I Love My Family (000560): Revenue, Profits Slightly Increase Capital Management Business Meets Layout Adjustment

I Love My Family (000560): Revenue, Profits Slightly Increase Capital Management Business Meets Layout Adjustment

The company released its 2019 interim report, which reported operating income of 56.

79 ppm, a six-year increase of 6.

55%, net profit attributable to mothers3.

81 ppm, an increase of 15 in ten years.

88%, net profit attributable to mothers after excluding non-recurring gains and losses.

54 ppm, a five-year increase of 5.

19%; gross profit margin 29.

96%, a decrease of 2 over the same period last year.

05pct.

Maintain the basic market, the performance of the brokerage business is stable.

In the first half of the year, the second-hand housing market in most of the first- and second-tier cities showed a certain recovery index. The market showed a “front-to-back and low-to-back” trend. The company seized the opportunity and realized real estate brokerage business income in the first half of the year.

79 ppm, an increase of 13 in ten years.

80%, a total of 5.

The transaction volume of 30,000 orders, the unit price of customers, and per capita energy efficiency have both improved; the reported gross profit margin of the first-class brokerage business was 26.

98%, a decrease of 1 from the same period last year.

36 points.

Affected by the market downturn, the new house business realized income in the first half of the year.

5.1 billion, down slightly 4 previously.

55%, gross margin is 27.

72%, a decrease of 4 over the same period last year.

99 units.

Focusing on operational turnover efficiency, the asset management business actively adjusted its layout.

As of the end of June, the number of condominium brands belonging to the company was 29.

240,000 units, a decrease of approximately 10,000 units compared to the end of 2018 without increasing the size of the tube, which is mainly due to the company’s initiative to reduce the size of the tube in the area of declining rental demand and the area of rental decline, and reduce its own non-performing inventory.

While the scale of 无锡桑拿网 management declined, the company’s asset management business recorded revenue8.

61 ppm, a six-year increase of 6.

20%, gross margin 26.

14%, down 6 from the same period last year.

93pct, the national average occupancy rate is 94.

7%, vacancy period 9.

For 7 days, it still maintained the industry-leading level.

Improve the layout of the industrial chain and enable technology to improve operational efficiency.

In the first half of the year, the company completed the acquisition of Blue Ocean Shopping, Meizhu.com and value-added shares in Shanghai Yiwu, and reached a strategic cooperation with Suning Youfang to complement the industrial chain and improve the efficiency of brokers and the buyer experience through the Internet.

In addition, the company’s big data project landed in Changsha, and strives to make a breakthrough in the Internet era.

Maintain the company’s overweight rating. It is expected that the EPS in 2019, 2020 and 2021 will be 0.

33, 0.

37, 0.

42 yuan, the corresponding PE is 13.6, 12.

0, 10.

7 times; risk warning: real estate market exceeds expectations, capital management business leasing rate, vacancy period is less than expected

Blu-ray Development (600466): Rapid growth in sales and steady growth in sales

Blu-ray Development (600466): Rapid growth in sales and steady growth in sales
Event Overview The Blu-ray Development Announcement states that the company’s net profit attributable to shareholders of listed companies in 2019 increased by approximately 11.7593 million yuan from the same period of the previous year, and increased by approximately 53% year-on-year; the net profit of non-recurring gains and losses was the same as last yearThe ranking has increased by about 88,138 million, which has increased by about 36% each year. Analysis and judgment: rapid profit growth, national breakthrough in depth According to the pre-increasing performance report, the company achieved net profit attributable to its parent of approximately 3.4 billion yuan in 2019, a growth rate of approximately 53%; non-net profit deduction of approximately 33.500 million, an increase of about 36% in ten years.The rapid growth of performance was mainly due to the increase in the carry-over income of the company’s real estate projects.In addition, in terms of the scale of the report, the company has fully realized the nationwide in-depth layout, and the scale effect has gradually emerged, laying a solid foundation for rapid development in the future. Sales are steadily moving forward, and investment relaxation has a degree 重庆耍耍网 that the company will achieve sales of 1015 in 2019.40,000 yuan, an increase of 18 in ten years.7%, realized sales area of 1095.30,000 square meters, an increase of 36 in ten years.6%, ranked 33rd in the Kerer sales list.According to the company’s supplementary project briefing, the company will gradually take the total land price of 357 in 2019.6 ppm, a 45-year increase of 45.6%, accounting for 35 of the sales amount.2%, an increase of 6 over the same period last year.5pct, the holding strength has been strengthened. The leverage ratio was optimized and the financing channels were unblocked. As of the end of the third quarter of 2019, the company’s asset-liability ratio and net debt replacement were 80.43% and 102.14%, a decrease of 1 over the same period last year.1pct and 19.51pct, financial leverage continued to decline.Against 杭州桑拿 the backdrop of tightening industry financing channels, in the fourth quarter, the company successfully issued 7 trillion private placement bonds with a coupon rate of 7.5%, maintaining the industry average level, absorbing the advantages of the capital market platform to promote the steady development of the business. Investment suggestion: Blu-ray Development’s sales and performance are increasing rapidly, with sufficient soil reserves, diversified financing channels, good financial conditions, and significant national layout. Maintain the previous profit forecast unchanged. EPS is 19-21 years.15/1.71/2.24 yuan, corresponding to PE 6.3/4.3/3.2x, maintaining the company’s “Buy” rating. Risks suggest that real estate policies continue to tighten and sales are below expectations.

