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Baofeng Energy (600989)： Plugged into the pearl coal faucet

Baofeng Energy (600989): Plugged into the pearl coal faucet

After more than ten years of development, Baofeng Energy, a leader in coal chemical industry, has been located in Ningdong Coalfield, the country’s sixth largest 100 million-ton coal base.

Since its establishment in 2005, the company has relied on local coal resources to continuously extend its industrial chain. At present, coking (coal to coke), conversion (coal and coke oven gas to methanol, methanol to methanol) and fine chemicals (all aspects of comprehensive utilization)) By-products C3, C4 and other products) Three major industrial chains.

Become an integrated, centralized coal chemical leader.

The company’s annual revenue has exceeded 10 billion yuan, and its profitability performance is outstanding.

At the same time, the company’s projects under construction include a coke gasification billet project invested in an IPO and a 300-inch raw coal capacity, and future growth is expected.

　　Coal-to-olefins: 武汉夜网论坛 Better demand, integration, and differentiated development are the core advantages. Coal-based alternatives use coal as raw materials to produce ethylene and propylene. The core process is coal → synthesis gas → methanol → block.

The proportion of coal in primary primary energy is much higher than the global average, and impurities are a necessity for downstream industries. Therefore, with the maturity of related technologies, the domestic coal-based alternative production capacity has grown rapidly, exceeding 1,400 tons in 18 years.
In 2018, the external dependency of polyethylene and polyethylene was 49%, and the import dependency of polypropylene was 14%. The demand for transistor products is strong, and the emerging route variable devices still have good prospects.

From the perspective of CTO economics, through the 南宁桑拿 analysis and calculation of historical data, we judge that the oil distribution is above $ 70 / barrel, and coal-based oxides will have a cost advantage over the petroleum route.

At the same time, for a long time in the CTO industry chain, coal mining and coal-to-methanol substitution have replaced most of the profits, which means that the self-sufficiency of upstream raw materials is the core competitiveness of CTO production enterprises.

　　Coke industry: Supply-side reforms support the industry boom. Coke, as both a traditional overcapacity industry and a heavily polluting industry, is subject to severe policy restrictions on the supply side. As a result, coke prices have increased since 16 years and remain relatively high.

At present, the coke industry’s capacity reduction is still underway. For example, according to the planning of the provinces, the coke capacity reduction target for 2019 will total another about 2,000 tons, which will give the industry a certain level of support.

　　The core advantages of Baofeng Energy Merger The company has excellent profit margins and ROE performance, and outperforms its peers. Its main advantages are as follows: 1) Located in Ningdong, Ningxia, it is one of the four major coal chemical industry demonstration zones in China.Can fully enjoy the advantages of the local industry, railway transportation conditions and low-cost hydropower facilities; 2) It has an industrial chain that is vertically integrated from coal production to vertical height, and eats the profits of the entire industrial chain into the body, so related businesses have shown relativeObvious advantages; 3) The company’s equipment capital expenditure is smaller than its peers, reducing annual depreciation, reducing raw material costs, labor costs, and excellent cost control capabilities.

　　Investment proposals are expected to achieve net profit attributable to mothers in 2019 and 202037.

30 billion, 46.

570,000 yuan, corresponding to EPS 0.

51, 0.

64 yuan, corresponding to PE 24, 19 times, giving an “overweight” rating.

Antu Bio (603658) Annual Report Comments： Steady Growth in Performance and Continuous High Growth

Antu Bio (603658) Annual Report Comments: Steady Growth in Performance and Continuous High Growth

Event: On March 27, the company released the 2018 annual report performance: realized operating income 19.
.

30 ppm, an increase of 37 in ten years.

82%; realized net profit attributable to mother 5.

63 ppm, an increase of 25 in ten years.

98%; realized expected return1.

34 yuan, an annual increase of 26.

42%.

The deduction of non-profit growth accelerated, the growth of the light-emitting business continued to grow at a high rate, the company’s revenue continued to grow rapidly, the overall cost was well controlled, the sales expense ratio changed slightly, and the management expense rate (including research and development) increased by 1 percentage point to achieve non-net profit.Is 5.

35 ppm, an increase of 29 in ten years.

17%, compared with 25 in 2016.

89% in March 2017.

The 59% acceleration was mainly due to the continued high growth of the core product luminescence business. Among them, the magnetic particle luminescence reagent increased by more than 45%, the installed capacity was increased by more than 900 units, and gradually exceeded 3100 units. Through the launch of the assembly line and 100-speed instruments, the luminescence reagentIt is expected to continue to maintain rapid growth.

The R & D expansion continued to increase, and the leading position in product layout was significant. From 2016 to 2018, the company continued to expand its R & D promotion efforts, with R & D expenses of 2, and 1, respectively.

04, 1.

48 and 2.

170,000 yuan, the cost is 10.

60%, 10.

54%, 11.

twenty three%.

In 2018, we have introduced 武汉夜网论坛 assembly lines, microbial mass spectrometry, and 100-speed luminous instruments.

From the perspective of business layout, the company has significant competitive advantages. Its products cover the fields of biochemistry, immunity, microorganisms, and laboratory services. The layout of products such as assembly lines and mass spectrometers is at the forefront of the industry.

The company continued to penetrate the high-end market, with overseas deployment efforts. By the end of 2018, the company’s products had entered 5,000 terminals of secondary hospitals and above, including 1503 tertiary hospitals, accounting for more than 60% of the national tertiary hospitals.
At the same time, the company actively participated in AACC, Medica and other international exhibitions, and overseas business began to exert its strength. In 成都桑拿网 2018, export revenue was 29.2 million yuan, an increase of 41.

49%.

Profit forecast and investment recommendations
The EPS in 2021 will be 1.

75, 2.

27, 2.

94 yuan, corresponding to 2019?
PE in 2021 is 38, 29, and 23 times, respectively, maintaining the company’s “overweight” rating.

Risk Warning: The installation of chemiluminometer is less than expected; the assembly line and mass spectrometry promotion are lower than expected.

Founder strategy： Weak economy, strong stock market Strong stock market has some driving force-

Founder’s strategy: “Weak economy, strong stock market” Does the strong stock market have some driving force?

Original title:[Founder’s strategy]Weak economy, strong stock market Source: Strategic research investment point 1, the current market has the characteristics of “weak economy, strong stock market”.

The strength of the stock market is not linearly related to economic growth. When the economy is booming, the driving force of the stock market is performance improvement. The “strong stock market” brought about by the great economic prosperity; and during the economic downturn, the stock market also has “strong”Stock market”. At this stage, the core driving force of market growth is the increase in estimates, which is due to the improvement of economic expectations caused by positive policy changes.

The new crown epidemic in the first quarter of 2020 will have a significant impact on the economy. After the holiday, the stock market is out of the V shape. The core driving force lies in the estimated driving force. It is estimated that the improvement stems from three points: First, there is ample liquidity, and the risk-free interest rate has dropped. Second, the epidemic situationThe improved data improves risk appetite. Third, the introduction of refinancing policies has triggered expectations of capital market reform.

　　2. The new crown epidemic caused a significant impact on the short-term economy.

The epidemic situation has a significant impact on both economic supply and demand. From the perspective of supply, it reflects the decline in the growth rate of industrial production. From the perspective of demand, investment and consumption are affected by the epidemic. From a meso perspective, power generation, transportation trips, and commodity prices, Automobile and real estate sales have been significantly affected.

However, the impact of the new crown epidemic on the economy is one-time, and it is a short-term impact on the economy, rather than a significant long-term sustained growth. It is necessary to adhere to the path of development.

　　3. Against a weak economic background, countercyclical policies are worth looking forward to.

2020 is the year of the decisive battle and the 13th Five-Year Plan. It is of great significance to achieve the goal of annual economic growth. Therefore, the overall tone of the policy must be loose, and it must support economic development. According to changes in the epidemic, the policy forecast is gradually changing from the structureSex policy to budget policy.

The meeting of the Political Bureau of the Central Committee, regarding the budget policy, the expressions of “two more” and “two positives” means that follow-up policies will still be introduced, currency concerns will be lowered, structural interest rates will be reduced, deposit interest rate changes, etc., and the fiscal concern will be the deficit rate., Local government special debt quota changes, policy-based financial role, special government bonds, etc., industry-focused cars, 5G, new energy vehicles and other policy responses.

