Dongfang Cable (603606) annual performance pre-increasing comment: Submarine Cable’s high revenue growth continued to exceed expectations

Dongfang Cable (603606) annual performance pre-increasing comment: Submarine Cable’s high revenue growth continued to exceed expectations

Event: On January 4, the company issued a 19-year annual performance pre-announcement announcement. It is expected that the company will realize net profit attributable to mothers in 194.

55 billion yuan, an annual increase of about 165%; deduct non-net profit4.

45 billion yuan, an increase of 176% over the same period; of which, the company is expected to achieve net profit attributable to mothers in 19Q4.

53 billion yuan, a year-on-year increase of 173%;

46 billion yuan, a year-on-year increase of 197%, continuing to exceed market expectations.

Submarine cable revenue has grown rapidly, and high added value has helped increase profitability.

In 19 years, the company’s revenue increased by about 20% to 36 in ten years.

300 million, of which the submarine cable system and offshore engineering accounted for over 40% of 西安耍耍网 revenue. We expect the company’s submarine cable to confirm revenue of nearly 500 million in the fourth quarter, and offshore engineering confirmed revenue of nearly 0.

700 million, the submarine cable net interest rate increased to more than 26%.

The high-value-added submarine cable revenue has grown rapidly, driving the company’s overall performance to improve.

The reserve of orders in hand is sufficient to ensure future performance growth.

Offshore wind power installation trend is obvious, and submarine cable production capacity continues to be in short supply.

Since the beginning of 19, the company’s submarine cables have gradually won the bid with tax amount of 23.

800 million (including submarine cable installation) can already support the initial company’s submarine cable output value for 20 years.

21 years 杭州夜网 is the rush installation year for offshore wind power. 20 years of submarine cable orders are expected to continue to be high. Successive submarine cable orders in turn will continue to ensure the company’s future growth.

Technological transformation and merger of Ningbo production base will further expand production capacity.

The company plans to carry out relevant technical transformation of the existing submarine cable production capacity, and at the same time will transfer the original production base originally located in Zhoushan to Ningbo, and implement high-end marine energy equipment cable system projects. It is expected to reach full production in the second half of 21; the company is also established in YangjiangThe subsidiary will further expand the company’s submarine cable production capacity.

Investment suggestion: Considering the continuous high growth of the company ‘s submarine cable business and the release rhythm of production capacity, increase the company’s net profit for 2019-2021 to 4, respectively.

55, 6.

25, 7.

80 billion, EPS is 0.

70, 0.

96, 1.

19 yuan.

Taking into account the high barriers of the submarine cable business, the company was given an estimate of 16 times in 2020 and maintained a “Buy” rating.

Risk reminders: offshore wind power development, company capacity expansion progress, completed single schedule is less than expected, raw material price fluctuations, industry competition pattern changes and other risks

Ping An Bank (000001): Operational Tracking: Outstanding Achievements in Retail Transformation

Ping An Bank (000001): Operational Tracking: Outstanding Achievements in Retail Transformation

Event: On April 23, Ping An Bank disclosed its 2019 first quarter performance 合肥夜网 report: the first quarter realized revenue of 324.

7.6 billion, an annual increase of 15.

9%; profit before provision 225.

5.2 billion, an increase of 17 in ten years.

1%; net profit 74.

4.6 billion, an annual increase of 12.


The annualized ROAA and ROAE are 0, respectively.

86% and 12.

15%, an increase of 0 per year / mo.


12, 0.


66 averages with a budget benefit of 0.

38 yuan.

The company’s profitability is strong, its profit growth has further accelerated, and its overall performance is in line with market expectations.

Core considerations: 1. Relatively balanced growth in corporate retail credit.

Corporate loans and retail loans grew earlier, respectively.

1% and 3.


2. Deposits increased sharply, interest rates increased, and NIM rebounded month-on-month.

Customer 武汉夜网论坛 deposit 2.

31 trillion, a significant increase from the beginning of the year7.

4%; the interest rate on deposits increased by 9bp to 2 compared with the earlier period.


3. Badness, double concern rate, and increased provisioning.

Provision coverage ratio increased significantly compared to the beginning of the year15.

35 averages to 177.

71%, the degree of bad deviation decreased.

