Sinopec (600028): Long-term performance of turning exploration into losses into profit is expected

Sinopec (600028): Long-term performance of turning exploration into losses into profit is expected

This report reads: The exploration segment has turned losses into profitability. Although the refining segment and the chemical segment have declined, they will gradually return to profitability.

Investment points: Maintain Overweight rating and maintain target price 6.

90 yuan.

The company’s performance is in line with our expectations.

The company achieved EPS 0 in 2019Q1.

12 yuan, we maintain the company’s 2019-2021 EPS to 0.

69, 0.

75 and 0.

77 yuan, corresponding to PE is 8/8/7.

Give 10 times PE in 2019, corresponding to a target price of 6.

90 yuan remains unchanged, giving an overweight rating.

The exploration segment achieved profit.

The exploration segment of the company in Q1 2019 achieved operating income21.

430,000 yuan, turning losses into profits, 2018Q1 was 3.

1.8 billion US dollars, and is turning a profit into 3 is the annual decline in oil prices.

It was completed under 6%, which means that the company has improved its cost end by reducing costs and expenses; natural gas production has grown.

7%, a slight decrease in crop yields of 0%.

In 8% of the cases, the company’s oil and gas equivalent was improved, and the effect of stabilizing oil and increasing gas was 都市夜网 achieved.

The performance of the refining segment will gradually improve.

In the first quarter of 2019, the refining segment achieved operating income of 119.

63 ppm, which declines every year, initially due to the substantial drop in oil prices in the fourth quarter of 2018 caused part of the inventory loss, as well as the increase in processing costs and the gradual decline in gasoline and coal prices led to a decline in profits.

Oil prices are steadily increasing in 2019. The current time is the most comfortable range in the refining sector and there is a certain inventory gain. We judge that the performance of the second quarter of 2019 will be greatly improved; the company’s diesel-gas ratio will continue to improve, replacing 1.

01, the output of gasoline and kerosene respectively increased by 5.

9% and 6.

6%深圳桑拿网.

The chemical sector is gradually shifting to high-end.

In the first quarter of 2019, the prices of chemical products fell sharply, and the company’s performance was affected to some extent, but the company’s operating scale continued to improve, increasing somewhat14.

3%, reaching 2337.

3 initial.

The company’s headquarters is more towards high-end products, taking differentiation, high value-added roadshows, and improving the differentiation of synthetic fibers.

5%, reaching 90.

3%, the proportion of new synthetic resin products and special materials increased by 0.

6% to 90.

3%, the company’s ability to withstand product price fluctuations is gradually increasing; at the same time, the overseas listing of sales companies during the year will also give the company an increase in estimates.

Risk warning: Oil prices have fallen sharply.

Dongfang Yuhong (002271): 19Q2 performance slightly better than expected cash flow improvement

Dongfang Yuhong (002271): 19Q2 performance slightly better than expected cash flow improvement

The performance in the first half of the year was slightly better than expected, and the cash flow improved.

100 million, previously + 41%, net profit attributable to mother 9.

2 ‰, previously + 48%, net profit of non-attributed mother 6 is deducted.

9 ‰, one year + 30% (because of 19H1 government subsidy 2.

800 million vs. 18H1 government subsidies1.

1 billion); 19Q2 achieved operating income of 52.

200 million, previously + 41%, net profit attributable to mother 7.

9 ‰, a 52% increase over ten years, net of non-attributed net profit5.

80,000 yuan, a year-on-year growth of 29%, performance exceeded expectations.

In 杭州桑拿网 19Q2, operating cash flow improved, and it is optimistic that the company’s previous earnings quality continued to improve.

Taking into account that the first-half performance is higher than expected, the EPS forecast for 19-21 is raised to 1.

37/1.

69/2.

08 yuan / share (previous value: 1.

27/1.

58/1.

97), maintain 18-20x 2019 target PE, raise target price to 24.

71-27.

45 yuan (previous value was 22.

79-25.

33 yuan), maintain “Buy” rating.

19Q2 revenue continued to grow rapidly, Q2 gross margin slightly increased 1) 19Q2 high revenue growth: driven by higher sales growth, due to better-than-expected demand, the company’s market share increased, while Q2 major customers’ price increases continued to shrink, coil /The construction increased by 52% / 50%, and the paint growth rate was only 25%, which was caused by the slower growth rate of the C-terminal waterproof paint.

2) Gross profit margin increased slightly: 19Q2 asphalt price increased by about 20%, but due to the scale penetration of the company’s winter storage before the Spring Festival, the asphalt price was locked at a staged low price, while major customers increased prices Q2 continued to advance, Q2 grossThe interest rate is relatively increased by 0.

3pct, the asphalt price has fallen slightly since July, and the gross profit margin is expected to decline and increase in the second half of the year.

3) During the period, the expense ratio should be increased by at least 1.

6pct, sales / financial expense ratio increased (income interest debt increased), management expense ratio decreased (incentive expense decreased).

The cash flow improved in 19Q2, and the quality of future earnings is expected to improve. In 19Q2, net operating cash flow inflow will be achieved.