Hytera (002583): Increased fee control boosted bottoming performance and increasing competition

Hytera (002583): Increased fee control boosted bottoming performance and increasing competition

Performance bottomed out and comprehensive competitiveness further strengthened.

The company’s 2018 revenue was 69.

35 ppm, an increase of 29 in ten years.

58%; net profit attributable to mother 4.

770,000 yuan, an increase of 94 in ten years.

72%.

The company is a national private network communication leader, with services covering the three major private network standards of TETRA, PDT, and DMR. By increasing sales network construction and marketing layout, it improves the integration efficiency of mergers and acquisitions, expands high-end manufacturing business, and increases refined management of expenses.Global comprehensive competitiveness and market share have been steadily improved, and performance has bottomed out.

  Strengthen the control of expenses and cash flow, and equity incentives increase development momentum.

In 2018, the company’s sales expense ratio / management (including R & D) expense ratio were 14 respectively.

96% / 22.

01%, down 2 every year.

12pct / 2.

24pct, the cost control has achieved remarkable results; the company strengthened its cash flow management, and gradually realized operating cash flow of 96.83 million yuan, which was normalized for the first time in three years.

Based on the medium and long-term strategy, the company also launched the first phase of equity incentive plan. The company has invested in a total of 1,000 people including directors, senior executives and qualified middle managers and core technology (business) backbones (including holding subsidiaries).Conditions 2018/2019/2020/2021 Net profit is not less than 6/7.

8 (or no less than 1.4 billion in 2018 and 2019 in total) / 10/12.

500 million US dollars, is conducive to improving the stability and enthusiasm of the team, and also shows the company’s confidence in the future development.

  The global private network market has vast space and continues to promote product upgrades.

Driven by the “modular number of revolutions” and “narrow bandwidth expansion” of private networks, the expanding demand in emerging markets, the rapid growth of new applications and O & M services, the stable growth of the global private network market, and the company’s acceleration of private network communications from narrowband to broadband, intelligentThe transition of new products, technologies, and new businesses such as chemicalization and information technology will transform 15% of sales 杭州桑拿 revenue. It will continue to focus on the innovation of R & D in the three key areas of “screen, tube, and terminal” to create a leading global convergence terminal., Integrated systems, integrated intelligent scheduling and other products, continue to promote product upgrades.

In the overseas market, it closely follows the national “Belt and Road” development strategy, and has made breakthroughs in emerging markets, with overseas sales revenue of 40%.

110,000 yuan, an increase of 24 in ten years.

twenty one%.

  Profit forecast and investment recommendations: It is estimated that the net profit attributable to the mother for 2019-2021 will be 7 respectively.

36 billion, 9.

44 billion, 11.

460,000 yuan, the current sustainable corresponding dynamic PE is 28 times, 22 times, 18 times, maintaining the “overweight” level.

  Risk warning: Private network communication demand is less than expected, and overseas business expansion is less than expected.

Aerospace Map (688066): Rising Star of Synchronization and Navigation Application Services

