Coal Industry (600188): Inner Mongolia’s output recovers and high-quality cash flow drives continued improvement in profitability

Coal Industry (600188): Inner Mongolia’s output recovers and high-quality cash flow drives continued improvement in profitability

This report reads: Australian coal prices fall, single-quarter profit declines within expectations in the third quarter, production in the Inner Mongolia mining area continues to recover, and operating cash flow improvement drives continuous optimization of financial expenses, which will lead to price reductions and high dividends will remain long-term concerns.

Investment points: Maintain profit forecast and target price, and maintain “overweight” rating.

The company achieved revenue of 1506 in the first three quarters.

1.1 billion, an annual increase of 26.

36%, net profit attributable to mother 69.

840,000 yuan, an increase of 26 in ten years.

88%, deducting non-net profit 66.

49 ppm, an increase of 12 in ten years.

97%, performance in line with expectations, maintaining 2019?
Profit forecast for 2021 to 1.

85, 1.

93, 2.

02 yuan and 11.

Target price of 38 yuan, maintain “overweight” rating.

The third quarter earnings decline was within expectations, mainly due to lower prices in Australia.

The company’s third quarter net profit attributable to mother 16.

23 trillion, compared with 30 in the second quarter.

520,000 yuan decreased, but increased by 39 compared with the third quarter of 2018.

57%.

The first three quarters of Yancoal’s Australian coal sales price was 553.

6 yuan / ton, down 11 before.

3%, a decrease from the first half.

7% expanded, and gross profit fell by 18 in the first three quarters.

600 million.

The decline in overseas coal prices this year has fallen, and the price of coal in the first three quarters of the Port of Newcastle has fallen by 25.

0%, the company’s coal price performance is still stronger than the market, reflecting a certain price is reasonable.

杭州桑拿 Inner Mongolia mining area resumed production smoothly, there is still room for the future.

The company’s Shilausu and Yingpanyu coal mines have been disposed of and the first half of the year has been completed. Zhuanlong Bay increased from 500 tons / year to 1,000 tons / year. The production capacity of the Inner Mongolia mining area was gradually released. Haosheng Coal Industry and Ordos Nenghua Coal ProductionIncreased by 1.

22%, down 1.

34%, a decrease of 36 from the median report.

45%, 5.

54% narrowed significantly, of which the single-quarter output in the third quarter increased by 108.

02%, 12.

09%, there is still room for recovery in the future.

The improvement of operating cash flow led to continuous optimization of financial expenses.

Financial expenses for the first three quarters of the company19.

5 trillion, compared with 33 in the same period last year.

$ 900 million fell, of which net interest expense was 16.
2 ppm, compared with 26 in the same period last year.
100 million down 38%.

The company’s operating net cash flow for the first three quarters was 148.

300 million is the best in the past five years. The gradual cost reduction and high dividends will still be the long-term focus.

risk warning.

Capacity release was not up to expectations; methanol prices continued to fall.

Xingyu shares (601799): 3Q19 resumes strong growth; profitability continues to improve

Xingyu shares (601799): 3Q19 resumes strong growth; profitability continues to improve

The 3Q19 results were in line with our expectations. The company’s 3Q19 results: 1-3Q revenue 41.

100 million, ten years +10.

2%; net profit attributable to mother 5.

30,000 yuan, corresponding to a profit of 1.

92 yuan, +20 for ten years.

9%, of which 14 in the third quarter of 19 realized revenue.

0 ppm, an increase of 9 in ten years.

7%; net profit attributable to mother 1.

9% 10%, an annual growth of 38%; revenue basically in line with expectations, due to lower expense ratios, profits exceeded expectations.

Development Trend 3Q revenues have resumed double-digit growth, and gross profit margins have continued to improve.

The company’s gross profit margin in the third quarter of 19 reached 24.

2%, the same ring ratio increased by 3.

4ppt / 0.

6ppt.

In terms of expenses, due to the abundance of new projects, the company’s R & D expense ratio increased by 0 in the third quarter of 19th.

