Gree Electric (000651): Mixed Reform Program Landed, New Journey Begins

Gree Electric (000651): “Mixed Reform” Program Landed, New Journey Begins

Event: Gree Electric announced an announcement that Gree Group and Zhuhai Mingjun, a subsidiary of Gaofeng Capital, formally signed the “Equity Transfer Agreement”, and Gree Electric will be held by Gree.

2 billion shares (accounting for 15 of Gree’s total share capital).

00%) to a total amount of 416.

Transferred to Zhuhai Mingjun for $ 6.2 billion.

After this change in equity, the top three shareholders of the listed company except for the Stock Connect are Zhuhai Mingjun’s shares.

00%, Hebei Haitan holds 8 shares.

91%, Gree Group holds 3.

twenty two%.

The transfer price is as expected: According to the transaction plan, the transfer price is 46.

17 yuan / share, slightly higher than the democratically announced 44.

The base price of 17 yuan / share, prior to the close of last Friday, is 57.

71 yuan discount 20.


Primary entity invests in Zhuhai Mingjun: The current leader of Gree Electric Appliances directly holds Zhuhai Mingjun as an LP through GZ Investment (share entity).

3794% of the shares, and at the same time, according to the agreement, Zhuhai Botao will reset its holdings of approximately 4% of the total funds subscribed by Zhuhai Mingjun.

7236% of the shares were transferred to the entity, that is, to join the total entity to hold Zhuhai Mingjun11.

10% stake.

Gezhen Investment has one-third of the seats on the board of Zhuhai Mingjun’s GP shareholder, Zhuhai Yuxiu, and has a veto power in some important decisions.

Leaders’ incentives and dividends are worth looking forward to: Zhuhai Mingjun promises to keep Gree Electric’s operation and management team stable within the scope of its authority. After the transaction is completed, Gree Electric will promote the recognition of the number of entities and backbone employees not exceeding 4% of the shares of Gree Electric.Incentive plan.

Regarding dividends, Zhuhai Mingjun promises to actively exercise shareholders ‘voting rights or make its appointed directors exercise voting rights on the board of directors in the shareholders’ general meeting of listed companies involving dividends, so as to try their best to gradually increase the company’s annual net profit dividend ratio to not less than 50%.
The short-term pressure of the air-conditioning industry is barrier-free: For Gree’s recent capital market share due to profit-promoting sales, we believe that in the small years of air-conditioning, leading companies will gradually squeeze the share of tail brands in exchange for price, and this year’s cost bonus is alsoGree’s new round of promotions provided space.

Historical experience shows that the share of leading 武汉夜生活网 enterprises in the small years will become the basis for profitable years.

For 2020, we expect the completion and delivery of new homes to improve, and end-use demand pressures are managed to ease.

Investment suggestion: Equity transfer is the beginning of Gree’s new journey. We look forward to the new shareholders will bring improvements to corporate governance, which can promote transformation in the long run.

Expected company 2019?
EPS is divided into 4 in 2021.



46 yuan; maintain Buy-A investment rating, 6-month target price of 70.

0 yuan, equivalent to 14 times the dynamic price-earnings ratio in 2020.

Risk reminder: the reduction of the trading plan; the actual downside exceeds expectations, and the risk of a worsening foreign trade environment.

Lier Chemical (002258) 2018 Annual Report Comments: Performance basically in line with expectations Guangan project gradually future growth

Lier Chemical (002258) 2018 Annual Report Comments: Performance basically in line with expectations Guangan project gradually future growth

Incident Lier Chemical releases its 2018 annual report.

The company achieved operating income of 40 in 2018.

27 ppm, an increase of 30 in ten years.

60%; realize net profit attributable to shareholders of listed companies.

78 ppm, an increase of 43 in ten years.

75%; basic return 1.

10 yuan.

The company expects to achieve a net profit of 5780 attributable to shareholders of listed companies from January to March 2019.

350,000 yuan-9248.

550,000 yuan, a year of decline of 20% -50%.

The company plans to build a production line of 15,000 tons / year of methyl phosphorus dichloride, 2000 tons / year of phosphorus-containing flame retardants, and 3,000 tons / year of L-glyphosate.It is expected to achieve an annual income of 7 after reaching production.

600 million.

The 2018 performance is in line with expectations, and the 2019 Q1 performance forecast is slightly lower than expected.

In 2018, the company’s operating income increased by 30 per year.

6%, mainly benefited from the increase in the volume and price of the main product glufosinate.

