China Shenhua (601088): Deduct non-net profit to maintain growth and integrate the entire industrial chain to stabilize operations

China Shenhua (601088): Deduct non-net profit to maintain growth and integrate the entire industrial chain to stabilize operations

China Shenhua’s 18-year deduction of non-net profit also increased by 2.

1% China Shenhua (601857) announced the 2018 annual report on the evening of the 23rd, and the company realized operating income of 2641.

1.0 billion, an annual increase of 6.

2%, net profit attributable to shareholders of listed companies 438.

670,000 yuan, a year-on-year decrease of 2.

6%; deduct non-profit 460.

65 ppm, a 10-year increase2.

1%; basic profit return 2.

205 yuan, deducting the unexpected income 2.

316 yuan, expected average return on net assets of 13.


The fourth quarter achieved operating income of 700.

1.7 billion, an annual increase of 5.

75%, net profit attributable to shareholders of the parent company is 85.

8.9 billion, down 8 a year.


Proposed distribution of RMB 0.

88 yuan (including tax) deducts non-net profit and maintains growth. The integration of the entire industrial chain is stable and operating. Under the influence of the company’s high base, the company’s revenue growth rate and net profit have decreased.Impact, deducting non-net profit actually increased 2.


The company’s overall gross profit margin fell by 0.

20pct to 41.

12%, the company’s overall expense ratio fell by 1.

05pct, the expense ratio rose by 0.

09pct, net interest rate fell by 1.

27 points to 20.


Sub-coal board: Reported coal realized income of 2051.

91 ppm, a ten-year increase4.


Coal sales were 460.

9 million tons, +3.

9%; average selling price of coal is 429 yuan / ton, +0.


The company ‘s Shenbao and Shendong mining areas stabilized and increased production, and the company ‘s own coal production rose by 0.

4% to 296.

6 million tons, the cost of self-produced coal 113.

4 yuan / ton, +4.

5%; gross margin decreased by 2.5pct to 28.


In the future, the production progress of Haerwusu, Baorixile and other mining areas will be promoted. Other mining areas will gradually increase production capacity instead 深圳桑拿网 of increasing production capacity. The company’s self-produced coal output will increase, providing the company’s profit space. Power generation business: Power generation business achieved 884.

5.2 billion, +11.


Achieve electricity sales of 267.

59 billion kWh, +8.

7%; average electricity price is 318 yuan / MWh, + 1.


The fastest increase in the electricity consumption of the whole society, coupled with the policy level leading to the decline in coal prices, the cost of the power generation business segment fell, and gross profit rose.

7pct to 22.


Transportation business and coal chemical business: Reported increased coal sales and rail turnover +4.

0%, income +4.

2%, gross profit is reduced by 1.

4pct; the amount of coal in the port is +4.

6%, income +7.

1%, gross profit dropped by 5.

5pct; expected freight volume +11.

4%, ten-year turnover +11.

8%, income +25.

9%, gross profit -2.

7 points.

In the coal chemical industry, polyethylene sales were -2.

8%, polypropylene sales -3.

6%, income +2.

8%, gross profit +4.

3 points.

Investment strategy China Shenhua, as the largest domestic listed coal company, integrates the entire industrial chain layout of coal, power generation, ports, tons, and coal-chemical integration. Coal, power generation and transportation have become the three pillars of the company’s performance.

The company has a cost advantage, has an integrated operating advantage and scale effect in the industry, and significantly enhances the company’s ability to resist drift and risk.

In the context of supply-side reforms, with the rapid replacement of advanced production capacity, the company is expected to continue to benefit from the favorable policies brought by the release of advanced production capacity, further consolidating Shenhua’s leadership in the coal industry.

The company’s dividend policy is relatively stable, and the estimation is relatively inaccurate. As the state-owned enterprise reform continues to advance, it deserves long-term attention in the coal sector.

Risk reminder: Macroeconomic downturn, coal prices fall sharply

Lao Fengxiang (600612): A hundred years of jewellery brands benefit from rising gold prices

