Whether Sanyuan responded to cooperation with Wei Ya or Li Jiaqi: consider according to the actual situation

Whether Sanyuan responded to cooperation with Wei Ya or Li Jiaqi: consider according to the actual situation
With the rise of live streaming, many listed companies have begun to cooperate with e-commerce anchors. Almost every day, investors go to the interactive platforms of different listed companies to leave messages to ask about the cooperation.Recently, an investor asked Sanyuan: “Taobao sister Wei Ya and lipstick brother Li Jiaqi both broadcast live products to your company. Will they continue to cooperate in the future?On May 26, Sanyuan responded: “The company considers whether to cooperate with Weiya or Li Jiaqi based on the actual business situation.”Sanyuan shares belong to the dairy product manufacturing industry, the main business involves the processing of dairy products, cold food and cold drinks, beverages, food; the company owns several major product series of liquid milk, fermented milk, milk drinks, milk powder, cheese, ice cream, plant spreads.Last year, ternary shares increased revenue without increasing profits. In the first quarter of this year, ternary shares’ net profit was closed.Sauna, Yewang noticed that in May last year, Sanyuan ‘s products appeared in the live broadcast room of Weiya. Among them, the sales of Sanyuan Icelandic yoghurt on May 15, 2019 was 29958; Sanyuan Xiaofang White Pure MilkThe sales volume on May 15, 2019 was 28,878.On May 15 this year, Sanyuan’s products also appeared in Wei Ya’s live broadcast room.Reporter Yan Xia editor Sun Yong proofreading Wang Xin

Beijing Culinary Association’s recommendation: the length of public chopsticks is divided, the seats are retreated, avoid face to face

Beijing Culinary Association’s recommendation: the length of public chopsticks is divided, the seats are retreated, avoid face-to-face
Beijing Municipal Bureau of Commerce issued guidelines for the operation and service of catering service units during the epidemic.Version 0 requires that the table space should be more than 1 meter, and the diners are not allowed to eat face-to-face. Customers with a meal “one dish, one chopsticks, one soup, one spoon” or “one person, one chopsticks, one person, one spoon”, a restaurantActively promote the meal sharing system.On March 15th, Beijing Culinary Association and relevant experts of Beijing Food and Beverage Industry Association said in an interview with Sauna and Yeenet that public chopsticks and public spoons are worth promoting. The color and length of public chopsticks and self-use chopsticks should also be different.Liu Yuchi, executive vice president of the Beijing Culinary Association, told the sauna, Yewang, that the meal-sharing system is common in many large restaurants and banquets in restaurants, but the larger restaurants use public chopsticks and spoons.“我在长期的观察中也注意到,之前客人很容易出现把公筷和自用筷‘用混了’的情况,所以推行公筷、公勺的使用时,除了在颜色上有所区分,建议Make the male chopsticks longer, so that the male chopsticks are convenient when they are picking vegetables, and when they are not convenient for themselves, they can be distinguished naturally.”Liu Yuchi also believes that the” one dish and one chopsticks, one soup and one spoon “method is also a good way for diners to develop the use of common tableware, whether it is promoted by restaurants or used by customers, it is more convenient and good.Black habits are also easier to develop.Regarding the controversial “diners should not eat face-to-face,” He Baogui, secretary general of the Beijing Food and Beverage Industry Association, believes that this is a measure to ensure the release of safety under the epidemic.To cooperate from the perspective of self-protection.”One table and one guest, sitting on the same side, sitting in an oblique position, or removing the flipped chair and leaving it upright are all available methods.Catering companies should understand correctly, execute flexibly, and gradually let go of dine-in meals while ensuring safe reservations.”Sauna, Ye Wang Wang Ping editor Li Yang proofread Liu Jun

Can be settled offsite!Ant blockchain helps subway pass to cover the Yangtze River Delta