In 2018, the annual production capacity of glufosinate in the company’s Mianyang base increased to 8,400 tons, an annual increase of 68%.

5 million / ton, an annual increase of 7%.

The company expects that net profit in the first quarter of 2019 will decrease by 20% -50%, mainly due to the decline in profit contribution of some products and the progressive construction of the Guang’an base.

The current price of glufosinate is around 15.

50,000 yuan / ton, which is 20% higher than the average price in the first quarter of last year.

The industry supplements production capacity or releases it intensively, and the price of glufosinate is under pressure.

From the supply side, it is determined that the 西安耍耍网 additional production capacity released in 2019 will come from Lier and Yisheng, while Bayer (6,000 tons), Huifeng (5000 tons), and Red Sun (3,000 tons) have not yet put into operation additional production capacity.

If the above capacity is put into production this year, it will have a distorted impact on glufosinate prices, or more than 15 million / ton.

The Guang’an base is making steady progress, waiting for the release of production capacity to increase profits.

The 1,000 tons of fluroxypyr in the Guang’an base were put into production at the end of last year, and 1,000 tons of fluconazole are expected to be put into production in the first half of this year.

With the successive commissioning of products such as propafluchlor and fluconazole, the company’s profit channels will be broadened.

Profit forecast We are optimistic about the company’s scale, technology, cost advantage and long-term growth of the company in the glufosinate field. It is estimated that the EPS for 2019-2021 will be 1.

37, 1.

72, 1.

92 yuan, corresponding to the closing price of 15 on February 27.

25 yuan, PE is 11, 9, and 8 times, maintaining the “overweight” level.

Risk reminder: The price of glufosinate has fallen sharply; the progress of new projects is less than expected.

AVIC (600372): Increase in orders and balanced production to promote revenue growth Growth of convertible bond costs led to a significant increase in financial costs

AVIC (600372): Increase in orders and balanced production to promote revenue growth Growth of convertible bond costs led to a significant increase in financial costs

Investment Highlights The company released the first quarter report of 2019: the company achieved operating income12.

6.3 billion, an annual increase of 39.

91%; net profit attributable to mothers-37.45 million yuan, a reduction of 22.11 成都桑拿网 million yuan a year; net profit attributable to mothers after deduction of -55.57 million yuan, a reduction of 55.65 million yuan in losses; average average return on net assets-0.

49%, an increase of 0 every year.

34 units.

The company’s operating income achieved rapid growth. First of all, some subsidiaries increased orders in the first quarter and the subsidiaries strengthened balanced production and balanced delivery.

In the past, the operating income of military industrial enterprises was concentrated in the fourth quarter, and the scale of revenue in the first three quarters.

Since the Aviation Industry Group proposed balanced production, the quarterly revenue gap between OEMs and supporting companies has narrowed, and balanced production has driven the company’s revenue growth in the first quarter of 2019.

The company’s operating income increased and the product’s gross profit margin increased, thereby significantly reducing its profits and losses.

The company’s comprehensive gross profit margin is 29.

27%, an increase of 2 per year.

09 averages.

Company period expenses 3.

94 ppm, an increase of 10 per year.

10%, accounting for 31 of operating income.

19%, a decline of 8 per year.

45 units.

Financial expenses are 76.3 million yuan, an annual increase of 85.

08%, of which interest expenses increased significantly by 79.43 million yuan, due to the company’s financial costs incurred by the issue of 24 trillion convertible bonds in 2017; management costs2.

03 billion, down 10 a year.

15%; R & D costs 88.15 million yuan, an increase of 34 throughout the year.


The reported company incurred a credit impairment loss of 7 million yuan, which had a certain degree of impact on net profit reduction.

The company’s non-recurring gains and losses were 1831 million, down 67 for many years.


The government subsidies 11.09 million yuan, a decrease of 10.61 million yuan each year; the trusteeship income from entrusted operations is 10.6 million yuan, a decrease of 13.9 million yuan.

While the company’s operating income and profit maintained a high growth rate, the company improved its asset turnover rate by optimizing the supply chain.

The company’s inventory was 40 in the first quarter of 2019.

96 ppm, a ten-year increase of 7.

60%; inventory turnover rate is 0.

23. Promote 27 every year.


Notes and accounts receivable 86.

49 ppm, an increase of 14 years.

77%; of which accounts receivable 70.

6.1 billion, an annual increase of 15.

99%, accounts receivable turnover ratio is 0.

19. The same period last year was 0.15, promote 26 every year.


The growth of accounts receivable is mainly due to the increase in orders of some subsidiaries in the first quarter.