4. Capital adequacy ratio has improved.

Core Tier 1 capital, Tier 1 capital adequacy ratio 8.

75%, 9.

59%, all increased by 0 compared with the beginning of the year.

Around 2 nominal, the 26 billion convertible bonds issued by the company in the future are expected to gradually convert into shares.

Profit forecast: Ping An Bank’s iconic retail asset structure and interest margin constitute its core guarantee for further reducing the quality of real assets and enriching provisions, and its core profitability has sufficient upward potential.

We estimate that Ping An Bank’s EPS for 2019-2021 will be 1.

62, 1.

83 and 2.10 yuan; ROAE is 12.

7%, 13.

6% and 14.

0%; current status corresponds to PB 0.

89, 0.

82 and 0.

74 times.

According to the DDM and with reference to comparable bank PB estimates, the company is given a target price of 16.

35 yuan, the first coverage given a “buy” rating.

Risk reminder: Macroeconomic recovery situation has not been confirmed, bank asset quality risks are under pressure again

Connie Electromechanical (603111): Track-to-order performance guarantees revenue growth in line with expectations

Connie Electromechanical (603111): Track-to-order performance guarantees revenue growth in line with expectations

1H19 is basically in line with our expectations. Connie Electromechanical announced 1H19 results: realized operating income of 18.

2 ‰, increasing by 0 every year.

6%; net profit attributable to mother 1.

4 trillion, a turnaround from the same period last year, corresponding to a previous return of 0.

14 yuan, basically in line with our expectations.

In the second quarter of 19, the company realized revenue 9.

900 million, down 2 a year.

1%, net profit attributable to mother is 0.

7 trillion, a turnaround from the same period last year.

The main business achieved rapid growth and the gross profit margin decreased slightly.

In 1H19, the company’s main business income was 14.

1 ppm, a significant increase of 51 per year.

6%; revenue from new energy vehicle parts1.

9.4 billion, an annual increase of 17.


Overall gross profit margin decreased by 1.

9ppt to 30.


The expense ratio increased slightly during the period; operating cash flow resumed.

During 1H19, the expense ratio increased slightly by 1.

1ppt, management / R & D / financial expense ratios are changed by +1.

8 / -0.

9 / + 0.


In the first half of this year, the business was operating normally, and the company’s net interest rate turned positive.


Cash exchange for operating activities 2.

5 trillion, less than the same period last year2.

400 million US dollars, mainly due to the large capital expenditure of Longxin Technology in the same period last year.

Development Trend Longxin Technology is expected to complete the replacement within the year.

On August 5, 2019, the statement of the sale of 100% equity of Longxin Technology, a wholly-owned subsidiary, was approved by the extraordinary shareholders meeting. We expect that the replacement of Longxin Technology is 杭州桑拿网 expected to be completed within the year, and the company will refocus on rail transportation.

Rail transit’s main business will maintain steady revenue growth.

As of June 2019, the company’s on-hand orders amounted to 39.

880,000 yuan, an increase of 5 earlier.

8%, the gradual delivery of orders in hand will ensure the steady growth of the company’s revenue.

In addition, the company’s self-developed gate module has been tested in Nanjing, Wuhan and other places on multiple stations.

New energy automotive door system business developed steadily.

Under the background of intensified competition in the new energy automobile parts industry, the company’s independent development of new energy bus door systems has steadily advanced. At present, it has cooperated with Nanjing Jinlong, Suzhou Jinlong, BYD, Yinlong Bus, 北京养生会所 Zhongtong Bus, Yaxing Bus, ShenyangHigh-quality OEM customers such as Wagon have established cooperative relationships.We believe that the company has the advantages of technology and customers, and the city share is expected to increase in the future.

Earnings forecasts and estimates We maintain the company’s 2019/20 earnings forecasts unchanged.

The company’s current consensus corresponds to 17 in 2019/20.


2x P / E, we maintain a neutral rating and a company target price of 5.

45 yuan, corresponding to 18/15 times P / E in 2019/20, which is 3 more than currently available.

6% upside.

The risk rail is handed over to the single-speed highway in the new millennium.

China Torch High-tech (600872): Accelerating the construction of management efficiency channels towards the double hundred goals

China Torch High-tech (600872): Accelerating the construction of management efficiency channels towards the double hundred goals

The event company released the third quarter report of 2019, and the revenue from 19Q1-Q3 reached 35.

