Limin Shares (002734) Semi-annual Report Review: Interim Report with Beautiful Results and Weiyuan Start Together

Limin Shares (002734) Semi-annual Report Review: Interim Report with Beautiful Results and Weiyuan Start Together

Event: The company announced in the 2019 Interim Report that the company achieved operating income in the first half of 201910.

8.8 billion, an annual increase of 52.

65%, net profit attributable to mother 1.

9.9 billion, an annual increase of 92.


At the same time, it is expected that net profit attributable to mothers will be realized from January to September 20192.


10 billion, an increase of 80% to 100% in the same period. Sales of main products increased. Consolidated Weiyuan’s performance. The company’s shares in Xinhe Company (34%). The production capacity of chlorothalonil increased to 3 at the end of 2018.The market price has always remained above 50,000 / ton, and Xinhe Company achieved net profit in the first half of 20192.

6.8 billion, up 193 previously.

54%, the company’s investment 都市夜网 income exceeded 1 ppm.

The company adjusted its sales strategy for Sensen products, the sales volume increased rapidly, and it successfully explored the South American market. The profitability of its holding subsidiary Shuangji Company returned to normal, and it achieved a net profit of 11.73 million in half a year, which is expected to reach over 20 million.

In May 2019, the company completed the acquisition of Weiyuan Assets Group and consolidated the report.

Weiyuan Jiawei salt, avermectin and other products sold well, and the net profit reached 29.82 million in just one month. It will exceed the probability of fulfilling the performance promise with a high probability.

100 million, the company ‘s mid-term performance is beautiful, new products and new projects are on the agenda, the company ‘s equity incentives are 重庆耍耍网 complete and the incentive mechanism is completed. The company ‘s 10,000-ton Daisen series DF project has been installed and commissioned. The project of tons of water-based preparations is also progressing in an orderly manner.

The construction of the fourth chlorothalonil production line in Xinhe has begun, and it is expected to reach the end of the year.

In terms of Weiyuan, in the future, glufosinate cation and methanoate will expand the internal Mongolian base. The company will also launch a comprehensive incentive mechanism for the equity incentive plan in a timely manner, and the company will enter a period of rapid development.

Cooperating with Weiyuan, we will continue to maintain the “highly recommended” rating company Daisen fungicides successfully opened up the South American market, sales continued to increase; aluminum triethoxylate, frost urea cyanide underwriting for major customers, production and sales boom; mesotrione amountThe prices rose; the chlorothalonil industry of the participating subsidiaries was booming and the production capacity continued to expand.

Weiyuan Biochemical Abamectin products are stable and profitable, and the Inner Mongolia project is worth looking forward to.

Considering Weiyuan’s consolidation for 7 months in 2019, we expect the company’s combined net profit for 2019-2021 to be 3 respectively.


15, 4.

97 ppm, the current sustainable corresponding PE is 13, 11, and 9 times. Maintaining the “strongly recommended” rating. Risk reminder: the price of the product has dropped, the company’s environmental protection has fallen short of expectations, and the nominal performance commitment has fallen short of expectations.

Tiandi Technology (600582) 2018 Annual Report Comments: Long-term performance is slightly lower than expected orders to maintain high growth

Tiandi Technology (600582) 2018 Annual Report Comments: Long-term performance is slightly lower than expected orders to maintain high growth

This report reads: The boom of the coal machine industry continues, and the company’s orders continue to maintain high growth, maintaining the level of overweight.

  Investment Highlights: Objective: Maintain Overweight rating.

公司2018 年营业收入/归母净利分别为179 亿\9.6.2 billion, an increase of 16.

65% / 2.

08%, slightly lower than expected.

Taking into account that the settlement strength in 18 years is lower than expected, the profit forecast for 19-20 is lowered, and the corresponding EPS is 0.

30 yuan (the original value is 0.

37 yuan), 0.

35 yuan (the original value is 0.

45 yuan), and EPS0 in 2021.

41 yuan. As the single item in the new year of 2018 still maintains high growth, the target price is maintained at 6.

00 yuan, maintaining the overweight rating.

  Performance was slightly lower than expected, but orders still maintained high growth.

①The company’s coal machine manufacturing business income was 73.

9.1 billion, an increase of 17 in ten years.

06%, safety equipment business income 25.

6.9 billion, an increase of 42 in ten years.

35%, environmental protection equipment income 7.

2.7 billion, an increase of 19 years.

51%, revenue from coal production and technology projects were 19.

6.9 billion, 29.

6.1 billion, basically unchanged, with project income of 19.

8.4 billion, an annual increase of 29.


Initial overall revenue was 17.9 billion yuan, an increase of 16 武汉夜网论坛 in ten years.