　　4. Strong driving force.

The driving force of the strong stock market in 2020 stems from three points: one is that the hedging policy, the share policy, and the industrial policy are still worth looking forward to; the other is that the economic trend is low before the high, which is conducive to the interpretation of the middle stock market;It is a big year for capital market reform and opening up. The new policy of refinancing opened the prelude to capital market reform and opening up.

　　5. Allocation: Gradual growth, pay attention to brokers, infrastructure and real estate chain.

Relative estimation changes indicate that the growth style has formed a megatrend, and industrial change is the core of the growth style. Major technological innovations that trigger industrial trends in the long run are the decisive foundation for the growth style to bullish. The growth of the bull market in 2010, 2013, and 2015 was equal andRelated to industrial change.

From the perspective of industry configuration, actively pay attention to TMT, advanced manufacturing, medical services, and periodic attention to brokers, infrastructure and real estate chains.

　　Text 1 The new crown epidemic has a significant impact on the economy The new crown epidemic has a significant impact on the short-term economy, especially in the first quarter of the outbreak.

The epidemic ‘s impact on economic supply and demand is obvious. From the perspective of supply, it is reflected in the slowdown in industrial production growth, which has led to a decrease in actual working days due to extended holidays across the country. As a result, the operating rate of industrial production facilities has been limited due to people, logistics, and capital flows.Affected by the impact of the growth rate of heavy chemical industry at the industrial level; from the perspective of demand, investment and consumption are equally affected by the epidemic. From the perspective of investment, infrastructure, real estate, and manufacturing generally start late and gradually recover;From the perspective of consumption, due to the impact of the epidemic, the vast majority of the population is in the home mode. Food, tourism, hotels, sports, entertainment, etc. are significantly affected, and optional consumption such as automobiles, home appliances, and real estate sales are also affected.

　　From a meso perspective, various indicators point to a weak economy.

Judging from the average daily coal consumption of the six major power generation groups, it usually returns to a high level 2 weeks after the Spring Festival holiday. At present, the Spring Festival holiday has passed 3 weeks, and it is still in a reduced position, and the recovery is relatively slow. From the perspective of transportation personnel data,Until February 21, the transportation department delivered 13.87 million people, even a rebound from the lowest 11.2 million, but still fell 70% from the same period last year, of which 121 were railway transportation.

10,000, down 86 from the same period last year.

In terms of product prices, the prices of major industrial metals are low, of which the price of non-ferrous copper in the Yangtze River is 4.

60,000 yuan / ton, compared with 4 before the Spring Festival.

September saw a significant decline, and other industrial metals such as aluminum, zinc, and lead prices will also fall; from the perspective of major consumer products, the data of the China Federation of Automobile Manufacturers showed that China ‘s auto sales fell by 92% on February 16th, and it is expected to gradually decline by 40% in January and FebruaryAt the same time, in terms of the average daily sales area of real estate in 30 major cities, the average daily sales area in February 2019 was 280,000 square meters, and the average daily sales area in February 2020 (for 21 consecutive days) was 4.

61 million flats.

　　The epidemic has no impact on sustainable development in the medium and long term, and we must adhere to the expected development path.

The impact of the new crown epidemic on the economy is one-time, and it is a short-term shock to the economy, which does not mean that the long-term potential growth has a significant impact.

Potential long-term changing production factors such as people, capital, and total factors. Through the improvement of education, the quality of workers has improved significantly, and the total factors brought about by technological innovation have increased. China even hopes to maintain it for a long time.Medium-speed growth.

In the medium and long term, China’s economic development is still good. It still adheres to the path of expected development, and enhances industrial upgrading and competitiveness through technological innovation and research and development support.

　　2 Against a weak economic background, counter-cyclical policies are worth looking forward to. 2020 is the year of decisive battles and the year of the 13th Five-Year Plan. The achievement of annual economic growth goals is of great significance.

The launch of any macroeconomic policy must take into account the goals, and the most important goal in 2020 is to achieve a comprehensive well-off society and complete the 100-year goal. Under the impact of the new crown epidemic on the economic growth in the first quarter, counter-cyclical reduction policies will be strengthened.It is meaningful that the February 12th meeting of the Standing Committee of the Political Bureau of the CPC and the February 21 meeting of the Political Bureau of the Central Political Bureau pointed out: “The epidemic of the new crown pneumonia has a significant impact on economic operation.At the lowest level, strive to achieve the goals of the economic and social development goals and tasks, achieve a comprehensive and well-off society in a decisive manner, decisively combat the goals and tasks of poverty alleviation, and complete the “Thirteenth Five-Year Plan”.

　　General tone of the policy: It must be loose, and it definitely supports economic development.

The February 21 Politburo meeting proposed that proactive fiscal policies should be more proactive and play a role in policy finance; prudent monetary policies should be more flexible and appropriate, alleviating financing difficulties and expensive financing; actively expanding effective demand, and promoting consumption recoveryComplement potential release; play a key role in effective investment, increase the start of new investment projects, and accelerate the progress of projects under construction.

Fiscal and monetary policies are “two more” and more active as described in the table of the Economic Working Conference at the end of last year, which means that the monetary and fiscal stance is loose and the domestic demand must be actively expanded. The focus is on consumption and effective investment.

　　Policy orientation: From structural policy to scale policy orientation.

In the main stages of epidemic prevention and control, structural policies have played a huge role. Anti-epidemic related industries and enterprises that should be supported, such as masks, protective clothing, disinfectants, are allowed to support the residential industry and industries related to national economy and people’s livelihood.

Beginning in mid-February, the Politburo Standing Committee pointed out that both epidemic prevention and production should be emphasized. Since then, budget policies have been introduced, including the addition of 848 billion new local government debt lines, the MLF interest rate reduction on February 17, and February 20LPR interest rate cuts, monetary and fiscal additional policies have been introduced, which means that current policy guidance is mainly a series of policies, supplemented by structural policies. Later, we can continue to focus on the introduction of related policies.

　　Currency: More flexible and appropriate, it means that there are opportunities for further adjustments such as reserves, structural interest rate cuts, and benchmark interest rates on deposits.

With the increase in the economic speed of the epidemic, the space for monetary policy has been opened. The reduction of MLF interest rates and the reduction of LPR interest rates means that the structural interest rate cuts are earlier than expected. Pay attention to the extent and intensity of subsequent RRR cuts and structural interest rate cuts.Gradually Vice President Liu Guoqiang pointed out in an interview with the Financial Times reporter: Monetary policy must properly respond to the economic downturn, increase monetary and credit support, increase countercyclical adjustments, and guide the reduction of corporate financing costs, thereby reducing the impact of the epidemic on the economy.

He also pointed out that the benchmark interest rate for deposits is the ballast stone of the nominal interest rate system and will be maintained for a long period of time. Afterwards, economic growth and price levels will be adjusted in a timely and appropriate manner.This means that monetary policy tools and space will still be abundant, and subsequent adjustments will be made according to the degree of economic impact of the epidemic.

　　Finance: Two positive, paying attention to the deficit rate, policy finance, special government bonds, etc.

On February 21, the Political Bureau ‘s meeting stated on fiscal policy: “Proactive fiscal policy must be more proactive and play a better role in policy and finance.”

At the Central Economic Work Conference, “proactive fiscal policy must be effective and effective” should be more active, and then you can pay attention to the adjustment of the budget deficit. It is worth noting whether the fiscal deficit red line will break through and pay attention to the changes in the amount of local government special debt.

Bringing the role of policy and finance into full play means that the three major policy banks, such as the China Development Bank, the Export-Import Bank, and the Agricultural Development Bank, must play a good role, while playing a basic role in development, construction, trade, and agriculture, and taking into account historical policyThe role of finance can be considered in the launch of special construction funds launched in 15 and 16 years, special war epidemic bonds, and PSL support for specific infrastructure areas.

　　Industry: Focus on damaged industries, automotive and emerging industries.

The focus of industrial policy has reduced the impact of the epidemic on the economy, and the replacement is to guide the adjustment of the economic structure.

From the current background, it is necessary to increase assistance for industries that have a major impact on the epidemic, such as accommodation and catering, sports and entertainment, transportation, and tourism; for industries that have domestic support and have important support for economic stability, such as automobiles, increaseThe policy should encourage a modest increase in indicators while encouraging local governments to proactively introduce relevant policies; for 5G, industrial Internet, semiconductors, integrated circuits, new energy vehicles, medical services, etc., in line with the direction of industrial structure adjustment, policy support should be increased.

