High Energy Environment (603588): Soil Remediation Leader Benefits from Soil Law Implementation and Relocation of Chemical Enterprises

High Energy Environment (603588): Soil Remediation Leader Benefits from Soil Law Implementation and Relocation of Chemical Enterprises
The annual report for the 18 years and the first quarter of the year of 19 announced that the high-growth company announced the 2018 annual report and the first quarter of 2019. The company’s revenue in 2018 was 37.6.2 billion, a 63% increase in ten years; net profit attributable to mothers3.2.5 billion, an increase of 69% in ten years.Of which operating income 11.60,000 yuan, an increase of 95% in ten years; project income 26.USD 0 billion, a year-on-year increase of 52%, the company’s operating revenue share increased to 31%, and its operating gross profit share increased to 38%.Revenue for the first quarter of 20196.800 million, an increase of 37% over the same period;550,000 yuan, a year-on-year increase of 76%.The reason for the increase in net interest rate is that this year received the previous year’s engineering and goods payments, and the asset impairment loss of 12.87 million yuan. The average value of the three major sectors is growing rapidly. The cash flow history is best broken down by business, and environmental restoration revenue12.9 ‰, 68% increase in ten years, gross profit margin increased by 2.6pct; income from domestic waste disposal 9.5 ‰, a year-on-year increase of 154%, and gross profit margin decreased by 4.4 points; income from hazardous waste disposal 11.6 ‰, a year-on-year increase of 89%, and gross profit margin decreased by 3.2pct.The company’s overall gross profit margin in 2018 was 1.3pct, mainly due to the decline in gross profit margin of urban environmental business and industrial environmental business.The company’s operating cash flow in 20183.200 million US dollars, a net cash ratio of 81%, an increase of 39 pct, a new high over the years, mainly due to the company’s enhanced cash collection, the cash ratio reached 92%, surpassed by 7.6 points; operational coping growth 2.500 million US dollars, mainly due to the subcontracting of suppliers and the occupation of materials and equipment. Orders doubled and increased based on subsequent trends 78 new orders in 2018.4.5 billion US dollars, a previous substantial increase of 136%.Among them, environmental repair orders were 2.1 billion, an increase of 99%; domestic waste supplement 苏州夜网论坛 orders were 3.8 billion, an increase of 268%; new orders for hazardous waste disposal were 1.4 billion, an increase of 100%. The leader in soil restoration, benefiting from the implementation of the soil law and the relocation of chemical companies, the company’s net profit attributable to mothers in 2019-2020 is 4, respectively.4/5.5/6.60,000 yuan, currently corresponding to 17 times the PE of 2019The Soil Pollution Law has been implemented since January 2019. The number of chemical companies in Jiangsu has decreased and moved into the park. The industry will usher in rapid growth in demand, and the company will fully benefit as the industry’s leader in soil remediation.In addition, the company’s layout of waste incineration and hazardous waste disposal has entered the harvest period.Given 25 times PE in 2019, a reasonable value of 16.7 yuan / share, give “Buy” rating. Risk warning: M & A project landing is less than expected; construction project progress is expected gradually; financing progress is expected gradually

Three Six Zero (601360): Government and enterprise security, urban security will become a new growth pole

Three Six Zero (601360): Government and enterprise security, urban security will become a new growth pole

Report Summary: Incidents: In the epidemic prevention and control work, the nature of new security was highlighted, and integration of new technologies such as big data, artificial intelligence, and cloud computing is becoming a force demand for cities to respond to the epidemic.

  Viewpoint: The company’s government and enterprise security business has gradually landed, and the future is worth looking forward to.

  As cyber security gradually rises to the national strategy, the company will place government and enterprise cyber security, urban security, and traditional Internet business in the same place. In the future, government and enterprise security will become a key strategic direction.

  The highest ranking, 360 cuts in from a security perspective, which is more suitable for cloud and data capabilities.

Moreover, 360 starts with the general contract, and it is not a complete competitive relationship with traditional manufacturers, and can work together in the future.

This is conducive to the company’s government and enterprise security business.

  The company’s government and corporate affairs development has been in force since 19 years, and major orders have successively landed, and successively won orders from Tianjin, Chongqing and other places.

It is expected that more orders 杭州夜生活网 will be announced in 2020, which is worth looking forward to.