Lao Fengxiang (600612): A hundred years of jewellery brands benefit from rising gold prices
Jewellery time-honored brands benefit from the increase in gold prices. For the first time, Lao Fengxiang is a national brand founded in 1848. It ranks above the top in the domestic gold jewelry industry. The company’s main business is gold jewelry.Gold-based products.From 2009 to 2018, the company’s revenue CAGR was 16.77%, CAGR of net profit attributable to mother is 28.09%.In the third quarter of 2019, the company’s revenue and net profit attributable to its mother increased by 24 in each quarter.59% and 26.26%, surpassing market expectations, the rise in gold prices has shown a driving force for the company’s revenue and performance growth.In addition, the company will benefit from the steady growth of gold jewelry consumption for a long time, and the mixed reform will promote the release of the company’s vitality. We expect the EPS in 2019-2021 to be 2.71/3.14/3.52 yuan, the first coverage given a “buy” rating. Consumption demand for gold jewellery has grown steadily, and the vitality of low-line market growth. The size of the gold jewellery market is mainly driven by consumer demand and investment demand. In the long run, industry growth is mainly driven by consumer demand.According to the statistics of the China Jewellery & Jade Jewelry Industry Association, the size of the jewellery consumer market in 2018 reached 820 billion, with an increase of 7.5%, and it is expected that the industry market size will still maintain a growth of about 8% in 2019-2021.In addition, according to the World Gold Association survey and research, China ‘s low-tier cities are expected to consume gold as much as high-tier cities. In 2017, the penetration 西安耍耍网 of gold jewelry in third- and fourth-tier cities was 70%, at the same level as first- and second-tier cities.Consumption upgrades in fourth-tier cities are expected to drive further industry growth. The company’s channels are widely covered, and its stores continue to sink and expand. The company’s franchise model is the main type, and its revenue accounts for about 90%.The company’s advantageous franchise model has rapidly expanded the number of stores across the country to gain scale advantages and competitive barriers.The number of temporary company stores continued to grow.From 2011 to 2019H1, the total number of offline stores of the company increased from 2015 to 3589, of which the number of franchised stores increased from 1876 to 3411, contributing to the incremental increase, and the company’s store expansion is mainly concentrated in third- and fourth-tier cities.The Shen trend will continue. Rising gold price magnifies profit elasticity. The third quarter of 2019 results have achieved a continuous increase in gold price since 2019. The company’s products focus on gold jewelry. The rise in gold price has two main effects on the company’s performance. After the first growth trend is confirmed, franchisees are released to take goods.The enthusiasm drives the company’s income-side performance. The rise in the second gold price has significance for the company’s gold reserves to revalue the inventory value, increase product gross margin, or offset the corresponding inventory impairment.From Q1 to Q3 2019, the company’s revenue and net profit attributable to mother increased by 15 respectively.41%, 18.01%, a faster growth rate than 2019H1, with a gross profit margin of 8.48%, an increase of 0 compared with the same period last year.49 pct, the positive impact of rising gold prices on the company’s performance began to appear. Gold price growth driven performance exceeded expectations. For the first time, the company was given a “buy” rating. The company has strong internal competitiveness in the gold and jewellery industry, store expansion has driven steady growth, and short-term gold price growth is expected to expand the company’s performance flexibility.We expect the company to achieve net profit attributable to mothers for 2019-2021.17/16.43/18.4.1 billion.The reference industry averages 16 in 2020.8 times price-earnings ratio, and the company’s industry leader level, we give the company an 18-20 times PE estimate in 2020, corresponding to a target price of 56.52-62.80 yuan, the first coverage given a “buy” rating. Risk warning: the macro economy is accelerating downward; the price of gold fluctuates sharply; the international brand channels sink.

Tongwei (600438) 2019 Interim Report Review-Interim Report High-Growth Photovoltaic Business Profit Repair