Aerospace Map (688066): Rising Star of Synchronization and Navigation Application Services
The company went public according to the first criterion. The company is a leading domestic early warning and Beidou navigation satellite application service provider.Aerospace Hongtu is a leading domestic early warning and Beidou navigation satellite application service provider, providing basic software products, system design and development and data analysis application services for governments, military and enterprises (including basic software, system design and data analysis revenue in 2018) Accounted for 5%, 86%, 9%). Industrial policies escorted the rapid growth of the satellite application industry.The satellite and application industry is a strategic emerging industry that the country is focusing on. The transformation and replacement of the government and relevant competent authorities have successively introduced policies and measures for satellite and its application industry, which has become an important force to promote industrial development.According to data from the Bureau of Industry and Commerce and China Research & Development, the domestic satellite re-industry scale reached 75 in 2018.800 million, as of July 2018, the number of related companies reached 2,194. The competition pattern in subdivided areas is significantly different.In satellite data processing, the competitiveness of enterprises is mainly reflected in the development of satellite application basic software platforms. Due to the large investment in the development of satellite application basic software platforms, the technology is complex, the updates are fast, and the professional biology is high.A few companies participated in the competition of basic platforms; in the previous industry applications and service exchanges, because this downstream area has entered thresholds compared to upstream satellite launches and mid-stream data processing areas, the application area has generally shown a decentralized competition pattern, which has not yetAbsolute market leaders emerge. The company has made achievements in basic software platforms, forecasting applications and navigation in non-civilian areas.In terms of basic software platforms, the company has developed a completely independent and controllable vertical image processing basic software platform PIE and Beidou map navigation basic software platform PIE-Map. Such software platforms are difficult to develop, have long development cycles, and can be alternated quickly.It is difficult to catch up in a short time. At present, the company has a total of 106 software plug-ins for the research and development platform. In terms of early warning applications, the company has continuously sustained more than 10 steps in ground observation systems in land, meteorology, ocean, water conservancy, 杭州桑拿网 earthquakes, and civil disaster reduction.The advance research and system development of applications in various industries have promoted the industry demonstration applications of high-scoring satellites. The ability to provide comprehensive services for multiple regions and industries has already existed; in terms of navigation for non-civilian: the company has obtained the “Beidou Civil Division ServiceTest Unit Qualification “and participated in the construction of Beidou satellite project. From 2008 to 2018, it launched a total of 30 civilian reflection satellites. The company participated in the design of 23 satellite ground systems or application systems, accounting for 76.67%. Profit forecast and estimation.It is expected that the company’s net profit attributable to mothers will increase by 25 in 2019-2021.4%.In view of the company’s consolidation of the core basic software platform in the field of early warning and Beidou, and will benefit from the above-mentioned early warning and the continuous expansion of the downstream application space of Beidou, referring to the valuation of the aforementioned A-share comparable companies, we give the company 30-40 times PE in 2019Estimated value, corresponding to the market value range of 24-32 ppm, corresponding to the price range of 14.4-19.2 yuan. Key assumptions for investment requirements 1) The company has too many orders in hand, and the company has 1 orders in hand at the end of 2017-2018.600 million, 2.600 million, an increase of 86 each year.7%, 59.2%.With the continuous expansion of front and rear and navigation application scenarios, the system design requirements for specific segments are increasing, and the company’s system design and development business will grow steadily. 2) The data analysis application business is the key direction for the company to develop in the future. Facing the broad downstream data analysis market and the company’s vigorous expansion, this block of business will help maintain stable growth. 3) Since the company’s PIE platform is the only reorganized product in the overall central government procurement network, the popularity of conversion products will increase further and the potential data will become more and more abundant in the future. The company’s own software business will gradually increase its volume. Company highlights 1) The company is a leading domestic reverse and Beidou navigation satellite application service provider. The company will continue to benefit from the continuous promotion of conversion policies and the continuous expansion of the downstream service market; 2) The company’s basic software platform (including image processing foundation)Software platform PIE and Beidou map navigation basic software platform (PIE-Map), re-application and navigation in non-civilian areas are competitive. 1) The company’s basic software platform gradually formed a substitution effect on the leading foreign basic software platforms; 2) The policy promoted a change in intensity, and the downstream application market demand surged to drive the company’s order growth. Estimates and target prices Because the company’s operating income and profit levels are stable and the profit model is mature, we use the PE method for valuation.With reference to A-share comparable companies, we give the company 30-40 times PE in 2019, with a corresponding market value range of 2.4-3.2 billion and a corresponding price range of 14.4-19.2 yuan; compared with the company’s net profit attributable to the mother in 2019-2021, the compound growth rate is 25.At 4%, 30-40 times the estimated level, the corresponding PEG is 1.2-1.6, within a reasonable range. Investment risks 1) Iterative risk of technological upgrade; 2) The opening of the satellite application industry may have an impact on the company’s operations; 3) The risk of termination of business qualifications cannot be approved or cancelled in a timely manner; 4) The risk of core talent loss;Risks of commissioning and reaching production may be lower than expected.

Donggang Shares (002117): Donggang Ruiyun’s proposed shareholding system reform slightly sets the foundation for archival business development

Donggang Shares (002117): Donggang Ruiyun’s proposed shareholding system reform slightly sets the foundation for archival business development

[Event]Donggang Ruiyun, a subsidiary of Donggang Co., Ltd., plans to restructure the company and form a joint stock company.

The purpose of the shareholding system restructuring is: 1) when the separate listing conditions are met, apply for separate listing and financing on the share capital, and priority is given to applying for listing on the science and technology board; 2) through the shareholding system reform, to further improve the corporate governance structure.

[Comments]1) The shareholding reform will expand Donggang Ruiyun’s financing channels.

Donggang Ruiyun is mainly engaged in archival storage and electronic business. The shareholding system can be adjusted to take full advantage of new capital market policies. If the science and technology board is successfully listed, it will help expand Donggang Ruiyun’s financing channels 武汉夜网论坛 and provide financial support for the development and expansion of archives business.Donggang provides performance flexibility.

2) Donggang Ruiyun’s file storage business has developed rapidly.

Donggang’s file storage business customers continued to increase, with revenue growing by 67 per year in 18 years.

8%.

①In terms of industry, digital storage expansion of archives can reduce storage costs and risks, and improve accessibility (more than 85% of the world’s top 500 archives).

With the promotion of budget policies and the increase in customer expectations, the archive storage industry has a vast space and is still in the blue ocean.

② From the perspective of the company, Donggang Ruiyun, as a high-level enterprise, has fully benefited from industry dividends.

The company can extend the service chain of traditional printing customers, and can also use the accumulated credit of winning large projects to attract 西安耍耍网 new customers.

In addition, the company developed an archive cloud platform for small, medium and micro enterprises, and piloted it to more than 20,000 enterprises in the Beijing Development Zone.

③ On the profit side, through continuous expansion of the customer base, the company will increase capacity utilization (currently only 30%) and optimize costs.

3) Highlights in the future: ①Main business of printing: Benefit from customer expansion + product upgrades, the revenue side is expected to increase steadily, and some 18Q4 orders are postponed to be confirmed. It is expected that 19Q1 revenue will improve, and the profit side will benefit from the decline in previous paper prices.
② New business: Smart cards continue to be invested in the market on a large scale, and electronic bills are the general trend. Donggang Fatli Blockchain electronic bills are expected to achieve heavy volume of revenue, and the release of lottery sales terminals will accelerate.

Investment rating: We estimate Donggang’s net profit for 2019-2021 3.

02/3.

48/3.

990,000 yuan, corresponding to PE of 25.

7/22.

3/19.

5 times.

The traditional main business is stable, new business contribution flexibility, dividend reorganization, shareholding system restructuring expectations boost estimates, and maintain a highly recommended level.