　　Real estate: The supply side mainly reduces the burden on real estate companies, and the demand side policy still needs to be observed.

At present, most of the policies that have been issued are concentrated on the supply side, and most of the supply-side policies are scheduled to support the SMEs, small and micro enterprises in the country’s policy framework, and some support policies are introduced to address the production and operation difficulties of real estate companies.Including support for payment of land prices, payment of taxes and fees for appropriate extensions, moderate relaxation of pre-sale conditions, online 苏州夜网论坛 approval, and continuous loans without drawing loans.

Under the principle of not housing and speculation, and not using real estate as a short-term stimulus, the demand-side relaxation policy is not anxious. It is mainly concerned that the introduction of demand-side policy liberalization in the context of a relatively loose fiscal and monetary environment will lead to the occupation of housing.Big rebound.

　　Top 3 stock markets: policy hedging, economic growth, low economic trend, high economic trend, and capital market reform. The stock market grew significantly after the Spring Festival.

After the first day of the holiday, various indexes have moved out of the V-shaped transformation trend, of which the Shanghai Stock Index has increased by 10 since February 3.

7%.

In the context of the economy’s rapid decline in the first quarter, market growth means that the estimated growth is the core driving force. The estimated growth stems from three points: First, there is abundant liquidity, and the public issuance of the public market after the holiday will maintain a net issuance.At the same time, the OMO interest rate was lowered by 10BP, and the risk-free interest rate fell significantly. Second, the epidemic data showed a continuous improvement, and the number of confirmed patients across the country showed a rapid decline. Third, the capital market reform continued to advance, and the introduction of refinancing policies helped.Increase funding for dating.

　　Since last December, we have maintained an optimistic judgment on the market.

In the December monthly report, we exclusively proposed the “Warm Winter Layout”, pointing out that global policy changes after August last year are worth paying attention to. The Federal Reserve cut interest rates for three consecutive months in August, September, and October. As the global water tap, its policy changes will:Global policy space.

China also began to increase its countercyclical policy from August. The State Council executive meeting gradually and effectively reduced the actual financing rate in mid-August. In September, it expanded the full-scale reduction of 50BP. In October, the MLF interest rate was reduced. In November, the OMO interest rate was lowered and the Ministry of Finance issued 1 trillion yuan.Special debt of 10,000 US dollars, paying attention to economic changes caused by policy changes, and relatively optimistic judgment on the stock market; the annual report “The First Dawn” points out that 2020 is the watershed of the macro economy, and it is in a decisive battle against a well-off society and the 13th Five-Year Plan.In that year, the policy has clear requirements for economic growth goals. The Chinese economy has entered a stage of development. The driving force lies in innovation drive and reform and opening up. The stock market shows a clear structural market and gradually grows optimistic about the growth style.

The February monthly report, “Suppressing the Growth, Deploying Growth,” pointed out that the new crown epidemic will affect economic growth expectations and risk estimates in the short term, and then focused on the introduction of counter-cyclical hedging policies, and gradually the counter-cyclical policies continued to develop to stabilize economic expectations and markets.Expected to rise again, the market is actively expanding in style.

　　Weak economy, strong stock market.

The strength of the stock market is not linearly related to economic growth. When the economy is booming, the driving force of the stock market is performance improvement. For example, the stock market in 2006 and 2007 is a strong stock market that belongs to the period of great economic prosperity;There is also a “strong stock market” in the stock market. At this stage, the core driving force of market growth is expected improvement, and it is estimated that the improvement comes from the improvement of economic expectations caused by positive policy changes, such as 1999, 2009, and 2014.In the stock market in 2015, under the background of obvious downward pressure on the economy, a series of policies have been continuously strengthened and reform policies have been continuously launched, and market returns have significantly increased.

　　Strong driving force 1: Policy hedging policy strengthened.

Against the background that the epidemic has a significant impact on the economy in the first quarter, counter-cyclical hedging policies will continue to intensify. In the year of the decisive battle against the well-off society and the end of the 13th Five-Year Plan period, economic growth has a clear bottom line goal, meaning subsequent currency and fiscalIndustrial policies will continue to be promulgated to repair economic growth expectations.

Subsequent currencies focus on RRR cuts, structural interest rate cuts, changes in the benchmark interest rate on deposits, fiscal concerns on deficit rates, changes in local government’s special debt quotas, policy financial roles, special government bonds, etc., and industry concerns on automotive, 5G, and new energy vehicles.
　　Strong stock market driving force 2: Economic trends are low before high, which is conducive to the interpretation of the stock market in the medium term.

The impact of the epidemic on the economy is generally staged, with short-term characteristics, changing the weakening of the impact of the epidemic, and the economy will return to normal. After the low point in the first quarter, subsequent economic growth will definitely rise, which must be caused by the repair of economic inertia, Gradually stemming from policy intensification, the economy will show a “low front and high back” trend in 2020. This trend means that corporate profits are low front and high back, which means that the market’s risk substitution is gradually rising.

　　Strong stock market driving force 3: Reform and opening up of the capital market are intensified.

2020 is a big year for capital market reform and opening up. In September 2019, the China Securities Regulatory Commission announced 12 key tasks to deepen capital market reform, including the science and technology board test field, the new third board reform, the GEM registration system, and the delisting system reform.The quality of listed companies, restructuring and reform of the refinancing system, etc., 2020 will be the year when these policies are refined and restructured, the implementation of the transformation of the securities law, and subsequent capital market reforms will be even more important.

The opening of the capital market to the outside world will also accelerate in 2020. The CSRC announced that starting from April 1, 2020, the restrictions on foreign exchange share ratios of fund management companies will be lifted nationwide; from December 1, 2020, nationwideNene has lifted the restrictions on foreign exchange share ratios of securities companies; starting on January 1, 2020, the restrictions on foreign exchange share ratios of futures companies have been lifted, and the opening of the capital market in 2020 will continue to advance.

　　4 Configuration: Gradual growth, periodic attention to brokerage firms, changes in the relative estimates of infrastructure and real estate chains show that the growth style has formed a major trend.

We use GEM PE / Shanghai and Shenzhen 300PE to represent the relative estimated strength. After digesting and adjusting in August 15-19, the relative growth estimate has continued to rise from September 2019. The current relative estimate has been obvious.Go out of line 2.

8, but from the high point of the Air Force (2014, 2015) 6.

1 There is still a lot of distance. From the perspective of the big market style, the growth style has reached the acceleration stage after the initial charge.

　　Industrial change is at the core of growth style.

The correlation between the growth start of the growth style and the macroeconomic environment, one is the easing of liquidity, and the downward expansion of interest rates is estimated to increase; the other is the transition stage of the economic turn to transformation and development, and industries that are in line with progressive development will receive more resources.

The rise of the growth style is more critical to industrial changes. Major technological innovations that trigger industrial trends in the long run are the decisive foundation for growth style bulls. The growth bull market in 2010, 2013, and 2015 are all related to industry changes.Strategic emerging industries, the outbreak of games and video in 2013, and the rise of Internet + in 2015 are the result of industrial changes under the 3G and 4G wave. The 5G investment curtain opens in 2019, and 5G investment in 2020 will continue to increase and change.With the improvement of the information infrastructure, relevant application scenarios will be supported by the boom.

　　Industry configuration: Initially actively pay attention to TMT, advanced manufacturing, medical services, periodic attention to brokers, infrastructure and real estate chains.

From the perspective of the year, 2020 is a year of growth. Relevant fields such as TMT, advanced manufacturing, and medical services will all stand out. Although the short-term increase is huge, it is still expected to come out after a benign adjustment, and the opportunity of phase will decrease.Pay attention to the changes in the broker’s business climate, and pay attention to the infrastructure and real estate chain that are overweight by counter-cyclical policies.

From the perspective of industry configuration, focus on four configuration directions. One is the subdivided areas of the TMT industry chain supported by the boom, such as 5G, semiconductors, panels, integrated circuits, consumer electronics, cloud gaming, high-definition video, etc., and the second is focusing on advanced manufacturing., Such as new energy automobile chains, photovoltaics, semiconductor equipment, military equipment, etc .; Third, focus on the big health industry. The outbreak of the epidemic has triggered the need for related chains to make up for shortcomings. Capital investment will continue to increase, focusing on pharmaceutical retail, medical services, and medical devices., Pharmaceuticals, and other sub-sectors. The fourth is a staged opportunity to pay attention to brokerages and building materials, construction machinery, construction, real estate, home appliances related to infrastructure and real estate chains.

