China Eastern Airlines (600115) quarterly report comment: freight rate slightly reduces costs, saves costs, improves third-quarter results

China Eastern Airlines (600115) quarterly report comment: freight rate slightly reduces costs, saves costs, improves third-quarter results

China Eastern Airlines disclosed the third quarterly report, and realized operating income of 346 in the third quarter.

200 million, an annual increase of 3.

5%, net profit attributable to mother 24.

2 billion, an increase of 9 in ten years.

8%; the first three quarters achieved operating revenue of 93.4 billion, and an annual increase of 6.

3%, achieving net profit attributable to mother 43.

700 million, down 2 every year.


The load factor decreased slightly, freight rates decreased, and the revenue grew rapidly. The company realized ASK702 in the third quarter.

4 billion, an increase of 12 in ten years.

1% to achieve RPK578.

8 billion, a 10-year growth of 10.

4%, load factor 82.

4%, down by 1 every year.

28pct, of which domestic passenger load factor decreased by 1.

At 68 points, the international line load factor was basically the same, and the regional line load factor penetrated due to the drop in the number of Hong Kong passengers and dropped by 9.

81 points.

Due to the rapid growth of transportation investment, combined with the macroeconomic bottom and the high base of last year, the company’s freight rate continued the downward trend in the second quarter, a decline of about 5%, and the slenderness affected the growth rate of revenue significantly lower than the increase in trafficspeed.

The efficiency of aircraft utilization has increased, the Civil Aviation Development Fund has reduced its burden, and the cost has continued to save. In the third quarter, international oil prices hovered at a low level, and the ex-factory price of aviation kerosene gradually decreased.

At 7%, the company’s unit fuel cost has declined; in terms of non-oil costs, ASK increased at a faster rate (12.

1%) is significantly higher than the growth rate of aircraft numbers at the end of the third quarter (6.

6%), the merger of the Civil Aviation Development Fund to reduce the burden, we calculated that the company’s unit non-oil cost has dropped significantly, in the third quarter, the decline may exceed 5%, and the cost continues to save.

Overall sales management expenses improved, subsidy income increased, and performance improved slightly.

The company’s sales expense ratio in the third quarter was 4.

31%, a decline of 0 per year.

43 points; management (including R & D) expense ratio 2.

65%, a year increase of 0.

21pct; In terms of financial expenses, the company faced a certain exchange loss due to the estimated exchange rate in the third quarter, but considering that the exchange loss in the same period last year was 16.

100 million, we predict that the exchange rate of profit and loss scissors will be small, and the deduction of financial expenses due to the increase in the operating lease 苏州桑拿网 consolidation statement index increased slightly.

In addition, the company’s other income in the third quarter13.

700 million, an increase of 3 per year.

200 million, other report items did not change much, and net profit attributable to mothers increased slightly.

The replenishment in winter and spring is tightening, and freight rates are expected to improve significantly in winter 2019.

Landing at a 7% growth rate, combined with the B737MAX grounding continuity and R5 limiting pilot flight hours, combined compression from multiple dimensions to provide free space.

Taking into account the expected recovery in demand bottoming out and the low base of freight rates since the fourth quarter of last year, we believe that freight rates are expected to improve significantly in the fourth quarter and 2020.

Investment suggestion The company’s strategic objectives are clear. The Beijing and Shanghai hubs form a route network layout of “Double Dragons Going to the Sea”, and the core gold trunk Beijing-Shanghai line has worked hard to retain operating yields at the old airport of the capital, and it will cooperate with Juneyao Airlines to hold cross-shareholding operations to further optimize Shanghai.Market competition pattern and broad development space.

At present, the company’s estimated PB level is in the historical bottom area. We believe that the upside is significantly greater than the downside risk. It is estimated that the net profit attributable to mothers will be 43 in 2019-2021.

4 billion, 78.6 billion, 90.

4 billion, maintain “Buy” rating and target price 7.

88 yuan.

Risk warning: macroeconomic fluctuations, increased oil prices, exchange rate depreciation, security accidents

Po Laiya (603605) investment value analysis report: Fashion in the beauty industry advanced to an ecological platform

Po Laiya (603605) investment value analysis report: “Fashion” in the beauty industry advanced to an ecological platform

Core point of view Since the listing, the company has attracted outstanding talents in the industry, fully authorized, three-dimensional incentives, “consumer insights-research and 淡水桑拿网 development-production-marketing channels” full chain rapid response, efficient operation similar to the “fast fashion” beauty promotion, and promote high performance growthIn the future, it is expected that through the enhancement of brand power, empowerment, and collaboration to advance to the beauty ecological platform.

