Month: March 2020

Open pit coal industry (002128): endogenous and extension help boost growth and stabilize profitability, the target rate has reached 5%

Open pit coal industry (002128): endogenous and extension help boost growth and stabilize profitability, the target rate has reached 5%
This report reads: coal price rises, electricity sales increase, Huo Coal Hongjun consolidated the table to promote performance growth, it is estimated that the original main business, Huo Coal Hongjun thickened1.12, 0.3.3 billion net profit attributable to mothers (returning caliber), future profits have steadily increased, and the 5% yield has entered the value range.  Investment points: Maintain target price and “overweight” rating.Revenue for the first half of 2019 was 95.3.3 billion, an annual increase of 7.41%; return to mother’s profit13.7.5 billion, an increase of 11 in ten years.75% (return caliber), performance is in line with expectations.Taking into account Huomei Hongjun’s consolidation and additional 北京桑拿洗浴保健 issuance, it raised its net profit to 25 in 2019-2021.18, 25.90, 26.3.3 billion (original 23.14, 23.66, 23.88), lower EPS to 1.31, 1.35, 1.37 yuan (originally 1.42,1.45, 1.46), maintaining 11.Target price of 36 yuan and “overweight” rating.  The significant growth of coal power has driven the company’s performance growth.1) In the first half of the year, coal production and sales were respectively 2452/2463, and were downgraded 2 every year.03% / 1.93%; revenue from coal products 34.7.5 billion, an increase of 14 in ten years.06%.2) Solar energy and wind power have contributed revenue one after another, and sales of electricity in the first half of the year27.1.1 billion kWh, an increase of 2 in ten years.56%, driving power revenue to increase by 22 per year.05% to 8.9.2 billion yuan.3) According to the latest caliber calculation 杭州夜网论坛 of coal, the gross profit of electricity increases every year.5%, 16.8% is the main source of performance growth.  Huo Coal’s Hongjun’s earnings have rebounded significantly and consolidated its profit scale.Huomei Hongjun’s 51% equity transfer was completed on May 17, 2019, with revenue of 51 in the first half of the year.7.6 billion, accounting for 54% of the total revenue.29%, becoming an important part of income; realizing net profit1.30,000 yuan, a year-on-year increase of 168%, and consolidated net profit of 0.5.3 billion accounted for 3.81%.The impact of the lawsuit on profit of Huomei Hongjun in 2018 has faded. With the continuous development of electrolytic aluminum business, it will drive the company’s profit scale further.  Steady profitability and high proportion of dividends highlight long-term value.The dividend is 4 yuan for every 10 shares. According to the profit of the latest 4 reporting periods, the corresponding dividend rate is 35%, which is an increase from 30% in the previous year.Initial one-time coal price adjustments and a high proportion of related party transactions will support the maintenance of high profitability, and the long-term investment value will be prominent.  risk warning.The price of electrolytic aluminum fell sharply, costs fluctuated sharply, and product prices fell.

