Industrial Bank (601166): Steady improvement in asset quality and steady earnings growth

Industrial Bank (601166): Steady improvement in asset quality and steady earnings growth

Investment points: Industrial Bank’s asset structure has been gradually adjusted while asset quality has been steadily improved, so as to maintain 19 years of stable endogenous growth and maintain a “scale market” rating.

  Although the growth rate of revenue has decreased, the growth rate of profits has remained basically the same.

Societe Generale Bank recently released its 2019 performance report, and in 2019, it initially achieved two growth rates in revenue.

55%, compared with 19 in the first three quarters.

18% decline, we think it is mainly due to the gradual disappearance of the low base effect in 19Q4, the single quarter revenue growth in the fourth quarter was extended2.


The initial net profit attributable to mothers in 2019 is expected to achieve a ten-year growth rate.

66%, a growth rate of 8% in the first three quarters.

52% increased slightly, the growth rate in the fourth quarter of the single quarter was 9.


We calculate a minimum effective tax rate of 10.

8%, a slight increase of 0 from the 2018 full year ranking.

Eight shareholders, we believe that tax-free assets are still one of the company’s asset-side allocations.

  The growth rate of total assets is stable, and the proportion of loans may increase further.

Express performance report shows that Industrial Bank ‘s total assets in the final period of 19Q4 increased by 6 years.


The company’s half-year growth rate of total assets has stabilized at around 6% since the end of the second quarter.

Considering that the highest average growth rate of loans in the first three quarters was above 20%, we expect that loans will also maintain the same growth rate in the fourth quarter of 2019, and the proportion of loans will further increase.

The company’s loan ratio at the end of 3Q19 has increased by 4 compared with the end of 2018.

9 up to 49.


  NPL ratio continued to decline and asset quality improved.

The performance report shows that the non-performing rate at the end of 19Q4 was 1.

54%, down 1BP from the previous month.

The company’s non-performing rate has gradually declined since mid-2019.

At the end of 19Q2 and 19Q3, the interest rate of interest loans decreased marginally along with the non-performing rate. At the end of the two seasons, the interest rate of loans fell by 23 and 3BP, respectively.

We believe that the marginal decline in both the non-performing ratio and the interest-oriented loan ratio reflects that the company’s asset quality is gradually improving marginally.

  Investment Advice.

Industrial Bank’s asset structure has been gradually adjusted while the quality of its assets has been steadily improved, thereby maintaining a steady, endogenous growth of 19 years.

We use the DDM model (assuming the company’s EPS for the next three years is 3.

10, 3.

47, 3.

92 yuan, the fourth to tenth year of net profit growth was 8.

0%, the dividend ratio is 25%; the net profit growth rate in the sustainable phase is 5.

0%, perpetual dividend payout ratio is 30%, risk discount reorganization9.

73%) to get a reasonable value of 26.

08 yuan, and the comparable estimation method, according to the PB-ROE model, the company’s 2019E PB statistics are doubled (comparable company average 1).

10 times), corresponding to a reasonable value of 成都桑拿网 23.38 yuan.

Therefore, the 2019 PB assessment is given1.


12 times, corresponding to a reasonable value range of 23.


08 yuan (corresponding to PE for 2019 is 7).


4 times, the average PE of comparable companies is 8.

14 times), give “previous market” rating.

  Risk warning: the company’s ability to repay its debts has declined, and the quality of its assets has deteriorated severely; major changes have occurred in financial regulatory policies.

Wingtech (600745): Q3 revenue and profit hit record highs

Wingtech (600745): Q3 revenue and profit hit record highs
Investment highlights: operating income of 218 in the first three quarters.740,000 yuan, an increase of 98 in ten years.74%, net profit attributable to mothers5.30,000 yuan, net profit for the same period last year was -1.6.9 billion yuan. Due to the significant increase in the unit price of products and the value of non-customer-supplied raw materials, Q3 single-quarter revenue reached a record high, with a 87% increase over the years.Benefiting from the continued heavy volume of ODM business customers and orders, the unit price of mobile phone products and the value of non-customer-supplied raw materials increased, and Q3 achieved operating income of 104.4 ‰, an increase of 87 in ten years.09%, an increase of 59.44%, a record single-quarter revenue.Q3 achieved net profit attributable to mother 3.3.4 billion, a 118% increase from the previous quarter, and 79 million in the same period last year. In Q3, the gross profit margin increased, the expense ratio decreased significantly during the period, and operating profit exceeded expectations.Single quarter gross profit margin 7.63%, an annual increase of 1.83pct, a decrease from the previous quarter.66 points.Q3 R & D expense ratio 2.4% and financial expense ratio 0.7%, a decrease of 0% from the previous month.9ppt and 1.5ppts.Expected Q4 peak season effect, the expense ratio will continue to fall. Q3 recognizes investment income1.08,000 yuan, total operating profit3.9.9 billion, it is estimated that the operating profit of investment income increased 杭州桑拿网 by 115%. Significant increase in stocking and response to rising demand.As of Q3, the company’s inventory was 44.430,000 yuan, an increase of 173 in ten years.36%, mainly due to the high degree of prosperity of the ODM business. The company has correspondingly increased the procurement and preparation of materials, and it is expected that the incremental increase in income will be gradually realized in the future.Affected by this, the company’s net operating cash flow in the first three quarters11.4.5 billion, a year-on-year decrease of 38.71%, mainly due to the actual purchase of cash replacement, the current net ratio is as high as 2.2. Wyntech’s acquisition of Anshi is progressing smoothly and it is expected that the consolidation will be achieved in Q4.AXA Semiconductor is a leading global semiconductor standard device 佛山桑拿网 supplier, focusing on the logic, discrete device and MOSFET markets, and has more than 60 years of semiconductor professional experience.In 2017, the company’s shares exceeded 1.3 billion U.S. dollars and its market share accounted for about 13.4%, the global rankings of market segments are among the top three.Its products are widely used in automotive, industrial and energy, mobile and wearable devices, consumer and computer fields, and are expected to form synergies. Upgrade earnings forecast and maintain overweight rating.Wingtech ‘s ODM business net profit exceeded expectations for two consecutive quarters.Based on the improvement of the mobile phone ODM business, assuming Q4 does not participate in AXA dividends and does not consider asset consolidation, it increases the 2019/2020/2021 revenue forecast from 244/295/369 trillion to 325/393/513 trillion, and returns to the motherNet profit forecast from 4.4/5.6/6.400 million increase by 7.6/9.2/11.5 trillion to maintain the overweight rating.