Tongwei (600438) 2019 Interim Report Review-Interim Report High-Growth Photovoltaic Business Profit Repair
The company’s 2019H1 revenue / net profit increased by 29% / 58% respectively, and its performance was in line with expectations, and gradually maintained rapid growth.EPS is expected to be 0 in 2019-2021.83/1.09/1.36 yuan, corresponding to 16/12/9 times the PE, given a target price of 16.5 yuan (corresponding to 20 times PE in 2019), maintain “Buy” rating. Interim report was in line with expectations and profitability improved.The company achieved revenue of 161 in 2019H1.24 ppm (ten years +29.4%, the same below), net profit attributable to the mother 14.5.1 billion (+58.0%); of which the second quarter of 2019 achieved revenue of 99.5.5 billion (+37.5%), net profit attributable to mother 9.600 million (+60.5%), the performance is close to the lower limit of the forecast but in line with expectations, the growth in profit growth mainly stems from the rising volume of battery business.The company’s 2019H1 consolidated gross profit margin is 22.0% (+2.4pcts), of which the gross profit margin of the photovoltaic sector is 29.2% (+2.2pcts), the gross profit margin of the agricultural and pastoral sector is 10.8% (-3.2pcts); period expense rate 11.3% (+0.8pcts), of which sales / management / financial expenses cost 2.7% / 6.5% / 2.1% (-0.8 / + 0.5 / + 1.1 pcts); net operating cash flow 11.0.6 billion (+62.8%), net profit cash ratio is 0.76 (+0.02), the ability to collect funds remains stable. Cells contributed the major profit increase, and prices are expected to bottom out in the fourth quarter.2019Q1 company 6.4GW new capacity was put into production, and the total capacity rose to 12GW. A new round of 8GW battery cell projects was launched in March. It is expected to start production at the end of this year or early next year. At that time, the total capacity will increase to 20GW.Further strengthened.In the first half of the year, the company’s overall capacity utilization rate was 78%, and the transportation capacity was nearly 6GW (+ 97%). The current capacity utilization rate has exceeded 110%, and it is expected to eventually exceed 120%.We estimate that the company ‘s gross profit margin of battery chips in the first half of the year is about 27%, which is significantly higher than the parity level of about 20% in recent years, which corresponds to a net profit of 9.7.7 billion (+ 193%), profit growth growth mainly benefited from the release of new capacity in the first half of the year and the temporary shortage of monocrystalline PERC cells led to higher prices.Recently, monocrystalline PERC cells have been affected by the concentrated release of new industry capacity and the lagging domestic demand. The price has been significantly reduced. However, the company ‘s non-silicon costs are leading, and its efficiency and yield advantages are prominent.We expect that the battery chips will rise and fall in the fourth quarter of 2019 as domestic photovoltaic installation demand is released, driving the company’s battery profitability to return to a reasonable level. Initial new production capacity continued to climb, and profitability gradually improved.In 2019H1, the company expects the production capacity to rise to 7 and the actual sales volume to 2.28 digits (+162.9%), gross margin of 17.0% (-26.5pcts), affected by the industry ‘s concentrated new capacity release in the first half of the year, and the domestic photovoltaic installation demand has not expanded and started, and caused a significant decline in profitability in terms of price.Under the short-term price of 2019H1, the company’s old production capacity of Leshan 2 has continued to reach full production and sales with continuous profitability. The proportion of single crystal materials has exceeded 80%, and it has become one of the very few silicon material companies in the industry to maintain profitability.Leshan 6 releases about 20% of new energy releases. It is expected to be fully released in the second half of the year. It is expected that the total silicon material emissions will gradually reach 6.About 5 or so, the overall monocrystalline silicon material accounted for 80% to 85% of the expected, alleviating the shortage of domestic monocrystalline silicon materials.We estimate that the budget price in the second half of the year is also expected to gradually rise with the recovery of domestic photovoltaic installations. With the continuous decline in the cost of new capacity, the company’s gradual profitability is expected to rise steadily to more than 30%. “Fishing and light integration” generators continued to reduce costs, and feed business reduced prices and guaranteed volume.As of H1 2019, the company gradually integrated 13成都桑拿网89MW (+63.8%), generating 8 in the first half of the year.25 billion degrees (+ 146%).The company continues to steadily promote the construction of a “fish-light integrated” power generation project. At present, the investment cost of power generation has replaced 4 yuan / W. According to the “543” strategic plan, it is estimated that the investment cost in 2020 is expected to replace 3 yuan / W.The company’s 2019H1 feed business income is + 14% per year, feed sales increase + 17%, and the product structure continues to be optimized, including aquatic feed + 25% and special feed + 61%.In the context of the decline in the aquatic industry, the company’s feed business actively lowered its prices and profited in order to ensure further increase in sales scale and market share, which is the basis for long-term profit repair and performance improvement. Risk factors: The photovoltaic development is less than expected, the company’s capacity release is lower than expected, and the cost decline is lower than expected. Investment suggestion: The company ‘s substantial increase in its interim results is mainly driven by the high profit of the battery business, but considering that the price of battery cells has fallen more than expected, the company’s net profit forecast for 2019-2021 will be slightly reduced to 32.0/42.2/52.7 trillion (original forecast of 34.9/43.4/55.0 million), the corresponding EPS is 0.83/1.09/1.36 yuan, corresponding to 16/12/9 times the PE, given a target price of 16.5 yuan (corresponding to 20 times PE in 2019), maintain “Buy” rating.

