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14 reasons to wake up in the middle of the night

14 reasons to wake up in the middle of the night
Waking up in the middle of the night is a normal physiological phenomenon, but paying too much attention or affecting the quality of sleep needs attention.Recently, the United States “Prevention” magazine summarized several reasons for waking up at night.  1.Nocturia.Even if I limit the amount of water I drink before going to bed, will I wake up every night?4 times, water and electrolyte may be out of balance.Without enough salt in your body, you will try to give up some water.  2.The room was too hot.The National Sleep Foundation said it was difficult for people to warm up.Ambient temperature, pajamas, bedding can all affect sleep.  3.Mild depression.Waking in the middle of the night is a common symptom of patients with mild depression.There is a complicated relationship between sleep and depression, and it is easy to form a vicious circle.  4.Watch mobile addiction.If you “routinely” browse social media before going to bed and watch a script, the screen blue light prevents the body from producing melatonin.  5, getting older.Everyone uses the biological clock to decide how many times they get tired at night and wake up several times in the morning.The 60-year-old may wake up 2 hours earlier than the 30-year-old.  6.Drink before bedtime.During the first few hours after falling asleep, the body will metabolize alcohol, affecting sleep and entering the rapid eye movement phase.This person becomes restless in the middle of the night, and the quality of sleep is greatly reduced.  7 breathing problems.Acute allergies and colds can cause a nighttime bump to the other side.Other factors can narrow the airway, such as deviated nasal septum, nasal polyps, and tonsil hypertrophy.  8.Sleep apnea.As women get older, especially with the onset of menopause, and their bodies get better, they are as likely to develop sleep apnea as men.  9.Thyroid problems.An overactive thyroid causes a rapid 成都桑拿网 heartbeat, a surge in adrenaline production, and anxiety about insomnia; a low thyroid function increases the likelihood of developing sleep apnea.  10.pressure.Stress activates parts of the brain that are related to attention and awakening, leading to insomnia.  11.Gastric acid reflux.The burning discomfort makes people sleepless.Even if you don’t feel heartburn, the acid in the esophagus can trigger reflexes and disrupt sleep.  12 Abdominal cavity is too much.When there are many abdominal adolescents lying down, the body must breathe harder and affect sleep.  13 Vitamin D deficiency.Harvard researchers have found that vitamin D deficiency is linked to poor sleep quality.It directly affects the part of the brain that drives sleep.  14.Not positive.I believe that sleep can make people happy, relax and sleep longer every night. (Xiao Zhongyan)

Zoomlion (000157) Interim Review: 19H1 profit increased by 198% and continued to lead the growth rate

Zoomlion (000157) Interim Review: 19H1 profit increased by 198% and continued to lead the growth rate

19H1’s profit increased by 198% and its competitiveness increased. It is expected that the growth rate will continue to lead the company to release its 2019 interim report and achieve operating income of 222 in the first half.

62 ppm / + 51%, net profit attributable to mother 25.

76 ppm / + 198%, slightly higher than the median performance forecast interval.

The construction machinery market has strong demand, the company has a solid level of competition, and its profitability has continued to be repaired. This is the primary reason for the company’s rapid growth in performance.

The company’s crane and tower crane business is expected to grow rapidly, and the performance growth rate is expected to continue to lead the industry.

Maintain profit forecast, EPS is expected to be 0 in 19-21.

52/0.

62/0.

71 yuan, PE is 10.

1/8.

6/7.

4 times.

The target price is 6.

twenty four?
6.

76 yuan, maintain “Buy” rating.

  Strong product demand, core product market coverage increased, competitiveness increased 19H1 Construction machinery product revenue 21 billion / + 55%, of which concrete machinery revenue 7.5 billion / + 31%, lifting machinery revenue 11 billion / + 95%, strongThe growth benefited from this: 1) Strong demand in the real estate and infrastructure downstream industries, strong market demand in the construction machinery industry, the company’s sales of concrete, cranes and other products maintained rapid growth, leading the industry in growth.