Risk warning: Bill printing industry shrinks sharply, new business launches fall short of expectations

Linglong Tire (601966): Sales increase against trend, gross profit of tires improves first-half results

Linglong Tire (601966): Sales increase against trend, gross profit of tires improves first-half results

Investment Highlights: Company Announcement: The company releases its 2019 semi-annual report, reporting a series of realized operating income83.

100,000 yuan (+14 compared with the same period last year).

74%), realizing net profit attributable to mother 7.

2.5 billion (+ 38% YoY).

47%), of which Q2 achieved operating income of 42 in a single quarter.

7.5 billion (+14 compared to the same period last year).

61%, +5.

96%), realizing net profit attributable to mothers4.

4 billion (+ 47% YoY).

15%, +54.

56%), the performance exceeded market expectations.

The unit price of tyres increased in Q2, and the cost decreased. The company’s single-quarter performance hit a record high.

The company’s tire output in the second quarter of 2019 was 14.61 million (YoY + 3.

99%, quarter +1.

11%), but due to the impact of the duration of the passenger car market, sales reached 13.77 million (+3 compared to the same period last year).

86%, QoQ -0.

33%).

After the integration of the domestic tire industry in the past three years, the domestic economic efficiency is low, the spindle with poor scale effects is gradually eliminated, and the tire industry’s operating rate has gradually increased. Therefore, some tire products have increased prices in the second quarter, supplementing the company’s optimized sales structure.The price increased by 10 over the same period last year.

31%; At the same time, the company’s operating costs have decreased, and the overall price of major raw materials such as natural rubber, synthetic rubber, carbon black, steel cord, and cord fabric has been reduced.

5%, since April 1, the increase rate has dropped from 16% to 13%. Since November 1, last year, the tire export tax rebate rate has been raised from 9% to 13%.
The company’s gross profit margin for the second quarter was 26.

18%, an increase of 2 per year.

66 units, an increase of 1 from the previous quarter.

95 singles are the first to improve the company’s performance excellence.

In addition, exchange gains and non-recurring items also have a positive impact on the company’s Q2 performance: the company generated a total exchange loss of 0 in the first half of the year.

230,000 yuan, of which Q2 is about 0 exchange gains.

3 trillion; non-recurring profit and loss was 0 in the first half.

710,000 yuan, of which Q2 contributed 0 performance.

37 ppm, mainly for government subsidies and investment income from trading financial assets.

The above two projects contributed a total of 0 performance.

6.7 billion.

The retail market has grown, and the production and sales have increased against the trend in the first half of the year. The projects in Jingmen and Serbia have proceeded smoothly.

In the first half of the year, the company maintained a capacity utilization rate of about 90% and achieved a production of 29.06 million tires (YoY + 8.

09%), sales of 27.58 million (+7 compared to the same period last year).

64%), while domestic auto production and sales increased by 13.
%.

7% and 12.

4%.
In the first half of the year, the Thai Phase III project and the Liuzhou project gradually increased the load and contributed significant performance increases. Reporting that Thailand Linglong and Guangxi Linglong achieved net profit respectively.
77, 0.

80 ppm, a year-on-year increase of 76% and 109%; at the same time, the company strengthened the development of retail markets in various regions, especially overseas retail. The company has achieved more than 10%Increased sales.

At the end of the third quarter of this year, 1 million sets of all-steel tires and 3.5 million sets of semi-steel tires in Phase I of Hubei Jingmen will be put into production, which will effectively increase the company’s market share in central China; the Serbian project will also be in March 2019.It is planned to form an annual production capacity of 12 million sets of semi-steel tires, 1.6 million sets of all-steel tires, 20,000 sets of engineering tires and agricultural radial tires. The first phase of the project is expected to be put into production by the end of 2020.

The successive commissioning of Jingmen and Serbian factories will become the company’s continuous growth driver.

Support FAW-Volkswagen, continue to strengthen brand building, strive for fair incentives and show confidence.

In the first half of the year, the company made another breakthrough in the supporting market, successfully supporting the main tires of FAW-Volkswagen Jetta, the main tires of Changan Ford Ferris, and the civilian-run gas-deficient tires of the FAW Red Flag L5 passenger car.progress.

With the company’s continuous deep cultivation and innovation in core technology research and development, emerging market development, brand value building, and diversified services, the company has successively entered the supporting facilities of Audi, Volkswagen, GM, Ford, Renault Nissan, Red Flag, Geely, Great Wall and other first-class automobile factoriesThe supply system reflects the improvement of the company’s brand power and the optimization of its product structure.

In the first half of the year, the company repurchased 22 million shares for equity incentives. While boosting market confidence, it 四川耍耍网 gave the company’s backbone and core management, technology, and research and development personnel partial equity, promoting the common growth of employees and the company, and achieving long-term sustainable development of the company.

The company’s controlling shareholder, Linglong Group, promised not to reduce its shareholding in 2019, demonstrating the leadership’s confidence in the company’s future development prospects.

Earnings forecast and investment grade: Maintaining the profit forecast for 2019-2021, the net profit attributable to mothers is expected to be 15.

01, 17.

48, 20.

05 ppm, corresponding to PE 15X / 13X / 11X, maintaining the “overweight” level.

