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

Dabeinong (002385): Pig breeding business will become the focus of future development

Dabeinong (002385): Pig breeding business will become the focus of future development

Company dynamics Company status Recently we studied Dabeinong and communicated with company leaders.

The company’s current focus of development has begun to tilt towards pig breeding, but it remains to be seen whether the volume can be sustained in the context of the epidemic.

  In addition, due to the reduction of pig production in the industry, the sales of the company’s feed business are under pressure.

  Commenting on the company’s efforts to develop the pig breeding business: At present, the company stated that it has begun to tilt its resources to develop the pig breeding business. The current development goal is to sell 2 million heads in 2019 and 500 (neutral) in 2020?
600 (optimistic) million heads.

The development model is “company + farmer”, and the company encourages employees to hold hog 成都桑拿网 breeding business, and Dabei Farmers’ equity in this business is about 65%.

Breeding areas are concentrated in the Northeast, Jiangxi, Hubei, and Guangdong and Guangxi regions.

From the perspective of sow inventory, the company expanded its existing fertile sow by about 60,000 to another 110,000 reserve sows and some farmers to raise sows.

Affected by the epidemic, the sow inventory has decreased compared to last year. The company hopes that through continuous efforts, the number of sows will reach 230,000 by the end of this year.

  According to this calculation, it can support 5.75 million heads of self-bred and self-bred pigs in 2020.

However, considering that the existing number of fertile sows is far from the target, and the impact of the epidemic is uncertain, we cannot rule out the possibility that the number of fertile sows of the company is lower than the plan.
On the whole, the company’s development of pig breeding business will obviously benefit from pig prices from the top down, and its performance is expected to increase; it will face epidemic challenges from the bottom up, and the current situation will be reduced from the set goals, and further follow-up observation is needed.

  Feed business is under pressure, waiting to be improved: The company said that year-to-date feed sales are under pressure, among which pig feed sales have fallen by more than 5%, and the increase has come from poultry feed, anti-gradual feed, and aquatic feed.

  At the same time, because of the poor profitability of the former farming, we judge that the company’s high-gross profitable front-end feed sales in pig feed products will increase rapidly, which will affect the overall feed sales and also drag on the overall feed gross profit.

Looking forward, we believe that the profit of 2H19 breeding will be restored, and the company’s front-end material sales will have a chance to recover. The overall gross profit margin may be repaired because of this. However, the industry’s breeding volume continues to decrease, and we expect that the sales volume of 2H19 feed will be limited.

  It is recommended to consider that the pig breeding business will help to benefit from the rise in pig prices, and the company’s performance is expected to improve. We maintain our 2019 net profit return to mothers7.

It is unchanged at US $ 0.1 billion, and at the same time, for the first time, it announces for the first time a net profit forecast for 202010.

2.8 billion.

However, considering the company’s current high level of estimation and the uncertainty of whether the hog breeding business can achieve heavy volume, we temporarily maintain a neutral rating.

The current total corresponds to a 33 / 22-fold estimate for 2019/2020.

We revise up our target price by 47 due to the expected improvement in performance and the overall assessment and repair of the industry.

4% to 5.

6 yuan, the target price corresponds to 33/23 times the 2019/2020 estimate, +3.

7% space.

  Risks Pig prices and raw material prices have changed dramatically, the epidemic is at risk, and the development of breeding business is lower than expected.

BTG Hotel (600258): 19Q3 hotel business under pressure to join expansion and continue to advance

