Sinoma International (600970) 2018 Annual Report Comments: Benefiting from the Belt and Road Environmental Protection Business Enters a Period of Rapid Development

Sinoma International (600970) 2018 Annual Report Comments: Benefiting from the Belt and Road Environmental Protection Business Enters a Period of Rapid Development

Event: The company achieved operating income of 215 in 2018.

10,000 yuan, an increase of 9 in ten years.

96%; realize net profit attributable to shareholders of listed companies.

68 ppm, a 39-year increase of 39.


The initial gain is zero.

78 yuan, an annual increase of 39.


The increase in environmental protection business increased the growth rate of operating income.

In 2018, the company’s operating income in engineering construction growth rate was 8%; equipment manufacturing growth was 5.

74%; production operation is 8.

29%; environmental protection is 26.


The main reason is that new contracts for engineering construction have fallen by 10% each year, production and operation management have fallen by 93%, and environmental protection has increased by 32%.

杭州桑拿Equipment manufacturing increased by 5%.

The company’s overseas projects are mainly in Africa (105.

9.1 billion), Southeast Asia (51.

5.9 billion), Middle East (22.

02 billion), the rest of Asia (19.

7.7 billion) and Europe (2.

1.8 billion).

The gross profit margin and period expense ratio increased and decreased, and profitability increased steadily.

In 2018, the company’s operating costs increased temporarily7.

64%, lower than revenue 9.

With a 96% growth rate, overall cost control is higher, with manufacturing costs accounting for more than 1 in total costs.

93 units; the reduction in labor costs as a percentage of total costs1.

61 single, other cost components are basically consistent with 2017.

In 2018, the company’s overall gross profit margin was 18.

56% year-on-year growth of 1 year.

75 units, the highest value since the company went public.

The gross profit margin of engineering construction business increased by 3 over the same period last year.

94 units contributed most of the profits; the gross profit margins of the equipment manufacturing business and the environmental protection business decreased by 1 respectively.

32 and 2.

77 units.

Expenses of the company during the reporting year 8.

97%, an average annual decrease of 2 units during the same period, mainly due to exchange gains generated by exchange rate changes during the period, and financial expenses significantly reduced.

The sales expense ratio increased by 0 compared with the same period last year.

19 units; the management expense ratio increased slightly by 0.For 22 units, the financial expense ratio was reduced by 2.

41 units.

In addition, the company’s R & D expenses are based on revenue.

62%, a small increase of about 0 in 2017.

08 averages.

The company’s period cost control is relatively high, and the ROE is expected to be 17%, which is 3 higher than the same period last year.

53 single, significantly improved profitability.

The total amount of newly signed contracts budgeted the rapid growth of environmental protection business.

In 2018, the company’s new contracts totaled US $ 31 billion, a year-on-year decrease of 14%, which was mainly related to the high base in 2107. Several major orders in Africa led to US $ 35.9 billion in new orders in 2017, an increase of 29%.

Since 2018, the company’s new progress single cases have basically entered the normal and stable development trajectory.

Benefiting from the Belt and Road Initiative, the prospects for overseas markets are broad.

As a global cement engineering leader, the company’s newly signed overseas cement engineering and equipment contracts totaled $ 15.8 billion, accounting for 75% of the company’s total cement engineering and equipment contracts, and more than 131 overseas projects under construction.

Under the “Belt and Road” policy, infrastructure investment in the countries along the route is generally on the rise. Pakistan, Sri Lanka, Bangladesh and other engineering markets have huge potential, and the company ‘s overseas business still has room for development.

Energy-saving and environmental protection business has huge development space.

In 2018, the company’s newly signed environmental protection business contracts continued to grow, and the amount of environmental protection business contracts accounted for 10 of the total number of newly signed contracts.

5%, an increase of 3 per year.

64 units.

In the next few years, the energy-saving and environmental protection business will usher in a policy “dividend period” with broad development space.

The company’s deployment of cement kiln in Jiangsu, Shandong, Shanxi and other areas to co-process hazardous waste business will bring new profit growth points for the company.

Earnings forecast and investment rating: We expect the company’s earnings from 2019 to 2021 to be 0.

90 yuan, 1.

19 yuan and 1.

30 yuan, corresponding dynamic PE is 9 times, 7 times and 7 times. Considering that the company benefits from the One Belt One Road policy, the cement production line project has outstanding advantages, the entire industry chain serves, and the comprehensive competitiveness is strong; it fully improves resource utilization efficiency and environmental protection business entryDuring the period of rapid development, we maintain the company’s “strongly recommended” investment rating.

Risk warning: Diversification and environmental protection business development is less than expected.