Xinhecheng (002001)： First-half results meet expectations and VE industry integration is worth looking forward to

Xinhecheng (002001): First-half results meet expectations and VE industry integration is worth looking forward to

Investment Highlights Performance Summary: The company achieved operating income in the first half of 201938.

6.7 billion, a decrease of 16 per year.

85%; net profit attributable to mother 11.

5.6 billion, down 43 each year.

87%.

Performance in line with expectations, Q2 single-quarter increase of 26%.

The decline in 19H1 performance was mainly due to the drop in vitamin prices. The average price of 19H1 VA was 374 yuan / kg, a continuous decline of 65%, and the average price of VE was 43 yuan / kg, a decrease of 48%, resulting in a decline in the gross profit margin of nutrition products.

74 up to 59.

41%.

Flavor essence gross margin drops 15% to 5 per year.

4.1 billion.

The company’s new material production capacity was quickly released to achieve revenue3.

1.2 billion US dollars increased by 116%, costs further reduced through load increase, gross profit margin increased by 9.

46 averages to 27%.

From the single quarter of 19Q2, the performance was 6.

4.5 billion chain increased 26%, of which the average price of VA, VD3 stabilized, VE average price increased, the gross profit increased by 91 million.

In addition, interest and wealth management income increased, Q2 financial expenses decreased by 34 million, and investment income increased by approximately 70 million.

VA maintained a high level of prosperity, and VE’s profit increased and repaired.

The BASF plant started less than expected. At the same time, the cooling tower failed again in June, 西安耍耍网 and global VA supply was tight. We expect the VA price to rise steadily.

In the March quarter of 2019, it is expected that DSM’s integrated VE business will land, and the industry CR4 will reach 90%. VE plans to gradually enter a reasonable profit range. At the same time, NET 4 VE devices have rectification plans, and the market supply is expected to decrease.

The company’s VA and VE production capacity are about 1, 4 indexes, the prices have increased by 50 yuan / kg, 10 yuan / kg, and the performance has increased by 400 million, 3 respectively.

3 billion.

The 10 initial methionines will contribute significant performance gains.

Global methionine oligo head competition, CR4 is 87%. In 2018, domestic net imports of methionine were 14.

The price of methionine was replaced from 5 million tons / ton in 2015 to now.

80,000 tons / ton historical bottom.

The company independently developed the methionine production process. It successfully operated a 5-ton capacity in 2017 with a competitive cost. It is expected to increase by 10 years in 2019 and another 15 tons in 2021. The project’s commissioning will bring significant performance value added to the company.
The reserve projects are abundant and open up room for growth.

Several projects will be completed and put into operation at the end of 2019, including the first phase of Heilongjiang Province’s biological fermentation project, the first phase of the Shandong Industrial Park project, a 10-ton methionine project, and a 3,000-ton maltol, etc. It is expected to contribute profits in 2020 and ensure the company’s future growth.

Earnings forecasts and investment advice.

It is expected that the net profit attributable to mothers will be 25 in 2019-2021.

54, 30.

78, 35.

2.2 billion, corresponding to 17, 15, 13 times the corresponding PE.

The size of VE has improved, and the economy is improving. Several projects of the company are about to be put into production, and there is a lot of room for growth in the future. Maintain the “Buy” rating.

Risk warning: The project may be put into production less than expected; the price of vitamins significantly reduces the risk.

Sanhua Intelligent Control (002050) 2019 Third Quarterly Report Review： Depreciated Non-Profit Growth Exceeds Expectations Tesla Shanghai Plant Starts Zero-Volume Steam

Sanhua Intelligent Control (002050) 2019 Third Quarterly Report Review: Depreciated Non-Profit Growth Exceeds Expectations Tesla Shanghai Plant Starts Zero-Volume Steam

The revenue in the third quarter was in line with expectations.

The company disclosed that it achieved operating income in the first three quarters of 201986.

2.1 billion, an annual increase of 4.

3%, net profit attributable 无锡桑拿网 to mother 10.

56 ppm, a 10-year increase3.

22%, achieving net operating cash flow of 11.

27 ppm, an increase of 101 in ten years.

14%; of which, in the third quarter, the operating income was 27.

9 ‰, an increase of 4 in ten years.

29%, net profit attributable to mothers3.

63 ppm, a ten-year increase4.

91%, net profit after deducting non-attribution to mothers increased by 17.
.

91%, exceeding market expectations, mainly due to the company’s foreign exchange hedging exceeded in the third quarter.

Traditional business grew steadily.

In terms of traditional refrigeration business, from January to August, the company’s three core products of traditional refrigeration business, namely electronic expansion valves, termination valves and four-way valves, achieved sales growth of 6 respectively.

93%, 4.

55%夜来香体验网 and 1.

77%, because the company’s main traditional products use cost-plus pricing mechanism, since the third quarter of the Yangtze River nonferrous copper, the average price of aluminum fell by 4 respectively.

67% and 1.

95%, the company’s traditional refrigeration business revenue growth under pressure.

However, with the upgrading of the industrial structure, the company’s supplier of high-value-added products such as air-conditioning components, micro-channel heat exchangers and electronic expansion valves still achieved steady growth.

We expect the company’s main refrigeration business to achieve a small increase in average revenue and profit in the first three quarters.

Looking forward to the fourth quarter, the date of the official implementation of new energy efficiency standards for air conditioners is approaching. Host companies will start the destocking cycle of the old energy efficiency standards and gradually enable the supply chain of new energy efficiency standards at the production end to promote the acceleration of electronic expansion valves.Penetration and popularity.

New energy auto zero business contributed elasticity.

As the company’s core driving business, the auto zero business has a growth rate of about 20% in the third and third quarters, and the growth rate of 10% from the previous quarter is accelerating. It is mainly due to the rapid volume of new energy vehicle orders.After the report, the company won another US $ 1 billion GM order, which was benefited from the company’s traditional car orders that gradually stopped falling in the third quarter and warmed up. Revenue growth turned positive; we counted the company’s large auto zero orders announced in the past three years and gradually approached55 billion US dollars, taking into account scattered orders that have not yet been announced, the company’s new-energy vehicles have redundant orders on hand to ensure the rapid growth of zero-gas revenue in the future; conversion, the company as a core supplier of Tesla thermal management componentsTesla’s Shanghai plant started trial production, and mass production is expected before the end of the year, with short-term event catalysis.

Gross profit margins have picked up quarter by quarter and profitability has continued to improve.

The company ‘s gross profit margin increased in the short term in the third quarter.

06 to 29.

64%, maintaining the improvement trend in the second quarter. We analyze the increase in the proportion of high-margin business in the product structure (electronic expansion valves, commercial refrigeration, new energy vehicles, etc.). The depreciation of the RMB exchange rate increases the profitability of export sales.; In the third quarter, the expense-side sales expense rate and the management expense rate only decreased significantly, falling by 1.

4 and 0.

23 pct, and the increase in R & D expense ratio increased slightly by 0 during the same period.

79 pct, indicating that the company’s fee control is outstanding.

Profit forecast and investment rating.

We maintain the company’s 2019-2021 return to net profit forecast to 14.

3.6 billion, 16.

8.8 billion and 20.

430,000 yuan, an annual increase of 11.
1%, 17.
5% and 21%, the corresponding EPS is 0.

52 yuan, 0.

61 yuan and 0.

74 yuan, corresponding to a dynamic market surplus reduction of 28 times, 24 times and 20 times, maintaining the “overweight” level.

Xinyangfeng (000902)： Product structure continues to optimize under channel advantages. 19H1 continues steady growth

Xinyangfeng (000902): Product structure continues to optimize under channel advantages. 19H1 continues steady growth

Investment Highlights The company announced its 19-year interim results forecast.

200-700 million increase by 15-30%.

19H1 continued the steady growth momentum, and the product structure was further optimized and upgraded.

The company’s conventional compound fertilizer has a large competitive advantage, and its sales and market share have continued to increase. The new type of compound fertilizer has actively expanded the southern cash crop zone to accelerate market penetration.

After excluding the influence of trade income in 19Q1, the growth rate of compound fertilizer income was 15% +, and the growth rate of Q2 continued.

With the further optimization and upgrading of the product structure, the proportion of high-margin products increased, and profitability continued to increase.

Cost advantages combined with high value-added agrochemical services enhance channel advantages.