3.1 billion (+11.

57%), net profit attributable to mother 5.

4.6 billion (+12.

32%), deducting non-net profit 5.

200 million (+10.


3Q19 achieved revenue 11.

3.8 billion (+14.

93%), net profit attributable to mother 1.

800 million (+22.

32%), deducting non-net profit 1.

7.4 billion (+22.


The investment points are delicious and the results are bright: 19Q1-Q3 achieved revenue of 35.

3.1 billion (+11.

57%), of which revenue was 11 in 19Q3.

3.8 billion (+14.

93%), Q3 delicious fresh company achieved revenue of 10.

9.5 billion (+14.

3%), net profit attributable to mother 1.

810,000 yuan (+17.

53%), the growth rate increased by 2pct, the net profit rate was 16.


1) In terms of products, Q3 soy sauce / chicken powder / other condiments achieved revenue6.



900 million, an increase of 9/19/33% respectively. Edible oil is growing at a high speed. It 深圳spa会所 is expected that the body weight will be equivalent to that of chicken powder.

2) In terms of regions, 19Q3 East / South / Central West / Northern regions achieved income 2 respectively.




4 ‰, increasing by 11 each year.



7%. At the end of 19Q3, there were 1,009 dealers, a net increase of 34. The main growth areas were the central and western regions and the northern region. The channel development accelerated, and the dealers expanded vigorously to drive revenue growth.

Profit side: 19Q3 gross profit margin 37.
89% (+0.
76pct), expected to contribute to product upgrades; Q3 sales expense ratio 8.

72% (+0.

78 points); management expense ratio (including research and development expenses) 8.

97% (-0.

44pct). After the adjustment of the assessment goals, the management 杭州夜网论坛 efficiency has improved significantly. The new leader has clarified the company’s development strategy, made corresponding improvements to the incentive package, and stimulated the vitality to release potential.The product’s “Preliminary Product Development Plan for 2019-2023” is expected to increase product development efforts in the future and new product upgrades are worth looking forward to. In summary, 19Q3 achieved a net profit margin.

05% (+0.

52pct), although the performance of the headquarter has declined every year, the delicious fresh business has performed well and attributed to net profit1.

800 million (+22.

32%), deducting non-net profit 1.

7.4 billion (+22.


Profit forecast and investment rating: The company’s 23-year target revenue is over 10 billion US dollars and the annual production and sales volume is over 1 million tons.

It is estimated that the company’s revenue in 19-21 will be 4, 85.7 billion, 6.6 billion, and later + 15/18/17%; the net profit attributable to the mother will be 7.



800 million, previously + 17/25/21%, PE was 49/39 / 32X, maintaining “Buy” rating.

Risk warning: capacity expansion, channel expansion is not up to expectations, raw material price fluctuation risk.

Guanglianda (002410): Cloud Transformation Achieves Significant Acceleration in Building Digital Building Platforms

Guanglianda (002410): Cloud Transformation Achieves Significant Acceleration in Building Digital Building Platforms

I. Overview of the event The company achieved total operating income29.

40,000 yuan, an increase of 23 in ten years.

24%; realized operating profit 4.

8.5 billion, down 5 every year.

79%; realize net profit attributable to shareholders of listed companies.

3.9 billion, down 7 every year.

02%, net profit after deduction to non-mother is 4.

09 billion, a year down 0.


  Second, the analysis and judgment of income continued to grow, and advance accounts received a substantial increase in the company’s total operating income.

40,000 yuan, an increase of 23 in ten years.

24%; realized operating profit 4.

8.5 billion, down 5 every year.

79%; realize net profit attributable to shareholders of listed companies.

3.9 billion, down 7 every year.


The decrease in net profit for the period was mainly affected by the recognition of service fees in installments during the transition of the construction cost cloud. The related income was changed from one-off confirmation to instalment by service period. The budget balance of advance receipts during the reporting period increased, and the advance receipts for 2018 were 4.

7.6 billion, an increase of 168% over the same period, of which the advance budget related to the cloud business is 4.

The 1.4 billion US dollars increase of 219%, and the increase in advance receipts indicates the phased success of cloud transformation.

