Oupai Home (603833) Interim Review: Orderly Assembly Business Promotes Steady Growth in Revenue

Oupai Home (603833) Interim Review: Orderly Assembly Business Promotes Steady Growth in Revenue

In the first half of 2019, net profit attributable to mothers increased by 15 per year.

04% In the first half of 2019, Europa Homes achieved revenue of 55.

10 ppm, an increase of 13 in ten years.

72%; net profit attributable to mother 6.

33 ppm, an increase of 15 in ten years.

04%, in line with our democratic expectations;

95 ppm, an increase of 15 in ten years.

70%.

19Q2 single quarter revenue increased by 12 in ten years.

51% to 33.

7.0 billion, the net profit attributable to mothers increased in ten years.

48% to 5.

4.1 billion.

We expect the company’s EPS to be 4 in 2019-2021.

49, 5.

36, 6.

30 yuan, maintaining the “overweight” level.

Cabinet revenue increased slightly. Looking at the rapid growth of new categories of bathroom and wooden doors, the growth rate of cabinets was slightly inclined due to the decline in the real estate boom and the shift in traditional retail passenger flow. Cabinet revenue in 19H1 increased and increased by 3.

4% to 26.

At present, the company uses the 15800 package as a drainage tool and exerts its power in all channels. At the same time, it has piloted the distribution model in the first half of the year to further increase service coverage density and support the development of cabinet business.

In terms of wardrobes, along the main line of “receiving multiple orders and doing single value”, the company’s new product packages effectively boosted order growth, and the 19H1 wardrobe revenue growth increased by 21% to 20.

0 million.

In addition, in the first half of the year, bathroom / wooden doors achieved high growth rates at a low base, with 19H1 growing 43% / 41% to 2 each year.

6/2.

200000000.

The increase in the gross profit margin of the wardrobe led to the increase in the overall gross profit margin, and the increase in the expense ratio during the period increased slightly by 19H1. The overall gross profit margin increased by 0.

4 points to 37.

6%, mainly due to the increase in the gross profit margin of the wardrobe.

During the first half of the year, the company’s expense ratio increased by 0.

40pct to 23.

95%, of which the sales expense ratio decreases by 0 every year.

46pct to 11.

19%, which is the decrease of the company’s advertising and 都市夜网 exhibition expenses, business office expenses, lease decoration costs, etc .; the management + research and development expense rate increases by 0 every year.

68pct to 12.

63%, mainly due to the increase in employee compensation and depreciation booth costs; financial expenses increased by zero.

18pct to 0.

14% was due to the discount of the company’s bill business.

In addition, the company’s net operating cash flow in 19H1 increased by 86 year-on-year.57% to 10.

1.5 billion US dollars, mainly due to the company’s sales of goods and services provided by the increase in cash flow and pay fees and taxes decreased.

Following the trend and accelerating the progress of the channel, the assembly and engineering business quickly promoted the steady development of the retail channel until the end of the first half of 2019./ 深圳桑拿网 47 to 2330/2240/877/589/982, the retail channel revenue increases 9% to 43 each year.

500 million.

In fact, the company focuses on channel changes in the context of decentralized traffic. In terms of engineering business, it has established strategic partnerships with 47 domestic top 100 real estate developers to give full play to the advantages of the “group + service provider” model and improve the company’s position in the engineering channelIn 19H1, the revenue of the bulk business increased by 54% to 9 per year.

300 million; the assembly business developed smoothly in the first half of the year, ending the end of June, the number of large-scale home furnishing stores increased to 210, with 43 major customers.

The endogenous advantage is significant. Maintaining the “overweight” rating takes into account the downturn in the real estate industry and lowers its profit forecast. We expect 2019?
In 2021, the company’s net profit attributable to the parent is 18.

9, 22.

5, 26.

500 million (previous value was 19.

2, 22.

5, 26.

0 million), the corresponding EPS is 4.

49, 5.

36, 6.

30 yuan.

With reference to the comparable company’s PE of about 18 times in 2019, taking into account the company’s channel, category and other significant advantages, the assembly business is rapidly advancing.
28 times target price-earnings ratio, corresponding to a target price of 121.

twenty three?
125.

72 yuan to maintain the “overweight” level.

Risk warning: Real estate sales have fallen sharply, assembly business has not advanced as expected, and channel expansion has fallen short of expectations.

Depth-Company-Juhua Shares (600160): Prices of some products have fallen

Depth * Company * Juhua Shares (600160): Prices of some products have fallen

The performance of Juhua shares basically met expectations.

Several projects under construction will be completed and put into operation in 2019-2020.

The announcement of the repurchase program demonstrates confidence.

Maintain BUY rating.

  The performance of the main points of the support level basically met expectations.

The company released a quarterly report and realized operating income in the first quarter of 2019.

7 billion, down 5 every year.

73%, net profit attributable to shareholders of listed companies.

70 ppm, a decrease of 12 per year.

78%, net profit after deduction 2

19 trillion, down 48 a year.

36%.

Basically in line with expectations.
  Prices of most products fell.

The prices of most of the company’s products fell in the first quarter, except for the price of fluorine-containing fine chemicals, which rose by 34.