  The company’s urban security business is expected to obtain continuous development and generate many new requirements in urban management, floating population management, and big data cloud computing capabilities, which will promote the expansion of the overall urban security business’s tolerance for the market.
The company’s urban safety brain is in the process of being developed and is expected to be re-developed in the future.

  The company is a safe and controllable national team and insists on investing heavily in research and development.

The company has strong big data capabilities, the largest security team and massive resources in China.

In recent years, the company’s R & D investment has exceeded 2 billion a year, and the R & D expenses reached 2.7天津夜网 billion in 2018, which have guaranteed the company’s technological capabilities and competitiveness.

  Company profit forecast and investment grade: We estimate that the company’s net profit for 2019-2021 will be 39, 43, and 51 trillion, respectively, and the corresponding EPS will be 0.

59, 0.

65 and 0.

75 yuan.

The current sustainable corresponding PE values for 2019-2021 are 40, 36 and 31 times respectively.

Maintain the “Recommended” level.

  Risk warning: The advertising market is worse than expected, and the government and enterprise security business is worse than expected.

CITIC Construction Investment: May 1 holiday extended attention to Zhangjiajie + Yunnan Tourism

CITIC Construction Investment: May 1 holiday extended attention to Zhangjiajie + Yunnan Tourism

CITIC Construction Investment Service-Minutes: May 1 holiday extended, Zhangjiajie + Yunnan Tourism is strongly promoted. CITIC Construction Investment Service Co., Ltd. Business Travel Jiao[Small holiday is the biggest policy bonus for the tourism industry]On March 22, the General Office of the State Council issued a notice “May 4th, 2019, 4 days holiday, a total of 4 days, “means that the” May 1st “official holiday date has reached the longest number of days in recent years.

For small holidays, the tourism benefits created will increase geometrically as the number of days increases: 1) inspire consumers ‘intentions for short-distance travel during holidays and increase spending on consumer items (transportation, accommodation, etc.); 2) attract consumers to“ spell off”Travel intentions.

Under the expansion effect, the number of tourists during the “Eleventh” Golden Week, the total tourism income is about 6-8 times of the three-day long holiday.

Therefore, this year’s “May 1” tourism data will be significantly improved than before.

  [The “May Day” holiday is good for domestic travel, which is a major benefit for the scenic area.]According to travel habits, most of the tourist behavior is still based on short trips of 2-3 days.

At the same time, judging from the number of holiday days, the four-day holiday period of “May 1st” is not enough for long-distance outbound travel. Therefore, many tourism behaviors will gradually be merged into the country, and the domestic tourism resource targets (attractions, tax exemptions, hotels, etc.) willGenerate competition promotion.

Among them, the attractions sector (core tourism resources) is expected to reap the largest policy dividend this time.

  [After gradual adjustment, the estimated level of the observation plate is low]In general, the plate has continued to decline in 2017-2018, with annual reductions of 18% and 20%, respectively. The levels have now reached the level, and the necessary flexibility will be countered.

We select targets that have both fundamental improvement and consistent flexibility for key recommendations.

  [Key recommendation one: Zhangjiajie]Attractions transportation continues to improve, extension projects are expected to land 1, and the transportation of attractions will improve in 2019.

a) Wulingshan Avenue has been completed and opened to traffic at the end of December. Previously, due to road construction, closed construction was implemented in 2018; b) Yangjiajie Avenue was opened to traffic before the Spring Festival, and the distance between Zhangjiajie City and Yangjiajie Attractions Tickets Station can even be changed, Can still ease the traffic pressure during the peak season and carry out traffic diversions; c) the advancement of railway construction in the future and the long-term improvement of the radiation range of scenic spots-this year will usher in the opening of the Guizhou-Zhangzhou-Changzhou Express Rail Link; Zhang Jihuai is expected to be put into use in 2021, connecting Zhangjiajie and PhoenixAttractions; Jingzhang high-speed rail has been under construction.

  2. Dayong Ancient City is expected to open in October this year.

The Dayong Ancient City project that the company focuses on is the key to business transformation. It will be built as a cultural tourism complex that combines eating, drinking, playing, shopping, and entertainment.

From the perspective of business attributes, Dayong Ancient City is an important strategy for the company to transform leisure tourism from traditional sightseeing tours.