According to industry association statistics, in the first half of the year, the sales growth rate of the concrete pump truck industry exceeded 100%, that of the mixing truck industry exceeded 25%, and that of the mixing station industry increased 30%; that of the truck crane industry exceeded 50%, and tower cranes benefited from assemblyDemand for building construction, sales growth rate exceeded 100%; 2) The company’s core products are concrete 合肥夜网 pump trucks, tower cranes, construction cranes, etc. 4.

The market coverage of 0-series products has increased, and market competitiveness has been further strengthened.

  Profitability repaired, asset quality improved, cash flow created record highs. In 19H1, the company ‘s net profit attributable to its mother increased by 198%, after deducting non-increased growth of 226%, and the net interest rate rose by 5.
.

75 pct to 11.

55%, thanks to: 1) gross profit margin rose 4.

41 pct to 30.

0%, of which concrete machinery rose by 5.

21 pct, lifting equipment is up 3.

83 pct; 2) The overall cost interest rate fell, and the management + R & D / financial expense rate fell by 1 respectively.

11/1.

50 pct, the sales expense ratio increases slightly by 0 every year.

21 pct.

The quality of the company’s incremental business operations has been significantly 杭州桑拿 improved. Impairment has been fully accrued for the major assets in stock, and total assets impairment reserves for 19H13.

47 trillion, of which bad debt / inventory declines were 2 respectively.

89/0.

5.8 billion.

19H1 net operating cash inflow 35.

75 ppm / + 124%, the highest value in the same period in history, thanks to the company’s initial significant growth and the strength of the repayment.

  Maintaining profit forecast and “Buy” rating The demand of the construction machinery industry continued to exceed expectations, and the growth rate of concrete equipment / vehicle cranes / towers was much faster than that of other sub-sectors.

Maintain the company’s profit forecast. It is estimated that the net profit attributable to mothers will be 40 in 19-21.
85/48.

05/55.
62 trillion, EPS is 0.

52/0.

62/0.

71 yuan, PE is 10.

1/8.

6/7.

4 times.

  Domestic companies in the same industry have an average PE of 10 in 2019.

36 times, 9 for overseas companies.

69 times.

The company’s crane and tower crane business is expected to maintain rapid growth, and the company’s performance growth rate is expected to continue to lead the industry.

Give a target price of 6.

twenty four?
6.

76 yuan, corresponding to PE in 2019 is 12?
13 times, maintain “Buy” rating.

  Risk reminders: The domestic economy is down faster than expected; the growth rate of infrastructure investment has not increased as expected, and real estate investment has continued to narrow; the industry’s competitive environment has deteriorated; the market for new products has not expanded smoothly; the impact of impairment losses

Depth-Company-BOE A (000725): Downward panel prices drag down performance OLED opens up growth space

Depth * Company * BOE A (000725): Downward panel prices drag down performance OLED opens up growth space

The company released the semi-annual report for 2019: in the first half of 2019, the company achieved revenue of 550.

390,000 yuan, an increase of 26 over the same period last year.

60%; net profit attributable to mother 16.

68 ppm, a decrease of 43 from the same period last year.

92%.

Key points of support level Panel prices continued to fall, dragging down the first half of the year’s performance, and 佛山桑拿网 the climbing revenue of the new production line increased steadily.

The company achieved revenue of 550 in the first half of the year.

390,000 yuan, an increase of 26 in ten years.

60%.

Looking at each segment, the port device segment achieved revenue of 508.

96 ppm, an increase of 29 in ten years.

94%; Smart IoT segment achieved revenue of 75.

2.2 billion, an annual increase of 2.

38%; smart medical industry segment achieved revenue 6.

64 ppm, an increase of 26 in ten years.

09%.

The revenue growth of the port device segment with a relatively high proportion of revenue was mainly due to the Chengdu OLED line and Hefei.

5th generation line to maximize throughput capacity improvement.

However, due to the continued decline in LCD panel prices, the gross margin of the port device segment fell in the first half of the year.

36 single companies, the company’s comprehensive gross profit rate fell down 2.