Due to the obvious cost-side advantages of the company (the production capacity of monoammonium phosphate 180 is self-sufficient, the self-sufficiency rate of the import right of potassium fertilizer is nearly half, and the transportation cost under the geographical advantage is low, etc.), the channel is fully profitable.

At the same time, the company formed a “pyramid” system of agrochemical services: an expert advisory team composed of academicians of the Chinese Academy of Engineering Yuan Longping, Zhang Fusuo, and professors of agricultural universities, 杭州桑拿 top experts; a step-by-step agrochemical service team composed of vice president Dr. Xuemei Bao; and salespersons and distributorsThe grass-roots service team composed of commercial vendors continued to promote differentiated technical services, and the stickiness of dealers continued to increase.

At the end of 18, it had more than 4,800 first-level agents and nearly 70,000 terminal retailers. The channel control ability was consolidated in 19H1, which strongly supported the increase in sales.

As a large number of small and medium-sized compound fertilizer companies lose channel resources during the early stage of the deep adjustment of the compound fertilizer industry, the company’s channel dividends will be further released when the industry boom recovers.

Focusing on the development and promotion of high-end fertilizers, Liseno 19Q2 began to be put on the market.

The company has significant research and development investment, cooperates with academician Zhang Fusuo, the leader of the special fertilizer discipline of China Agricultural University, and has a key laboratory of the Ministry of Agriculture. It has product innovations in stable fertilizers, special fertilizers, special fertilizers, water-soluble fertilizers, and ecological fertilizers.

At the same time, in February 19th, Liseno was established to promote the sale of high-end fertilizers and cooperate with Germany’s Kangpu experts, “Kuopu Nuo Taike”, dedicated to creating a new industry-leading fertilizer brand.

The “Liseno” brand began to be put on the market in 19Q2, and the volume will gradually increase in the second half of the year. At the same time, the “Compo Nuotech” brand will continue to increase its proportion under the efficient operation of the new special-purpose fertilizer platform, and further contribute to sales.

The “three phosphorus” rectification of the Yangtze River has officially started, and high-quality leaders will fully benefit in the long run.

In February 19th, the Ministry of Ecology and Environment held a meeting to discuss the prevention and control of “three phosphorus” pollution in the Yangtze River, and subsequently issued the “Implementation Plan for the Special Investigation and Remediation of the” Three Phosphorus “in the Yangtze River, to guide Hubei, Sichuan, Guizhou, Yunnan, Hunan, Chongqing, Jiangsu, etc.7 provinces (municipalities) launched a centralized investigation and rectification, which was officially launched recently.

The forward-looking environmental awareness brought about by the company’s history, continuously expanding investment4.

The US $ 4.7 billion environmental protection technology reform has high production capacity quality, and sometimes it may be affected by the three phosphorus treatment in the short term to affect the capacity utilization and environmental protection expansion, but the long-term high-quality production capacity will continue to highlight the company’s product strength.

At the same time, under the upstream supply-side reform, the subsequent price trend of monoammonium phosphate is supported, which will also increase the cost advantage.

Earnings forecast and investment rating: As a white horse of agrochemical consumption, the company, based on the advantages of industrial chain integration, has higher product costs and good profitability of distributors. Therefore, the company’s historical performance has maintained steady growth.

In 2019, we will continue the growth logic of increasing market share and optimizing and upgrading the product structure. We are optimistic about the company’s sustainable growth. We expect the company to achieve 110 revenue in 19-21.

04/122.

81/136.

72 billion, an increase of 9.

7% / 11.

6% / 11.

3%; net profit attributable to mother 9.

98/12.

06/14.

5.3 billion, an increase of 21.

9% / 20.

9% / 20.

5%.

The current priority is 14.

1X / 11.

7X / 9.

7X, maintain “Buy” rating! Risk warning: raw material prices fluctuate; environmental protection is not up to expectations; triphosphorus rectification efforts exceed expectations, increasing operating costs; weak rebound in agricultural product prices

Anzheng Fashion (603839)： Minutes of the Textile and Apparel 20

20 Strategic Meeting Series

Anzheng Fashion (603839): Minutes of the Textile and Apparel 2020 Strategic Meeting Series

I. Company Introduction 1) The company has five independent brands: Li Zi, Yin Mo, An Zheng, Mosak and Fina Chen.

　　From the perspective of target population positioning: Zanzi, Yin Mo, Anzheng, Mosak, and Fina Chen take the core groups of 35-45, 28-35, 30-45, 25-35, and 25-35 respectively.
　　From the perspective of brand positioning: Yan Zi, Yin Mo, Mosak and Fina Chen specialize in women’s clothing. Among them, Zi Zi, Yin Mo’s ready-to-wear style is suitable for mature women.”Simplification” targets young women; Anzheng Menswear is aimed at urban elite men who pursue career success, high-quality life and fashion taste.

　　2) Acting for luxury brands.

The company established a joint venture with Runxiang (Macau) Co., Ltd. in February 18 to run Jinrun Fashion Co., Ltd., which operates luxury brands Stella McCartney and Stella McCartney Kids in China. It currently has stores in Guangzhou, Shenyang, Qingdao and other places.

In January-September 19

, it opened a direct store and realized a net income of 9.24 million.

　　3) Shares in children’s clothing brands.

In 18 years, the company’s shares in China’s top 10 children’s clothing brand Frog Prince, in August 19 acquired the Korean children’s clothing group zero to seven, layout children’s clothing industry, and promote the company’s performance in the future.

　　4) Acquisition of e-commerce agency.

The company acquired a 7

0% stake in Lishang Information in October 18 to expand opportunities for e-commerce operations.

Lishang Information is a brand e-commerce service provider that integrates e-commerce and integrated marketing services. It has a deep understanding of e-commerce brands and operations. Its cooperation targets include A2, Bellamy, Hasbro and other mother-in-law.There are more than 20 well-known brands at home and abroad for baby accessories and children’s products.

Through the acquisition of Lishang Information, the company broadened its business space and helped capture more online market share.

　　Second, the full text of the question and answer (a), on the company’s sales situation 1.

What is the company’s revenue outlook for the next 2-3 years?

　　1) Through the acquisition of new brands such as Frog Prince, Zero to Seven, etc. to achieve consolidation, the company hopes to achieve revenue growth of 10-15

% in the next 2-3 years.

　　2.

What plans does the company have for opening stores in the next two years?

　　1) As far as next year is concerned, the company will be more cautious in opening stores under the harsh external environment: FY2020’s net opening target is 5-60.

　　3.

What are the company’s goals for next year, and in which areas do you start?

　　2) The company’s goal next year is to improve store efficiency, starting from the following four aspects.

　　3) Cultivate and optimize staff efficiency and strengthen sales staff training.

　　4) Optimize the supply chain and increase the proportion of flexible supply chains.

　　5) Refined and detailed marketing strategies.

　　6) Optimize performance, encourage models, promote amoeba models, and increase sales staff’s sales ratio.

　　4.

At present, the developing countries generally think that the clothing industry will be affected by weather factors in 19Q4 and 20Q1, which will cause fluctuations in performance. Is the company prepared for this?

　　1) The company is less affected by weather.

Because the company is a multi-category brand, the choice of clothing is relatively wide, so it is less affected by this.

The good sales in October and November 19 also confirmed this view.

　　5,

What is the growth rate of the company ‘s main brand retail end in the fourth quarter of this year?

　　1) Direct-operated stores: approximately double-digit growth; franchise stores: slightly shifted; online sales: approximately double-digit growth.

　　2) Total: growth from high numbers to double digits.

　　6.

What are the reasons for the acceleration of the company’s franchise stores?

　　1) There are two reasons for the decrease in franchise store revenue: First, due to changes in the external environment and weak sales in the apparel industry, the company actively controlled the speed of delivery to reduce inventory risks, resulting in reduced revenue.

Second, due to changes in the external environment, the initiative to eliminate franchisees with poor colonial management capabilities led to a decrease in revenue.
　　2) By controlling the speed of delivery and eliminating joint franchisees, the company intends to increase the proportion of self-operated store revenue in the future and improve the overall retail operation level.
　　7
How many franchisees does the company currently have?

What is the average number of stores a franchisee holds?

　　1) The company has dropped from a maximum of more than 100 franchisees to 66 currently.

　　2) The company has a minimum of 3-5 stores and a maximum of 100 square meters.

There are more than 600 stores in total, so an average franchisee holds nearly 10 stores.