Can be settled offsite!Ant blockchain helps subway “pass” to cover the Yangtze River Delta
On the evening of March 18th, Wu Fang, Senior Solution Architect of Ant Financial, said in the latest “Consensus Dialogue” on the value of the carbon chain that the Ant Chain is the first to be used in rail transportation: the subway “pass” covers the Yangtze River Delta.In other words, residents of the area can scan their codes and ride in other cities in the Yangtze River Delta by using the metro app in their cities, and settle in real time.In the next step, we will continue to promote the integrated development of national rail transit QR codes.The biggest difficulty in cross-city travel lies in the settlement of fare tickets.Following the large-scale application of the ant blockchain technology, the metro ticket settlement between cities is also completed in real time with a “drip”.Ant blockchain technology records all cross-city transactions and cannot be corrected, so each city subway company can obtain the corresponding segment and price from the chain to achieve automatic second-level settlement.According to the value of the carbon chain, Alipay also provides mobile development mPaaS, risk control and other technical services for Shanghai Metro to replace Alipay ‘s accumulated “black technology” and application experience over the years. All components have undergone Alipay ‘s high concurrency and high-volume testing.Reporter Zhang Shuxin editor Sun Yong proofreading Wei Zhuo

Yili shares (600887) 2019 third quarter report review: market share of major products increased

Yili shares (600887) 2019 third quarter report review: market share of major products increased


Net profit increased by 11.

55%, exceeding market expectations.

In the first three quarters, the company realized revenue of 686.

7.6 billion, ten years +11.

98%, net profit attributable to mother 56.

300 million, previously +11.


Among them Q3 single-quarter income 236.

0.6 billion, an increase of 10 in ten years.

4%, net profit attributable to mother 18.

北京夜网 500 million, an increase of 15 every year.

49%, deducting non-profit 17.

5 billion, a 19-year growth of 19.



Revenue grew steadily, with key products growing by 30%, and new product revenues increasing.

The first three quarters of the company’s liquid milk, milk powder and dairy products, cold drink products accounted for 82.

2%, 9.

8% and 8%.

In the first half of the year, the growth rates of the three major products were 13 respectively.

2%, 13.

4% and 15.

4%, sales of key products “Golden Code”, “An Muxi”, “Changqing” and “Every Yitian” increased by 30%.

New product sales accounted for 17.

4% (+2.


Revenue from e-commerce business grows 31 per year.



The expense ratio decreased and the net interest rate increased.

The company’s gross profit margin for the first three quarters was 37.

7%, unchanged from the previous year, the company has eased the pressure on the price of raw milk by upgrading its product structure; the expense ratio during the period was 28.

5%, a decline of 0 per year.

34pct, in which the selling expense ratio decreased by 1.

34 points, management + R & D expenses increased by 1.

3pct, mainly due to the increase in employee compensation and R & D expenses; the financial expense rate decreased by 0.

07 points.The company’s net margin increased by 0.

3 points.


Performance targets are expected to be achieved.

The company’s 19-year planned revenue target is 90 billion (+ 13%), and the implementation conditions of the company’s equity incentives are a compound annual growth of 8% in the next five years (2019-2023) after deducting non-net profit, and at least 70% of the dividend ratio, an integerThe rate is 3%, locking the bottom line of future performance.

While maintaining steady growth in the main business, the company started the construction of multi-sector plates of healthy drinks and cheese to help build a healthy food industry group.


Profit forecast and investment rating.

The company’s EPS for 2019/2020 is expected to be 1.

17 yuan / 1.

29 yuan, corresponding to 23 for PE.

6X / 21.

0X, the company estimates that it is below the median level of the dairy industry (31/19.

9 times).

Historically, PE (TTM) has 成都桑拿网been at a median level for the last ten years.

The company’s channel and brand advantages continue to increase its market share. We look forward to the establishment of the company’s large health food group to maintain the “overweight” level.


risk warning.

Costs and prices of raw milk fluctuated more than expected; new product development and market sales fell short of expectations.

