Gree Electric (000651): Steady growth and mixed changes are expected

Gree Electric (000651): Steady growth and mixed changes are expected

Gree 北京夜生活网 Electric released its semi-annual report for 2019, achieving steady growth in revenue and profit.

19H1 achieved operating income of 972.

9.7 billion, an annual increase of 6.

95%; net profit attributable to mother is 137.

50 ppm, a ten-year increase of 7.


Single Q2 achieved operating income of 567.

49 ppm, an increase of 10 in ten years.

38%; net profit attributable to mother is 80.

78 ppm, an increase of 11 years.


Revenue grew steadily.

In terms of products, 19H1 air conditioners achieved revenue of 793.

200 million, +4 a year.

6%; income from household appliances is 25.

600 million, +63 in ten years.

6%; smart equipment achieves revenue 4.

200 million, +16 a year.


By region, the company’s main business realized domestic sales of 694.

600 million, ten years +6.

9%; export sales realized revenue of 138.

700 million, +0 a year.


The growth of the air-conditioning industry and the average retail value in the first half of 19th showed that the industry’s online data showed that the domestic sales of the 19H1 industry replaced 52.88 million units, only an increase of 0.

2%; Zhongyikang data show that air-conditioning retail volume has also continued to grow negatively for 4 quarters since 18Q3.

We believe that under the pressure of weak terminal sales and channel destocking, it is valuable that the company’s air-conditioning category still achieves positive growth.

The gross sales margin decreased, the net profit margin increased slightly, and the overall operation was stable.

19H1 company’s operating gross margin starting point +0.

9 points to 31.

7%, of which air conditioning gross margin was 36.

0%, ten years +1.

65 points.

The selling expense rate goes up by 1 per second.

9pct caused the final gross sales difference (gross profit-sales expense ratio) to drop by 0.

9 points.

R & D expense ratio and management expense ratio remained at 3.

1% and 1.9%, the increase in interest income and foreign exchange income caused the financial expense ratio to decline by 0 every year.

8 points.

On the whole, the expansion of the gross sales difference and the consolidation of the financial expense ratio decreased, and the company’s overall net profit margin increased slightly.

1 point to 14.


Q2 other flow resistance items decreased by 5 compared with Q1.


At the end of the reporting period, the company’s net operating cash flow was 164.

600 million, +84 in ten years.

1%, cash + wealth management + structured deposits exceeded 140 billion yuan, overall operating quality and asset quality remained the same.

Mixed reforms are advancing steadily, and future development is expected.

Since the company announced some major matters regarding the transfer of shareholders’ shares in early April this year, relevant issues have been steadily advancing until the existing share transfer plan has been approved in principle by the local SASAC. On August 13, 2019, the company disclosedThe Announcement on the Public Solicitation of Partial Shares of the Transfer Company of the Agreement was issued, the conditions of the transferee and the timetable of the transferee were disclosed, and the distribution of the transfer was gradually promoted.

We believe that no matter what the final final plan is, this Gree Electric Appliance’s distribution and transfer will be a fair attempt to unbundle, making high-quality enterprises more market-oriented and in line with the basic direction of high-quality state-owned enterprise mixed reform.

Investment advice and profit forecast.

From a fundamental point of view, we judge that the company’s industry leader has no damage, and the estimation and performance match are still high, and its long-term value is solid.

In the long run, the air-conditioning ceiling is still far away, and the leading market is difficult to shake under the logic of strong Hengqiang. From the perspective of forecasting, the company’s absolute estimate is still low, and the benchmark industry and international leading PE have a significant discount.

In the short term, we believe that after the event of the transfer of property rights, the Gree dividend ratio is trying to recover to a higher level.

The difference between the company’s original and Midea Group is poor. We believe that one is that the company’s business structure is single, the dispersion is not smooth, and the other 杭州夜网论坛 is that the company as a state-owned enterprise, the overall corporate governance and executive incentive mechanism is not as beautiful.

However, in general, the company ‘s domestic consumer electronics sector has grown, and after the distribution and transfer event is completed, we believe that the corporate governance structure is expected to be better optimized, and the estimated difference with Midea will help narrow it.