Outside 57%, the price of fluorochemical raw materials has been reduced by 20%.

80%, the price of refrigerant is temporarily reduced by 7.

41%, the price of fluoropolymer materials per twelve units.

84%, but the price of main raw material fluorite has increased by 15.

twenty two%.

In terms of sales of main products, sales of fluorinated raw materials increased by 11%, sales of refrigerants increased by 8%, and sales of fluoropolymer materials were basically flat.

Actual revenue is small.

In addition, F23 incineration subsidy was received in this period.

$ 5.9 billion, impact on profitability.

Comprehensive gross margin for the first quarter 18.

69%, net interest rate 9.

95%, slightly mixed year-on-year.

  Several projects under construction will be completed and put into operation in 2019-2020.

The company currently has a 杭州夜网 capacity of nearly 34 tons of various refrigerant products, of which the second-generation fluorine refrigerant R22 has the second largest domestic production capacity; the third-generation fluorine refrigerant is the global leader.

In addition, there are a number of fluorinated raw materials, refrigerants, fluoropolymer materials and other projects under construction which will be completed and put into operation from the second half of 2019 to 2020. After completion, the competitive advantage will be further enhanced, and it will be the basis for the segmented industry.

  Repurchases demonstrate confidence.

The company headquarters announced that it intends to use its own funds to not exceed RMB 300 million (inclusive) and not to exceed RMB 600 million (inclusive), and to repurchase the company’s shares by means of 成都桑拿网 centralized bidding transactions, with the repurchase price not exceeding RMB 11.

80 yuan / share (inclusive), the repurchased shares will be used as a substitute to reduce the company’s registered capital and demonstrate confidence in the future development of the company.

  Estimates maintain earnings forecasts.

Expected earnings for 2019-2021 are 0.

84 yuan, 0.

91 yuan and 1.

02 yuan.  The current highest corresponding P / E ratios are 10 respectively.

6,9.

7, 8.

7x, maintain BUY rating.

  The main risks facing the rating are the relaxation of environmental protection policies, and the price of products fluctuates significantly.

National Grid issued red envelopes, these related recognized concept stocks have long and stagnant performance

National Grid issued red envelopes, these related recognized concept stocks have long and stagnant performance

For stocks, please read Jin Qilin analyst research report, authoritative, professional, timely, and comprehensive, to help you tap potential potential opportunities!

  The State Grid issued 100 billion red envelopes to help the upstream and downstream industries resume production and resume work. These related concept stocks have high growth and stagnant sources: Data Po original Zhou Sha State Grid introduced the response to the epidemic situation, and fully restored construction to promote enterprises to resume production and resume productionTwelve of them are advancing, giving full support to the upstream and downstream enterprises to resume work and resume production.

Data Po has sorted out the concept stocks related to smart grid. Nearly 70% of the stocks have outperformed the market since February.

  The three major A-share stock indexes rose across the board, with the Shanghai index standing above 3,000 points, and the transaction volume of the Shanghai and Shenzhen markets breaking through trillions.

Wind smart grid index rose 2.

11%, related coaxial stocks Hekang Xinneng, Hongxiang shares, Siyuan Electric daily limit; Chint Electric, Great Wall Electric rose more than 5%.

  Recently, the State Grid has introduced tackling the impact of the epidemic, and is fully restoring the construction of 12 transfers to promote the resumption of production and resumption of production, which involves the resumption of work and the start of new UHV transmission lines.

  The contents include: actively promote the construction of key projects under construction.

Full return to work in Qinghai?
Yazhong, Henan?
Jiangxi ± 800 kV UHVDC, Zhangbei Flexible DC, Mengxi?
Jinzhong, Zhangbei?
The construction of Xiong’an 1000 kV UHV AC and other major projects has a total construction scale of 71.3 billion yuan.

Increase the start of new investment projects.

New construction in northern Shaanxi?
Wuhan ± 800 kV UHV DC project, Shanxi Yuanqu pumped storage power station and other projects, with a total investment of 26.5 billion yuan.

  The correct concept stocks performed strongly. 70% of the performance was positive. The concept of Securities Times · Databao statistics showed that the smart grid involved 57 related concept stocks, and the performance of individual stocks was relatively strong.

Since February, the average increase has exceeded 5%, and nearly 70% of the stocks have outperformed the market.

  From the perspective of the 2019 annual performance forecast, there are 33 shares of performance announcements, including over 70% of the results, including 8 shares pre-increasing, 8 shares slightly increasing, 5 shares turning losses, and 3 shares continuing profit.

  Langxin Technology expects to achieve a net profit of 9 in 2019.

5.5 billion to 10.

100 million US dollars, an annual increase of 409.

63% to 438.

98%.

The Minsheng Securities Research Report believes that electric power informatization is one of the company’s main businesses, which helps to benefit from the construction of the ubiquitous electric power Internet of Things; at the same time, the payment of living expenses and the Internet TV business contribute to the sustained and stable growth.

  Chang Gao Group is expected to realize net profit in 20191.

300 million to 1.

Due to the loss of 6.5 billion 佛山桑拿网 US dollars, the main reason was that the company’s orders for transmission and transformation equipment increased, operating income increased, and gross margin exceeded growth, which increased the net profit of the equipment sector.