4ppt; sales and management expense rates are -0 each year.

1 / -0.

1ppt.

In the third quarter of 19, the company’s net profit attributable to its mother was 1.

9 trillion, ten years + 38%.

The company’s operating cash flow reached a new high in the third quarter of 19, reaching 4.

200000000.

Receivables and payable items increased by 2 respectively.

100 million and 1.

800 million; reflects the company’s expected ability to occupy funds.

Inventory increased by 1.

800 million, is expected to stock in the fourth quarter; 3Q19 capital expenditures reached 武汉夜网论坛 1.

700 million, shrinking slightly in one year.

FAW-Volkswagen crops are picking up, and new projects contribute incrementally.

In the third quarter of 19, the output of downstream passenger cars picked up, only -7 percent per year.

Among them, in terms of the company’s top five customers, FAW-Volkswagen’s output is only repeated for another 3.

3% (compared to 19Q2-18).

1%), of which the production of the new Bora and Tan Yue increased significantly, and the supporting value of Xingyu on both models is very large; the amount; SAIC Volkswagen, GAC Toyota and Chery Automobile 3Q19 output also significantly recovered.

In terms of new projects, batch production of new projects this year, Sagitar, Audi A6 and Xuanyi 3Q began to force at the same time, thus entering a state of rising volume and price.

We 北京夜生活网 expect that through the increase in the proportion of LED headlights, profitability is expected to improve further.

Leading advantages have gradually formed, and overseas factories have been built to improve their ability to take orders.

We estimate that Xingyu’s market share in the domestic auto lamp market will exceed 10% in 2019, and the leading auto lamp leader will gradually transform.

Looking forward, in the domestic market, the company will further explore the penetration of ABB and Japanese; in the global market, the conversion company builds factories in Serbia, and we expect to start to obtain global orders starting next year.According to our calculations, Serbia’s project return rate is 25%, and the completion of the project will further enhance the company’s asset profitability.

Earnings forecasts and estimates We maintain net profit for 2019/2020 at 7, respectively.

6 billion and 9.

9.6 billion.

The current contradiction corresponds to 28 of 2019/20.

2 times and 21.

5 times price-earnings ratio.

Maintain Outperform rating and maintain a target price of 90 yuan, corresponding to 33 and 25 times price-earnings ratio for 2019/20, which has 16% more upside than currently allowed.

Increased risk orders fell short of expectations; sales volume of major customers fell short of expectations.

Dongfang Yuhong (002271): Continuing high revenue growth, focusing on changes in operating quality

Dongfang Yuhong (002271): Continuing high revenue growth, focusing on changes in operating quality

Event: The company released its 2019 Interim Report and achieved 79 operating income.

08 million yuan, an increase of 40 over the same period last year.

89%; realized net profit attributable to the parent company was 9.

160,000 yuan, an increase of 48 over the same period last year.

11%; net profit after deduction to mother 6.

89 ‰, an increase of 30 in ten years.

37%.

Revenue continued to expand rapidly, and the growth of waterproof membrane and construction has improved: and to maintain the company’s continued expansion of the market and the development of large real estate customers, the market share has maintained a rapid growth trend, and the average value of waterproof materials and construction business has achieved rapid growth.Revenue 44.

610,000 yuan, a year-on-year increase of 52%, an increase over the same period last year; waterproof engineering construction business also grew significantly, achieving revenue of 10.

300 million, a 50% increase in ten years; sales of waterproof coatings21.

34 ‰, a year-on-year growth of 25%, a decrease from the same period last year.

In terms of 北京桑拿 quarters, Q2 quarterly revenue continued to grow rapidly.

The company’s Q1-Q2 revenue increased by 41.

01%, and 40.

82%, quarterly revenue continues the rapid growth trend since the second half of last year, and is expected to benefit mainly from the relatively high demand for new real estate starts and the increase in the share of large real estate customers.

