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Conch Cement (600585): Net profit maintained steady growth, cash flow continued to shine

Conch Cement (600585): Net profit maintained steady growth, cash flow continued to shine

Event: The company achieved revenue of 1,107 in the first three quarters of 2019.

5.6 billion, an annual increase of 42.

37%; net profit attributable to mother is 238.

1.6 billion, an annual increase of 14.

96%; EPS is 4.

49 yuan, an increase of 0 over the same period 杭州夜网论坛 last year.

58 yuan; expected average return on net assets is 19.

82%.

Comments: 1. The trading business disrupted revenue growth, and net profit maintained steady growth. The company’s revenue in the first three quarters reached 1,107.

5.6 billion, an annual increase of 42.

37%.

By quarter, the company’s Q1-Q3 revenue was 305.

01, 411.

43 and 391.

1.3 billion, an increase of 62 each year.

53%, 52.

52% vs. 22.

22%, the growth rate of Q3 revenue has increased significantly. The preliminary reason is that the company’s trading business began to generate income in Q3 2018, which has a base effect. In terms of net profit attributable to the mother, the company achieved net profit attributable to the mother in the first three quarters of 238.

1.6 billion, an annual increase of 14.

96%, Q1-Q3 are 60 respectively.

81, 91.

78 and 85.

5.7 billion yuan, an increase of 27 over the same period last year.

27%, 12.

43%, 10.

At 06%, the net profit growth rate attributable to mothers in Q3 increased. From the demand side, infrastructure and real estate investment and construction are relatively stable. Cement prices in the third quarter were basically the same as the same period of last year, and the growth rate remained around 10%.

2. The cash flow performance is still dazzling, and the asset-liability ratio continues to decrease. The company’s comprehensive gross profit margin in the first three quarters was 32.

43%, a decrease of about 9 percentage points in the same period of 18 years, mainly due to the increase in cost of sales caused by the trading business.

The company’s period expense ratio was 6 from the same period last year.

69% dropped to 5.

02%, of which the sales expense ratio was 3 from the same period last year.

42% down 0.

59% to 2.

83%, administrative expenses 3.

05%, a decrease of 0 compared with the same period last year.

47%, financial expense ratio from -0.

25% dropped to -0.

86%, mainly due to the report that the Group’s deposit interest income increased.The company’s net profit margin was 27.

38% dropped to 22.

02%, down 5.

36%, well below the highest margin.

The company’s net cash flow from operating activities for the first three quarters of 19 was 260.

1.5 billion, an annual increase of 26.

05%, of which 115 in the third quarter.

USD 1.1 billion, an annual increase of 32.

44%, the performance of cash flow continued to be dazzling; in terms of investment cash flow, the net cash flow from investment activities increased by 288% compared with the same period last year, mainly due to the report that the total amount of the Group’s purchase of more than three months of time deposits and wealth management products increasedAs a result, the balance of the company’s prepayment increased by 37% compared with the beginning of the year, mainly due to the expansion of product sales and trading business.

The company’s existing assets and liabilities accounting 20.

53%, excluding asset and liability restructuring after receipt of advances18.

11%, a decrease of 1 from the same period last year.

At 33%, the asset-liability ratio of companies with sufficient cash flow continued to decrease.

3. Leading benchmark in the cement industry, good cash flow and strong profitability. Maintaining the “prudent recommendation-A” rating company as the leader in the cement industry, the “T-shaped strategy” has matured, the market layout has spread throughout the country, and the market share has increased to 17%about.

The company’s cost control ability is extremely strong, and its profitability is in a leading position within the industry.

Although the growth rate of demand-side infrastructure construction and real estate investment at the industry level is different, it still maintains a continuous volume. Supply-side reforms and shift-peak production policies aim to keep cement prices relatively high.

The company has excellent cash flow, stable dividends and no major capital expenditure in the short term.

The company’s EPS is expected to be 6 in 2019-2020.

07 and 6.

25 yuan, corresponding to PE is 6.

9 and 6.

7 times, maintaining the level of “Careful Recommendation-A”.

4. Risk warning: The raw materials have increased sharply, and infrastructure investment has fallen short of expectations.

Zhejiang Meida (002677): The pioneer of integrated stoves will continue to take the high growth of the industry in the future

Zhejiang Meida (002677): The pioneer of integrated stoves will continue to take the high growth of the industry in the future

This report reads: Integrated stoves replace traditional accelerators with accelerators. The company is the pioneer of integrated stoves and the leader in the industry. It is the largest beneficiary of high growth in the industry. It is guaranteed to maintain a high growth rate in the future.