Therefore, we predict that EPS will be 5 in 19-21.

02 yuan, 5.

82 yuan, 6.

65 yuan, given 19 years 10-12xPE estimate, corresponding to a reasonable value range of 50.

20 yuan-60.

24 yuan, maintain the “preliminary market” rating.

risk warning.

Channel inventory risk, terminal demand is less than expected.

Monternet Group (002123) Semi-annual Report Commentary: Cloud Communication’s Beautiful Performance, Fuxin’s New Business Development Smoothly Highlights

Monternet Group (002123) Semi-annual Report Commentary: Cloud Communication’s Beautiful Performance, Fuxin’s New Business Development Smoothly Highlights

Event: The company released its semi-annual report for 2019 and achieved revenue in 19H113.

200 million, a decrease of 14 per year.

76%, net profit attributable to mother 1.

24 ppm, an increase of 16 in ten years.


Among them, the Monternet technology revenue of the main business of cloud communication business9.

7.3 billion, an increase of 19% in ten years, net profit attributed to mothers1.

15 ppm, an increase of 50 in ten years.


Opinions: 1. The expansion of the traditional power business has led to transformation, and the cloud communication business has grown beautifully.

The decrease in overall revenue was mainly due to the successive replacement of assets related to the company’s power electronics business in the past three years.

19H1 power electronics business revenue 3.

510,000 yuan, down 3.

8.1 billion; and the Monternet technology of the military cloud communications business continued to grow rapidly, with revenue growth of 19% in 19H1 and net profit increase of 50%.


The growth rate of cloud communication business’s net profit is higher than that of revenue, and the scale effect has begun to appear.

2. Traditional information continues to increase the city’s share and cooperates with twilio to further open international channels.

1) The company’s traditional SMS service continues to grow from 70 in 2012.

5.8 billion pieces have grown to 72.3 billion pieces in 2018, with a compound annual growth rate of 47%, and the market share has also increased from 1 in 2012.

78% increased to 13% in 2018, the market share has steadily increased, and the company has become a domestic third-party SMS leader.

19 years of high growth, 19H1 corporate SMS continued to grow by 40%.

2) On August 13, the company announced that it had won the bid for “China Construction Bank Co., Ltd. 106980095533 Short MMS and Overseas Short Message Sending Service Project”, indicating the company’s landmark breakthrough in the financial field, highlighting the leading position of cloud communications to further increase market share.

3) On June 6, the company announced that it had reached a “Cooperation Agreement” with Global Cloud Communications Taptwilio, agreeing that the two parties would cooperate in international text messaging, voice Sip chat, IOT Internet of Things, video, instant chat, notification, Flex contact center, etc.It shows that the company officially opened the international channel and went global.

3. Fuxin’s development is smooth and large-scale application scenarios are expected to gradually land. It is worth looking forward to in the 5G era.

While the traditional information business continues to increase the city’s share, the company focuses on the new business of Fuxin in the 5G era, and builds a new information service ecosystem 深圳spa会所 around Fuxin +.

Fuxin is a new communication tool for the internal and external customers provided by Monternet for the 5G era based on mobile rich media communication technology and mobile phone numbers.

In the 5G era, the content of communication between enterprises and users will inevitably become more accurate and diversified. In this case, Fuxin, as a new carrier, will gradually integrate the operator’s communication capabilities, terminal interaction capabilities, and application link capabilities.Form a cross-network, cross-terminal, and cross-application communication between enterprises and users to achieve full platform rich media communication.

Monternet Fuxin’s new business continues to develop rapidly: 1) Fuxintong 1 was released in October 2018.

0 products; Fuxin 2 was released in February 2019.

0 products; 2) Announcement on June 27 with Guoxin Electronic National Ticket information length “strategic cooperation agreement”, landing the first large-scale application scenario; 3) August 9-11, Monternet was invited to participate in Huawei Developer Conference, Become an important member of Huawei terminal developer ecosystem.

4. Release a new round of equity incentives, and work together to advance Fuxin’s new business and strengthen the company’s confidence in growth.