The gross profit margin decreased slightly, and the quarterly gross profit growth showed an improvement trend: the company is expected to achieve a gross profit margin of 36.

58%, a decrease of 0 from the same period last year.

33 units.

The gross profit margin of the waterproof membrane and construction business decreased overall.

In the first half of the year, the average price of asphalt, the main raw material for primary waterproofing membranes, has 上海夜网论坛 increased compared with the same period of the previous year. The company’s asphalt reserves in winter have hedged the impact of some price increases.

86%, an increase of 1.
.

73 singles are expected to benefit mainly from the impact of price and product structure adjustments.

By quarter, the company’s gross profit margins for Q1-Q2 were 34.

48%, 37.

67%, a change of -1 compared with the same period last year.

47 and +0.

In the 25 quarters, the gross profit margin in the second quarter of Q2 further increased, which is expected to reflect the impact of product price adjustments and winter storage asphalt cost reduction effects.

Net operating cash flow decreased by 11.

600 million, the cash-to-cash ratio declined: the company’s consolidated net operating cash flow was -11.

6ppm, an increase compared to the same period last year (2018H is a net decrease of 3).

800 million).

The company achieved a cash receipt ratio of 90%, a decrease of 9 percentage points from the same period of the previous year, a cash payment ratio of 104%, and an increase of 2 percentage points from the same period of the previous year.

700 million, an early improvement and a decline, of which accounts payable22.

USD 800 million, a decrease of nearly USD 800 million compared with the beginning of the year; the payment of other operating-related cash flows increased by approximately USD 700 million over the same period of the previous year, and was a net replacement for operating cash flows.

Investment suggestion: The company carried out strategic upgrades and organizational structure adjustments in the fourth quarter of 2018, and made relevant personnel adjustments accordingly. While continuing to strengthen its core competitive advantages, it sought a change of model while adjusting its business strategy to “stable operation and steady progress.”, Pursue more sustainable and excellent healthy development; at the same time, cultivate and create new business segments, and strive to achieve the transformation from “waterproof system service provider” to “building and building material system service provider”. Multi-category strategies have begun to emerge, and the company is expected to open a newOne cycle of growth.

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

49, 1.
98, 2.
49 yuan, corresponding to PE is 16, 12, 9 times; maintain “Buy” rating.

Risk reminders: Macro-scale policies and industry risks in the downstream real estate industry, raw material price fluctuation risks, market competition risks, and accounts receivable risks.