Investment Highlights: The first coverage is given an “overweight” rating with a target price of 16.

5 yuan.

The company is the leader of the integrated stove industry and the only listed target. It has significant first-mover advantages in channels, brands, products, and research and development.

In the future, integrated kitchens will enter a high-speed development stage through the improvement of kitchen electric penetration rate in the third- and fourth-tier markets and the improvement of the replacement rate of traditional split-cookers by integrated cookers.

As the industry leader, the company is the biggest beneficiary of the industry outbreak and continues to expand its channels. In the future, earnings and profits will maintain a high growth rate.

The company’s 深圳桑拿网 EPS for 2018-2020 is expected to be 0.

58/0.

75/0.

94 yuan, given a target price of 16.

5 yuan, corresponding to 22XPE in 2019.

China’s kitchen appliance market has room for competitiveness, and integrated stoves are accelerating the replacement of traditional smoke stoves.

At present, domestic kitchen appliances are much lower than air-washing and color TVs, and there is a gap between urban and rural areas, and there is huge room for improvement in the future.

Compared with traditional smoke stoves, the integrated lower fume function of the stove increases the absorption rate and saves space.

There has been a certain increase in the safety of integrated stoves in the early consumers. After this problem is eliminated, the market’s acceptance of integrated stoves has continued to increase.

2015?
In 2017, the 杭州桑拿网 compound annual growth rate of conventional comprehensive cookers was 50%, far exceeding the traditional smoke stove industry, and integrated stoves entered a period of rapid growth.

The company is the pioneer of the integrated stove and the industry leader, and is the largest beneficiary of high growth in the industry. It is guaranteed that the future revenue and profit will maintain a high growth rate.

The company has significant first-mover advantages in channels, brands, products, R & D, etc., and gradually expands marketing and channel expansion. In the future, it will enjoy industry and channel double dividends, and its revenue and profits will maintain a high growth trend.

Catalysts: ① Increase the replacement rate of split-type smoke stoves; ② Risks that the company’s marketing correction effect is gradually showing: the third- and fourth-tier market kitchen electricity penetration rate is less than expected; industry competition is intensifying

Nanjing-Shanghai Expressway (600377): The absolute target of crossing the bull and bear

Nanjing-Shanghai Expressway (600377): The absolute target of crossing the bull and bear

Investment Highlights The development of Ninghu Expressway was resumed in advance: high dividends and continuous growth in performance growth.

From the end of 2008 to the end of 2018, the annual yield of Ninghu Expressway was 12%, and the annual excess yield was 5%, leading the highway sector.

After 10 years of reinstatement, the growth rate will gradually increase by 205%, of which 100% comes from performance growth, 68% comes from dividends, 57% comes from dividend reinvestment income, and -20% is affected by reduction and reduction.

  The location advantage is good, and the growth of highway main business is steady.

90% of the company’s profit comes from the expressway sector. The participating projects are located in the core area of the Yangtze River Delta. The quality of road products is excellent and the endogenous growth rate is guaranteed.

In 2018, it achieved operating income of 99.

700 million, five years growth.

43%; net profit attributable to mother 43.

770,000 yuan, an annual increase of 22%.

The company’s toll revenue has grown at a compound rate of 6 in the past 5 years.

9%, the compound growth rate of net profit reached 10%.

  The company has excellent corporate governance, diversified business prudent development, and stable revenue: the company’s supporting business is growing, real estate reserves are abundant, and financial gains are considerable. It will continue to contribute to the company’s performance.

Generally speaking, corporate governance is excellent, and diversified development is prudent and stable: from the perspective of investment proportion, diversified investment accounts for only 20% of total capital expenditure; the investment direction is stable for a long time, and finance and land belong to stable industries, and the highway returns steadily.In terms of return on investment, the company’s historical diversified investment has achieved solid returns.

  The ability to reinvest is strong, and new projects will continue to inject new vitality into the company.

In the history of Shanghai-Nanjing Expressway reconstruction and expansion, the acquisition of Ningchang Expressway, the actual tolls were more than 10% higher than the feasibility study expectations, reflecting the company’s excellent reinvestment ability.

Overall, reinvestment has greatly increased the company’s performance: Shanghai-Nanjing Expressway has gradually increased the company’s gross profit10 over the past 10 years.

US $ 300 million is the cornerstone of the company’s performance growth; the acquisition of Ningchang Expressway increased the company’s gross profit by 4 years.

70,000 yuan, is the company’s main business growth point in recent years.

