CNPC Engineering (600339): It is expected to benefit from the establishment of National Pipeline Company; revenue in 2019 may exceed expectations

CNPC Engineering (600339): It is expected to benefit from the establishment of National Pipeline Company; revenue in 2019 may exceed expectations

Company status From May 9-10, 2019, we participated in the third company day of PetroChina Antiques in Zhuhai.

The leaders of CNPC Engineering gave a keynote speech and introduced the company’s business development and strategic prospects.

Comments In the long run, the establishment of the National Pipeline Company will benefit the company’s development.

Leaders re-determined the company’s leading onshore long-distance pipeline construction technology and production capacity as the main builder of China’s main pipeline network.

At the same time, the company believes that the establishment of a national pipeline company helps the company to obtain more orders. Regarding the issue of the establishment of a national pipeline company or restraining the company’s revenue growth in the short term, the company believes that the risks are controllable, mainly consideringThe contract is concluded, and the time to reflect the income is relatively relative (about 2-3 years).

We think the company’s 2019 revenue guidance is conservative.

The company’s 2019 revenue growth guidance only accounts for 4%, which is far lower than other companies in the industry, causing some investors to occupy.

We consider the guidance to be too conservative or to consider the company’s preferred implementation of contract strategy.

We believe that the company has sufficient reserve projects. The construction of projects such as Guangdong Petrochemical is expected to accelerate during the year, and the company’s revenue has greater potential than expected.

The company’s new long-term guidance for 2019 is expected to accelerate.

On May 9, the company 武汉夜生活网 issued an announcement stating that it was worth the letter of intent to sign the contract for the general contracting and operation and maintenance services of the EPC of the Hafaya Natural Gas Processing Plant project from PetroChina Iraq.

About 700 million US dollars, the official award letter will be issued before and after the relevant procedures.

We believe that the formal gradual advancement of the project will help the company accelerate the completion of the new 977 trillion guidelines for new breakthrough orders this year.

The “two golds” are expected to continue to improve.

The company’s “two golds” (account receivables and inventory) had significant pressure control effects in 2018. This year, the company insisted on increasing project settlement efforts and supervised the recovery of account periods to each 杭州桑拿 project.

We think the company’s “two golds” is expected to continue to improve this year.

It is recommended to maintain profit forecast and recommendation rating.

Maintain target price of 6.

3 yuan, corresponding to 1.

4x 2019 PBR and 53% upside.

Currently leading trades at 0.

9 times 2019 P / B ratio.

Risks In the new millennium, orders fell short of expectations, and order execution rates fell short of expectations.

Milkway (603713): Chemical warehousing business grows in line with expectations

Milkway (603713): Chemical warehousing business grows in line with expectations

Event: Milkway released its 2018 annual report.

Operating income in 2018 17.

840,000 yuan, an increase of 38 in ten years.

16%, net profit attributable to mother 1.

32 ppm, a 57-year increase of 57.

91%, deducting non-net profit1.

3.6 billion, an annual increase of 58.


The EPS is 1.

0147 yuan, an increase of 38 in ten years.


2018Q4 operating income 5.

65 ppm, an increase of 53 in ten years.

91%, net profit attributable to mother is 2763.

960,000 yuan, an increase of 15 in ten years.


Opinion: Driven by the warehousing business, revenue maintained high growth.

In terms of business, freight forwarding revenue was 7.

870,000 yuan, an increase of 25 in ten years.

47%, gross profit margin 15.

18%; revenue from transportation business 4.

40,000 yuan, an increase of 16 in ten years.

9%, gross profit margin 9.

6%; warehousing business revenue 3.

23 ‰, an increase of 95 in ten years.

18%, gross margin 46.

12%; Chemical trading revenue 2.

26 ppm, a 94-year increase of 94.

76%, gross profit margin 4.


The company’s 18-year gross profit margin was 18.

29%, a decline of 0 per year.

27pct, mainly due to the increase in the gross profit margin of warehousing and the decline in the gross profit margin of the other three businesses.

Expense rate: Due to the increase in the company’s revenue scale, the expense rate has declined, including the company’s selling expenses.

15%, a decrease of 0 compared with the same period last year.

39 points.

Management expenses 4.

63%, a decrease of 2 compared with the same period last year.15 marks.

Finance costs expenses 0.

40%, a decrease of 0 compared with the same period last year.

35%, mainly due to the decrease in exchange gains and losses over the previous year.

Raised investment projects have been put into production one after another, and the warehousing business has maintained high growth.

After the Tianjin Big Bang in 2015, national policies tightened, and hazardous chemicals warehouse management was intensified in various places, resulting in tight supply.

At present, the supply and demand gap of hazardous chemical warehouses is generally above 30%, and the demand gap of high-end hazardous chemical warehouses has decreased. We can see that the company’s warehousing gross profit margin increased in 20184.

45 points to 46.


Four of the company’s eight fund-raising projects have been invested in warehouse construction, and all of them are hazardous chemicals warehouses, including the Zhangjiagang Free Trade Zone Bus Logistics Project 1.

540,000 square meters, the total land area of the other three warehouses under construction is 10.

120,000 square meters, the warehousing business is the starting point for the company’s development in the next few years.

In addition, the company meets the logistics needs brought by the continuous expansion of production capacity of BASF, Dow and other global top 100 chemical companies in China. It has already set up or plans to set up warehouses in Shanghai, Zhangjiagang, Nanjing, Guangzhou, Yingkou, Tongchuan, Tianjin, Fangchenggangbase.