Changyuan Power (000966) Company Dynamic Comment: Haoji Railway Opens to Traffic

Changyuan Power (000966) Company Dynamic Comment: Haoji Railway Opens to Traffic
Event: The company disclosed the forecast of the first three quarters of results and attributed it to its net profit4.7?5.70,000 yuan, an increase of 178% in ten years?237%.The comment is as follows: 49% growth in Q3 results?118%, exceeding the first half performance.The company disclosed the forecast of the first three quarters of results and the net profit attributable to the mother in the first three quarters.72?5.7.2 billion, an annual increase of 178%?237%; net profit attributable to mothers in the third quarter2.17?3.170,000 yuan, an increase of 49% in ten years?118%.The median net profit attributable to the company in the third quarter was.670,000 yuan, more than net profit attributable to mothers in the first half of the year (2.5.5 billion). Q3 hydropower in Hubei Province is dry, and the company’s thermal power generation growth rate is more serious; assuming that Q3 kWh revenue maintains the Q2 level, it is estimated that Q3 power revenue will increase by 18%.The company’s Q3 online power consumption increased by 14 quarterly.8%, maintaining 16 in the first half.4% rapid growth.This is mainly due to Hubei Province 7?Power consumption increased by 6.8%, slightly higher than the growth rate of electricity consumption in Q2 (6.7%), maintaining rapid growth.And Hubei Province 7?The growth rate of hydropower generation in August was -16.5%, better than Q2-3.0% growth is even drier. Hubei Q3 thermal coal prices fell month on month, reducing unit fuel costs.Hubei Province this year 7?The average coal price index excluding taxes in August was 521.71 yuan / ton, down by 1 compared with Q2.4%.From the base situation last year, the average coal price index of Hubei Electric Power in 2018Q2, 2018Q3 and 2018Q4 were 534 respectively.25, 547.73, 554.68 yuan / ton, gradually rising; therefore, the decline in coal prices in Q3 2019 is more obvious.Assuming that the unit price of standard coal of Q3 company this year is 1% lower than Q2, the gross profit of Q3 will be calculated4.42 ppm, an increase of ten years.5.8 billion; and according to the median performance forecast, in the third quarter of this year, net profit attributable to mothers increased by 1 each year.2.2 billion. The Haoji Railway was officially opened to traffic, and the freight rate was slightly higher than expected in the high-level market. After the opening, the coal supply in Hubei was further relaxed.On September 28, after calibrated coal heavy-duty train screamed 71,001 times, it slowly went out to the Inner Mongolia Ordos Houle Baoan Ji’nan Station. The world’s largest heavy-load railway-Haoji Railway (HaojiThe Lebaoji to Jiangxi Ji’an Railway was officially opened for operation. Since then, an alkaline energy transportation channel has been added to the alkaline railway landscape.1) The planned annual transportation capacity is 200 million tons.As a heavy-duty freight line mainly based on coal transportation, the Haoji Railway opened 77 stations in the initial stage, with a design speed of 120 kilometers per hour, a planned annual transportation capacity of more than 200 million tons, and 21 collection and distribution projects.After opening operation, it can connect a number of coal collection and distribution lines along the line, and realize the function of combined molten iron and iron transportation.2) According to the plan, the coal supply undertaken by Haoji Railway mainly comes from Hugirt, Ningdong, Hanlin and other places, of which more than 50% reach Hubei, Hunan and Jiangxi each account for 30% and 20%.In order to achieve the breakthrough of the 杭州夜网论坛 initial transportation volume, the state put forward requirements such as the construction of the “Jingbian-Shenmu” branch line, and related constructions should be synchronized and synchronized.By 2020, ensure that the Haoji Railway has completed at least a minimum of 6000 traffic.The two north-south, east-west railway arteries converge at Xinyuhexia Station in Jiangxi. After the deployment and operation of the Haoji Railway on September 24, a new strategic channel for the national north-south coal transportation officially opened, which will completely change the past coal resources in China from west to eastThen, the situation in central and southern China can be reached by sea transportation and river transportation.3) At present, the official freight rate is announced. It is 0 north of Jiangling.2024 yuan / ton kilometer,南京夜网 Jiangling to Yueyang 0.184 yuan / ton kilometer, 0 south of Yueyang.174 yuan / ton kilometer; the freight level is slightly higher than the higher market expectations.The Air Force market expects to refer to the freight rates disclosed in the Mongolia-China Railway Feasibility Report.18 yuan / ton kilometer. The performance is released quickly under high power, and the recommended level is maintained.Expected company 2019?The net profit attributable to mothers will reach 6 in 2021.0, 6.7, 7.30,000 yuan, corresponding to a price-earnings ratio of 9.2, 8.2, 7.6 times.The company’s current market net interest rate is 1.6 times.The company’s third quarter performance was outstanding.The Haoji-Jilin Railway has been opened to traffic and coal supply has been loosened, and the increase in electricity has continued to support high growth. Risk warning: On-grid electricity price level may be lower than expected, coal price may rise higher than expected, etc.