65%, net profit 9.

6.2 billion, basically basically the same, a year-on-year increase of 56% (21.2 billion) in 2017, the settlement intensity and profitability are slightly lower than expected.

② In 2018, the company’s newly signed contract value was 25.5 billion yuan, an increase of 20% year-on-year, and orders continued to maintain high growth.

  The profitability of coal enterprises will continue to grow, and the coal machine industry will maintain its prosperity.

According to the National Bureau of Statistics, in 2018, coal mining and washing industries nationwide and above have gradually realized operating income of 24,645.

800 million, an annual increase of 4.

3%, the total profit is 2888.

200 million, a five-year growth of 5.

2%. At present, coal companies still maintain a certain profit growth rate, and the boom of the coal machine industry will remain.

  Catalyst: Rising coal prices.

  Risk Warning: Coal prices exceed a reasonable range, and coal companies’ capital expenditure completion is beyond expectations.

CV Source (002841): Intelligent Interactive Leadership Education Conference Promotes Continuous Growth

CV Source (002841): Intelligent Interactive Leadership Education Conference Promotes Continuous Growth
Event: The company achieved revenue of 130 in the first three quarters of 2019.10,000 yuan, an increase of 8 in ten years.32%; realized net profit attributable to mother 14.140,000 yuan, an increase of 66 in ten years.32%.Predict the net profit attributable to mothers for ten years in 201914.56 ppm-17.07 million yuan, an increase of 45% -70% in ten years. Benefiting from the rise in the smart board 佛山桑拿网 business and the decline in upstream raw material prices, the company’s profits have shown a rapid growth trend. At present, the development of the global LCD TV market has entered a platform stage, the demand for LCD TVs has become saturated, and the sales and penetration of smart TVs have continued to rise.The intelligentization of board cards has become the development trend of TV board cards. The company increased the resource occupation of smart board products, and carried out diversified joint development and product innovation with customers on smart board cards, thereby further optimizing the board card business structure and covering part of theThe impact of multiple positive factors such as the downward adjustment of the market price of electronic raw materials has strengthened the profitability of the LCD control card business. The informatization trend is driving the growth of demand for intelligent interactive products. The company’s leading scale is expected to fully benefit from the data of China Industry Information Network. In 2018, the global intelligent display interaction industry market size was USD 196.8 billion, and China’s intelligent interactive market size was 95.1 billion. It is expected thatBy 2020, the global smart display interactive industry market will reach 3000 trillion, and the Chinese market will reach 1,600 trillion.According to the company’s semi-annual report for 2019, the company’s interactive smart tablet products have a market share of more than 30% in the education and conference market, which is expected to fully benefit from the wave of smart interactive product popularity dividends. The investment proposal estimates that the company’s attributable net profit for 2019-2021 will be 15 respectively.6/20.3/24.3 ppm, corresponding to 2 EPS.38/3.10/3.71 yuan; considering the company’s leading position in the field of display boards and interactive smart tablets, the company is given 40 times PE in 2020, with a target price of 124 yuan, covering for the first time and given a “buy” rating. Risks indicate the risk of a decline in market prospects; the risk that business development in segmented markets fails to meet expectations; the business risk of foreign exchange hedging.

Macalline (601828) Company Review: Revenue Growth Slightly Continues to Advance New Nested Home Retail