Investment 深圳丝袜会所 strategy: We forecast the company’s net profit for 2019-2021.



22 ppm, an increase of 40 in ten years.

4% / 36.

2% / 27.

3%, EPS is 1.



11 yuan.

We believe that the company has high-quality customers, continued development of its warehousing business, high growth, and maintained an “overweight” rating.

Risk reminders: market risks in the downstream chemical industry, security operations risks, and risks related to information technology systems.

Zoomlion (000157) 2018 Annual Report and 2019 First Quarterly Report Review: Profitability Improved Significantly, Balance Sheet Continuously Optimized

Zoomlion (000157) 2018 Annual Report and 2019 First Quarterly Report Review: Profitability Improved Significantly, Balance Sheet Continuously Optimized

This report reads: The growing demand outlook for construction machinery is optimistic, and the company is expected to remain flat or even exceed industry growth.

With the clearing of 上海夜网论坛 the second mobile phone, the company’s profitability improved significantly in 19Q1, and its balance sheet continued to optimize.

  Key points of investment: Legislation: The company’s 19Q1 revenue, the profit attributable to the mother is 90.

200 million, 10 billion, an increase of 41.

8%, 166%, in line with expectations.

The company ‘s profitability improved significantly in the first quarter, and its balance sheet continued to be optimized. Based on optimistic overall demand, some of the company ‘s products even surpassed industry growth and raised its earnings per share for 19-21 to 0.

4 (+0.

12) / 0.

44 (+0.

12) / 0.

48 yuan, with reference to the industry average estimate, raise the target price to 5.

8 yuan, corresponding to 14 in 19 years.

5 times PE, increasing holdings.

  The highest demand for construction machinery is optimistic, and the company’s growth rate is expected to be flat or even exceed the industry.

In terms of different products, the sales volume of truck cranes in 19Q1 was 1,890 units, an increase of 81.

4%, market share is 27.

6%, +4 from 18 years earlier.

4pct; in terms of concrete machinery, pump trucks in the Q1 industry nearly doubled in growth, with mixing stations and mixer trucks growing at 40-50%, the company’s growth rate was basically the same as the industry.

Looking forward to the future, in terms of concrete machinery, pump trucks are expected to grow at 30-40%, mixing trucks are 30%, and mixing stations are 15-25%; truck cranes benefit from the large tonnage market advantage and are expected to grow 20-30%, surpassing the industry; tower cranesThe growth rate is expected to exceed 60%.

  Profitability has improved significantly, and the balance sheet has continued to optimize.
In 18 years, the low-margin mobile phone was basically cleared. Under the scale effect, the gross profit margin in 19Q1 was 30% of non-profit income.

1%, an increase of 2.

9pct, 3.

9 points.

From the perspective of receivables, 19Q1 operating net cash flow18.

700 million, receivables, inventory and other asset turnover significantly increased.

From the perspective of capital structure, the company’s interest-bearing liabilities at the end of the 19Q1 period were close to 38 billion yuan, which was a month-on-month increase. The interest expenses in 19Q1 were nearly 400 million yuan. It is expected that the financial burden will be reduced in the future.

  Focusing on agricultural machinery and construction machinery, the industrialization of AWP has accelerated.

The short-term demand for agricultural machinery was sluggish, and the goodwill was reduced by about 50 million in 2018. It is expected that the revenue will be stable; AWP promotion is smooth, batch delivery has been achieved in 19Q1, and it is currently in the stage of preempting the market.% And 25%.

  Risk reminder: The growth rate of real estate investment is rapidly expanding, and competition in the construction machinery industry is intensifying.

Hailan House (600398) 2019 First Quarterly Report Review: 19Q1 Revenue under Steady Growth Under High Base, Multiple Brands Steady Progress

Hailan House (600398) 2019 First Quarterly Report Review: 19Q1 Revenue under Steady Growth Under High Base, Multiple Brands Steady Progress

After short-term fluctuations, the revenue growth rate began to return to a number level in 18Q4, and the revenue growth rate in 19Q1 was 5%. The company’s operating income in the first quarter of 2019 reached 60.

89 ppm, an increase of 5 in ten years.

23%, net profit attributable to mother 12.

1 billion, with an annual increase of 6.

96%, deducting non-net profit 11.

5.4 billion, with an annual value added of 3.

20%, EPS0.

27 yuan.

In terms of single quarter revenue, 18Q1?
18Q4 revenue increased by 12.

16%, 3.

28%, -6.

09%, 5.

67%, retail environment is weak since 18Q2, 18Q3 exists, but 18Q4?
19Q1 revenue maintained a growth of about 5%, indicating that the revenue growth rate has returned to a healthy level of normal numbers; if the replacement of boys and girls brands has begun to affect the consolidation since 18Q4, it is estimated that the business’s 18Q4 / 19Q1 revenue growth will be around 4%.

The growth rate of the deducted non-net profit is lower than the main income in order to accrue the increase in asset impairment losses. The faster growth rate of the net profit attributed to the parent is mainly due to the increase in non-recurring investment income.

The main brand, Aiju Rabbit’s income improved compared to 18Q4, St. Keno increased double figures, boys and girls combined to boost 1) In terms of brands, 杭州夜生活网 the company adjusted the brand statistical caliber from 19Q1, and merged Haiyi into the owner of HailanBrands, counted as “Hailan House Series” brand, love home rabbit series (including children’s clothing), San Keno professional wear continues to be single line, “Other” brands include Hailan preferred, OVV, AEX, boys and girls brands, and trackAdjustment.