At present, the company’s new projects include Wufengshan Bridge and North-South Connection, Changyi Expressway and Yichang Expressway. It is expected to open to traffic around 2020. The overall internal rate of return is higher than the industry level. It is expected to soon become profitable and become a new road businessPoints of profit growth.

  Investment strategy: The company ‘s core road production location is good, and its revenue is growing steadily. The historical acquisition of road production surpasses expectations, the diversified business has considerable returns, and it demonstrates excellent reinvestment capabilities. We expect that new projects will soon realize profitability and become a company’s sustainable development.Important guarantee.

We expect the company to maintain a high dividend payout policy in the future, with steady growth in performance.

We expect the company’s EPS to be zero in 19-21.

86, 0.

94, 1.

01 yuan, compared with the closing price of 11 on 北京夜网 December 31, 2019.

22 yuan, corresponding to PE 13.

1X, 11.

9X, 11.

1 X, assuming a dividend rate of 60% and a dividend yield of approximately 4.

6%, 5.

0%, 5.

4%, maintain “prudent overweight” rating.

  Risk reminder: The traffic volume is affected by the macro economy, new projects are less than expected, and industry policy risks.

Experts: Accelerate the implementation of science and technology board and registration system pilot

Experts: Accelerate the implementation of science and technology board and registration system pilot

China Securities Industry Association’s first meeting of the chief economist of the first securities fund industry experts suggested that the rapid implementation of the science and technology board and registration system pilot Hou Ning reporter on 淡水桑拿网 December 25, China Securities Industry Association organized the first chief economist of the securities fund industryQuarterly regular meeting, study and implement the spirit of General Secretary Xi Jinping ‘s speech at the commemoration of the fortieth anniversary of the reform and opening up and the spirit of the Central Economic Work Conference, study and analyze the macroeconomic outlook for 2019, look forward to the development of the capital market in 2019, and put forward opinions on the construction of the capital market systemSuggest.

The chief economists from 8 securities companies, fund companies and investment directors of 5 fund companies attended the regular meeting.

  Participating experts believe that the current Chinese economy is in the transformation of old and new kinetic energy. The new kinetic energy is mainly derived from technological advances and the development of information technology. New momentum and new kinetic energy are constantly being strengthened. The Yangtze River Delta, the Beijing-Tianjin-Hebei integration process and the Guangdong-Hong Kong-Macao Greater Bay AreaConstruction, etc. will further promote regional economic development and play a leading role in reform and innovation; in the context of the gradual release of demographic dividends, the engineer dividend is starting; macroeconomic policies are weakly stimulated, monetary policy marginal relaxation has a positive effect on the economy, and the RMB exchange rate depreciation pressure is pursued next yearRelative relief.

  Facing the complicated external environment and the downward pressure of the Chinese economy, experts believe that economic transformation should be accelerated, and more attention should be paid to the promotion of the core elements of new economic growth such as talent, information, technology, and technology to the economy. Diversified innovation methods should be adopted to accelerate the development of the general economy.Benefit the finance, and give full play to the role of the capital market in optimizing the financial structure of enterprises, and promote the development of private enterprises.

  Participating experts suggested that for the development of the capital market or further strengthening of the basic system construction, consider the integrated construction of the on-site and off-site markets, and the bond market, accelerate the implementation of the science and technology board and the registration system pilot, and actively promote the entry of long-term funds into the market.The impact of international market turbulence on the securities markets of developing countries, and management of expectations.

  Li Chao, vice chairman of the China Securities Regulatory Commission, attended the meeting and exchanged views with the chief economist, responding to market substitutions reported by experts.

The heads of the relevant departments of the CSRC, the heads of the China Securities Industry Association, the China Securities Investment Fund Industry Association, and the China Securities Finance Research Institute attended the regular meeting.

Jidong Cement (000401) Announcement Comments: Results Meet Expectations Expect Volume and Price to Rise in Second Half

Jidong Cement (000401) Announcement Comments: Results Meet Expectations Expect Volume and Price to Rise in Second Half

Core point of view: The company’s 2019 semi-annual performance forecast predicts that H1 will achieve net profit attributable to its mother14.

5?
150,000 yuan, a ten-year increase (after reorganization) 57.

79%?
63.

twenty four%.

From an absolute point of view, the company’s H1 performance is in line with our and market expectations.

From an upstream perspective, due to the significant adjustments in the consolidated statement of the company from last year to this year, according to the requirements of accounting standards, even after readjustment, they are still not comparable.

In addition, the company announced that the comprehensive sales of H1 cement and clinker was 4,576 pounds, which increased by 14% per year under the same caliber. We estimated that the company’s comprehensive sales of cement and clinker Q2 was 3,161 inches, and increased under the same caliber.