Alcoholic drink (000799): Interim report results in line with expectations

Alcoholic drink (000799): Interim report results in line with expectations
Event: The company released the 2019 semi-annual performance report, and achieved operating income in the first half of 20197.09 million yuan, an annual increase of 35.41%; net profit attributable to mothers1.56 ppm, an increase of 36 in ten years.34%.  Among them, 2019Q2 achieved revenue 3.63 ppm, +40 for ten years.49%, net profit attributable to mother 0.8.3 billion, +60 in ten years.63%.  High-end internal reference relays continued to increase the volume of high-end alcoholics, and revenue maintained rapid growth.The company achieved revenue 7 in the first half of 2019.Ten percent of 09, +35.41%; revenue in the second quarter of 20193.63 ppm, +40 for ten years.49%, the growth rate is in line with expectations.The rapid growth of the company’s revenue was mainly due to the rapid volume of high-end internal reference wines in the first half of the year.According to grassroots research, the internal reference in the first half of the year basically completed the results of last year, and based on this calculation, the internal reference H1 achieved revenue of about 2.400 million, 94 in the same period last year.On the basis of a high base of 13%, the excess growth still rose to more than 130%, indicating that the growth of high-end internal parameters is strong.In December 2018, the company established an internal reference wine sales company in which distributors take a stake, deeply binding the interests of large distributors. Internal reference wine maintained rapid growth under a flexible operating model, and it is expected that it will reach the average of last year most likely before 19 years ago.  With the growing maturity of internal reference wine sales companies and the increasing number of distributors, the internal reference wine will take over from the ghost wine to become a new engine for the company’s performance growth.  Fearless of short-term performance fluctuations, product structure upgrade expenses remain stable and the company’s profitability is guaranteed.The company achieved net profit attributable to mothers in the first half of 20191.56 trillion, +36 ten years ago.34%; In the second quarter of 2019, net profit attributable to mothers was zero.8.3 billion, +60 in ten years.63%, the growth rate is in line with expectations.The main reason why the company’s net profit attributable to mothers grew faster than expected in the first quarter of 2019 was because the company actively shaped its high-end image, its brand building shifted from the region to the country, and the sales expense ratio increased;Rebates, etc., led to a reduction in gross 南京夜网 profit margin3.27 points.We believe that Q2’s performance has increased rapidly, and the reduction is an indicator of the short-term impact of cost placement. However, in view of the extension of the size, the cost has remained stable as a whole.We believe that fee issuance will help the company achieve national brand expansion and lay a solid foundation for the rapid growth of future performance.It is expected that the overall cost and expenditure will not change in 19 years, and the offline channel expansion will be more accurate and efficient. With the rapid growth of the company’s revenue volume, the expense ratio will tend to decline, and the company’s profitability will also improve significantly.At the same time, the high increase in profits is due to the upgrading of product structure.According to estimates, the company’s participation ratio increased to 35% in the first half of the year, an increase of 14.41 points.The revenue share of high-end internal reference and sub-high-end alcoholics increased to 90%, and increased by 4pct by 2018.With the volume of internal reference and alcoholics, the company’s product structure will continue to be optimized, and gross and net profit margins will continue to improve.  Demand for high-end liquor is strong, channel expansion is accelerating, and we are optimistic about the company’s future performance growth.With the Maotai charcoal price standing at 2,000 yuan, and the successful implementation of the price increase strategy of Wuliangye and Luzhou Laojiao, the high-end liquor market has shown an upward trend and strong demand.Against this background, the company’s internal reference wine in the second quarter of the volume control and price increase strategy also smoothly implemented.We believe that the goal of doubling the internal reference three years each year will most likely be achieved.At the same time, the rise of external Moutai prices is also high-end, and the next high-end liquor will release space, and the company’s product structure will be further optimized, driving rapid growth in net profit.In terms of channels, the company further cultivated the base camp in Hunan to promote the transformation of the channels. The stores were sunk to the district and county levels, and the county-level market in Hunan province was basically covered.As the only listed liquor company in Hunan Province, the company has a high degree of local brand recognition, but the scale is still small. With the deepening of the province’s channels in the future, the company has potential in Hunan market.In addition, the company is expected to realize shareholders’ COFCO’s rich consumer product marketing experience to accelerate the nationwide layout and provide a broad space for sustainable performance growth.  Profit forecast: It is expected that the company will realize revenue in 2019-2021.60/19.80/22.30 ppm, an increase of 31 in ten years.42% / 26.93% / 12.63%, net profit attributable to mother 2.91/4.17/5.30,000 yuan, an increase of 30 in ten years.47% / 43.40% / 20.78%, corresponding EPS is 0.89/1.28/1.55 yuan.Taking into account the company’s internal volume, the company can still achieve high growth in the next 2-3, giving the company a 30-fold estimate, 12-month target price of 38 yuan, 53% upside, maintaining the company “strongly recommended” investment rating.  Risk warning: food safety risks, macroeconomic downside risks, product structure optimization is less than expected, etc.

