national economy, and industrial transformation and upgrading, the titanium industry has sustainable 深圳桑拿网 market development potential in the aviation, aerospace, and high-end equipment manufacturing industries.

  We estimate total titanium consumption in 2020 to be 8.

21 samples, three years (2018?
2020) Composite strength 14.

19%, titanium material entered a boom period.

  Company: China’s leading company in the titanium processing industry. In 2018, the company’s sponge titanium production capacity was 1 investment / year, titanium ingot production capacity was 3 per year / year, and titanium production capacity was 2 per year.

As industry supply and demand resonate, the company enjoys dividends.

  Earnings forecast and rating: Based on the continued improvement of the titanium industry, the company’s orders have increased significantly. We raise the company’s earnings forecast. 2019?
In 2021, the EPS will be 0.

60 yuan, 0.

87, 1.

19 yuan.
Maintain “Buy” rating.

  Risk warning: Titanium price growth exceeds expectations, downstream demand is less than expected.

Jedi Counterattack-A Share War-Epidemic-Obtaining First Victory Blue Chip Close to Regaining Lost Land

Jedi counterattack: A-share war “epidemic” made its first victory and blue chips close to regaining lost ground
For stocks, please read Jin Qilin analyst research report, authoritative, professional, timely, and comprehensive, to help you tap potential potential opportunities!  Jedi fights back!The first victory in the A-share battle against the “epidemic”, the blue chip is close to regaining lost ground!There are at least three strong supports in the market. The increasing liquidity tensions ease the original Shi Qian. The significance of this rise today is to lift the liquidity crisis!  If the drop yesterday was to be expected, in fact, this rise today should not be unexpected.Because if the market plunges again, the liquidity crisis a few years ago will reappear.Such a surge today has partially lifted the crisis.In plain English, the market can be played again.  Judging from the market situation today, the three major A-share indexes rebounded across the board, and the GEM index led the way.The final close, the Shanghai Composite Index reported at 2783.29 points, up 1.34%; SZSE Component Index reported 10089.67 points, up 3.17%; ChiNext Index reported 1882.69 points, up 4.84%.  Among them, some have two points: First, the GEM 50 rose 5.33%, only a little more than 1% from the closing point on the last trading day before the holiday; the second is that the transactions in the two cities have been significantly enlarged, citing the turnover in the early 500 billion yuan today.The expected liquidity crisis has been substantially alleviated.  So, has the market stabilized?Analysts believe that from the Hong Kong market and the previous performance of the A50, there may be conversions in the next few trading days.But from the perspective of the three to five month cycle, there are at least three more important supports at this position.  The most worrying situation in the market has been eased in response to the sudden outbreak, and the most worrying situation in the market is a liquidity crisis in the stock market.Because, this situation occurred in October 2018, early 2016 and mid-2015.These memorable events have turned many investors’ strategic choices into emergency escapes during emergencies.However, this time the market may allow a similar situation to happen, or at least to some extent ease the atmosphere of panic.  First, from the perspective of the index, the three major indexes of A-shares rose across the board. Among them, the relevant index of the GEM rose significantly and was close to regaining its lost ground.Moreover, the transaction volume has been significantly enlarged, showing that the tight liquidity situation in the market has eased to a certain extent.  Basically, from the surface of the disk, the Tesla concept set off a high tide, the Ningde era, molding technology and other stocks.The concept of cloud office performance was strong, and the Jinshan office of the science and technology board surged by 20% to achieve 西安耍耍网 the daily limit.Virus protection, domestic software, and banking sectors all advanced.The market does not lack the main line of speculation, and there is no shortage of people who are afraid of it.The most important thing is that many smooth and good stocks perform very well, which can be cut from the rise of major ETFs.  Third, the situation in the peripheral markets is also very good.Renminbi appreciation is strong.  The A50 rebounded strongly, and the time for publishing was terminated, an increase of 4%, and it recovered 13,000 points.  In essence, the Asia-Pacific market has swept away the haze, and the entire line has been built.In this early spring day, it brings hope to investors.  What is more worth mentioning is the strong performance of foreign countries. In the past two trading days, the net purchase of northbound funds reached 23 billion.Brokerage China has mentioned that there is a very important factor in how the market will go, which can change foreign attitudes.  Where does the worry of the market come from?  Although the liquidity crisis has been largely relieved, the market is not without its concerns.  First of all, from the perspective of individual stocks, in fact, today’s market presents a situation of rising, falling, and falling.  Judging from the above data, the daily limit of stocks is 159, but even in the market yesterday, there were 84 stocks of daily limit; the stocks of daily limit naturally reduced in a large area, but the stocks with a decline of more than 3% are still nearly 1500.  In addition, the number of falling homes was more than 700 more than the number of rising homes.This means that although the index and many ETFs are gaining, there are still problems with multiple stocks.In the short-term background of the broader market rebound, especially the small-cap stocks rebound, the market opportunity still presents only structural opportunities, which may lay some hidden dangers for subsequent rebounds.  Another worry comes from financing.Judging from yesterday’s data, financing data fell for four consecutive times, a decrease of nearly 29.5 billion.  There are two variables in this. One is accumulation. The current accumulation is still above 1 trillion. Although it is not at a high level, it is also above the median of the last six years (median is about 930 billion).Not an absolute low level, especially since August, this data has been in an upward trend.  The second is the increase. It is expected that the continuous increase in financing market on the market only under the background of relatively stable environment and relatively good money-making effect.Judging from the current situation, affected by the epidemic, there are distortions in the market.In this case, there may be uncertainty about the sustainability of the growth of financing rounds.  There are at least three major supports in the market. Of course, there are no markets without hidden dangers.The charm of the market lies in its uncertainty.In the next few trading days, the market still has the possibility of shock adjustment.But this does not mean that the market will lose support.At present, there are at least three supporting forces in the market.  The first is estimation.At present, the lowest level of evaluation in major global markets is Chinese assets.The lowest price-earnings ratio is the Hong Kong Hang Seng Index, which is only 9.6 times; followed by CSI 300 less than 11.5 times, the Shanghai Stock Exchange Index is less than 12 times, both lower than the historical average.  Time is the period.Since the end of last year, from the PMI data can be ground, the data has been above the line for three consecutive months, the name of the economic improvement has become very obvious, and a round of inventory cycle seems to start.  With the outbreak, this cycle may be interrupted, and February data may be weaker than expected.However, the power of the cycle is not easy to be interrupted. Because the inventory consumption is also very severe from the end of January to the beginning of February, through the mitigation of the epidemic, enterprises will usher in a more severe inventory cycle after the work resumes.This action may continue at the end of May.  The third is M1. This wave of rebound since December last year must be due to M1’s rise.The annual growth rate of this data was 3 from November last year.5% jumped to 4 in December.4%.This means that corporate cash flow is improving, and active funds in the market are increasing.M1 is also usually an important leading indicator of the market.During the epidemic phase, this indicator may show some twists and turns, but the increase in growth rate is not high.Some professionals told brokerage Chinese reporters that judging from the trend of M1, there may be some twists and turns in January and February, but as long as the epidemic is stable, it will rebound quickly.