The current project progress has reached 93.

At 50%, the main construction of Dayong Ancient City has been completed, and the two major service projects of large-scale folklore performance “Meeting Dayong” and the flight theater have been basically completed.

It is expected that the annual operating income will reach 4 after the operation is mature.

2.5 billion, with a net profit of 1.

8.5 billion, after the project is completed, it will inject momentum into the company’s long-term development.

  3. It is expected to integrate local tourism resources as a listing platform.

The company is the only listed platform for state-owned assets in Zhangjiajie City, with strong motivation for resource integration.

In 2017, the company has carried out business adjustments (removing non-performing assets). With the Dayong Ancient City project nearing completion, the company’s expectations for resource integration have begun to increase. As the local tourism resources are extremely abundant, the integration of high-quality assets willThe company’s tourism business has had a positive effect.

  [Key recommendation 2: Yunnan Tourism]After the business reorganization, the company has splendidly changed, and shareholders’ support has helped to take off. The company is the key to OCT Group’s layout of Yunnan tourism.

In 2016, the Overseas Chinese Town Group announced that it would invest 100 billion yuan to improve Yunnan ‘s cultural tourism infrastructure and public services under the PPP model. The United Nations opened the bank, China Construction, China Railway, China Railway Construction, China Metallurgical and other state-owned enterprises.Integrate, develop, and strengthen.

At the same time, OCT Group and Yunnan World Expo Tourism Group and Yunnan Wentou Group have implemented a strategic reorganization, and controlling the World Expo Group (a major shareholder of Yunnan Tourism) is one of the key links.

OCT’s layout in Yunnan is still in a period of rapid progress, and the company will benefit deeply as a local tourism listing platform.

  2. Repositioning the main business and injecting high-quality assets in cultural tourism technology.

Wenlv Technology is a comprehensive supplier of first-class domestic high-tech amusement equipment 武汉夜生活网 R & D and manufacturing, park planning and design, and engineering commissioning services.

Cultural Travel Technology will deeply benefit from the investment bonus of the theme park and the internal resource advantages of shareholders in the state-owned assets, and the ability to obtain orders claims to be at the top level.

At the same time, Cultural Tourism Technology actively develops, cultivates IP projects, opens up the entire industry chain, and checks the profitability of its peers (net interest rate is above 35%).

  3. Spin-off the real estate business and focus on the large tourism industry.

The company has announced that it will dispose of its real estate business.

At the same time, the Overseas Chinese Town Group will support the company in transforming and upgrading the Expo Park.

Considering that OCT Group is the only tourism central enterprise in China and has strong ability to operate tourist destinations, the company will obtain great support in the field of tourism.

Merging Yunnan State-owned Assets Supervision and Administration Commission, another major shareholder, with local tourism resources, the company has great potential for future development.

Tianshun Wind Energy (002531): Proposed acquisition to increase overseas and offshore wind power business layout

Tianshun Wind Energy (002531): Proposed acquisition to increase overseas 西安耍耍网 and offshore wind power business layout

Report Summary: The announcement outlines that the wholly-owned great-grandson company “Tianshun Germany” intends to contribute 0.

2.2 billion euros. Acquired operating assets in Cuxhaven, northern Germany, formerly owned by Ambau for the production of offshore wind power pile foundations.

Ambau is bankrupt and Tianshun Germany is not responsible for any debts related to the acquisition of the assets.

Investment points The proposed target has certain business synergy with the traditional main business of Wind Tower.

The company’s headquarters has a certain overseas business layout, with factories in Denmark, export operations throughout North America, Europe, South Asia and other regions, and into the procurement system of well-known international wind power equipment manufacturers such as GE, Vestas, Siemens-Gomea.

In the first half of 2019, overseas business contributed 46 to the company.

2% of operating income; according to records of investor relations activities disclosed on September 2, 2019, the first half of 201920.

Of the 38 tower sales announced, about 10.

9 Exported overseas for the first time, accounting for 53.


The company stated in the 2019 Interim Report that it will accelerate its capacity expansion plans in Southeast Asia and Europe, and respond to trade protection risks through factory layout. Therefore, this acquisition is in line with the company’s development strategy.

According to the announcement, the target of the purchase is one of the important suppliers of offshore wind power pile foundations in the North Sea in Europe. Customers include GE, Nordex, Siemens, Vestas, etc.