Macalline (601828) Company Review: Revenue Growth Slightly Continues to Advance 淡水桑拿网 New Nested Home Retail
Investment Highlights Event: Macalline released the third quarter report of 2019, and the company achieved revenue of 118 in the third quarter before 2019.24 ppm, an 18-year increase.34%; net profit attributable to mother 37.83 ‰, 9 years ago.06%; non-recurring gains and losses14.71 ppm, of which income from changes in fair value of investment properties13.88 ppm, all narrowed compared to the same period last year; non-net profit deduction of 23 was achieved.12 ppm, an increase of 5 in ten years.13%.Net cash flow from operating activities 29.25 trillion, a decrease of 8.34%.Among them, the company achieved revenue of 40 in the single quarter of 19Q3.67 ppm, an increase of 12 in ten years.41%, achieving net profit attributable to mother 10.78 ‰, the ten-year average of 3.9%, deducting non-net profit 5.99 ppm, a ten-year increase2.5%.  Revenue growth increased slightly and financial expenses increased.The company’s overall gross profit margin for the first three quarters of 2019 was 67.07% (-0.92 points.), Net interest rate 34.26% (-9.69 points.), Of which 19Q3 single quarter gross profit margin 67.26% (-1.63 points.), The construction business with the highest gross profit margin grew to a decline in overall gross profit margin.Expense rate for the first three quarters (plus R & D expenses) 36.61% (+6.2pct.).Among them, the selling expense ratio is 12.81% (+1.43pct), advertising and promotion costs increased; management expense ratio (plus R & D expenses)98% (+0.64pct), financial expense ratio 13.83% (+2.02pct), mainly due to the increase in interest-bearing debt and rising financing costs. The company expects to increase the proportion of long-term debt and optimize the debt structure.  Self-employed business: Keeping stable, the rental mall’s revenue increased significantly in the first three quarters.In the first three quarters of 2019, the company’s self-operated business income was 59.400 million (+10.7%), gross profit margin is 79.8% (+2.6 points.).The company operates 85 self-operated shopping malls (earlier +5), with a total operating area of 764.96 Magnum (earlier +73.10,000 countries).  Among them, 1) Revenue from own shopping malls 49.9.4 billion (+9.1%), gross profit margin is 86.6% (+2.2pct.), Gross profit margin further improved.2) Rental mall revenue 9.3.5 billion (+18.7%), gross margin 46.4% (+7.4); 3) Revenue from joint ventures and joint venture malls 3.300 million (-19.1%), gross margin of 62.1% (-6.7pct), revenue growth was interrupted.  Commissioned business: The project concentrated in the fourth quarter and the gross profit margin of the business was extended.As of the third quarter of 2019, the company operated 234 commissioned shopping malls (+6), and opened 31 franchise home building materials stores / industry streets (not involved in subsequent operation and management).19 The first three quarters of the Commission’s management business realized revenue 32.900 million (+18.4%), the management area of the shopping mall is 1252 Magnum (+4.14%), with a gross profit margin of 68.2% (+7.6pct).  The scale of store operation market is leading, and digital marketing opens a new era of marketing.1) The self-operated core competitiveness is superimposed on the asset-light model to strengthen channel value.According to the average report, the operating areas such as self-employed and commissioned management have been further increased, and product channel expansion has accelerated under the asset-light model.2) Steady growth of traditional businesses and accelerated development of emerging businesses.In the third quarter, the performance of traditional businesses improved comprehensively, and the profits of emerging businesses continued to grow.3) The digital marketing system is advancing steadily.Alibaba joined the board of directors and started a new round of model restructuring in the furniture industry.IMP smart marketing helps to create a super traffic field, and the “smart intelligence” era highlights the value of top furniture channels.  Investment suggestion: We believe that with the omnichannel flooding of the home business platform service provider positioning, along with the sinking of project management channels and business diversification, the company’s performance is expected to continue to grow steadily.We predict that the company will achieve revenues of RMB 166.5 billion, RMB 28.6 billion and RMB 20.6 billion in 2019-21, a year-on-year increase of 16%.1%, 12.8%, 10.7%, realized net profit return to mother 49.5, 55.1, 60.900 million, an increase of 10 in ten years.6%, 11.2%, 10.5%, the corresponding EPS is 1.49, 1.55, 1.72 yuan to maintain the “overweight” level.  Risk reminder: The degree of real estate boom reduces risks, and the development of projects under management is less than expected.

Shanying Paper (600567): Convertible bonds approved to help the company’s long-term development

Shanying Paper (600567): Convertible bonds approved to help the company’s long-term development

Event: The company issued an announcement: The company’s application for convertible bonds was reviewed and approved by the CSRC’s Issuing Committee.

  Opinion: The application for convertible bonds is approved, which saves costs while improving environmental protection, and improves the operating efficiency of the enterprise.

The total amount of funds raised by the convertible bonds this time does not exceed 18.

600,000 yuan, the following three projects are proposed, 1.

1. Comprehensive utilization of papermaking wastewater resources by Aituo Environmental Energy (Zhejiang) Co., Ltd .; 2.

2. Comprehensive solid waste utilization project in Yangjiachang Industrial Park, Gong’an County;

Shanying International Holdings Co., Ltd. comprehensive utilization of resources power generation project.

The planned investment scale of these three projects is 10 respectively.

82, 5.

69, 7.

7.6 billion yuan, the proposed investment amount for the fundraising is 7.

8, 4.

0, 6.

800 million.

With the increasingly stringent national environmental protection policies, companies that used to deal with solid waste for the company have withdrawn from the market one after another. The previous mode of disposal of waste resources has become unsustainable.

After the implementation of this fund-raising project, it will be possible to realize the internal digestion of solid waste, and it will also improve the company’s operating efficiency through its own use or online sales of electricity to save costs.

  Production capacity continues to expand, focusing on long-term cost advantages of leading companies.

The company’s central China base was completed and put into operation in the first half of this year, with a capacity of nearly 600 tons of containerboard. At the same time, the company has a total annual capacity of 450 recycled fiber in North America, Europe and other places.