Changyuan Power (000966) quarterly report for 2019: Mongolia-China Railway has not yet reached the rate of electricity growth

Changyuan Power (000966) quarterly report for 2019: Mongolia-China Railway has not yet reached the rate of electricity growth
Matters: In the first quarter of 2019, the company achieved operating income of 20.5 billion, an annual increase of 23.32%; operating cost 16.4.3 billion, an increase of 10 every year.19%.Gross profit margin reached 19.9% in the first quarter of last year.5 points.; Realize the net profit attributable to the parent company 2.2.2 billion, an annual increase of 天津夜网 322.78%. Comment: Hubei Province has a high rate of power consumption, and thermal power has clearly carried the tripod.The company achieved net profit attributable to the parent company in the first quarter of 20192.2.2 billion, an annual increase of 322.78%.The primary goal of the highest profit growth: First, the electricity consumption of the entire society in Hubei Province is constantly increasing11.19%, sustained high growth rate, the province’s cumulative power generation (excluding the Three Gorges) 480.800 million kWh, an increase of 12 in ten years.02%; the second is the uneven water supply in various basins in Hubei Province in the first quarter. Most of the reductions in hydropower plants caused the insertion of hydroelectric power generation.6.8 billion kilowatt-hours 68%; Third, the additional supply of thermal power to make up for the shortfall, the main role of supporting supply, thermal power generation growth rate23.17%; Fourth, coal prices have fallen and gross margins have increased. The increase in the price of thermal coal has at least reduced the space.In the first quarter of 2019, Hubei’s coal price (including tax) was 622.8 yuan / ton, sometimes down 66.5 yuan / ton, converted into standard coal unit price (excluding tax) fell 80.3 yuan / ton.In the first quarter of 2019, the country’s thermal power generation increased at an annual rate of 2%, which was a decrease from the first quarter of last year4.9 points.Downstream factories maintain high inventory. Through the resumption of work at Yulin Coal Mine, the supply and demand of thermal coal will be loosened. It is expected that coal prices will continue to decline moderately.The performance elasticity brought by the drop in coal prices is much higher than the decrease in performance caused by weak demand. Power growth is sustainable and coal prices are easy to track.527.In the first quarter of Hubei Province, the whole society gradually used electricity.500 million kWh, an increase of 11 in ten years.19%.Among them, the electricity consumption of the primary industry increased by 15.2%, contribution rate 1.1%; the growth rate of electricity consumption in the secondary industry was 5.3%, contribution rate 27.2%; tertiary industry electricity consumption growth rate of 15.0%, contribution rate 24.9%; residential electricity consumption increased by 22.4%, contribution rate 46.9%.Since the beginning of April, the average daily power consumption of the main power grid is 4.3.6 billion kWh, an increase of 12 per year.4%, an increase of 1 over the first quarter.2pct., Electricity consumption has an accelerated growth trend.The company’s coal procurement structure is highly correlated with Hubei’s thermal coal price (excluding tax) and Hubei’s thermal coal price (including tax).Basically, the following relationship exists: the unit price of the standard coal (excluding tax) = the price of coal in Hubei Province (including tax) * 1.4 / (1 + acceleration rate), coal price is easy to track. Menghua Railway is expected to increase the company’s net profit attributable to mothers by 28% in 2020.Almost all power coal in Hubei Province needs to be transferred from other provinces, which is excessively strong.In 2018, Hubei Province consumed 4,591 coal.6 Nominally, the province’s unified power plant transferred 4655 coal.3 nominal.Among them, 2475 were transferred from Shaanxi, Shanxi and other places through railways and highways.3 Nominally, accounted for 53 of the transfer.2%; Inner Mongolia, because of the long transportation distance, high transportation time and freight, currently does not supply coal to Hubei by rail, mainly through the “Haijinjiang” method; through the “Haijinjiang” transfer of coal 2083.3 Nominally, it accounts for 44 of the general transfers.8%.After the completion of the Menghua Railway, due to the advantages of short distance and time, and low freight, it will squeeze the amount of electric coal transferred from the Shanxi Railway and the “Haijingjiang” method of Hubei Province, and increase the amount of electric coal transferred from the Shaanxi and Inner Mongolia Railwaydemand.We also take into account the savings from the Menghua Railway on the local coal-fired freight and the change in the proportion of local coal-fired coal imports. It is estimated that the Menghua Railway can reduce the thermal coal freight in Hubei Province.3 yuan / ton.The Menghua Railway is operational in early October 2019. The company will be fully affected by the Menghua Railway in 2020.It is estimated that for every 10 yuan / ton reduction in freight, the standard coal unit price (excluding tax) is reduced by 11.5 yuan / ton, net profit attributable to mother increased by 8%.The Menghua Railway can reduce the company’s thermal coal freight rate36.3 yuan / ton, is expected to affect the mother’s net profit in 2020 by 28%. Earnings forecasts, estimates and investment ratings.We maintain the company’s expected net profit attributable to mothers for 2019-2021.5 billion, 9.600 million and 10.500 million, an annual increase of 209%, 49%, 9.4%, corresponding to PE of 10.0, 6.7,6.1 time, the reference CS thermal power sector can be 14 times the company’s average PE variable in 2019, giving the company 14 times the PE in 19, corresponding to a target price of 8.16 yuan, maintaining the “strong push” level. Risk warning: Menghua Railway puts into operation delay; coal price rises sharply; electricity price drops; power generation is less than expected.