700 million, excluding 1.1 billion real estate performance bond replacement effects (expected to spend 1.5 billion in 19Q1, Q2 returned 1.1 billion, Q3 re-expenditure, Q4 re-recovery, non-continued for 20 years), 19Q2 actually achieved 6.

The net net inflow of 700 million operating cash flows, which accounted for 85% of the net profit in a single quarter, has improved to a certain extent due to: 1) increasing the assessment of accounts receivable: Q2 the increase in accounts receivable as a percentage of revenue26%; 2) Innovative payment methods: through the expansion of the company ‘s scale, the bills payable method was adopted to endorse bill receivables in the fourth quarter, and raw materials suppliers other than asphalt were basically accepted.There are 7 in the notes.

9.5 billion has been endorsed and transferred to upstream suppliers, which does not actually occupy the company’s cash, improving the quality of earnings and promoting improvement.

Upgrade earnings forecast and maintain “Buy” rating. Taking into account the company ‘s performance exceeded expectations in the first half of the year, the EPS forecast for 19-21 is raised to 1.

37/1.

69/2.

08 yuan / share (previous value: 1.

27/1.

58/1.

97).

We believe that: 1) Gradually reduce the concentration of downstream customers, and increase Yuhong’s brand, service, and channel scale effects. Yuhong’s market share in the waterproofing industry will continue to increase; 2) Yuhong’s multi-category product layout is domesticAt the forefront of peers, it is expected to graft on the rapid expansion of existing channels and long-term development as a service provider of building materials systems.The company’s Q2 cash flow situation has improved significantly, but the overall cash flow situation in the first half of the year is still general. It is necessary to observe the subsequent three quarterly and annual report cash flow conditions.

With reference to comparable companies’ average 19x estimates, maintain 18-20x 2019 target PE and raise target price to 24.

71-27.

45 yuan (previous value was 22.

79-25.

33 yuan), maintain “Buy” rating.

Risk reminder: The transition of new real estate construction has exceeded expectations, the cash flow has improved less than expected, and the price of asphalt has increased significantly.

Shanghai Jahwa (600315) Quarterly Review: Herborist gathers energy to adjust star products worth looking forward to

Shanghai Jahwa (600315) Quarterly Review: Herborist gathers energy to adjust star products worth looking forward to

The new product of Herborist gathers power, and Liushen needs to be adjusted. The company announced in the third quarter of the third quarter of the performance growth rate of the company that the operating income will be realized in the third quarter of the year.

1 ppm, a 10-year increase of 3.

3%; deduct non-net profit1.

190,000 yuan, ten-year average of 11.

3%.

In terms of brands, Herborist is basically flat, and new products are stored. Active adjustments have led to a slower growth rate. The lower number of Liushen increased due to lower temperatures and increased competition.

Tang Meixing’s value increased, the US and Canadian nets were basically flat, and Gough was slightly inclined.

New brands such as Yuze, Jia’an and Qichu achieved growth rates of over 30%.

In terms of channels, the GMV of e-commerce in the first three quarters increased by 27%, and revenue increased by nearly 20%; the number of supermarkets, mothers and infants, and CS channels increased. The number of department stores improved.
New product promotion resulted in an increase in sales expense ratio by 1.

94pp, 3Q19 company’s gross profit margin extended with a good operating quality1.

94 pp to 60.

96%, mainly due to falling raw material prices.

The company’s sales rate increases by 1 every year.

49pp to 39.

15%, mainly due to the increase in celebrity single product marketing expansion; the increase in management expense rate increased by 0.

63pp to 12.

72%.

Good operating quality: The net cash flow generated by the company’s operating activities in 3Q19 was 1.

81 trillion, the absolute value is higher than the maximum net profit;佛山夜网论坛 inventory decreased by 14 million yuan compared to 1H19, inventory turnover days were basically flat.

Social marketing has achieved initial results. Herborist’s star products are worth looking forward to in the third quarter. Herborist’s energy-saving star single-product Tai Chi Sun and Moon highlights fruitful social communication: Powerful actor Ma Yizhen, as the spokesperson, launched the “Tai Chi and Street Dance battle” project, enabling Li Jiaqi, etc.KOL with goods promotion on the right.

Achieve higher exposure and conversion rate on WeChat, Weibo, Douyin, Xiaohongshu and other platforms.

Expected heavy sales in the fourth quarter, double eleven pre-sale performance is good, Tmall flagship store 3 days bookings close to 20,000, becoming the second largest pre-sale SKU.

On the brand, Herborist combines Chinese 深圳桑拿网 cultural concepts such as herbs, Tai Chi, and Dunhuang to conduct differentiated competition. On the product, it focuses on star products, and high-end elite products not only enjoy category dividends and consumption upgrade trends, but also support the brand image; channelsLast year, the replacement of the operating company this year, the margin of e-commerce has improved significantly.

Considering the impact of non-recurring gains and losses, the company reduced its net profit attributable to its parent to 6 in 19-21.

3, 7.

4, 8.

90,000 yuan, an increase of 16 in ten years.

6%, 17.

3%, 19.

9%.