   Local cosmetics leader, founder holding, partnership holding.

The company’s main skin care, make-up and other mid-end cosmetics, 2019H1 respectively achieved operating income13.

300 million / attributable net profit

7 trillion, +27 a year ago.

5% / + 34.


In 2018, the company’s cosmetics market accounted for 1 of the implants.

7% (Daily Chemical), ranking fifth among local cosmetics companies.

Founder and chairman Hou Juncheng / general manager Fang Yuyou each hold 36 shares.

07% / 24.

26%, deputy general manager Cao Liangguo holds 3.

60% (as of 6/30/2019).

   Cosmetics industry: High prosperity continues, and mid-range local brands compete.

In 2018, the scale of Chinese cosmetics authentic licensed was 31.05 million yuan, +15 per year.

4%, demand, media, brands, channels, and policies have driven the rapid growth of the industry.

Foreign cosmetics monopolize the high-end market, and domestic brands compete in the mid-range.

Intergenerational consumer conversion has provided good growth opportunities for local cosmetics brands. Channels and information transmission methods have also undergone profound changes. The transformation and challenges of local cosmetics companies have coexisted, profound changes, and strong performers have improved to win.

   Po Laiya: “Fast Fashion” driven by the CS channel to the beauty industry.


Version 0: Traditional marketing blessing, CS channel driven.


Version 0: After listing, recruit talents, fully decentralize, “basic salary + excess division + +” three-dimensional incentives, open the whole chain, quick response: insight into the needs of young consumer groups, capture beauty hotspots → R & D capabilities highlighted, continued to launch explosiveSingle product → marketing innovation: endorsement, content marketing, popular promotion platforms, etc. → channels: online multi-platform layout, offline consolidation of CS, expansion of single-brand stores; promotion of high growth performance (2018A-2020E: expected compound annual growth in profitsRate 30% +).

   The future 3.

Version 0: Improving brand power and strengthening the main brand; internal incubation, mergers and acquisitions, multi-pronged agency, comprehensive empowerment to create a beauty ecosystem.

Multi-level marketing strengthens the differentiated positioning of “ocean” skin care and occupies the minds of consumers. The main brand “Polaia” still has a huge room for improvement (one hundred queels and natural halls respectively).

8 times / 2.

0 times); improve product quality and create high-quality explosion models.

Platform operation, internal incubation, external mergers and acquisitions, cross-border agency of new brands, equity marketing, content production and other new media companies to build an ecosystem in an all-round way.

   Risk factors: intensified competition in the industry; new products, online, and single-brand stores fail to meet expectations; the stability of the core team is closely related to the certainty of performance growth.

   Investment recommendation: Maintain 2019 operating income / attributable net profit forecast to 31.

200 million / 3.

9 trillion; the company’s incentives are flexible and adequate, and the ability to build explosives is continuously verified. According to the company’s new product reorganization, marketing layout efforts, and channel expansion, the operating income forecast for 2020-21 is adjusted to 41.


900 million (previous forecast: 40.

7 billion / 51.

900 million), maintaining the forecast of 2020-21 net profit attributable to 5.

100 million / 6.4 million, corresponding to 1 for 2019-2021.



17 yuan (was 1).



19 yuan).

With reference to the peer assessment, we give 35 times PE in 2020, corresponding to a target price of 90 yuan, and maintain a “buy” rating.

Aikedi (600933): Deep cultivation of aluminum alloy casting can be expected in the future

Aikedi (600933): Deep cultivation of aluminum alloy casting can be expected in the future

Recommendation logic: In the short term, the company has ample orders in hand, and the maximum increase in production capacity drives the company’s gross margin to gradually recover.

In the medium and long term, the trend of lightweight vehicles is inevitable. The company is deeply involved in the field of high-pressure casting, with high added value of products and high-quality downstream customers.

At the same time, the company is expected to expand product categories by absorbing more technologies.

What do we expect in 2019?
In 2021, the company’s compound advantage will be 8.

9%, maintaining steady growth.

The trend of lightweighting of automobiles is leading the company as a leader in high-pressure casting.