When supine, the body is most relaxed

When supine, the body is most relaxed
Adequate sleep can improve overall health, increase happiness, and cause a variety of health risks.It helps maintain weight, improves brain function, reduces stress and relief, reduces the risk of depression, and promotes heart health.Studies have shown that sleep time is reduced by 6 per night?People at 7 hours are also at higher risk of developing various chronic diseases.Recently, the US “Medical Daily” wrote that sleeping time is not the only factor affecting physical health, and the posture of sleeping should not be underestimated.If you are not sleeping properly, you may not only develop wrinkles prematurely, but also cause sleep apnea, heartburn, impaired blood circulation, stomach pain, back and neck pain, headache, and muscle cramps.The four common sleeping positions have the following effects on health.  1.Lie on your back.According to statistics, only 8% of people adopt this sleeping position.The National Sleep Foundation believes that supine is the best and healthiest option for most people.It enables people to keep their head, alignment and spine on a midline without twisting and skewing, which helps the body get a full rest at night.In addition, supine can also reduce the body’s stress and avoid gastric acid reflux.However, patients with sleep apnea should not adopt this sleeping position.Because the throat and throat relax when lying on your back and your tongue falls back, you may have two-way airways, which is dangerous for people who have difficulty breathing during sleep.  2.Lie on your side.Side lying is the best choice for patients with sleep apnea.It is recommended to choose right-side sleep so that it does not compress the heart.When lying on the side, make sure that the pillow can give sufficient support to the spindle.Pillows that are too low will tilt your head down; pillows that are too high will sometimes be stretched.In order to make the side lying more comfortable and reduce the pressure on the body, it is recommended to find a pillow sandwiched between the knees and maintain a proper distance between the legs and hips, which is more conducive to relaxing the lumbar spine.It should be noted that, because the side face is pressed on the pillow for a long time, the decree may be deepened.  3.Prone.Most people avoid using this sleeping position.It can cause poor breathing, pain in the tail and limbs, compression of the internal organs, and extreme stress on the muscles and joints of the limbs.When you wake up in the morning, your body may feel numb and stinging.Especially for infants and young children who cannot turn over on their own, lying prone can cause suffocation.  4.Sleeping with her arms folded.This is the most common sleeping position.The National Sleep Foundation survey found that 41% of adults often curl up with their bodies to sleep.This sleeping position is especially suitable for pregnant women and snorers.杭州桑拿It provides better blood circulation and prevents the uterus from compressing the liver.However, it is recommended that arthritis patients leave their body parts apart at night when they sleep.(Cai Lichao compiled)

Gigabit (603444) quarterly report comments: new and old games make great efforts to promote rapid growth in performance

杭州桑拿网Gigabit (603444) quarterly report comments: new and old games make great efforts to promote rapid growth in performance

Investment Highlights Event: The company released its 2019 first quarter report.

Opinion: New and old games are working together, and revenues are growing rapidly.

1) Company revenue 5.

0.6 million yuan, an increase of 33 in ten years.

09%, net profit attributable to mother 2.

13 ppm, an increase of 38 in ten years.

87%, net profit after returning to mother 2.

One million yuan, an annual increase of 42.

53%; 2) The steady growth of performance is mainly due to the revenue growth of “Ask Mobile Games” and the revenue contributed by new games such as “Greedy Cave 2” and “Crossing the Star Arc”.

“Ask” is the best performer, with plenty of new games.

1) In-operation games include “Ask 北京夜网 Mobile Games”, “Unbelievable Maze”, “Greedy Cave 2”, etc., of which “Ask Mobile Games” has the most outstanding contribution to performance; 2) The company has a rich reserve product, including “Puppet Museum QiFantasy Night “,” The Guardian of the Force “,” Irona “,” Lost Castle “,” Never Abandon: Black Hole “,” The Land of Alienation “,” Magic Trap 2 “,” Adventure and Abyss “,””Spirit of Flower”, “Marriage of the Spirit Night”, “City of Two Realms” and other products; 3) “Fantastic Night of the Puppet Museum”, “Guardian of the Force”, “Irona”, “Lost Castle””, “Never Give Up: Black Hole”, “The Land of Alienation” has obtained the edition number.

Profit forecast: The mobile game of “Ask” is stable, Roguelike elementary games are continuously launched to continuously increase revenue and profits, and transformed into the company ‘s successful experience of Roguelike elementary games, copied to more boutique games, and future performance is expected to further open.

Estimated net profit for 2019/20/21 is 7.



10,000 yuan, corresponding to 20/17/14 times the daily PE on April 26, of which the “prudent increase” rating.

Risk warnings: 1) New games are not up to expectations; 2) Industry competition is intensified; 3) Policy supervision is intensified.

Contradictions in the market, persistent institutions, intensive research in the technology industry

Contradictions in the market, persistent institutions, intensive research in the technology industry

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

  Original title: Institutional intensive research on the technology industry Wind data shows that last week (February 17-21), a total of 67 listed companies were surveyed by various institutions.

Institutional research focuses on listed companies in industries such as application software, basic chemicals, aerospace and defense, industrial machinery, electronic equipment and instruments.

Last week, the stocks of the technology industry continued to strengthen, and the institutions also studied intensively the companies listed in the technology industry.

  Specifically, the industry was generally up last week.