On August 5, the company released the 2019 equity incentive plan. According to the previous round of distribution incentives, the scale of distribution granted in this round, and also set a higher exercise performance evaluation target: based on 2018 Monternet technology revenue18.

5.2 billion) as the base number, and the revenue share of the four phases from 2019 to 2022 shall not be less than 40%, 80%, 120%, 170%, or 25.

93, 33.

34, 40.

74, 50.

USD 4.0 billion, with a compound annual growth rate of more than 28%, exceeding the company’s revenue growth rate in 16-18 years (the annual compound growth rate of revenue in 16-18 years is 13).

6%).The implementation of the new equity incentive will further improve the company’s long-term incentive mechanism, fully mobilize the enthusiasm of the company’s directors, middle and senior management personnel and core backbones, and effectively promote the development of cloud communications leading business.

Profit forecast and investment advice: The company’s strategic development goal is to become China’s and even the world’s leading large-scale cloud communication platform. It has now become a domestic third-party enterprise SMS leader and its market share has increased year by year.

Facing the 5G era, the company has released rich media information products. In the future, it will build a new information service ecological model around “FuXin +”. FuXin is advancing smoothly, application scenarios continue to land, and it is becoming a mobile terminal manufacturer represented by Huawei.Ecological partners are expected to open up new growth space.

We are optimistic about the development space of rich media cloud communication business for a long time, and we expect the company’s net profit to be 4 in 2019-2020.

0 and 6.

100 million US dollars, considering the company’s smooth development of Fuxin, space segmentation, according to our calculations we believe that the company’s reasonable estimate in 2020 is not less than 30 times, the target price is raised from 15 yuan to 22 yuan.

Risk reminder: Fuxin’s development fails to meet expectations, corporate SMS market gross margin decreases risk, and operator policy risks

Gujing Liquor (000596): The potential energy can continue to improve performance and release flexibility

Gujing Liquor (000596): The potential energy can continue to improve performance and release flexibility

Profit in the third quarter increased by 11.

9% / 35.

6%, the performance exceeded market expectations.

The company’s revenue in the first three quarters of 19 was 82.

3.0 billion, +2天津夜网1 in the past.

31%, net profit attributable to mother 17.

42 billion, previously +38.

69%, net of non-attributed net profit 16.

100 million, previously +32.


Company 19Q3 revenue 22.

15 billion, previously +11.

91%, net profit attributable to mother 4.

9.3 billion, previously +35.

78%, net of non-attributed net profit4.

44 billion, exceeding + 28%, the performance exceeded market expectations.

19Q3 final advance payment 8.

900 million a year -20.

11%, an increase of 3 from the previous quarter.

7.2 billion, Q3 sales recovery of 2.9 billion, five years -5.

4%, operating net cash flow of 1.2 billion yuan, -35 for the year.

8% was mainly due to the increase in purchases in the third quarter and the increase in employee wages and taxes.

  The increase in labor costs and the conversion of some promotional expenses into discounts resulted in a slight decrease in gross profit margin, and a decline in the sales expense ratio pushed up the net interest rate.

The company’s gross profit margin for the first three quarters of 19 was 76.

31% a year -1.

62 points, gross profit margin 75 in 19Q3.

19% per year -2.

09%, under the background of continuous upgrade of product structure (grassroots analysis and feedback, in the third quarter, the ancient 8 and above products continued to maintain a high growth rate, the ancient 5 and the number of gifts increased, the structure continued to upgrade, it is expected that ancient 8 and above accounted for over 30%). The decrease in gross profit margin was mainly due to two reasons: 1) the increase in labor costs; 2) the conversion of part of the promotional expenses to discounts also affected the gross profit margin.

19Q3 sales expense ratio was 25.

84%, at least -7.

27pct, mainly due to the reduction in comprehensive promotional fees. Since the second quarter, the company has gradually reduced the cost-related expenses. The mid-autumn peak season expenses are also relatively replaced. In the future, the company will gradually eliminate the carry-over expenses and replace the discount form. The 19Q2 management expense rate (includingR & D) 7.

51% every year -0.