With reference to the company’s PE (TTM) estimation center 40X in the past year, the company gives the company 19 years PE estimation 42X, a reasonable value of 39.

43 yuan / share, maintaining the “overweight” rating.

Risks suggest that the decline in the optional consumption boom has led to a decline in the industry’s growth rate; foreign brands entering the industry have intensified competition; traditional offline channels have gradually increased; new brands and new categories incubation remain to be seen.

Chuantou Energy (600674) 2019 Interim Report Review: Yalongjiang Electricity Price Downward Performance Declined 1%

Chuantou Energy (600674) 2019 Interim Report Review: Yalongjiang Electricity Price Downward Performance Declined 1%

2019H1 revenue fell by 5.

65%, net profit attributable to mothers fell by 0.

80% In the first half of 2019, the company’s revenue was -5.

65% to 3.

190,000 yuan; investment income from 30 million yuan to 11.

8.9 billion; net profit attributable to mother-0.

80% or 9.29 million yuan to 11.

5.4 billion; performance in line with expectations.

The gross profit of the headquarter declined, but the cost savings during the period. The decline in performance was mainly attributable to the investment income of 19H1. The gross profit of the headquarter of the company dropped 16.38 million yuan to 1.

670,000 yuan, the main reason is Tianwanhe’s power generation -21.

89%, electricity price +19.

23%, two phases offset the decline in performance.

The company’s period cost savings were 10.58 million yuan, mainly due to the 14.84 million yuan in staffing costs incurred in the management costs of the 武汉夜网论坛 previous period.

The main reason for the decline in performance is the decline in investment income.

Yalong River’s electricity prices fell and the performance fell. Daduhe turned to equity method accounting for thickening performance 19H1, and Yalong River’s investment income1.

05 billion to 11.

Dadu River was converted to equity method accounting, which confirmed more than 76.26 million yuan, and the company’s total investment income increased by 30 million yuan.

The current Yalong River power generation +3.

86% to 310.

5.9 billion kilowatt-hours; but the on-grid tariffs including taxes fell by 7.

47% to 0.

260 yuan / kWh; received a tax refund of 69.35 million yuan in the same period last year, which is basically cleared in this period; comprehensive impact, Yalong River revenue -2.

18% to 70.

320,000 yuan, net profit -8.

74% or 2.

21 ppm to 23.

0.6 billion.

It is planned to issue convertible bonds for the meeting. It is expected that the Yalong River midstream unit will further invest in 19H1, and the company will receive a Yalong River dividend 9

600 million, invested capital into the Yalong River3.

8.4 billion, so cash in hand +5.

24 ppm to 12.

5.3 billion.

The company has another 18 in the second half of the year.

7.2 billion dividends are pending collection, while dividends payable13.

2.1 billion.

In July, the company issued a convertible bond of 4 billion U.S. dollars, which was the basis for the subsequent investment in the construction of the Yalong River midstream unit.

In the first half of the year, the China-York DC Environmental Impact Assessment was approved, and there is no material obstacle to the transmission channel.

The planned installed capacity of the middle reaches of the Yalong River is 11,865MW, which is equivalent to 80 of the downstream units of the Yalong River.7%.

Yangfanggou and Lianghekou’s first units are expected to start production in 2021, which is expected to drive the company’s overall performance upward.

Investment suggestion: Maintain an overweight rating, and the positive value of the downward interest rate boosts our maintenance of the company’s profit forecast for 2019-2021 to 32.

70/32.

59/32.

9.3 billion, corresponding to a dynamic PE of 13.

1/13.

1/13.

0x.

We are optimistic about the increase in the future value of the Yalong River Midstream.

The decline in market interest rates is expected to reduce the financing costs of Yazhong Investment and increase the absolute expected level of Yazhong and Sichuan Investment Energy as a whole.

Yangtze Power increased its holdings from 10% to 11 in the second quarter.

12%, or further increase the company’s attention.

Maintain a reasonable estimate of 10.

96-11.

14 yuan, maintaining the “overweight” level.

Risk reminder: incoming water is lower than expected, electricity price is lower than expected, Yazhong unit investment and construction are lower than expected

HSBC Jinxin 3 products fell more than 5% and bottomed out in October, stocks re-arranged in the new energy sector

HSBC Jinxin 3 products fell more than 5% and bottomed out in October, stocks re-arranged in the new energy sector

Original title: HSBC Jinxin 3 products fell more than 5% and bottomed out in October, the stock base re-arranged in the new energy sector.Market, but the overall performance of ordinary stock funds is still good, agricultural, pharmaceutical and consumer theme funds are still leading, while resources, energy and chemical theme products are poor.

  Wind data shows that of the nearly 400 ordinary stock funds that can obtain comparable performance, more than 340 funds received positive returns in October, and the available products accounted for only 15%.

Among them, only three funds fell by more than 5%, all from HSBC Jinxin Fund Company, namely HSBC Jinxin Zhizhi Pioneer C, HSBC Jinxin Zhizhi Pioneer A, HSBC Jinxin Low Carbon Pioneer.

  According to the China Economic Network reporter’s inquiry, the above three funds have the same fund manager, and their asset allocations are similar.