Although there has been improvement, the rankings of the industry ‘s rise and fall have not changed much, and industry differentiation has continued to intensify. Science and technology and the defense industry have continued to ride the dust. The top five industries that rose last week were electronics, integrated finance, defense industry, communications, and computers, Up 13 respectively.

32%, 11.

79%, 11.

47%, 11.

21%, 10.


Real estate, medicine, banking and home appliances are relatively weak.

Fund institutions believe that the impact of the epidemic is slowly weakening, which will help break through market sentiment.

On the whole, after the Spring Festival, the market has become more multi-layered, and the strong trend of the GEM has continued. The main line of the market is still the technology industry.

  Technology stocks have been closely watched by wind data from institutions. Last week, 67 listed companies including Li Sichen, Henghua Technology, Langxin Technology, Open Medical, and Brother Technology were investigated by various institutions.

In terms of industry distribution, last week the institutions focused on application software, basic chemicals, aerospace and defense, industrial machinery, electronic equipment and instruments and other listed companies in the industry.

  The market showed a general rise last week, but industry differentiation continued to intensify. Science and technology and the defense industry continued to ride the dust. The top five industries that rose last week were electronics, integrated finance, defense industry, communications, and computers. Against this background,Individual stocks in the technology industry are also welcoming intensive research by fund institutions.

  Taking the front-end software of listed companies in the application software industry as an example, last week the company ushered in a joint investigation by dozens of institutions such as the China-Thailand Securities Research Institute, Shanghai Ganghe Investment, Shicheng Investment, East Asia Qianhai Securities Co., Ltd., and Oriental Fund.

The company introduced in the research that through the rapid rise of professional investors such as public offerings, private placements, and overseas institutions, the transformation of professional investors, and the need for personalized investment transactions have increased significantly. Cross-domain market transactions, algorithms, strategies, data services, and financingA series of professional transaction service capabilities such as securities lending will be the core competitiveness of financial institutions in expanding professional investor business.

The front-end software creates a comprehensive range of HTS fast transactions, advanced transaction order services, personalized strategic trading, algorithmic trading, proprietary trading and other professional trading service systems for financial institutions such as securities firms, providing advanced trading services, advanced market services, and multiple quantitative strategies.Algorithmic trading, investment management and other polymorphic business support.

  In addition to the technology industry, the basic chemical industry and other industries also ushered in a centralized investigation by the organization last week. The companies involved were grand blasting, Hangjin Technology, Tiansheng New Materials, Changyang Technology, Daoming Optics, etc.

Taking the grand blast as an example, last week the company ushered in a joint investigation by Guosheng Securities, social security fund indicators, Wells Fargo Fund, Harvest Fund, Cathay Fund and other institutions.

Issues that the agency is concerned about include the development of the company ‘s defense equipment sector in the future, the company ‘s international market prospects for foreign trade projects, and sales.

  The contradiction in the long market continued to be stimulated by the new policy of refinancing. The market rose on Monday, and then slightly adjusted. It rose again on Thursday and Friday.

The Shanghai Composite Index rose 4 last week.

twenty one%.

The introduction of new refinancing rules has a significant positive impact on the GEM. The GEM Index rose 7 last week.


Last week, the market’s trading volume continued to increase. In the second half of the week, the market’s turnover exceeded three trillion yuan for three consecutive trading days.

  Therefore, the HSBC Jinxin Fund pointed out that the impact of the current epidemic is gradually 杭州桑拿网 weakening. On the whole, after the Spring Festival, the market has gradually become more and more powerful, and the strong trend of the GEM has continued.

Strategically, we should avoid small hotspots and pay attention to mainstream hotspots in the technology stock category.

  Zhang Lei, the chief equity expert of Hengtian Wealth and the head of the investment research service department of the Research Institute (Jin Qilin analyst) said that market sentiment has fully recovered, and the short-term market shock is not to be feared.

Zhang Lei said that the equity market has gradually switched to the beginning of the bull market.

In the current market environment, we should focus on finding strong industries and companies from mainstream circuits such as large consumption and core technology.

Whether it is a short-term 杭州桑拿 slump after the holiday or a certain shock adjustment in the future, it is actually part of the bull market shock.