Gemdale Group (600383) March 2019 sales data review: Sales continue to grow relatively positively

Gemdale Group (600383) March 2019 sales data review: Sales continue to grow relatively positively
Event: Gemdale Group announced March sales data, and the company achieved a contract amount of 162 in March.6 ppm, an increase of 21 in ten years.3%; Achieve contract area of 82.40,000 square meters, an annual increase of 3.8%.From January to March, the company gradually realized the contract amount of 338.20,000 yuan, an increase of 29 in ten years.5%; Achieve gradual contract area of 161.60,000 square meters, a year-on-year increase of 6%; from January to March, the company added 134 new construction areas.50,000 square meters, down by 1 every year.6%; total land price 118.300 million, down 1 year.2%. Opinion: Sales continued to grow steadily in March, + 21% per year, first-tier and second-tier layout + a large number of available sales to promote sales elasticity coefficient 3 companies to achieve a contracted amount of 162.600 million, 佛山桑拿网 an increase of 134.6%, a year-on-year increase of 21.3%; Achieve contract area of 82.40,000 square meters, an increase of 150.5%, an increase of 3 per year.8%; the average selling price of 19,733 yuan / flat, down 6 chain.3%, an increase of 16 per year.8%.From January to March, the company has realized a total of 338 contracted amounts.2 ten percent, an increase of 29 per year.5%, an increase of 8% from January to February.7pct; gradually realize the contract area of 161.60,000 square meters, a year-on-year increase of 6%; the gradual sales average price of 20,928 yuan / square meter, an annual increase of 22.2%.Since the company’s total soil reserves only increased by about 300 per year in 14-16, the current round began to replenish stocks vigorously in 2017H2, and the land acquisition amount accounted for 74% in the second half 北京夜生活网 of the year. Therefore, 18H1 started to accelerate, and 18H2 available for sale gradually accumulated.Acceleration has accelerated, and the company’s sales have continued to rise since September 18.Under the expectation of loosening the industry’s policy adjustment margins in 2019, the company’s adherence to first-tier and second-tier cities and active construction will result in a comparative advantage in terms of saleability and sales flexibility. In March, the amount of land acquisition accounted for 46% of the sales amount. The land acquisition was relatively active, focusing on the first-tier and second-tier cities. In March, the company acquired 7 projects in the land market in Hefei, Xi’an, Ningbo, Foshan, and Shenyang.The focus is still on first- and second-tier capital cities and metropolitan areas.In March, the company added 84.70,000 square meters, an increase of 152.5%, an annual increase of 11.2%; corresponding to the total land price of 75.100 million, an increase of 111.8%, an annual increase of 114.9%; Land acquisition amount accounts for 46% of sales amount.2%, a decrease of 0 from the previous month.1%, compared with 50 in the previous year.8% down 4.7pct; the average floor price is 8,866 yuan / square meter, a decrease of 16 from the previous month.1%, an annual increase of 93.3%, an increase of 7% over the previous year’s 9,529 yuan / square meter, and the average land price accounted for 44 of the average monthly sales price.9%, a decrease of 0 from the previous month.1%, compared with 51 the previous year.5% down 6.6 points.From January to March, the company added a total of 134 planned areas.50,000 square meters, down by 1 every year.6%; corresponding to the total land price of 118.300 million, down 1 year.2%, the proportion of land taken up diesel accounted for 35%, compared with 50 the previous year.8% down 15.8pct; average floor price of 8,795 yuan / square meter, an increase of 0 in ten years.4%, the average land price accounted for 42% of the average sales price in the year, compared with 51 the previous year.5% down 9.5 points.At the average selling price 2.30,000 yuan / flat annealing company in the first three months increased the value of 281.600 million, followed by sales of 338 in the same period.200000000. Investment suggestion: Sales continue to grow, land acquisition is relatively positive, and maintain a “strong push” rating. Gemdale Group, as one of the leading property developers, has a 30-year stable history and a high percentage of insurance capital holdings to demonstrate the past balanced development and high dividend dividend tradition.Point 1 or 2 line + 18-year low sales base + start of construction actively promotes abundant saleability, the company’s 19-year sales flexibility is better.At the end of 18H1, 89% of the unsettled area is on the first and second tiers. The advance receipts cover twice as much and replace high-priced projects in 16-17 years to ensure that the future settlement volume will rise.We maintain the company’s profit forecast for 2018-20 as 1.77, 2.22 and 2.65 yuan, corresponding to 19 years of PE only 6.4 times, TTM dividend yield is as high as 4.2%; and we believe that the company’s ability to release future results is still strong, according to the 19-year target PE 8 times, raise the target price to 17.76 yuan, maintaining the “strong push” level. Risk warning: The real estate market sales fell more than expected and the industry funds tightened more than expected.