As of the end of the third quarter, the stock positions of the three funds accounted for an average of more than 90% of the net value. They were mainly equipped with new energy equipment, new energy vehicles, and defense and military industries. They all held positions in Meiwei, Jiejia Weichuang, and Dongmu.Stocks, Huayou Cobalt, Ganfeng Lithium, Tianqi Lithium, Xinquan, Hanrui Cobalt, Kaizhong, Zhonghuan.

Among them, Maiwei, Dongmu, Huayou Cobalt, Tianqi Lithium, and Hanrui Cobalt all experienced cumulative declines of more than 5% in October.

  Three HSBC Jinxin funds fell by more than 5% and bottomed in October. The top three stock market rankings in October According to statistics from China Economic Net, the top three declines of ordinary equity funds in October were all merged by HSBC Jinxin Funds ‘products. HSBC JinxinPioneer C is made intelligently, HSBC Jinxin is made Pioneer A, and HSBC Jinxin Low Carbon Pioneer is replaced each month.

21%, 5.

19%, 5.

05%.

This decline far exceeds the Shanghai and Shenzhen Main Board Index. From the data point of view, although the market surged and dropped in October, the Shanghai Index still had 0.

With an increase of 82%, the Shenzhen Component Index also rose 2%.

  Judging from the data of Tiantian Fund Network, the performance of HSBC Jinxin Zhipi Pioneer C and HSBC Jinxin Zhipi Pioneer A has changed this year. The first quarter’s increase is similar to the CSI 300’s, but the second quarter’s increase is significantly behind, entering the third quarter.Later, in the case of a slight decline in the CSI 300, the two funds rose more than 19%.

The performance fluctuates continuously and the stock exchanges are continuously adjusted. Data show that the turnover rate of funds in the first half of the year was as high as 829.

36%.

  On the whole, HSBC Jinxinzhi Pioneer C and HSBC Jinzhizhi Pioneer A still outperformed Shanghai and Shenzhen by 300% this year. However, due to the plunge in last year’s performance, the cumulative unit net value of the two funds is still at a low levelAs of the close of October 31, the cumulative unit net value was 1 respectively.

0137 yuan, 1.

0337 yuan.

  In contrast, the historical performance of HSBC Jinxin Low-Carbon Pioneer is even more worrying. The fund’s performance in the past three years has continued to improve. The fund replaced 23 in 2016, 2017 and 2018.

92%, 3.

87%, 39.

11%, all significantly underperformed the Shanghai and Shenzhen 300 levels during the same period.

And the fund’s performance this year is not good, as of the close of November 5, it rose 32 in Shanghai and Shenzhen 300.

In 95% of cases, the fund gained only 16.

.

25%.

  Judging from the initial unit net value trend, from 2013 to the first half of 2015, HSBC Jinxin’s low-carbon pioneer net worth increased rapidly. Since the second half of 2015, its net value has been mainly reduced by shocks, and continued on October 31,The fund’s cumulative unit net worth is 1.

1383 yuan.

  HSBC Jinxin Low-Carbon Pioneer stated in its latest three quarterly report that in terms of asset allocation, the current stock market risk premium is at an all-time 重庆耍耍网 high, risk-free returns continue to decline, and stock assets are attractive.

Therefore, the foundation maintains a high combination of positions.

Relatively focus on small cap stocks in style selection.

After a very rigorous study of fundamentals and estimates, compared to some large-cap stocks, it found that too many small and medium-cap stocks showed a performance growth conversion. It is estimated that the industry’s fundamental risk is smaller.

  HSBC Jinxin Low Carbon Pioneer said that since 2019, the new energy vehicle industry has fallen short of expectations in the context of supplementary tax rebates and weak overall car demand.

However, the development direction of the new energy automobile industry is clear, and the internal penetration rate is less than 5%. The conversion of new energy vehicles continues to be launched, and the demand for cars and the cost continue to decline. In 2020, the new energy automobile industry is expected to usher in rapid development. Related industriesChain companies will benefit.

In terms of industry selection, the Low-Carbon Pioneer Fund will focus on the allocation of new energy equipment, new energy vehicles and auto parts and other industries.

  The new fund manager Lu Bin encountered a black door and was severely damaged in the redeployment of the new energy sector. According to a China Economic Network reporter’s inquiry, HSBC Jinxinzhi made Pioneer C, HSBC Jinxinzhi made Pioneer A and HSBC Jinxin Low Carbon Pioneer were the sameOf fund managers, asset allocation is similar.

Among them, HSBC Jinxin Low Carbon Pioneer is currently independently led by Lu Bin, HSBC Jinxin Zhizhi makes Pioneer C, and HSBC Jinxin Zhizhi Makes Pioneer A is currently jointly managed by Lu Bin and Wu Peiwen.

  Lu Bin joined HSBC Jinxin Low-Carbon Pioneer Management on August 17 this year, and initially co-managed with Fang Chao. Fang Chao has been involved in managing HSBC Jinxin Low-Carbon Pioneer since September 2015 until September 6 this year.Withdrawing, Fang Chao focused on small-cap stocks and the new energy automobile industry chain for a long time. The remuneration of the fund during the four years of management was -34.
55%, the size of the fund fell from 1 billion to 200 million.
After Fang Chao exited, Lu Bin independently managed the fund. Lu Bin has independently managed the fund for 2 months, and his return on employment has only been -1.