We maintain our profit forecast and expect the company’s net profit attributable to its parent to be 5-20 in 2019-2021.



73 trillion, EPS is 0.



38 yuan, corresponding to the closing price of PE on April 26 is 54/48/42 times, maintaining the “prudent increase” rating.

Risk reminder: the progress of revenue recognition exceeds expectations; intensified competition in the military and civilian products markets, and gross margin shift; new business development progress is less than expected

Chenguang Stationery (603899) 2018 Annual Financial Results Review: Steady Long-Term Performance and Rapid Growth of Emerging Businesses

Chenguang Stationery (603899) 2018 Annual Financial Results Review: Steady Long-Term Performance and Rapid Growth of Emerging Businesses

Investment highlights: Event: 3/26 The company released its 2018 annual report, which reported a real revenue of 85.

35 ppm, an increase of 34 in ten years.

26%; net profit attributable to mother 8.

07 million yuan, an increase of 27 in ten years.


Among them, Q4 achieved revenue of 24.

USD 1.1 billion, an annual growth of 29.

36%, net profit attributable to mother 1.

82 ppm, an increase of 29 in ten years.


Traditional businesses have grown steadily, and emerging businesses have continued to develop.

In 2018, the company focused on “adjusting the structure and stabilizing growth” as its annual focus, focusing on and deepening the terminal.

(1) Rebuilding the moat from traditional businesses.

The 18-year revenue has increased by 16% every year. The four products of mass products, boutique cultural and creative products, office products, and children’s art products have been fully promoted.

The company has expanded retail terminals7.

With more than 60,000 stores, the distribution system and store channels have formed a solid moat.

In terms of products, writing instruments maintained steady growth and achieved revenue19.

4.6 billion (8.

82% yoy); student stationery achieved revenue of 18.

5.8 billion (13.

(YoY growth of 79%); revenue from office stationery reached 46.

1.3 billion (62.


(2) High growth in emerging businesses.

Klip will benefit from customer expansion and achieve revenue.

8.6 billion (106.

03% yoy), accounting for 30% of the company’s revenue.

3%, net profit increased from 11.14 million yuan to 32.14 million yuan, and profitability continued to increase; Chenguang Life Museum achieved revenue3.

0.6 billion (49.

15% yoy), the number of retail stores reached 255, of which Jiumu Zamusha opened in Q3 of 18, joined the expansion, accelerated expansion, and gradually reduced losses. It is expected that 2019 will be an important turning point in profit; Chenguang technology business has developed steadilyThe camp is constantly enriching, with more than 1,000 online authorized stores, further increasing the online penetration rate.

The overall profit remained stable, and the gross profit margin of the product rose steadily.

Comprehensive gross profit margin and interest rate 0.

78pct to 25.

8%, mainly due to changes in income structure, low-margin office product business expansion.

Among them, writing instruments / student stationery / office stationery gross profit margins respectively changed +0.

48pct / 1.

89 points / 0.
09pct to 34.
8% / 33.

50% / 18.


On the expense side, due to the impact of Colibri, Jiumu channel construction, rising logistics costs and publicity input, the sales expense ratio rose by 0.

28 points to 9.

25%; staff management is reasonable, and management costs fall by 0%.

24pct to 5.


Net interest rate fluctuated in 2018.

52 points to 9.

5%, the net profit level of the company is expected to be stable and upward through the release of the profitability of the Copley and cultural and creative businesses.

The acquisition of Shanghai Anshuo helped the category and channel expansion.

Company with 1.

93.2 billion acquisition of 56% stake in Ashuo Culture and Education.

Anshuo Culture and Education realized income from January to September 20183.

9 trillion, net 重庆耍耍网 profit-6136 million, due to the replacement of export orders, but the relationship with major customers still maintained.

MARCO, a well-known brand in Shanghai, has high visibility and continuous R & D capabilities in the field of wood pencils. Its product channels are available in 80 countries around the world.

The acquisition complies with the company’s “strong product” strategy, helping to further improve the product matrix.

At the same time, Shanghai Anshuo’s export channels and experience can greatly promote the company’s export business development.

The company’s overseas channels will be expanded in depth, and internal and external synergies can be expected.

Profit forecast and investment rating: As a leader in stationery, the company’s traditional business + emerging business constitutes a dual momentum of 苏州桑拿网 performance.