Four averages, net profit attributable to mother decreased by 43.

92%.

OLED achieves a new breakthrough, 10.

The yield of the 5th generation line and the ramp-up of production capacity went smoothly.

In the first half of the year, the scale of the 6th-generation flexible AMOLED production line in Chengdu exceeded 1,000 pieces, an increase of over 300% over the previous year, and the yield level reached a new high, reaching a high level.The construction of the 6th generation flexible AMOLED production line is progressing as planned.

BOE Hefei No. 10.

The 5th generation TFT-LCD production line achieved full production with a yield of over 90%; Wuhan’s 10th.

The 5th generation TFT-LCD production line was completed.

The transformation of the Internet of Things continued to advance.

In the first half of the year, the smart factory service group smart factory 1 upgrade project realized the move-in of equipment, and the smart factory 2 large-scale flexible automation line promoted the production of equipment as planned.

The digital art business group’s new painting screen M2 is launched, and the development of new painting screens S3 and R1 is progressing as planned.

The IoT solution business group, Smart Finance, has obtained over 1,000 network transformation orders and upgraded and transformed more than 330 networks. Smart politics and education independently developed a 75-inch 8K studio system.

In the smart medical sector, the mobile health business group realized the sale of 15 peripheral products such as smart watches, body fat scales, and sphygmomanometers. The outpatient service of Mingde Hospital in the health service business group continued to increase by 33%, and Hefei Hospital opened a full consultation.

It is estimated that the company’s EPS in 19-21 will be 0.

13, 0.

16 and 0.

22 yuan, corresponding to PE is 29, 24 and 17 times.

Considering the company’s leading position in the panel field, maintain Buy rating. Major risks faced by the rating Asset restructuring progress was less than expected; FPGA business market development was less than expected.

Long Mang Baili (002601) 2019 Third Quarterly Report Review: Titanium Dioxide Leader’s Beautiful Performance, Pessimistic Expectations of Real Estate and Lifting of Banning to Suppress Revenue

Long Mang Baili (002601) 2019 Third Quarterly Report Review: Titanium Dioxide Leader’s Beautiful Performance, Pessimistic Expectations of Real Estate and Lifting of Banning to Suppress Revenue
Event: The company released the third quarter report of 2019, and achieved operating income of 82 in the first three quarters.71 ppm, +3 for ten years.08%; net profit attributable to mother 20.6.6 billion, previously +4.84%; basic return 1.04 yuan, +6 per year.12% in the third quarter of a single quarter to achieve operating income2.91 trillion, +5 for ten years.25%, +13 from the previous quarter.0%, net profit attributable to mother 7.960,000 yuan, +26 for ten years.41, + 23% MoM, 0 basic returns.4 yuan, + 29% in the past, + 23% MoM. Both revenue and profit increased, leading the industry’s competitive advantage.From the beginning to the present, the domestic titanium dioxide market is operating steadily, the downstream demand is limited, the supply of upstream titanium ore is tight, the price of raw materials continues to rise, and companies with core competitiveness such as technology and cost have benefited significantly.In the high base of 2018, the company achieved double growth in operating income and net profit attributable to mothers in the first three quarters and Q3 single quarter. The gross profit margin and net profit margin of Q3 were 44.8%, 27.64%, ten years +1.16%, +4.57%.The company raised the titanium dioxide powder of each model four times on February 13th, March 7th, August 3rd, and September 3rd, fully showing the influence of industry leaders on the market. 20 The annual trial production capacity of the chlorination method is successful, expanding the leading edge of technology.After years of technological exploration and accumulation in the first phase of the chlorination method, one of the production lines of the company’s second-phase chlorination method with a capacity of 20 to / year has been successfully put into operation. The system’s operating time and load have repeatedly hit record highs, and it will gradually contribute to the increase of titanium dioxide and performance.Another production 佛山桑拿网 line was originally planned to be commissioned at the end of October, and the production capacity is highly certain.The successful commissioning of the single-line high-capacity chlorination method will not only help the company achieve better performance, but also lead the mainstream development direction of China’s titanium dioxide. Xinli Titanium’s resumption of production is coming soon.Xinli Titanium has only 6 concentrations / year of chlorinated titanium dioxide production capacity, 1 ton / year of sponge titanium production capacity and 8 ton / year of high titanium slag production capacity.The resumption of production is progressing smoothly. At present, high titanium slag and sponge titanium have been resumed. Titanium dioxide is expected to resume production in November, which will become a new growth point of the company’s performance and the business area will be further expanded. Downstream real estate has strength.Although the forward-looking indicators such as the area of purchased land alternate, the current real estate investment and construction performance is good.In the first three quarters of 2019, the previous real estate development investment quota exceeded 10 years.5%, after deducting the land acquisition fee, the real estate investment is completed, every +6.6%, an increase of 0 from the previous month.81 buildings; cumulative floor area of buildings exceeds +8.7%, keep strength. Maintain “Buy” rating.It is estimated that the company’s net profit attributable to its parent in 2019-2021 will be 25 respectively.53/35.52/43.190,000 yuan, corresponding to EPS 1.26/1.75/2.13 yuan, PE 9/7/6 times, maintain “Buy” rating. Risk reminder: the risk of falling titanium dioxide prices, the risk of new production capacity being less than expected, and the risk of lifting the ban.