The size of the bull market will provide a very good opportunity for contrarian deployment.

  Chuancai Securities pointed out that in the medium and long term, it is in line with the needs of the transformation of the macroeconomic structure, and science and technology industries with an upward industrial cycle boom will be the focus of the market.

In order to hedge the economic downturn caused by the epidemic, the policies are mostly favorable and sustained release, financing costs are reduced, and liquidity improvement is good for the growth sector, especially the new rules on refinancing since the holiday have loosened the fixed increase and GEM-related financing rules, increasing small and medium-sized enterprises.Appeal.Technology stocks, especially the semiconductor and 5G sectors, continue to receive policy and market attention, so the prosperity of the technology sector continues to improve.

Industrial Fulian (601138): Achieved Steady Growth in Performance 5G + Industrial Internet Continues to Empower

Industrial Fulian (601138): Achieved Steady Growth in Performance 5G + Industrial Internet 深圳丝袜会所 Continues to Empower

The 3Q19 results were in line with expectations for the 1st to 3rd quarter results of Industrial Wealth: Revenue of 2,799.

0 million yuan, a slight retrogression in ten years.

4%; net profit attributable to mother 101.

800 million, an annual increase of 4.


Among them, the third quarter revenue was 1,093.

9 trillion, an increase of 21% from the previous month and a decrease of 12 in ten years.

4%, mainly due to product structure adjustment of cloud service business.

Net profit attributable to mother 47.

100 million, an increase of 9 in ten years.

1%, an increase of 81% month-on-month, and steady growth in profits, in line with market expectations.

We maintain our profit forecast and outperform the industry rating and 20.

With a target price of RMB 00, we believe that the company is the core target of the Industrial Internet and has the potential to benefit in the long term under the promotion of 5G.

Development Trend The Industrial Internet is gradually showing improvement in operating efficiency.

According to the reported amount, the management fee and sales cost of Industrial Fulian achieved a double reduction, of which sales cost decreased by 18.

5%, administrative expenses decreased by 22.

88%, operating efficiency has improved significantly.

Looking at the third quarter alone, the company’s gross profit margin also increased from the same period last year.

15% rose to 0.

25ppt to 8.

4%, the expense ratio decreased by 0 compared with the same period last year.

4ppt, reflecting the industrial Internet’s internal quality improvement and efficiency, cost reduction and savings have been very productive.

Continue to allocate funds for research and development in 5G-related fields and the Industrial Internet.

The company has continued to invest in research and development, and reported investment in research and development expenses65.

93 ppm, a ten-year increase of 8.


Improve research and development speed in industrial artificial intelligence, industrial big data, 5G-related fields and precision manufacturing. The products cover intelligent servers, core computing of edge computing and fog computing, industrial cloud systems, Internet of Things, and 4G / 5G next-generation network technologies.

We believe that the company’s technology reserves are expected to become the core standpoint for future empowerment as it matures into 5G technology.

Actively and steadily promote existing businesses and transform the Industrial Internet.

Li Junqi, chairman of Industrial Fulian, said that the company will make full use of the production technology advantages accumulated over the past decades, information accumulation, and rely on the distributed layout to continue external empowerment, including professional empowerment, data 杭州桑拿网 empowerment, knowledge empowerment and talentEmpowerment, leading the transformation and upgrading of manufacturing.

Earnings Forecast and Estimate We maintain EPS forecast for 2019/2020 of 0.

89 yuan and 0.

96 yuan unchanged.

The current contradiction corresponds to 17 of 2019/2020.

2 times / 15.

9 times price-earnings ratio.

Maintain Outperform rating and 20.

A target price of 00 yuan corresponds to 22.5x 2019 P / E and 20.

8 times 2020 price-earnings ratio, 30 than the previous inclusion.

3% upside.

Risk The lifting of the ban on the strategic placing of shares on December 9 may affect short-term extensions.

5G and cloud computing fell short of expectations, and consumer electronics continued to weaken.

Depth-Company-Zhaoyan New Medicine (603127): Steady growth in performance and sustained growth

Depth * Company * Zhaoyan New Medicine (603127): Stable and robust performance and long-term sustained high growth can be expected

The company’s first three quarters of 2019 report consolidated and achieved operating income3.