  The cloud transformation has achieved remarkable results. Various businesses have steadily advanced the company’s cloud revenue to achieve breakthrough growth, and the cloud transformation has achieved remarkable results.

SaaS cloud revenue for the period was 3.

7 billion US dollars increased by 717%, of which the new cloud contract value of the construction business was 6.

5.5 billion, an increase of 274% in ten years.

The current user conversion rate and renewal rate have increased significantly. The conversion rate of the denominated users in 6 old conversion areas is greater than 85%, and the five new conversion areas are greater than 40%.

The company will accelerate the progress of cloud transformation in the cost business sector. In 19 years, the number of resettlement areas will be increased from 11 to 21.

The construction business segment will continue to promote product integration by opening up data and business between products, creating a BIM project management platform and smart construction site business.

At the same time, through the MagiCAD and cubicost product lines, the company gradually promoted its internationalization strategy. In 18 years, it completed 113 sample customers and more than 212 sample projects.

  High R & D will continue to invest in emerging technologies and accelerate the building of digital construction platforms. The company will continue to maintain high R & D investment and 青岛夜网 expand in strategic technologies such as graphics technology, cloud technology, big data technology and artificial intelligence. The current R & D investment is 8.

03 billion increased by 21.

74%, accounting for 28 of operating income.

05%, basically the same as in 2017.

Digital construction is the future direction of the development of building information technology. The company will continue to combine information technology with advanced lean construction project management theory methods in the future to develop professional applications and solutions for the industry, and successively carry out industrial big data and new financial services to create digitalConstruction industry platform.

  Third, the investment proposal predicts that the company’s EPS for 2019-2021 will be 0.



73 yuan, the corresponding PE is 72.


4/37.2 times.

The company’s cloud transformation in this issue has achieved significant results. We are optimistic about the company’s cloud transformation and the development strategy for building digital buildings and related industrial layouts. We choose the computer industry companies in the Fengyun computing sector. The average PE of the relevant companies in 19 and 20 years was 69.


7 times. After the company’s 20-year cloud transformation strategy is basically completed, the estimated advantages are gradually significant, and the coverage is given a “recommended” rating for the first time.

  4. Risk warning: construction business exceeds expectations, cloud conversion rate is lower than expected

Hollyk (603898) Annual Report Review: Category Expansion Opens 19Q1 Orders Rebound

Hollyk (603898) Annual Report Review: Category Expansion Opens 19Q1 Orders Rebound

In 2018, net income attributable to mothers increased by ten years.

8%, orders picked up in 19Q1. Hooke released 2018 annual report and 2019 first quarter report, and the company achieved revenue of 21 in 2018.

3 ten percent, an increase of 14 per year.

5%; net profit attributable to mother 3.

8 ‰, an increase of 9 in ten years.

8%, lower than our United Nations expectations.

18Q1 / Q2 / Q3 / Q4 single-quarter revenue increased by 31% / 23% / 15% / 1%, respectively, and net profit attributable to mothers increased by 38% / 76% / 9% /-39% in each quarter.

1Q1 company revenue increased by 10 in ten years.

2% to 3.

600 million, net profit attributable to mothers increases by 8 per year.

2% to 0.

US $ 3.8 billion, benefiting from 315 promotional activities, 19Q1 orders picked up, and advance receipts increased by 41%, which is expected to support subsequent revenue growth.

We expect the company’s EPS for 2019-2021 to be 1.

41, 1.

60, 1.

83 yuan, maintain “Buy” rating.

The expansion of categories increased the customer unit price, and the increase in expense ratio significantly increased the company’s ever-increasing product categories, and the growth in wardrobe revenue increased.

5% to 19.

With a revenue of USD 800 million, the newly expanded cabinets / wooden doors realized revenues of RMB 14.70 million and RMB 7.70 million respectively. The expansion of categories and the conversion of new products drove the unit price of customers to increase by more than 10%.

Benefit from the centralized procurement control of raw material procurement prices and the improvement of per capita efficiency (increased per capita output value).

3% to 950,000 yuan), the gross profit margin of the wardrobe increased by 2pct to 41.

9%; cabinets and wooden doors are still in their infancy, and the scale effect has not yet been realized, with gross margins of 28 respectively.