The advantages of traditional business channels are obvious. Under product upgrades and store expansions, it constitutes a safe pad for stable performance growth. Emerging businesses have gradually entered a period of high-speed development. Colip has benefited from the expansion of government customers across the country and the rapid deployment of cultural and creative services.Profitability is constantly improving; the acquisition of Shanghai Anshuo, “strong product” + synergy between overseas and domestic channels can be expected.

It is expected that the company’s operating income in 2019-2021 will be 105.

5.7 billion, 130.

5 billion, 164.

3.7 billion; net profit was 9.

8.2 billion, 12.

1.1 billion, 14.

88 ppm; EPS is 1.

07 yuan, 1.

32 yuan, 1.

62 yuan, the corresponding PE is 34.

66x, 28.

1x and 22.


First coverage, giving the company a “strong recommendation” rating.

Risk warning: product upgrades are not as good as market changes; if the company cannot maintain the scale of the development industry, it may face fiscal and tax risks

Guoxuan Hi-Tech (002074): Full orders and smooth expansion of production

Guoxuan Hi-Tech (002074): Full orders and smooth expansion of production

Event: The company released its 2018 annual report and the first quarter of 19Q1, and realized 51 revenue.

27 ppm, a five-year increase of 5.

97%; realized net profit attributable to mother 5.

8 billion, down -30.

75%; deduct non-attributed net profit 1.

9.1 billion, down 63 every year.


In the first quarter of 2019, the company achieved revenue of 17.

520,000 yuan, an increase of 65 in ten years.

31%; realized net profit attributable to mother 2.

02 ppm, an increase of 25 in ten years.

22%; deduct non-attributed net profit 1.

7.6 billion, an annual increase of 32.


The deviation of the results in 2018 was mainly due to the company’s reduction in operating income and operating costs of Ankai Bus, State Grid Jiangsu and other companies.confirm.

In addition, the company supplemented the provision for bad debts and increased asset impairment losses.

18 years of installed capacity lead the country, 19 years is expected to increase to 10GWh: According to GGII data, the company’s power battery installed capacity in 20183.

4GWh, market share is about 5.

2%, ranking third in the country.

According to the company’s annual report, the company actually realized sales12.

7.6 billion ampere hours (about 4.

08GWh), an increase of nearly 70 in ten years.

09%; production capacity is about 5.

65GWh, inventory is about 2.


In 2019, the cruising range of the company’s supply models is expected to be mainly concentrated around 300-400km, and the product energy density will be mainly concentrated in 140-160Wh / kg.

According to the announcement, the company has negotiated supply strategies with long-term cooperative customers such as BAIC, JAC, Chery, and Zotye. The current orders are full and the order is expected to be above 12GWh. The expected increase is expected to reach 10GWh (three yuan is expected to be around 1GWh). One yearPerformance can be expected.

Perfect industrial chain layout and smooth expansion of production capacity: The company actively lays out upstream resources, establishes a joint venture with MCC in 杭州桑拿网 Caofeidian, Tangshan, and establishes a stable supply relationship of cobalt and nickel raw materials. The company and Shanghai Electric jointly establish a company based on power lithium battery energy storage businessTo further expand the scope of business.

Summary of the report, “4GWh of high specific energy lithium battery industrialization project”, “Nanjing Guoxuan 300 million Ah of high specific energy lithium battery industrialization project” and other projects have been implemented in batches, with rapid production capacity.Get released.

According to GGII data, the company’s capacity scale at the end of 2018 is 7-8GWh, and the effective capacity is expected to reach 14GWh in 2019, including 2GWh ternary capacity and 12GWh iron and lithium capacity.

Long-term planning is expected to reach 30GWh capacity by the end of 2020 and 50GWh capacity by 2022.

Key technology R & D, obvious product advantages: In 2018, the company’s R & D investment4.

93 ppm, completed the technical transformation and production line adjustment of 190Wh / kg lithium iron phosphate battery cells and 140Wh / kg battery packs, the production and introduction of high-density lithium iron phosphate materials, and achievedProduct technology design for mass production of battery cells and soft-packed cells.

According to the annual report, the average growth rate of the company’s power batteries in 2018 was about 1.

12 yuan / Wh, the average cost is about 0.

795 yuan / Wh, gross profit margin is nearly 28.


The product has obvious cost performance advantages, and it is supplemented with the high safety of LFP batteries. Against the background of supplementary declines, the company is expected to benefit from the development trend of low-end model technology routes in 2019. Supporting Bosch in Germany and starting gradual progress: The company currently has many strategic cooperative customers such as JAC, BAIC New Energy, Zotye, Yutong Bus, SAIC Group, Zhongtong Bus, Ankai Bus and so on.