88%.

  With HSBC Jinxin Zhixin Pioneer C and HSBC Jinxin Zhizhi Pioneer A, Lu Bin joined its management team on May 18 this year, and took the helm with the former fund manager Wu Peiwen. The two people’s remuneration during the joint management of the fund was18.04%.

Wu Peiwen has been involved in the management of the fund since its establishment.

  According to the data, Lu Bin was an assistant researcher of HSBC Jinxin Fund Management Co., Ltd., and now he is the assistant research director of HSBC Jinxin Fund Management Co., Ltd.

It is obvious that Lu Bin’s starting date is May 18, 2019, and he has been in the post for less than half a year.

  Wu Peiwen was an analyst at Baosteel, an expert at Donghai Securities Co., Ltd., a senior official at Ping An Securities Co., Ltd., and a senior official at HSBC Jinxin Fund Management Co., Ltd.

  Fang Chao has been a trader, senior trader, deputy director and researcher of HSBC Jinxin Fund Management Co., Ltd.

He is currently a senior researcher at HSBC Jinxin Fund Management Co., Ltd.

  As of the end of the third quarter, the average value of the stock positions of the three funds accounted for more than 90% of the net worth, and they were mainly equipped with new energy equipment, new energy vehicles, and defense and military industries.

Data show that in October, the total market value of non-ferrous metals and the defense industry fell by more than 5%.

  The three quarterly reports show that HSBC Jinxinzhi creates Pioneer C, HSBC Jinxinzhi makes Pioneer A and HSBC Jinxin Low-Carbon Pioneer’s top ten heavy stocks are exactly the same, with only slightly different shareholdings.Maiwei, Jiejia Weichuang, Dongmu, Huayou Cobalt, Ganfeng Lithium, Tianqi Lithium, Xinquan, Hanrui Cobalt, Kaizhong, Zhonghuan.

Among them, Maiwei, Dongmu, Huayou Cobalt, Tianqi Lithium, and Hanrui Cobalt all experienced cumulative declines of more than 5% in October.

  Among these listed companies in the new energy industry, many of the stocks are closely related to the automotive industry, but as car sales continue to decline, these industries are facing double-sided pressures of sales decline and excess capacity.

  Others pointed out that the poor performance of the aforementioned funds in October was also related to the current weak trend in the resources and energy sectors.

From the perspective of industry fundamentals, the prosperity of resource products has dropped significantly, prices in most industries have adjusted, steel and coal prices have fallen significantly, and the prices of various non-ferrous chemical products have also been severely weak.

In terms of energy and chemical industry, due to the final drop in crude oil prices, supply and demand are expected to remain weak, and crude oil prices will indirectly put pressure on chemicals, and the overall sector pressure will remain.

Wo Le Home (603326): The profit side has a beautiful performance, and the whole house customization has grown rapidly.

Wo Le Home (603326): The profit side has a beautiful performance, and the whole house customization has grown rapidly.

Event: The company released the semi-annual report for 2019: the company achieved revenue in 2019H1.

26 ppm, an increase of 22 in ten years.

94%, net profit attributable to mother 0.

460,000 yuan, an increase of 129% in ten years.

Q2 single quarter company revenue 3.

41 ppm, an increase of 23 in ten years.

1%, net profit attributable to mother 0.

45 ppm, a 89-year increase.

12%.

In 2019H1, the company’s net operating cash flow was 1.28 million yuan, an annual increase of 103%, mainly due to the increase in government subsidies.

Opinion: By product: 1) Bulk volume drives the growth of cabinets.

2019H1 Cabinet Revenue 2.

8% ten percent, an annual increase of 9.

9%, of which the growth rate of 263% in the past ten years, the retail side twice a decade.

7%; 2) New stores contribute to the growth rate of the whole house.

Full house custom income 2.

45 ppm, an increase of 42 in ten years.

2%, we expect the channel elasticity contributed by store opening is about 35% -40%, and same-store growth is about 2% -5%.

From the perspective of channels: 1) Steady growth in distribution channels.

Distribution income 3.

78 ppm, an increase of 6% in ten years. The company upgraded the store area, enriched product support, strengthened dealer management; 2) Direct business grew rapidly.

Direct sales income 0.

60,000 yuan, an increase of 27 in ten years.

4%, the company completed the direct sales layout in Nanjing, and added Shanghai and Wuxi directly-operated cities; 3) The bulk income grew faster, and the bulk income was 0.

880,000 yuan, an increase of 262 in ten years.

8%, the company continued to strengthen cooperation with real estate developers TOP50, bulk business volume.

Benefiting from intelligent production, profitability has improved significantly.

In the first half 四川耍耍网 of 2019, the company’s gross profit margin was 42.

6%, an increase of 7 per year.

89pct, net interest rate 8.

67%, an increase of 4 per year.