We believe that if the acquisition is successful, it will strengthen the company’s supply capacity to the world’s first-class wind power generator manufacturers and expand the company’s business layout in the offshore wind power field.

The profit forecast 杭州夜网论坛 does not consider the completion of the acquisition for the time being. We expect that the company’s existing assets will achieve net profit attributable to mothers by 2019-2021.

7.4 billion, 8.

3.5 billion and 9.

400,000 yuan, EPS0 for the appropriate period of equity.

38 yuan, 0.

47 yuan and 0.

53 yuan, corresponding to 2019.


2 closing price of 18.

2 times, 14.

7 times and 13.

1x P / E.

Pay attention to the optimization of the company’s business structure and maintain the “highly recommended” level.

Risks indicate that wind power construction may not meet expectations; the company ‘s cost control may not meet expectations; there is a certain degree of uncertainty in the operating prospects of Germany’s proposed assets.

Zhongju Hi-tech (600872): Orderly expansion of condiment business expects accelerated growth after change of controller

Zhongju Hi-tech (600872): Orderly expansion of condiment business expects accelerated growth after change of controller

The 2018 results are in line with expectations. The 2018 results announced by Zhong Ju Hi-tech: operating income increased 四川耍耍网 by +15.

43%; net profit attributable to parent company +34 per year.

01%, corresponding to a profit of 0.

76 yuan, basically consistent with the performance report.

Development Trend The condiment business expansion path is clear, and the five-year “double hundred” goal is clear.

The gross profit margin of condiments decreased slightly, and the sales expense ratio continued to optimize.

Real estate business revenue recognition is accelerating, and Bao is expected to play a synergy.

The change of the actual controller was completed, and the company was officially transformed into a private enterprise.

The profit forecast considers that the parent company has no one-time property sales in 19/20, and the income and profit are reduced, but it is assumed that the company will re-organize the state-owned net profit of 20% equity of Bangbang Company from 19 years onwards, and increase the net return to motherProfit forecast 6.

6% / 8.

7% to 0.


22 yuan.

Among them, the revenue of delicious fresh company is expected to be +15 per year in 19/20.

3% / + 14.

9%, excluding the change in minority shareholders’ equity, the same net profit attributed to the mother +24.

0% / 25.

5%, if considering the changes in minority shareholders’ equity, the net profit attributable to the mother +34.

8% / 25.

5%, corresponding to EPS 0.


24 yuan.

Estimates and recommendations After excluding the market value of US $ 3.3 billion in the real estate business from the total market capitalization, currently corresponding to the corresponding company’s condiment business 33/26 times P / E in 19/20, considering the increase in profit forecasts and the upward adjustment of the sector’s estimated hub, according to the condiment business33 times P / E in 2020, corresponding to a total target market value of 36 billion yuan and a target price of 45 yuan, an increase of 25% from the previous target price and 23% from the previous space consumption, maintaining the recommended level.

Risks We expect that after the actual controller changes, the running-in period required by both parties may bring certain uncertainty to the growth rate of short-term income and profits.

Wanrun (002643): optimistic about the rapid growth of inside and OLED materials

Wanrun (002643): optimistic about the rapid growth of inside and OLED 苏州夜网论坛 materials

Recent situation of the company In the past month, Wanrun shares achieved an increase of 12.

2%, we update as follows.

Comments continue to be bullish on the rapid growth of the polymer materials business.

The company expects that the remaining 2,500 tons of production capacity for the second-phase expansion of raw materials will be put into production before the end of the year. At the same time, the company plans to build a ZB / MA series production capacity of 4000/3000 tons. We expect to start production gradually by 2020.

The company is the core supplier of Johnson Matthey high molecular molecular sieve, benefiting from the gradual release of increased production capacity of materials and the implementation of National Six emission standards to drive demand growth. We expect the company’s raw material sales 苏州桑拿网 growth to reach 40% in 2020.

The liquid crystal monomer and intermediate business is expected to grow steadily.

CICC Electronics Group expects that LCD panel supply and demand is expected to improve in 2020. Panel unit prices are expected to start increasing in March 2020, mainly due to the big year of sports events. Is it expected that the LCD panel demand growth rate will rise to 4% in 2020?
6%; the supply side is affected by the withdrawal of Korean panel manufacturers LGD, Samsung and other production capacity. It is expected that the growth rate of large-size panel size and area will fall to 5% in 2020?