BTG Hotel (600258): 19Q3 hotel business under pressure to join expansion and continue to advance
The company released three quarterly reports for 19 years: ① 19Q1-3: realized revenue of 62.31 ppm / -2.16% (among them, hotel operation is 47.53 ppm / -4.80%, hotel management is 11.$ 4.9 billion / +9.52%, attractions business is 3.29 ppm / + 0.55%), net profit attributable to mother 7.19 ppm / -10.27%, net profit after deducting non-return to mother 6.$ 8.9 billion / + 3.75%; ② 19Q3: realized revenue of 22.40 ppm / -5.32%, net profit attributable to mother 3.52 ppm / -23.83%, net profit after deduction is 3.54 ppm / + 1.51%; ③ Net operating cash flow: 19Q1-3 achieved 14.16 ppm / -0.70%. In 19Q3, the decline of RevPAR’s overall mature stores expanded, or the data was under pressure from the macro environment and the strengthening of Beijing security in September.① The First Travel Home Inn: 19Q3 RevPAR drops by 3.7%, a decrease of -1 from 19Q2RevPAR.5% is further under pressure; 19Q3 occupancy rate is 82.7% / YoY-3.4pct, a drop of 2 compared to 19Q2.3pct slightly expanded; 19Q3 ADR increased by 0.2%, an increase 杭州桑拿网 of 1 over the same period in 19Q2.3% percent.② Shouru’s mature store: 1) Overall mature store: 19Q3 RevPAR down 6.1%, 19Q2 RevPAR down -3.6% is further under pressure.Among them, 19Q3 OCC and ADR were -3 respectively.1pc and -2.9%; 2) Economic mature shop: 19Q3 RevPAR -6.5%, 19Q2 is -3.9%.Among them, 19Q3 OCC and ADR were -3 respectively.2pct and -3.0%; 3) Mid- to high-end mature stores: 19Q3 RevPAR -5.2%, 19Q2 was -3.2%, a month-on-month improvement.Among them, 19Q3 OCC and ADR were -2 respectively.2pct and -2.5%. In 19Q1-3, the franchise expansion continued to advance, and the proportion of high-end products continued to increase.① During 19Q1-3, the company’s hotel business profit was maximized to 8.97 CPI / YoY-12.13%, which is about 1 to maximize business profits.41 ppm +3 per year.65%.② In terms of franchise expansion, the company opened 431 new stores in 19Q1-3, with a net increase of 173 at the beginning of the total hotel ranking and 258 stores closed.In terms of products, the company’s initial economic and mid-to-high end hotels (excluding cloud hotels) increased by 7 at the end of 19Q3 (net economy decreased by 104, mid-to-high end increased by 111), cloud hotels increased by 81, and management output was net.Increased by 85.Considering that the company’s store openings are concentrated in the fourth quarter of each year (18Q4 Home Inn Economy and mid-to-high end total 190 new stores opened, accounting for 42 of the total.1%), and the number of ready-to-open stores that have been signed and not yet opened has increased to 663 (ranking 133 at the beginning of 19), and it is expected that 19 will gradually become the company’s plan to open 800 new stores (including management output).③ In the medium and long term, the company established a joint-venture hotel brand with Hyatt in 19 years, positioned in the mid-to-high end travel market, and completed the first batch of directly operated stores (Beijing, Shanghai) in 19 years.At the opening, the medium and long-term product matrix is expected to continue to expand and improve. Directly-operated stores close stores each year with a slight decrease in the expense ratio in 19Q1-3, a decrease in investment income and a net decrease.1) 19Q1-3: The overall gross profit margin was 93.77% /-0.The decrease of 79% was mainly due to the increase in food delivery in the hotel operation business and the increase in the cost of a single breakfast. The expense ratio during the period was 77.67% /-0.90%, the management expense ratio is 11.87% / + 0.06pct, selling expense ratio 63.92% /-0.56 points, mainly due to the decrease in employee salaries and energy costs caused by the decrease in the number of directly operated stores, and the financial expense ratio1.58% /-0.47 points, mainly due to the company’s repayment of loans, R & D expense ratio is 0.30% / + 0.07pct, the investment income was 29.6 million yuan, a year of decline of 80.69%, mainly due to the company’s sale of 20% equity of Yanjing Hotel in the third quarter of 2018 generated pre-tax investment income of 12.612 million yuan, the overall net interest rate11.99% /-1.09%.2) 19Q3: The overall gross profit margin was 93.11% /-0.94%, period expense rate 72.00% /-1.00%, the management expense rate is 11.25% /-0.14pct, selling expense ratio 59.50% /-0.30pct, financial expense ratio 1.32% /-0.50pct, R & D expense ratio is 0.28% / + 0.06pct, investment income is 7.26 million yuan, and the overall net interest rate is 15.66% /-4.01%. Hotel’s latest point of view: At present, the hotel sector is affected by the broader market adjustment and macro expectations. The leading BTS hotel is estimated to be in the historical position in the medium and long term, corresponding to 19 years of PE.Doubled, the average has also fallen to the level near the bottom of the industry in 16 years, and the number of hotels has continued to increase in the past two years and the growth of mid-end hotels has been better. It is recommended to pay attention to the first hotel and wait for the overall operating data trend of the hotelFor the better. Investment advice: Buy-A investment rating.We expect the company’s net profit for 2019-2021 to be 7, respectively.6 billion / 8.$ 4.4 billion / 9.21 trillion, corresponding to a growth rate of -11.3%, 11.1%, 9.1%; Deducted non-net profit for 2019-2021 is 7 respectively.2.5 billion / 8.1.4 billion / 8.91 trillion, corresponding to a growth rate of 5.1%, 12.3%, 9.5%, given a 6-month target price of 22.50 RMB. Risk warning: the macro economy is down, the number of new stores is less than expected, and the competition in mid-range hotels is intensifying.