Emission standards are becoming increasingly stringent. As one of the important technical means of energy saving, vehicle lightweighting has 南宁桑拿 become the mainstream trend in the future.

As one of the mainstream trends in lightweighting, aluminum alloy consumption is expected to increase steadily. We expect the domestic aluminum alloy market size to be 174.6 billion in 2020.
The composite material will be 7 in 2025.


Divided by technology, the company is a leader in the field of high-pressure casting. Its products are mainly small and medium-sized aluminum alloy products with complex product structures and high added value.

From the perspective of market share, the aluminum alloy market has huge space, and the company’s market share is still low. It is expected to continue to increase its share in the existing field.

At the same time, pay attention to the latest technology of aluminum alloy casting, and it is expected to expand the product category by absorbing 无锡夜网 new processes.

Ample orders in hand and profitability recovered steadily.

The company is a second-tier supplier, and its products are mainly supplied to Valeo, Bosch, Getrag, Magna, Nexteer and other international mainstream component manufacturers, and are deeply bound with downstream customers to establish long-term and stable supply relationships.
The company has ample orders in hand, increasing the order amount year by year, and accelerating the layout of the new energy vehicle field. It has successively obtained new energy vehicle projects such as Bosch, Continental, United Electronics, Magna, Mahler, Mitsubishi Electric, etc., and it is expected to add new ordersThe proportion of Sino-New Energy orders has steadily increased.

In the short term, the company’s production capacity will recover steadily through the recovery of the domestic auto industry and the gradual release of orders from the company, which will lead to an increase in the level of gross profit margin.

Financial indicators are stable, and ROE is at the leading level in the industry.

The company has the highest debt ratio, sufficient cash on the books, and stable cash flow every year. Since listing, it has guaranteed a dividend ratio of more than 40% per year, and its financial indicators are stable.

At the same time, the company’s ROE level is at the leading level in the aluminum alloy casting industry, the company’s asset turnover rate is at the industry average level, and the profit margin is at a historically low level.Promotion.

Earnings forecasts and investment advice.

It is expected that EPS for 2019-2021 will be 0.



71 yuan.

The trend of lightweight vehicles is inevitable. The company has ample orders in hand, and future growth is expected, maintaining the “overweight” level.

Risk reminder: automobile demand is less than expected risk, the progress of the project is not as good as expected, and the risk of exchange rate changes

Huaneng International (600011) 2019 Third Quarterly Report Review: Falling Coal Prices Hedge Demand Weakening Third Quarterly Report Results Meet Expectations

Huaneng International (600011) 2019 Third Quarterly Report Review: Falling Coal Prices Hedge Demand Weakening Third Quarterly Report Results Meet Expectations

Event: In the first three quarters of 2019, the company’s consolidated operating income was 1,272.

3 trillion, an increase of 0 over the same period last year.

99%; operating cost is 1071.

4 ‰, a decrease of 2 from the same period last year.

81%; gross profit margin reached 15.

8%, an increase of 3.

3pct; total profit is 88.

800 million, an increase of 122 over the same period last year.

8%; Net profit attributable to parent company is 53.

9 trillion, an increase of 171 over the same period last year.

0%; budget revenue is 0.

32 yuan, an increase of 0 over the same period last year.

20 yuan.

Comment: Coal prices and expected rates have fallen, improving gross margins.

The company’s gross profit margin for the third quarter was 14.

6%, an increase of 3 per year.


The increase in gross profit margin was mainly due to: 1. Coal prices fell and fuel costs decreased.

In the third quarter of 2019, the average national coal price was 488 yuan / ton, a decrease of 7 from the same period last year.

1%; 2019Q3 company’s unit fuel cost of electricity sales is 219.

83 yuan / MWh, a decline of 6 per year.

4%, basically in line with the national trend of coal prices.

Decrease in coal prices reduced operating costs by 14 trillion, 2, lowered the increase rate, and increased pre-tax electricity prices.

2019Q3, the tax-included electricity price is 0.

4144 yuan / kWh, basically the same as last year.

On April 1, 2019, the growth rate of enterprises and institutions was reduced from 16% to 13%, and the pre-tax electricity price increased by about 9% / kWh.

The increase in pre-tax electricity prices increased the company’s operating income by approximately 9.

500 million.

Weak demand combined with external call squeezing has significantly reduced the company’s power generation.