Jinchen Co. (603396) 2018 Annual Report Comments: Stable Growth of Module Production Line

Jinchen Co. (603396) 2018 Annual Report Comments: Stable Growth of Module Production Line
Investment highlights: Event: The company released the 2018 annual report, and the company achieved operating income in 20187.560,000 yuan, an increase of 32 in ten years.5%, achieving a net profit of 0% attributable to shareholders of the parent company.85 ppm, an increase of 11 in ten years.33%, plans to pay 10 shares to find a golden dividend3.At the same time, the capital reserve will be transferred to all shareholders for 4 shares for every 10 shares. The photovoltaic module automated production line has grown significantly, and gross margin has fallen slightly.The company’s main products are photovoltaic module automated production lines, expansion machines, string welding machines, other functional equipment and accessories, of which photovoltaic module automated production line revenue5.9.5 billion, product gross margin is 40.7%, a slight decrease from the same period last year3.12pct, extruder, string welding machine, other functional equipment and supporting parts have revenues of 64.08 million, 13.17 million and 52.8 million, respectively, with gross profit margins of 39.14% (-9.15 points), 6.47% (-18.24 points), 43.88% (+22.43%). The company’s new business orders are progressing well.In 2018, the company won orders for shingle module equipment1.500 million, obtained electricity injection anti-fading equipment and battery chip automation equipment orders 64.95 million yuan, container terminal logistics automation control system 13.34 million yuan, power lithium battery system component packaging automation production line orders 5.3 million yuan.The company continues to develop in key technologies such as automation control, machinery, electrical, algorithms, visual inspection and image analysis, information system software, and orders in various fields are progressing smoothly. PV downstream maintained stable development.New installed capacity of domestic photovoltaic power generation in 2018.At 26GW, the global new installed capacity of photovoltaics exceeds 110GW. It is expected that the new installed capacity of photovoltaics will stabilize in the next few years.The stability of new installed capacity brings stable demand for battery cells and module equipment. Benefiting from the requirements of high efficiency, high performance, and high quality of photovoltaic generators, new technologies are constantly emerging. In terms of modules, shingles, tiles, MBB, etc.New technologies are constantly developing, which has created a variety of requirements for production equipment, and the company’s layout in the corresponding technical fields. The company recognizes technological innovation.The company’s highest R & D expenditure is 58.74 million yuan, and the ratio of R & D investment to operating income reaches 7.77%, 52 national patent authorizations during the reporting period, including 14 invention patents. In 2018, the company actively deployed an automated production line of 3,000 tiles / hour of shingle modules, high-efficiency cell screen printing machines, and back passivation photovoltaic cell film coating machines (plate type).) PECVD), research and development and upgrading of new products such as lithium battery laminator, liquid injection machine, etc. The company continues to implement import substitution with cost-effective products to meet the needs of international and domestic high-end customers. Earnings forecast and investment rating: We expect the company to achieve operating income of 10 in 2019-2021.3.9 billion, 14.9.2 billion, 21.4.2 billion; net profit attributable to mothers is 1.3.4 billion, 1.8.7 billion and 2.77 ppm; EPS is 1.77 yuan, 2.47 yuan and 3.67 yuan, corresponding PE is 22X, 16X and 11X.Covered for the first time and given a “strong recommendation” 武汉夜网论坛 rating. Risk Warning: New product expansion is less than expected.

Xinhecheng (002001): Performance in line with expected price trend is better

Xinhecheng (002001): Performance in line with expected price trend is better

The performance is in line with expectations. The company 佛山桑拿网 released its 2018 annual report and 2019 quarterly report, and achieved revenue of 86 in 18 years.

830,000 yuan, an increase of 39 in ten years.

3%; net profit attributable to mother is 30.

79 trillion, an increase of 80 in ten years.

64%; operating income in the first quarter of 19 was 18.

36 ‰, 39 from the previous decade.

7%; net profit attributable to mother 5.

1 ‰, 65 years ago.

8%; performance in line with market expectations.

Prices bottomed out and rebounded. In the first quarter, prices continued to improve and bottomed out. Performance continued to improve.

In the past 18 years, the company’s revenue and profits have increased significantly, mainly due to the BASF accident, and core product prices have increased significantly.

According to Boya and News statistics, the average price of VA in 2018 was 700.

8 yuan / kg, up 99 from 2017.

7%, VE average price 58.

9 yuan / kg, an increase of 5 over 17 years.


Downstream farming is in a slump, the proportion of vitamins in the feed is reduced, the demand is reduced, the yield is reduced, and the income growth rate is gradually increasing.

The downstream demand recovered in October 18, and the domestic VA market price rebounded to 535 yuan / kg, and maintained a high operation of 300-400 yuan / kg in the first quarter of 19th.

Due to the high base, the net profit of the first quarter of 19 increased by a part, taking into account the factor of the Spring Festival off-season, the company still achieved 5.

100 million net profit, performance continued to improve.

We believe that after 18 years of sharp price adjustments and downstream destocking, the VA and VE industries have most likely passed the bottom and gradually recovered in 19 years.

The company’s expense ratio remained stable during the period, and management costs and R & D expenses increased rapidly, mainly due to the company’s expansion of R & D investment and the initial investment in the construction of new bases, and the number of employees increased by 29 compared with 17 years.