73pct, tax and surcharge 15.

33%, ten years +2.

08pct, the decline in the expense ratio pushed up the net interest rate by 3.

99% to 22.


  The Q3 revenue growth rate from the 19H1 quarter-on-quarter growth rate was mainly due to the high base last year and the company’s initiative to control the scheduling rhythm. The 10 billion target plan was successfully completed.The company’s Q3 revenue growth rate is faster than that in the first half of the year, mainly due to two reasons: first, the high base in the same period last year; second, the Q3 company actively controlled the scheduling rhythm, and grassroots analysis and feedback.This task was benign during the peak season. After the holiday, the dealers’ inventory was lower than the same period last year, and the price was also firm. Thus, the goal of completing the 10 billion plan was successfully completed.

  Stepping into the province’s share harvest period, upgrading + fee control, performance flexibility was gradually released.

According to grassroots analysis and feedback, since the beginning of this year, the performance of Gujing Province has become stronger and stronger. It has transformed from Hefei city to the surrounding market of Hefei. Compared with the competitive products in the province, the marketing of Gujing is more wolf and the market share in the province has accelerated.The growth rate of revenue growth is the result of the company’s active control, and the revenue growth in the first three quarters remained high.

At present, the company’s inventory is reasonable and the price is stable.

We believe that the company is currently entering a period of rapid market share harvest and its revenue is expected to continue to grow at a relatively high level.

On the profit side, one is to benefit from the upgrade of the product structure, and the ancient 8 and above continue to maintain high growth. The other is to benefit from cost optimization. The company has effectively strengthened internal cost control. Since this year, it has gradually reduced the cost-related expenses and optimized the cost structure.The SAP system went online after January 1st, the company’s internal efficiency has further improved, and the future expense ratio is expected to continue to decline. The performance flexibility is worth looking forward to.

  The performance exceeded expectations, the current estimated margin of safety is high, and the “strong recommendation-A” rating is re-ranked.

We believe that the company is gradually entering the province’s share harvesting period, benefiting from the two logics of “concentration + upgrade”. In the next three years, revenue is expected to maintain a high growth rate. On the profit side, upgrade + fee control and flexible release of performance are worth looking forward to.

Maintain 19-20 EPS4.

59, 5.

50 yuan, the current corresponding 20-year estimate is only 19 X, the safety margin is high, maintain a one-year target price of 138 yuan, corresponding to 20 X 25 X, re-enter the “strongly recommended-A” rating.

  Risk reminder: demand falls, competition within the province intensifies, and development outside the province is less than expected.

Binhua Co. (601678): New projects with expanded performance open up development space

Binhua 成都桑拿网 Co. (601678): New projects with expanded performance open up development space

The company achieved revenue of 30 in the first half of 2019.

90 trillion, down -8 a year.

46%; net profit attributable to mothers2.

50 trillion, down -45 a year.


The company achieved revenue of 15 in the second quarter.

1.6 billion, down 4 a year.

54%, net profit attributable to mothers1.

10 yuan, down 43 each year.


Affected by the market environment, the company’s main products, caustic soda, and epoxy resin prices continued to decline compared to the same period last year. The raw material raw salt, bill prices were relatively strong, and cost pressures increased, resulting in a decline in profitability.

The prices of basic chemicals dropped at a high level.

In the first half of the year, the company’s PO 杭州夜网论坛 achieved sales of 11.

32 digits (+3.

28%), with an average of 8518 formaldehyde.

17 yuan / ton (-16.

84%); Caustic soda (one hundred percent) achieved sales of 36.

18 digits (+8.

91%), with an average of 2589.

28 yuan / ton (-24.


The company’s main raw materials purchase raw salt 212.

76 yuan / ton (0.

99%), raw coal 595.

75 yuan / ton (-4.

00%), propylene 6465.

82 yuan / ton (-8.


The prices of the company’s main products fell. Although the prices of raw materials also declined, the scope was limited, and the company’s overall profitability declined.

The C3, C4 project is advancing steadily: The company plans to use cash1 a few days ago.