6% /-40%.

The cost rate during the period increased by ten years.

2pct to 21%, in which the increase in sales expense ratio increased 3pct, mainly due to cabinets, wooden door new category stores, increased publicity investment and limited revenue contribution.

The retail channel has grown steadily, with a net increase of 255 retail stores to 1,766 companies that converted to omnichannel customers, achieving revenue of 20.

9 ppm, gross margin extension increased by 0.

From 9pct to 41%, the same-store sales outlets that have been in existence for more than one year have increased by about 13%; the revenue from bulk channels has reached 1.29 million yuan, which is the scale of bulk revenue in 17 years.

3 times, the gross profit margin increased up to 14pct to 30%.

In the future, the company will transform from store sales to omnichannel customer acquisition, expand new retail channels, and acquire traffic through multiple channels such as community marketing, e-commerce platforms, content platforms, and home improvement channels.

Join hands with the Internet home improvement leader to share the precise traffic of Qijiawang. On April 8th, the company and Qiyi Technology (Cayman) Co., Ltd. merged the “Strategic Cooperation Agreement.” The two parties intend to purchase 80 million shares of each other’s publicly issued shares.Invested 50 million yuan to establish a joint venture in China., which belongs to Qiyi Technology, is the largest online interior design and construction platform in China. In 2018,’s transaction volume exceeded 25% in cities and traffic accounted for over 40%. Through cooperation with, the company is expected toBenefit from the data accumulation formed by 杭州夜生活网 in providing accurate user matching services for platform merchants, to achieve Internet drainage and provide one-stop services.

Category expansion opens up growth space, maintaining “Buy” rating category expansion opens up growth space, maintaining channel expansion and advancement, and the company’s overall strength continues to improve.

Taking into account the faster-than-expected growth of the retail business, we lowered our profit forecast and expect the company’s net profit attributable to its mothers to be 4 in 2019-2021.


0, 5.

7 ppm (5 before 2019-2020).

7, 7.3 ‰), corresponding EPS is 1.

41, 1.

60, 1.

83 yuan.

With reference to comparable companies, the PE in 2019 is about 21 times, giving companies 20 in 2019?
22x target price-earnings ratio, corresponding to a target price of 28.


02 yuan, maintain “Buy” rating.

Risk warning: Real estate sales exceed expectations; new product categories are expanding less than expected.

Qixingxingchen (002439): Multiple positives in the industry drive high-performance growth, investment and acquisition of ecological advantages gradually realized

Qixingxingchen (002439): Multiple positives in the industry drive high-performance growth, investment and acquisition of ecological advantages gradually realized

Event On August 5, the company released its semi-annual report for 2019, achieving operating income of 8 in 2019H1.

82 ppm, an increase of 19 years.

13%; realized non-net profit deduction of -2.1 million attributable to shareholders of listed companies, an annual increase of 96.


A brief comment on cyberspace warfare has gradually become a new battlefield for strategic games among major powers. National security, as the most important component of cyber security, strengthens the building of cyber security capabilities and matches the expanding power of a large country. The cyber security market has entered the level of informationization and has continued to achieve rapid progress.increase.
Although the United States cancelled military strikes against Iran in June, it has intensified cyber attacks on Iran and launched attacks on Iranian intelligence services, missile launch systems, nuclear plants and other key infrastructure.

With the tension in Sino-US trade relations, according to media reports, the number and frequency of APT attacks between China and the US have also increased significantly.

China’s current network security market size is only $ 50 billion. From the market size, government companies cannot focus on security and China’s increasing international substitution. In the future, China’s information technology level will continue to increase. Cloud computing and the rapid development of the Internet of Things will inevitably bring network security.Products and solutions will continue to innovate rapidly, active security, data analysis and threat intelligence capabilities will also develop rapidly, and critical infrastructure protection will be further strengthened through legislation.

Multiple benefits to promote cybersecurity 2019?

In 2020, it will achieve faster growth and benefit from network security leaders. It is expected that the company’s revenue growth rate in 2019 will be significantly higher than in previous years.

1) In May 2019, “Network Security Level Protection System 2.”

“Standard 0” was officially released and implemented on December 1, 2019, waiting for guarantee 2.