Benefiting from the improvement in supply and demand of the panel and the expected rise in prices, we expect that it will ease the pressure on price reduction of upstream mixed crystals, which will help the company’s liquid crystal monomer and intermediate business to develop steadily.

Optimistic about the rapid development of OLED materials business.

The company is the largest supplier of OLED materials before sublimation in China. At the same time, according to the company’s plan, the subsidiary Jiumu Chemical will continue to expand the production capacity of OLED materials, move to the expanding global OLED market, and continue to produce OLED monomers and intermediates to ChinaTransfer, we expect the company’s OLED material orders are expected to continue to grow rapidly.

At the same time, the company’s proprietary independent intellectual property rights of OLED finished materials are certified by downstream manufacturers. If the certification is passed, we expect the company’s OLED material business profit and forecast to increase significantly.

Estimates suggest to maintain 2019/20 profit forecast5.


3 billion.

Currently the company is in line with the corresponding 2019/2020 PE ratio of 24/20.

5 times.

Considering the evaluation switching and the high certainty of the company’s asset business increment, the target price is raised by 18% to 16.

5 yuan, corresponding to 16.

2% growth space and 23 in 2020.

8 times price-earnings ratio, maintain outperform industry rating.

The lowest risk sales were lower than expected, and the price of liquid crystal materials fell.

Hongfa (600885): Performance growth in line with Shen Wanhongyuan’s expectations The power and automotive industries are the key directions

Hongfa (600885): Performance growth in line with Shen Wanhongyuan’s expectations The power and automotive industries are the key directions

Event: The company released the third quarter report of 2019, and the company achieved operating income in the third quarter.

41 ppm, an increase of 2 per year.

54%; net profit attributable to mothers2.

10,000 yuan, a decrease of 9 a year.

06%; the company achieved operating income of 51 in the first three quarters.

48 ppm, an increase of 1 per year.

87%; realized net profit attributable to mother 5.

5.6 billion, a decrease of 5 per year.


The performance growth rate was in line with Shen Wanwanyuan’s expectations.

Investment 杭州桑拿网 points: The growth rate of performance is in line with Shen Wanhongyuan’s expectations, and the currency funds in hand have increased significantly.

The company achieved operating income of 51 in the first three quarters.

48 ppm, an increase of 1 per year.

87%; realized net profit attributable to mother 5.

5.6 billion, a decrease of 5 per year.


The main reasons for the change in performance are: 1) High-voltage DC relays, power relays, industrial control relays, signal relays, low-voltage switches and other sectors have maintained rapid growth; 2) General-purpose relays and automotive relays are facing sales pressure.

Affected by sales rebates, collection discounts and restructuring returns, the company achieved net cash flow from operating activities in the first three quarters.

53 trillion, compared with 2 in the same period last year.

710,000 yuan, an increase of 471 in ten years.


As of the end of September 2019, the company has monetary funds in hand16.

76 million, a year-on-year increase of 150%.

Power relays benefit from the smart meter replacement cycle, and Indonesian plants are put into production to accelerate overseas market development.

Domestically, the bidding volume of State Grid electricity meters has begun to recover from the second half of 2018. Internal bidding in 2019 is expected to reach 73.91 million units, an annual increase of 37%.

The company’s main product, the magnetically held relay, has a share of more than 60% on the State Grid, and it is expected to continue to benefit in the next two years.The first overseas factory was officially put into production in Indonesia in early August, which is expected to further enhance the company’s overseas competitiveness of power relays and accelerate overseas market development.

High-voltage DC products have been successfully certified at home and abroad, and have quickly entered the new energy vehicle market.

The company’s high-voltage DC relays occupy about 40% of the domestic market. Customers include BAIC, BYD, and Ningde Times. They have obtained major projects such as Land Rover, Porsche, Volkswagen MEB, Mercedes-Benz, Ford, Tesla, Samsung batteries in overseas markets.Vendor-specified certificate.

The company has entered the supply chain of Tesla, Mercedes-Benz and Volkswagen, and is currently the main supplier of Volkswagen’s MEB platform. It has begun to supply pre-charge relays to Tesla in small quantities.