Huatong Thermal (002893) Incident Review: Acquisition of 70% Equity Distribution in Heran Energy Conservation Achieved an Important Step in the Development of Regional Heating Leaders

Huatong Thermal (002893) Incident Review: Acquisition of 70% Equity Distribution in Heran Energy Conservation Achieved an Important Step in the Development of Regional Heating Leaders

Event: On the morning of September 25, the company issued an announcement saying that the company’s wholly-owned subsidiary Huayilong intends to purchase 60% of the equity of Harran Energy held by Sanming Xiaofei and 10% of Harran Energy held by Ningbo Yuanliu through cash acquisition.Equity, the transaction price is 4.

7.6 billion.

We comment on this point as follows: Key points of investment: Acquisition of 70% equity in Heran Energy Conservation, thickening performance and strategic significance. The main business of Heran Energy Conservation provides heating services to urban residents and enterprises in Chifeng and surrounding areas. ResultsIn Chifeng, Inner Mongolia, Xiwuzhumuqin Banner of Xilin Gol League, Qianxi, Hebei and other places, there are many projects. The heating area in the 2018 heating season was 8.67 million square meters, which is one of the many heating companies in Chifeng City, which has a highMarket share and brand influence.

The company’s acquisition of Harran Energy Conservation is of great significance: 1) thickening its performance, Harran Energy Conservation promises a net profit of not less than 5000/6000/72 million yuan in 2019-2021, compared with the net profit of 42.73 million yuan in 2018 of listed companiesProfits will significantly increase the company’s performance; 2) Market expansion, acquisition of Ranran Energy Savings, the company’s business expansion to Inner Mongolia, becoming an important site for the company to expand its business across regions; 3) rich heating models, listed companies are mainlyDistrict gas, coal-fired boiler heating, and energy conservation are industrial waste heat heating. 北京夜网 The company has achieved full coverage of heating operation modes, which will help expand more markets in the future.

Beijing’s leading heating company, Capital helps the company achieve rapid development. The company’s main residential heat supply business provides heating to end users through regional boiler rooms and heating pipe networks.

The company has implemented more than 27 million square meters of heating area, and its business is mainly located in Beijing, which belongs to the Beijing district heating leader.

The company has mastered the core technologies of flue gas waste heat recovery, air source heat pump for domestic hot water, climate compensation technology, etc. Among them, the deep corrosion utilization technology of anticorrosive and efficient low temperature flue gas condensate won the second 南宁桑拿 prize of the national technology invention, which has obvious technical advantages.

In addition, the company will release the heating field in the mode of “heating investment operation” and “heating operation right acquisition”, leading the continuous innovation and practice of the domestic heating industry business model. It is a market pioneer of some investment and financing models.

After listing, the company used the capital platform to carry out outbound mergers and acquisitions. In April 2018, the company acquired a 100% stake in Shenyang Jianyuan for 9.4 million yuan, and obtained Shenyang heating qualification.Later, the company’s business will expand to Inner Mongolia and Hebei. The company has a stronghold in the northeast and northwest, and it is expected to use the capital market financing advantages to expand around these two strongholds and achieve rapid growth.

Earnings forecast and investment grade: Maintain “overweight” grade.

Regarding the impact of the acquisition of Harran Energy on the company’s performance for the time being, it is expected that the company’s EPS for 2019-2021 will be 0.

36, 0.

41, 0.

43 yuan, corresponding to the current expected PE is 40, 36, 34 times, maintaining the company’s “overweight” level.

Risk reminders: the risk of rising raw material prices, the risk of changes in heating policies, the risk of fiscal supplementary substitution, the risk of poorer expansion of extensions, the risk of failure to complete the acquisition of contingent energy conservation, the risk of expected financing, and the risk of macroeconomic downturn.

Wu Tailai (603659) Company Review: Shares in Needle Coke Co., Ltd. Revitalize Carbon Material and Extend Vertically to Improve Industrial Chain Layout

Wu Tailai (603659) Company Review: Shares in Needle Coke Co., Ltd. Revitalize Carbon Material and Extend Vertically to Improve Industrial Chain Layout

Investment Highlights The company intends to acquire the revitalized carbon materials it holds from its related party Kuoyuan Enterprise.

57% equity.

The revitalization of carbon materials was established in September 17th, of which Shandong Weijiao Holding Group and Weifang Zhenxing Investment held a total of 60% of shares, and Kuoyuan Enterprise held 28.

57% of the shares are held by Ningbo Lufeng Kailin Investment Partnership (a private equity fund managed by a private equity fund managed by Sun Tailai Holdings) in Ningbo Meishan Bonded Port Area11.


Kuo Yuan Enterprise is a wholly-owned enterprise established by Liang Tailai, Chairman of the Board, and the actual controller Liang Feng.

400 million capital 深圳桑拿网 increase to invest in revitalizing carbon materials, holding 28 shares.

57%, this time the Thai Thai plan will be 1.

4.5 billion to acquire this part of the equity.

Share participation in revitalizing carbon materials and improving supply chain security.

The capacity of revitalizing carbon material 4 into needle-shaped coke has been put into production. At the current production line commissioning, if the commissioning is completed, it is expected to meet 2 at a yield of 60%.