2%.

Demand in core regions is strong, and the volume and price of cement are rising. The second half of the year may continue to be the main business area of Jidong Cement. In 2018, the company ‘s revenue in the Pan-Beijing-Tianjin-Hebei region accounted for more than 60%.

According to statistics from the National and Hebei Provincial Bureau of Statistics, the length of new housing construction in Hebei Province increased by 6 from January to May 2019.

6% (compared to -22 in the same period last year).

5%), 北京夜网 infrastructure investment growth rate of about 14% in ten years, jointly driving the province’s cement output increased by 19 over the same period.

8% (-10% in the same period last year.

8%).

At the same time, the price of Hebei cement in Q2 2019 was 477 yuan / ton, an increase of 22 yuan / ton year-on-year, and both volume and price rose.

We judge that with the joint promotion of infrastructure and real estate in the second half of the year, the core area of the company is expected to maintain the trend in the first half of the year, driving the company’s high growth.

In March 2019, the company’s major asset reorganization with Jinyu Group has been completed, the company’s market share in the Beijing-Tianjin-Hebei region has exceeded 50%, is in an absolute leading position, and the market voice is further enhanced; at the same time, the company’s restructuring effect isIt appears quarter by quarter. Since the third quarter of 2018, the company’s gross profit margin and expense ratio have improved significantly. We judge to change the company’s operating efficiency, future costs, expenses and downside.

Investment suggestion: Maintain “Buy” rating Based on optimistic judgment on the company’s region, we raise the company’s EPS to 2 in 2019-2021.

67, 3.

04, 3.

26 yuan, according to the latest closing price of the corresponding PE is 6 respectively.

9/6.

0/5.

6 times, the corresponding PB is 1.

36/1.

11/0.

98 times, the reference company’s estimated average level of PB (LF) is 1 in the past 5 years.

64 times, considering the rise of the company’s profit center, given the company 1.

8 times PB, quantified net assets by 201913.

54 yuan, corresponding to a reasonable value of 24.

37 yuan / share; maintain “Buy” rating.

Risks suggest that the start-up of infrastructure projects does not meet expectations, the execution of staggered peaks does not meet expectations, increased production capacity exceeds expectations, and corporate collaboration is gradually expected, and raw material costs have increased significantly.

Three Trees (603737) Annual Report Comments: Engineering Retail Resonance Is Expected to Grow High in 19 Years

Three Trees (603737) Annual Report Comments: Engineering Retail Resonance Is Expected to Grow High in 19 Years

The 18 annual report was in line with expectations. The first quarter of the year 19 exceeded the expectations. On April 23, 19, the three trees released the 18th annual report and the 19th quarterly report, of which the company realized revenue of 35 in 18 years.

800 million, a year-on-year increase of +36.

8%, realizing net profit attributable to mother 2.

20,000 yuan, +26 year-on-year.

4%, basically consistent with the performance report, but lower than our previous profit forecast, mainly due to the 18Q4 company’s provision of diversified distribution incentive fees; the first quarter of 19 realized revenue6.

300 million, a year-on-year increase of +62.

At 2%, the net profit attributable to mothers was maximized by 192 million. Before 18Q1, the loss was reduced to 5.88 million yuan. Considering that Q1 is a traditional decoration off-season and the company accrues annual bonuses in Q1, the performance in 19Q1 was slightly higher than expected.

We expect that the company’s engineering wall paint in 19 years is expected to maintain high growth, and home improvement wall paints will grow steadily. It is expected that the company’s EPS will be 2 in 19-21.

56/3.

68/4.

98 yuan with a target price of 66.

56?

71.

68 yuan, maintain “overweight” rating.

  In 18 years, the income of engineering wall paint increased rapidly, and the growth rate in 19Q1 accelerated. The company sold engineering wall paint 33 in 18 years.

5 Nominal, YoY + 61.

3%, sales income 17.

600 million, a year-on-year increase of +54.

7%, maintaining high growth, with a gross profit margin of 40%, which is flat for one year.

19Q1 company sells engineering wall paint 5.

In April, YoY + 85.

1%, sales income 2.

600 million, YoY + 75%, the growth rate is accelerating. We judge that it is benefiting from the recovery in the area of completed real estate.

19Q1 engineering wall paint average price 4.

9 yuan / kg, YoY-7.

8%, we judged that due to the volume of hardcover rooms, the sales of interior wall paint accounted for an increase, and the unit price of interior wall paint was lower than that of exterior wall paint. Structural adjustment caused average price replacement.