UFIDA (600588) 2019 Semi-annual Report Comment: Profit Growth Exceeds Expectations Cloud Business Performance

UFIDA (600588) 2019 Semi-annual Report Comment: Profit Growth Exceeds Expectations Cloud Business Performance

1) The performance in the first half of the year exceeded expectations.

The company achieved revenue of 33 in the first half of 19 years.

1.3 billion, ten years +10.

2%; cloud computing-related businesses with high gross profit margins continued to grow rapidly, and net profit attributable to mothers was 4.

820,000 yuan, +290 a year.

1%; deducting non-net profit is 2.

64 trillion, +155 a year.


2) Cloud computing and payment business performed well.

The company’s two major emerging businesses achieved substantial growth: cloud service business revenue4.

72 trillion, ten years +114.

6%; the payment service realized 2 trillion bit income, exceeding +321.

6%; traditional software business is progressing steadily with revenue of 22.

48 ppm, previously + 5%; while the Internet investment and financing business is operating steadily under the company’s control, and achieves revenue under the control of the scale indicator3.

69 ppm, ten years -36.


The advance payment of cloud services accounted for about 400 million, an increase of 46% over the beginning of the year. There were nearly 5 million corporate customers. Some of them found 430,000 customers. About 70,000 were added at the end of the year. The customer renewal rate and unit price have steadily increased.
The company’s cloud transformation is progressing smoothly, and there is huge room for future customer scale, profitability and customer unit price increments.

3) R & D investment continues to grow, and industry leaders have strong growth momentum.

The company’s H1 R & D introduction in 19 years reached 7.

40,000 yuan, an increase of 25 in ten years.


In the third quarter of 19th, the company will launch a cloud ERP suite for growth enterprises, and UFIDA ‘s public cloud platform iuap5.

0 new products, cloud service quality continues to optimize.

In the report, the company focused on strengthening cooperation with Huawei, China Telecom, 360 and other well-known enterprises. The cloud market ecological platform has settled in more than 4,000 companies, and its services and products have exceeded 6,200. The overall leader in enterprise services is stable, and the long-term performance of the company will be high value-added.Strong.

4) Maintain “overweight” rating.

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

32 yuan / 0.

44 yuan / 0.

57 yuan, corresponding to a market surplus of 97.

90 times / 70.

66 times / 54.

60 times.

The company’s cloud transformation 杭州桑拿网 is basically completed, and the enterprise service leadership is solid. The cloud computing business is expected to continue to grow at a high speed in the future.

We are optimistic about the company’s long-term development capabilities, and at the same time, considering the impact of financial business transition on future performance, we maintain the “overweight” rating.

5) Risk warning: cloud computing business customer expansion and evaluation rate increase hindered, financial business is less than expected

Changyuan Power (000966): Power generation growth improves profitability, expects Haoji Railway to release coal price elasticity