5 artificial graphite demand, and by the middle of the company’s artificial graphite production capacity reached 5 figures.

At present, most of the company’s needle coke imports are mainly breakthroughs affected by price fluctuations, accounting for 40-50% of the cost. After the shareholding revitalization, the price of raw materials will be gradually reduced and the industrial chain layout will be improved.

The competitive landscape of permanent materials is stable, with the first three cities accounting for nearly 70%. The release of graphitization capacity reduces costs and improves profitability.

In the first half of 19th, the increase in supply was limited and the price was stable; the carbon released from the end of the second quarter began every month, and the graphitization started in the third quarter. The release of graphitization capacity reduced the cost by 15-20%.

In 19 years, artificial graphite supplemented effective production capacity of 5-6 additives, and the overall supply and demand were relatively balanced.

As new production capacity is released in the second half of the year, the price is expected to be firm in the first half of the year, and the price reduction space is expected to be 10-15% in the second half of the year.

20,000 / ton.

In the future, the high-end of graphite formaldehyde is obvious, and the leading advantages are expected to benefit.

Huatailai is positioned as an absolute leader in the high-end artificial graphite market. In 19 years, it will release the release power market, and it is hopeful in the future.

In the 18 years, the company’s long-term budget volume 3 investment, about 70% of the consumer market, has already accounted for 40-50% of the consumer market.

In 19, the company added temporary production capacity of 2 lengths, and put into operation graphitization capacity of the subsidiary in Shandong Xingfeng, Mongolia. The graphene production capacity was put into operation. According to our calculations, self-supply graphitization can effectively reduce costs by 7,000 yuan / ton. Power market, CATL, LG,Samsung is highly recognized and optimistic about growth.

Investment suggestion: 2019-2021 is expected to return to the mother net profit8.



3 billion, an increase of 47% / 35% / 31% over the same period, EPS is 2.



53 yuan, corresponding to PE of 23x / 17x / 13x. Considering that the company is an artificial graphite leader and production capacity is running smoothly, it is given 34 times PE in 2019 with a target price of 68 yuan and maintains a “buy” rating.

Risk warning: the price of batteries and materials fluctuates, and competition intensifies.

Hengli Petrochemical (600346): Forecasting Hengli Q3’s neutral performance to benchmark Wanhua’s best level at the same time

Hengli Petrochemical (600346): Forecasting Hengli Q3’s neutral performance to benchmark Wanhua’s best level at the same time

Hengli Petrochemical’s refining profit increased significantly in the third quarter.

In the third quarter, Hengli Petrochemical’s refined oil-crude price gap rebounded significantly.

Although the specific assets of Saudi Arabia achieved expected returns in the third quarter, they could not reverse the constant profit of Hengli Petrochemical in the third quarter.

The refining industry’s prosperity is still decreasing, but the ability of Hengli Petrochemical to obtain excess profits has not changed.

Compared to the contribution of only two months of refinery profits in the second quarter, we expect that the overall load of Hengli Petrochemical’s equipment in the third quarter will increase by about 10% from the second quarter, and theoretically contribute 2.

The ability to make profits in about 2 months.

From the perspective of spreads, the basic spreads of refineries have widened, and profits are expected to reach new highs.

Crude oil purchase exchange loss: In the third quarter, the USD / RMB exchange rate changed significantly in a one-way direction. From June 30, the RMB was exchanged for the USD mid-price.

8444 dropped to 7 on September 30.

At 1480, the depreciation of the RMB reached 4.


Taking into account the single quarter demand of Hengli crude oil is 500 tons, about 35.5 million barrels, according to exchange loss1.

5% consideration, expected to affect the company’s performance2.

About 500 million.

PTA profit narrows: After PTA profit was high in the second quarter, PX-PTA conversion profit narrowed significantly in the third quarter.

The long-term origin of the repeated trade war between China and the United States has affected the demand for polyester terminals, thereby compressing every exchange profit in the industry chain; and taking into account the future new Fengming Dushan Energy Phase I PTA project and Hengli PTA-4 / 5 productionThe scale of supply and demand deteriorated.

We predict that the neutral performance of Hengli 北京养生会所 Petrochemical Q3 is expected to be the best at the same time as Wanhua Chemical!

We expect Hengli’s net profit in the third quarter to reach around 3.1 billion (contributing only 2).

Under the assumption of 2 months profit), and Wanhua Chemical’s highest profit in the third quarter of 2017 (contributed to a full 3 months profit) is 34.

8 million approaches.

Earnings adjustment We adjusted the company’s net profit in 2019 from 90 trillion to 102 trillion due to the rising internal oil product price gap and Hengli Petrochemical’s expense ratio slightly lower than expected.

Maintain the projected net profit of Hengli Petrochemical for 2020-2021 of 14.5 billion / 17.1 billion.

Investment suggestion We maintain “Buy” rating and target price of 20.

49 yuan, the target price corresponding to 2019-2021 price-earnings ratio of 14 respectively.

0 times, 10.

0 times, 8.