Jinjiang Co., Ltd. (600754): The industry boom is still in the bottom-up phase and high growth support fundamentals

Jinjiang Co., Ltd. (600754): The industry boom is still in the bottom-up phase and high growth support fundamentals
Jinjiang shares disclosed operating data for April: Internal RevPar continued to fall 4.67% According to the company ‘s announcement on May 30, the company ‘s internal hotel RevPar in April 19 was 162.05 yuan, down 4 every year.67%, occupancy rate 76.68%, a decline of 5 per year.97pct, average house price is 211.33 yuan, an annual increase of 2.75%; RevPar for overseas hotels increased by 5.36%, occupancy rate and average house price increased by 2 respectively.86pct and increase 0.95%.In April, the company opened a net of 85 stores (net economy reduced by 15 and mid- to high-end net opened 100), with a total of 7,716 stores (4949 economy-type, 2767 mid- and high-end). The domestic hotel industry is at the bottom of the boom, RevPar’s decline has expanded, and overseas hotel operations have rebounded. The domestic 无锡夜网论坛 air passenger traffic growth rate in April was only 3.6%, the lowest growth rate since SARS in 2003, showing that the industry’s prosperity is at the bottom.Hotel occupancy rates in Jinjiang fell by 5 in April.97pct, a decrease compared to the previous two months (February, March decreased by 0.37, 5.17pct) expansion, the average house price increased by ten years.75%, an increase of 8 from the previous two months (February and March.7%, 6.1%), there is a clear trend, mainly due to the drag on the decline in rental rates.RevPar dropped by 4.7%, the decline is larger than the decline in March.Overseas hotel RevPar grows by 5 per year.36%, of which the occupancy rate increased by 2.86pct, the average house price increased by 0.95%. The speed of store expansion has improved, and the speed of opening of mid- to high-end hotels has 武汉夜生活网 increased significantly. In April, the company opened a net of 85 stores, opened 100 of mid-to-high-end hotels, and reduced the number of budget hotels by 15;The cumulative net openings (233) in the same period of the previous year accelerated, of which 304 were mid- to high-end hotels in the January-April period, with a cumulative net opening of 304, which is a clear acceleration trend compared with 208 in the same period of the previous year.As of the end of April 19, the company’s mid- to high-end hotels reached 2,767, accounting for 35.9%. Opening a store to support the company’s performance, waiting for the market to recover as expected, maintaining the “Buy” rating for 19 years. Affected by economic downturns. Tight budgets for SMEs have restrained business travel, and the hotel market demand has decreased significantly.During the growth period, the company has a favorable competitive advantage in the mid-to-high-end hotel field, accelerating the integration of the industry to acquire high-quality properties, and releasing high performance when the market picks up.The company’s EPS is expected to be 1 in 19-21.21/1.36/1.66 yuan / share, corresponding PE is 20/18/15 times.After excluding the impact of investment income, the company’s future non-net profit compound growth rate is about 15-20%, and the company’s average price-earnings ratio (TTM) has been 37 times in 14 years. Considering the integration trend of domestic hotels and the position of the company’s industry leader, Giving a reasonable value of 32 at 19 times PE in 19 years.67 yuan / share. Risk warnings: 1) The decline of the macro economy may affect the recovery of the industry.2) The internal integration effect of the company was less than expected.3) The progress of the company’s direct-operated stores was worse than expected.