0 Added security protection of new objects such as cloud computing platforms, big data platforms, IoT systems, industrial control systems, etc., increased protection of critical infrastructure such as clearly specifying the coverage of infrastructure such as rail transit, power and energy sources,Increased requirements for new products and technologies, such as to achieve situational awareness, be able to detect key indicators and their intrusion behaviors, identify alarms and analyze various security events, etc., so new products, industries andThe objects of protection will promote the sustained and rapid growth of the market size of the network security industry.

Therefore, we see that the company, as a leading manufacturer, has grown rapidly in the fields of rail transit, medical care, industrial control and safety in recent years.

2) At the same time, affected by the military reform, the company’s military orders in 2018 fell short of expectations and affected the 2018H1 and substantial revenue and profit growth, while the 2019H1 military orders returned to normal, is it expected that the company’s military orders will achieve 30%?
50% growth.
In 2019, Encore has made great efforts to promote the growth of government and central enterprises’ demand for alternatives to network security products.

3) The strength of the protective net action in 2019 has increased. Due to the increased coverage of the protective net action in 2019 and the stricter evaluation ranking mechanism, the H1 protective net action in 2019 has brought more than expected service and product procurement opportunities to the industry, especially forIntrusion detection, cloud security, situational awareness and other products have obvious driving effects. We expect that product orders brought by the protection network operation are expected to promote the company’s revenue products in the second half of 2019.

The company’s advantages in investment and mergers and acquisitions in the field of network security have been gradually realized, the overall solution capability has been enhanced, and the expansion and deployment of new industries has been rapid.

We continue to develop the rapid development of the cyber security downstream industry, the era of new product stacks, the nature of the cyber security company’s ecosystem construction, and the company’s own product innovation and R & D speed change. However, in recent years, the company has been building its own through mergers and acquisitions and investment methods.Network security ecology, reserve key technologies for future network security development and consolidate the advantages of segmented industries.

In 2019, the H1 merger and acquisition company Net Royal Nebula increased the growth of Cyber Xing An. Cyber Xing An benefited from the recovery of the military industry procurement and brought the company breakthrough military orders. Net Royal Nebula benefited from the government’s procurement and security on Encore.The growth brought by the protection network operation, the 2019H1 revenue exceeded the growth to reach 38.


此外公司在近年发展较快的工控安全、车联网安全等领域均有领先的投资布局,目前公司独立完成200+工控系统\物联网设备安全漏洞研究,参与等保2.There are dozens of industrial control network security standards such as 0, and the industrial Internet security operation center that integrates protection, detection, and supervision. In 18 years, the company’s industrial control security income was about 50 million yuan, ranking the first in the industry.

Investment suggestion: Long-term view of the continuous improvement of the 杭州夜网论坛 informatization level, rapid development of cloud and large-scale material movement, tight international trends, network security investment will maintain rapid growth, and the proportion of network security in IT expansion will gradually increase.

In 2019, the industry ushers in multiple positives. The resumption of military orders has promoted the company’s rapid growth in revenue and profits. At the same time, the company has gradually realized its ecological advantages through investment and mergers and acquisitions. It has expanded rapidly in new areas and has ample long-term growth momentum. We expect 2019?Net profit attributable to mothers in 20206.

4.2 billion, 7.

670,000 yuan, give a “buy” rating.

Risk Warning: Failure to meet M & A integration results in difficult management risks for the company; fierce 四川耍耍网 competition for high-end talent in the cyber security industry leads to slow risks for the company’s own innovation and development

China Merchants Shekou (001979): Key issues for rapid sales growth

China Merchants Shekou (001979): Key issues for rapid sales growth

This report reads: The company’s sales remain strong, and long-term results are expected to grow.

The company’s obvious regional location and resource advantages, and through the steady promotion of strategy, the company’s profit will also be more diversified, which is expected to further improve the company’s performance.

Investment Highlights: Maintain Overweight rating and maintain target price of 28.

35 yuan.

Maintain the EPS for 2019/2020/2021 to 2.

25 yuan, 2.

59 yuan, 3.

02 yuan judgment.

The company has obvious location and resource advantages, and is also the core target of the Guangdong-Hong Kong-Macao Greater Bay Area. The steady implementation of the transfer strategy and the resource support of China Merchants Group will also make the company’s profits more diversified.