The report was connected in series. The company signed a procurement framework agreement with BOSCH, which will provide 12V lithium iron phosphate vehicle start-stop batteries. The end users may be located all over the world.Another preliminary in the field of batteries.

Of course, the company’s other overseas ternary battery projects are also being actively promoted, and it is expected to achieve continuous breakthroughs.

Investment advice: We expect the company’s revenue growth from 2019 to 2021 to be 127.

47%, 22.

89%, 28.

85%, net profit growth rate was 74.

47%, 24.

40%, 27.


Maintain the company’s buy-A investment rating, with a 6-month target price of 25.

00 yuan.

Risk warning: intensified product competition, new energy vehicle development is less than expected, and overseas cooperation progress is lower than expected

Inner Mongolia No. 1 Aircraft (600967): Railway vehicles have long and large contract advances and high orders for military products

Inner Mongolia No. 1 Aircraft (600967): Railway vehicles have long and large contract advances and high orders for military products

On June 26, the company announced that China Railway Corporation and Baotou North, a wholly-owned subsidiary of the company, broke through the “C80B Railway Wagon Procurement Project Contract” with a total contract amount of 2.

670,000 yuan, delivered on a quarterly basis before September 30, 2019.

On June 22, the company issued an announcement that China Railway Corporation and the company’s wholly-owned subsidiary Baotou North Venture broke through the “C70E Type Railway Freight Car Purchase Project Contract”, with a total contract amount of 7.

340,000 yuan, delivered on a quarterly basis by November 30, 2019.

Brief comment on the large-scale contract for the purchase of civilian goods railway vehicles, which lasted more than the same period last year until the end. The company has announced that the total amount of railway vehicle purchase contracts has been extended to 10.

10,000 yuan, 9 more than the same period last year.

2.4 billion levels.

This millennium contract will be delivered quarterly before the end of September and November this year, respectively, and will have a positive impact on the company’s performance growth this year.

Preliminary results increased slightly, advance accounts and inventories increased again in 2018, and the company achieved operating income of 122.

67 ppm, a 10-year increase2.

5%; achieve net profit attributable to mother 5.

34 ppm, an increase of ten years.


In the first quarter of 2019, the company achieved operating income16.

74 ppm, a ten-year increase of 9.

03%; net profit attributable to mother 1.

37 ppm, a 126-year increase.

9.6 billion.

As of the end of the first quarter, the company’s total inventory was 22.

100,000 yuan, compared with 20 at the end of 2018.

The level of 8.7 billion US dollars has increased and still maintains a high level; the total amount of advance accounts at the end of the first quarter was 70.

2.2 billion, compared with 59 at the end of 2018.

The level of 440,000 yuan has been significantly increased again.

We believe that the company’s inventory scale has maintained a high position, and the advance receipts expenditure has further increased, indicating that the company’s acceptance of military orders remains in a good condition, and the production and delivery of products will ensure the company’s performance growth.

In the first quarter of 2019, the main reasons for the increase in the company’s net profit attributable to mothers were: (1) Administrative expenses decreased by 1103 compared with the same period last year.

620,000 yuan; (2) Interest income increased by 5713 over the same period last year.

340,000 yuan; (3) Asset impairment losses decreased 武汉夜生活网 by 1,249 over the same period last year.

230,000 yuan; (4) Investment income increased by 1694 over the same period of the previous year.

680,000 yuan.

New breakthroughs have been made in the development of the military product market, and core technologies have been continuously improved.

In the foreign trade market, the export of VT4 tanks and VN1 wheeled combat vehicles made new achievements, and artillery entered the diabetes market for the first time.

New growth in military spare parts is scheduled, and professional service support is fully recognized by the army.

The core technology of military and civilian products has been continuously improved.

On product digital intelligence, research was conducted on the independent development of acquisition and control systems and software integration modes 南宁桑拿 of core processing systems; research on environmental perception and system monitoring was conducted around VT4 tanks, unmanned ground vehicles; and the Academy of Military Sciences, 201Cooperation with the Army Military Transportation Academy, National University of Defense Technology and other related institutions.

Beijing Intelligent Technology Engineering Center was established.

The ground armor business continued to grow, and the railway vehicle market was picking up military products. Benefiting from the army’s need to upgrade and replace, the growth rate was wheeled armored combat vehicles.