07 billion shares acquired 60% of Binhua New Materials held by Mizuki Qingyang. After the transaction is completed, the company will hold 100% of Binhua New Materials.

At the same time, the convertible bonds to be issued will raise US $ 2.4 billion to invest in the “carbon three carbon four comprehensive utilization project (Phase 1)”, “interchangeable dehydrogenation equipment with an annual output of 1960s” and “replaces butane with an annual output of 80Multiple “chemical devices” are expected to open a new chapter in the company’s development.

The development of hydrogen energy is smooth: the company intends to increase the capital of hydrogen energy companies in cash.

5 billion yuan, after the completion of the capital increase will hold hydrogen energy company 97.

5% equity is mainly used for investment and industry mergers and acquisitions.

The hydrogen energy project invested and constructed by Hydrogen Energy has successfully completed the entire process, and on May 8, 2019, the refined air was charged into the long tube car for the first time to achieve the stage goal of 1000Nm3 / h of hydrogen filling.

An important breakthrough in hydrofluoric acid: The recent trade conflict between Japan and South Korea provided a good opportunity for the development of domestic electronic materials, accelerating the cooperation between South Korean companies and Benhua Group in electronic-grade hydrofluoric acid.Batch order.

At the same time, the production of epoxy resin chlorine will bring new profit points to the company. Lowered profit forecast: The price of the company’s products has dropped, so the profit forecast has been lowered.



470,000 yuan, corresponding to PE is 12/11/10 times, given the “overweight” rating.

Risk reminder: the risk of lower product prices and less-than-expected increase in production capacity.

Inventory: Last year’s cattle this year bottomed last year, last year’s cattle fund this year (list)