Due to settlement progress, performance exceeded expectations and exceeded expectations.

The company achieved revenue of 255 in the first three quarters of 2019.

4 ‰, a decline of 24 per year.

4%, net profit is 50.

9 trillion, a year down 38.


The company’s project completion and carryover time is concentrated in the fourth quarter, and it is expected to grow in the future.

Gross profit margin 36.

0%, a significant increase of 12 over the same period 杭州评茶阁 in 2018.

4 units; net profit attributable to mother 19.

9%, a decrease of 4 over the same period in 2018.

With 6 averages, the decrease in net interest rate was mainly due to the increase in three expense ratios.

A total of 1,347 million housing advances were received in advance, with high performance lock-in.

Sales increased rapidly, and the linkage between industry and city continued to obtain high-quality resources.

In the first three quarters of 2019, the sales amount reached 1,620 trillion, an increase of 39%, and 81% of the 200 billion target was achieved. It is expected that the initial target will be exceeded.

Resources are the company’s core advantages. The company has a large number of resources to be developed in the core location of Shenzhen, the core city of the Greater Bay Area, and has successively acquired business projects such as towns, complexes and other projects based on the business-industrial linkage and port-city linkage business model.Continuity.

Key issues have been steadily settled and profits have become more diversified.

With the subsequent advancement of the Qianhai Land Consolidation follow-up joint venture project, there is no substantial obstacle to the development of the Qianhai area, which will accelerate the release of the company’s performance.

At the same time, the company’s acquisition of the shares of AVIC Sunda has been approved by the Securities Regulatory Commission. The flagship platform for property management of state-owned enterprises will soon be launched, forming a good synergy with the company’s development business and more diversified profits.

Risk Warning: The project development progress of the park exceeds expectations

Huafeng Spandex (002064) Semi-annual Report Review: Industry Downturn Reveals Competitive Strength and Builds Downstream Lead in Polyurethane

Huafeng Spandex (002064) Semi-annual Report Review: Industry Downturn Reveals Competitive Strength and Builds Downstream Lead in Polyurethane

Event Huafeng Spandex released its 2019 Interim Report and achieved operating income21.

00 ppm, a decrease of 4 per year.

75%; Net profit attributable to shareholders of the listed company.

3.7 billion, down 4 each year.


Press 16.

Based on the calculation of the total share capital of 7.7 billion shares, it achieved a profit of 0.

14 yuan, on the one hand, operating cash flow is 0.

24 yuan.

Among them, the second quarter achieved operating income9.

44 trillion, down 21 a year.

64%; realize net profit attributable to shareholders of listed companies.

26 ppm, a decrease of 8 per year.

55%; single quarter EPS 0.

08 yuan.

Opinions The downturn in spandex shows the strong operating strength. In the first half of the year, the revenue and profit levels only fluctuated slightly. In the first half of the year, the company’s revenue fell slightly.

75%, gross profit margin remained relatively stable at 23.

99% (only a small decrease of 0 in one year.

07 total), period expenses and expenses 10.

9% (decade +0.


The spandex industry continues to oversupply, the market is fiercely competitive, and the current product prices are hovering as a whole.

According to our statistics, in the first half of the 40D spandex mainstream, the average price including tax decreased by 4008 yuan / ton (about -11%) to 32415 yuan / ton, and the average price difference between spandex and PTMEG and pure MDI decreased by 1044 yuan / ton (at least -6.

9%) to 14,169 yuan / ton.

With 杭州桑拿 the exception of individual leading companies, the industry as a whole is expected to be generally allowed.

In the first half of the year, the company expanded the market by speeding up market channel development, improving efficiency and reducing costs (deepening energy and consumption management, and expanding cost competitiveness), and optimizing its structure (speeding up product quality and upgrading and accelerating differentiated product improvement).The income and profit levels fluctuated at least slightly, showing its strong operating capabilities.

The industry structure is expected to improve. The company will increase its advanced production capacity and put into operation to consolidate the leader. In 2019, the domestic update will be limited, and the transformation. The advanced production capacity expansion of vertical companies is expected to accelerate the upgrading of the industry.

With the full release of the existing production capacity of the company’s Chongqing base and the launch of new projects using advanced process technologies in the future, the company’s production scale will further expand and the proportion of advanced production capacity will increase significantly.