Gemdale Group (600383) Quarterly Report Comments: Started Accelerated, Completion Slightly Slowed, Performance Locked High

Gemdale Group (600383) Quarterly Report Comments: Started Accelerated, Completion Slightly Slowed, Performance Locked High
Event: The company disclosed the third quarter report of 2019, and the company realized operating income of 425.32 ppm, an increase of 26 per year.91%, achieving net profit attributable to shareholders of listed companies54.25 ppm, a 10-year increase3.41%.  The average settlement price is slightly inclined, but the performance is more locked. The company’s performance growth in the first three quarters of 2019 has improved, significantly exceeding our expectations.In the first three quarters of 2019, the company achieved operating income of 425.32 ppm, an increase of 26 per year.91%, achieving net profit attributable to shareholders of listed companies54.25 ppm, a 10-year increase3.41%.The company’s real estate project has a full-caliber settlement area of 350.650,000 square meters, with a settlement income of 587.6.6 billion yuan, achieving an average settlement price of 1.610,000 yuan / flat, previously slightly down 1.9 PCT.Financial expenses have increased, and the equity of the mother has changed slightly. The sales, management, and financial expense ratios in the first three quarters of 2019 have changed by 0.8, -0.3, 2.2 PCT to 2.6%, 6.2%, 1.3%, the net interest rate is shorter than the first level 3.5 PCT to 19.5%, return to motherhood equity decreased 1.1 PCT to 65.8%.As of the first three quarters of 2019, the company’s book receipts in advance were 855.2.6 billion, advance receipts / operating income in 2018 reached 170%, and future settlement performance is still abundant.  Acceleration of construction has helped boost sales. In the fourth quarter, it is expected to accelerate the carry-over of H1 2019. The company will gradually increase the planned completion area to 876 GM, and the actual completion in 2018 will increase by 30% each year.The accelerated pace of completion may help accelerate the release of the company’s performance.1) According to the incomplete disclosure of the company’s project table, the company actually completed approximately 382 completed areas in the first three quarters of 2019, and completed and completed 43 of the completion plans.6% for the time being, temporarily, the fourth quarter or the main settlement period; 2) In the first three quarters of 19, approximately 868 new construction areas were started, and 70 of the new construction plans have been completed.3%, helping the company to continue the high sales growth trend. In the first three quarters of 2019, the company gradually realized a 北京体验网 contracted area of 7.1 million square meters and a contracted amount of $ 141.8 billion, an increase of 33.7%, sales unit price of 2w yuan / flat, stable high, 3) take the land to stay positive.In the first three quarters of 2019, the company’s total land investment was about 517.810,000 yuan, a total land reserve of 7.14 million square meters, an annual increase of 23.63%, the average price of newly added soil storage is 0.720,000 yuan / square, the amount of land acquisition / sales amount is 0.36.Based on this, we expect to accelerate the completion of carry-over in the fourth quarter.  Sufficient funds in hand, and the short-term and short-term debt repayment pressure of the company’s net debt ratio was significantly higher than in the early stage of 18, mainly due to the increased replacement of short-term debt, but the overall pressure to repay debt was not great.At the end of the reporting period, the company’s asset-liability ratio was 76%, with a deducted asset-liability ratio of 67.9%, a change of 0 from the end of 2018.3, -0.3 PCTs with a net debt ratio of 60.1%, an increase of 12.1 PCT.Funds in hand 413 at the end of the reporting period.500 million US dollars, an annual increase of 11%, the coverage of short cash debt is higher, reaching 2.05.In terms of debt structure, short-term debt accounts for 23.8%, compared with 14 at the end of 18 years.4% has increased, and the debt maturity structure is relatively healthy.  Investment suggestion: As a leading real estate company, the company has a stable financial environment, and its financing advantages continue to be obvious. It has maintained high dividends for many years.In the first half of 19, the construction started and the completion plan was raised. The construction in the first three quarters actively promoted the rapid increase in sales, but the completion was slightly inclined, and the local area-to-sales ratio reached 0.36.The company’s settlement performance increased rapidly in the first three quarters, but considering that there may be a large number of cooperation projects completed and settled in the fourth quarter, we slightly lowered our profit forecast, and the net profit for the years 19-20 was 99.1 billion, 123.52 million is adjusted to 97.2.1 billion, 113.780,000 yuan, corresponding to EPS by 2.20, 2.74 yuan / share adjusted to 2.15, 2.52 yuan, the corresponding PE is 5 respectively.81X, 4.96X, maintain “Buy” rating.Risk reminder: policy changes are less than expected, and house sales increase sharply

Great Wall Motor (601633): July sales rose 11% year-on-year.1% is still better than the industry