Inventory: Last year’s cattle this year bottomed last year, last year’s cattle fund this year (list)
18 years hero, 19 years gou Xiong Moskier Moss said only active equity funds, that is, partial equity hybrid funds + ordinary stock funds + balanced hybrid funds In order to ensure the fairness of a single fund, excluding 2018Funds established in 2019, abnormal funds.  2018 was the worst year for global financial assets in the past 100 years. Some people ridiculed that as long as they do n’t buy shares, do n’t buy bases, do n’t buy coins, and do n’t buy P2P . lying down is the winner.Some netizens said that the total investment amount of the fund account this year is 5 yuan, and the total income in October was 0.01 yuan, the result exceeded 85% of the citizens . In 2018, the A-share core index fell by more than 15%. If you want to make money, if you don’t consider cash deposit products, there seem to be only 4 options: buy bonds, exchangeUS dollars, buy a house, or go to Brazil, India stocks.Other options, you can cry for you at will . Data: December 25, 2018, the real estate data is from November 2017 to November 2018. Even in this market, other active equity funds have achieved good returns,Such as Boshi Xinrui Hybrid A, Golden Eagle Xinrui Hybrid A, Huafu Yixin flexible configuration of Hybrid A, Tianhong Yuli flexible configuration of Hybrid A, and so on.  These funds are often classified as partial-equity mixed funds in Choice’s second-class fund classification, but from the actual operation point of view, the proportion of their stock positions is not high, and the partial-debt mixed type is more in line with it.  In addition, these funds were mostly institutional positions at the beginning, such as Invesco Great Wall Taihe Return Mix, Tianhong Yuli Flexible Allocation Hybrid A, Golden Eagle Xinrui Hybrid A, Changsheng Sheng Chong Flexible Allocation Hybrid A, etc.  Golden Eagle Xinrui Hybrid A achieved outstanding performance for the fourth consecutive quarter in 2018, achieving 29 during the third quarter of 2018.4.7 billion subscriptions, ranging from zero.3.9 billion surged to 31.17 trillion, an increase of 7,809.24%, from the perspective of the holder structure, this is all 100% personal holdings.Entering 2019, with the gradual improvement of the A-share market, the Golden Eagle Xinrui Hybrid A with partial debt allocation has positive earnings in each quarter, but it is significantly behind and the scale has fallen significantly compared to the average of similar products.  On the whole, there were 326 active equity funds with positive returns (excluding 0) in 2018. For the second consecutive December, 117 have increased by more than 10% this year and 209 have increased by less than 10%.  In contrast to the funds in the above picture, there are so many funds that have fallen to Xiangxiang in 2018 and have turned around in 2019. The 17 funds in the following picture have all fallen by more than 35% in 2018. Until December 2, the income since this yearThe rates are all over 50%.  Fuanda’s emerging growth mix soared 682 in the third quarter of 2017.23%, why?  Of course, the performance is good. In 2017, Fuanda’s emerging growth mix started from the lowest point of 1 yuan in mid-January, and the net value reached 1 in two and a half months.Around 15 yuan, the increase reached 15%, and then rested.It started out on June 1st, and it lasted for three months.02 yuan rose to nearly 1.5 yuan, an increase of about 44%, during the same period the Shanghai index has not risen by 7.97%.  Note: Red is the emerging growth of Fu Anda; green is the benchmark for performance comparison. We can trim it from the 2017 three quarterly report. Since May 2017, the net value has been growing all the way.  From the perspective of positions, the fund was able to achieve such performance in 2017 entirely because the fund manager seized resource stocks such as Ganfeng Lithium, Tianqi Lithium, Huayou Cobalt, and Anjie Technology, Dongshan Precision, GeAnd other consumer electronics stocks.  However, times have changed. In 2018, the macro economy was in a downward trend. Under the impact of internal and external factors, dividends have changed their lethality. Market risk has replaced the bottom of the valley and exhibited a shrinking game feature, which has gradually reduced the Shanghai Composite Index.59%, GEM gradually fell 28.65%.Fu Anda’s emerging growth investment has been actively deployed in strategic emerging industries. From the top ten holding positions, the stocks of lithium batteries, electronic information and other stocks remained heavy in the first and second quarters.  In addition, Fuanda’s emerging growth maintained a high position operation in 2018. When the market 武汉夜生活网 entered inertial killing, the fund manager’s insufficient response to the position control led to a breakthrough in net worth retreat. The following figure can be ground. Fuanda’s emerging industry’s return in 2018The degree of withdrawal.  In the end, the fund’s initial fall in 2018 was 41.42%, ranking 2460th among 2975 similar funds.  Since the beginning of this year, in terms of investment strategies, the fund management team has continued to strengthen industry trend research and company research, and focuses on judging the trend of the industry from consecutive cycles. Agricultural stocks involved in the previous year have obtained better investment returns; the first positive factorContinued accumulation of macroeconomic expectations has strengthened, correspondingly reducing the position of defensive varieties; meanwhile, 杭州桑拿 in response to the expected difference in consumer product fundamentals, additional positions of consumer stocks have been allocated; in addition, financial supply-side reform, especially the launch of the science and technology sector, isOne of the most significant events in the capital market in the year, the restructuring of the internal economic management model has a relatively profound impact on related industries, thereby increasing the allocation of emerging industries.  In the first quarter, the fund received 44.An increase of 94%, compared with the benchmark performance of the same period increased by 16.At 45%, the CSI 300 index yield is 28.62%.  According to the data from the third quarterly report of the emerging growth of Fu Anda, the top ten heavy stocks of the fund at the end of the third quarter include Sobeth, Goertek, Kangtai Biological, and Lixun Precision. All of them have increased this year, and many stocks have doubled, with the highest increase.More than 300%.Including the recent technology stock market main line-the hot TWS headset concept, also successfully laid out accurately.  It can be said that the fund accurately seized the opportunity of “consumption + technology” this year, but the fund has changed too much and the heart can withstand it weakly, please ignore it.  It is also a ability for a bear to turn over and become a hero. The most feared is the kind of broken pot that has to be spit by too many funds, let’s say two.

Beijing New Building Materials (000786): The bottom of the North American lawsuit settlement profit appears

Beijing New Building Materials (000786): The bottom of the North American lawsuit settlement profit appears

Guide to this announcement: The company announced that it will resolve the North American litigation issue at one time, and Taishan Plaster will pay 2.

At 4.8 billion US dollars, the gypsum board lawsuit that has been entangled with the company for several years has been basically resolved, maintaining the “overweight” rating.