  Xu Ji Electric expects profit in 20193.

900 million to 4.

4 ten percent, an increase of 95 per year.

33% to 120.

37%.

According to the research report of CITIC Securities, according to the national exchange network reform action plan, it is expected that from 2019 to 2020, the distribution network investment will enter a high-boom cycle, and the average annual investment is expected to be about 380 billion to 400 billion US dollars.

  Judging from the shareholding ratio of Beishang Capital, Guodian Nanrui Beishang Capital currently has the highest shareholding ratio, accounting for 11 of the outstanding shares.

39%, and at the same time increased by 0 compared to before the Spring Festival.

69%; Hongfa shares, Siyuan Electric, Chint Electric, which accounted for more than 5% of the outstanding shares, and Zhongheng Electric, HKUST, which had the largest share holdings in the capital before the Spring Festival.Intelligent, Xu Ji Electric, Henghua Technology, the proportion of increase in stockholding exceeded 0.

3%.
  Long-term power grid investment growth may exceed expectations. State Securities Securities believes that the outbreak of the power grid industry has the least impact, and anti-cyclical adjustments of “new infrastructure” such as UHV are expected to increase.

In the short term, the policy requires the rapid advancement of short-term infrastructure projects. The State Grid of China has launched 12 projects to fully promote the resumption of production and resume production. The online bidding process is gradually restarted after one week.It has little impact, and requires the strengthening of rural power grids, the construction of people’s livelihoods, and pending approval. The construction of UHV under construction is accelerating, and the investment in power grids has gradually increased beyond expectations.

  Based on this, DataBao selected from three perspectives: the return on net assets for more than 3% for three consecutive years; performance expectations; the price-earnings ratio is less than 30 times, a total of 7 stocks are allowed to be shortlisted.

Among them, the red phase shares increased by 23% in February, the largest increase; Lu Yitong, Henghua Technology in February gradually fell by more than 1%.

  Disclaimer: All information content of DataBao does not constitute investment advice. Securities are risky and investment should be cautious.

CITIC Securities (600030) Annual Report Commentary: Leading Mergers Solidify Future Development

CITIC Securities (600030) Annual Report Commentary: Leading Mergers Solidify Future Development

Event: The company achieved operating income of 372 in 2018.

21 trillion, an average of 14 in ten years.

02%, achieving net profit of 93%.

90ppm, ten years average 17.

87%; total assets 6531.

US $ 3.3 billion, an increase of 4 from the end of the previous year.

41%, the net assets of the mother 1531.

4.1 billion yuan, an increase of 2.

twenty three%.

Investment points: The overall leader is solid and the competitive advantage is obvious: Due to the weak market performance, the company’s performance has fluctuated slightly. It is mainly dragged down by self-employed, investment banking and brokerage businesses, and accrues income impairment.Overall solid.

Judging from the disclosed annual reports and performance reports, the company’s operating income, net profit, total assets and net assets ranked first, and its competitive advantage was obvious.

Wealth management transformation was fully launched, and the market share of the brokerage market increased against the market: In 2018, the market-wide stock base transaction volume extended by nearly 20%, while the market share of CITIC Securities increased to 6 against the trend.

09%, keeping the industry second.

The company is the most securities brokerage with wealth management genes. Its clients, especially high-net-worth clients, are rich in resources and sticky alternatives. In 2018, the company renamed the Brokerage Business Development and Management Committee as the “Wealth Management Committee” to comprehensively transform wealth management and future transformation.With continuous upgrades, branch offices serve as regional customer acquisition platforms, and the future development of the market is worth looking forward to.

Asset management revenue has increased, and active management continues to exert its strength: the company achieved net asset management revenue of 58 in 2018.

$ 3.4 billion, an annual increase of 2.

27%, asset management scale 1.

34 trillion yuan, including 552.8 billion yuan in active management, both ranking first in the industry.

The company’s asset management business performed well, mainly due to the reduction of channel business and the active promotion of the transformation of investment and research results, the continuous expansion of the scale of active management, which resulted in the continued strength of the fund business and revenue growth9.

08%, stemming from the company’s increasing investment and research capabilities, the continuous enrichment of fund products, and the continuous development of institutional business.

The strength of the investment bank broke through, and the launch of the science and technology board was good for business development: The company’s investment bank continued to maintain its leading position. In 2018, the territory distribution underwriting scale was US $ 178.3 billion, with a market share of 14.

75%, the scale of bond underwriting is 765.9 billion yuan, and the market share is 5.

11%, ranking first in the industry.

After the launch of the science and technology board, securities firms with outstanding pricing capabilities and strong sales 武汉夜网论坛 capabilities will stand out in the new round of competition, the company’s investment banking advantages will be more obvious, and the city’s share will further increase.

The acquisition of Guangzheng strengthens the strength of the South China region and encourages employees to inspire vitality: If the company successfully acquires Guangzhou Securities, it will strengthen the company’s strength in the South China region and share the dividends of the Guangdong-Hong Kong-Macao Greater Bay Area.