The company has about 7 billion cash on hand and net operating cash inflows in 1836.

$ 600 million, with a proposed cash dividend of $ 1.5 billion.

7 yuan, dividend yield 3.

66% remained at a good level.

The supply of VA is still tight, the VE pattern has been reshaped, and VA’s supplementary production capacity has increased. In 19 years, downstream demand has picked up. It is expected that the global operating rate will rise to a high level of more than 80%, and supply will remain tight.

Nante Technology and DSM set up a joint venture. We believe that the VE industry’s competitive landscape is expected to reshape. Global VE prices are expected to bottom out and have a large room for price increases.

In the medium to long term, it is a general trend that global vitamin production capacity will be transferred to the Asia-Pacific region.

The company is a global vitamin leader with complete industry chain support and obvious cost advantages, which will benefit significantly.

New products have been put into production one after another this year, and the company ‘s financial strength has been strengthened. In the future, it will vigorously develop the four major sections of vitamins, new materials, nutrition products and flavors.

Methionine, PPS, and fermentation projects will be put into operation intensively in 19-20 years.

With the continuous release of new product capacity, the company gradually declines, and performance and estimates are expected to continue to improve.

Profit forecast and estimation: Net profit is expected to be 28 in 19-21.



5.6 billion, 19-19 EPS are 1 respectively.34/1.


21 yuan.

With reference to comparable companies at home and abroad, 18 times PE in 2019 is given, with a target price of 24.

19 yuan, maintain buy rating risk warning: product prices go down; new projects put into operation are not up to expectations; production safety

Chint Electric (601877) Third Quarterly Report Review: Gross Margin Continues to Improve Low-Voltage Industry Customers High-increase Photovoltaic EPC Orders

Chint Electric (601877) Third Quarterly Report Review: Gross Margin Continues to Improve Low-Voltage Industry Customers High-increase Photovoltaic EPC Orders

Key investment points revenue increased by 17.

6%, net profit attributable to mother increased by 2.

7% reduction in sales of generators in 18 years affected the net profit growth rate of 19Q1-3 by 20.


The company released the third quarter report for 2019 and reported operating income of 224.

77 ppm, an increase of 17 in ten years.

62%; net profit attributable to parent company 28.

6.4 billion, an annual increase of 2.

65%, corresponding EPS is 1.

33 yuan, excluding the sale of generators in 18 years affecting 19 net profit growth of 20.


Revenue and profit growth overall slightly exceeded expectations.

  Gross profit margin continued to recover.

The company’s gross profit margin for Q1 2019 was 29.

41%, a slight decrease of 0 a year.

4pct, of which Q3 gross margin is 31.

7%, up by 1 each year.

4pct, a significant increase from the previous quarter.

At 7pct, the continuous improvement of the gross profit margin was mainly due to the improvement of the gross profit margin of the low-voltage electrical appliances sector and the increase in the proportion of generator operations.

  In 19Q1-3, the revenue growth rate of the low-voltage segment is expected to be about 11%, of which Q3 is slightly higher than Q2, and the gross profit margin has recovered significantly. In the second half of the year, the industry’s major customer orders were confirmed intensively.

Among them, 1) the distribution market is still the company’s traditional advantage. From the perspective of the parent company, Q3 single-quarter revenue was 35.

400 million, previously unchanged, -4 from earlier Q1 / Q2.

5% /-天津夜网3.

3% has improved, indicating that the growth of the distribution market has improved; 2) industry customers and terminal large customers are the focus, the first half of the order increase of 170%, some concentrated in the second half of the confirmation, has been reflected in the Q3 statement, subsequent power, communications,Large clients in the real estate and industrial control industries still have a lot of room for growth; 3) Overseas adhere to the “global localization” strategy, which is expected to maintain a growth of more than 20%.

The increase in low-pressure gross profit margins recovered slightly, mainly due to the decline in raw material prices, product structure adjustments, and automatic cost reduction.

  PV operating income increased by 14%, and a large number of households were connected to the grid; EPC and overseas businesses accumulated a large amount of advance receipts, which continued to grow rapidly in the fourth quarter.

1) Operation side: Q3 final equity scale 3.

17GW, an increase of about 960MW earlier, mainly from households. The initial installation of households is above 1GW. Q1-3 households + centralized electricity revenues totaled 17.

900 million, previously + 14%; 2) EPC from the balance sheet observations, Q3 advance receipts from the end of Q2 8.

6.9 billion outstanding to 15.

3.0 billion, partly from the advance receipt of the EPC project, indicating that the orders on hand are strong, and the inventory has also increased from the previous month, indicating that the project under construction will directly recognize revenue;High growth.