Investment Highlights: Maintain “Overweight” rating.

The company announced a one-time settlement of the North American lawsuit, and Taishan Plaster will pay 2.

For $ 4.8 billion, the entanglement company’s gypsum board lawsuit has basically been resolved for several years.

Considering the impact of the lawsuit, we lower the EPS for 2019-2021 to 0.

44 (-1.

17), 1.

66 (-0.

10), 1.

90 (-0.

02) Yuan, we are optimistic 南京桑拿网 about the international development of the company after the merger lawsuit and maintain the target price of 28.

22 yuan.

After years of entanglement in the ultimate settlement of lawsuits, compensation is expected.

In 2009, high-rise housing owners and construction companies in the United States filed a lawsuit against Beixin and Taishan Gypsum, asking for compensation for the losses caused by the use of gypsum boards. Until the end of 2018, Beixin and Taishan’s cumulative expenditure related lawyers, compensation and so on reached 7.

4 trillion, the average annual legal fee expenditure in the past 3 years is about 0.

94 million, which continued to affect the company’s performance.

In this one-off settlement, we believe that the company has solved the company ‘s biggest hidden danger for many years. The amount is expected to be 300 million U.S. dollars expected 北京桑拿洗浴保健 by the market, and it reduces the future litigation costs and the uncertainty of the judgment. It clears the biggest obstacle to the company’s future internationalization.We judge that the pace of internationalization will accelerate in the future.

Affect current performance in 19H1.

0.5 billion.

Tarzan paid a total of 2.

$ 4.8 billion for the 2.

US $ 4.8 billion will be used as a projected budget in a single one-time replacement in Taishan Plaster’s financial statements for the first half of 2019, which will affect Beixin’s 2019H1 net profit by approximately 17.

0.5 billion.

The operating performance in 19H1 also decreased by about 20%, among which q2’s operating performance was better than expected.

The company foresees 19H1 performance improvement6.


800 million, we expect to be close to the ceiling.

We judge that the company’s sales volume increased slightly in the first half of the year, and the price Q2 was basically stable compared to the previous quarter. Excluding the impact of reconciliation, Beixin’s operating performance in the first half of the year was about 1 billion, a 20% decrease, compared with a 33% decrease in 19Q1, and a Q2 decrease of about 15%.Obviously narrowed and better than expected, the bottom point of profit has now been reached.

Risk warning: raw material prices rise, macroeconomic decline

Kelun Pharmaceutical (002422): 1Q performance is basically in line with expectations. The volume of new preparations in 2019 is worth looking forward to.

Kelun Pharmaceutical (002422): 1Q performance is basically in line with expectations. The volume of new preparations in 2019 is worth looking forward to.
The first quarter of 2019 results are basically in line with expectations. Kelun Pharmaceutical announced its first quarter of 2019 results: operating income 42.88 ppm, a ten-year increase of 9.05%; net profit attributable to parent company 3.36 ppm, 10-year average of 12.40%, corresponding to a relative profit of 0.23 yuan; deduct non-net profit 3.17 ‰, an average of two in ten years.04%.The deduction of non-net profit was in line with our expectations, and the excess was mainly due to the high base in the same period last year. Development trend 1Q performance growth basically in line with expectations.Deduction of non-net profit reduction 2.04% was finally due to the fact that the outbreak of influenza in the same period last year led to a higher base of explosive growth in the infusion sector, so that the company’s sales and research and development expansion still maintained relatively rapid growth.The lowest interest rate on the net profit side is 12.40%, mainly due to non-recurring gains and losses, the same period last year, the subsidiary of Zhejiang Border and Sichuan Kelun warehouse relocation income of 62.48 million yuan affected by a one-time factor.Initially, we believe that the company’s growth rate is expected to maintain a quarterly increase. New preparation sales in 2019 are worth looking forward to.The company’s new preparations achieved revenue in 20186.9.7 billion, exceeding market expectations.In the first quarter of 2019, we expect that the formulation sector will still maintain a rapid volume trend. We expect the new formulation sector to start contributing profits in the first quarter (without considering the impact of research and development expenses).At 成都桑拿网 first glance, we expect the new preparation board is expected to achieve more than $ 1.5 billion in revenue, and new drug sales are worth looking forward to. R & D funding continues to increase, and the pipeline is progressing well.1Q R & D funding 2.530,000 yuan, an increase of 30 in ten years.88%.At present, the company has 9 varieties including escitalyl oxalate oxalate, ciprobutyl hydrobromide, fluconazole and other products that have passed the consistency evaluation, and more than 20 new formulations have been approved for marketing.With the smooth progress of many of the company’s research varieties, we expect that the subsequent R & D investment may be further increased.We are optimistic about the company’s potential in the formulation sector. Earnings forecast We maintain our 2019 earnings forecast1.12 yuan unchanged, raised 2020 profit forecast by 4% to 1.46 yuan, with annual growth of 33.3% / 30.2%. It is estimated and suggested that the company currently can sustain 27/21 times P / E 19/20.Maintain the recommended level and target price of 40 yuan, corresponding to 36/27 times P / E in 19/20, compared with the current expectation of 32.2% upside. Risks of generic drug procurement through bid reduction; intermediate drug price reduction; sales of newly approved preparations fell short of expectations.