Great Wall Motor (601633): Focusing resources and focusing on core business marketing efforts to increase market share

Great Wall Motor (601633): Focusing resources and focusing on core business marketing efforts to increase market share
1H19 results are in line with our expected 1H19 results: revenue 413.8 ‰, at least -15.0%, MoM-18.1%; net profit attributable to mother 15.2 trillion, corresponding to a profit of 0.17 yuan, -58 for ten years.9%, +0.4%, in line with the Air Force performance forecast. Development trend budget important accounting policy adjustment.Great Wall Motors made the following supplementary accounting policy adjustments in this interim report: 1) Transportation costs were included in operating costs from sales expenses, so that transportation costs from the same period last year were 65 ‰ dropped to 1.0 million yuan, assuming that transportation costs are flat every year, we estimate that this adjustment in accounting policy will reduce its sales expense ratio by 1.3ppt, gross margin decreased by 1.3ppt; 2) Great Wall Bank Silver, an auto finance company. The decrease in average price has caused the growth rate of revenue to significantly exceed the growth rate of sales.According to the caliber disclosed in the semi-annual report, the company’s sales in 1H19 dropped by 2 year-on-year.5%, but vehicle sales revenue is down by 15 per year.9% to 364.We believe that the average price of leading companies has been extended to approximately 7 due to the average price of Euler and the export business.90,000 yuan, the budget company’s accounting policy will be exported but not yet delivered to the end customer sales are not included in the current income, but also have an impact of 5-6ppt. Focus resources on core business, continue to sell car travel business and leasing, and purchase auto import and export companies from controlling shareholders.The company price was 4 in February this year.6.4 billion will be sold in 4 subsidiaries of “Tianjin Shared Car”, “Hover Leasing”, “Europe Information” and “Funshi Technology”, bringing 1 to Interim Report.79 billion investment loss, the company is expected to announce today that it will continue to sell the automobile travel subsidiary “Xiongan Sharing” and the car rental subsidiary “Wanli Friendly”. The products continue to focus on the SUV and pickup markets. The domestic market has increased advertising costs, innovated sales channels to expand, and increased overseas market development efforts.Against the backdrop of weak domestic car market demand, we understand that the company will continue to focus on SUVs and pickups in its products. The increase will come more from the increase in market share. That is, when the current independent brand car companies enter the knockout competition, Great WallIncrease advertising costs (37 per year).8%), and through a joint venture with financial institutions such as ICBC to set up a car financing lease company “at first sight” to try new sales methods. Earnings forecasts and estimates are based on lower sales and average bicycle prices. We lower our net profit for 2019 and 202011.0%, 11.9% to 37.400 million, 41.0 million.Current Great Wall A / H corresponds to 19 times 20 times and 11 times P / E.We maintain our Neutral rating, but based on our earnings forecasts and estimates, we lower our A / H target price by 2.2%, 11.3% to 9.0 yuan, 5.5 Hong Kong dollars, corresponding to 22.0 times, 12 times 19 years P / E, 9 than current expectations.2%, 11.6% upside. Risks The sales volume of new models 苏州夜网论坛 is lower than expected; the sales promotion has an unexpected impact on profitability.

The first cap year is coming?These stocks are also expected to embark on the Avenue of Stars