We believe that the stock of the Army’s main battle tanks is continuous and there is no structural gap. In the future, it will be in a state of multiple models with peak shift configurations and old and old model conversions. At the same time, after the military reform, the Army officially re-set up a new establishment system.Therefore, the wheeled infantry fighting vehicle has a broken structural gap, which will become the focus of army equipment construction.

The civilian products business benefited from the economic recovery and the railway construction needs of the Belt and Road countries.With the recovery of railway freight, the company’s traditional railway vehicle business strives to stabilize and rebound.

In 2017, the company’s temporary contract for railway vehicles was 3683, with a total order of 16.

300 million, of which 9.

US $ 0.5 billion is a new long-term order; in 2018, the company’s railway vehicles achieved overall revenue11.

600 million.

At the same time, the company has continued to benefit from the huge railway construction needs of the countries along the Belt and Road. At present, the company has established cooperative relations with railway departments in some countries, which has achieved a good foundation for subsequent related businesses.

Earnings forecast and investment recommendations The company’s net profit attributable to its mother from 2019 to 2020 is 5, respectively.

68, 6.

08, 6.

64 ppm, an increase of 6 per year.

31%, 7.

05%, 9.

24%, the corresponding 19 to 20 years of EPS are 0.

34, 0.

36, 0.

39 yuan, corresponding to the current expected PE is 33, 31, 29 times, maintain BUY rating.

Poly Real Estate (600048) Annual Report 2018 Review: Procyclical Answer Sheets

Poly Real Estate (600048) Annual Report 2018 Review: Procyclical Answer Sheets

The company enters the settlement period, 2019?
The growth rate of settlement income in 202杭州桑拿0 will still maintain a growth rate of more than 20%; and with the decline in the intensity of land investment, the decline in the company’s operating cash flow will continue to improve.

Investment points: the company will enter the high-speed carry-over period in the future, increase 2019?
The EPS in 2021 will be 1.



91 yuan (original 2019?
2020 is 1.


29 yuan), it is believed that the current loose housing financing, the recovery of the land market will lead to the recovery of the property market prices, and therefore increase the value of the industry.

03 times PE, raise target price to 15.

9 yuan.

In 2018, the company achieved operating income of 1946 ppm, an increase of 32 per year.

7%; realized net profit of US $ 26.1 billion, of which the net profit attributable to the parent company was US $ 18.9 billion, an increase of 20 per year.

9%; realize basic profit income1.

59 yuan, an annual increase of 20.


The company’s cost of capital is still increasing in 2018 (5.

03%), and the net debt ratio remains at a high level of 123%.

Scale, the company’s overall land investment intensity has fallen at a high level, regardless of land acquisition area or amount of scale ranking in 2017 will fall by about 30%.

At the same time, with the increase in the sales recovery rate, operating cash flow continued to return to positive.

Thanks to the rapid growth of the company’s sales scale, the sales recovery rate reached 88% in 2018, the high level of land acquisition fell, the operating cash flow was significantly positive, and the ratio of sales expenses increased to 3.


To 2017?
Judging the sales amount in 2018, 2019?
The growth rate of settlement income in 2020 will still maintain a growth rate of more than 20%.

The settlement in 2018 was close to the 2016 sales (2101 ppm), with an annual increase of 32.

3%, the settlement lag is about 2 years.

Considering the lucrative profitability of sales projects in 2016, so 2018?
2019 has entered a period of high profit growth.

And the company has completed the acquisition and settlement of 50% equity in Poly (Hong Kong), further expanding its business area.

Risk warning: Tightening financing policies, sales recovery is not up to expectations.

CNPC Engineering (600339): Subsidiaries sign another 50.

7.8 Billion EPC Contracts Global Business Facilitates Improvement

CNPC Engineering (600339): Subsidiaries sign another 50.

7.8 Billion EPC Contracts Global Business Facilitates Improvement

Event: On the evening of October 25, the company issued an announcement saying that the company’s subsidiary China Huanqiu Engineering Co., Ltd. had newly signed an EPC general contract.

The contract deadline is June 30, 2021, and the total amount is about 50.

The RMB 7.8 billion subsidiary re-signed a major contract, and the improvement of Huanqiu Engineering’s business. The winning order was awarded by China Huanqiu Engineering Co., Ltd., a wholly-owned subsidiary of the company, and China Shilanzhou Petrochemical Yulin Chemical Co., Ltd., a subsidiary of China National Petroleum Corporation.
The project will rely on the rich natural gas resources of Changqing Natural Gas and Huanqiu Engineering Company’s independent set of ethylene technology to produce chemical products such as ethylene, fuel gas, carbon three and heavy components through cracking.