China Construction (601668): Q3 performance growth rate increased by 19%, low valuation and low gain

China Construction (601668): Q3 performance growth rate increased by 19%, low valuation and low gain

Investment Highlights: Maintain overweight.

The company’s revenue from January to September was about 9736 trillion // 15.

8%, net profit is about 30 billion yuan / + 9.

8% is in line with expectations; maintain forecast EPS for 2019-21 is 1.



22 yuan growth rate of 12% / 10% / 9%, maintaining a target price of 7.

95 yuan, corresponding to July 2019-21.



5 times PE, increasing 南宁桑拿 holdings.

  The growth rate of Q3 net profit accelerated, and the asset-liability ratio decreased significantly.

1) Q1-Q3 revenue / net profit growth rates were 10 respectively.



6%, 8.



5%, Q3 speed-up due to the high growth of housing construction infrastructure construction / real estate sales increase / assets and credit impairment reduction ratio; 2) housing construction / infrastructure / real estate income ratios were 61.



9%, gross profit accounted for 32.



7%; 3) Gross profit margin 10.

43% (-0.

06pct), net interest rate 4.

52% (+0.

02pct); 4) Net cash flow from operations was US $ 106.7 billion (-65 billion yuan in the same period last year) due to net flow or net increase in the main construction business; 5) Asset-liability ratio was 76% (-2.

6 points).

  Q3 single-speed increase in the new millennium, real estate sales performance.

1) New chronic single 2 from January to September.

04 trillion (+ 9%), of which construction business1.

77 trillion (+6.

3%), a single quarter growth rate of 15% significantly increased (Q1 / Q2 is 9 / -2%); 2) Housing construction / infrastructure orders accounted for 70 of the total orders.


8% growth rate +17.

2 / -24.8%, infrastructure improved compared to the previous month (both H1 is +18.

9 / -37.

4%); 3) overseas orders 108.9 billion (-6.

8%) accounted for 5.

3%; 4) Real estate carbon dioxide increased by 30%.

4% / sale area increased by 16.

At the end of the third quarter, the land reserve was 96.95 million square meters (-1.


  The four-in-one is improved and promoted, and the transition and upgrade continue to advance.

1) Continue to build a four-in-one business model of planning and design / investment development / infrastructure construction / house construction engineering; 2) Deeply cultivate key areas to supplement shortcomings in infrastructure, deepen the layout of large-scale transportation infrastructure, and accelerate transformation investment / construction 杭州桑拿 / operation integration3) The overseas layout continued to improve, winning the bid for the Israeli subway project, etc. 4) The increase has been -5 since the beginning.

2% far lower CSI 300 (28.

4%); PE is predicted to be only 5 in 2019.

1x / PB (MRQ) is only 0.

9 times the lowest in the past 5 years.

  Risk warning: rapid growth in infrastructure investment, tighter real estate policies, etc.