Great Wall Motor (601633): July sales rose 11% year-on-year.1% is still better than the industry
Event: The company announced its July 2019 sales announcement: In July 2019, the company achieved sales of 60,357 units, an increase of 11%.09%.The comments are as follows: Haval SUV sales of 42,888 units, a year-on-year increase of 15%: Haval SUVs performed better than the industry in July. According to the China Federation of Passenger Vehicles, passenger car manufacturers ‘wholesale data for July was -6%.Among them, Haval F7 sold 8,040 units in July, still contributing a major increase; Haval M6 sales rebounded to 5052 units, up to 105.28%.Haval H6 still sold over 20,000 to 23079 units, alternating -11.38%, down -14 from the previous month in June 2019.7%.In our opinion, the positioning difference between Haval F7 and H6 can make up for the H6 offset and still contribute to sales increase. The sales of WEY brand SUVs totaled 7,246 in July, an increase of 2 per year.3%: VV67 sold 4,636 vehicles in March, which is currently the main sales model of the WEY brand.VV5 + VV7 total sales of 2610 volumes, -60 per year.1%.On July 25, the VV6 2020 model was launched, with the main selling price stable at more than 150,000, and the VV6 Shepherd Dog Smart + Edition brought together many industry-leading smart technology 无锡桑拿网 functions.The continuous and iterative upgrade of WEY products not only highlights the company’s technological strength and car manufacturing level, but also enhances the Great Wall brand. Euler’s performance was sluggish, pickups narrowed, export growth was high: Euler sold a total of 2,071 vehicles in July, a sequential increase of 44.9%.Pickup trucks sold 8,075 units, an increase of -11 in ten years.1% (-19 before June.2%).Exported 7,403 vehicles, an increase of 69 in ten years.5%.The company’s Russian plant is gradually put into production, and sales are expected to gradually increase. We believe that after August 2019, the industry’s sales growth will significantly improve, and the vehicle segment is worthy of attention.First of all, the inventory is low. After the fifth quarter of China de-stocked, the overall inventory 北京桑拿洗浴保健 of the industry is currently low.According to the Automobile Dealers Association, the inventory factor of dealers in June 2019 was only 1.38, May was 1.65, the same period last year was 1.93.The upcoming “Golden Nine Silver Ten” will also promote manufacturers to increase wholesale volume.In fact, with a low base, according to the China Automobile Association, the growth rate of the wholesale volume of the passenger car industry in 2018 turned negative from July, expanded to more than -10% from September to October, and further expanded to -15% from November to Decemberthe above.Again, the high growth of retail in June 2019 confirmed that the demand for car purchases still exists. Apart from the retail disruption in July 2019, the subsequent months will continue to pick up. Risk reminder: the boom of the automotive market continues to decline, new models are less than expected

Anzheng Fashion (603839) 2019 Third Quarterly Report Review: Small Brand Revenue Growth Improves Acquisitions and Consolidates Multiple Impacts on Multiple Indicators

Anzheng Fashion (603839) 2019 Third Quarterly Report Review: Small Brand Revenue Growth Improves Acquisitions and Consolidates Multiple Impacts on Multiple Indicators

In January-September 19, revenue increased by 54%, net profit increased by 13%, 19Q3 net profit growth accelerated in January-September 2019, the company realized revenue of 17%.

9.1 billion, an increase of 54.

13%, net profit attributable to mother 2.

7.8 billion yuan, an increase of 12.

55%, deducting non-net profit 238.

7.4 billion, an increase of 20.

73%, EPS is 0.

70 yuan.

  The lower growth rate of net profit was mainly due to the decrease in gross profit margin and the decrease in investment income, while the non-profit deduction was mainly due to the decrease in government subsidies and entrusted investment income.

  In terms of quarters, 2018Q1-19Q3 company revenues increased by 26.

84%, 13.

98%, 10.

48%, 14.

76%, 41.

46%, 58.

20%, 62.

64%, net profit increased by 30.

09%, 20.

11%, 12.

29%, -50.

01%, 10.

51%, 28.

55%, 1.

40%.

  At the end of October 2018, the company’s acquisition of Lishang Information consolidated the balance sheet, driving the growth rate of revenue in Q1 to Q3 in 2019, excluding the consolidation, which affects the company’s revenue in Q1 to Q3 in 2019 to increase by -0.

57%, 4.

11%, -0.

20%; In 19Q2, the company’s clothing revenue growth rate is relatively high. At the same time, the company strengthened price control. The gross profit margin of the apparel business increased. The gross profit margin of e-commerce operation was relatively stable.

  In 19Q3, the overall apparel consumption was still severely weak, and the company’s apparel revenue was at least basically flat. The growth rate of net profit was relatively mainly due to the clearance of apparel inventory, the decline in gross profit margin and the decrease in investment income.

  In 19Q3, the revenue growth rate of small brands improved, and the online revenue growth was significant. 1) From the perspective of brands, in January-September 2019, Zizi, Yin Mo, Fina Chen, Anzheng Menswear, and Mossac achieved revenue8.

5.8 billion yuan, 1.

5.1 billion yuan, 6,968.

40,000 yuan, 5,205.

870,000 yuan, 1,628.

800,000 yuan, an increase of 6.

61%, -8.

84%, -20.

91%, -5.97%, -14.

36%, of which 19Q3 Zanzi, Yin Mo, Fina Chen, Anzheng Menswear, and Mosak also increased their income by 1.

50%, -4.

35%, 9.

01%, 13.

55%, 10.

77%, the growth rate of the revenue of the main brands improved, and the growth rate of the small brands Yin Mo, Fina Chen, Anzheng Menswear, and Mosak improved.

  As for the main brand, at the end of September 19, there were a total of 674 stores in Changzi.

46%, channel structure is optimized, direct sales in January-September 19 can increase by 7 compared with the same store.

At 12%, the Fangzi brand has strengthened its design, marketing and promotion to increase its influence and drive the store efficiency to keep growing for several years.

  In terms of small brands, at the end of September 19, Yin Mo, Fina Chen, Anzheng Menswear, and Mosak directly operated stores grew by -11 in ten years.

11%, -19.

19%, -26.

09%, 68.

18%, direct sales in January-September 19 can increase by 5 compared with the same store.

06%, 2.

53%, 4.

32%, 0.