The company released the draft employee stock ownership plan on March 4. If it is successfully implemented, it will help the company to bind high-quality talents and elders to improve the company’s operating efficiency and profitability.

Investment suggestion: The company’s leader is generally very stable, with strong performance and strong competitive advantages.

Against the backdrop of structural reforms on the financial supply side, the company, as a leading broker, attempts to enjoy the dividends of direct financing for capacity expansion.

If the acquisition of Guangzheng will expand the strength of South China and implement employee incentives to improve operational efficiency, we are optimistic about the company’s future development and maintain a “buy” investment rating.

Risk factors: market volatility exceeds expectations, operating conditions are less than expected, risk of M & A failure

Guangshen Railway (601333) 2019 Third Quarterly Report Review: Performance Pressure or Release Fully Expect Q4 Cost Speed Down

Guangshen Railway (601333) 2019 Third Quarterly Report Review: Performance Pressure or Release Fully Expect Q4 Cost Speed Down

Due to the cost side dragging down Q3’s 杭州夜生活网 performance more than expected, it is expected that Q4’s cost reduction will push the gradual performance upward.

At present, the market value is more fully responsive to the company’s performance pressure, and the current PB is less than 0.

8 times, it is estimated that the safety margin is high.

The securitization of railway assets has accelerated, and the net interest rate of the Guangzhou-Shenzhen section of the high-speed railway commissioned by the company may rise to about 23% in 2020. The injection of high-quality assets will help improve the profitability of the Guangzhou-Shenzhen railway.

The decline in the third quarter results exceeded expectations and is expected to increase by operating costs13.

4% dragged down, expecting Q4 cost reduction to advance performance.

On January 9, 2019, the company’s operating income increased by 7.

1% to 156.

100 million, attributable to mother / deducted non-net profit 8.

75 billion, 8.

7.7 billion, down 9 every year.

2%, 11.

7%.

The gross profit margin has decreased by 1 year by year.

1pcs to 9.

4%, the average ROE is expected to drop to 0.

33 points to 3.

0%.

The third quarter operating costs increased by 13.

4% excellence surpassed market expectations, an increase of 7% over the first half of the year.

6pcts, which is 6pcts higher than the previous period.

The cost side may drag down Q3 performance significantly.

6%, 1.

The scale of 1.3 billion net profit hit a record low in the past (the average net profit in the third quarter of 2008-18 was 4).

100 million), expecting Q4 cost reduction to drive performance growth.

The growth rate of Guangzhou-Shenzhen intercity passenger traffic increased by nearly 4pcts in 1-3Q, and the drop in long-distance buses and through-traffic trains expanded. It is expected that through-train traffic in 2019 may affect performance1.

200000000.

On January 9, 2019, the overall passenger traffic growth of the company decreased by 2.

4% to 67.49 million, of which long-distance buses, Guangzhou-Shenzhen intercity and through trains increased by -3.

7%, 3.

2% and -44.

9%.

Affected by the macroeconomic slowdown and the Hong Kong incident, Guangzhou-Shenzhen intercity passenger traffic has narrowed by nearly 4pcts from the first half of the year, and the decline in passenger traffic through Hong Kong has increased by 5%.

9.

Taking into account the 2018 through-port through train to achieve operating income5.

0 ppm, and the Hong Kong section of the Guangzhou-Shenzhen-Hong Kong high-speed railway opened to traffic in September 2018. It is expected that the number of passengers passing through Hong Kong through trains in 2019 may decrease by about 33%, which is expected to affect the net profit of the Guangzhou-Shenzhen Railway by about 1.

About 200 million.

The significant increase in cost in Q3 dragged the cumulative growth rate back, and the intercity distribution between Shenzhen and Dongguan is expected to be limited.Operating costs increased by 8 on January 9, 2019.

4% to 141.

400 million, surpassing revenue growth rate1.

Three.

Among them, the growth rate of Q3 operating costs increased sharply to 13.

4%, expected wages and benefits and equipment rental costs increased faster than expected due to Q4 cost-side decline.

Guangzhou-Shenzhen Intercity starts from Guangzhou Xintang Station, passes through Zhongtang, Houjie and other towns, and ends at Shenzhen Airport Station, with a total of 15 stations.

Guangzhou-Shenzhen-Shenzhen Intercity mainly attracts passenger traffic from cities and towns along the route and Shenzhen Airport. Considering the stopping areas and destination differences, the impact of diversion is expected to be limited. The improvement of the railway network promotes the promotion of intercity passenger traffic.

In 2020, the net interest rate of the Guangzhou-Shenzhen high-speed railway may reach 23%. It is expected that the injection of asset certificates is expected to land.

Shipai junkyard received land compensation for storage and storage13.

It is expected to contribute about 800 million net profits at the end of 2019 or early 2020.

As China Railway has a total of only three listing platforms, it is beneficial to the pace of state-owned enterprise reform.

Benefiting from the opening of the Hong Kong section of the high-speed railway, the net profit of the high-speed railway commissioned by the Guangzhou-Shenzhen section in the first 3 quarters of 20194.

300 million, expected to achieve 7 in ten years.

700 million.