Technology stocks adjust to rise in infrastructure sector

Technology stocks adjust to rise in infrastructure sector
Shanghai Securities News Qu Hongyan Yesterday, due to the continuous decline in the external market, A shares also adjusted, and the previous strong technology stocks fell, and the GEM index fell more than 100 points in a single day.But at the same time, the big infrastructure sector took over the rising banner, and the building decoration, real estate, steel, building materials and other industry sectors all rose by 1 yesterday.5% or more.  Yesterday, the Shanghai index opened lower and went lower. The intraday drop was more than 1%, but there was an influx of funds. The Shanghai index once turned strong and regained 3000 points. However, due to heavy selling 杭州桑拿 pressure at the end of the day, 3000 points returned.Missed.The final close, the Shanghai Composite Index closed at 2987.93 points, down 0.83%.The GEM index fell almost unilaterally to close at 2,180.70 points, down 4.66%.  Market transactions were still active, with a total of 1 transactions in the two cities yesterday.3 trillion yuan.At this point, the Shanghai and Shenzhen stock exchanges have traded for over 6 trillion yuan for six consecutive trading days.  In terms of sub-sectors, infrastructure sectors that benefited from countercyclical policies led the gains.Among engineering and construction stocks, China Metallurgical, Tengda Construction and Shandong Luqiao and other stocks rose on a daily basis; the cement and building materials sector rose across the board, the Yatai Group’s daily limit rose, Jinyu Group and Beijing New Building Materials and other stocks rose an average of more than 4%; the real estate sector also led the gain, Gemdale Group, Poly Real Estate and other heavyweights rose more than 4% on average.But at the same time, the epoxy resin, PCB and other huge increase in the early stage encountered collisions.  Analysts believe that after the continuous growth of small and medium-sized entrepreneurs, the blue chip relay started to raise the overall market focus. There are multiple reasons behind this trend: first, strong economic strength, sufficient policy space, and stable market confidence; second, the overall A-shareIt is estimated that it is still at a historically low level. Third, the adjustment of the allocation structure of residents’ assets has brought incremental funds.  Regarding the trend of incremental funds flowing into A-shares, Guosheng Securities said that there have been 206 and 38 unissued partial equity funds pending review and review in the last 3 months, respectively, which will then bring 100 billion-level incremental funds to the market.Overlapping liquidity continued and the new policy of refinancing came into effect, and the technology growth sector benefited most.In addition, from a fundamental point of view, the technology growth sector also has continuous support and economic advantages.  For the infrastructure sector that performed well yesterday, Kaifeng Investment believes that the biggest difference between infrastructure stocks and consumer stocks is that infrastructure demand will only be postponed and will not be cancelled.With the remarkable effect of epidemic prevention and control, the growth rate of infrastructure should be able to increase rapidly. It is expected that the market performance of related infrastructure sectors will be relatively optimistic.  Everbright Securities believes that at present, the high-dividend sector is worth paying attention to. After the relevant economic data has been disclosed in March, the market will face tests again and there may be repeated changes.In this context, the high-scale plate has configuration value.From a global perspective, increasing the allocation of high allocation targets during market declines is one of the ways to obtain long-term excess returns.Taking into account the long-term downlink of interest rates and the institutionalization of investors, high-indicator strategies have effectively 佛山桑拿网 improved, and insurance institutions are expected to contribute incremental funds to the high-indicator sector.

Goldwind Technology (002202): Turnover rate has clearly rebounded, low-cost orders for fans are still being digested

Goldwind Technology (002202): Turnover rate has clearly rebounded, low-cost orders for fans are still being digested
Investment Highlights Event: The company announced its 2019 Interim Report and achieved revenue of 157.3.3 billion, an increase of 42.65%; net profit attributable to mother 11.8.5 billion, down 22.58%; net profit deducted from non-mother 1021 trillion, down 28.38%; EPS 0.29 yuan, ROE 4.01%.Among them, 2Q19 achieved revenue of 103.3.8 billion yuan, an increase of 44.18%; net profit attributable to mother 9.5.6 billion, down 25.91%; net profit of non-attributed mothers 8.33 trillion, down 30.60%; EPS 0.23 yuan, ROE 3.51%, basically in line with expectations. Turnover has picked up, but profitability has gradually reduced the return on net assets.1H19’s gross profit margin and net profit margin were 20 respectively.92% / 7.71%, a decrease of 10% each year.26/6.84 PCT, the gradual reason for profitability is that the gross profit margin of wind turbines has also fallen by 10.00PCT to 11.31%.Although 1H19 company asset turnover rate is 0.18, with the same increase of 18.21%, the turnover rate has obviously rebounded, but the decline in profitability still caused the company’s return on net assets (ROE) in 1H19 to fall by 2.64PCT to 4.01%. The sales volume of wind turbines increased rapidly, and the profit index was located in 杭州夜网论坛 the insertion channel.1H19 company sales of fans achieved operating income3.91 million, an increase of 37 every year.07%, revenue growth is mainly due to the boom in the wind power industry leading to an increase in external sales capacity52.38% reached 3191MW.1H19 fan sales gross margin 11.31%, a decrease of 10 per year.00PCT, we believe that the main reason is the increase in production costs such as low-cost orders to deliver consolidated parts.The unit price / cost / grossing profit of the company’s fan in 1H19 is 3289/2917/372 yuan / kW, which varies by -10 each year.04% / + 1.39% /-52.25%, of which the mainstream unit 2S fan unit price / cost / gross is 3106/2793/313 yuan / kW, respectively, two changes of -9.82% / + 5.24% /-60.35%, according to the unit price, the 2S sample delivered in the first half of 2019 includes the winning orders before November 2017, that is, the average delivery cycle of the order is about 13-17 months. Both the volume and price of the bidding market have risen, and the turning point for wind turbine profits can be expected.The number of domestic open tenders in 1H19 has reached 32.3GW, an annual increase of 93.4%, a record of the highest semi-annual bidding volume.Judging from the tender prices, since the fourth quarter of 2018, the average bid price of each unit has stabilized and rebounded: (1) June 2019, 2.The average bid price for 0MW-class units was 3536 yuan / kilowatt, an increase of 12 from the price low last September.1%; (2) June 2019, 2.The average bid price for a 5MW-class unit was RMB 3,583 per kilowatt, which was an increase of 6 from the price low last August.2%. Investment suggestion: It is estimated that the net profit will be 32% in 2019-2021.54, 45.84 and 55.31 ppm, an increase of 1 each year.16%, 40.89%, 20.64%, the current sustainable corresponding three-year PE is 14, 10, and 8 times, maintaining the “Buy” rating. Risk alert events: market competition risk, risk of abandoning wind and electricity, exchange rate risk.