7 times.

Risk Warning 1.

Risk of declining one-way scale of crude oil 2.

Severe demand for textiles and clothing has deteriorated3.

Risks of refined oil sales caused by policies and restrictions on export restrictions.

Geopolitical risks 5.

Project schedule / contract is worse than expected 6.

Risk of large-scale lifting of company stocks 7.

Risk of sharp fluctuations in the US dollar exchange rate8.

Severe competition in the industry9.

Downside risks to the global economic cycle10.

Other force majeure effects.

Shengyi Technology (600183) Research Tracking Review: Overall Steady and Fine Business Growth

Shengyi Technology (600183) Research Tracking Review: Overall Steady and Fine Business Growth

In the report, we conducted surveys and exchanges with the company’s secretary and the company’s agent. We believe that the company’s leading position is stable, the overall development is stable, the future performance is strong, the controllability and domestic substitution are trends.

The main points of investment are stable, and the traditional business of the company remains stable in the off-season. The prices of products and raw materials have changed slightly, but they are basically stable.

The telecommunications industry’s order boom is relatively good, and it has a foundation for the overall revenue and performance to rise steadily.

One of the two-wheel drive 杭州桑拿网 companies whose PCB business is still outstanding. The company’s subsidiary, Shengyi Technology, has historically been a PCB supplier of Huawei ZTE.With the increase in revenue scale and increase in gross profit margin, and through the gradual full production of maximized cumulative capacity, the trend of both volume and price increases has become one of the two rounds of the company’s continued growth.

Two-wheel-drive two high-frequency CCL blooming and fruiting company is currently the only manufacturer in China that can supply both PTFE and hydrocarbon CCL. With stable product quality and rising demand for 5G domestic materials, the company will become the main force of modern productsOne of the vendors.

The company’s subsequent production capacity is sufficient, and it will be gradually increased through the growth of 5G demand.

High-frequency products are high-margin products themselves. After the large-scale reorganization, they will also become one of the two wheels of the company to maintain growth.

Profit forecast and estimation We believe that the company will usher in a period of stable growth.

The company is expected to achieve revenues of 13.6 billion, 15.5 billion, and 17.7 billion and a net profit of 11-20 years from 2019-2021.

6.2 billion, 14.

7.3 billion, 17.

3.7 billion, diluted EPS0.

55 yuan, 0.

70 yuan, 0.

82 yuan, corresponding to PE is 26 times, 21 times, 18 times, has long-term allocation value, maintain the “Buy” rating.

Risk warning: raw materials grow too fast and actually exceed the price increase of the company’s products; the entire industry chain enters a continuous price reduction cycle; new products fail to meet expectations; new capacity fails to meet expectations.

China Railway Industry (600528): New breakthroughs in shield machines continue to grow in line with expectations

China Railway Industry (600528): New breakthroughs in shield machines continue to grow in line with expectations

Event: China Railway Industry released its 19-year interim report with operating income of 94.

77 trillion US dollars increased by 18.

36%; net profit attributable to mother 8.

6 trillion US dollars increased by 21.


The performance was in line with expectations, with a single order of 137 in the first half of the new year.

The 6.7 billion kilowatt rate was 5%, of which shield machine orders increased by 26.

23%, 22% of steel structure bridges were not started because of the intensive 苏州夜网论坛 bidding.

Comments: 1. In the first half of the year, the growth rate of shield machinery increased by more than 25% per year. In 19H1, China Railway achieved operating income of 94.

77 trillion US dollars increased by 18.

36%, with a new contract value of 137.

6.7 billion kilowatts percentage 5%.

Among them, Q2 single-quarter revenue increased by US $ 4.6 billion.

55%, net profit attributable to mothers 5 billion increased 28%.

In terms of products, 1) operating income of special construction machinery and equipment26.

37 trillion US dollars increased by 21.

76%, the new long-term single 45.

1.2 billion, an annual increase of 25.


Among them, a) the income of tunnel construction equipment21.

3.7 billion, an annual increase of 17.

97%, total income accounted for 22.

54%, the new long-term single 40 in the first half.

1.3 billion, an annual increase of 26.

twenty three%.

In the first half of the year, the high-pressure water-assisted rock breaking technology was conquered, and the first fourth-generation semi-boring machine-high-pressure hydraulic exchange rock breaking TBM (Longyan) was developed in the world, which revolutionized the traditional rock breaking principles and methods.Innovation, realizing the intergenerational change of the roadheader, and at the same time the first large diameter (10.

03m) The earth pressure balance shield machine was successfully rolled off the assembly line.

b) The income of construction machinery is 500 million yuan, an annual increase of 41.

19%, new chronic single 4.

9.9 billion yuan, an annual increase of 21.


2) Revenue from transportation equipment 59.

82 trillion US dollars increased 16.

16%, new long-term single 89.

8.5 billion, down 16 each year.


a) Revenue from manufacturing and installation of steel structures38.

29 trillion dollars, an annual increase of 19.83%, total revenue accounted for 40.

4%; new chronic single 59.

US $ 4.1 billion, a year-on-year growth of 43%, a base of 21%.