The Hong Kong incident affects short-term disruption of some inbound and outbound demand. It is expected that the Guangzhou-Shenzhen high-speed railway will achieve net profit in 2020. 8

200 million (about 23% net interest rate), high-quality asset injection will help improve the profitability of the Guangzhou-Shenzhen Railway.

Risk factors: Railway reforms are less than expected, land development progress is less than expected, and asset securitization is less than expected.

Earnings forecasts, estimates and investment ratings.

Q3 performance gradually exceeded expectations, expected to increase operating costs13.

4% drag, expecting Q4 cost reduction to drive long-term performance 北京桑拿洗浴保健 upward.

The securitization of railway assets has accelerated, and the high-speed railway operated by the Guangzhou-Shenzhen section of trusteeship may rise to about 23% in 2020. The injection of high-quality assets will help improve the profitability of the Guangzhou-Shenzhen Railway.

We maintain the company’s EPS forecast for 2019-2021.

14/0.

17 and 0.

19 yuan.

It is expected that the cost side will reduce speed to improve performance, and the injection of high-quality assets will promote the improvement of road profitability.

The current PB is less than 0.

8 times, it is estimated that the safety margin is high.

Maintain “Buy” rating.

Sanjiang Shopping (601116) Company Express: Hangzhou, Zhejiang and Hainan’s sales impacted revenue in the third quarter

Sanjiang Shopping (601116) Company Express: Hangzhou, Zhejiang and Hainan’s sales impacted revenue in the third quarter

The company disclosed three quarterly reports.

Revenue for the first three quarters of 30.

75 ppm, a decrease of 2 per year.

12%, net profit attributable to mother 1.

370,000 yuan, an annual increase of 70.

92%, basic profit income is 0.

25 yuan.

The third 北京桑拿洗浴保健 quarter revenue was 9.

80 ppm, a decrease of 7 per year.

94%, net profit attributable to mothers is 24.45 million yuan, an annual increase of 6.

29%.

Key points of investment Hangzhou, Zhejiang and the sea affected the revenue, and the net profit in the third quarter increased steadily: the revenue side, the company Q1, Q2, Q3 achieved revenue growth2.

4%, -0.

1%, -7.

9%, the third quarter revenue growth indicators, mainly from closing stores in the first half of the year and Hangzhou and Zhejiang sea out of the watch.

The two Hema stores in Hangzhou and Zhejiang accounted for about 7% of the company’s revenue in 18 years.

On the net profit side, the companies Q1, Q2, and Q3 achieved net profit increase of 40%, 215%, and 6.
.

3%, the third quarter net profit grew steadily, the growth rate was mainly affected by changes in single quarter revenue.

Ali Zhan ‘s decision to promote the increase of net interest rate, inventory turnover continued to be faster than comparable companies: In terms of profitability, the company ‘s direct acquisition ratio increased in the third and third quarters, pushing the gross profit rate down slightly.

06pct to 24.

12%, omni-channel transformation and store expansion increased the sales expense ratio by 1.

25pct to 20.

06%, the management expense rate increased by 0 in ten years.

27 points to 3.

At 01%, Ali’s fall to the ground pushed the financial expense ratio down to -2.

62%, the final company’s net interest rate extended by 0.

33pct to 2.

49%.

In terms of inventory, Sanjiang Shopping’s inventory turnover rate in the first three quarters was about 7.

7, continue to be higher than Yonghui Supermarket, Jiajiayue and other comparable companies.

In terms of cash flow, the company’s cash inflows from operating activities in the third and third quarters may have fallen respectively6.

5%, 7.

0%, the final net operating cash flow slightly decreases by 1.
.

9%.

Fund-raising projects are expected to promote scale growth: The non-public issuance of fund-raising investment projects that were launched in 2018 will be modified to complement the chain supermarket development project. It is planned to invest 400 million US dollars, build 100 new small stores and open 30 community stores within 3 years.

By 2022, the number of company supermarkets is expected to reach about 160, with a compound annual growth rate of about 7%; the number of neighborhood stores is expected to be nearly 180, with a compound annual growth rate of about 26%.
The orderly expansion of the number of channels will help promote the company’s continued improvement in revenue.

Investment suggestion: Sanjiang Shopping is a regional supermarket leader based in Ningbo. Hangzhou Zhehai Huadi has an impact on revenue.
Fund-raising projects bring channel outreach, new retail transformation promotes endogenous growth, and work with Ali to improve supply chain efficiency.

We predict that the company’s annual revenue from 2019 to 2021 will be 0.

29, 0.

28 and 0.

31 yuan.

Return on net assets were 5.

0%, 4.

9% and 5.

3%.

At present, the company’s PE (2019E) is about 50 times, and the “overweight-A” recommendation is maintained.

Risk warning: cooperation with Alibaba may be less than expected; the decrease in supermarket stores will affect revenue growth; the effect of retail transformation may be less than expected; savings in the early stage of channel expansion and increase in expenses

CITIC Securities (600030): M & A Incentives Two-Pronged Brokerage Leader

CITIC Securities (600030): M & A Incentives Two-Pronged Brokerage Leader

Event: In 2018, the company achieved operating revenue of 37.2 billion (YoY-14%; Guojun-4.