In Q3 2019, the company generated 106.8 billion kilowatt-hours of electricity in adjacent periods8.


The main reasons are as follows: 1. Shandong, Jiangsu, Henan, Guangdong, Zhejiang and other places with relatively high installed capacity accounted for a sharply weak growth in consumption demand.

2. Nuclear power generation has grown significantly, crowding out space for thermal power generation.

Since the beginning of 2018, a total of 9 nuclear power units have been put into operation nationwide.

Among them, there are 2 in Shandong, 2 in Jiangsu, 3 in Guangdong, and 2 in Zhejiang.

As a result, the company’s power units located in Shandong, Jiangsu, Guangdong and Zhejiang have been squeezed by the growth of nuclear power.

3. Shandong, Jiangsu, Zhejiang, and the increase in the number of foreign individuals, especially after the operation of the Zarute-Qingzhou, Shanghai Temple-Shandong UHV, Shandong’s acceptance of outsourced assets increased and the local thermal power generation squeezed.
Taxes reduce company operating income23.
5 trillion, reducing operating costs by 14 trillion.

Investment income increased significantly, and Tuas Energy’s profit decreased.

In the third quarter of 2019, the beneficiary company’s share of nuclear power generation increased, thermal power profitability increased, and Shenzhen’s energy performance increased. The company’s investment income4.

300 million, an annual increase of 6.

600 million.

Tuas Energy’s revenue and average cost increased. Revenue and cost increased by about 15 compared with the same period last year.

500 million, 1.8 billion, decreased profitability.

Coal prices continue to fall and the floating mechanism improves the thermal power estimation.

From January to September, the output of raw coal was 27.

4 billion tons, an increase of 4 in ten years.

5%; imported coal 2.

5 billion tons, an increase of 9 in ten years.

8%; the amount of thermal power generation only increases by 0 every year.

5%, coal price 重庆桑拿 supply and demand is developing towards easing.

From Q1 to Q3 2019, the CIF price of imported thermal coal (Q5500) from CCTD Guangzhou Port fell by 18.

5%, the price advantage of imported coal is huge.

In 2019, the company’s purchase ratio of imported coal is expected to be 25%, which is expected to fully benefit from the decline in coal prices.

The State Council will cancel the benchmark electricity price of coal power and implement the “base price + floating” mechanism, which will help push the thermal power sector to increase its bargaining power, restore a reasonable rate of return, stabilize the profitability of thermal power, and optimize assets.

Earnings forecasts, estimates and investment ratings.

Due to the increase in carbon content, we estimate that the company’s net profit attributable to mothers for 2019-2021 will be 54.

700 million, 83.

400 million, 106.

8 trillion (the original forecast was 56 trillion, 91.

0 million, 130.

400 million), an annual increase of 279.

9%, 52.

6%, 28.

0%, the corresponding EPS is 0.

35, 0.

53, 0.

68 yuan / share, corresponding to PE of 16.

6, 10.

9, 8.

5 times, corresponding to PB 1.

19, 1.

13, 1.

06 times.

The reference SW thermal power sector comparable company’s average PB in 2019 is 1.

Doubled, giving the leading companies 1 in 2019.
5x PB, adjust target price to 7.
36 yuan, maintaining the “strong push” level.

Risk warning: coal price rises; electricity price cuts; utilization hours are less than expected.

Weiming Environmental Protection (603568): Project with stable operation progressed smoothly

Weiming Environmental Protection (603568): Project with stable operation progressed smoothly

Event: The company released the third quarter report of 2019, and the company achieved operating income from January to September 15.

380,000 yuan, an increase of 31 in ten years.

43%, net profit attributable to mother 7.

4.5 billion, an annual increase of 29.

05%; The company achieved operating income in the single quarter from July to September 5.

71 ppm, an increase of 32 in ten years.

58%, net profit attributable to mother 2.

55 ppm, an increase of 26 in ten years.

The 12% core point of view is that the operation is stable and the project progresses smoothly: the company and its related subsidiaries have gradually put in 390 garbage in the first three quarters.

05 for the first time, with an annual increase of 26.

31%, with 111,574 Internet access.

830,000 degrees, an increase of 19 in ten years.


In 2019, the company has signed 10 new waste incineration projects with a scale of 7600 tons / day. At present, the company has a total waste incineration scale of 3.

1 day / day, of which 1 has been put into operation.

4 days / day.