The first cap year is coming?These stocks are also expected to embark on the Avenue of Stars
For stocks, please read Jin Qilin analyst research report, authoritative, professional, timely, and comprehensive, to help you tap potential potential opportunities!  Strong daily limit today!The first cap year is coming?These stocks are also expected to embark on the Avenue of Stars!  Source: The official company of the company Weiwei Original Securities Times Wang Xiaowei converted through the arrival of the A-shares annual report disclosure season, the annual ST-shares “off the stars and remove their caps” drama will also kick off the curtain.Unlike the first consecutive year of the first consecutive year of “off-cap and cap-removed stocks”, there are different deterministic expectations. This year, the first “off-star + cap-removed” stock of A shares unexpectedly appeared in a “flying order.”  From the overall announcement, * ST Kerry (rights protection) is even expected to win the crown of the first * ST company that disclosed its annual report this year, and it may be the first A-share company to “take off the stars” this year.Just one week ago, the market entered the first “off-star picking cap stock” expectation on the Xinjiang company * ST Baihua, but the “ST Baihua Annual Report” was used to reserve the replacement date and move to the “flying order”.In addition, according to the current announcement, including * ST Tianshou, * ST Wing Lian, * ST Haima, * ST Huayuan and other internal companies, may also be on the Avenue of Stars using the “off-stars”.  According to the A-share practice, some stocks are expected to usher in a “liquidity” red envelope, and they are short-term hunting for funds (especially hot money).Judging from the daily limit of stocks such as * ST Kerry, * ST Tianshou, ST Aixu and other stocks on the market today, funds are still in a continuous short-term speculation.However, March this year will be the official implementation of the revised securities law. Under the trend of shrinking shell values, will funds continue to play?  ”Unexpected” first cap stocks. In January this year, Anzhi Zhidian (300617) disclosed that the first annual reports of Shanghai and Shenzhen were released and launched a high-delivery plan. The 2019 A-share annual report officially opened.  According to the practice of previous years, ST stocks usually publish the previous annual report between February and April. Because a considerable percentage of camp members have a clear “showing positive” shell color, they are vulnerable to short-term favor of hot money.  This year * List of the top ten dates for the annual report of ST companies to be disclosed. From the current point of view, * ST Career has won the top spot in the disclosure of ST annual reports.According to the announcement, the company’s current pre-disclosure time is February 28 this week.  Judging from the performance forecast announced by the company a few days ago, the company estimates that the net profit attributable to shareholders of listed companies for the year 2019 will be 10 million to 30 million yuan, and then it will become positive after two consecutive years.  * ST Kerry’s positive net profit comes from the obvious shell operation. From a carding point of view, the operation has generally experienced a “trilogy”.  First of all, in December last year, in order to get rid of the burden, ST Carrey first planned to dispose of 100% equity of Tianjin Demian Mining Co., Ltd., 51% equity of Beijing Shengtong Hengan Technology Co., Ltd. and Shenzhen Baoyufeng Technology Co., Ltd.100% equity in 3 major assets.According to the announcement, the transaction targets were sealed up and frozen at the time, and Shengtong Hengan and Tianjin Demian were out of control.  Second, recovery of performance compensation: On the evening of December 19 last year, * Kerry Announcement stated that the company successfully recovered the performance compensation payment owed in a few years.890,000 yuan.As the company expects a limit of 18.85 million yuan in the first three quarters of last year, this recovery payment has a strong sense of warmth.  Thirdly, at the last moment of the shell, * Kerry subsidiary ST-Zhi Property welcomes the gold owner again, and will receive the equity assets for free, namely Shanxi Longzhiyuan Chemical Co., Ltd. and Ningbo Guangshitian Trading Co., Ltd.It is irrevocable to give Longzhi Property 98 to Dezhi Property.9% equity.Longzhi Property 98.9% of the proposal is accounted for at a fair value of 19.64 million yuan.In addition, the asset giver plans to increase the company’s share of no less than 5% within 12 months from the completion of the industrial and commercial change of the equity grant.  Through the series operation, it will be a high probability event that ST Kerry will realize its net profit improvement last year.However, for * ST Carey, in order to successfully remove the cap, in addition to avoiding the red line of net profit, the company also needs to reorganize its net assets, and the audit report is no longer a multiple test such as non-standard.Because whether it will win the crown of “caps and stars” at the beginning of this year, we need to wait until the company’s annual report is disclosed before we can unveil the veil and wait for the exchange to finally prompt the answer.  What is certain is that, from the current point of view, a large number of matters are making positive efforts.* ST Carey explained this in the announcement from three aspects.  It may be a preliminary result obtained by * ST Kerry, but the expectation was originally on * ST Baihua.  This Xinjiang pharmaceutical company issued an announcement on the evening of January 22, expecting to reach a net profit of 14 million to 21 million yuan in 2019. Once the loss is reversed, it will be a surplus, and it is expected that the shareholders attributable to the listed company will replace non-recurringNet profit after profit or loss can also reach 2 million to 9 million.At that time * ST Baihua stated in the announcement that if the company’s audited net profit attributable to shareholders of the listed company in 2019 is positive and there are no other facts that need to implement delisting risk warnings or other risk warnings, the company willAfter the disclosure of the 2019 annual report, it applied to the Shanghai Stock Exchange to cancel the delisting risk warning on the company’s stock.  However, * ST Baihua moved the appointment update date of the 2019 annual report from February 27, 2020 to April, so it missed the possible opportunity to win the first cap stock crown of the year.  Except for “Unhook Stars and Remove Caps”, ST Ai Xu (formerly ST Xinmei) made an appointment to announce the annual report on February 26, one day earlier than * ST Kerry.Aixu Technology’s consolidation has once helped the company to increase its results in the third quarter of last year. Whether the company will apply for the removal of ST when the annual report is announced is also worth paying attention to.  Judging from the performance of the secondary market, ST Aixu ‘s highest increase since February has been close to 50%, indicating that some funds have responded to the company ‘s expectation of removing the cap.Due to the short-term increase, the company also issued a risk alert announcement a few days ago.However, for ST Ai Xu, there is no “off-star”.  Is it still possible to take off the hat market?  From the perspective of A-share routine, during the peak annual annual report disclosure period (Jin Qilin analyst) period, the ST concept will generate a lot of quotations.The usual practice is that the stronger the sustainability of the improvement of the accounting indicators of the relevant company, the higher the excess rate of return on the theme investment.From a carding point of view, through backdoor listing and asset replacement; increasing profit points; improving business improvement, the three methods of turning losses into targets are continuous replacement of improved accounting indicators; companies with losses through non-recurring income have relatively small investment opportunities.  Due to the large-scale expansion of the A-share ST sector camp last year, companies that will successfully remove their hats this year are also trying to set new highs in recent years.According to the choice of choice financial terminal, at least the following ST companies are expected to “take off the stars” shortly after the disclosure of the annual report, thereby achieving a “liquidity premium”.  However, whether this year’s hat-removal market can be staged as 武汉夜网论坛 scheduled still faces too many variables.  First of all, although some ST and * ST companies can make “removal of cap” judgments through performance notices, etc., A-share companies have encountered a number of reasons for dealing with the ST of the exchange, including severely affected operating activities, major bank account freezes, and boards of directors.Unable to declare, guarantees in violation of regulations, or major shareholders to illegally occupy funds, etc. Therefore, when some ST companies can really “mine”, it is unknown.  Basically, although some * ST companies and ST companies are expected to start the hat-removal journey one after another this week, some non-ST companies with normal transactions will also join the ST array recently. Generally speaking, these companies will then starAfter wearing a cap, suffering a short-term kill will also be a high probability event.  Third, the newly amended securities law will come into effect on March 1, 2020.Under the registration system, the qualifications of listed companies are no longer so scarce, and the high price of “shell resources” losing competition is also a general trend.Especially with the gradual delisting system, many listed companies with shell value will leave the market.Therefore, it is worth paying attention to whether the funds will ebb in this year’s hat removal market or a new gameplay.