Hailan House series income 49 in 19Q1.

93 ppm, an increase of 2 in ten years.

16%, 18Q1?
In 18Q4, the revenue of major brands increased by 9 respectively.

48%, 1.

76%, -2.

58%, -0.

42%, 19Q1 As Haiyi estimates that it is still adjusted everywhere and accounts for a relatively small proportion, the growth rate of Hailan Homeowner brand revenue is expected to exceed 2%, compared to 18Q3?
Q4 is slightly different.

Aiju rabbit series income 3.

43 ppm, an 无锡桑拿网 increase of 1 in ten years.

06%, 18Q1?
Q4 revenue increased by 71.

78%, 97.

55%, 3.

27%, -19.

43%, 19Q1 growth also stabilized.

San Kainuo professional business income 4.

930,000 yuan, an annual increase of 11.

45%, maintaining double-digit growth (18 years revenue growth 12).

82%, fluctuations in each quarter).
Potential revenue growth of other brands, realizing revenue1.

4.3 billion, an increase of 1138 at the beginning of the year.

64%, mainly contributed to the consolidation of boys and girls.

It is estimated that the male and female brand contribution income is about 80 million, Hailan is preferred, and the total revenue of small brands such as OVV and AEX is more than 60 million.

2) From the perspective of online and offline, the company’s offline revenue still accounts for a proportion (income ratio of 96%), and its offline revenue continued to increase by 5 in 19Q1.
69%, online revenue fell by 5 quarters.


3) In terms of channels, the revenue of direct-operated stores2.

92 ppm, an increase of 114 in ten years.

88%, the increase was mainly due to the company’s increase in direct store development; franchise stores and other income51.

86 ppm, an increase of 1 in ten years.


The extension of margins expanded slightly, and the number of same-sale channels of major brands increased slightly. At the end of March 19, the company’s total number of stores was 7,607 (185 newly opened and 123 closed), a net increase of 0 earlier.


Excluding the impact of the newly consolidated brand boys and girls (net reduction of 20), the number of initial business stores is expected to increase by 1 in 19Q1.

twenty three%.

Among them, the number of Hailan House series stores was 5,369, with a net increase of 1 in the early stage.

36%, the number of Ijutu stores is 1,273, a net decrease of 0.

62%, the number of other stores is 965, a net decrease of 0.

twenty one%.

Because the company’s online revenue accounted for a relatively small proportion, simply based on the brand revenue growth rate to replace the external deferred growth rate, Hailan House series brand single store growth was close to 1%, and Ijutu single store increased nearly 2%.

The same brand of Hailan House is at 0?
1%, Iju Rabbit flipped in the same store.

The gross profit margin increased beyond the expense ratio, the total inventory was flat, the cash flow was healthy, and the gross profit margin was provided for improvement: 19Q1 gross profit margin increased by 3.

69PCT to 43.

59%, of which Hailan House series, Aiju Rabbit series, San Kenuo, and other gross profit margins were 45.

70% (+4.

47PCT), 17.

41% (-8.

19PCT), 52.

98 %% (+ 3.

28PCT), 28.

14% (-16.


Among them, the decrease in the gross margin of the Hailan House series is mainly due to the increase in the proportion of direct-operated stores and self-operated products, and the company’s increased contribution to each other in franchise stores.

In terms of different channels, the offline gross profit margin has been extended and increased3.

96PCT to 43.

98%, online gross margin fell by 4.

20PCT to 50.

Expense rate: During the period, the expense rate increases by 2 each year.

98PCT to 14.


Among them, the sales, management, and financial expense ratios are 9 respectively.

32% (+2.

81PCT), 5.
13% (+0.

19PCT), -0.

25% (-0.


The increase in the sales expense ratio was mainly due to the increase in the proportion of directly operated stores and the increase in advertising expenses.

Other financial indicators: 1) The inventory size at the end of March 19 was 95.

54 ppm, an increase of 0 from the beginning of the year.

84% were basically the same. Cancellation of boys and girls was estimated to reduce the total inventory value; inventory turnover replaced 0.

36, 0 of the earlier 18Q1.

40 is slightly flat.

2) Account receivable was downgraded earlier9.

08% to 6.

23 trillion, accounts receivable turnover cost9.

31, 9 of the earlier 18Q1.

33 was flat.

3) Asset impairment losses increased by 84 in ten years.

36% to 1.

$ 5.1 billion, mainly due to the increase in the share of boys and girls brands and the proportion of self-operated products, thereby increasing the provision.

4) Net cash flow from operating activities increased by 11 per second.

75% to 12.

22 ppm, of which cash received for merchandise sales was 74.

69 ppm, an increase of 16 in ten years.

39%, the cash inflow is higher than the extra benign income; every 15% increase in cash expenditure for purchasing goods, which is slightly lower than the cumulative growth rate.

The revenue of the main brand is picking up, and we expect the chain to continue to improve in the following quarters. We believe that: 1) In the short term, the company’s consolidated statement revenue and main brand revenue have turned around in the second half of 18 in the short term of the 19Q1 deposit base.Q2 began to shift away from the weakening of the high base effect and the stabilization of the retail environment. It is expected that the company’s revenue will continue to improve on a sequential basis.