Suitable weight loss methods for women of different ages


Suitable weight loss methods for women of different ages

Guide: Women will think about losing weight at different ages, and different age groups have different ways to lose weight.

At this time, women need to learn how to choose to lose weight, so that weight loss is no longer painful, and life is better.

Let’s take a look at the different ways to lose weight.

銆€銆€Different ages, the meaning of weight loss is also different, of course, the choice of slimming methods will be different, today we enter the world of age and weight loss, deep analysis of the relationship, healthy weight loss.

銆€銆€12-19 years old: There are two main causes of obesity at this age: one is the increase of fecal cells during development, and the obesity at the age of ten is often because parents are afraid that children will not eat too much nutrition during the developmental period, but they will notExercise, especially eating too much high-conversion food, so that excess traces are concentrated in the body.

However, if it is already fat before the age of 10, such excessive will easily continue into adolescence.

銆€銆€The second is heredity, which causes differences in body fatality ratios and hormone secretions, and causes differences in obesity rates.

Recently, An An read the newspaper said that the study shows that slimming protein can be produced by accidental cells and sent to the brain through blood circulation to regulate food intake.

If both mom and dad are obese, the chances of the child will be fat by p.

If only one of the parents is obese, the child still has a 50% chance of getting fat.

銆€銆€Then the solution to this age of high blood pressure is a low-calorie diet.

The recommended method is the soy weight loss method.

Soybeans are rich in nutrients and low in migration.

It can not only supplement the nutrition of long-term physical development, but also not excessive due to nutrition and excessive transition.

Instead of meat, soy beans can not only contain too much feces, and eating 500-700G of soy products every day makes no problem.

銆€銆€20-30 years old: Women of this age are thin and fat, can lose weight in a short time, and at the same time easy to gain weight, weight is difficult to control, may lose weight after eating a few meals, but only slightly control diet, weightIt will rise quickly again.

銆€銆€JMS at this age must pay attention to regular routines and diets. Don’t go to unscientific diets because you don’t eat a few meals!

The final result is often a rebound!

Pay attention to eating more natural low-speed foods. Under normal life and ensuring the replacement of nutrition, proper dieting is the right choice.

銆€銆€30-45 years old: After experiencing age, the body’s metabolism will slow down. Even if the food intake is constant, the body will be more likely to gather when younger.

Plus the weight of the age, it is more difficult to change the taste and habits of the diet, so the older the more fat and the more difficult to lose weight.

At this time, you can only improve your metabolism in the new city to lose weight.

銆€銆€Diet: Eat more coarse rice, kelp (rich in rice); vitamin B can promote metabolism, iodine contained in kelp can also help to metabolize too much micro); more protein intake (how much metabolism of protein in human body needs)It can be used for metabolic digestion, so increasing the proportion of protein in the diet can effectively increase the metabolic rate); moderately eat a little spicy food (spicy food such as pepper can accelerate metabolism, but the effect is very short, but also eat after eatingKhan has the effect of accelerating metabolism); drink 8 cups of water every day to accelerate the discharge of waste in the body and promote metabolism.

Xiaobian’s message: When you are getting older, you have to try to change the concept of weight loss, but you can’t blindly pursue slimness.

Don’t be too ugly, but it is called ‘natural 玮 brother’ to eat for a few days!

Don’t be too ugly, but it is called ‘natural 鐜?brother’ to eat for a few days!

Women will hope that their men are physically strong and a little overbearing. Now more than 90% of men have kidney deficiency due to work and life pressure. These people have kidney deficiency, which is mainly due to the reduction of daily social activities. It can be said that every day is tired and tired, and the body appears.鐐逛粈涔堝皬鎯呭喌锛岄暱姝や互寰€鍔垮繀浼氶€犳垚鑲炬皵鐨勬崯浼わ紝浠ヨ嚦浜庡鑷翠汉鑲捐剰铏氬急锛屽浣曞嚭鐜拌偩鑴忚櫄寮变粛鐒朵篃涓嶇涓嶉棶锛岃繖灏遍€犳垚浜嗘墍璋撶殑鈥樷€欏兊灏歌偩鈥樷€欎笁鍗佸宀佺殑浜猴紝The lack of dullness is already in the 60s, so we should pay attention to health and protect our kidneys in terms of kidney and solidifying. On the contrary, it is not only a threat to our health, but also a disharmony and impact on family health.

What are the symptoms of kidney weakness or mild renal failure?

(commonly known as kidney deficiency) (1) Generally, people in the early stage of kidney weakness will appear, lack of energy, sleep, accompanied by hair loss or greasy hair, or tinnitus, a small number of memory loss, fatigue, but especially slow.