At present, the construction of domestic waste incineration projects such as Zhangshu, Linhai Phase II, Yuhuan Phase II, Wuyuan, Fengxin, etc. is progressing smoothly. Dongyang, Longquan, Shuangyashan and Yongfeng projects have entered the construction phase. The gradual landing of projects in hand will support the company’sPerformance growth.

The business chain extends to other areas of the solid waste 北京夜网 industry: around the core business of domestic waste incineration operation, the company newly signed a number of environmental sanitation clearance operations in 2019, including Shigao Town, Tianfu New District, Meishan, Sichuan, Lucheng District, Wenzhou, and Ouhai District, Wenzhou.Orders; At the same time, Jiangshan and Wuyi’s kitchen and kitchen waste treatment projects were newly added. The company has 7 kitchen and kitchen projects in hand, with a total scale of 875 tons / day. It will be implemented in stages across the country through waste classification. The company willThe potential of the Chinese processing industry to continue to expand.

Financial Forecast and Investment Suggestions We maintain the company’s net profit attributable to its parent to 9 in 2019-2020.


1 ppm profit forecast, due to changes in total equity, change the target price to 25 based on the DCF estimation method.

45 yuan (previous average 33.

70 yuan), maintain BUY rating.

Risks indicate that the project construction progress is not up to expectations.

Zhongke Shuguang (603019) annual report comment: high-performance business synergy will gradually emerge

Zhongke Shuguang (603019) annual report comment: high-performance business synergy will gradually emerge

On March 16th, the company released the “2018 Annual Report”.

Comment 1, the company’s performance maintained high growth.

The company’s top management realized operating income of 90.

5.7 billion yuan, a year-on-year increase of 43.

89%; net profit attributable to shareholders of the listed company is 4.

310,000 yuan, an increase of 39 over the same period last year.

43%; EPS per share is 0.

67 yuan, performance in line with market expectations.

In terms of dividends: the company distributes cash dividends for every 10 shares1.

4 yuan (including tax); 4 shares for every 10 shares.

2. Overweight Haiguang information to enhance industry autonomy and control.

In November 2018, the company obtained a total of 10 Haiguang information through auctions.

92% equity, so the company’s shareholding in Haiguang Information increased to 36.


According to the number of reports, Haiguang Information’s chip products have achieved small-scale, with revenue from 0 in 2017.

14 billion significant growth to 1 in 2018.

1.3 billion yuan.

We expect that in the future, the conversion of Haiguang’s information chip will increase substantially, and its performance will be significantly improved. The collaborative progress of the chip and server business will help the company’s performance.

3. The company’s products continued to make breakthroughs.

In 2018, the company has made progress in high-efficiency computers, big data, cloud computing, artificial intelligence and other fields.

The company’s “E-Class High-Efficiency Computer Prototype System Development” project passed technical acceptance, marking that Shuguang E-Class High-Efficiency Computer Prototype System has entered the operational phase from the development stage.

The new generation of silicon cube high-efficiency computer integrating the latest technologies in computing, storage, networking, energy saving and other fields is officially released. It is the first HPC system in the world to adopt immersion liquid phase change 都市夜网 cooling technology blade servers.

The company’s artificial intelligence management platform “SothisAI” won the 2018 ECIAwards Gold Award for technological innovation, and the artificial intelligence medical imaging robot won the silver award for product innovation.

4. R & D expenses have increased significantly, providing technical support for the company’s future development.

As the actual control unit of the Chinese Academy of Sciences, the company has participated in the relevant forward-looking and disruptive computing technology innovations of the Chinese Academy of Sciences and actively promoted the industrialization of related technologies. This is a good technical foundation for the company’s future business development.

The company vigorously attracted R & D. In 2018, the company’s R & D staff rose to 1,409 and the R & D investment reached 7.

2.4 billion yuan, an increase of 68 over the same period last year.


The rapid growth of R & D expenses provides a deep technical reserve foundation for the company’s continued growth in future performance.

5. Investment advice.

We estimate that the company’s net profit attributable to shareholders of the parent company in 2019-2021 will be 6, respectively.

22 billion, 9.

63 billion, 13.

11 ppm, the corresponding EPS is 0.

97 yuan, 1.

50 yuan, 2.

04 yuan, the corresponding PE is 60.

2 times, 38.9 times, 28.

6 times; give the company a “recommended” rating.