2) From the perspective of brand upgrade and innovation, the main brand launched the IP cooperation model in 1919. The sales of T-shirts in Tiangong Palace are now well received, and the company has repeatedly replenished orders. In the future, it will continue to strengthen IP cooperation and increase its appeal to young consumers.New brands are preferred. OVV, AEX, and Black Whale are relatively small, but the product style and positioning are in line with the current trend and the development potential is also one.

3) From the perspective of prolonging the cycle, the company, as a leader in national clothing with outstanding cost-effectiveness, has a large-scale effect that is conducive to reducing costs, integrates the moat, transforms the retail environment to stabilize and rise, and stimulates consumption and other tax and fee reduction effects. The company is positioned as a leader in the public.The benefit is most immediate.

The company’s large repurchase is currently in progress, and it is planned to start in December 2019 with a volume of 6 within 6 months.


9.8 billion yuan to repurchase shares, the unit price does not exceed 12 yuan / share.

As of the end of April 19, it has accumulated 3.

380,000 yuan repurchased 35.39 million shares, accounting for 0% of the total equity.

79%, the average transaction price was 9.

56 yuan / share.
In the future, the company’s continued implementation of repurchases is expected to gradually support it.

Do we maintain 19?
The 21-year EPS is 0.



94 yuan, corresponding to 19 times PE in 19 years, maintain “Buy” rating.

Risk warning: terminal consumption is weak, weather is abnormal, and terminal sales rate is reduced.

Yangquan Coal (600348): The company intends to optimize the financial structure of preferred shares

Yangquan Coal (600348): The company intends to optimize the financial structure of preferred shares
The company intends to issue financing for preferred shares, and has now achieved the supplementary conditions of the performance of the preferred shares subscription contract. The company recently issued a non-public issuance of preferred shares for the pre-plan announcement.20 billion yuan (including 2 billion US dollars), the raised funds are intended to be used to repay loans to financial institutions. At present, the company has signed a number of conditional preferential shares subscription contracts with Everbright Everbright and Everbright Jinyin. Among them, Everbright Yongming has subscribed for not more than 10 million shares, Everbright Jinyong has subscribed for not more than 500 shares, and the limited par value of preferred shares is 100 yuan, both at parThe subscription and coupon rate of return will be determined by the procedures and requirements stipulated by the competent authorities such as the China Securities Regulatory Commission.According to the company’s 2018 budget, dividends are 0.28 yuan and current market price, we estimate the company’s current dividend yield is about 5.1%. The company’s budget needs are large, and its debt repayment ability is low. According to the company’s annual report, the company’s budget for key projects under construction has reached 16.3 billion U.S. dollars, and the capital expenditure in the past three years was 31.800 million, 45.9 ppm and 32.8 ppm; dividends. In 2018, the company issued US $ 5 billion in renewable corporate bonds in four instalments, with a coupon rate of 6.5% -7.Between 0%, it is included in equity at the end of 2018, and the first cycle will be completed in 2021, and redemption may occur. In addition, the company’s assets and liabilities at the end of 19Q1 supplemented 49.5% if 49 would be the current overall book.6.8 billion renewable corporate debts were restored to debt subjects, with an estimated asset-liability ratio of 60.6%, a high level of similar listed companies in the industry.At the same time, the company has a high proportion of flow impedance (2016-2018 and 2019 Q1 flow impedance accounted for 80% of total resistance respectively.98%, 88.25%, 93.94% and 86.46%). Issuance of preference shares is conducive to expanding the company’s financing channels and optimizing the financial structure. If the company successfully issues preference shares, the company 北京夜生活网 will expand financing channels, optimize its financial structure, and improve its short-term debt repayment ability.Following the issuance scale of the 20 million RMB (without consideration of issuance expenses) and the termination of the 19Q1 net asset size (226.7.7 billion) static calculations, the company’s net assets are expected to increase by 8.82%, while the company’s asset rejection rate fell by 2.12 units. According to the announcement of the company’s pre-plan, the preferred shares use a fixed dividend rate with a single-hop arrangement.The coupon rate of the preferred shares for the first 1-3 interest-bearing years is determined and remains unchanged through inquiry or other means approved by the regulator.Starting from the fourth interest-bearing year, if the company does not exercise the full redemption right, 南京夜网论坛 the dividend rate per share will increase by 2 percentages based on the dividend rate of the first 1-3 interest-bearing year, and the dividend rate of the fourth interest-bearing year will be adjusted.It will remain the same after that, but its nominal rate of return must not exceed the average annual return on average net assets for the two previous fiscal years before the jump interest rate. Profit forecast and investment rating company is the leader in anthracite coal. In the future, the output growth will mainly increase the amount of mines under construction and the volume of integrated mines. It is expected that the company will be 0 in 2019-2021.88 yuan / share, 0.94 yuan / share and 1.00 yuan / share (did not consider the dilution effect of the preferred shares to be issued).Company PB (LF) is limited to 0.62 times, the company’s profit is relatively stable. After the issue of preferred shares, the company’s financial structure will also be further optimized. We believe that the company has room to repair.We continue our view of the April 29 report and maintain the company’s reasonable value7.62 yuan / share is unchanged, corresponding to 19 years of PB is 1 times, giving the company a “Buy” rating. Risk warning: The coal price has fallen more than expected, the company’s new mine construction progress has gradually exceeded expectations, and the company’s cost has increased too quickly.