99%, preliminary for the first half of some large-scale axial steel structure projects did not tender as scheduled, China Railway in the large-scale steel structure axial market share of more than 60%.

b) Turnout revenue 21.

5.3 billion, an increase of 10 in ten years.

16%, total income accounts for 22.

72%; new chronic single 30.

4.4 billion, down 2 every year.

44%, but domestic orders are 29.

41 trillion US dollars increase 2.


The turnout business has better profitability. The market share of high-speed turnouts (above 250 km / h) with high technical barriers is about 65%, and the market share of heavy-duty roads exceeds 50%.60% -70%.

2. Gross profit margin is not greatly affected by raw materials. R & D of new products will increase research and development expenses substantially. Attributable to the net profit of the mother in 2019H18.

6 trillion US dollars increased by 21.

The 15% growth over income was mainly driven by the improvement in gross profit margin.

The net profit after deducting non-attribution is 8.

$ 4 billion increased by 19.

13%, non-recurring gains and losses of 19.57 million were mainly government subsidies of 20.74 million yuan.

Cash flow from operating activities was a net decrease4.

900 million, compared with 8 in the same period last year.

The improvement of US $ 0.5 billion was mainly due to the company’s efforts to increase repayments and control purchase payments. In addition, new lease plans were adjusted, and some operating lease payments were adjusted to “other cash paid for financing activities.”

  The gross profit margin for 19H1 was 21.

1%, a slight increase of 0 a year.

Nine tiers are mainly for high-margin special-purpose construction machinery and equipment, with revenue growth faster than low-margin transportation business.

The gross profit margin of transportation business is 19%, and the gross profit margin of special construction machinery and equipment is 28.

47% during the 19H1 period totaled 10.

500 million, the period fee is 11.

09%, R & D expenditures increased significantly.

1) Selling expenses are 1.

8.7 billion, an annual increase of 9.

1%, sales growth is significantly lower than revenue growth, and scale effects have been released; 2) Management expenses.

10,000 yuan, an annual increase of 26.

7%; 3) Financial expenses were 18.72 million yuan, an increase of 66 year-on-year.

6%, the average increase, but the absolute amount is very small, the company’s long-term loan at the end of the value is only 1.

2.7 billion, short-term borrowing is only 80 million, interest-denying ratio to the company’s revenue volume is very small; 4) R & D expenses are 4.

35 billion US dollars increased by 43.

7%, mainly due to the investment in the development and development of new business segments (railway vehicles).

  3. The newest single item in 18 years supports 19-year performance. Shield machine orders benefit from track construction. The company is strongly recommended to be a shield machine, turnout, coaxial steel structure leader, and high-end product shield machines directly benefit from subway construction.The restart and acceleration, meanwhile, the Prime Minister proposed to speed up the construction of the Sichuan-Tibet Railway, of which 967 kilometers from Ya’an to Lingzhi Railway are 92% of the large-head railway and tunnel points, and 81% of the 788 kilometers of tunnels.
6%, a 709-kilometre long tunnel. At present, according to a simple calculation of the design institute, it is estimated that more than 20 TBMs are needed, and the cost of an 8-meter TBM is about 2 billion.
In 18 years, the company’s new gradual growth has gradually increased to 23.

2%, of which the main product steel structure increased by 43%, shield machine increased by 34.

7%, although some steel structure products have been delivered for more than one year, the new years alone still lay the foundation for the company’s performance growth in 2019.

  Shield machine orders benefit from urban rail construction.

In the first half of the year, the company’s new type of shield machine was 40 for ten years.

1.3 billion, an annual increase of 26.

23% is the revenue of shield machine 21 in the first half of the year.

400 million is nearly twice the absolute volume. Although the new breakthrough in steel structure in the first half of the year has improved, the long-term growth trend remains the same. We expect the net return to motherhood in 2019 to be 18.

500 million yuan, currently corresponding to only 12.

Three times, under the current severe external environment, the most determined demand growth in the second half of the year still comes from domestic 苏州桑拿网 infrastructure investment, and it is strongly recommended!

  4. Risk reminder: Infrastructure is affected by national policies; individual shares are more concentrated or there is a risk of reduction.

Kelun Pharmaceutical (002422): Antibiotic intermediates under short-term pressure are optimistic about the development of imitation-invasion preparations