At the end of 2018, the company has cooperated with 8 of the top 10 real estate developers in China, and has newly entered the A-level supplier of Vanke architectural coatings. We 四川耍耍网 judge that the company’s 19-year project wall paint may maintain high growth under the background of real estate completion and restoration.

  18 years of home improvement wall paint growth is steady, brand image renewal to help increase the company’s sales of home improvement wall paint 10 in 18 years.

In May, YoY + 14.

3%, sales revenue 800 million, +12.

9%, solid growth, gross profit margin 56.

7%, slightly decreased every year.

19Q1 company sells home improvement wall paint 2 sizes, YoY + 16.

7% of sales revenue 1.

300 million, YoY-7%, mainly because the average price of 19Q1 home improvement wall paint has been along 20.

3% to 6.

8 yuan / kg, we judge that the company replaced the high-end “healthy +” product packaging in 19Q1. The dealer mainly sells the stock of old packaging products and low-end 杭州夜网论坛 products. The increase in the proportion of low-end products leads to average price replacement.

At the same time, the company actively promoted the “Live Now” service. In 18 years, the company’s “Live Now” transaction number was 6.
40,000 orders, previously added 4.
60,000 orders, 872 authorized outlets, and 339 will be added in the future, changing to a comprehensive service provider of “paint + consulting + construction”.

  18 years of staff expansion and fair amortization led to cost increases, 19 years or ushering in a net interest rate inflection point, the company’s sales expenses in 18 years, management costs increased by 37%, 26%, mainly due to the acceleration of company personnel expansion and the allocation of booth costs.
The total number of companies in the year 18 was 3,899, with an increase of 759 in the future, including 1565 sales staff and an increase of 552, accounting for 40% of the total number, showing the company’s confidence in the future development.

According to the company’s recruitment website recruitment plan, the company is expected to add 259 employees in 2019, a significant decrease from 2018, and the equity amortization expenses are also expected to decrease. The company is expected to usher in a net profit inflection point in 19 years.

In addition, net operating cash flow for 18 years2.

700 million, a year-on-year increase of +19.

4%, can maintain a healthy cash flow under the rapid growth of the engineering end, the company’s sales model is mainly based on distribution, the company’s distribution sales revenue accounted for 76 in 18 years.

2%.

  We are optimistic about the company’s long-term growth and maintain an “overweight” rating. Compared with the early large large customers, the company’s bargaining power for downstream dealers is relatively strong. The company’s high proportion of distribution helps to benefit from alternative tax reform.Yu leak-proof, entered the waterproofing market, changed to a comprehensive building materials service provider, and is optimistic about the company’s long-term growth.

In the case of 18-year performance lower than our previous expectations, we slightly reduced the company’s 19-20 year net profit to 3.

4/4.

900 million (previous forecast 3.

7/5.

2ppm), dating 21 years forecast net profit 6.
.

60,000 yuan, the average PE valuation of comparable companies in 19 is 21.

2x, considering that the company, as the only domestic engineering and architectural coating company with full retail coverage, gives a certain estimated premium to 19 years PE with a target price of 66.

56?71.

68 yuan, maintain “overweight” rating.

  Risk warning: Real estate data is not up to expectations, raw material costs increase, and major safety and environmental protection production accidents.

Vanke A (000002): First to return to the basic disk for invincible

Vanke A (000002): First to return to the basic disk for invincible

Performance summary: The company announced its annual report and achieved operating income of 2,976 in 2018.

8% ten percent, an increase of 22% per year.

6%; net profit attributable to mother is 337.

7 ppm, an increase of 20 in ten years.

4%; a dividend 杭州桑拿网 of 10 per 10 shares is proposed.

7 yuan (including tax).

The performance was basically in line with expectations, and the net interest rate rose steadily.

The company’s 2018 performance is equivalent to 95 as predicted by our Air Force.

6%, basically in line with expectations.

Real estate development business settlement gross margin increased 3.

9 up to 29.

7%, driving the company’s overall net interest rate to increase by 1.

2 up to 16.

6%.

Other factors affecting performance: 1) Minority shareholders’ equity increased 69.

2% to 155.

0 billion (and investment income from joint ventures is 62.

8 billion, an annual increase of 37.

4%); 2) RMB depreciation leads to exchange loss of approximately 13.

200 million; 3) The increase in financing scale leads to an increase in the index’s net expenditure 杭州夜网 178.

6% to 43.

400 million; 4) Withdrawal of inventory depreciation reserves affected performance by approximately 6.

0 billion.

In addition, the company has sold an outstanding amount of 5307 at the end of 2018.

10,000 yuan (+28.

1%).