02pct, period cost rate is 32.

92%, an increase of 4 per year.

22pct, sales, management, finance, and R & D expense ratios are 25.

16%, 4.

47%, 0.

02%, 3.

27%, a change of 5.93, -1.

47, 0.

05, -0.

3 points.

The improvement of the company’s gross profit margin mainly benefited from the modern industrial of Lishui4.

0 The benefits of flexible new factories are released, and production efficiency is improved.

Selling expenses 1.

3 ‰, + 60% per year, mainly due to the company’s strengthening of brand promotion, new direct sales layout in Shanghai and Wuxi, and increased channel marketing staff.

We expect the company’s EPS for 2019-2020 to be 0.

55 yuan, 0.

71 yuan, corresponding to 21 PE for 2019-2020.

95, 17.

At 06 times, the company’s whole-house custom business continued to advance, bulk business grew rapidly, intelligent production reduced costs and increased efficiency, and maintained a “buy” rating.

Risk warning: The real estate boom is lower than expected, and business promotion is lower than expected.

Guangxun Technology (002281): Overseas Business and R & D Achievements Become Highlights and Gradual Transformation Brings Investment Opportunities

Guangxun Technology (002281): Overseas Business and R & D Achievements Become Highlights and Gradual Transformation Brings Investment Opportunities

2018 performance was basically in line with expectations. Lightfast Technology announced its 2018 and 1Q19 results.

Revenue in 2018 was 49.

29 ppm, an increase of ten years8.

3%, basically in line with our democratic expectations; achieve net profit attributable to mothers3.

3.3 billion, down by 0 every year.

5%, lower than our democratic expectations1.

3%.

After the impact of the replacement equity incentive fee, net profit in 2018 increased by 11%.

Revenue in the first quarter of 19 was 12.

190,000 yuan, an increase of 1% in ten years; net profit attributable to mother to zero.

64 ppm, with a ten-year average of 17.

8%.

This was mainly due to faster revenue growth and reduced other income.

Development Trend 4Q18 companies achieved revenue of 12.

70 ppm, an increase of 10 in ten years.

3%; gross profit margin 22.

8% for one year.

4ppt, basically stable.

In the first quarter of 19, the company achieved revenue of 12.

19 ‰, a 1% increase over ten years, corresponding to a gross profit margin of 17.

8%, an annual increase of 1.

0ppt.

In 2018, the company’s transmission, data and access portion of the main business revenue share was basically stable; the overseas business revenue share increased by 10.

4ppt to 35.

6%, this is due to the company’s rapid development of overseas business during the year, and the domestic market affected by trade frictions, development has improved.

In the beginning of 2018, the four fees accounted for 12.

2%, zero for one year.

5ppt; 4Q18 four fees accounted for 13.

6%, increasing by 0 every year.

17ppt, combined with other income, asset impairment and other factors, the net profit attributable to the mother in the fourth quarter of 2018 was 0.

69 ppm, a decrease of 16 per year.

1%, lower than our democratic expectations of 5.

9%.

In the first quarter of 19, the proportion of four fees to revenue was 12.

0%, a year to raise 0.

84ppt, other benefits exceed level 0.

US $ 2.2 billion, resulting in a return to net profit from zero.

8%.The company’s 2018 results include the amortization cost of equity incentives.

610,000 yuan, there is still amortized cost of 0-2019.

65, 0.

52, 0.

2.8 billion.

The company’s R & D investment has continued to increase, and it was initially 4.
.

58 ppm, an increase of 12 in ten years.

6%, accounting for 9% of revenue, and R & D personnel rose 27% to 879.

Breakthrough in high-speed 25G chips, 5G mid-range fronthaul products, silicon light, and 400G products

Earnings forecast 1Q19 net profit increase forecast, we revise down 19 / 20e return to mother net profit forecast 8.
.

4% / 6.

4% to 3.

78/5.

3 billion.

Estimates and recommendations Due to the sector adjustment and the company’s performance forecast did not meet expectations, fluctuations gradually appeared.

We believe that the gradual release of the second-phase factory capacity will expand the 杭州桑拿 digital communications business. The company’s continuous R & D investment is expected to bring about breakthroughs in chip technology and enhance the company’s competitiveness.

Currently the company meets the corresponding 19 / 20e 45.

5/32.

4x P / E, maintain recommended level and maintain target price of 32.

00 yuan, corresponding to 19 / 20e 57.

3/40.

8x P / E, currently expected 26% upside.

The risk chip breakthrough was less than expected, and the unit price of optical modules in the digital communication market was severely subdivided.

Zhejiang Digital Culture (600633) Interim Review: Accelerating the integration of gaming resources

Zhejiang Digital Culture (600633) Interim Review: Accelerating the integration of gaming resources

Investment Highlights Performance Description In the first half of 2019, the company achieved operating income13.

33 ppm, an annual increase of 74%; net profit achieved4.

6.6 billion, an annual increase of 32%; net profit attributable to the parent company3.

25 ppm, a 6% increase over ten years; net non-attributable net profit1.

99 ‰, an increase of 41% in ten years; EPS0.