Changyuan Power (000966): Power generation growth improves profitability, expects Haoji Railway to release coal price elasticity
The company released its 2019 Interim Report.In the first half of the year, it achieved operating revenue of approximately 3.4 billion, with an annual increase of 17.74%; net profit attributable to mother is about 2.55 ppm, a year-on-year increase of 955%, in line with Shen Wanwanyuan’s expectations. Key points of investment: The improvement of power generation efficiency and the decline in coal prices have driven continuous high growth in the first half of the year.In the first half of the year, the manufacturing industry in Hubei Province and the high-tech industry grew rapidly, driving a continuous high growth in the demand for electricity and the increase in electricity consumption.83%, higher than the national average of 3.83 averages.Due to the dry up of incoming hydropower in Hubei Province in the same period, hydropower output decreased, and thermal power supply increased.The company completed 88 generations in the first half of the year.4.4 billion degrees, an increase of 16 in ten years.34%.The increase in electricity sales has driven annual revenue growth of 17%.74%.In the first half of the year, the company’s integrated standard coal price was 747 yuan / ton, a continuous decline of 32.42 yuan / ton, down 4 before.16%.Due to the decline in coal prices, the gross profit margin of the power business decreased and increased7.22 single companies, the company’s net profit attributable to mother increased by 955% every year.Increasing power generation and falling coal prices have resulted in a net increase in operating profit of approximately 2.900 million.In the first half of the year, the sales quality could be improved, and operating profit increased by approximately 10.8 million yuan. The Haoji Railway (formerly the Menghua Railway) is expected to open to traffic in 10 months, and it is expected that the elasticity of coal price performance will be further released.Central China is the region where thermal power companies have suffered the most since the coal supply-side reform. High coal prices are mainly due to poor transportation, limited capacity of the State Railway, and the proportion of Haijin River transport increasing year by year.The Haoji Railway is expected to start production in October this year, which is expected to completely reshape the coal supply and demand pattern in central China.The initial capacity of the plant is 6000 years / year. Based on the construction progress of the dredging project, we judge that it will be mainly put into Hubei Province. According to the calculation of 50% capacity, it can replace 60% of Haijinjiang coal in the province.At present, the freight of Shaanxi-Mongolia coal into the river through the sea to Hubei is more than 300 yuan. We estimate that the transportation cost can be reduced by 60-80 yuan / ton through the Haoji Railway. The company and Shenhua Group belong to the National Energy Group and belong to the adjacent Haoji Railway, which is expected to take the lead in enjoying the dividends brought by the reduction of freight rates. Emerging manufacturing has driven Hubei’s power demand to maintain a high growth rate, and the company tried to continue to climb by using hours.We believe that Hubei Province is committed to the advantages of rapid development of manufacturing to maintain a high growth rate of electricity demand.From January 深圳桑拿网 to July, electricity consumption increased by 7.49%, higher than the national average of 2.87 units.In July, Hubei’s manufacturing power consumption increased by 10 per year.35%, among which the traditional chemical, black, non-metallic mineral products and other industries have seen steady growth in electricity consumption. The emerging computer communications and other electronic equipment manufacturing industries have continued to grow at a rapid rate of about 40% this year.Every July in Hubei Province, hydropower generation fell by 10.07% (excluding the Three Gorges).That month, Hubei Province’s thermal power generation 138.At 7.4 billion kilowatt-hours, the single-month power generation reached a record high and a ten-year high growth.33%.Thermal power generation accounted for 63% of the entire society’s electricity consumption that month.86%, the main main supporting role of guarantee supply.The power supply tension that lasted until August, including the thermal power unit inside the reserve peak shaving unit, was also fully operational. Earnings forecast and estimation: With reference to the results of the interim report, we maintain the company’s net profit forecast for its mother company for 19-21 to 6.53, 8.72, 9.41 trillion, the current sustainable corresponding PE is 9, 7, and 7 times.The company is a potentially definitive target for the commissioning of the Haoji Railway, and Hubei Province ‘s high-speed power consumption growth promotion belt promotes the continuous improvement of power generation efficiency and maintains a “Buy” rating.

Investment big coffee: Market stress test is basically completed without having to spend two bottoms

Investment big coffee: Market stress test is basically completed without having to spend two bottoms

For stocks, please read Jin Qilin analyst research report, authoritative, professional, timely, and comprehensive, to help you tap potential potential opportunities!

  Reporter Qu Hongyan ○ Editor Sun Fang Yesterday, the Shanghai Stock Index opened significantly lower, but it rose steadily during the session, and finally closed at the 杭州夜生活网 Zhongyang Line.

The pressure from the new crown pneumonia epidemic is still on the market, but “smart funding” has actually made a choice.

Most of the private equity investors interviewed by reporters recently believe that the current internal and external stress testing of A shares has been basically completed, and there is no need to worry about the second dip.

  Dan Bin, Chairman of Dongfang Harbor, believes that even in the next few Mondays, a large number of migrant workers will return to work. However, due to the strict preventive measures in various places and the people’s awareness of self-protection, the probability of resumption of work will not bring about a high probabilityNew fluctuations.

The growth rate of the capital market has already stopped the internal and external stress tests including the epidemic.