  Earnings forecast and investment grade: It is estimated that the net profit attributable to mothers in 2019-2021 will be 39.



6.9 billion, an increase of 9.

0% / 15.

1% / 14.

7%; EPS are 1.82/2.


40 yuan, corresponding to the current price of PE is 12 times / 10 times / 9 times, giving 16 times PE in 2019, target price of 29 yuan, maintain “Buy” rating.

  Risk Warning: Macroeconomic Continues to Decline, Policy Changes and Increased Competition

Lujiazui (600663): Real estate sales and settlement increased investment income by more than 40%

Lujiazui (600663): Real estate sales and settlement increased investment income by more than 40%
Profit in 20181.00 yuan, an annual increase of 7%, in line with expectations of Lujiazui’s 2018 results: operating income of 12.6 billion US dollars, an increase of 36%; net profit attributable to the parent company was 34 trillion, an increase of 7%, corresponding to profit 1.00 yuan. Revenue increased sharply, but the decline in investment income over 40% dragged down the growth rate of net profit attributable to mothers.The company’s high-rise residential properties achieved sales revenue of 5.9 billion (only US $ 500 million in 2017), which led to a 36% increase in operating income, and the gross profit margin after tax increased by 1 percentage point from the beginning of the year.The three expense ratios decreased by 7 to 12%, mainly due to the increase in the proportion of capitalized interest (33% vs. 2018).8% in 2017) led to a 23% annual decrease in financial expenses.Investment income decreased by 41% year-on-year, dragging down the net profit of Guimu increased by only 7%. Rising rents led to a small increase in rental income.The company’s high-end on-balance sheet on-going property rental income reached US $ 3.5 billion, an annual growth rate of 9%, of which office property rental income recorded an increase of 8%, mainly benefiting from the increase in average rent (the average rent of mature Shanghai Grade A office buildings exceeded the extension by over 6)%, The average rent for high-quality R & D buildings rose 9%). Net interest rate fell, but short-term debt repayment pressure was prominent.At the end of the period, the company’s net debt ratio was 106%, narrowing 19 averages earlier.At the end of the period, the cash in hand increased by 4% to 37 trillion in ten years, which is only equivalent to 32% of interest-based rejections due within one year. Development Trend 夜来香体验网 The entry of the Suzhou project into the market is expected to provide strong support for the company’s sales.The contracted budget / contracted sales area of residential properties of the company’s buildings was 6.5 billion / 130,000 square meters (2,286 million square meters of the same period last year).With the newly launched residential project in Suzhou No. 14 plot and the first and second phase commercial buildings in Plot No. 15 entering the market for the first time, it is expected that commercial housing will continue to recover in 2019. Earnings forecast We maintain the 2019e earnings forecast unchanged, with a date of 2020e earnings forecast1.23 yuan. Estimates and recommendations currently correspond to sustainable companies.4/14.4x 2019 / 2020e PE ratio.Maintain A-share neutral rating and target price.93 yuan, corresponding to 14.7/13.0x 2019 / 2020e target price-earnings ratio and 10% downside; maintain B-share neutral rating and target price of 1.46 US dollars, 1% downside from the current sustainable. Risks The progress of the launch of the Suzhou project fell short of expectations.

618 online shopping promotion welcomes nearly 200 million big orders layout 9 e-commerce concept stocks

618 online shopping promotion welcomes nearly 200 million big orders layout 9 e-commerce concept stocks

“618” online shopping promotion welcomes nearly 200 million big orders layout 9 e-commerce concept equity newspaper trainee reporter Wang Ke The annual “618” online shopping promotion has just begun, according to the largest domestic e-commerce professional media billionAccording to the statistics of State Power, the sales scale of major e-commerce companies on the first day of “618” has doubled.

Tmall Mall opened less than 1 hour, and the turnover exceeded the data of 10 hours last year.

Tmall gathers cost-effective transactions for 13 products in the first hour, and more than 360 million in 360 products. Mobile phone, beauty, personal care?
Category. sold over 17 million items in the first hour, an increase of 83% per year.

Mobile phones, air conditioners, and flat TVs carry the top three categories.

In the first hour of Suning Tesco, the sales of the top 10 brands exceeded 100 million, of which the 3C appliances contributed the most, and the home advantage was obvious.

  In progress, CITIC Securities said that, Tmall and other platforms ushered in the “strongest in history” “618”. This year, “618” and Tmall both built with the “strongest in history” goal, Tmall said this year”618″ marketing standards refer to “Double Eleven”.

About “618” last year, the popularity of online shopping has increased significantly this year, with key categories and brand sales booming, and niche brands also growing enthusiastically.

The hot mid-year activities of the e-commerce platform are expected to drive the online consumer market in the second quarter, and related thematic investment opportunities are worthy of attention.