4.8 billion (+42.

95%), net profit attributable to mother, 7,648.

310,000 yuan (+33.

66%), deducting non-attributed net profit6.


10,000 yuan (+38.

95%), operating net cash flow of 9,725.

640,000 yuan (-20.


Q3 single-quarter operating income1.

4.8 billion (+35.

86%), net profit attributable to mother 3,634.

690,000 yuan (+4.

5%), deducting non-attributed net profit of 3,172.

RMB 790,000 (+12.


Q3 single-quarter growth was slightly lower than expected, but according to the company’s scheduled business characteristics, continued 夜来香体验网 high growth can be expected, and maintain a BUY rating.

  The main points of the support level Q3 single-quarter performance growth initially does not represent representativeness, and thus brings greater significance.

During our research of companies and industries, investors were repeatedly defined. Due to the company’s business attributes and accounting system, splitting quarterly or semi-annual performance cannot fully explain the problem, because most of the company’s project cycle is 6 months-About 12 months, the general regulations are the initial questions, and the questions are closed at the end of the year, and the company’s accounting certificate confirms that the revenue is determined after the project is completely completed.

We believe that the company’s quarterly performance will become normal due to the opening of the title and the arrangement of the conclusion. There will be distortions in the quarterly data, which will entangle whether Q3 single quarter exceeds the “market expectations” without scale, and lead to maximum performance.significance.

The CRO industry is still in a high-boom stage (and no leading indicators of the industry’s turning point can be seen in the short term), and the company’s pre-revenue revenue has grown earlier.

71% (reflecting new long-term singletons), and inventory (reflecting open abstracts) increased from earlier (90.

75%), the newly invested animal houses will be replenished in the second half of the year, and the company’s performance will continue to grow rapidly.

Expenses increased significantly, and overall financial indicators remained stable.

The company’s overall gross margin is 51.

56%, a decrease from the same period last year.

73pct, net interest rate 21.

8%, a decrease from the same period last year.

66 points, the slight decline in profitability is ultimately the increase in experimental costs such as laboratory animals and labor costs; advance receipts4.

1.6 billion, an increase of 22 over the beginning of the year.

71%, we believe that there are more than 1 billion orders in hand.

Operating cash flow for the period was 9,725.

640,000 yuan, which is consistently higher than the net profit, a decrease of 20 from the previous year.

11%, the first is the first three quarters of paid employee compensation increased by 72.

5%, spending on purchasing goods and receiving services increased by 62%.

Selling expense ratio 2.

31% (-0.57pct), the absolute amount increases by 90 per year.

44%, the management expense ratio is 18.

47% (-3.

38pct), the absolute amount increases by 36 each year.

89%, R & D expense ratio 7.

67% (-0.

23pct), the absolute amount increases by 51 each year.


  It is estimated that net profit will be realized in 2019-20201.

5.7 billion, 2.

1.7 billion, 2.

8.3 billion, maintain BUY rating.

  The main risks faced by the rating are slower than expected; the progress of investment projects is slower than expected; the profit of new investment projects is not up to expectations.

China International Travel Service (601888): Growth in the first half of the year is in line with expectations

China International Travel Service (601888): Growth in the first half of the year is in line with expectations

The performance is in line with expectations. After excluding travel agencies, the gross profit margin increased significantly: first-half revenue was 243.

44 billion / + 15.

46%, due to the divestiture of the travel agency in January and the 成都桑拿网 impact of Shanghai’s consolidation on March last year, the net profit attributable to the mother was 32.

7.9 billion / +70.

87%, deducting non-attributed net profit of 25 ppm / + 30.

86%, mainly due to the impact of about 700 million investment income generated by the divestiture of travel agencies, EPS1.

68 yuan, consistent with the express.

Among them, Q2 revenue was 106.

5.3 billion / -12.

94%, net profit attributable to mother 9.

7.3 billion / + 28.

21%, net profit after deducting non-return to mother 9.

10 billion / + 20.


The overall gross profit margin is 51.

05% / + 9.