The project construction content mainly includes an annual output of 60 ethylene copolymer units, 30 full-density polyethylene units, 30 high-density polyethylene units, and supporting public works, auxiliary production facilities and off-site projects.

The completion of the project will help the company to improve natural gas utilization efficiency and the competitiveness of ethylene products, consolidate and expand the domestic refining and chemical project market. Contracts have been released one after 合肥夜网 another, and the global performance has promoted recovery.Signed a contract amount of 251.

5.2 billion yuan, compared with 250 in the same period last year.

US $ 9 billion was basically flat; since the second half of the year, the contract amount has been extended by a total of 189.

4.3 billion yuan.

It is expected that after the project construction peak period and the concentration period of receivables are entered in the second half of 2019, with the successive extension and release of orders, Huanqiu Engineering is expected to change the replacement situation in the first half of the year and achieve a recovery in performance, which will bring good results to the company.

  Policy dividends continue to be released, and the natural gas market benefits significantly from the imminent establishment of a national pipeline 北京夜网 network company. The investment space for pipeline storage and transportation is huge, and the pipeline capacity is expected to significantly increase. The company will benefit significantly in the future.

In addition, the conversion of 53 projects operated by CNPC in 20 countries along the “Belt and Road” is further promoted, and the company’s workload is expected to further increase.

In the future, the company will gradually focus more on upstream exploration and development, extending the seven-year action plan; the transformation will realize the efficient use of pipeline resources across the country through the platform of the national pipeline network.

  Earnings forecast and investment advice: We maintain our earnings forecast for the company, and expect net profit for 2019-2021 to be 6.

53, 7.

34, 8.

4.4 billion yuan, corresponding to 0 EPS.

12, 0.

13, 0.

15 yuan to maintain the “overweight” level.

  Risk reminder: The risk of fluctuations in international oil prices, overseas operating risks, market competition risks, exchange rate risks, capital account progress is less than expected, and the establishment of the state-owned pipeline network company is less than expected.

Jiuyuan Yinhai (002777): Performance in line with expectations

Jiuyuan Yinhai (002777): Performance in line with expectations

Performance is in line with expectations.

The company achieved operating income in the first half of 20193.

41 ppm, an increase of 15 in ten years.

14%; net profit 6191.

320,000 yuan, an annual increase of 42.

50%; deduction of non-net profit 6015.

50,000 yuan, an annual increase of 53.


Business structure was optimized and gross profit margin was significantly improved.

In the first half of the year, the company optimized its business structure. The software business with a higher gross profit margin, the revenue and proportion of the operation and maintenance business increased significantly, and the revenue and proportion of the system integration business with gross margin reset decreased significantly, thereby achieving the overall grossInterest rate 571.

4%, an increase of 13.

11 averages.

Specifically, the company achieved software revenue of 1 in the first half of the year.

6.9 billion, a 64-year growth of 64.

55%; gross profit margin 67.

87%, an increase of 7 from the same period last year.

45 units.

O & M services achieved revenue of 0.

9.3 billion, an increase of 18 years.

5%; gross profit margin 65.

5%, an increase of 1 over the same period last year.

95 units.

System integration achieves zero revenue.

7.6 billion, down 31 each year.

31%; gross profit margin 22.

86%, an increase of 7.


The overall business maintained a good growth momentum, and the military-civilian integration business achieved high growth.

In terms of business segments, 1) Medical and medical insurance business: revenue in the first half of the year1.

3.4 billion, an increase of 10 years.

19%; 2) Smart city and digital government business: realize revenue 1.

8.3 billion, an increase of 10 in ten years.

46%; 3) Military-civilian integration business: realized revenue of 21.4 million yuan, an annual increase of 240.


It is worthy of experts that grassroots research shows that the medical procurement bureau’s IT procurement curtain has just opened, and the second half will be the peak of IT procurement, and the company’s performance is expected to continue to maintain high 南京夜网 growth.

Together, Ping An will expand the blue ocean market for medical insurance control fees.
Refer to the in-depth report “Yinhai Yinhai: Control tool” weapon “, breaking the medical” dilemma “. The core of medical insurance control fee is to maximize the role of the strong players in the medical industry, and standardize clinical diagnosis and treatment.Based on the evidence of health economics, the quality of medical care and medical insurance costs are monitored and controlled, and the IT system will become the core player in paying medical insurance control costs.