Risks prompt increased competition in the industry; Haiguang Information’s development is less than expected.

Han Lan Environment (600323): 1?

3Q19 performance in line with expectations Solid waste projects have abundant reserves and lasting flexibility

Han Lan Environment (600323): 1?
3Q19 performance in line with expectations Solid waste projects have abundant reserves and lasting flexibility

1Q3 company results that meet our expectations1?
3Q19 performance: the company’s revenue in the first three quarters of 42.

700 million each year 19.

05%; net profit attributable to mother 7.

3.6 billion, a decrease of -0 in one year.

99%, corresponding profit 0.

96 yuan, the temporary suspension of performance is mainly due to the disposal of the subsidiary’s official kiln market confirmation in the same period last year.

6 trillion non-recurring gains.

Net profit after deduction to mother 7.

20,000 yuan, an increase of 20 in ten years.

2%, in line with expectations.

Company gross margin growth rate, 1?
3Q19 company’s gross margin growth decreased 4.

7ppt to 29.

5%, we expect mainly due to the rising cost of gas and power business.

The expense rate is stable during the period, 1?
3Q19 drops slightly every year.

5ppt to 11.


The sales and management (including R & D) expense ratios are stable, which are 1 respectively.

3% and 6.

4%; the financial expense ratio is well controlled and is reduced by 0 every year.

5ppt to 3.


Operating cash flows circulated, and accounts receivable increased.

In the first three quarters of 19, the company’s operating cash flow decreased by more than two.

200 million to 7.

3 trillion, accounts receivable increased by 3 trillion to 7.

10,000 yuan.

We believe that this is mainly due to the report’s performance: 1) The company’s newly-launched Zhangzhou South, Langfang project has not yet received renewable energy subsidies; 2) Existing projects Zhongnanhai project renewable energy subsidy receivables increased.

Development trend The project reserves are abundant and the growth elasticity is rich.

The company intends to 2.

600 million shares of Shengyun Environmental Protection acquired 5 4,300 tons / day of waste incineration projects. If the transaction is successfully completed, it is expected to increase the company’s reserve capacity by 15%.

At present, the company is under construction. The planned production capacity (excluding the planned acquisition of Shengyun Project) has approximately doubled the production capacity, and the project reserves are abundant.

Taking into account the three plants in the South China Sea, Zhangzhou South and other projects are expected to be completed this year. Next year, the waste incineration operation capacity will increase by 23%, increasing elastic wealth.
Entered the clearing business and look forward to the growth of the company’s performance in the future.

The reported company acquired Guoyuan Environment and entered the sanitation business, forming a closed loop from the front-end cleaning to the innocuous disposal of the solid waste industry chain.

In the future, the sanitation business may become a new business growth point for the company. It is expected that the sanitation business and the end-of-sale disposal business will form a synergistic effect to drive the company’s solid waste industry chain business as a whole.

Earnings forecasts and estimates We maintain net profit for 2019 and 20209.

36 and 10.

04 trillion is unchanged.
The current priority is 15.

4x 2019 P / E and 14.

3 times 2020 price-earnings 天津夜网 ratio.

Maintain “Outperform” rating and target price22.

5 yuan is unchanged, corresponding to 18.

4x 2019 P / E and 17.

2x 2020 earnings ratio, 20% upside compared to previous inclusion.

Risks Fuel gas gross margin budget risks, project expansion is less than expected risks, accounts receivables continue to expand risks, and market financing risks.