China Railway (601390): Excessive gross profit margin for orders in hand helps performance continue to rise

China Railway (601390): Excessive gross profit margin for orders in hand helps performance continue to rise

There are sufficient orders in hand, and the growth rate continues to rise. 杭州夜网 The company reports and signs new contracts1.

69 trillion, an increase of 8 over the previous year.


The company plans to sign new contracts in 20191.

8 trillion, the actual new contract value with 18 years increased by 6.


As of the end of the reporting period, the company’s outstanding contract value was 29,019.

20,000 yuan, an increase of 12 over the end of last year.

8%, which is 3 of the year’s revenue.

92 times.

Benefiting from the infrastructure easing policy, municipal orders are gradually realizing revenue, and the company’s performance is expected to increase steadily in 2019.

  The operating income grew steadily, and the gross profit margin of various businesses increased. The company’s total annual operating income was 7404.

400 million, an increase of 6.


Of which: 624.2 南京桑拿网 billion in infrastructure business, an increase of 4.

63%; survey and consulting business of 14.6 billion, an increase of 12.

64%; real estate development business was 43.3 billion yuan, an increase of 42.


The company has not consolidated the PPP project-related SPV companies from more than 40 in 2017 to more than 60 in 2018, and the corresponding proportion of related transaction revenue has increased from 4.

74% increased to 5.

65%, the income contribution of PPP projects has increased.

The company’s planned revenue for 2019 is 750 billion yuan, an increase of 11 from last year.


In addition, the overall gross profit margin in 2018 was 9.

9%, an increase of 0.

The 52 singles are mainly due to the higher gross profit rate of municipal projects, real estate development, and highways, which increased from 40 in 2017.

5% / 4.

4% / 11.

7% to 43 in 2018.

5% / 5.

9% / 13.


With the company’s continuous advancement in the above-mentioned high gross margin business, its gross profit margin may continue to rise in the future.

  The period expense ratio increased slightly, the net profit attributable to the mother increased steadily, and the period expense increased by 6.

02%, an increase of 0.

72 units.

The company aims to control the expense ratio at 5 in 2019.

About 8%, a decrease of 0.22 singles are expected to improve management and control capabilities and expand profitability.

The reported quantity sales expense ratio is 0.

48%, basically the same; management expense ratio 2.

79%, basically flat; R & D expense ratio 1.

81%, an increase of 0.

21 per share, the first is the increase in R & D investment; the financial expense ratio is 0.

94%, an increase of 0.

The 37 singles are mainly due to the fact that the quality margin is no longer discounted under the new accounting standards, the asset securitization business has been carried out, and the scale of interest-bearing liabilities has increased.

Since will be 4.

The 2.6 billion entrusted loan interest income included in financial expenses was reclassified to investment income items, resulting in an increase in investment income.

Taken together, the net profit attributable to the mother during the reporting period was 17.2 billion yuan, an increase of 7%, and the Q3-Q4 single-quarter growth rates were 4 respectively.

93% /-17.

45%, the fourth quarter was significantly earlier than the previous quarter.

Mainly due to the increase in non-wholly-owned subsidiaries in 2017, minority shareholders should accrue losses. After excluding the impact of this part, the net profit attributable to the parent increased in the fourth quarter of last year.

  In terms of cash flow, due to the expansion of the operating scale and the strengthening of the company’s right to confirm the completed unsettled payments, the company’s ability to settle the downstream owners improved, and the cash-to-cash ratio in the reporting period.

1338, an increase of 7.

14 units; payout ratio is 1.

0675, increase by 10.

77 units.

Net operating cash flow inflow was 119.

6.2 billion, a decrease of 212 over the previous value.

5.8 billion.

  Investment advice The company has sufficient orders in hand, and its gross profit margin continues to increase.

As a leader in the infrastructure industry, it is expected to benefit from the industry opportunities brought by the infrastructure easing policy in 2019 and achieve further improvement in performance.

In summary, we are optimistic about the company’s future development, and it is expected that the EPS for 2019-2021 will be 0.

92, 0.

96, 1.

03 yuan / share (originally 0.

91, 1.

02 yuan / share), corresponding to PE 8, 8, 7 times, raise the target price to 10.

5 yuan (original target price of 9.

5 yuan), maintain “Buy” rating.

  Risk Warning: The rapid growth of investment in fixed assets, the company’s project progress is not as expected

Suning Tesco (002024): Proposed acquisition of Carrefour China’s 80% stake in the full-scene retail layout to further improve the synergy effect.