Macron is not sure that the UK and Europe will negotiate within the year

Macron is “not sure” that the UK and Europe will negotiate within the year
French President Emmanuel Macron said on the 22nd that he is “unsure” that the British-European Union trade negotiations can be concluded before the end of the year.At the same time, the Office of the British Prime Minister made a statement, saying that the British side aimed at “Canadian model”, which has been repeatedly rejected by the European Union.  The first round of the UK-Europe trade talks officially announced that antique, fisheries and fair competition clauses scheduled for March 2 in Brussels, Belgium are difficult to negotiate.  ”I am not sure that the agreement can be reached now and by the end of the year,” Macron said at a meeting in the 杭州夜网 fisheries sector in Paris, France on the 22nd.”Frankly, fishing rights are a key part of the negotiations.”(British) is very tough and negotiations will become more difficult.”The United Kingdom formally left the European Union on January 31, and then entered the” Brexit “transition period. By the end of the year, trade with the European Union will maintain the status quo.The two sides hope to reach an agreement on bilateral cooperation in trade, security and other fields before the end of the transition period.  The European Union ‘s sovereignty is putting forward its own requirements on the terms of cooperation, and France is particularly tough. Leading countries have publicly announced that they will continue to fish in British waters.The British side hopes for full autonomy and restricts EU fishermen.  Agence France-Presse reports that 30% of French fishermen’s fishing income comes from British waters.French officials warn that if EU ships are barred from entering British waters, France will ban the EU from banning British sales of catches on the European continent.  The British government is scheduled to sign a document on the 25th to clarify the target framework of the British negotiations.The British Prime Minister’s Office issued a statement on the 22nd: “The UK has repeatedly reorganized and the UK hopes to negotiate a (trade) agreement like Canada.The statement said that the internal goals of the British government are consistent.Under the rankings, the EU process is constrained by “indecision and procrastination caused by the competition among various stakeholders.”The European Union originally intended to finalize the framework on the 11th, but this deadline has long passed, and its replacement is still arguing over budget issues.  The 10-year Comprehensive Economic and Trade Agreement between the European Union and Canada in October 2016 effectively reduced the tariffs on goods trade between the two sides.Michel Barnier, the EU ‘s chief negotiator in charge of Britain ‘s “Brexit” affairs, has repeatedly appeared, and Britain cannot reach a similar agreement with the EU.  Following EU official regulations, trade agreements reached between the EU and third parties are determined based on factors such as distance, trade level and closeness.The European Union made 197 billion euros in imports from Britain in 2018, almost 天津夜网 10 times more than imports from Canada at the same time.(Chen Lixi) (Xinhua News Agency Special Feature)