The growth trend of real estate sales, land acquisition is still focused on the first and second tier.

The company completed sales of 6,069 in 2018.

5 billion (+14.

5%), the sales unit price of 15,000 yuan per square meter (equivalent to an increase in the settlement unit price of 15 in the same period.

7%), a growth rate of 45 compared to 2017.

3% obvious, market share decreased by 4.
.

1% (only 0 increase per year.

1 average).

The company paid more attention to the first and second lines, according to the amount of land acquisition equity in 2018 81.

4% of the newly added soil reserves are in the first and second tiers.

As of the end of 2018, the company’s equity in land storage (including old reforms) has reached approximately 9329.
40,000 countries (of which 26.
(7% is new in 2018).

The proportion of planned new construction and planned completion in 2019 increased by 20 respectively in 2018.

6% and 11.

6%, the company’s value distribution is still positive.

Property, long-term rental, commercial, logistics and other business performances are eye-catching.

The company’s non-residential business is large in scale, and most of them have a basis for spin-offs.

Vanke Property ranked first in the industry’s comprehensive industry for 9 consecutive years, with revenue of 98 in 2018.

100 million; “Bo Yu” long-term rental apartments covering 35 cities, gradually opening more than 60,000, is the largest centralized rental apartment in China; in terms of business, the company’s management area of 1,300 citizens); Wanwei Logistics has become the leading logistics service provider in China. In 2018, the number of new projects increased rapidly. At the end of the year, it entered 42 cities and acquired 124 logistics real estate projects. The leaseable construction area reached 971 general-purpose (about 50% ofProject in operation).

Profit forecast and rating.

The EPS is expected to be 3 in 2019-2021.

82 yuan, 4.

43 yuan, 5.

08 yuan, the corresponding PE is 7 respectively.

4X, 6.

4x and 5.

5X, considering that the company returned to the basic disk, the financial indicators are safe and stable, and the new business has the possibility of spin-off and valuation, the company is given a 9x valuation in 2019, corresponding to a target price of 34.

38 yuan, maintain “Buy” rating.

Risk warning: sales growth may be lower than expected, and the land synergy in the park may be persistent or weak.

Goldwind Technology (002202): A clear trend in sales volume, tender system affects the company’s short-term performance

Goldwind Technology (002202): A clear trend in sales volume, tender system affects the company’s short-term performance
Highlights of the report The event describes the company’s first quarterly report for 2019 and achieved revenue of 53 in Q1 2019.960,000 yuan, an increase of 39 in ten years.80%; net profit attributable to parent company2.29 ppm, a decrease of 4 per year.64%; EPS in the first quarter was 0.06 yuan. Incident Comment Increasing wind turbine sales and wind farm power generation drive annual revenue growth.In Q1 2019, the company’s revenue increased by 39 in ten years.80%, mainly due to the increase in sales of wind turbines and wind farm power generation: 1) 928 武汉夜生活网 sales of external wind turbines.9MW, an annual increase of about 50%, is expected to contribute revenue of about 30-35 trillion, which is the main revenue increase; 2) the company’s wind farm holding installed capacity4 by the end of 2018.43GW, 3 before the end of 2017.67GW increased by about 21%.Affected by the wind, the company’s own wind farm’s power generation hours in 2019Q1 was 537 hours, which decreased by about 9% each year, affecting the company’s power generation business revenue growth.It is estimated that the company’s power generation business in the first quarter realized revenue of about 1.1 billion US dollars, a small increase in one year; 3) The increase in the scale of water treatment and the steady development of financial leasing business also contributed part of the revenue increase. The gross profit margin of wind turbines continued to decline, and expenses and investment affected profit growth.In terms of profitability, Q1’s comprehensive gross profit margin was 26.62%, a decline of 9 per year.41pct, the decline is expected to be mainly affected by changes in income structure: 2018Q1 wind farm power generation business with a higher gross profit ratio accounted for a higher proportion.From the perspective of the wind turbine business, the tender price of wind turbines continued to decline rapidly from the second half of 2017 to the first half of 2018. Low-price orders in 2019Q1 will gradually enter the delivery period, which will affect the company’s wind turbine business gross profit margin.?out.In terms of profit, the company’s net profit attributable to the parent company decreased by 4%.64%: 1) The company achieved gross profit in Q1 of 201914.37 ppm, at least 13 in 2018Q1.A slight increase of 90 trillion; 2) Increase in management expenses and decrease in investment income affect the company’s profit growth. The sales volume of wind turbines is clear, and the gross profit margin is gradually recovering in the short term under pressure.The recovery trend of the industry is clear. The number of domestic open tenders for domestic fans in 2019Q1 was 14.9GW, a single quarter historical record; the company has external orders at the end of the quarter19.23GW is also a record high; it is the foundation for subsequent fan speeding up to reduce waste.In terms of gross profit margin, the tender price of wind turbines has continued to increase since September 2018. At the same time, the prices of major raw materials such as glass fiber, copper, silicon steel, pig iron, etc. have declined since the fourth quarter of 2018, and then gradually declined.In summary, it is expected that the gross profit margin of the company’s wind turbine business will initially bottom out in the second half of 2019, and drive performance will accelerate. Taken together, it is expected that the company’s EPS in 2019 and 2020 will be 0.87, 1.14 yuan, corresponding to 13, 10 times the PE, continue to recommend. Risk Warning: 1. Industry installations did not meet expectations; 2. Gross margin fell more than expected.