Suning Tesco (002024): Proposed acquisition of Carrefour China’s 80% stake in the full-scene retail layout to further improve the synergy effect.
Event Suning Tesco announced on the evening of the 23rd: Suning International, a wholly-owned subsidiary of the company, intends to acquire 80% of Carrefour China with a cash equivalent of 4.8 billion yuan in cash (the exchange rate is the mid-rate exchange rate announced on the third working day before the settlement day).After the transaction is completed, Suning Tesco will become the controlling shareholder of Carrefour China, and the Carrefour Group’s shareholding will reach 20%.  Brief comment on the acquisition of the target long-term deep cultivation of the domestic supermarket market, brand influence and offline channel network have advantages Carrefour China officially entered the Chinese mainland market in 1995, is one of a large number of supermarkets entering the mainland market, has been deeply cultivated in the domestic supermarket market for 24 years.As of March 2019, Carrefour China has approximately 30 million members in China, and has 210 large-scale general supermarkets, 24 convenience stores, and 6 warehouse distribution centers. The total building area of the store exceeds 4 million square meters, covering 22 provinces across the country.And 51 large and medium-sized cities.  Euromonitor data shows that Carrefour’s Japanese miscellaneous sales market share in 2018 was 0.7%, ranking seventh.Carrefour China, as an industry leader, has the advantages of integrated supply chain capabilities, rich offline operation experience, and high brand awareness.  Carrefour China’s 2018 performance trend is improving. Carrefour China’s performance at a reasonable and reasonable transaction price is replaced by the impact of the Internet. Carrefour China’s performance in 2017/18 was -10.99 / -5.78 billion yuan, but the net operating cash flow of the target company remains stable and healthy (17/18 net operating cash flow of the target company is 3 respectively.4/3.3 billion yuan), the company’s loss in 2018 narrowed significantly, and the EBITDA was 5.16 billion yuan, the company’s network optimization effect gradually emerged, the overall performance 北京夜网 trend is better.  Carrefour China’s 2018 revenue was 30 billion yuan, and the total equity value of the target company in this transaction was 6 billion yuan, with a corresponding PS of 0.2 times.The average PS value of listed companies in the same industry in 2018 is 0.88X with a median of 0.7X, compared with peers, the transaction consideration is reasonable.  Through this acquisition, Suning’s full-scenario smart retail landscape is greatly improved, and companies with a huge space for synergies can further enrich the company’s smart retail scene layout by acquiring Carrefour China, accelerate the development of fast-moving consumer goods, and reduce the company’s procurement and logistics costsTo enhance market competitiveness and profitability, the space for synergy is huge, specifically: ① export the ability to build smart retail scenarios, comprehensively enhance Carrefour stores and form synergy with Suning stores.Suning leads the way in all-scenario smart retail shaping. After this acquisition, Carrefour will be fully digitally enhanced to build an online and offline integration of supermarket consumption scenarios.More than 6,000 Suning stores offline can be combined with Carrefour stores, complementing the size and format, improving the last-mile distribution network, improving the efficiency of the home mode and saving logistics costs.  ② Conducive to accelerating the development of Suning FMCG categories and strengthening the supply chain capacity of FMCG.Carrefour is deeply involved in the business super market. It has advantages in domestic and overseas supply chain capabilities and fast-moving consumer goods operation experience. Carrefour has 6 large-scale distribution centers covering 51 cities across the country. It has extensive experience in the storage and transportation management of fresh food, convenience products and regular products.The acquisition is expected to help Suning Tesco’s FMCG category achieve leapfrog development, greatly enrich its product categories, further reduce procurement and logistics costs, and improve market competitiveness and profitability.  ③ It is beneficial for the company to obtain high-quality property resources and enhance the competitiveness of offline stores.The core location of a Carrefour China secondary city has a large number of high-quality and scarce outlet resources. Suning Household Appliances, Suning Red Kids, Suning Jiwu, Suning Finance, Sun Xiansheng Fresh Supermarket, Suning Small Store Instant Delivery and other rich services, not withSupermarket formats are forecasted and docked to create new core competitiveness of stores.  ④ Enrich the Suning member ecology and enhance user value.Carrefour China has 30 million loyal members, and has modern and essential consumer characteristics, which effectively complements the 400 million members of Suning System (consumption characteristics mainly based on electrical appliances and 3C products), and has an existing data analysis and mining capability foundation in Suning Tesco.On the other hand, you can further strengthen related recommendation, related consumption, increase user activity, increase user stickiness, and greatly increase user value.  Investment advice: After the acquisition, Suning will form a comprehensive coverage of major retail channels, including online self-employed, online platforms, offline specialty stores, department stores, supermarkets, convenience stores, and the omni-channel smart retail ecosystem.It is fully formed, and there is huge room for future synergy effects.Regardless of the consolidation impact of this acquisition for the time being, we estimate that the company’s net profit attributable to its parent from 2019 to 2020 will be US $ 16.5 billion and US $ 4 billion, respectively, and the corresponding PE will be 6,26 times, maintaining the “Buy” rating.  Risk factors: The acquisition progress is less than expected (this transaction still needs to be approved by the State Administration of Market Supervision and Administration); the existence performance of the acquisition target and the risk of goodwill; intensified competition in the industry

Annual special report series of TMT company’s special analysis (1)-Chaofan shares (833183): consulting and retrieval business with high growth and moving forward in the intellectual property market

Annual special report series of TMT company’s special analysis (1)-Chaofan shares (833183): consulting and retrieval business with high growth and moving forward in the intellectual property market

Event: On February 28, the company 杭州桑拿网 released the 2018 results flash report, which roughly achieved revenue5.

8.8 billion, an annual increase of 26.

85%; net profit attributable to mother is 6647.

950,000 yuan, an increase of 44 in ten years.

57%; excluding the share discount factor, net profit attributable to mothers will increase by 47 per year.

05% to 8369.

260,000 yuan.

(Company Performance Express) China’s leading intellectual property service provider has built a service system for the entire industry chain and has continued to improve its profitability: Since its establishment, the company has mainly engaged in patent agency services, trademark agency services and intellectual property advisory services.

The company has deeply cultivated the field of intellectual property, and has established more than 30 intellectual property service agencies including intellectual property agency companies, law firms, intellectual property consulting companies, intellectual property operating companies, intellectual property training companies, intellectual property research institutes, etc.Confirmation of rights, investigation, litigation, non-claim services, data, retrieval, analysis, consulting, transactions, training “and other layout of the development of the entire intellectual property industry chain.