Boss Electric (002508): Q3 revenue and net profit growth have increased

Boss Electric (002508): Q3 revenue and net profit growth have increased
The engineering advantage appeared, and the earnings growth rate increased in the third quarter. Maintaining the “Buy” rating company announced the third quarter report for 2019, and the company achieved operating income in Q1-Q3 of 201956.2.5 billion, +4 a year.29%, net profit attributable to mother 10.86 trillion, ten years +7.31%, of which, in the single quarter of 2019Q3, the company achieved operating income of 20.98 trillion, ten years +10.56%, net profit attributable to mother 4.15 yuan, +18 for ten years.20%, single quarter growth rate increased month-on-month, slightly better than our expectations.Considering that there is still pressure in the retail of the kitchen appliance industry, and the company’s engineering channel advantage has hedged the downward impact on retail, we maintain the company’s EPS for 2019-2021 to 1.72, 2.04, 2.37 yuan, maintaining the company’s “Buy” rating.  Although the kitchen appliance industry is under pressure to adjust, the company may achieve high revenue growth through engineering channels. In Q1-Q3 2019, the company achieved operating income56.2.5 billion, +4 a year.29% in the single quarter of 2019Q3, the company achieved operating income of 20.98 trillion, ten years +10.56%.Although the offline retail of the kitchen appliance industry is under pressure (Aowei Cloud Network data shows that from January to September 2019, the offline retail sales of the kitchen appliance market was 31 billion, which was changed to -11.5%), but since June 2019, real estate completion and sales data have continued to improve month-on-month. The company combines the advantages of the kitchen appliance brand and cooperates closely with the real estate company. The advantage in the kitchen appliance engineering channel is obvious, which is enough to enable the growth of offline retail.Accelerate the downturn, and at the same time drive the company to achieve better performance on the income side in Q3.  Cost dividend, Q3 gross margin increased by 2.62PCT company achieved gross profit of 55 in Q1-Q3 2019.04北京夜网%, ten years +1.74PCT.Among them, in the single quarter of 2019Q3, the company’s gross profit margin was 55.69%, ten years +2.62PCT.Benefiting from the continuous decline in the cost of cold-rolled sheet and copper and other raw materials since 2019, the company’s costs have dropped and the product’s gross profit margin has increased.According to Wind data, from January to September 2019, the average price of cold-rolled sheet and the average price of copper respectively became -19.4%, -6.8%.In the short term, the company is expected to continue to share dividends from the increase in product gross profit margins due to lower costs.  Cost rate during Q3 is -1 per second.07 PCT, the high growth rate of engineering channels, reducing the sales expenses of the company during the period of Q1 to Q3 2019.15%, basically the same (of 佛山桑拿网 which the cost of Q3 in a single season is 32.43% a year -1.07PCT).Among them, the Q1-Q3 company’s selling expenses were 27.68% every year -0.04PCT (Affected by the improvement of engineering channels, the Q3 single-quarter sales expense rate was -0 per second.94PCT), company management and R & D expenses6.53% every year -0.34PCT, the company’s financial expenses are -5957.390,000 yuan (mainly interest income).In summary, the company’s net profit attributable to mothers in Q1-Q3 201910.86 trillion, ten years +7.31%.  The brand advantage wins engineering channel recognition, and the company is expected to maintain a differentiated growth rate ahead of us. We maintain the company’s EPS for 2019-2021.72, 2.04, 2.The forecast of 37 yuan, as of October 28, 2019, the average PE of comparable companies in the kitchen appliance industry in 2019 is expected to be 18.82x.Considering that the company is a leader in kitchen appliances, its brand strength is ahead of its engineering channel advantage, and it is expected to achieve more stable revenue and net profit growth under the pressure of the retail end of the kitchen appliance industry. At the same time, the company actively promotes new product development and channel sink, In the future kitchen electricity inventory game to maintain the leading edge, recognition given to the company in September 2019.0-21.0x PE, corresponding to the target price of 32.68?36.12 yuan, maintain “Buy” rating.  Risk Warning: Competition in the kitchen appliance market is intensifying.Unfavorable price fluctuations of raw materials, etc.The impact of the land cycle is greater than expected.