Qiaqia Food (002557): optimistic about the rapid growth of income continues-China Finance Forum Minutes (2)

Qiaqia Food (002557): optimistic about the rapid growth of income continues-China Finance Forum Minutes (2)

Company dynamics keep up-to-date with the performance of companies in the industry We recently invited Qiaqi Food leaders to participate in CICC’s annual strategy meeting and have in-depth exchanges with investors.

We judge that the company’s 4Q19 product sales will benefit from the early Spring Festival and perform well. At the same time, the 19-year pressure on the cost side is generally controllable. We maintain our judgment of the company’s rapid growth in 2019 performance and look forward to the rapid growth of large single products in 2020.

  Commenting on the Spring Festival is expected to boost 4Q19 sales performance in advance, optimistic that next year’s revenue growth will continue to benefit from the strengthening of brand power and product power.

According to our grassroots research, the company’s recent large single product sales have been good, and the group purchase channel has also begun to benefit from the early Spring Festival stocking and volume growth. We judge that the Spring Festival will be good for 4Q19 revenue performance in advance, or it will achieve a faster growth than 3Q19.

Looking forward to next year, we believe that the company’s revenue growth will continue to benefit from the strengthening of brand power and product power. Large single product daily nut yellow bags, sunflower seed blue bags, and red bags will continue the rapid growth momentum of 2H19. Brand penetration in vulnerable markets in northern regionsThe rate will continue to increase, group purchases, and new channels for e-commerce will also maintain rapid growth.

  The product structure is upgraded and production efficiency is improved. It is expected to hedge against potential cost pressure next year.

We judge that as the leader of the domestic sunflower seed industry, the cost of sunflower seed raw materials is expected to remain stable and the pressure is controllable next year, and the nut raw materials need to be directly harvested globally, so there is a certain upward pressure on costs.

However, considering the upgrade of the company’s sunflower seed product structure, such as the rapid growth of high gross profit and large single product blue bags, it will help improve the gross profit level of the sunflower seed business, as well as the increase in the automation rate and scale effect of the daily nut yellow bag production line. We believe that hedging is expectedWith potential cost pressure next year, we expect gross margin to remain stable next year.

  It is expected that the marketing growth will remain strong, and the expected expense ratio is within a reasonable range.

We believe that the company is in the market stage of important new products, and the brand launch is not diminished. The higher growth rate of e-commerce in new channels will also slightly increase the sales expense ratio.However, we expect that the cost rate level this year and even next year will remain stable due to the quarterly balance of costs.

  It is recommended to consider that the Spring Festival is expected to boost sales in 4Q19 in advance, as well as optimistic about the performance of the company’s 杭州桑拿网 large single products next year, and slightly increase the 2019/2020 EPS forecast1.

1% / 1.

1% to 1.

11/1.

27 yuan.

Considering the evaluation switch and the center move up, we give 30 times P / E in 2020 and raise the target price by 21% to 38.

2 yuan.

The current price corresponds to 30/26 times P / E in 2019/2020, with 14% upside.

  Maintain Outperform rating.