Bank of Chengdu (601838) coverage report for the first time: performance growth rebounded sharply, asset quality improved significantly

Bank of Chengdu (601838) coverage report for the first time: performance growth rebounded sharply, asset quality improved significantly

The ROE was relatively high under the marked rebound in performance, leading the industry to grow from 16 years to 18Q3 in scale. The average growth rate of deposit growth of 8 comparable city commercial banks increased from 25.

9% dropped to 13.

5%, while the Bank of Chengdu from 12 during the same period.

6% increased to 19.

1%, which is higher than 5.

6 pct; 18Q3 Bond issuance financing (mainly interbank certificates of deposit) increased by 102%, which together led to an increase in interest-bearing supplements by 18.


Initially based on it,南京桑拿网 it is possible to achieve a YoY + 19 interest-generating asset scale.

0%, more than 8 means 7.

46 points.

3Q18 net interest margin 2.

30%, which is 14BP higher than that in 17 years and higher than the average of 8BPs in 8 companies. Compared with 17 years, the advantage has expanded.

Under the “volume and price rise”, net interest income rebounded strongly, driving revenue for 115 years.

2 billion, a year-on-year increase of +19.

3%; net profit attributable to mother 46.

5 billion, a year-on-year increase of +18.

9%; total assets were 492.1 billion, a year-on-year increase of +13.

24%; ROE is up to 16.

0%, more than 8 means 1.

75 pct, outstanding growth.

Low deposit cost brought by a good customer base, and the potential for interbank debt / debt expansion to be released. Optimized scale expansion potential: 1) The ability to acquire reserves gradually demonstrated since the beginning of 18, thereby expanding its broad and high-quality customer base. This advantage is expectedContinue to maintain; 2) Terminate the 18H1 interbank debt accounted for 21%, there is enough space available from the 1/3 limit, and the 19-year capital income plan continues to remain low, and the issuance of certificates of deposit promotes strengthening; 3) Capital adequacy ratio, supervision and encouragement of banksWith more lending, corporate demand has improved.

Optimistic about the relative advantage of interest margin: 1) The interest rate ratio of deposits, and when the industry ‘s pressure to acquire reserves has increased, Chengdu has a higher current interest rate, and the overall interest rate is limited; 2) On average, city commercial banks have 1-year peersThe issuance rate of certificates of deposit is 72BP lower than 18H2 in January-February of 1919. If the low interest rate situation persists, the interbank impedance ratio will be 21%, or the cost cost ratio of 19 years will be lowered by 15BP;And tilt to small and micro and private enterprises, are expected to drive asset-side returns upward.

The inventory is bad or basically cleared, the loan structure has improved significantly, and the non-performing ratio has peaked and dropped, and the inter-industry differences in bad forward-looking indicators have narrowed significantly.

In 15-18 years, the non-performing rate dropped by zero.

81 pct to 1.

54%, only 8BP higher than the average of 24BP; overdue rate dropped by 5.

42 pct to 2.

65%, which is only 8 higher than the average of 1.

01 pct.

Although still to be cleared out, the potential adverse burden has been fully improved.

The negative net generation rate has been lower than the average of 8 companies.

17 years is 0.

91%, which is lower than the average of 8 companies, and dropped to 0 in 1H18.

75%, below the average 22BP of 8 companies.

The proportion of high-performing companies with high-performing public debt continued to drop, and the proportion of mortgages in personal loans increased.

As of 18H1, the proportion of two non-performing high-income industries (manufacturing, wholesale and retail) has fallen from 29% to 12%; the proportion of leasing and business services has increased from 4% to 19%, and the water conservancy, environment and public facilities management industry has increased from 4%Rising to 14%, these two industries are closely related to local government infrastructure, and historically, the non-performing rate is ok; housing loans accounted for 94% of personal loans.