6% / Haitong notice -16%), net profit attributable to mother is 940 thousand yuan (Monarch-32% / Haitong notice-41%), average ROE 6.

2% (Monarch 5.

4% / Haitong notice 4.

4%), the corresponding leverage ratio rose to 3 after excluding customer margin.

63 times (2017: 3.

51 times).

We believe that the company’s highlights include: (1) the brokerage business is rooted in institutional customers, the transaction market share has steadily increased, and the commission rate can be maintained at a high level; (2) the company’s investment banking capabilities, institutional customer resources and capital strength advantages are obvious, and it is expected thatBusinesses such as institutional sales and direct investment will benefit from the science and technology board policy; (3) Self-operated transitional trading investment banks, launching significant market effects of strategic effects and high ROE characteristics of derivatives market making business, which is expected to significantly improve the company’s overallProfitability; (4)) It is planned to merge and acquire Guangzhou Securities and formulate an employee incentive plan. It is expected that the company can continue to strengthen its capital and business strength at a reduced cost, and expand its leading edge in the industry.

Brokers: Rooted in institutional clients, the market share and commission rate both rose.

The company’s net income from securities business (including seat leasing) decreased by 9% year-on-year, which was better than the industry level (YoY-27%, Monarch-23%).

The company adopts the development strategy of key service agencies and high-net-worth customer transaction service and wealth management needs, and its customer base and service capabilities are prominent.

In 2018, the large securities firm China Taijunan, Shenwan Hongyuan and CITIC Construction Investment all experienced a certain amount of trading volume, but the market share of CITIC Securities’ stock-based trading volume6.

09%, an increase of 0 from 2017.

46%, reflecting the market trend of concentrated leading; the existing company’s brokerage business (including seat lease) net commission rate rose to 5 ten thousandths.

5 (4 / 10,000 in 2017.

9).

We expect the average daily stock-based trading volume in 2019 to maintain a level of more than US $ 600 billion, and the company’s stock-based trading volume market share will steadily increase to 6.

15%, the commission rate may face some pressure to reduce (substitute 4 ten thousandths.

8), one year brokerage business income is forecast to grow by 40% per year.

Credit transactions: Liangrong’s stock quality income is stable, and impairment expectations are flushed back.

The company achieved a net interest income of US $ 2.4 billion, an annual increase of 1% (industry-27%, monarch + 2%).

Among them, the interest income of Liangrong and fair interest on pledge dropped by 1% and 2%, respectively.

In 2018, the balance of equity pledged financing funds has decreased by 51% to US $ 38.5 billion (Monarch 383 trillion, -50%). Through regulatory policies to resolve equity pledge risks and the gradual recovery of the secondary market, some of the company’s asset impairment provisions are expected to be offsetreturn.
Investment bank: The business advantage is obvious, benefiting from the introduction of the science and technology board policy.

The company’s investment bank revenue was US $ 3.6 billion, a year-on-year decrease of 17% (industry-27%, monarch-26% / China Construction Investment 6%).

The company has rich reserves of high-quality projects, outstanding investment banking capabilities, a solid institutional customer base and leading capital strength. It 杭州桑拿网 is expected that the company’s investment banking, direct investment, and institutional sales will all benefit from the introduction of the science and technology board policy.

Self-employed: transformational transaction investment bank.

The company’s self-employed business income was 8 billion US dollars, a 37% decrease every year. The growth in performance was related to the downturn in the stock market and the above-mentioned focus in the fourth quarter of 2017 to form a high base effect.

In the future, the company will transform into a trading and investment bank and realize derivatives market-making business with significant door biological effects and high ROE characteristics, which is expected to significantly improve the company’s overall profitability.

Asset Management: Active transformation has 上海夜网论坛 advantages.

In 2018, the company’s asset management revenue was US $ 5.8 billion, an increase of 2% year-on-year (industry -11%, monarch -16%), of which fund management revenue was US $ 4.1 billion, an increase of 9% year-on-year.

The company’s active management scale is in a leading position in the industry. At the end of 2018, the company’s active management scale was US $ 552.8 billion, maintaining the number one in the industry, and its proportion rose to 41% (2017: 35%).

It is planned to purchase the Guangzheng to make up for the shortcomings, and employee shareholdings show confidence.

The company intends to issue shares to acquire Guangzhou Securities. After the completion of the acquisition, the company will supplement the company ‘s South China network with shortcomings at low prices (1.

2xPB) to obtain high-quality assets and expand the leading edge of the industry.

At the same time, the company’s employee shareholding plan, referring to Guoyuan and Industrial, refers to the gap between employee shareholdings of CITIC Securities but not comprehensive coverage. For key employees, the overall cycle is continuous and the lock-up period is shorter, which promotes employee motivation and also demonstrates consensus and confidence.

Investment advice: Buy-A investment rating.

In 2019, we are optimistic about the fundamental rebound of securities stocks, and the negative factors in the market are expected to be gradually digested; CITIC Securities will continue to lead the trend of centralization under the trend of upgrading the capital market, shape the core competitiveness with intelligent gates, and maintain its advantage in market competition.The copyright must estimate the premium bonus.The company’s EPS for 2019-2021 is expected to be 1.