  Risks Raw material costs fluctuate, category demand changes, industry competition intensifies, food safety incidents

Intime Resources (000975) Interim Review: Gold business is heavily promoted to new gold

Intime Resources (000975) Interim Review: Gold business is heavily promoted to new gold
I. Overview of the event The company released the semi-annual report for 2019 and achieved operating income of 25.28 ppm, an increase of 20 in ten years.63%; net profit attributable to mother 4.38杭州桑拿网 ppm, an increase of 60 in ten years.65%; EPS0.22 yuan.At the same time, the company announced that it intends to change the stock short name to “Intime Gold”.  Second, analyze and judge the heavy volume of the gold business, which has become the main contribution to performance.52%, an increase of 4 per year.The 84pct increase in gross profit margin was mainly due to the large increase in the gross profit margin of the gold business (+ 8pct to 67).02%).2019H1 combined gold income9.3.1 billion (+ 67%); revenue accounted for 36.81%, gross profit has reached 75.88%.Mainly due to the upward price of gold and the volume of high-grade gold mines, gold sales in the first half of the year3.27 tons (4 in 2018).95t), of which Heihe Yintai 1.76t, Jilin Banmiaozi 1.At 11t, Dahaidan, Qinghai resumed production on April 26, contributing 0.4t sales.Finance costs (0.43%), management expense ratio (4.(33%), a slight decline led to the overall growth rate of three fees.  Implement employee shareholding plan to motivate employees The company released a revised draft of the employee shareholding plan budget in July 2019 to raise funds 21,371.08,000 yuan (2 years duration, 1 year lock-up period).The number of people covered is 45, including 11 supervisors, and a total of 34 core key personnel. The employee shareholding plan assists in coordinating the interests of core employees and the company and giving play to the motivation of employees.  The average average price of gold remained above 300 yuan and achieved the best performance. The United States entered the interest rate reduction cycle and TIPS approached the negative range to support the upward movement of gold prices. At the same time, from a risk perspective, some countries faced downward pressure on spending, and many countries entered negative interest rates to support the allocation value of gold.We repeat short-term shocks and maintain the upward cycle view for a long time.The average domestic gold price is expected to remain above 300 yuan / gram, exceeding at least 40 yuan / gram, optimistic about the performance improvement brought by the gold business.  Third, investment suggestions The gold business performance contribution has exceeded 70%. Considering the impact of Dachaidan’s resumption of production, a series of gold production is expected to exceed 7 tons, and the EPS for 2019/2020/2021 is adjusted to 0.53/0.64/0.71 yuan, corresponding PE is 29/24/21 times.Compared with Shandong Gold’s PE76 times in 2019, and CICC Gold’s PE89 times (expected consensus expectation), the company’s expected earnings; compared with historical valuation ratios, the current estimate is about 25% different from the value, maintaining the recommended level.  4. Risk Warning: The output of Dachaidan mine is less than expected; the prices of lead and zinc products continue to rise sharply.

AVIC Capital (600705): Steady growth and deepening of the layout of integrated financial platform

AVIC Capital (600705): Steady growth and deepening of the layout of integrated financial platform

1.

The event company released its 2018 annual report.

2.

Our analysis and judgment 1) Net profit is increasing by 13.
.

74%, profitability increased in 2018, the company achieved total operating income of 138.

670,000 yuan, an increase of 26 over the same period last year.

63%; net profit attributable to owners of the parent company is 31.

6.6 billion, an increase of 13 over the same period last year.

74%; basic profit return is 0.

35 yuan, an increase of 12 over the same period last year.

90%.

Net asset income return 12.

90%, a year to increase 0.

57 units.

The company’s profitability has increased, mainly benefiting from the company’s synergy model of “production, investment, and financing” and its multiple financial advantages.

Among them, the expansion of AVIC’s leasing assets, the innovative transformation of AVIC’s trust business, and the strengthening of AVIC’s financial centralized management of funds have become the main driving factors for performance improvement.

2) The performance of leasing, trust and finance business is beautiful. The scale of leasing has expanded significantly and it has strengthened its business development.

In 2018, AVIC Leasing achieved a net profit of 12.

6.2 billion, an annual increase of 23.

57%, performance growth mainly benefited from the expansion of leasing scale.

As of the end of 2018, the company’s finance lease receivables1 renewed 1435.

70 ppm, an increase of 46 in ten years.

68%.

In addition, AVIC leases 51.