26 yuan, an increase of 8% a year.

The increase in revenue was mainly due to its own business growth and new mergers and acquisitions of subsidiaries in the second half of 2018.

  Performance review The overall growth rate of performance resumed, and the game business revenue increased significantly: In 2019, the company reversed the slump in last year’s performance. Under the combined effect of business growth and consolidation of subsidiaries, the company’s performance achieved significant growth.

Especially in the field of digital entertainment, the company continued to vigorously implement mobile, social, and national development 深圳桑拿网 strategies with the wing network as the core, and achieved results. The business coverage continued to expand, and the overall revenue and profit expansion increased.

The company’s profitability has improved: ROE in the first half of 2019 is 4.
.

13%, an increase of about 0 each year.

25 single; gross sales margin from 74 in the same period last year.

20% dropped to 72.

01%, due to a 13% decrease in gross profit margin for technical information services.

38 averages, and the gross margin of the gaming business increased by 0.

67 units.

  Vigorously integrate e-sports resources, actively deploy overseas markets, and promote business transformation: In the first half of 2019, the company’s digital sports business group vigorously integrated resources.

The overall transformation of Battle Flag Live started, and 深圳丝袜会所 it continued to focus on the live broadcast of e-sports games and strengthen the content production and dissemination capabilities of e-sports events. At the same time, it deployed the TV market, expanded traditional sports content, and increased the research and development of mobile e-sports productsEfforts . In addition to further optimizing the platform business, Shanghai Haofang transformed the brand-new third-party e-sports event system-“CET National E-sports Tournament” in the first quarter of this year.

In the first half of 2019, the company also promoted the establishment of the National E-sports Association Federation.

In addition to the e-sports business, the game business with the wing network as its core has been deployed in more than 20 provinces across the country through self-research and investment mergers and acquisitions. Subsidiaries such as Shenzhen Tiantian Ai, Lewan Mutual Entertainment, and Beijing Mengqi have promoted their business.In line with expectations.

At the same time, through full market research, Bianfeng Networks has deployed in innovative areas such as overseas markets. The company has already launched dozens of overseas products and is expected to continue to promote some projects in the second half of the year to promote business transformation.

  Big data business progresses smoothly and acquisition of equity investment in cruise technology is launched: In the first half of 2019, the company focused on the operation of the Fuchunyun Internet data center, which is the core of the big data business. Among them, it has established solid cooperation with China Telecom, China Mobile, etc.Relationship, dating Alibaba, Netease and other high-quality partners, locked up a contract amount of about 1.4 billion yuan.

The company launched the spin-off and reorganization of the government service network business center, deeply participated in the development of the “Digital Zhejiang” project, and invested 35 million yuan to participate in the establishment of Yunqi City Brain Technology (Hangzhou) Co., Ltd.

Started the equity acquisition of Xunyou Technology, a listed company on GEM, and planned to acquire 23.8 million shares of Xunyou Technology at a price of not more than 500 million US dollars, accounting for 10% of the company’s total share capital.

66%.

The users and products of Xunyou Technology are conducive to the development and improvement of the company’s game business, while its team’s big data technology capabilities are conducive to promoting the company’s big data business.

  It is estimated that the company’s net profit attributable to the parent company for 2019-2021 will be 6, respectively.

48 ppm, 7.

6.1 billion, 9.

40,000 yuan, the corresponding EPS is 0.

50 yuan, 0.

59 yuan, 0.

69 yuan.

Based on comprehensive analysis, we have decided to maintain the company’s rating and recommend “Buy”.

  Risks indicate that business development performance is lower than expected; major changes in national gaming e-sports policies.

Hals (002615) Annual Report Comments: Good growth in export sales, expect domestic sales to gradually recover

Hals (002615) Annual Report Comments: Good growth in export sales, expect domestic sales to gradually recover

The annual report is slightly lower than the performance report. The profit resumes growth in 2019Q1. The company announced the 2018 annual report and the 2019 first quarter report.

900 million (+24 year-on-year.

7%), net profit attributable to the mother is 99.37 million yuan (YoY-9.

5%), gross margin 31.

6% (YoY-1.

3pct), net interest rate 5.

5% (-2% YoY).

1pct).

Operating income for the fourth quarter of 20184.

600 million (YoY + 1.

5%), net profit attributable to mothers 17.42 million yuan (YoY + 377.

2%), gross profit margin is 35.

6% (+10 compared to the same period last year).

5pct), net interest rate 3.

8% (+ 3% YoY).

0pct).

The annual report is slightly lower than the performance report.

  2019Q1 operating income 3.

90,000 yuan (YoY + 0.

6%), net profit attributable to mother is 12.83 million yuan (YoY + 7.

2%), gross margin of 30.

0% (+ 1% year-on-year.

5pct), net interest rate 3.

3% (+0 compared to the same period last year).

2pct).

  The fourth quarter of 2018 and the first quarter of 2019’s revenue growth improvement indicators, preliminary: domestic sales growth indicators.

  The return to mother’s net profit in 2018 is randomly spaced 9.

5%, preliminary: 1) gross margin extension 1.