In 2018, the company continued to increase high-quality supply, dating experts with rich industry experience in various sub-sectors, and various businesses developed smoothly, with a net profit margin of 10 in 2017.

17% increased to 11 in 2018.

31%, profitability continued to improve.

The intellectual property market has developed smoothly in the future, and the search and consulting business has become a strategic focus: the company’s business model has continued to diversify under the impetus of industry changes, and has gradually entered the intellectual property market.

In the first half of 2018, the company’s post-IPR business grew rapidly, and the operating income of the consulting and litigation business increased by 528% to 18.2 million yuan, which is expected to bring rapid growth.

In the later period, the company will continue to accelerate the accelerated intellectual property business, focusing on technology and intellectual property-intensive segmented industries. At present, the company’s search and consulting team has reached more than 100 people, including intellectual property experts in various sub-sectors.With more than one name and a deep human resource foundation, the company’s post-IP performance has increased significantly during the year.

In addition, operators and markets focus on subdivided industries and technologies, build related databases, integrate resources from all aspects, and open up the entire industry chain.

(Company announcement) The patent field continues to deepen, and the trademark business develops steadily: The patent field continues to exert its strength, benefiting from the protection of innovation in the economic transition and the company’s continuous efforts. The company continues to introduce and train outstanding patent agents, consolidating the quality of patent servicesThe patent agency business continued to grow in the current year, and the overall forecast of the patent business in 2018 has steadily increased in terms of both quantity and price.

The company’s trademark business has developed well in 2018. In the first half of the year, the cost of trademark business services increased by 21% to 101.71 million yuan, and revenue is expected to grow steadily.

At the same time, the company has developed the Trademark Steward (Biaohuo) and Trademark Production Management System (TMMS) to provide customers with more convenient professional services.

(Company semi-annual report) Strong customer relationship and upgrading to the medium and large customer market: Since its establishment, the company has worked with Alibaba, UTV, Huawei, NHK, Westport, Tsinghua University, Peking University, China Academy of Engineering Physics, etc.Well-known enterprises at home and abroad, universities and research institutions have established long-term cooperative relations.

In the first half of 2018, the company achieved significant benefits in upgrading to the medium and large customer market. The number of large customers with service fees exceeding 50 million increased by 93% to 29. The proportion of large customers will gradually increase.

(Company Semi-annual Report) The intellectual property industry is increasingly recognized by the country. As a leader in the integration of the entire industrial chain, the company will benefit: 2018 is the 10th anniversary of the implementation of the national intellectual property strategy outline and the year of reform of intellectual property institutions.

The comprehensive strength of intellectual property rights has reached a new level, and the number of domestic (excluding Hong Kong, Macao, and Taiwan) invention patents has reached 160.

20,000 pieces, an increase of 18 per year.


The protection of intellectual property rights has been comprehensively strengthened. The Standing Committee of the State Council passed the amendment (revision) of the Patent Law. The Standing Committee of the National People’s Congress has completed the initial transformation and actively established a punitive compensation system.clear.

The utilization efficiency of intellectual property rights has grown rapidly, with total import and export of intellectual property use fees exceeding US $ 35 billion, and patent and trademark pledge financing reaching US $ 122.4 billion, increasing by 12.


Secretariat, we predict that 2017 will be the first year of the United Nations intellectual property rights, and 2018 will be the first year of “strong protection” of intellectual property rights, which have all been verified.

Looking ahead to 2019, we predict that the national intellectual property protection will reach a higher level and the first year of the accelerated rise of the intellectual property market. As an industry leader, Chaofan will benefit from the development of strong protection of the industry.

(State Intellectual Property Office, company announcement) Investment proposal: Terminate the latest company and join 21.

22 yuan, market value of 12.

97 ppm, PE is 19.

5X, it is recommended to pay attention.

Risk reminders: ① the abolition of low-end patents under the protection of strong intellectual property rights; ② the risk of profitability substitution caused by policy changes; ③ the risk of rising costs caused by rising labor costs

Lake Electric (603355): Restoring revenue growth continues to boost domestic business