As the export-oriented export-oriented enterprise with the largest relay output in the world, the company is expected to benefit from the rapid growth of the new energy automobile industry.

In terms of traditional automotive relays, the company focuses on the R & D and production of high-current PCB automotive relays (replacement of plug-in automotive relays). It is expected to be replaced and increased in large scale in 2022.

Maintain the profit forecast unchanged and maintain the “overweight” rating: we estimate that the company’s net profit attributable to the parent in 2019-2021 will be 7, respectively.

8 million yuan, 7.

8 billion and 8.

97 ppm, corresponding EPS is 0.

95, 1.

05, 1.

20 yuan / share, the current expected PE is 27, 24, 21 times, maintaining the “overweight” level. Risk warning: State Grid smart meter bidding progress is not as expected; the promotion of new energy vehicles is less than expected.

Contemporary Mingcheng (600136): The fixed increase will help the company improve its financial performance

Contemporary Mingcheng (600136): The fixed increase will help the company improve its financial performance

Company dynamics maintained outperformed industry companies Recent situation The company’s fixed increase plan was approved by the CSRC on July 5.

According to the plan disclosed by the Air Force, the proposed increase in funding is not to exceed 18.

70 trillion, 0 shares issued.

9.7 billion shares (20% of the total share capital), the net proceeds raised are intended to be used for the acquisition of equity in Xinying Cayman.

  The comment indicates that the additional funds are expected to improve the funding gap required to acquire Xinying Sports and reduce the 深圳桑拿洗浴网 company’s financial pressure.

The company’s air force formed a large debt due to the acquisition of Xinying Sports.

As of 1Q19, the company’s interest-bearing debt (short-term loans, long-term loans and bonds payable) reached 29.

5.6 billion (+ 46% YoY).

14%); asset and debt restructuring 58.

90%, an increase of 5 per year.

23pct, significantly higher than the industry average.

Large debts put pressure on interest expenses.

The company’s interest expense in 2018 was 3.

3.6 billion; 19Q1 financial expense ratio also reached 14.

52%, an increase of 5 per year.

39 points.

The fixed increase is expected to significantly improve the company’s financial position and increase profitability.

  Based on the static assumption that business growth expectations are unchanged, to 18.

The total raised capital of 7 billion US dollars is counted, and all the raised funds are used to repay debt financing (the interest rate of corporate bonds in 2018 was 7).

5%), we expect the company’s financial expenses to decrease by 1 in 2019.

4 billion.

  The implementation of Dingzeng will also help to integrate the Xinying Sports core team.

According to the pre-determined increase plan, the company’s four issue targets are the contemporary group of which the actual controller belongs (40% of the subscription), and Mr. Li Jianguang, chairman of Xinying Sports (accounting for 27).

5%), Mr. Yu Lingxiao, President of Xinying Sports (22%).

5%) and Mr. Li Hongxin, partner of Cetai Investment Fund (10%).

  Major shareholders increase their holdings to increase their holdings, which will reflect their confidence in the company’s development. At the same time, the core personnel of the Xinying Sports Management Team have also realized in-depth restraints with listed companies, which will help the management team to achieve long-term stability and achieve long-term incentives.

  Looking forward to the company’s sports business segment entering the harvest period.

Xinying Sports has cultivated in the football field for many years, and has reserved a wealth of top-level tournament resources, including the 2018/19 Premier League broadcast rights and program rights, 2018-22 UEFA new media rights and sponsorship rights,25 years and 6 seasons of La Liga all-media copyright, 2021-28 AFC commercial rights.

At present, the sales of sponsorship rights for the AFC matches in 2021-2024 have officially started, which is expected to increase the performance of listed companies.

Looking forward, after the smooth increase of the fixed increase, the company’s resource reserves and operating strength have been continuously improved, and the commercial potential of the sports sector is expected to continue to be released.

  It is recommended to take into account that the company has not yet completed its fixed increase. We temporarily maintain the 2019-2020 profit forecast. The company currently prioritizes the 2019/20 25.


9 times price-earnings ratio.

We maintain our Outperform rating and 16.

The target price of 0 yuan, 37 last year.

22% upside.

  The risk increase cannot be successfully implemented, the target performance of the merger and acquisition is lower than expected, and the goodwill is impaired, and major adverse changes in the industry’s regulatory policies have occurred.