　　8.

Does the franchisee of the company only represent the company’s brand?

　　1) At present, franchisees with ownership only represent company brands, and two-thirds of franchisees represent multiple brands at the same time.

　　2) The company has no restrictions on whether franchisees only represent our own brands. They can also sell clothing of other brands at the same time.

　　9.

Under the macroeconomic environment, is the company’s brand sales better among the multiple brands represented by franchisees?

　　1) The company’s brand, especially the main brand, Zanzi, is a relatively good internal sales performance in the industry. This is mainly reflected in the replacement of the inventory of franchisees. Zanzi’s revenue growth from January to September of 19 was relatively stable.

　　(2) About other aspects of the company10.

What are the respective proportions of the company’s futures pricing and quick fill orders?

How many days does it take to fill a quick order?

　　1) The company’s scheduled futures account for about 70%, and quick fill orders account for about 30%.

　　2) In the case of sufficient stock of fabrics and auxiliary materials, quick replenishment takes about 7 days.

　　11.

Is the production base in Jiangsu and Zhejiang?

　　1) The company’s production base is in Haining and its operating headquarters is in Shanghai.

　　12

How does the increase in staff costs and raw material costs affect the company?

　　1) Due to the company’s product ratio and high bargaining power, the impact of raw material cost fluctuations is not significant.

　　2) Due to the high proportion of expense ratios (including R & D expenses), the impact of personnel costs on the company’s revenue is transmitted.

　　13

The industry has promoted a series of cost-effective products to cope with the macroeconomic situation. Does the company have the same strategy?

　　1) Since 2017, the company has consciously launched cost-effective products, which are characterized by “quality does not rise.”

Specific to the product, the company’s women’s clothing and men’s clothing both contain higher-cost imported fabrics, the content of which is 30% + and 70% +, respectively, but the company still remains relatively stable in pricing, reflecting a cost-effective strategy.

　　14.

Does the company have started to move closer to price-performance for the brand matrix?

　　1) Since 2017, the company has consciously launched cost-effective products. In terms of brands, Mosak products have low unit prices and good quality, attracting cost-effective consumers.

　　15
What is the ratio of each brand of the company?

　　1) Stance: 7-7.

5 times; Yin Mo: 8-8.

5 times; Fina Chen: 6 times; Mossack: 5 times; Anzheng Men’s: 6

5 times.

　　16.
Does the company consider transforming other industries?

　　1) Although the clothing industry is highly attractive, the trend is changing, the consumer demand-side uncertainty and other attributes have caused the industry’s stock market to intensify competition, the drill becomes more and more difficult, but we stillThere are four reasons to choose to stay in this industry.

　　2) The stock market share is concentrated in the head, and the incremental market space is considerable.

Stock market: Enterprises entering the internal field of the industry have a certain increase in the entry threshold for the apparel industry due to the advantages of channels, supply chains, and upstream and downstream collaboration, which will accelerate the steady concentration of market share to decline companies.

Incremental market: The absolute growth rate of the apparel retail industry per capita GDP growth rate. If China’s economy grows steadily, there is still considerable room for future incremental markets.
　　3) Good cash flow to meet the company’s expansion needs.

By having a good cash flow, the company’s ability to find investment targets can be enhanced to meet the company’s expansion needs.

　　4) Stable gross profit margin helps boost shareholder returns.

The company’s main brands from January to September 19 had gross profit margins of 64,94%, and the small brands Yin Mo, Anzheng, Mosak and Fina Chen had gross profit margins of 77.

47%, 76.

64%, 53.

7%, 77.

63%, and at a high level in Dublin, both inside and outside the industry, laying a foundation for the company to improve shareholder returns.

　　5) The debt ratio is reduced, and the company’s operating burden is small.

From January to September of 19, the company’s assets and liabilities decreased by 25%, and at the same time, it was at a low level inside and outside the industry.

　　17.

What kind of performance does the generation operating company (Li Shang Information) have in terms of performance contribution?

　　1) Breakthroughs in the contribution of the generation operation business performance, and rapid revenue growth.

On January 9, 19, e-commerce operations achieved revenue6.

14 billion, accounting for 34 of sales revenue.

4%, the growth rate is as high as 367.

twenty two%.

　　18 years old

What are the selection criteria for the company’s investment targets?

　　1) The target team needs to be ideal and consistent with the company’s assessment.

　　2) Have self-driven ability. After the acquisition, they will not be “hands-out shopkeepers” and continue to strengthen the development of the main business.

　　3) Estimate is reasonable.

Find the right investment target by using the market supervision anchor.

　　19
Does the company’s current investment mainly focus on certain aspects?

　　1) Improve research and development, which is reflected in the introduction of high-tech talents and increase of research and development costs.

As of now, the company has introduced a total of 13 middle-level management personnel with relevant overseas experience and 7 outstanding senior management personnel in the industry. They have optimized and upgraded important positions and departments of each brand division.

　　2) On January 9, 2019, the company invested a total of RMB 53.twenty two
million in research and development expenses, which will increase by 8 in the future.

18%, accounting for 2 of clothing sales revenue.

97%.

　　In April this year, the company set up a design research and development center in Milan, Italy, and hired Italian designer Diego Lazzaroni to become a high-end line designer.

　　20
Has the new chief designer hired by the company already launched the product?

　　1) The designer has launched the high-end 2019 F / W high-end series and sold it in the Century Century Store in Chongqing. It has been highly replaced in terms of layout, design and style.

　　twenty one
What are the main differences between domestic clothing brands and foreign countries?

　　1) Insufficient R & D talent reserves.

Because domestic clothing research started late and has a history of over 100 years abroad, it lags behind foreign countries in the training of talents and the development of technology, leading to foreign fashion trends and design capabilities that have penetrating power to speakforce.

　　2) Insufficient design ability of clothing structure.

Clothing structure design or manual patterning is one of the important components of clothing design. It is irreplaceable, and industrial manufacturing cannot completely replace manual patterning.

Although domestically recognized clothing industry capabilities, the lack of technical reserves in manual boarding has caused a gap with foreign countries.

　　twenty two

How does the company ensure good cash flow?

　　1) Monitor retail terminals to control risks.

Proactively adjust franchisees to improve the efficiency of repayment and help create good operating cash flow.
　　2) The first payment and then the goods.

By reaching an agreement with franchisees to pay first and then ship, it will increase the efficiency of repayment and help create a good operating cash flow.

　　twenty three.

How does Prince Frog rank in the children’s clothing industry?

　　1) The frog prince ranks among the top 10 in the children’s clothing industry. Company introduction 1) The company has five independent brands: Zanzi, Yin Mo, Anzheng, Mosak and Fina Chen.

　　From the perspective of target population positioning: Zanzi, Yin Mo, Anzheng, Mosak, and Fina Chen take the core groups of 35-45, 28-35, 30-45, 25-35, and 25-35 respectively.
　　From the perspective of brand positioning: Yan Zi, Yin Mo, Mosak and Fina Chen specialize in women’s clothing. Among them, Zi Zi, Yin Mo’s ready-to-wear style is suitable for mature women.”Simplification” targets young women; Anzheng Menswear is aimed at urban elite men who pursue career success, high-quality life and fashion taste.

　　2) Acting for luxury brands.

The company established a joint venture with Runxiang (Macau) Co., Ltd. in February 18 to run Jinrun Fashion Co., Ltd., which operates luxury brands Stella McCartney and Stella McCartney Kids in China. It currently has stores in Guangzhou, Shenyang, Qingdao and other places.

In January-September 19, it opened a direct store and realized a net income of 9.24 million.

　　3) Shares in children’s clothing brands.

In 18 years, the company’s shares in China’s top 10 children’s clothing brand Frog Prince, in August 19 acquired the Korean children’s clothing group zero to seven, layout children’s clothing industry, and promote the company’s performance in the future.

　　4) Acquisition of e-commerce agency.

The company acquired a 70% stake in Lishang Information in October 18 to expand opportunities for e-commerce operations.

Lishang Information is a brand e-commerce service provider that integrates e-commerce and integrated marketing services. It has a deep understanding of e-commerce brands and operations. Its cooperation targets include A2, Bellamy, Hasbro and other mother-in-law.There are more than 20 well-known brands at home and abroad for baby accessories and children’s products.

Through the acquisition of Lishang Information, the company broadened its business space and helped capture more online market share.
　　Second, the full text of the question and answer (a), on the company’s sales situation 1.