83pct, mainly due to the replacement of low-margin travel agency business, excluding this effect, the gross margin of merchandise sales business51.

76% / + 0.

09 points.

Of the three fees, the sales rate is 30.

29% / + 12.

20pct, due to the implementation of airport tax-free business (new deduction points at Pudong Airport T2 and Hongqiao on January 1 this year, Beijing Airport started new deduction points on February 11 last year), resulting in increased rental fees and expenses; management fee rate 2.

32% /-0.

42 points, financial expense rate 0.

05% / + 0.

11 points.

Outlying islands are exempt from tax growth, and Shanghai Airport ‘s 18-year tax exemption has contributed to a significant increase in performance: the first half of the subsidiary ‘s annual revenue was 237.

3.8 billion, of which tax-free revenue was 229.

08 billion / +53.

26%, tax-free gross margin of 52.

29% /-0.


1) Sanya Haitang Bay revenue 53.

2.9 billion / + 28.

72% (including tax-free revenue of 51.

8.1 billion / + 28.

50%), net profit 8.

3.3 billion / + 5.71%.

This was due to the increase in rents and property costs in the second half of last year.

2) Shanghai Airport tax-free revenue 73.

7.7 billion / + 92.

41%, net profit attributable to mother 3.

2.1 billion / + 49.

30%, mainly due to different calibers in a few years (Shanghai-Shanghai revenue in the first half of the year is March-June consolidated income); 3) Capital Airport’s tax-free revenue43.

6.5 billion / + 25.

54%, of which China and Japan revenue 37.

6.6 billion, net profit attributable to mother is zero.

9.5 billion.

4) Hong Kong Airport tax-free revenue12.

9.6 billion / + 36.


5) Guangzhou Airport realized tax-free revenue8.

44 billion / + 193.

06%, mainly because T2 increased its operating area by more than 6000 square meters after its opening in May 18th.

A property and casualty insurance company has been established, and the city’s duty-free shops have been opened. It is expected that the Chinese policy will be implemented: the company and the group plan to establish a China Travel Property and Casualty Insurance Company, of which the group intends to contribute 2.

8.3 billion, 28 shares.

33%, the company plans to invest 50 million, 5% shareholding ratio, in the future will be travel insurance and company customer resources, services and other related, to promote industry-finance synergy, is conducive to the development of the company’s tax-free business.

In addition, the stores in 5 cities have been opened. Although they are only targeted at foreign tourists, if the city’s tax exemption policy is released in the future, it will expand the scope of tax exemption.

Profit forecast: The company is still in a period of rapid development. We are optimistic about the company’s future development.

Taking into account the significant increase in the company’s overall gross profit margin after the removal of the travel agency and the impact of the Hong Kong incident, the EPS for 19-21 is raised to 2.

36, 2.

62, 2.

97 yuan, maintaining the “overweight” level.

Risk warning: economic downturn, gross margin growth is less than expected, tax exemption policy falls short of expectations

Sleep your natural tonic

Sleep your natural tonic

Sleeping is vital to the human body.

In labor, work, and study, people consume energy and rely on sleep to compensate.

Sleep is not only a supplement, reserve energy, eliminate fatigue, restore the main form of physical strength, but also an important interaction to regulate various physiological functions and stabilize the balance of the nervous system, whether it is for the development of the body, or to protect the health of the body, to maintain strongVitality is very important.

Therefore, it is inevitable that both the ancients and modern people attach great importance to the science 重庆耍耍网 of sleeping.

Banshan Weng Yun: “Huashan Shifang sees it, not to sleep in the fairy side.”

“Describe that sleep is more important for any longevity than any immortal.”

If a person does not sleep well at night, the next day they will feel dizzy, squinting, tinnitus, general weakness, memory and thinking ability, and even affect the heart, blood pressure and digestive function.

Some people have experimented with dogs. They only give it water every day without giving food. They can live for 25 days, but if they don’t let the dog sleep, they will not become normal for ten days.

As long as people do not sleep for three consecutive nights, they will be groggy.

Weakness and weakness, recollection and thinking, judgment ability decline, and even hallucinations.