The government has set up a medical security bureau to accelerate the advancement of medical insurance control fees.
Ping An Medical Insurance Technology is a core player in the field of medical insurance cost control. The company will work with Ping An 佛山桑拿网 to expand the blue ocean fee control market for medical insurance.

According to the company’s disclosure on, the company and Ping An have launched related services such as medical insurance control fees, smart medical care, and integrated payment in more than 100 cities across the country, and cooperation has progressed well.

Investment suggestion: The gradual advancement and implementation of the work of the National Medical Security Bureau will start a new round of construction peaks in the medical insurance information market.

As a leader in the medical insurance information industry, the company is expected to fully benefit.

EPS is expected to be zero in 2019 and 2020.

72, 0.

92 yuan, maintain Buy-A rating, 6-month target price of 35 yuan.

Risk warning: The industry development is lower than expected; the intensified competition in the industry leads to the decline in gross profit margin.

China Decoration Construction (002822) Company Research: Decoration Clipper Enters Blue Ocean of Property Management Worth Looking Forward

China Decoration Construction (002822) Company Research: Decoration Clipper Enters Blue Ocean of Property Management Worth Looking Forward

Decorative strong corporate profits accelerated growth, many orders in hand.

The company’s main business is public fittings. While deepening the South China market, it has established regional marketing centers in South China, East China and North China.

The short-term company vigorously implemented the construction of a public installation management and control system, and its operating efficiency continued to improve. In 2019H1, revenue / profit growth increased by 25% / 40%. At the same time, it continued to strengthen its collections and achieve a significant positive cash flow in operations.

As of the first half of 2019, the company has signed uncompleted orders of 84.

500 million, which is double the revenue in 2018, and there are ample orders in hand to escort the company’s future performance.

The property management industry has entered a golden development period, and the decoration and property management businesses have synergy.

In the context of the transition from an incremental economy to a stock economy, the domestic property management industry is in a fast-growing period. In addition to the rapid expansion of the residential property market by inward and outward expansion, the leading property management industry in Hong Kong has vigorously expanded the non-residential property market.Commercial and public property markets.

There is a natural synergy between the public service and property management industries. Mergers, decoration companies have a better grasp of the overall design and operation and maintenance information of the project than third-party property management agencies, and their property companies undertake the property management business.In the subsequent maintenance and secondary decoration of the project, diversion can be provided for the public service.

The company intends to acquire the holding technology park property and cut into the blue ocean of property management is worth looking forward to.

As early as 2017, the company invested in a 25% stake in SEG Property, and 杭州桑拿 the rest of 2016/2017/2018 / 2019H1 achieved revenue1.




6 million, net profit of 683/1026/2589 / 15.3 million yuan, the current area under management reaches 1 million square meters.

Recently, the company announced plans to issue shares and pay cash to acquire 100% equity of Jiazete (total price of 1.

7.3 billion), the remaining holdings of high-quality property management company science and technology park properties in the park and public construction management field51.

6% shares, promising that the performance of science and technology park properties in 2020-2022 will not be less than 25,500, 28, 31 million yuan.

The science and technology park property has 20 years of high-tech park planning, operation and management experience. It has transportation business capabilities in industrial planning, investment promotion operations, and park business platform building. The objects of property management services and the company’s public customer groups will clearly overlap. In the futureSynergy can be expected.

The future growth of the company has three important points: 1) Public service: Since the beginning of this year, the government has continued to promote the renovation of old communities to bring business increase to the decoration industry.Renewing the company to open up the old market is expected to add momentum to the decoration business.

2) Property management business: Outward mergers and acquisitions are an important channel for rapid expansion of property management companies. Subsequent companies are expected to continue to add weight to the property management sector through mergers and acquisitions.

3) In terms of operating efficiency: The recently completed expansion of the equity incentive plan, with sufficient incentives for core employees, promotes accelerated order conversion, and promotes continuous improvement in operating efficiency.

Investment suggestion: We predict that the company’s profit will be 2 in 2019-2021.



80,000 yuan, the corresponding EPS is 0.



63 yuan (CAGR of 32% in 2018-2021), corresponding to PE is 22/17/14 times.

The company is vigorously exploring the property market while deepening the main business of decoration. The future growth is worth looking forward to.

Considering that the existing company’s decoration main business is growing faster than its peers and the broad prospects of the property market, the current estimated level of property listed companies and the scarcity of A shares, for the first time, give a “buy” rating.

Risk reminder: real estate growth tends to be serious risks, property management business development is less than expected risks, bad debt risk of accounts receivable, etc.