The US $ 2.8 billion capital increase plan has been steadily advanced. At present, the company and its holding subsidiaries have increased capital to AVIC Leasing by a total of US $ 2.5 billion.

The company has an aviation industry background and is expected to make progress in military-civilian integration and increase profitability.

The trust scale growth forecast structure was optimized and returned to the origin of trust business.

In 2018, AVIC Trust achieved net profit18.

470,000 yuan, an increase of 13 in ten years.

41%.

Affected by the regulatory environment, the size of the company’s trust assets was 6,326.

0.99 million yuan, a slight decrease from last year (-3.

81%).

The company actively responds to financial deleveraging, deregulates the regulatory environment, enhances 淡水桑拿网 its active management capabilities, continues to increase business innovation and transformation, established an institutional wealth center, increased marketing efforts to institutional and high-net-worth customers, and enriched the source of product funds.Improve the product’s ability to respond to market fluctuations.

The debt side of the asset management business can also actively develop long-term holding customers in various ways to effectively improve the customer structure.

Finance companies continue to focus on serving the group and achieve steady growth.

In 2018, AVIC Finance achieved net profit7.
67 ppm, an increase of 14 in ten years.
55%.

AVIC Finance mainly provides financial management and diversified financial services to group member units to strengthen the centralized management of aviation industry funds and improve the efficiency of the group’s funds.

3) The industry-finance integration + military-civilian integration continued to deepen, and the equity investment business grew significantly. Industrial investment and industrial investment as the representative represented a steady growth in equity investment profits.

AVIC Investment Holdings, AVIC Aviation Investment and AVIC Xinxing Investment achieved net profit of 500 million yuan, respectively.

3.9 billion and 0.

170,000 yuan, an increase of 79.

37%, 1520.

18% and 36.

51%.

The aviation industry background of the company’s shareholders brings high-quality industrial investment resources to promote production and finance, and the combination of production and finance has significant advantages.

Rongsheng Development (002146) In-depth Report: Sales Performance Continues to Increase Highly Satisfied Satisfied Estimated Cheap Investment Value Highlights

Rongsheng Development (002146) In-depth Report: Sales Performance Continues to Increase Highly Satisfied Satisfied Estimated Cheap Investment Value Highlights
Overall point of view: The company deeply cultivates the Beijing-Tianjin-Hebei region around the Bohai Sea, and continues to expand the layout of medium-sized cities in the Yangtze River Delta and surrounding areas of megacities.After 20 years of hard work 夜来香体验网 and development, it has grown into one of the second and third tier cities’ highly competitive alternative enterprises.At the same time, the diversified development path is gradually deepening. Focusing on the “3 + X” strategy of “big real estate”, “big health”, “big finance” and other business sectors, the company actively improves the performance of big operations and cultivates profit growth points.Since listing, sales and performance have achieved sustained and rapid growth.In 2018, 100 billion sales vows were fulfilled, and the industry consolidation was solid.At present, there are ample reserves and settlement resources and high performance guarantee in 2019.The company’s annual revenue for 2019/2020 is forecasted to be 2.25/2.7 yuan, the current sustainable corresponding PE is 4 respectively.2/3.5 times, estimated to be cheap; the company’s current dividend yield is about 4.8% is also relatively attractive, giving a “recommended” rating, and recommends active attention. Sales and performance continued to grow rapidly with outstanding growth.The company’s long-term performance has maintained sustained and rapid growth, leading the industry.From 2011 to 2017, the six-year compound productivity reached 26.3%; the six-year compound average of attributable net profit amounts to 24.7%.Operating income increased by 45 in 2018.64%; Attributable net profit increased by 31.31%; performance continued to grow rapidly.As of the end of the first quarter of 2019, advances on accounts were as high as 918.56 billion, which is 1 settlement in 2018.6 times, high performance guarantee.The scale of sales reached has also continued to increase rapidly.In 2011, the sales area was 1.81 million square meters and the sales amount was 113 billion yuan. By 2018, the contracted sales area was 9.83 million square meters, which was 5 in 2011.4 times; the contracted sales amount was 101.5 billion yuan, and the promise of 100 billion yuan was fulfilled, which is also about 9 times the overall sales amount in 2011. Regional positioning is constantly improving and land reserves are abundant.The company has basically formed a “two horizontal, two vertical, three accumulation” project layout.As of the end of 2018, Rongsheng Development had a land bank of 3613.540,000 square meters, which is 4 times the area started in 2018, and also about 3 of the expected sales.6 times, the land reserve can meet the development needs of the company. The company’s cheap valuation attracts dividends.The company is currently estimated to be cheap, while yields are relatively attractive, and it remains safe.Take 2018 EPS1.Estimated at 74 yuan, the current sustainable corresponding PE is about 5.4 times; forecast EPS in 2019 is about 2.25 yuan; corresponding to the current sustainable PE of about 4.2 times, which is lower than the overall PE level of the industry.Since listing, the average dividend rate has reached 19.13%.In recent years, the dividend payment rate has also increased significantly, and investors are actively rewarded.The 2018 annual report shows that it intends to distribute cash deposits to every shareholder for every 10 shares4.50 yuan (including tax), corresponding to the current highest dividend yield of about 4.8%, with some appeal. risk warning.Lower than expected sales, policy tightening