(2) The middle and late stages of kidney weakness usually appear; night sweats and nocturnal emission, frequent urination accompanied by insomnia, early white hair, early diarrhea and slippery (poor injection) or mental decadence, decreased immunity, heavy fatigue, weak waist and so on.

If you have any physical condition, don’t panic, don’t even mess around with it. The health care is to adjust your peers. But those who are in good health are all cultivated. No one is supplemented. When the body encounters weakness, don’t panic.I am telling the truth, in fact, this is not a disease at all, but the state of the body is not good at the moment. In the final analysis, long-term thought pressure is too large, staying up late, drinking alcohol, etc., causing kidney damage.


Don’t be partial to one, make a big pass, eat the kidneys, drink the soup, this will only make you more uncomfortable, because your body is not lack of nutrition, almost the balance of physical fitness and the coordination of the five internal organs.

璋冭ˉ鑲捐剰铏氬急鐨勬渶绔嬬瑙佸奖鐨勫姙娉曞氨鏄拡瀵规€х殑椋熺枟鍔犱笂閫傚綋鐨勮繍鍔紝涓嶈捣鐪肩殑椋熸潗鑰堕钘わ紝鍠濅笂鍑犲ぉ锛岃冻浠ユ仮澶嶈偩姘旓紝瀹夋姎浜旇剰锛屽.鑵板浐绮撅紝琚滑瑾変负鈥樷€欒偩榛勯噾鈥樷€欍€侷n the “Compendium of Materia Medica”, the temperature of the yarrow vine is recorded, and the special zinc element is used to relieve the pain and initial swelling of the man’s prostate. If there is a phenomenon of cold, nocturia, it is generally used half a month after the treatment.Can be solved!

A male drink before going to bed can effectively enhance his kidney function.

Role: fundamentally help to complete male kidney deficiency, premature ejaculation, waist and knees, urinary frequency urgency and hair loss and other issues, can help men secrete androgen.

It is very important to improve the quality and activity of sperm and strengthen the role of the kidneys.

Nothing, men, women and children can participate.

Men are the pillars of the family. Chinese medicine says that the kidney is the innate foundation of men. Only one man has strong kidneys, and husband and wife life will be harmonious, and life will have love!

Five foods for weight loss, scraping oil for metabolism


Five foods for weight loss, scraping oil for metabolism

Some foods are getting fatter and more, and some foods are getting thinner and thinner.

The following five kinds of foods are recommended. If you insist on eating, you will quickly scrape oil and fat and healthy body.


Hawthorn tea Hawthorn tea has the effect of accelerating the decomposition of rare earth. Drinking more hawthorn tea after eating too much and eating food can not only accelerate the digestion of food, but also scrape oil and inhibit the occurrence of obesity.

銆€銆€In addition, hawthorn tea also has the effect of improving blood gradual progress and improving gastrointestinal motility. Even losing weight can turn the body into a lean body.

銆€銆€In addition, hawthorn tea also has the effect of lowering blood lipids and plasma, which is very helpful for eliminating visceral sputum and preventing cardiovascular and cerebrovascular diseases.


Celery celery has a low amount of traces, high moisture, and high dietary fiber content.

After eating, the effect of satiety is strong, which can reduce the conversion and consumption of meals, and the slimming effect is remarkable.

銆€銆€In addition, the dietary fiber in celery can also promote gastrointestinal motility, accelerate digestion and eliminate waste, and prevent slight accumulation and detoxification.


Grapefruit Grapefruit is rich in vitamins and minerals, which can nourish the body, promote blood circulation and metabolism, and accelerate the fat burning effect.

銆€銆€Grapefruit is also rich in aromatics, which reduces appetite and prevents overeating and reducing food intake.

銆€銆€In addition, grapefruit also contains a large amount of dietary fiber, which has the effect of promoting digestion and excretion and burning accidents.


Cabbage cabbage contains lactic acid, which improves the intestinal environment, promotes gastrointestinal motility, and accelerates digestion and excretion and combustion metabolism.

銆€銆€Cabbage also contains a large amount of dietary fiber, which has a strong satiety effect, and can quickly saturate even when it is eaten in small amounts, and has the effect of reducing food absorption.

In addition, dietary fiber can also accelerate the excretion of waste inside the body, and the effect of scraping oil rouge is excellent.


Millet millet is a food with low GI value. It does not increase blood sugar level quickly after eating, and it has the effect of inhibiting slight accumulation.

銆€銆€In addition, the nutrient rich in millet contributes to the improvement of metabolism and accelerates the accidental burning.

銆€銆€The above five kinds of foods that lose weight and eliminate fat must be eaten regularly, which can quickly eliminate fat and healthy body.