Visual China (000681): Visual content and service revenues resume growth

Visual China (000681): Visual content and service revenues resume growth
The 3Q19 results are in line with our expectations of the company’s first three quarter 2019 results: 1?3Q19 income 5.86 ‰, a decrease of 16 per year.50%; net profit attributable to mother 2.1.5 billion, down 2 a year.40%, deducting non-net profit 2.1.3 billion, down 1 year.88%; 19Q3 income 1.8.3 billion, down 16 a year.51%, net profit attributable to mothers was 82.22 million yuan, a year-on-year decrease of 1.26%, in line with our expectations. Development trend The core business has gradually resumed growth.In the first three quarters of 19, the company ‘s core business of visual content and services gradually realized revenue5.83 ppm, an increase of ten years.55%.In the third quarter of 19, the company’s core main business income was 1.84 ppm, a ten-year increase4.85% is basically the entire composition of revenue.Affected by the “411 Incident”, the company’s 2Q19 visual content and service business revenue has improved, which has been transformed into the company’s continuous optimization of its business model, and has now resumed growth.At the same time, the gross profit margin in 3Q19 also increased by 8 sequentially.1ppt to 68.4%.The “Jiangwang action” in 2019 is still in the process of being promoted. The introduction of relevant regulations on the picture copyright market will promote the increase of the industry’s genuine rate, which will accelerate the company’s revenue growth. Sales expenses tended to be stable, and R & D was continuously expanded to strengthen technical capabilities.191-3Q1 The company’s sales rate dropped by 1.13ppt to 10.72%, the company strengthened the management of sales expenses and reduced seasonal fluctuations.From 1Q to 3Q19, management expenses increased by 4 quarterly.46% to 66.79 million yuan, maintaining stability.In addition, the company continued to increase research and development, rebuilt the technology research and development system, aggregated content data, user behavior data, and content usage scenario data. The company stated that in this regard, it is possible to improve the efficiency of content use and management for large customers, thereby improving the company’s standardizationAbility to serve a large number of long-tail users. Multi-dimensional development of customers, the cornerstone of future growth potential.The target of the report is that the company develops customers for different target markets: for large corporate customers, the company strengthens the construction of the platform and digs into service scenarios, while increasing customer stickiness, it seeks to increase single-customer revenue; for middle and long-tail customers, the company strengthenedMarketing activities, working with third parties to serve customers together. For example, on October 25, the company’s strategic cooperation project with the China Travel Service Association was officially released. Both parties will jointly build a visual content platform, provide massive compliance and high-quality picture materials, help the tourism industry to establish a standardized copyright use system, and increase the company’s corresponding industry.Reach of small and medium customers.At present, this multi-level customer development has made initial progress and is expected to replicate. Earnings Forecasts and Estimates As the new contracted customers have not yet generated significant revenue, we lower our net profit for 2019/20207.0% / 3.3% to 3.03 ‰ / 4.06 million, currently sustainable corresponding to 47 times / 35 times price-earnings ratio in 2019/2020.Maintain Outperform rating and target price of 24.20 yuan, corresponding to 41.7 times 2020 price-earnings ratio, 18 compared with the same period last year.9% upside. Risks Copyright protection risks, customer expansion is not up to expectations, industry competition 南京龙凤网 is intensifying, lifting of restricted stocks may bring trading shocks.

Depth-Company-Yangnong Chemical (600486): Performance in line with expectations Youjia Phase III project helps growth

Depth * Company * Yangnong Chemical (600486): Performance in line with expectations Youjia Phase III project helps growth

Yangnong Chemical issued the 2019H results announcement, and the company realized operating income of 28.

94 ‰, ten years ago 6.

49%; net profit attributable to mother is 6.

27 ppm, an increase of 11 years.


Net profit attributable to mothers for the second quarter of 2019 was 3.

00 ppm, an increase of 3 per year.


The expense ratio increased slightly during the main points of the support level.

2019H company period expenses9.

54%, up by 1 each year.

55 units.

Of which management costs are 8.

41%, up 1.

22 subsidies were derived from the increase in the company’s staff budget and R & D expenses; financial expenses subsidy -0.

02%, rising by 0 every year.

38 averages. First, interest on bank loans increased, while exchange gains decreased.

In addition, the company accrued asset impairment losses of 3,297.

870,000 yuan, an annual increase of 53.

29%, due to the increase in accounts receivable and the corresponding provision for bad debts increased.

The gross profit margin is still beautiful, and the price of pyrethroid continues to be subdivided.

Due to the continued high-pressure situation of environmental protection and the impact of the accident in northern Jiangsu, while the downstream 南宁桑拿 demand is good, the company’s core product price boom continues.

According to company announcements, 2019H pesticide sales were 7,853.

64 tons, an increase of 8 in ten years.

55%, with an average sales price of 23.

08 million yuan / ton, up 11 before.


In addition, herbicide sales were 20,835.

79 tons, 34 from the previous decade.

33%, the average selling price is 3.

08 million yuan / ton, 23 in the previous decade.

26%, it is judged that the sales volume of dicamba was exceeded.

The company’s 2019H consolidated gross profit margin reached 34.

79%, an increase of 3 per year.

60 single, profitability is expected to push up performance growth.