Japan is scheduled to release the New Year number on April 1

Japan is scheduled to release the New Year number on April 1

Japan ‘s ruling coalition member Komeito ‘s party leader Yamayama Nana said on the 2nd that the Japanese government is scheduled to release the new year ‘s name used by the new emperor on April 1.

  Emperor Akihito is scheduled to abdicate on April 30, and the crown prince Toruhito will succeed on May 1.

Yamaguchi delivered a speech in the capital Tokyo on January 2 and confirmed to the media that the New Year issue will be released on April 1 and will be implemented on May 1.

  Kyodo News reported that Prime Minister Shinzo Abe is scheduled to release a press conference on the 4th to introduce details such as the change of year name.

  At the age of 85, Akihito is the 125th emperor of Japan. In a video speech in August 2016, he stated that it was difficult to 四川耍耍网 explain due to physical reasons, and internally interpreted him as intentional abdication.

On May 19, 2017, the Cabinet of Ministers passed a special act of abdication applicable only to Akihito.

In June of the same year, the bill was passed by both houses of Congress.

  On December 8, 2017, the Cabinet of Ministers passed an executive order regarding the time of Emperor Akihito’s abdication.

Akihito will become Japan’s first emperor who abdicated in almost 200 years.

  The timetable for issuing and changing year numbers has attracted much attention from Japanese citizens.

Many aspects of Japanese society need to be adjusted accordingly. Calendars, newspapers and various documents need to be revised, and extra preparation time must be set aside.

  According to Japanese media, starting from the Meiji period, each 杭州桑拿 generation of emperors has a year number, forming the so-called one-monist system.

Akihito was born on December 23, 1933, and inherited the throne on January 7, 1989. From 8th of the same month, the title was changed from Showa to Heisei.

  Kyodo News reports that the Japanese emperor’s year number consists of two Chinese characters that are easy to understand and have not been used in the past.

The year numbers used before are mostly from ancient Chinese classics.

Take Ping as an example. In the “Records of the Five Emperors of the Historian”, there are inner peace and outer succession, and “Shang Shu” contains diping Tiancheng.

(Yang Shuyi)[Xinhua News Agency Special Feature]Original title: Japan is scheduled to release the New Year issue on April 1st and will be implemented on May 1st

Xiantan shares (002746) Interim Review: Chicken prices boom performance continued to deliver

Xiantan shares (002746) Interim Review: Chicken prices boom performance continued to deliver

Key investment events: Xiantan shares announced its 2019 half-year report, and the company achieved operating income of 15 in the first half of the year.

5.2 billion (+43.

2%), net profit attributable to mother 4.
.

03 trillion (+353.

2%), deducting non-net profit 3.

8.3 billion (+474.

2%).

Of which single and second quarter: company operating income 8.

1.7 billion (+29.

3%), net profit attributable to mother 2.
.

4.6 billion (+324.

2%), deducting non-net profit 2.
.

34 billion (+382.

5%).

The price of chicken rose to a high level, and the interim report performance increased significantly.

Due to insufficient domestic introduction for several years, the industry supply was still tight in the first half of the year, and the price of poultry chains rose to historical highs.

78 yuan / jin, an increase of 23 in ten years.

5%.

Benefiting from the boom 无锡桑拿网 in the price of poultry chains, the company’s chicken products revenue in the first half of the year14.

700 million, an increase of 41 a year.

6%, sales income of chickens was 3816.

70,000, an increase of 82 a year.

9%.

We estimate that the company’s chicken market is about 0 in the first half of the year.

6.6 billion birds, with a total cost of about 3.

56 yuan / catty, 6 per bird.

2 yuan, breeding contributes about 4 profits.

0 million yuan, in addition to wealth management investment income and government subsidies of about 0.