What is the company’s revenue outlook for the next 2-3 years?
　　1) Through the acquisition of new brands such as Frog Prince, Zero to Seven, etc. to achieve consolidation, the company hopes to achieve revenue growth of 10-15% in the next 2-3 years.

　　2.

What plans does the company have for opening stores in the next two years?
　　1) As far as next year is concerned, the company will be more cautious in opening stores under the harsh external environment: FY2020’s net opening target is 5-60.

　　3.

What are the company’s goals for next year, and in which areas do you start?
　　2) The company’s goal next year is to improve store efficiency, starting from the following four aspects.

　　3) Cultivate and optimize staff efficiency and strengthen sales staff training.

　　4) Optimize the supply chain and increase the proportion of flexible supply chains.

　　5) Refined and detailed marketing strategies.

　　6) Optimize performance, encourage models, promote amoeba models, and increase sales staff’s sales ratio.

　　4.
At present, the developing countries generally think that the clothing industry will be affected by weather factors in 19Q4 and 20Q1, which will cause fluctuations in performance. Is the company prepared for this?

　　1) The company is less affected by weather.

Because the company is a multi-category brand, the choice of clothing is relatively wide, so it is less affected by this.
The good sales in October and November 19 also confirmed this view.

　　5,

What is the growth rate of the company ‘s main brand retail end in the fourth quarter of this year?
　　1) Direct-operated stores: approximately double-digit growth; franchise stores: slightly shifted; online sales: approximately double-digit growth.

　　2) Total: growth from high numbers to double digits.

　　6.

What are the reasons for the acceleration of the company’s franchise stores?

　　1) There are two reasons for the decrease in franchise store revenue: First, due to changes in the external environment and weak sales in the apparel industry, the company actively controlled the speed of delivery to reduce inventory risks, resulting in reduced revenue.
Second, due to changes in the external environment, the initiative to eliminate franchisees with poor colonial management capabilities led to a decrease in revenue.

　　2) By controlling the speed of delivery and eliminating joint franchisees, the company intends to increase the proportion of self-operated store revenue in the future and improve the overall retail operation level.

　　7
How many franchisees does the company currently have?
What is the average number of stores a franchisee holds?
　　1) The company has dropped from a maximum of more than 100 franchisees to 66 currently.

　　2) The company has a minimum of 3-5 stores and a maximum of 100 square meters.

There are more than 600 stores in total, so an average franchisee holds nearly 10 stores.

　　8.

Does the franchisee of the company only represent the company’s brand?
　　1) At present, franchisees with ownership only represent company brands, and two-thirds of franchisees represent multiple brands at the same time.

　　2) The company has no restrictions on whether franchisees only represent our own brands. They can also sell clothing of other brands at the same time.

　　9.

Under the macroeconomic environment, is the company’s brand sales better among the multiple brands represented by franchisees?
　　1) The company’s brand, especially the main brand, Zanzi, is a relatively good internal sales performance in the industry. This is mainly reflected in the replacement of the inventory of franchisees. Zanzi’s revenue growth from January to September of 19 was relatively stable.

　　(2) About other aspects of the company10.

What are the respective proportions of the company’s futures pricing and quick fill orders?

How many days does it take to fill a quick order?
　　1) The company’s scheduled futures account for about 70%, and quick fill orders account for about 30%.

　　2) In the case of sufficient stock of fabrics and auxiliary materials, quick replenishment takes about 7 days.

　　11.

Is the production base in Jiangsu and Zhejiang?
　　1) The company’s production base is in Haining and its operating headquarters is in Shanghai.

　　12
How does the increase in staff costs and raw material costs affect the company?

　　1) Due to the company’s product ratio and high bargaining power, the impact of raw material cost fluctuations is not significant.

　　2) Due to the high proportion of expense ratios (including R & D expenses), the impact of personnel costs on the company’s revenue is transmitted.

　　13
The industry has promoted a series of cost-effective products to cope with the macroeconomic situation. Does the company have the same strategy?
　　1) Since 2017, the company has consciously launched cost-effective products, which are characterized by “quality does not rise.”

Specific to the product, the company’s women’s clothing and men’s clothing both contain higher-cost imported fabrics, the content of which is 30% + and 70% +, respectively, but the company still remains relatively stable in pricing, reflecting a cost-effective strategy.

　　14.

Does the company have started to move closer to price-performance for the brand matrix?
　　1) Since 2017, the company has consciously launched cost-effective products. In terms of brands, Mosak products have low unit prices and good quality, attracting cost-effective consumers.

　　15
What is the ratio of each brand of the company?
　　1) Stance: 7-7.

5 times; Yin Mo: 8-8.

5 times; Fina Chen: 6 times; Mossack: 5 times; Anzheng Men’s: 6

5 times.

　　16.

Does the company consider transforming other industries?
　　1) Although the clothing industry is highly attractive, the trend is changing, the consumer demand-side uncertainty and other attributes have caused the industry’s stock market to intensify competition, the drill becomes more and more difficult, but we stillThere are four reasons to choose to stay in this industry.
　　2) The stock market share is concentrated in the head, and the incremental market space is considerable.
Stock market: Enterprises entering the internal field of the industry have a certain increase in the entry threshold for the apparel industry due to the advantages of channels, supply chains, and upstream and downstream collaboration, which will accelerate the steady concentration of market share to decline companies.

Incremental market: The absolute growth rate of the apparel retail industry per capita GDP growth rate. If China’s economy grows steadily, there is still considerable room for future incremental markets.

　　3) Good cash flow to meet the company’s expansion 淡水桑拿网 needs.

By having a good cash flow, the company’s ability to find investment targets can be enhanced to meet the company’s expansion needs.

　　4) Stable gross profit margin helps boost shareholder returns.

The company’s main brands from January to September 19 had gross profit margins of 64,94%, and the small brands Yin Mo, Anzheng, Mosak and Fina Chen had gross profit margins of 77.

47%, 76.

64%, 53.

7%, 77.

63%, and at a high level in Dublin, both inside and outside the industry, laying a foundation for the company to improve shareholder returns.

　　5) The debt ratio is reduced, and the company’s operating burden is small.

From January to September of 19, the company’s assets and liabilities decreased by 25%, and at the same time, it was at a low level inside and outside the industry.

　　17.

What kind of performance does the generation operating company (Li Shang Information) have in terms of performance contribution?

　　1) Breakthroughs in the contribution of the generation operation business performance, and rapid revenue growth.

On January 9, 19, e-commerce operations achieved revenue6.

14 billion, accounting for 34 of sales revenue.

4%, the growth rate is as high as 367.

twenty two%.

　　18 years old

What are the selection criteria for the company’s investment targets?
　　1) The target team needs to be ideal and consistent with the company’s assessment.

　　2) Have self-driven ability. After the acquisition, they will not be “hands-out shopkeepers” and continue to strengthen the development of the main business.

　　3) Estimate is reasonable.

Find the right investment target by using the market supervision anchor.
　　19
Does the company’s current investment mainly focus on certain aspects?

　　1) Improve research and development, which is reflected in the introduction of high-tech talents and increase of research and development costs.

As of now, the company has introduced a total of 13 middle-level management personnel with relevant overseas experience and 7 outstanding senior management personnel in the industry. They have optimized and upgraded important positions and departments of each brand division.

　　2) On January 9, 2019, the company invested a total of RMB 53.22 million in research and development expenses, which will increase by 8 in the future.

18%, accounting for 2 of clothing sales revenue.

97%.

　　In April this year, the company set up a design research and development center in Milan, Italy, and hired Italian designer Diego Lazzaroni to become a high-end line designer.

　　20
Has the new chief designer hired by the company already launched the product?
　　1) The designer has launched the high-end 2019 F / W high-end series and sold it in the Century Century Store in Chongqing. It has been highly replaced in terms of layout, design and style.

　　21
What are the main differences between domestic clothing brands and foreign countries?

　　1) Insufficient R & D talent reserves.

Because domestic clothing research started late and has a history of over 100 years abroad, it lags behind foreign countries in the training of talents and the development of technology, leading to foreign fashion trends and design capabilities that have penetrating power to speakforce.

　　2) Insufficient design ability of clothing structure.

Clothing structure design or manual patterning is one of the important components of clothing design. It is irreplaceable, and industrial manufacturing cannot completely replace manual patterning.
Although domestically recognized clothing industry capabilities, the lack of technical reserves in manual boarding has caused a gap with foreign countries.