Lake Electric (603355): Restoring revenue growth continues to boost domestic business
Event: The company released the semi-annual report for 2019, and the company achieved operating income of 27 in 2019H1.950,000 yuan, at least -0.97%, net profit attributable to mother 2.36 ppm, an increase of 15 in ten years.39%, net of non-attributed net profit2.33 ppm, an increase of 19 years.44%; of which, Q2 income was 13.89 ppm, a five-year increase of 5.61%, net profit attributable to mother 1.50 ppm, an increase of 13 in ten years.78%,深圳spa会所 net of non-attributed net profit1.48 ppm, an increase of 18 years.68%; the company established a Thai subsidiary, mainly to expand the company’s overseas production capacity, fully explore the international market, and better meet the international market demand.  Export revenue improved month-on-month and continued to focus on domestic business: In terms of export sales, the company’s revenue was reduced primarily by the impact of the US market, and 19H1 export sales revenue was replaced by 2.About 5%.  In terms of domestic sales, the domestic sales revenue of 19H1’s main business income reached approximately 10.34 ppm, an increase of 1 per year.8%, maintaining a steady upward trend.In terms of channels, the company optimized the existing agency structure in the first-tier and second-tier cities; the third-tier and fourth-tier cities vigorously developed the franchise store model, with one store per county and expanded coverage.  Online cooperation and development with multiple platforms, including Xiaomi Youpin.  RMB depreciation improves performance, and new product development gains extra weight: the company’s 19H1 gross profit margin and net profit margin decreased by +1.71, +1.18pct, mainly driven by exchange rate factors, the improvement of the export gross profit margin caused by the increase in the decrease in the value of the currency. In the first half of the year, the exchange rate was affected by changes in exchange rates.Significant improvement.From the perspective of expenses, the company’s sales, management, R & D, and financial expense ratios were -0 each time in 19H1.24, -0.48, +1.04, -0.At 91pct, the increase in research and development expenses is mainly due to continuous expenditure on new products, and the company implements refined management to further reduce product costs in other alternatives and ensure better profitability.The advertising promotion fee in the sales expenses continued to increase at least. In addition to the traditional advertising models such as high-speed rail and airports, the company also actively adopted new media marketing channels such as Douyin to further enhance brand awareness.  Cash flow remained stable and the operating cycle lengthened: from the balance sheet perspective, cash at the end of 19H1 + other current assets increased by 0 from Q1.540,000 yuan, from the perspective of revenue budget, accounts receivable + bills fell 0 chain.2.6 billion, the inventory increased by 0.29 trillion, advance budget quarter +7.55%, reflecting the company’s potential for more stable revenue growth in the future.In terms of turnover, the company’s 19H1 inventory and accounts receivable turnover increased by zero for decades.91 days, 1.28 days, extended business cycle.From the cash flow statement, the net cash flow from operating activities in 19H1 was 7.09 thousand yuan, ten years +143.52%, of which cash inflows from sales of goods and services 31.17 trillion, ten years +9.41%.Q2 Net cash flow from operating activities.70 ppm, of which Q2 cash inflows of goods sold and services provided +18 per year.10%, the growth rate was significantly higher than Q1, mainly driven by the increase in cash repayments.  Investment suggestion: The domestic vacuum cleaner market is fiercely competitive, and the company’s own technology and manufacturing have achieved breakthrough advantages. Subsequently, the company’s marketing and channels are transferred, and domestic sales are improved. Export sales benefit from future overseas factory control costs and profitability.According to the influence of factors such as the increase in overseas construction costs, the net profit in 19-20 will be 5 years.7,6.9 trillion is adjusted to 4.9,6.20,000 yuan, 21-year profit forecast for the new 6.90,000 yuan, the current sustainable corresponding 19-21 year dynamic estimate is 16.9x, 13.5x, 12.2x, maintaining the “overweight” rating.  Risk warning: exchange rate fluctuations affect export business risks; domestic sales fall short of expected risks; raw material price fluctuation risks, etc.

Luxi Chemical (000830) Company Tracking Research Report: Jointly Build a High-end Material Platform with Sinochem

Luxi Chemical (000830) Company Tracking Research Report: Jointly Build a High-end Material Platform with Sinochem
Strong alliance to create Luxi Group’s high-end chemical materials platform.The company recently announced that Sinochem Investment Development Co., Ltd., a wholly-owned subsidiary of Sinochem Group (hereinafter referred to as “Sinochem Investment”), held 39% of the shares of Luxi Group, the controlling shareholder of Luxi Chemical (hereinafter referred to as “LuWest Group “),厦门夜网 and Liaocheng SASAC plans to hold the Luxi Group6.01% of the equity was transferred to Sinochem Liaocheng (a wholly-owned subsidiary of Sinochem Investment) for free. After this transfer is completed, Sinochem Investment will be held through shareholding and polymerization investment (the Luxi Group and Luxi ChemicalThe employee’s shareholding platform, holding 10% of the equity of Luxi Group), collectively controlled Luxi Group 55.01% equity, became the controlling shareholder of Luxi Group, and indirectly held Luxi Chemical 33 through Luxi Group.60% equity.Sinochem Group is a regular and important backbone enterprise supervised by the SASAC of the State Council.Sinochem Group will support Luxi Group to accelerate its development by expanding investment and synergy of the industrial chain, and strive to build a world-class chemical new material industrial park, and promote Luxi Group to upgrade from domestic first-class to international first-class in the field of new chemical materials. Luxi Chemical is the core high-quality asset of the controlling shareholder Luxi Group.The company’s leaders are looking ahead, and the company’s transformation from a fertilizer-based company to a large chemical industry is smooth.Since 2014, it has developed into a chemical enterprise mainly based on chemical products and new chemical materials, forming a complete industrial chain such as coal chemical industry, salt chemical industry, fluorosilicone chemical industry and new material chemical industry, which is a domestic high-quality chemical asset.Benefit from the acceleration of downstream infrastructure investment, sufficient investment in the real estate industry chain, and wait for the industry to pick up. Profit forecast: Based on the company’s product launch progress and expected profitability trends, it is expected that 19?The net profit attributable to mothers for 21 years was 14.5, 21.9 and 25.1 ppm, corresponding to 19?The 21-year PE dynamic estimate is 10, 7, and 6 times. With reference to 杭州桑拿comparable companies’ forecast levels, the company’s 20-year dynamic PE is about 9.3 times, the company’s reasonable value is 13.90 yuan / share, maintain “Buy” rating. Risk warnings: 1. Low expectations for new product launches; 2. Significant adjustments in product prices; 3. Pressure on capital outflows; 4. Macroeconomics exceeding expectations.