If you don’t sleep for 10 to 14 days, it will be life-threatening.

  Regarding the mechanism of sleep, Chinese medicine believes that it is the result of alternating yin and yang.


“The Great Confusion” said: “If the yang is exhausted, then the yin is full.

Modern medicine believes that the essence of sleep is a protective inhibition of high-level neural activity.

When the nerve cells of the cerebral cortex are fatigued due to continuous work, they enter the suppression state from the excited state, and the inhibition gradually spreads from the local to the surrounding, and the cortex and the subcortex enter the sleep state after entering the broad inhibition.

  During sleep, most of the organs are in a state of low metabolism and low activity, and various physiological activities in the body are weakened, which can greatly reduce energy 夜来香体验网 consumption, recover cells, replenish energy, and reserve new activities for the next day’s of.

So after a day of fatigue, as long as you sleep well, you can eliminate fatigue and rejuvenate.

Hengrun (603985): rapid revenue growth underestimates high-quality targets

Hengrun (603985): rapid revenue growth underestimates high-quality targets

Investment Highlights The company’s revenue continues to grow rapidly.

The company achieved operating income in 201811.

85 ppm, an increase of 60 in ten years.

03%; net profit attributable to mother 1.

25 ppm, an increase of 37 in ten years.

62%; The company achieved revenue in the first quarter of 20192.

64 ppm, an increase of 21 in ten years.


  The annual income of wind power tower flanges has greatly increased, and the gross profit margin has increased.

In 2018, the company’s wind power tower revenue reached 5.

900,000 yuan, an increase of 50 years ago.

37%; gross margin is 23.

31%, a decrease of 10 per year.

54 points.

  As a leader in offshore wind power flanges, the company has significantly benefited from the rapid growth of global offshore wind power installations.

However, the price of raw materials is still at a high level, the overall price of fans has fallen, and the increase in employee compensation has caused a significant decline in gross profit margin.

  The petrochemical pipeline industry leads the rapid growth of forged flanges.

The company’s forged flanges and other free forgings have revenue of 3.

10,000 yuan, an increase of 67 in ten years.


Among them, the revenue of forged flanges 杭州桑拿 reached 2.

6.8 billion, a previous growth rate of 70.

45%, and gross margin increased by 6.

96 cases reached 26.


From the perspective of industrial applications, the petrochemical pipeline industry has the fastest growth, with revenue of 7206.

530,000 yuan, a surge of 487 in ten years.


Metal pressure vessels and trading companies also have 38.

96% and 22.

92% revenue growth.

The rise of the refining and chemical industry and the supply-side reforms have significantly driven the company’s business.

  The ratio of three expenses increased significantly, and the R & D expense ratio increased.

Company selling expenses 5.

19%, exceeding the expected target 3.

91 points; administrative expenses 2.

86%, a reduction of 0 per year.

76 points.Finance costs are -0.

30%, a decrease of 1 per year.


Together, the three expense ratios are significantly reduced by 5.

90pct, which to some extent reduces the impact of rising gross margins.

R & D expenses 3.

93%, increasing by 0 every year.

47 points.

  Acquired 51% equity of Guangke Optoelectronics and cut into the photovoltaic and pan-semiconductor components industry.

The company’s board of directors agreed in September 2018 to 1.

8 billion acquisition of 51% stake in Guangke Optoelectronics.

Guangke Optoelectronics promises that the net profit attributable to mothers and the net profit attributable to non-mothers from 2018 to 2020 shall not be less than 30 million yuan, 35 million yuan and 40 million yuan respectively.

  Guangke Optoelectronics’ main technology is machining, which can form a good synergy with the company.

Through the acquisition of Guangke Optoelectronics, the company cut into the field of photovoltaics and pan-semiconductor equipment, opening a huge space for the company’s future development.

  Earnings forecast and rating: The company’s offshore wind power flanges have grown rapidly, and the acquisition of Guangke Optoelectronics has opened up new space.

  We have adjusted our profit forecast and expect the company’s EPS for 19-21 to be 1.



08 yuan, corresponding to the closing price of PE on June 6 is 11.

5x / 9.

0x / 7.

4x, maintaining the level of “prudent overweight”.