Looking forward to the third quarter, according to the latest data from Zhongnong Lihua, the price of bifenthrin is currently 34.

00 million / ton, up to 15% in 夜来香体验网 ten years; the price of kungfurin was 30 million / ton, which has remained flat for many years; the price of glyphosate was 24,995.

70 yuan / ton, temporarily canceling 10.55%.

New projects continue to advance, and performance growth can be expected.

The holding subsidiary Youjia Company plans to invest in a number of major projects, including 3,800 tons / year of bifenthrin, 1,000 tons / year of fluorophenamine, 120 tons / year of santhrin and 200 tons / year of hydroxyphenyl ester pesticides.Total investment income growth rate 4.

3 billion, with an estimated average annual operating income of 10 after commissioning.

23 ppm, with a total return on investment of 29.


In addition, the Phase III project of Youjia has been fully advanced, and several other projects are being implemented simultaneously.

With the advancement of new projects, the company’s product series will help the company grow into a comprehensive agrochemical enterprise.

It is estimated that as product prices remain high, earnings forecasts are raised.

The company is expected to achieve net profit in 2019-2021.

4.9 billion, 12.

53 ppm and 15.

8.8 billion, corresponding to the current price-earnings ratio of 14.

5 times, 13.

3 times and 10.

5 times.

Maintain company buy rating.

The main risk items facing the rating were lower than expected; product prices fluctuated significantly.

Sino-Singapore (002912): Revenue growth and gross profit margin both increase Q4 high growth can be expected

Sino-Singapore (002912): Revenue growth and gross profit margin both increase Q4 high growth can be expected

The company’s first three quarter results were in line with expectations. 19Q3’s 佛山桑拿网 revenue in the same period last year was still accelerating under the background of a high base, and gross profit margins were further increased. Short-term research and development expenses reduced profit growth to seek long-term growth. It is strongly recommended.

Event: The company released the third quarter report of 2019, and the first three quarters achieved revenue6.

1 ppm, an increase of 28 in ten years.

51%; net profit attributable to mother 1.

76 ppm, an increase of 12 in ten years.

67%; deduct non-net profit 1.

73 ppm, an increase of 14 years.

79%; single quarter revenue in the third quarter2.

76 ppm, an increase of 31 in ten years.

52%; deduct non-net profit 1.

08 million yuan, an annual increase of 16.


Overall in line with market expectations.

Revenue accelerated and gross profit margin continued to increase.

After the third quarter report was announced, the market initially dismissed the concerns about the company’s performance. The overall situation of the third quarter report was in line with market expectations.

19Q3 single-quarter revenue continued to accelerate against the backdrop of a high base in the same period last year, a significant increase from the previous quarter.

At the same time, the overall gross profit margin in the first three quarters reached 82.

53%, a year-on-year increase of 0.

Of the 84 samples, we judge that the main reason is that the proportion of broadband network products with high gross profit margins has increased, and the previous orders on the telecommunications side have been gradually confirmed, which has significantly contributed to the gross profit margin.

The company’s previous large orders are still in the period of successive acceptance. Accounting accounts such as advance receipts and inventory still maintain high values. In addition, the company’s performance base in 18Q4 is very low. We maintain full confidence in the high growth and performance in the fourth quarter.

R & D expenses remain high, temporarily reducing profit growth.

In the first three quarters, the company’s revenue growth rate was still higher than the profit growth rate due to the increase in gross profit margin, mainly due to the relatively high growth rate of R & D expenses, and the first three quarters of R & D expenses.

530,000 yuan, an increase of 30 in ten years.

28%, R & D expense ratio reached 25.

05%, every year last year increased by 0.

88 units.

R & D is the key factor for Sec to maintain a solid position in the front-end leader and achieve target business breakthroughs. The reduction in profit growth is short-term, fostering long-term continuous growth, and improving the impact of finding such costs.

We continue to be optimistic about the expansion of the company’s business from the field of data acquisition hardware to the field of data applications, while maintaining technological advantages while opening up a broader multi-industry market space beyond the special market.

Maintain “Highly Recommended-A” rating: EPS is expected to be 2 in 19-21.



33 yuan, a provider of high-quality network visualization equipment driven by technology (communication) + demand (information security), high security of virtual security, strong extension and forward sustainability, maintaining the “strong recommendation-A” level.

Risk Warning: Market Expansion Does Not Meet Expectations; Gross Margin Growth Risk.