EU does everything to stop influx of refugees

EU does everything to stop influx of refugees
European Commission Chairman Ursula Vondelion said on February 29 that the European Union has noticed a surge in refugee flows from Turkey to Greece, Bulgaria and other EU countries, and is ready to dispatch European Border Agency personnel to stop the refugee wave.  [“Number One Priority Task”]Since February 27, senior Turkish officials have stated their position. Due to the escalating situation in northwestern Syria, more than 30 Turkish soldiers were 佛山桑拿网 killed. Turkey “no longer has the ability to accommodate refugees.”Millions of Syrian refugees on the territory will be allowed to enter Europe.  According to the International Organization for Migration budget, the following days, at least 1.30,000 refugees gathered at the Turkish border and tried to enter Greek territory.Greek police used tear gas at the border to stop and clashed with refugees on several occasions.In addition, a large number of refugees attempted to enter Bulgaria.  European Commission President Von Delaney said on Twitter on February 29 that both the European Commission and the European Council will be concerned about refugee flows. She and European Council President Charles Michel and Greece, Bulgaria, etc.The leaders of the country remain in touch. “At this stage, the number one priority is to ensure that Greece and Bulgaria receive our full support.”  At the height of Lenovo’s refugee wave in 2015, many people and illegal immigrants landed in European “gateways” such as Greece and Italy, taking advantage of the mutually open borders of the countries in the Schengen area to continue northward into more affluent countries such as Germany.At that time, many countries in the Schengen area ordered the closure of the border in order to prevent the influx of refugees.  The Schengen Agreement has 26 signatories, of which only Switzerland, Norway, Iceland and is known as not a replacement for the European Union.  In the face of external competition, a representative of the European Commission responded that no countries in the Schengen area have announced their intention to close their borders.  [Urging Turkey to abide by]The European Commission representative said that the European Commission still hopes that Turkey will comply with the 2016 refugee resettlement agreement, and this position remains unchanged.  According to the agreement reached between Turkey and the European Union in 2016, the European Union paid for it and Turkey contributed to restrict restrictions on refugees from Turkey to Europe, replacing Turkey’s acceptance of refugees repatriated from Europe.However, Turkey’s repeated rejection of the funds promised by the EU has not been fully realized.At this stage, there are approximately 3.6 million Syrian refugees in Turkey.  The European Union has recently strengthened immigration control measures, such as the European Border Agency recruiting more staff, but it will take several years to reach 10,000 law enforcement officers.  In addition, the EU assisted 北京夜网 Greece in the construction of refugee camps on multiple islands close to Turkey for temporary resettlement and initial screening of refugees and illegal immigrants applying for asylum.As refugee flows intensify, these camps are overcrowded and overwhelmed, creating a worrying situation.(Yang Shuyi) (Xinhua News Agency special feature)

Xilinmen (603008): The formation of the film and television business is a drag on reforms

Xilinmen (603008): The formation of the film and television business is a drag on reforms

Event 1: Xilinmen released the 2018 annual report, and the company’s revenue in 2018 was 42.

110,000 yuan, an increase of 32 in ten years.

11%; net profit attributable to mother -4.

3.8 billion, previously 254 per second.

5%; net profit attributable to non-parents is reduced to -4.

USD 69 trillion, an average of 283% a year; net operating cash flow of -1 was achieved.

3.9 billion US dollars, an average of 154% over the ten years, mainly due to the increase in marketing costs of independent brands.

Among them, Q4 single quarter revenue reached 12.

4.7 billion, an increase of 9 in ten 上海夜网论坛 years.

37%; net profit attributable to mother -5.

98 ‰, 854 in the previous decade.

6%.

Event 2: Xilinmen released the 2019 first quarter report, and the company’s revenue in Q1 2019 was 8.