  Risk warning: further increase in raw material prices, risks of overseas trade, and risk of goodwill impairment.

Evergreen Group (002616) Semi-annual Report Comment: Heating Projects Accelerated

Evergreen Group (002616) Semi-annual Report Comment: Heating Projects Accelerated
Event: In the first half of 2019, the company’s revenue was 99.201 million yuan, an increase of 17%.1%; net profit attributable to mothers was 95.63 million yuan, an increase of 208%; second-quarter revenue was 50.53 million yuan, an increase of 16.9%, net profit attributable to mothers was 47.59 million yuan, an increase of 338%.The improvement of outstanding performance is primarily due to the increase in performance of the central heating sector.  The Mancheng project led to high revenue growth.In the first half of the year, the company’s revenue was 99.09 million yuan, of which cogeneration and waste treatment / kitchen appliances and valve products / outdoor and heating supplies revenue were 599.1 / 14470/2482 million, an increase of 58.5PCT / 9.5PCT / -26.3PCT.The substantial increase in combined heat and power generation revenue was mainly contributed by the Mancheng project. The export of outdoor and heating supplies has improved due to the impact of the trade war.The gross profit margins were 23 respectively.9% / 27.5% / 31.1%, the same increase of 9.5PCT / 3.9PCT / 8.0PCT.The increase in the gross profit margin of the cogeneration unit is mainly provided by the Mancheng project to supply industrial steam. The gross profit margin is higher. The higher gross profit margin of kitchen appliances and outdoor products may be related to the company’s shrinking production line.  The Mancheng project has strong profitability.2019H, Mancheng project revenue 2.30,000 yuan, net profit 53.05 million yuan, net interest rate 22.6%, through the increase of steam supply in the combined heat and power project of the Mancheng Paper Products Industrial Park, the profit scale of Mancheng helps to increase.The Zhongshan, Yishui, Mingshui, Yutai, and Ning’an projects that the company has already run contributed a total net profit of 4270/6957 million yuan in 2018H / 2019H. In comparison, the Mancheng project has outstanding profitability.  Government subsidies decreased by 20.39 million yuan, and asset impairment decreased by 21.52 million yuan.In the first half of 2018, due to the lag in the subsidy of electricity charges for the Yutai project, the company had an asset impairment loss of 29.44 million yuan. The expenditure supplement was replaced at the end of 2018. The company’s asset impairment loss in the first half of 2019 was 7.92 million yuan, a decrease of 21.52 million yuan.The government subsidy was 60.64 million yuan in the first half of 2018 and 40.25 million yuan in the first half of 2019. The government subsidy was also reduced by 20.39 million yuan.  Management fee rate, sales rate decreased, and cash flow turned positive.In the first half of the year, the company’s sales rate / financial rate / management rate were 2 respectively.6% / 2.9% / 10.5%, the same increase -0.9PCT / 0.9PCT / -0.8PCT.The increase in financial rates was mainly due to an increase in projects under construction and an increase in index expenditure.Net cash flow from operating activities in the first half of the year was 28.25 million yuan, compared with 95.17 million yuan in the same period last year. Cash flow improved.  Seven heating projects are expected to start production by the end of the year, and six new cogeneration projects will begin.The third phase of the 上海夜网论坛 central group project has entered the trial operation phase of the Wucheng and Qujiang projects; the construction of Maoming, Tieling, Yongcheng, and Yixian has come to an end. The above seven projects are expected to be put into operation.In the first half of 2019, the company also started 7 new high-quality biomass cogeneration projects including Xinye, Yanjin, Huaxian, Funing, Songyuan, and Binxian.  Profit forecast: The company’s revenue for 2019-2021 is expected to be 30.1/39.1/44.3 trillion, corresponding to the net profit attributable to mother is 3.4/5.4/7.1 ppm, EPS is 0.46/0.73/0.96 yuan / share, corresponding to PE of 14.5X / 9.0X / 6.9X.The company’s heating projects are expected to continue to be put into operation, and maintain the “Buy” rating.  Risk reminder: The risk of arrears in supplementary electricity bills for biomass plants, the project progress is not up to expectations.