Shun Xin Agriculture (000860): Advance receipts continue to increase Niu Er accelerates nationalization

Shun Xin Agriculture (000860): Advance receipts continue to increase Niu Er accelerates nationalization
Event: The company achieved operating income of 120 in 2018.74 ppm, a ten-year increase2.90%; realized attributable net profit of 7.440,000 yuan, an increase of 69 in ten years.78%, net profit after deduction of non-attribution7.930,000 yuan, an increase of 129 in ten years.59%; basic return 1.30 yuan, an annual increase of 69.78%. Advance receipts increased significantly, Niulanshan continued to increase.Net profit of the company in 20187.US $ 4.4 billion, falling in the performance forecast range, the overall performance was in line with expectations, net profit after deductions7.930,000 yuan, an increase of 129 in ten years.59%, mainly due to the disposal of fixed assets, resulted in -0.Non-recurring gains and losses of $ 59 million; however, advances received from parent company statements were 46.68 ppm, a previous sharp increase of 42.01%, a record high, surpassing market expectations; of which 18Q4 achieved revenue of 28.71 ppm, a decrease of 0 per year.49%, net profit 2.2.5 billion, an annual increase of 25.13%, overall revenue decline was mainly dragged down by slaughtering business.In terms of business, liquor sales in 2018 were 92.78 ppm, an increase of 43 in ten years.82%, net interest rate 11% -12%, slaughter income 23.68 ppm, a decrease of 20 per year.23%, expected to be about 50 million-1 million; real estate expenditure is about 2.5-3 ppm; of which, the national liquor market layout continues to accelerate. At present, there are 22 provincial (including municipality-level) sales markets in Niulanshan with a value of more than 100 million U.S. dollars. The Yangtze River Delta and the Pearl River Delta have developed more rapidly.The growth rate of regional primary income is about 60%. The gross profit margin increased and the expense ratio decreased slightly during the period.The company’s gross profit margin in 2018 was 39.96%, a significant increase every year 6.04pct, mainly due to the increase in profitability of meat products and real estate business.Costs during the period of 201817.08%, a decrease of 0 per year.88pct, of which selling expenses cost 10.14%, an increase of 0 every year.34cpt, overhead cost 5.76%, down by 1 every year.06pct, financial expenses cost 1.19%, a decline of 0 per year.15 marks.The company’s net profit margin in 2018 was 6.03%, an increase of 2 a year.26 points, profitability has been significantly improved.The company’s net cash flow from operating activities in 2018 was 31.75 ppm, an increase of 28 in ten years.52%, mainly due to the report of a gradual advance in account receipts. Active planning for 2019 and strong momentum for the Spring Festival sales.According to channel feedback, the revenue plan for Jiangsu, Zhejiang and Shanghai in 2019 will increase by 35%. We expect to achieve 50% of the gradual target during the Spring Festival, exceeding the 40% completion rate last year.In terms of inventory, the current inventory level has been down for more than a month and it is expected to be fully digested in April, more than one month earlier than last year.In terms of products, in 2019, we plan to reduce the proportion of aging of old products by 65% from 72% and increase the proportion of new products to more than 25%.With the initial promotion of 20-30 yuan products outside the province and further decline in channels, we expect that the growth rate of liquor revenue in 2019 is still expected to achieve 20% -30% growth.Taking into account the decline in raw material prices and the possibility of reducing real estate cuts, the corresponding profit-side growth rate is expected to be more positive. In the long run, Niulan Mountain 杭州夜网论坛 has continued to grow.In the short term, we believe that Niulanshan’s low inventory model + rigid demand attributes + high cost-performance advantages enhance the company’s smooth ride through the cycle, and the continued high growth in markets outside the province drives performance growth.In the long run, the company’s current market share is less than 10% in the low-end liquor market with a scale of 100 billion yuan. It is expected to bring down channel barriers + brand advantages + natural sales model to continue to harvest the market share of real estate wine and competitive products.At the same time, the company’s Hainan project and Xiapotun project will gradually recognize revenue. We expect that the company’s financial pressure and real estate business will gradually change from 2019.With the company’s main business gradually becoming clear, performance flexibility has been fully reflected, the company’s market value is still underestimated, we continue to recommend. Investment suggestion: re-buy rating, and continue to recommend.We expect the company’s revenue to be 139 in 2019-2021.70, 165.19, 188.57 ppm, an increase of 15 in ten years.70%, 18.24%, 14.16%; realized net profit of 12 respectively.95, 16.82, 19.980,000 yuan, an increase of 73 in ten years.97%, 29.93%, 18.75%, corresponding EPS is 2 respectively.27, 2.95, 3.50 RMB. Risk reminder: the speed of real estate business declines, the company’s mechanism improvement progress exceeds expectations, and competition for low-end wine is intensifying.