200000000.

The demand for chicken substitutes in the peak season will further increase, and the company’s performance is expected to continue to materialize.

The non-plague has led to the expansion of the pig industry’s production capacity, a huge gap in the increase in pork 厦门夜网 supply and demand, and a growing demand for chicken substitutes in the peak season.

On the supply side, 55 were gradually introduced in China in July.

40,000 sets, an annual increase of 260,000 sets, the parent company inventory of the association’s enterprises continues to be in the range of 15-16 million sets.

The rebound in introduction has not been completely replaced to the downstream. In addition, the problem of poor production efficiency has not improved. The supply and demand in the industry is still tight. Chicken prices may continue to run at a high level in the second half of the year, and the company’s performance flexibility will continue to be released.

Investment suggestion: The prosperity of the bird chain continues to be supported by demand. Chicken prices may still run at a high level in the second half of the year, and the company’s performance flexibility will continue to be released. We adjust the company for 2019-2021: 1.
52, 1.

46, 1.

30 yuan, based on the closing price on August 26, 2019, the corresponding PE is: 11 respectively.
4, 11.

9, 13.

3 times, maintaining the level of “prudent increase”.

Risk reminders: Chicken prices fluctuate, epidemic risks, and raw material prices rise rapidly.

AVIC Optics (002179) Quarterly Review: Performance Meets Expectations Optimistic for Military and 5G Business Prospects

AVIC Optics (002179) Quarterly Review: Performance Meets Expectations Optimistic for Military and 5G Business Prospects

Core point of view: The company’s reported third quarter 2019 revenue and performance have steadily increased, and research and development has expanded.

The company disclosed the 2019 third quarter report, and achieved revenue 68 in the first three quarters.

920,000 yuan (ten years +19.

34%), net profit attributable to mother 8.

310,000 yuan (+19 a year.

22%) and achieved revenue of 22 in a single quarter.

9.6 billion yuan (+4 per year).

81%), net profit attributable to mother 2.
.

580,000 yuan (ten years +11.

37%).

The company’s 杭州夜网 single quarter revenue and performance growth accelerated, we believe that mainly due to the faster growth of the third quarter of 2018 revenue and performance, the base is relatively high; single quarter revenue growth rate is lower than the growth rate of net profit attributable to our mother, weJudgment is mainly due to the advantage of improving the growth rate of income of civilian products with a higher gross profit level.

In terms of expenses, selling expenses and administrative expenses increased by 7, respectively.

85% and 3.

83%, remained stable; affected by the increase in interest expenses on convertible bonds, financial expenses increased by an additional 2357 million; the company expanded its product structure adjustment and R & D expenses, increasing R & D expenses by 47.

53%.

Leading domestic connector field, integrated development of military and civilian, optimistic about military products and 5G business prospects.

The company’s military products cover aviation, aerospace, ships, ships, weapons and other defense fields. It is expected to benefit from the full release of defense orders in the second half of the 13th Five-Year Plan and return to high growth rates; civilian products cover new energy vehicles, communications and other fields.It is expected to benefit from the gradual development of domestic 5G construction, which will bring performance flexibility.

Investment advice and profit forecast The company’s military products are expected to benefit from the growth of defense orders in the 13th Five-Year Plan period, and civilian products are expected to benefit from the development of new energy vehicles and 5G industries.

52/13.

90/16.

71 ppm, corresponding to 34/28/24 times the current sustainable PE.

Optimistic about the company’s prospect of military-civilian integration based on the gradual background of the military industry group, the military-civilian product business is expected to continue to grow rapidly.

The company has estimated the center’s 35xPE over the past three years, giving the company a 19-year 35xPE estimate, corresponding to a reasonable value of 38.

50 yuan / share, maintain “Buy” rating.

Risk reminder: due to factors such as cost, the gross profit margin may be 南京桑拿论坛 reduced; the expansion of military and civilian business may be affected by product development progress, market competition, and downstream demand.