  ”Securities Daily” reporter statistics found that since June, the concept of individual stocks in the e-commerce sector has been differentiated, and 21 stocks have gradually increased their equity during the period.

44%), Oriental Shenghong (6.

32%) Two stocks averaged more than 5% during the period, and Santai Holdings (3.

52%), Wutong Holdings (3.

36%), Oriental Group (3.

24%), Focus Technology (2.

99%), Oriental Jiasheng (2.

31%), New World (2.

09%) and other stocks during the period gradually increased by more than 2%.

  In terms of capital flow, 32 stocks have gradually shown a large net inflow of funds since June. Among them, Dongfang Jiasheng (3446).

800,000 yuan), black sesame (3268.

79 thousand yuan), Qingdao Haier (3152.

210,000 yuan), Shanghai Steel Union (3042.

370,000 yuan), San Fu Outdoor (1614.

640,000 yuan), Guoxin Health (1538.

820,000 yuan), Qiaqia Food (1443.

520,000 yuan), Dashang shares (1314.

09 million yuan), China Eastern Airlines (1019.

(960,000 yuan) and other 9 stocks with an average value of more than 10 million yuan during the accumulation of large single funds to raise funds, attracting a total of 1 money.

9.8 billion yuan.

  Regarding the market layout of the e-commerce sector, Shen Wan Hongyuan Securities said that e-commerce channels continue to sink, cost-effective e-commerce brands try to enjoy the dividend of adjusting the strategic focus of the industry, and the second half of the e-commerce platform competition shifts to “deeply digging GMV growth”, Is expected to promote the improvement of e-commerce brand evaluation.

Recommended subject: 1.
E-北京桑拿洗浴保健commerce growth: Antarctic e-commerce.

2.Volkswagen White Horse: Hailan House, Senma Clothing; 3.
High-end consumption: Biyin Lefen, Gulisi, Disu fashion, baby-friendly room, Anner.

Huadian International (600027): 5% increase in tax-free electricity price growth in the second quarter exceeded expectations and is expected to drive performance

Huadian International (600027): 5% increase in tax-free electricity price growth in the second quarter exceeded expectations and is expected to drive performance

Company News Company News Huadian International released operating data for the first half of 2019: the amount of electricity generated in the first half of 2019, and the growth in sales of electricity increased by 5.

5% / 5.

7% to 1011 / 94.5 billion kWh; average electricity price increased by more than 1.

6% to 415 yuan / MWh; market-oriented trading power of 46.3 billion kWh, accounting for 49% (a substantial increase of 13 alternatives).

  Comment on the adjustment of the growth rate is favorable to promote the elimination of tax and electricity prices in the second quarter by more than 5%, exceeding market expectations.

The company’s 1H19 tax-included electricity price surpassed the increase by 1.

From 6% to 415 yuan / MWh, we estimate that tax-included electricity prices may increase by 2 in the second quarter.

5% to 413 yuan / MWh, an increase of more than 0 in the first quarter.


Considering that the expected growth rate in the second quarter is reduced from 16% to 13%, we expect the price of electricity excluding taxes or an increase of 5 in the second quarter.

2%, significantly boosted the company’s revenue, better than expected.

At the same time, the narrowing of market electricity discounts or digested the consequences of the expansion of the market electricity proportion.

  In the second quarter, power generation increased slightly, in line with expectations.

The company’s power generation in the second quarter increased by 3 per year.

0%, of which thermal power generation increases by 2%, while hydropower increases rapidly, the power generation increases by 26% every two years, showing that the incoming water is better.

We estimate that the company ‘s comprehensive utilization hours in the second quarter may be reduced by more than 5% to 918 hours, or it may be related to the company ‘s installed capacity.

In the first half of 2019, the company’s power generation increased by 5 per year.

5%, among which thermal power, hydropower and wind power exceed +6% / + 19% /-14% respectively.

  Taking into account the higher-than-expected electricity prices and the slight decline in coal prices in the second quarter, we raised the company’s forecast for the first half of its profit growth from + 21% to + 40%.

  Estimates suggest that we maintain our 2019/20 profit forecast at a higher net profit of 0.


42 yuan.

Huadian 南宁桑拿 International-A / H is currently trading in October 2019.


3 times price-earnings ratio, 0.


5x P / B and 3.

9% / 5.

2% dividend yield.

Maintain Huadian International-A / H Outperform rating with target price of RMB 5.

30 yuan / HKD 4.

59 yuan, corresponding to 42% / 50% upside of the current budget.

Huadian International-A / H target price implied 2019 14.


4 times price-earnings ratio, 1.


7 times P / B and 2.

7% / 3.6% dividend yield.

  Risks Coal prices have risen, and electricity demand has fallen short of expectations.