The credit risk in the loan structure has been greatly reduced, except in the past few years, “when it comes to mind”.
Investment advice: The bad stocks are basically cleared, the potential for performance recovery and the release of the bad rate and its forward-looking indicators have peaked at the same time in 15 years. At the same time, the credit risk has been greatly reduced; the loan structure has been improved;There is also plenty of space and capital, which is expected to promote a high increase in loans and maintain a strong rebound in performance, or bring about an estimated boost.
It is estimated that the net profit growth rate for 18-20 years will be 18.

9% / 12.

9% / 13.

3%, the corresponding EPS is 1.



65 yuan, the current price corresponds to 18/19/20 0.



78 times PB.

The first coverage was given to Bank of Chengdu1.

24 times 19 years PB, target price 11.

87 yuan, increase the level.

Risk reminder: the asset quality is dragged down in order to complete the tasks of small and micro enterprises / private enterprises; the return on investment side exceeds expectations;

Guangzhou Restaurant (603043): Proposed cash acquisition of Guangzhou’s time-honored brand Tao Taoju The reform of state-owned enterprises is gradually realized

Guangzhou Restaurant (603043): Proposed cash acquisition of Guangzhou’s time-honored brand Tao Taoju The reform of state-owned enterprises is gradually realized

The main points of the report describe the company’s announcement that it intends to acquire 100% equity of Tao Taoju in cash.

Tao Taoju is one of the oldest names in Guangzhou’s catering industry. It specializes in refreshments, moon cakes, and locations, and its revenue from January to September 2018 was 6,463.

130,000, net profit 830.

79 thousand.

Comment on the event Tao Taoju is also a long-established brand in Guangzhou, and has deeply cultivated the Guangzhou market.

The Taotaoju brand was founded in 1880, and Guangzhou Taotaoju Food Co., Ltd. was established in 2012. It is mainly engaged in food management, baking workshops and catering chains.

Product features include specialty hand-letters, snack foods, reorganized foods, etc. The physical store has teahouse chain stores, baking chain stores, roast meat chain stores, etc. The sales network covers offline supermarkets and online platforms.

On January 9, 2018, it achieved revenue of 6463.

130,000, net profit 830.

790,000, income accounted for 3 of the restaurant in Guangzhou during the same period.

21%, net profit ratio is 2.


The acquisition is part of the company’s state-owned enterprise reform plan.

Tao Taoju is held indirectly by the People’s Government of Guangzhou City through the Guangzhou Industrial Development Group. The company is a holding company of the State-owned Assets Supervision and Administration Commission of Guangzhou Municipality (shareholding 67).


The stock budget incentive plan launched by the official company will definitely expand the binding force. This equity acquisition meets the requirements for deepening the deployment of state-owned and state-owned 都市夜网 enterprises. The future integration and utilization of related resources within Guangzhou’s state-owned assets and the further activation of management mechanisms are worth looking forward to.

Although the profit increase is small, the synergy between the two is of great significance.

Although the acquisition of Tao Taoju has not significantly increased the overall performance of the company, Tao Taoju itself has a mature brand, a certain food production capacity (factory is located in Guangzhou) plus a considerable scale of catering (13 branches at the end of 18) and food salesOutlets, after the completion of the acquisition, will help the company continue to focus on the main business of “food + catering”, merge the two main business sectors of food and catering with multiple brands, differentiated development, and further improve the industrial layout.

Earnings forecast and investment advice: Capacity expansion and market expansion are two-pronged, and performance growth is based.

Without considering M & A factors, it is expected that the net profit attributable to the mother in 19-21 will be 4 respectively.



670,000 yuan, the EPS is 1.



65 yuan, corresponding to the current expected PE is 29/23/19 times, given an “overweight” rating.

Risk Warning: 1.

The construction of the new base and the release of production capacity were less than expected; 2.

Competition in the frozen food market has intensified.

Vanke A (000002): February sales growth to increase land acquisition efforts below 18-year level

Vanke A (000002): February sales growth to increase land acquisition efforts below 18-year level

Event: On the evening of March 4, the company announced the sales data for February 19, and the company achieved a contracted sales area of 246 in February.

70,000 cubic meters, an increase of 2 in ten years.

71%, the contracted sales amount is 431.

90 ppm, an increase of 21 in ten years.

32%; The company gradually realized a sales area of 564 from January to February.

40,000 countries, a decline of 17 per year.

56%, the cumulative contracted sales amount was 920.

700 million, down 11 every year.


Sales growth increased by 49.

42%: In February 19, the company achieved a contracted sales area of 246.

70,000 countries, with an annual increase of 2.

71%, an increase of 31 in the previous month.

22pct; realized contract sales amount of 431.

90 ppm, an increase of 21 in ten years.

32%, an increase of 49 in January.

42%; February ‘s sales growth rate in January significantly rebounded mainly due to: 1) January 18 has a high base, which caused the sales in January 19 to exceed the monthly sales amount in February, but the growth rateFar less than February; 2) The average monthly sales price in February 19 increased by 2121 compared with January.

51 yuan / square meter with a range of 13.

79%, an increase of 2686 over the same period in 18 years.

11 yuan / square meter, the range is 18.


From January to February 19, the company gradually realized a sales area of 564.

40,000 countries, a decline of 17 per year.