390,000 yuan, five years average.

57%; net profit attributable to mothers is 23.47 million yuan, an annual increase of 56%; non-net profit is deducted from 18.56 million yuan, which is replaced by 64% annually.

The growth rate of revenue declined month-on-month, and provision for impairment of goodwill affected profit.

The company’s 18Q2 / 18Q3 / 18Q4 / 19Q1 single quarter revenue growth rate was 36% / 30% / 9.

4% /-5.

The growth rate was 6%, which was due to the growth rate of independent brand retail business (-15% in Q4) and the replacement of income from film and television business.

At the same time, the company’s film and television business is affected by market adjustments and policy changes, and plans to make provision for impairment of goodwill2.

890,000 yuan was directly included in the 2018Q4 profit and loss.

If the goodwill impairment reserve is added back, the net profit of the parent is -1.

8 ‰, the average of 163% for ten years, Q4 attributed to the net profit of the mother -3.

1 ‰, a ten-year average of -491%.

Profitability bottomed in 18Q4 and recovered in 19Q1.

The company achieved a gross profit margin of 28 in 2018.

84% (-5.

86 points.

); 18Q4 / 19Q1 single quarter gross margin was 22.

68% / 31.

25%.

The highest net margin for 2018 is -10.

06% (-18.

92 points.

), 19Q1 net profit is 3.

13% (-3.

29 points.

).
We believe that the gross profit margin and profitability must reach at least: 1) the reduction of film and television business (gross profit margin -32%), which is a drag, and 2) the bulk business (gross profit margin) with relatively reduced gross profit margin.

3%) high growth; 3) out-of-control marketing expenses, with an annual sales expense ratio of 22 in 2018.

38% (+7.

85 points.

), High marketing expenses further cut profitability.

In 19Q1, the gross profit margin rebounded markedly, and it is expected that the profitability will further recover.

Independent brands: The retail business is under pressure and the bulk business is growing rapidly.

Earnings of Xilinmen in early 201819.

900 million, an annual increase of 21.

6%, gross margin of 43.

7% (-0.

07 points.

).
Among them, the annual revenue of self-owned brand terminal retail business was 1.5 billion (+ 17%), and the fourth quarter revenue was 4.

4 ‰, 15% on average for ten years.

Hotel business surplus 2.

0.9 billion (+41.

7%), long-term income from real estate engineering business 2.

500 million (+ 155%), high growth in bulk business.

The quality of the extended M & D and Summer Chart operations is good.

M & A and Charto’s annual revenue3.

750,000 yuan, a profit of 43.23 million yuan, taking into account 51% equity, and ultimately contributed 2205 million net profit, good operating quality.

Excluding the impact of consolidation, long-term endogenous income38.

4 ‰, an increase of 20% in ten years, of which Q4 single-quarter endogenous income increased by 7.

2%.

In terms of franchisee channels, the company continued to vigorously introduce “leading” customers, cultivate super customers, and encourage franchisees to open more stores.

In 2018, the company has a total of 580 net increase stores, of which 2020 (+503) Xilinmen stores, 319 (+68) M & D sofa stores and 48 (+9) castle stores.

The foundry business grew at a high speed, and the film and television business became a drag.

ODM / OEM business scale achieved revenue of 17.

US $ 600 million, an annual increase of 41%, and Q4 single-quarter revenue reached 6.

100 million, an increase of 62% in ten years.

Among them, income from export business10.

6.4 billion, an increase of 56% in ten years.

The company’s high-level film and television business achieved zero revenue.

7.3 billion U.S. dollars, an average of 80% over ten years, exceeding 6052 million, dragging on profit formation.

Looking ahead to 2019, we will focus on reforms to improve efficiency and improve business quality.

In 2019, the company will promote organizational reforms internally and implement a collective decision-making mechanism. The establishment of two major committees, the Business Management Committee and the Organizational Management Committee, will assist the company’s operations to complete important company decisions and promote scientific and efficient decision-making.

At the same time, the company will further link expenses with business goals, improve efficiency and business quality.

Investment suggestion: We forecast the company to realize sales income in 2019-21.

3, 51.1, 55.

9 ‰, an increase of 9 in ten years.

85%, 10.

4%, 9.

53%, achieving net profit attributable to the parent company1.

91, 2.

68, 3.

1 ppm, a ten-year increase of -56.

5%, 40.

4%, 15.

8%, EPS is 0.

48, 0.

68, 0.

78 yuan, “hold” rating.

Risk reminder: the real estate boom reduces risk, additional risks in transactions, and increased competition in the industry