67%, Yin Mo, Fina Chen, Anzheng Men ‘s Direct Sales Channel closed the store, the income was extended, and the Mosak brand was optimized to quickly expand the franchise channel, driving the return to growth.

  2) From the perspective of channels, from January to September 2019, it will directly operate, join, and achieve online revenue4.

7.6 billion, 4.

4.1 billion, 8.

6.9 billion yuan, an increase of -4.

91%, -7.

58%, 376.

22%, the combination of Lishang information led to a significant increase in e-commerce revenue; direct sales in 19Q3, franchise, and online revenue increased by 13.

05%, -17.

67%, 402.

86%, the effect of the company’s direct channel organizational structure adjustment, attracting outstanding management talents, revenue resumed growth, some products were delivered to 19Q2 in advance, and some franchisee adjustments caused 19Q3 companies’ franchise income to decrease.

  At the end of September 2019, the company had a total of 917 stores, with the extension down by 4 as well.

18%, of which 328 are directly operated stores, and the extension is down by 6.

82%, mainly because small brands closed stores to strengthen profitability, joined 589 stores, the extension also decreased by 2.

64%.

In January-September 19, the company directly operated the same store and increased by 2.

05%, the channel optimization effect gradually appeared, the same store to join the same drop 5.

07%.

The combination of Lishang information affects multiple financial indicators: reduced gross profit margin, lowered expense ratio, and increased cash flow. Gross profit margin: January-September 19, gross profit margin decreased by 13 as well.

76PCT to 53.

86%, mainly due to: 1) the proportion of low-gross margin e-commerce operating income increased, and 2) the gross profit margin of the apparel business declined.

  In terms of brand, from January to September of 19th, the gross profit margins of Menzi, Yin Mo, Fina Chen, Mosak, and Anzheng men’s clothing increased by -1.39PCT, -0.

33PCT, 3.

72PCT, 4.

09PCT, 1.

41PCT to 64.

94%, 77.

47%, 77.

63%, 53.

70%, 76.

64%, the stock of the brand is cleaned up, and the increase in the proportion of low-margin online revenue has led to a decline in gross profit margin. Feina Chen strengthened the discount control. The brand adjustment effect appeared, the gross profit margin gradually increased, the adjustment of the Mosak brand ended, and the gross profit margin resumed growth, Anzheng menswear design style is optimized, discount control is improved, and gross profit margin is reduced and increased.

  In terms of channels, from January to September of 18, it was directly operated and joined, and the gross profit margin of online channels increased by 0.

35PCT, -1.

55PCT, -12.

51PCT to 73.

19%, 69.

13%, 38.

18%, the consolidation of the Li Shang information led to an increase in the decline in online gross profit margin.

  Looking at the quarter, the company’s gross profit margin for the 18Q1-19Q3 was 68.

71% (-1.

72PCT), 67.

90% (-0.

47PCT), 66.

32% (-0.

02PCT), 52.

90% (-10.

31PCT), 53.

80% (-14.

91PCT), 56.

15% (-11.

75PCT), 51.

94% (-14.

38PCT), 18Q4-19Q3, due to the combination of gift and fashion information, the decline in gross profit margin was biased. In 19Q2, the apparel business strengthened price control, the decrease in gross profit margin decreased. In 19Q3, the stock inventory of brands such as Zizi cleared up, and the decline in gross profit margin expanded.

  Expense rate: During the period from January to September of 19, the expense rate of the company also decreased by 10.

27PCT to 33.

65%, of which the sales expense ratio decreased by 5.

88PCT to 24.

41%, mainly due to the consolidation of information on the acquisition of Lishang information; the management expense ratio (including research and development expenses) also decreased by 4.

42PCT to 9.

30%, mainly due to the consolidation of information on the acquisition of Lishang information; the financial expense ratio also fell to 0.

03PCT to -0.05%.

  Other financial indicators: 1) The inventory at the end of September 2019 increased by 35 compared with the beginning of the year.

61% to 10.

7.3 billion, mainly due to the expansion of sales scale, the increase in stocks on Double Eleven Online.

Inventory turnover ratio from January to September 2019, inventory income ratio is 0.

89, 0.

60,18 for the same period in 2018.

66, 0.

57. The acceleration of inventory turnover was mainly due to the impact of consolidation.

2) Accounts receivable at the end of September 2019 increased by 15 from the beginning of the year.

76% to 1.

5.7 billion yuan, accounts receivable turnover days were 22.

13 days, 5 reductions per year.

In 28 days, the turnover rate has improved.

3) The asset impairment losses from January to September 2019 increased by 13.

96% to 3580.

910,000 yuan, mainly due to the 杭州桑拿 expansion of inventory scale, increase in provision for impairment.

  4) Investment income from January to September 2019 decreased by 13.

87% to 4067.

610,000 yuan, mainly due to the decrease in investment income from the sale of financial assets.

5) Operating cash flow from January to September 2019 increased by 324.

59% to 4,940.

650,000 yuan, mainly due to the increase in clothing sales and the consolidation of gift information.

Clothing consumption is still weak and we continue to optimize multi-brand operations. We believe that: 1) In terms of revenue, due to the relatively sluggish clothing consumption, the company’s clothing revenue has grown rapidly after Q2 2018. Among them, the brand development is quite mature. In 2019, the revenue rate will first be adjusted to achieve growth.In the future, the company 杭州桑拿网 will continue to strengthen the investment of the main brand and promote the continuous growth of revenue. For small brands, Yin Mo has a contradictory income volume and stable income performance. Fina Chen optimizes product design and cost performance, and returns to growth in 19Q3.Product style adjustments were basically in place. Revenue growth picked up in 19Q3. The adjustment of the Mossac brand was over. Through the renewed expansion of the resources store of Fangzi franchisees, revenues increased again. Lishang Information cooperated with more than 20 well-known domestic and foreign brands to develop online operations.Revenue maintained rapid growth.