Kelun Pharmaceutical (002422): Antibiotic intermediates under short-term pressure are optimistic about the development of “imitation-invasion” preparations
Event: The company released the third quarter performance forecast, and it is expected that net profit attributable to mothers will be achieved in the first three quarters.70-9.7.2 billion, a year-on-year decrease of 15-5%; net profit attributable to mothers in the third quarter1.42-2.44 trillion, down 43 a year.21-2.17%. Antibiotic intermediates are under short-term pressure, and are optimistic about the development of “imitation-invasion” preparations.The company expects to achieve net profit attributable to mothers in Q1-Q3 20198.70-9.7.2 billion (-15% to 5%), of which Q3 single quarter quarter (-43.21% to -2.17%) and MoM (-63.93% to -37.86%) has been caused by the decline, mainly due to the decline in product prices of Chuanning’s antibiotic 武汉夜生活网 intermediates, the gradual reduction of policy continuation and other impacts, short-term performance pressure.We expect the company’s infusion and non-infusion preparations to maintain their in-vivo status, and revenue and gross profit to increase steadily; the newly approved specialty preparation products are rapidly increasing in volume, and the interim report disclosed that the growth rate of over 300% is very bright, and Q3 is expected to continue to maintain rapid growth.Although the company’s performance is affected by intermediate business in the short term, we believe that through the accelerated landing of generic drug products and the entry of innovative drugs into the later stage of research and development, the company’s “imitation and innovation” formulation development strategy will help drive the company’s long-term sustainable development. During the harvest period of innovation research and development, the product was approved to accelerate.In 2018, the company has continuously approved the production of 18 important generic drugs, of which 12 new products have been approved and 6 varieties have been evaluated for consistency in generic drugs.Obtained 5 domestic clinical trial approvals for innovative drugs, submitted 1 IND application to the US FDA, and obtained clinical approval. Among them, KL-A167 enters the key clinical phase II, and KL-A166 injection is in China and the United States for phase I clinical research.In 2019, innovation and research and development have been continuously harvested, and products have been approved rapidly. It is expected that 60-80 products will be approved in the next 2-3 years, providing continuous growth momentum. Earnings forecast and estimation: We expect operating income for 2019-2021 to be 187.44,206.75 and 227.50 ppm, an increase of 14 in ten years.63%, 10.30% and 10.04%; net profit attributable to mothers is 12.13,15.61 and 19.850,000 yuan, an increase of 0 in ten years.04%, 28.63% and 27.twenty one%.Currently, the corresponding PE in 2019 is 31 times.Although the short-term performance of antibiotic intermediates is under pressure, considering the company as a big infusion dragon, innovation research and development has entered the harvest period. In the future, it will achieve accelerated product approval and volume, and grow into a domestic leader in generic drugs and innovative drugs. Risk warning events: the risk that the progress of product development and approval is not up to expectations; the risk of increased competition in the large infusion industry; the environmental protection risk; the risk of changes in the price of APIs

Yifeng Pharmacy (603939): Fine management model continues to improve operating efficiency

Yifeng Pharmacy (603939): Fine management model continues to improve operating efficiency
Event: The company announced the semi-annual report for 2019, and the company achieved operating income of 50 in the first half of 2019.48 ppm, a 68-year increase of 68.65%; net profit attributable to mother 3.08 million yuan, an increase of 36 in ten years.78%; net profit after deduction to mother 3.3.0 billion, an annual increase of 46.69%; operating cash flow 4.330,000 yuan, an increase of 146 in ten years.09%. Revenue growth slightly exceeded 无锡桑拿网 expectations: 2019H1 company achieved revenue of 50.48 ppm, a 68-year increase of 68.65%; net profit after deduction to mother 3.30,000 yuan, an increase of 46 in ten years.69%; of which Q2 achieved revenue of 25.79 trillion, an increase of 70 in ten years.59%; net profit after deduction to mother 1.61 ppm, an increase of 45 in ten years.57%.2019H1 emerging pharmacy achieved revenue5.7.7 billion, with a net profit of 4670.The company’s revenue increased by 51% and net profit increased by 28% after excluding the consolidation of emerging pharmacies at RMB 60,000, still maintaining a rapid growth rate. Self-built stores maintained rapid expansion, and the pace of mergers and acquisitions improved.In the first half of 2019, the company net increased 516 stores (368 newly opened stores (including 87 new franchise stores), acquired 204 stores, and closed 56), of which 169 net increase stores in the second quarter (194 new stores opened) (Including 44 franchised stores), closed 25 stores, and acquired new stores again). As of the end of the second quarter of 2019, the total number of company stores was 4,127 (including 256 franchised stores).In the first half of the year, the company completed a total of 6 mergers and acquisitions in the same industry, of which 5 mergers and acquisitions were completed, mainly in the second half of last year and this year’s Q1 project.In 2019, the company plans to add 1,000 stores in the existing Central China, East China and North China markets through the “self-built + acquisition” two-wheel drive model. It is expected that the company will maintain high growth under the accelerated integration of the industry. Model of refined management and continued improvement in operating efficiency: The company is a model of refined management in the industry, with an average floor efficiency of 62 in H1 2019.39 yuan / square meter, 60 than Q1.The rise of 85 yuan / square meter is obvious, and the operating area and rental utilization efficiency of the store have been further improved.The gross profit margin of the company’s main business decreased by 1 in 2019H1.49pct to 39.09%, is expected to be affected by the newly opened stores and mergers and acquisitions store cultivation and integration.Corporate expenses remained relatively stable, of which the selling expense ratio decreased by one.84pct to 24.88%, sales expenses are better controlled; management expense rate rises to zero.39 points to 4.2%, reducing all the increase in the expenses of the company’s headquarters management personnel, and the service costs of asset evaluation and other services caused by mergers and acquisitions, the increase in the scope of consolidation, the recruitment of new employees, etc .; the decrease in financial expense ratio and the increase in interest expenses have an impact of zero.55 points to 0.69.The proportion of medical insurance stores directly operated by H1 in 2019 is 75.51%, about 74 in 2018.96% increase to 0.55 points.As of the end of the second quarter of 2019, the company had 26 million members, and its sales accounted for 84.03%, strong professional service ability, high customer stickiness. Proposed to be issued 15.81 million convertible bonds, expanding store expansion base.The company intends to issue 15.81 trillion convertible bonds, of which 6.800 million for new chain drug stores, 1.6 billion Jiangsu Yifeng Pharmaceutical Products Sorting and Processing Phase I Projects, 1.300 million Shanghai Yifeng Pharmaceutical Product Intelligent Sorting Center Project, 100 million old store upgrade and reconstruction projects, 80 million for Jiangxi Yifeng Pharmaceutical Industrial Park Phase I project, and 40 million digital intelligent management platform construction projects.The company’s launch of the convertible bond program provides the basis for the company’s subsequent expansion and provides guarantee for the company’s future growth. Investment suggestion: We predict the company’s net profit from 2019 to 2021 will be 5 respectively.7 billion, 7.5.9 billion, 9.64 trillion, the growth rate was 武汉夜生活网 34.8%, 33.8%, 27.5%, corresponding to the company’s EPS for 2019-2021 is 1.50, 2.00, 2.54 yuan, giving an increase in holdings-A suggestion Risk warning: medical insurance policy tightens risks; mergers and acquisitions integration fails to meet expected risks; increased market competition