At the same time, the technological transformation and expansion of the existing capacity of the Ruian base was carried out, and production efficiency was further improved.

Relying on the Chongqing and Ruian base combined heat and power central heating, the Chongqing base energy price, and the advantages of bulk purchasing of raw materials of the group, it will help to reduce the company’s production costs and improve profitability.

Looking forward to integrating Huafeng New Materials to create a leading polyurethane product company. The company plans to acquire Huafeng New Materials recently. The main products of the target company are adipic acid, polyurethane dope and polyester polyol.

If the acquisition and reorganization is successful, the company will open up the polyurethane industry chain and use pure MDI as the raw material to form an integrated operating system from the unified purchase of raw materials, intermediate processing to the sale of finished products, creating a domestic polyurethane product leader.

Earnings forecasts and estimates do not take into account the assets of mergers and acquisitions and reorganization, maintaining the net profit attributable to shareholders of listed companies for 2019-2021 is 5, respectively.

02, 6.

43 and 6.

9 billion forecast, maintain “buy” investment rating.

Risk warning: Asset acquisition does not meet expectations, product price drops

Poly Real Estate (600048): January sales temporarily weakened, investment strength increased significantly

Poly Real Estate (600048): January sales temporarily weakened, investment strength increased significantly

Event: Poly Real Estate released January 2020 business briefing: 1. In January 2020, the company achieved a contracted area of 157.

570,000 square meters, down 30 a year.

85%; 235 contracted amount achieved.

880,000 yuan, down 29 every year.


2. In January, the company acquired 9 projects in 8 cities including Tianjin, Jining, Fuzhou, Quanzhou, Zhengzhou, Changchun, Lanzhou, and Huaian, with a land acquisition amount of 12.5 billion and a land area of 2.32 million square meters.

  Opinions were affected by the epidemic situation and the Spring Festival factors. January sales continued for -30%.

In January 2020, the company achieved a contracted area of 157.

570,000 square meters, down 30 a year.

85%; 235 contracted amount achieved.

880,000 yuan, down 29 every year.


Affected by the Spring Festival factors and the epidemic situation, the company’s January sales performance was average.

However, considering that the first quarter of the housing company is a traditional off-season sales season, the company’s sales are mainly concentrated in the second to fourth quarters. At the same time, the company’s land reserves in hand are also alternately plentiful, and the disease epidemic will be gradually controlled in the future, and sales are expected to continue to recover.

  Increased investment and continued to cultivate key cities.

In January, the company acquired 9 projects in 8 天津夜网 cities including Tianjin, Jining, Fuzhou, Quanzhou, Zhengzhou, Changchun, Lanzhou, Huaian, etc., with land acquisition amount of USD 12.5 billion, an increase of 443%; land area of 2.32 million square meters, an increase of 371%, The amount of land acquisition in a single month accounted for 53% of the sales amount, which is expected to increase by 20 units compared to 2019, and the land acquisition intensity has increased significantly.

From the perspective of urban energy level, the company’s land acquisition amount in second-tier cities and third-tier cities accounted for 71% and 29% respectively. The company is still heading for key first-tier and second-tier cities; the average floor price is 5394 yuan / square meter, which is the average sales36% of the price, down 2 from 19 years earlier.

9 levels, future project gross margin 都市夜网 can be expected.

  Investment suggestion: Poly Land Reserve actively invests in land reserves, which lays a solid foundation for the company’s future sales expansion.

The company strategically lays out core urban agglomerations, insists on both deep urban cultivation and urban expansion, and has accurate product positioning. The management team is experienced, motivated, and has a strong brand awareness. The company has incentives in place to promote growth.

At the same time, the company surpassed the strong background of central SOEs, which could help the company obtain brand premium and low financing costs, and further enhance its competitiveness.

The EPS for 2019-2021 is expected to be 2 respectively.

23, 2.

77, 3.

33 yuan, corresponding to PE 6.

70, 5.

38, 4.

48 times, maintain “Buy” rating.

  Risk warning: industry sales fluctuations; policy adjustments leading to operational risks; changes in financing environment; corporate operating risks; exchange rate fluctuation risks; shed reform monetization is not up to expectations.