At this point, the stress test has been completed, and investors should be determined to go long, without having to bother too much with the second dip.

  Xingshi Investment also believes that last Monday, the A-shares were basically adjusted in place. For example, the Shanghai and Shenzhen 300 Index fell to the level of July and August last year, and the GEM Index once dropped all the gains in January this year.A pit comes.

Although the main task at present is to fight the epidemic, the reorganization epidemic is gradually controlled, and at the policy level, there may be a bottom effect of changes in rhythm and speed.

  Wanli Fidelity believes that although the current index has rebounded, the current estimated level of the Shanghai Stock Exchange Index is less than 13 times PE. The short-term epidemic does not affect long-term economic indicators and the slow movement of stocks. This is the reason not to be pessimistic.

  In the opinion of professionals, the impact of the epidemic is a one-time impact on a stable business, which only affects the current performance and has little effect on the intrinsic value of 杭州桑拿网 the enterprise.

Mali Fidelity believes that the psychological impact of this epidemic on investors is short-term.

The capital market is always accompanied by “black swan”, and investors with reverse thinking are good at taking “risks” intelligently.

At this time, the ability of outstanding fund managers to identify and tolerate short-term market fluctuations is the key to their success.

Hongqi Chain (002697) 2019 Third Quarterly Report Review: Revenue Growth Accelerates, Investment Income is Beautiful

Hongqi Chain (002697) 2019 Third Quarterly Report Review: Revenue Growth Accelerates, Investment Income is Beautiful
Revenue growth accelerated in the third quarter of 19 The company achieved operating income20.58 ppm, an increase of 11 years.59%; net profit attributable to mother 1.69 ppm, a 67-year increase.51%; basic profit return is 0.12 yuan.The increase in revenue is mainly due to: 1) Acceleration of store openings: 1) According to the termination of the company’s official website on October 17, the total number of company stores reached 3030, with a net opening of 141 in the first half of the year and the remaining 2958 stores in the first half of the year.2) The total increase in investment income of Xinwang Bank: in 2018 was 55.29 million yuan, while 1H19 confirmed investment income of 70.03 million yuan and 3Q19 was 55.82 million yuan. The gross profit margin remained stable, and the net profit margin increased by 19Q3. The company’s comprehensive gross profit margin was 29.72%, a slight decrease of 0 a year.12pct, basically stable.Selling costs CO2 21.59%, a decrease of 1 per year.00pct, overhead rate 1.59%, increasing by 0 every year.35pct; total cost cost 22.95%, optimized every year 1.11 points.The company’s net interest rate increased significantly, and the net interest rate in the third quarter of 19 was 8.23%, an increase of 2 a year.74pct, mainly benefit from cost optimization and increased investment income. Store upgrades accelerated, and omni-channel layout companies accelerated the upgrade and transformation of some stores to meet consumers’ more shopping needs and improve consumer shopping experience.When upgrading and transforming the stores, we will actually analyze the specific problems and set up fresh stores, boutiques, and 24-hour stores.While the company continues to promote the development of its online platform, it has expanded its sales channels through cooperation with Meituan, Hengma and other online sales platforms. Risk reminder The cooperation progress with Yonghui was less than expected, and the store renovation progress was less than expected. The performance exceeded expectations, the omni-channel exploration accelerated, and the main business of the company was maintained as an “overweight” rating. The main business of the company is to facilitate the operation of supermarket chains.Effective transformation of the company to create “cloud platform big data + commodities + community services + finance” 深圳桑拿网 Internet + modern technology chain company.Due to the increase in investment income contributed by Xinwang Bank, we have raised our profit forecast and expect net profit for 2019/2020/2021 to be 5 respectively.07/5.75/6.1.9 billion (was 4).48/5.09/5.3.6 billion), maintaining the “overweight” rating

Zhonghe Technology (000925) Half-yearly Report Review 2019: The rapid increase in rail transit business drives the company’s performance growth signal system, a new breakthrough, and the proportion of self-research is increasing

Zhonghe Technology (000925) Half-yearly Report Review 2019: The rapid increase in rail transit business drives the company’s performance growth signal system, a new breakthrough, and the proportion of self-research is increasing

Event: Zhonghe Technology released the 2019 Interim Report, and the company achieved operating income in the first half of 201910.