15 yuan, 1.

31 yuan and 1.

5 yuan, giving the company a 2xPB estimate, raising the 6-month target price to 28.

54 yuan.

Risk reminder: risk of severe contraction of trading volume / risk of equity mortgage default / risk of policy change

Crystal Optoelectronics (002273): Steady Growth in Q3 Performance and Continuous Optimization of Expense Structure

Crystal Optoelectronics (002273): Steady Growth in Q3 Performance and Continuous Optimization of Expense Structure

Event: The company released the first three quarters of 2019 report on October 28, and achieved operating income of 20 in the first three quarters of 2019.

66 ppm, an increase of 26 from the same period last year.

43%; net profit attributable to mother is 3.

US $ 6 billion, a year-on-year ranking that excludes 11.

18%; net profit after deduction is 2

870,000 yuan, an increase of 14 from the same period last year.

32%.

The gross profit margin increased steadily in the third quarter, and the effect of the company’s mechanism reform was gradually realized.

The company’s Q3 single quarter revenue reached 9.

1.9 billion, an increase of 25 in ten years.

75%; net profit attributable to mothers in a single quarter2.

10 billion, an annual increase of 35.

02%; realized non-attributed net profit for the first quarter1.

4.7 billion, an increase of ten years.

83%, mainly due to the decrease in investment income from the sale of Japan’s Guangchi shares in Q3 this year compared to the same period last year.

The company’s Q3 single quarter gross margin was 30.

22%, an increase of 3 from the previous quarter.

The 35 units were mainly due to the reduction in cost pressure caused by the scale effect brought by full capacity and the increase in the proportion of high gross profit products sales.

The company’s expense structure continued to be optimized. The selling expenses in the first three quarters1.

28% for one year.

36 units; management expenses 10.

88%, 南京夜网 accumulative 2 units in ten years; 1% of financial expenses, an increase of 0 in a year.

22 units.

Optical innovation helps the company take off.

At present, the rear-mounted multi-shot has become a trademark of mobile phone manufacturers, and the penetration rate of the 3D depth of field lens under the optical innovation of the periscope lens will further increase in the future.

Based on Huawei Mate 30 Pro, the two pre-cameras are ToF lens and front lens, and the four rear cameras are wide-angle, ultra-wide-angle, telephoto, and ToF lenses. At the same time, an optical screen fingerprint lens is installed.Equipped with 7 lenses.

Driven by the continuous optical innovation of downstream manufacturers, the company as a leading filter company has priority to benefit.

In addition, the company actively deploys AR business, and cooperates in depth with Lumus, a leading company in optical waveguide display modules, to develop and supply a series of component products.

The company and Lumus actively promote the AR component and module business, helping the company’s smart glasses business to achieve a leapfrog transformation from a component supplier to a solution supplier.

Maintain “Buy” rating.

We believe that the increase in penetration of mobile phones and penetration of 3D depth cameras in the future will drive the company’s sales growth, and future trends in high value-added products such as AR will open up the company’s profitability.

Expected company 2019?
In 2021, the EPS will be 0.

50/0.

55/0.

66 yuan, corresponding to 31 for PE.

04/28.

30/23.
26 times, maintain “Buy” rating.
Risk warning: The sales volume of downstream customers’ products is lower than expected, and the company’s product promotion is lower than expected.

Jiuli Special Material (002318): Stainless Steel Faucet with High Yield

Jiuli Special Material (002318): Stainless Steel Faucet with High Yield

The recovery of oil and gas supports a new record: the company is a domestic leader in stainless steel pipes, and is the key supplier of the first two domestic oil companies. At the same time, it also has the supply qualifications of global lead oil companies.

Benefiting from the recovery of oil and gas investment in recent years and the acceleration of domestic unconventional oil and gas resources development, the company’s second-quarter performance in 2019 reached a record high, while the company’s scale and earnings are still in the bottom of history, which reflects the market’s low risk appetite and long-termWe believe that there is room for repair.

High dividend yield and excellent cash flow: If the 50% performance growth rate and dividend ratio in 2019 are unchanged (average 88 in 2017 and 2018).

7%) budget, the current sustainable corresponding annual distribution rate of 2019 annual report is as high as about 6%, this level is highly attractive for value funds.

In terms of cash flow, the company’s net operating cash flow average value is greater than net profit within ten years. After the supply and demand have been extended, the industry’s bargaining power has increased and the ability to repay in recent years has been enhanced. As a manufacturing company, it depreciates each year to create cash flow.Should be higher than net profit.

The company’s performance is worry-free in the medium term: As the downstream is an oil and gas investment, historically the company’s performance lags oil prices by about 1-2 years. The previous stage top of oil prices was in October 2018, and even pessimistically expected this to be the top in the next few years.The performance boom is also expected to continue until the first half of 2020.

Moreover, we do not think that oil prices 杭州桑拿网 will go so pessimistic. In 2020, oil prices still hope to pick up again.

In addition to oil prices, a favorable factor in the future is that due to the demand for energy security, the development speed of unconventional oil and gas resources will gradually increase. The development of unconventional resources will lead to the expansion of demand for non-ordinary steel pipes, and the company will naturally benefit as a key supplier.At the same time, the company’s performance gradually developed.