56% (previous value -28.

51%), an increase of 10.

95pct; cumulative contract sales amount of 920.

700 million, down 11 every year.

11% (previous value -28.

10%), an increase of 16.

98pct; the average selling price is 16312.

9 yuan / square meter, an increase of 7 in ten years.

82% (previous value +0.

58pct), an increase of 7 in January.

24pct; the average selling price gradually increased by 18 years and the cumulative average selling price increased by about 1280.

95 yuan / square meter, which is 1194 narrower than the average sales price for the month.

2 yuan / square meter.
Equity land / budget 30.

96%, floor price / average sales price 42.
88%: The company added nine new land projects in February 19, of which three were logistics real estate projects and six were supplementary land projects; the total number of logistics real estate projects increased by 29.

430,000 countries, 24 buildings with equity.

550,000 countries (new logistics projects are in Ningbo.

Wuhan, Jinan).

Among the newly added land projects, the net land profit was 88.

600,000 countries, with a built-up area of 184.

300,000 countries, down 53 from the same period last year.

73%, a decrease of 59.

74%, equity construction area is 162.

In the country of 900,000, the ratio of equity building area / capacity building area reached 88.

39% (previous value: 74.

35%), equity acquisition amount / total price is 96.

64% (previous value: 58.

28%), which is higher than 78 of the progressive equity acquisition / cumulative total price.

47%; projects with 50% or more equity (including 50%): projects with 50% or less equity are 5: 1; projects with 100% equity: non-100% equity projects are 3: 3.

The total land price increased by 138 in February.

3.7 billion, an annual decline of 25.

21%; new equity land price 133.

72 ppm, an increase of 13 per year.

02%; of which, the equity acquisition / initial ratio in February was 30.

96% (previous value: 14).

85%), which is higher than the average land holding intensity of 22 months.


Looking at the average land price, the floor price of newly added land in February was 7507.

60 yuan / square meter (previously +85.

77%), the equity floor price is 8208.

72 yuan / square meter (previously +91.

55%); floor price / average sales price is 42.

88% (previous value was 29.

54%), cost controllable and high margin 上海夜网论坛 of safety.

Investment suggestion: We are optimistic about the prospect of the company’s diversified business development strategy called “track + property”, logistics real estate, long-term rental apartments and property services; optimistic about the company’s advantages under the background of continuous industry concentration.

We expect the 18-year performance to continue to grow steadily; the company’s EPS is expected to be 3 in 18-20.

13, 3.


03, maintain “Buy-A” rating, 6-month target price of 38.

5 yuan.

Risk reminder: the real estate market is less than expected, policy factors, the company’s operation is not up to expectations

Dongzhu Ecology (603359): Employee shareholding demonstrates confidence that excess orders can be expected

Dongzhu Ecology (603359): Employee shareholding demonstrates confidence that excess orders can be expected

Matters: The company issued the first draft of the 2019 employee shareholding plan and management measures, raised no more than 50 million yuan in stacks, and participated in no more than 100 employees. Directors, supervisors and senior management personnel did not participate in this employee shareholding plan.The lock-up period is 12 months.

Employee shareholders holding the “bottom pocket” mobilized enthusiasm to show confidence.

The scale of the employee shareholding plan is expected to be no more than 50 million, and the number of participating employees is expected to be no more than 100, accounting for about 25% of the company’s employees at the end of 2018. The coverage is outside of Dong Jiangao, which is more conducive to overall improvement of employee cohesion.

In this company’s employee shareholding plan, Xi Huiming, the actual controller, and Pu Jianfen provide capital protection, that is, if the total amount that can be allocated after the replacement of all costs during the liquidation is lower than the principal of the employee shareholding plan, the company’s actual controller assumes the obligation to make up the difference.

The company’s employee shareholding plan was mobilized by major shareholders to motivate employees to participate and allow employees to share corporate development dividends.

The company successfully completed the stock purchase of the first phase of the employee stock ownership plan for 2018 in March this year, and the company successively implemented the employee stock ownership plan, demonstrating confidence in future development.

In the new decade, the single-digit growth rate is high, and the performance development is full of flexibility.

According to the announcement of the company, the company won 21 new bids in 2018, with a total of 30 new bids.

32 ppm, an increase of 51 in ten years.

83%, about twice the revenue in 2018; the amount of new projects awarded in the first quarter of 2019 was 32.

63 ppm, about four times the amount of the bid in the same period last year, plus the major projects won since the second quarter, the company has converted more than 79 trillion in bids since 2019, at least 18 years since the bid.

6 times the level. In 2019, the company’s new bids will increase exponentially.

At present, the company’s orders in hand are expected to be around 90 million, and the company’s order revenue ratio is about 5.

6 times, the company’s order income ratio and cash income are relatively high, and the development is full of flexibility.

Good cash flow, abundant funds, sufficient financial leverage.

From 2015 to 2018, the company’s total four-year operating net cash flow reached 4.

71 trillion, excluding 2018 cash flow of -0.

70 trillion, positive for the other three consecutive years, the company’s business scale expanded by 30 in 2018.

17%, but can bring a potential increase in cash flow, which is significantly better than peer cash flow.

Compared with listed companies in the same industry, the company has sufficient cash and relatively high asset quality. At the end of 2019Q1, the company’s monetary funds were 7.