Sino-Singapore (002912): Incentive landing to ensure medium and long-term growth

Sino-Singapore (002912): Incentive landing to ensure medium and long-term growth

Event: On December 16, 2019, the company disclosed its 2019 annual stock incentive plan (budget).

Proposed grant of 320 statutory shares.

160,000 shares, accounting for 3 total shares.

00%, grant price 58.

43 yuan / share. It is estimated that the growth rate of net profit in 19-20 years will be compared with that of 40 listed 杭州桑拿 companies in the industry in 18 years.

Add 54 at the same time twice.

500,000 shares (accounting for 16 of the plan.


Main points: (1) The fair share of incentives accounts for 3% of the total equity, covering 378 key people in the related and technical business. The scope and intensity of the incentives are relatively large, which is conducive to retaining key talents, mobilizing enthusiasm, and long-term growth of the company.

(2) The incentive also selects the net profit growth rate for 2019-2022 at the same time. The comparison of the growth rate of the same industry is used as an assessment. The unlocking criteria are somewhat challenging and appropriate, reflecting the operating confidence and expectations of higher growth rates in the next three years.

Unlocking puts forward clear requirements for ROE: the three unlocking periods require that the ROE from 2020 to 2022 be no less than 13% and 13 respectively.

5%, 14%, and not lower than the 75th percentile of 40 listed companies in the same period.

With reference to 2013-2018 historical data, the company’s ROE is only slightly higher than the sample’s 75th quantile. This unlocking condition helps the company maintain its competitive advantage in the past compared with its peers in terms of operating efficiency.

Unlock the clear requirements for the growth rate of net profit: clear the company’s net profit growth target for the next three years, that is, the net profit of 19-20, 19-21, 19-22 is lower than the growth rate of 2018 net profit, respectivelyNot less than 40%, 50%, 65%; At the same time, the above three growth rates are required to be not less than the 75th percentile of the corresponding sample of the year.

(1) In 19-21 and 19-22, the average growth rate of the average net profit is relatively high, and unlocking it is challenging.

If the wind is consistent with expectations, after excluding 16 companies with no consensus in the 40 samples, the 75th percentile growth rate is about 75%.

If the company’s net profit in 20182.

05 trillion is the base, then the total net profit of 19-20 years at 75% growth rate should reach at least about 7.

20,000 yuan (not considering incentive costs).

(2) Objectively, there must be uncertainty in the growth rate of peer companies. The company’s selection of this indicator as the unlocking condition indicates that the company is more optimistic about future main business operations and performance cashing; and the incentive plan is expected to promote long-term promotion of operating efficiency.

The impact of cost amortization is limited: this period of incentives will generate crack quota costs in 20-21 years, about 0 respectively.

44, 0.

US $ 5.8 billion, which is expected to have a certain impact on the current year’s performance, but the net profit assessment in the unlocking conditions is an amount that does not take into account amortization expenses, and the expenses are still in the replacement range.

It is expected that the efficiency improvement brought about by the incentive plan will effectively compensate for the impact of cost amortization. The acceleration of this breakthrough scale will help the company retain key talents, mobilize enthusiasm, and help the company’s long-term growth.

Revise down earnings forecast and maintain “Buy” rating.

The core of traffic and information security is driven. The front-end + size pattern and advantages remain unchanged. However, 淡水桑拿网 considering the impact of the distribution of incentive costs on the profit statement in 2020, the profit forecasts for 2020 and 2021 will be lowered. The profit forecasts for 2019 will remain unchanged.

The company’s net profit is expected to be 2 in 19/20/21.



2.3 billion (before the reduction was 2).



8.6 billion), corresponding to PE of 43/34/24.

Maintain “Buy” rating.