At present, the orders on hand are full. First, the performance of new orders in 2017-2018 is maintained at 9.

6-9.

The initial high was 7; the second was that the pre-received funds created a new high since the listing. As of June 30, 2019, the company’s pre-received funds were as high as 3.

750,000 yuan, mainly due to increased orders on hand.

As the order was full, the company’s bargaining power increased.

In addition, the company strives to increase its yield by internal tapping and other methods, thus continuously increasing the margin of production and sales in recent years.

The company has two projects under construction.

69 ppm is at the second highest level in history, and the production capacity must be expanded in the future.

It is expected that the median volume and price will go up.

Investment suggestion: To sum up, we are optimistic about the company for the following reasons: (1) The company’s valuation is located in the historical bottom area, which completely reflects the rebound in the current earnings boom and still has room to repair.

(2) The market is not expected to switch to a high dividend yield next year. Since 2018, the interest rate of government bonds has fallen sharply to around 3%, and the company has yet to discover value-for-use funds.

(3) Due to the lag of the company’s performance relative to oil prices, the company’s prosperity is expected to remain until the first half of next year, even in pessimistic scenery. Therefore, the acceleration of the development of domestic unconventional oil and gas resources is a long-term favorable factor, which will smooth out the periodic attributes and helpEstimated to improve.

(4) The potential restart of nuclear power and the speeding up of construction.

We expect net profit attributable to mothers to be 4 in 2019-2021.

5.5 billion, 5.

1.1 billion, 5.

31 trillion, a year-on-year growth rate of 49.

84%, 12.

25% and 3.

99%, equivalent to EPS.

54 yuan, 0.

61 yuan and 0.

63 yuan, corresponding to PE is 14.

0X, 12.

4X and 12.

0X, upgrade company rating to “Buy”.

Risk reminder: The duration of the boom in the oil and gas industry is below expectations; the company’s product orders are below expectations;

Yangtze Power (600900): Completion of power generation plans in 2019

Yangtze Power (600900): Completion of power generation plans in 2019
The company’s recent situation Yangtze Power released the 2019 power data announcement: the total power generation is 210.4 billion kWh (-2 per year.3%), of which the Three Gorges, Gezhouba, Xiluodu, and Xiangjiaba achieved 969, 191, 608, and 33.7 billion kWh, respectively, 都市夜网 to -4.7%, +4.2%, -2.7% and +1.9%. Comments on the preliminary power generation to complete the company’s plan, the power in the fourth quarter fell slightly.In the case of weak water in the calendar year 2019 (Xiluodu, the Three Gorges, respectively, are withering 19 compared with the same period.8% / 5.6%), the company’s power generation in 2019 still achieved 210.4 billion kWh (multiple slight reductions of 2.3%), completed the annual power generation plan of 210 billion kWh, reflecting the company ‘s hydrological forecasting and joint dispatching capabilities, which is basically in line with our expectations. In the fourth quarter, the company’s total power generation fell slightly twice.2%, of which the Three Gorges, Xiluodu, and Xiangjiaba were reduced by 2.1%, 2.2%, 3.7% to 221, 156, 8.1 billion degrees, while Gezhouba increased to 0.3% to 4.4 billion degrees. In 2019, the power purchase and sale contracts were initially completed, and the electricity price model was basically stable.Recently, the company has completed the annual contract on the amount of power generation, and the contracted power amounted to 200 billion kWh, accounting for 95% of the company’s total power generation.From the perspective of the substations, the contract charges of the Three Gorges, Gezhouba and Xiluodu to Jiajiaba were respectively 905, 177, 590, and 32.8 billion degrees, which are basically the same as last year, accounting for 93% and 93% of the four generators’ power generation in 2019, 97%, 97%. In terms of electricity prices, the contracted electricity price has remained stable. The Three Gorges and Gezhouba are still implemented in accordance with the original state policy.5?11.4 yuan / MWh.Excluding the impact of the reduction in growth rate from 16% to 13%, the captain of the right bank of Xiluodu will reduce the electricity price without tax by 0.9 yuan / MWh (accounting for the original tax-exclusive electricity price of 0.3%), and Xiluodu left bank units and Xiangjiaba downgraded by 3.2 yuan / MWh (accounting for 1.2%), the impact is significant and limited.In the purchase and sale of electricity from Xixiang, the price of electricity involved in market-oriented transactions has not yet been determined, and will be determined according to the market-oriented transactions of the province receiving electricity. Estimates suggest that we keep the company’s profit forecast for 2019/20 unchanged, while 武汉夜生活网 dating the profit forecast for 2021.07 yuan (not considering the injection effect of Wubai unit).The company currently corresponds to a P / B ratio of 2 in 2020/21.6/2.4 times, dividend yield 3.5% / 4.0%.We maintain our Outperform rating on the company with a target price of 19.8 yuan, which is 6 compared with current expectations.Upside of 6%, corresponding to 2020/21 P / E ratio of 2.8/2.6 times, dividend yield 3.3% / 3.8%. Risks came in less than expected, and electricity prices were lowered.