420,000 yuan, can sell financial assets 0.

$ 8.3 billion, the company has about 8 available funds.

2.5 billion, sufficient funds; assets and liabilities supplement 43.

75%, at a low level in the garden industry, and the total liabilities are mainly bills payable and accounts payable, without interest resistance.

Following the increase in financial support and the restoration of the growth rate of infrastructure investment, the industry may usher in a trendy opportunity. The company’s future financial leverage will increase the alternative transmission and enhance the company’s performance flexibility.

Estimates and investment recommendations: It is expected that the company’s operating income will grow at an annual rate of 48 in 2019-2021.

6%, 32.

7% and 30.

5%, the net profit attributable to shareholders of the parent company increased by 35.

1%, 51.

1%, 36.


It is expected that the company’s operating income for 2019-2021 will be 23 respectively.

6.8 billion, 31.

4.3 billion, 41.

02 ppm; net profit attributable to shareholders of the parent company is 4, respectively.

4 billion, 6.

6.5 billion, 9.100,000 yuan.

The initial gain is 1.

38 yuan, 2.

09 yuan, 2.

86 yuan, the dynamic PE is 11.

8 times, 7.

8 times, 5.

7 times, PB is 1.

8 times, 1.

6 times, 1.

3 times.

The company, as “the first share of national wetland parks”, incorporates its core competitiveness in the field of 杭州桑拿网 wetland restoration. It has a high order income ratio, sufficient funds, low debt ratio, and strong momentum for future development. The employee stock ownership plan is about to be launched and there are major shareholders. “”Bottom pocket” commitment demonstrates confidence in future development, optimistic about the company’s layout in national wetland parks, national reserve forests and other fields, maintaining a “Buy-A” rating with a target price of 24.

3 yuan, corresponding to 17 in 2019.

6 times PE.

Risk reminders: Fixed asset investment is accelerating, PPP projects are progressing slowly, project payments are not timely, and core staff are at risk.

Gujia Home (603816): Launched 300-600 million stock repurchase program to buy back stocks for subsequent distribution incentives

Gujia Home (603816): Launched 300-600 million stock repurchase program to buy back stocks for subsequent distribution incentives
A stock repurchase program was launched, and all stock repurchases were for subsequent equity incentives.The company intends to use its own funds of 300-600 million to repurchase the company’s shares in a centralized bidding process, the repurchase period is 12 months, 武汉夜网论坛 and the repurchase price does not exceed 50 yuan / share (relative to the closing price of 43 on September 19).55%).Based on the repurchase price and the upper limit of the amount, it is estimated that the number of repurchased shares will be 12 million shares, accounting for 1 of the company’s total share capital.99%.The repurchased shares will be used for subsequent replacement incentives. If the company implements this use within 36 months after the completion of the repurchase, the remaining unpurchased shares corresponding to the transfer will be replaced. The company’s financial status is good, and the repurchase will not have a significant impact on the company’s operations and controlling interests.As of June 30, 2019, the company’s total assets were 106.34 trillion, net assets attributable to shareholders of listed companies is 50.US $ 4.1 billion, with a maximum cap of US $ 600 million for repurchasing funds, accounting for the company’s total assets, and the proportion of net assets attributable to shareholders of listed companies was 5, respectively.64%, 11.90%.The company has sufficient repurchase funds. As of June 30, 2019, the currency funds are 17.920,000 yuan, transactional financial assets 9.US $ 8.8 billion, and the specific repurchase price and number of repurchases in this repurchase The company has independent controllable space for ownership.This repurchase will not have a significant impact on the company’s continued operations and development in the future, nor will it affect the controlling stake. The performance of the second quarter increased steadily. Tax cuts and price reductions of raw materials drove up gross profit margins.The company achieved revenue of 25 in 19Q2.500,000 yuan, an increase of 16 in ten years.10%, net profit attributable to mother is 2.63 ppm, an increase of 23 in ten years.01%. The company’s 19Q2 sales expense ratio was 17.11%, a decline of 3 per year.23pct.By optimizing the investment of advertising channels, the company’s fee control effect is obvious.The company’s gross profit margin for 19H1 was 35.64%, basically the same as the same period last year, with Q2 gross profit margin of 36.52%, increasing by 0 every year.94pct, mainly benefited from increased tax cuts and lower raw material prices. Channel construction covers blank markets, and the nationwide distribution of production capacity has been completed.The company shortened the store opening cycle by optimizing the process. It entered 82 blank cities in the first half of the year and optimized 48 cities at the same time. The number of global brand specialty stores exceeded 6,000.In terms of production capacity, the construction of the Huanggang base (an annual output of 600,000 standard sets of software and 400 universal custom home products) has completed 23% of the plant construction, and the Jiaxing base (the annual output of 800,000 standard sets of soft furniture project, phase I) has completed 74%The company’s national production capacity distribution is almost complete. Maintain profit forecast and maintain “Buy” rating.It is expected that the company will achieve net profit attributable to mothers by 2019-2021.06/14.48/17.50,000 yuan, an increase of 21 in ten years.89% / 20.07% / 17.78%, PE was 17.4X / 14.5X / 12.3 times. Risk warning: rapid land appreciation transition; less-than-expected channel development, Sino-US trade friction escalating