Zhongnan Construction (000961): The performance of the stock incentive plan can be expected to increase

Zhongnan Construction (000961): The performance of the stock incentive plan can be expected to increase

The event company announced the budget of the 2019 equity incentive plan on the evening of May 30, and proposed to grant 134.37 million stocks, accounting for 3 of the total shares.
.

73%; 112.09 million 486 incentive objects were awarded for the first time at an exercise price of 8.

49 yuan.

Comment on the landing of equity incentives, demonstrating growth confidence.

The company intends to award incentives to 137.37 million shares, accounting for the company’s total shares (37.

100 million shares) 3.

73%, of which 11.209 million shares were awarded for the first time, accounting for 3.
.

02%, the corresponding exercise price is 8.

49 yuan.

The target of this incentive plan is the company’s real estate, construction business headquarters and regional relevant persons in charge and key personnel (excluding directors and senior executives). The number of first-time awards was 486.

The plan is exercised in three phases, and the evaluation standard is that the company’s net profit attributable to the parent in 2019/2020/2021 will not gradually decrease by 560% / 1060% / 1408% compared to 2017, corresponding to the net profit attributable to the parent of US $ 40/70 / 9.1 billion (annual(Average compound strength of 61%), and at the same time, the individual annual performance assessment has reached the standard.

The company implemented incentive plans for two consecutive years in 2018 and 2019, showing long-term growth confidence.

Land reserves are abundant, sales are high, and performance growth is highly certain.

From the beginning, the company has added 2.44 million square meters of land reserves. At the end of the first quarter, the stock of land reserves increased by 4% to 44.81 million square meters.

From January to April, the contract amount of the company increased by 29% annually to 463 trillion, which is at a relatively high level among the leading real estate enterprises.

We expect that the company will achieve at least 200 billion yuan (a 36% increase) sales target in 2019 with the support of over 3500 ppm saleable value, and the total of 2018 and 2019 will reach 346.6 billion yuan, which has basically locked the company in 2019-A total of 2 million yuan in performance commitments in 2021 (reassessed with 70% of sales equity and 8% of real estate business net profit margin).

Thoroughly recommend logic and raise target price by 13% to 11.

24 yuan.

High resale growth, strong performance growth certainty, estimated attractive recommendation logic.

The company is currently trading ahead of 7.

8/4.

5x 2019 / 2020e P / E ratio. Considering that the implementation of the incentive plan enhances the certainty of performance growth, we raise the 2020 profit forecast by 7% to 1.

87 yuan, raise the target price by 13% to 11.

24 yuan, the new target price corresponds to 10.

3/6.

0x 2019 / 2020e target price-earnings ratio and 33% upside.

Risks are mainly 杭州夜网论坛 laid out Tighter-than-expected city adjustment policies.