  2) In terms of profitability, the company ‘s online information has driven the company ‘s online revenue to maintain rapid growth, which has dragged down the overall gross profit margin. In the future, the company will strengthen discount control on apparel business, close stores, optimize channel structure, and promote profitability of the main business.

3) On February 1, 2019, the company plans to repurchase shares for 40 to 80 million shares, and the repurchase price does not exceed 15 yuan / share, and the repurchased shares are calculated at the upper limit of 533.

330,000 shares, accounting for 1 of the total share capital.

32%, the repurchase period is February 18, 2020.

As of September 30, 2019, the company had repurchased a total of 535.

10,000 shares, accounting for 1 of the total share capital.

33%, the repurchase amount is 6283.

650,000 yuan, the average repurchase price is 11.

74 yuan / share, repurchase has not been completed.

In October 2019, due to the departure of some employees in the equity incentive plan, the company repurchased and replaced the restructured shares17.

810,000 shares.

  As the company ‘s gross profit margin fell more than expected, we lowered its EPS forecast for 2019-21 to 0.

83/0.

96/1.

13 yuan (previous average 0.

93/1.07/1.

21 yuan), currently corresponding to 17 times PE in 2019, the company’s main clothing industry is gradually optimized, through mergers and acquisitions, agents and other areas involved in mother-to-child, children’s clothing, luxury goods and other fields to create a fashion industry group, the future growth space bearing capacity, maintaining “Buy “entry” level.

  Risk warning: weak consumption, shop opening progress is not up to expectations, inventory risks, acquisition targets, and unfulfilled performance promises.

Ningbo Huaxiang (002048) 2019 Interim Report Comments: Performance Exceeds Expectations

Ningbo Huaxiang (002048) 2019 Interim Report Comments: Performance Exceeds Expectations

Interim profit + 40%, better-than-expected performance, Ningbo Huaxiang achieved revenue of 75 in 2019H1.

500,000 yuan, an increase of 8 every year.

14%, net profit attributable to mother 4.

1.6 billion, an increase of 39 every year.

98%, net profit after returning to mother 4.

4.0 billion, an increase of 49 per year.

41%.

Revenue in the second quarter was 38.

26 ppm, an increase of 2 per year.

81%, net profit attributable to mother 2.

97 ppm, an increase of 52 per year.

57%, net profit after deduction to mother 2.

92 ppm, an increase of 72 per year.

63%.

The essence of the company’s performance growth lies in: 1) The production capacity of its subsidiary Changchun Huaxiang Thermoforming Line (supporting FAW-Volkswagen); 2) Huaxiang, Germany, turned losses.

The high-yield period has passed, and the gross profit margin of the company’s climbing capacity has increased in the first half of 2019H1.
.

78%, an increase of 0 every year.

65pct, net interest rate 5.

55%, an increase of 1 each year.

26 points.

Report statutory three fee ratio12.

11%, an increase of 0 every year.

20pct, of which selling expenses cost 3.

03%, increasing by 0 every year.

07 points, management costs 8.

66%, a decrease of 0 every year.

06pct, financial expenses 0.

43%, an increase of 0 every year.

20pct.

In the second half of the year, Changchun Huaxiang continued to 西安耍耍网 be optimistic about increasing revenue and increasing profits. This year, Changhua Huaxiang, a subsidiary of Ningbo Huaxiang, contributed the main profit increase. Its main business is body metal parts. The core products are car muffler and exhaust system assembly.

In December 2017, the company decided to raise funds by 20.

1 trillion, of which about 11.

US $ 400 million planned investment in thermoforming lightweight projects at the Changchun Huaxiang Qingdao and Foshan plants.

As of now, the subsidiary Changchun Huaxiang has five production bases in Changchun, Foshan, Tianjin, Qingdao, and Chengdu. It is adjacent to the FAW-Volkswagen plant, supporting Bora, A3, Golf, CC, Jetta and other models.Grow cyclically.

From January to June 2019, the subsidiary Changchun Huaxiang, 9 “hot-formed steel” production lines (including 杭州夜生活网 5 raised funds projects) have successively achieved batch production, bringing new profit growth points to the company. In the first half of the year, Changchun Huaxiang soldThe previous growth was 47%, and net profit increased by 249% per year, which is also one of the leaders of listed companies’ overall performance against the market growth.

Risk warning: Changchun Huaxiang’s production capacity climbed less than expected.

Investment suggestion: The bottom product with reversed performance is given a Buy rating.
As the core supplier of FAW-Volkswagen, the company’s subsidiary Changchun Huaxiang is currently in the period of capacity release to increase revenue and expand production. The new cycle of supporting FAW-Volkswagen’s new capacity has grown rapidly, and we expect the EPS in 19/20/21 to be 1.
40/1.

55/1.

72 yuan, corresponding to 7 for PE.

8/7.

0/6.

4x, with reference to comparable company’s 2020 target range of 15.

5-23.

2 yuan, it is estimated that the bottom performance reversal target, the first coverage, give a buy rating.