Guanghui Automobile (600297): Sales increase against market growth

Guanghui Automobile (600297): Sales increase against market growth

Affected by the sluggish sales of the automobile industry in the first half of the year, and the terminal’s profit-giving consumers during the switchover of the National Five, National Six, and other factors, although the company’s revenue increased slightly in the first half of 2019, its net profit attributable to its mother was significantly replaced.

The company’s operating income in 2019H1 is 807 trillion, an increase of 3 per year.

28%; net profit attributable to mother is 15.

1 ‰, ten years ago 28.

42%; 19Q2 achieved revenue of 43.4 billion yuan, a year-on-year increase of 12.

22%, net profit attributable to mother 7.

09 million yuan, a ten-year average of 28.


The company’s overall gross profit margin and net profit margin in Q2 were the same, which was a month-on-month decrease, but due to the strict control of the expense ratio, the change in net profit margin was narrowed more than the gross profit margin exceeded.

The company’s Q2 gross profit margin temporarily decreased by 1.

49 points, and the molecular weight is 1.

24pct, and the net distance is zero per degree.

89pct, 0 than formaldehyde.

51pct; sales expense ratio, management expense ratio (including R & D) and financial expense ratio are -0.

18pct, -0.

43pct, -0.

91pct, -0.

04pct, -0.

64pct, -0.

31 points.

From the perspective of the main business structure, vehicle sales still contribute the most core revenue, and vehicle sales and maintenance services are the core 杭州桑拿网 sources of gross profit.

2019H1 company’s vehicle sales, maintenance services, commission agency and car rental accounted for 85% of revenue.

86%, 9.

30%, 3.

23%, 1.

40%, accounting for 32% of gross profit.

91%, 32.

50%, 24.

72%, 9.

19%, the proportion of various businesses and little change from the same period last year.

In the off-season, the company’s luxury and ultra-luxury brands’ 4S stores increased their proportion. New car sales and after-sales maintenance visits continued to increase, contributing core support for revenue growth.

At the end of the first half of the year, the company had a total of 776 4S stores. Although not a slight decline at the end of 2018, the proportion of 4S stores of luxury and ultra-luxury brands has steadily increased. We judge that the company’s industry depression 西安桑拿 period has not been visually expanded, focusing on internal brand structureThe adjustment is expected to increase the single-store sales revenue and after-sales revenue levels.

In fact, in the off-season, new car sales were achieved42.

880,000 units, previously +6.

09%, after-sales maintenance of 401 repairs.

30,000 units, +3 in the past.

twenty one%.

Earnings forecasts and investment advice.The company is an absolute leader in China’s auto distribution industry, with significant scale advantages. The industry has steadily adjusted its internal brand structure during the off-season, and has continued to make efforts in the automotive aftermarket business. The aftermarket business has continued to grow. The company has a strong acquisitionPost-integration capabilities, successful integration of Baoxin, prospects for future performance growth are expected.

We expect the EPS for 2019/2020/2021 to be 0.

41 yuan / 0.

53 yuan / 0.

61 yuan, with reference to the industry’s estimated level, taking into account the top of the leader and the A-share market premium, give PEG 0 in 2019.


Level 82, corresponding to 11-13 times PE, lowering the reasonable value range to 4.


33 yuan, maintain the “preliminary market” rating.

risk warning.

The automotive industry fluctuated gradually; the growth rate of the aftermarket business of the automobile did not meet expectations; the 4S stores after the acquisition failed to achieve the expected integration effect.