3pct; 2) Sales expenses increased by 23%; 3) Subsidiary replacement: Hangzhou Hals, Anhui Hals, Higg Outdoor Recreation, and Hals (Shenzhen) decreased by RMB 4,157,948, 847, and 5.19 million, respectively.

  2019Q1 gross profit margin temporarily increased, and performance resumed growth.

  Initially, the export business grew well. Domestic sales replaced sub-regions, and domestic sales revenue in 20183.

800 million US dollars, a decrease of at least 19%, the domestic sales revenue in 2018H2 exceeded the growth rate of about 35pct in 2018H1, the domestic sales business is under pressure; the external sales revenue13.

9 trillion, a growth of 46% in ten years, beautiful growth.

  By business, the OEM business achieved sales revenue in 201810.

9 ppm, an increase of 49 in ten years.

9%, ODM business realized sales revenue1.

30,000 yuan, an increase of 54 in ten years.

0%, OBM business realized 南京桑拿网 sales revenue of 5.4 trillion, down 9 a year.

8%.

  Expect domestic sales to gradually improve export: The company is intensively engaged in the international market. In addition to maintaining a close cooperative relationship with the OEM business of major internal customers, it actively expands new customers in the OEM business and vigorously expands overseas markets of independent brands, maintaining a stable growth trend overall.

  Domestic sales: 1) Announcement on April 22, 2019, the departure of the vice president, the merger changes will have a certain impact on the company’s operations, expect internal stable business, and the domestic sales business has resumed growth; 2) In 2018, the company conducted a comprehensive review of its sales channels andOptimize, and it is expected to improve in 2019.

  For investment advice, we assume that: 1) the demand for the export market is stable, and the operating status of the domestic market is gradually improving; 2) the net profit attributable to mothers has achieved positive growth for two consecutive quarters since the third quarter of 2018, and the future profit situation is expected to continue to improve;The penetration rate continued to increase; 4) The trend of consumption upgrade continued.

Based on this, we estimate that the net profit attributable to mothers for 2019-2021 will be 1.

3, 1.

5, 1.

80,000 yuan, an increase of 28%, 18%, 17% in ten years, the latest closing price corresponds to 20 in 2019.

7xPE.

As the leader of the insulation cup, the export business grows well. We expect the domestic sales business to improve gradually. With reference to the forecast of comparable companies, the company will be given 23xPE in 2019, corresponding to a reasonable value7.

13 yuan / share, maintaining the “overweight” rating.

  Risk warning: exchange rate fluctuates sharply; raw material prices rise sharply; export customers lose.

英国脱欧表决在即 无协议脱欧”英欧关系或面临十字路口

英国脱欧表决在即 无协议脱欧”英欧关系或面临十字路口
­  据中央社报道,英国议会将在15日表决脱欧协议,由于阻力大,脱欧进程目前仍困境难解。英方如果不延后脱欧期限,一旦走上最糟的无协议分手,预料英国与欧盟之间的关系将来到诡谲难测的十字路口。­  据报道,从2017年3月29日英国首相特雷莎•梅致函欧盟,启动里斯本条约第50条以来,脱欧议题始终是欧盟投入最多心力议题。自当年6月第一轮谈判起算至2018年11月达成脱欧协议草案止,双方花费了约17个月。­  但是这份脱欧协议至今仍在英国议会卡关,特雷莎•梅不但曾延后表决日期,她本身更一度被逼宫。欧盟身为谈判对手,十分担心英国混沌不明的情况会导致规划中的脱欧失序崩盘。­  2018年12月,欧盟委员会主席容克提到脱欧协议在英国议会面临重大阻力,他重申不会再重启谈判,并力促英国应该要说清楚想要什么,欧盟一直希望英方更清楚的表达。­  资料图:英国首相特蕾莎梅在唐宁街10号发表声明。­  英国与欧盟的脱欧协议,并未全面明确界定英国及欧盟日后的永久关系,原本双方认为例如贸易关系等可以在过渡期内再谈判,但眼看3月29日脱欧期限逼近,英国议会如果不放行,且特雷莎•梅又不延后脱欧期限,重庆耍耍网情况急转直下,有协议脱欧极可能演变成无协议脱欧。­  英国如果最终走上无协议脱欧,对欧盟与英国关系是雪上加霜,因为无协议脱欧味着也没有过渡期,英国与欧盟的关系将出现瞬间断裂,届时跨国商务将一片混乱、市场恐冻结,对从食物到药品、制造业零件等所有品项都不利。一旦重设海关检查,双方港口更可能有大量运输卡车拥塞引发骚乱。­  而且,英国如果无需依协议继续支付欧盟预算,欧盟必须采取紧急行动以填补数十亿欧元的财务黑洞,但已经有部分会员国表态决反对提供欧盟更多资金。­  此外,英欧是关系紧密的贸易伙伴,对双方经济而言,未来英欧能否建立高度开放自由贸易区相当重要,在无协议脱欧的情况下,双方贸易往来如果回到世界贸易组织监管框架下,对双方经济都会受到一定冲击。 原标题:“脱欧”困境难解 英欧关系或面临十字路口