　　22
How does the company ensure good cash flow?　　1) Monitor retail terminals to control risks.

Proactively adjust franchisees to improve the efficiency of repayment and help create good operating cash flow.

　　2) The first payment and then the goods.

By reaching an agreement with franchisees to pay first and then ship, it will increase the efficiency of repayment and help create a good operating cash flow.

　　twenty three.

How does Prince Frog rank in the children’s clothing industry?
　　1) The frog prince is in the top 10 in the children’s clothing industry

A-share rebound hindered by more than 2,000 shares, two cities have traded over 1 trillion for 6 consecutive days

A-share rebound hindered by more than 2,000 shares, two cities have traded over 1 trillion for 6 consecutive days

A wave of transactions broke through trillions of financial transactions on the 5th?

Come to Sina University of Finance and listen to the opening column of the Trading Day Financial Morning Post.

　　　Sino-Singapore Jingwei Client, February 26th. As the epidemic spread further in many parts of the world, the European and American stock markets continued to plunge overnight. On Wednesday (26th), the Shanghai and Shenzhen markets also opened lower, and then the trends diverged.

Capital construction, building materials and other cyclical sectors led the gains, while the banking sector protected upside.

In the afternoon, the market weakened turbulently, the Shanghai index fell below 3000 points, the technology stocks adjusted sharply, and the GEM index fell nearly 5%.

The two cities have traded trillions in 6 consecutive days.

　　The final close, the Shanghai stock index was at 2987.

93 points, a decrease of 0.

83%, 4953 volume.

4.1 billion; Shencheng Index reported 11497.

55 points, a decrease of 3.

02%, the turnover is 8173.

4.9 billion yuan; ChiNext Index reported 2180.

70 points, down 4.

66%.

Source: Wind plate, infrastructure, transportation equipment, shipbuilding, professional engineering, housing construction and other sectors led the gains; semiconductors, components, optical optoelectronics, electronics manufacturing, other electronics and other sectors led the decline.

　　In terms of concept stocks, the ASEAN Free Trade Area, water conservancy construction, high-speed rail, prefabricated buildings, chicken raising, etc. led the gains. Huawei Hisilicon Concepts, integrated circuits, printed circuit boards (PCB), MiniLED, gallium nitride, etc. led the decline.

Source: In terms of Wind stocks, 1354 stocks increased, of which 149 stocks including Yinfei Storage, Wanxiang Qianchao, and Kelida increased by more than 5%.

2344 stocks declined, of which 150 stocks including Yilianzhong, Tianze Information, and Research and Development Materials declined by more 佛山桑拿网 than 5%.

　　Chuancai Securities believes that the strong performance of the A-share market after the holiday mainly comes from the macro-countercyclical policy and relatively abundant liquidity.

The strong market in the post-holiday market, especially the small and medium-sized enterprises, said that to a certain extent, it is related to the performance forecast announced at the end of January, which shows that the growth of the GEM’s profit growth in 2019 is contrary to the obvious improvement.

However, this round of market conditions is more due to the continuous counter-cyclical policies, especially the faster and stronger-than-expected rhythm and intensity of fiscal and monetary policies, which has brought about ample liquidity in the market.

　　Guosheng Securities said that the broader market returned to around 3,000重庆耍耍网 points, and the ChiNext Index even hit a record high.

Under the sharp rise, the market feared high and profit-taking sentiment improved in the short term. With the guidance of overseas shocks, the market was very volatile.

The big logic and megatrends in the growth of science and technology may be disrupted, which is still the main stage.

First, incremental capital is still flowing; the broad monetary environment continues; the refinancing relaxation cycle is approaching, and technological growth is most beneficial; from a fundamental point of view, technological growth has both support and prosperity advantages.

(Zhongxin Jingwei APP)

SAIC Group (600104)： Independent sales stabilized and rebounded, overall sales decline narrowed

SAIC Group (600104): Independent sales stabilized and rebounded, overall sales decline narrowed

Event: The company released its sales data for September: the group’s total sales volume was 550,000 units, which decreased by 10%.

Among them, SAIC Volkswagen sold 17.

70,000 units, down 6% a year; SAIC-GM 14; 10,000 units, each down 23%; SAIC-GM-Wuling sales 14.
.

70,000 vehicles, a year-on-year decrease of 14%; SAIC passenger car sales were 5.

70,000 vehicles, up 9 each year.

6%.

SAIC’s third-quarter wholesale sales continued to grow positively, and a recovery has begun.

According to the Air Force’s industry research, sales of passenger vehicles of SAIC will stabilize and rebound. Basically, sales of the main models Roewe RX5 and MG ZS are steadily recovering. The new vehicles RX5 MAX and RX5 form a dual-vehicle strategy, contributing an increase.

The decline of SAIC Volkswagen narrowed, and SAIC-GM ushered in a new product cycle.

Sales volume of SAIC Volkswagen gradually picked up following the industry. Core products such as Long Yi and Tiguan supported sales volume. Tuyue and Tujia sales gradually climbed.

SAIC-GM is still under pressure, but through the launch of new models such as Cooltronics and Angola GX, sales will gradually climb, and it is expected that the whole will stabilize and pick up next year.

Investment suggestion: We estimate that the company’s net profit attributable to its mother in 2019 and 2020 will be US $ 32.3 and US $ 35.2 billion, respectively, and the current overall corresponding dynamic estimates are 9, 8 times.

Automobile sales in 2019 are expected to resume growth in the second half of the year, consumers are more concerned about taste ratio, and the 北京夜网 industry’s market share may continue to increase steadily.

In addition to its own growth beyond the industry, the company’s dividend yield remains at about 5%, which can be described as both offensive and defensive, maintaining a “buy” rating.

Risk warning: Passenger car sales are lower than expected; new car sales are sluggish.

Hytera (002583)： Private network leader set sail again

Hytera (002583): Private network leader set sail again

1. The company covers a full range of PDT, DMR and Tetra products, and has a well-established layout in emerging markets.

　　The company has three product lines of private network: PDT private network products are in an advantageous position in the domestic public security market, occupying 80% +; DMR is well-established in emerging areas of private networks such as Africa, Latin America, and the Belt and Road; and Tetra technology and brands are acquired through outbound M & A, Preliminary expansion of high-end markets such as Europe and the United States.

With the global public security situation 北京桑拿洗浴保健 becoming severe, all countries are actively carrying out private network communications, the company has rich overseas sales experience, and mergers and acquisitions are entering the harvest period.

　　2. A new era of broadband and narrowband integrated private networks drives the rapid development of the industry.

　　IMS predicts that the global private network communications market will reach 161.6 billion U.S. dollars in 2020, while the domestic private network communications market will reach 23 billion U.S. dollars in 2019, and the growth rate will remain around 15% in the next five years.

We believe that in the next 7 years, the private network market will rely on the integration of broadband and narrowband to accelerate deployment to achieve sustained and rapid growth of the market size.

Hytera has been deploying 淡水桑拿网 broadband and narrowband fusion products for many years. The company is expected to follow the industry trend and accept the development bonus of the industry.

　　3. The company’s operations improved and business development started again.

　　In 2017, due to industry factors such as mergers and acquisitions, research and development, purchase of land for headquarters construction, expansion of internal government fiscal expenditures, and pressure on global economic growth, the company’s cash flow was under pressure.

After more than two years of operational improvement, the company’s operating activities have seen a marked improvement in cash flow, and the rising trend of accounts receivable and inventory has stopped.

After this round of adjustments, we expect the company’s management to be more robust and the company’s operations to help improve continuously.

　　4. To benchmark the industry giants, upgrade to “Buy” rating.

　　Motorola, as a global private network giant, has about 7% of the company’s revenue in 2018.

2 times, the company’s global competitiveness has been continuously improved, and the growth space is huge, similar to the rise of domestic manufacturers such as Huawei and ZTE in 2005-2017.

We estimate that the company’s net profit attributable to mothers in 2019, 2020 and 2021 will be 5 respectively.

94, 8.

34, 10.

500 million, corresponding PE is 26X, 19X, 15X.

Taking into account the company’s excellent historical development, since the end of 2017, the operating conditions have improved, Motorola’s current PE 27X, so the company was upgraded to “Buy” rating.

　　5. Risk warnings: The investment in the private network is less than expected; the domestic market is not up to expectations; Motorola’s potential lawsuit against Hytera initiating a patent lawsuit; and risks caused by changes in the international environment.