49 trillion, an increase of 31 in half a year.

79%, realized net profit of 24.74 million yuan, an increase of 51.


Opinion: The growth of rail transit business drives the company’s revenue growth.

Zhonghe Technology reports separately for the two business segments of smart transportation and energy conservation and environmental protection. The company’s smart transportation segment achieved operating income.

75 ppm, an increase of 74 in ten years.

56%, of which the rail transit signal system achieved revenue4.

23 ppm, an increase of 62 in ten years.

39%, gross margin is 34.

48%, a decrease of 1 from the same period last year.

57 pct, automatic ticket sales system realized income 2.

470,000 yuan, an increase of 196 in ten years.

16%, gross margin is 24.

46%, an increase of 4 over the same period last year.

With 71 PCTs, the mobile payment business realized revenue of 4.76 million yuan, a decrease of 88 per year.

85%, gross margin 78.

56%, an increase of 3 over the same period last year.


88 pct, the integrated gross profit margin of the intelligent transportation sector is 31.

12%, a decrease of 5 over the same period last year.

68 pct, mainly due to changes in business structure.

The company’s energy-saving and environmental protection segment realized operating income3.

7.4 billion, a decline of 8 per year.

63%, gross margin is 26.

77%, an increase of 4 over the same period last year.


The construction of urban regulations is in full swing, and the company’s rail transit supplementary orders will increase by 27.

51%, the proportion of self-research has increased.

In the first half of 2019, the scale of urban rail construction continued to expand and the speed of approval was increased. The Development and Reform Commission approved the next round of planning and construction of the four cities (Wuhan, Zhengzhou, Chengdu, Xi’an), involving a total of 30 cities with a total mileage of 684.

65 kilometers with a total investment of 4894.

8.4 billion.

In the first half of the year, the company’s rail transit sector will provide new contracts.

47 trillion dollars, an annual increase of 27.

51%, of which the signal system order amount is 13.

12 ppm, an increase of 123 in ten years.


Newly signed 4 new signal system lines, including 300 million self-developed systems, and the proportion of successful bids reached 77.
74%, further improvement.
The environmental protection sector has sufficient orders in hand, and its performance is expected to stabilize and rebound in the second half of the year.

New orders for water treatment business are picking up. Among them, 5 new operating projects, 15 new EPC projects, and new contracts 1 were added to Haituo Environment in the first half of the year.

51 billion, Suzhou Kehuan new orders3.

7.9 billion, with orders in hand5.

7.3 billion, and the order cycle is within one year, it is likely to contribute performance in the second half of the year.

The semiconductor business Zhejiang Haina has replenished orders of 78 million, and has basically completed the heavy interruption of the antimony single crystal growth project and the heavily doped crystal single crystal growth project. The second half of the year is expected to start the heavy replacement single crystal growth project.

The expense ratio has a downward trend, completing the long-term healthy development of equity incentive assistant companies.

Company expenses during the reporting period22.

14%, still at a high level, but more than the previous decline.

Among them, the sales expense ratio is 2.

45%, a decrease of 0 from the same period last year.

23 pct, 武汉夜生活网 management cost rate 8.

95%, an increase of 0 from the previous year.

3 pct, mainly due to the increase in employee compensation, R & D expense ratio of 6.

40%, a decrease of 0 from the previous year.

85 pct, financial expense ratio 4.

35%, a decrease of 2 from the previous year.


In the reporting year, the company’s completion rate in 2019 is the stock incentive technology for stock investment and acquisition, and the first issuance registration of stocks and subsidies. The implementation of distribution incentives binds the company’s management team and business backbone benefits, which helps the company’s long-term healthy development.

Profit forecast: We maintain that the company’s EPS for 2019-2021 will be 0.



55 yuan, corresponding to PE is 25/15/12 times. Considering the company’s 武汉夜生活网 orders in hand, combined with the company’s historical forecast level and the comparable company’s forecast level, Zhonghe Technology will be given an estimate of 30-35 times in 2019, maintaining a target price range of 8.

45 yuan, maintain the “recommended” level.

Risk warning: The pace of bidding for rail transit projects is rapid, and the company’s market development is less than expected.