In addition, the company’s subsidiary Phoenix Paper can provide 36 supplementary pulp 重庆耍耍网 paper and 12 supplementary recycled pulp production capacity.

With the continuous release of production capacity, the company’s leading company has been constantly consolidated.

The current domestic and foreign waste price difference is about 950 yuan / ton, and the company’s first nine batches of external waste have a dark color of 90.

20 nominal, significant cost advantages.

In addition, the company’s subsidiary Phoenix Paper Co., Ltd. launched a 12-recycled pulp production line for technical transformation, and at the same time, it will reach 30 supplementary recycled pulp supply agreements with strategic partners to further consolidate the company’s raw material advantages.

We believe that the cost advantage of leading companies in the future will continue to strengthen and long-term competitiveness will be 重庆耍耍网 outstanding.

  Profit forecast and estimation: The company’s EPS for 19-21 is expected to be 0.

33, 0.

35, 0.

38 yuan, corresponding PE is 10X, 9X, 8X.

Maintain “Buy” rating.

  Risk warning: downstream demand continues to expand and expand, and the original real growth price

COSCO HI-ENERGY (600026): The performance exceeded expectations and the cycle continued upward. In the third quarter, the initial low season can be deployed at a low level.

COSCO HI-ENERGY (600026): The performance exceeded expectations and the cycle continued upward. In the third quarter, the initial low season can be deployed at a low level.

The first quarter of 2019 results exceeded expectations. COSCO Haineng announced the first quarter of 2019 results: operating income 38.

48 ppm, an increase of 59 in ten years.

9%, mainly due to the increase in the company ‘s capacity, freight rates, and the tail-lift effect of the acquisition of Sinopec ‘s oil product fleet in March 2018; net profit attributable to the parent company4.

280,000 yuan, an annual increase of 595% (the same period last year, 86.48 million yuan), corresponding to a profit of 0.

11 yuan.

The substantial improvement in oil freight rates led to better-than-expected results: Although capacity delivery was supplemented (19 VLCCs were delivered in the first quarter), benefiting from the increase in US export volume and US sanctions against Venezuela, the demand for long-haul routes increased.: The average daily revenue of the Middle East-China (TD3C) route is US $ 27,948 / day, a continuous increase of 243%, and the daily revenue of other major ship routes increased by 50% -220%.

At the same time, the company takes advantage of scale and locks high freight rates through long routes to outperform the market.

According to the company’s performance promotion PPT, the company’s foreign trade oil transportation business revenue increased 73% to 22 in the first quarter.

7 ppm, gross margin increased by a maximum of 33 units to 18.


Domestic trade business contribution is relatively stable: revenue 11.

90,000 yuan, an increase of 51 in ten years.

86% (mainly due to the contribution from the acquisition of the oil product fleet), the gross profit of the domestic crude oil business1.

86 ‰ (7% reduction in one year), gross profit margin is 30.

6% (previously a slight decrease of 4.

7 averages).

The scale of LNG fleet increased, and profit before tax increased by 90%. In the first quarter of 2019, 3 new LNG vessels were newly received, which increased by 10 each year, and the profit before tax of LNG transportation1.

380,000 yuan, an annual increase of 90%.

The development trend maintains the judgment that the fundamentals of oil transportation bottomed out and the company’s performance elasticity was large during the upward cycle.

Looking forward, US crude oil exports are expected to continue to grow. Pipeline throughput is expected to break through in the third and fourth quarters, long-haul routes will support increased demand for turnover, and low-sulfur oils may limit or accelerate the dismantling of old ships.

In the short term, freight rates in the second and third quarters of the year are off-season during the year. If we consider the low-level layout, we suggest that we pay attention to the progress of China-US trade negotiations.

Domestic trade oil transportation (contributing stable profit of about 6 billion per year) and LNG transportation (contributing profit of about 6 billion per year after 2020) provide profit safety mats (accounting for 45% of revenue in 2018), and there will beincrease.

Earnings Forecast Due to better-than-expected results, we have revised our 2019 / 20e earnings forecast from 10.


66 trillion increased by 8/8% to 11.

03 ppm / 22.

4.1 billion.

It is estimated and recommended that the company’s current A shares, H corresponds to 0 in 2019.


6 times P / B, 23.


6 times P / E, maintaining recommended level and target price of 8.

RMB 33/6.

36 Hong Kong dollars, corresponding to 1 in 19 years.


8 times P / B, compared with current 30% and 24% space.

The risk oil freight rate exceeded expectations, and 青岛夜网 the delivery exceeded or exceeded expectations.

Jacques Technology (002409): Rapid development of semiconductor materials with performance in line with expectations

Jacques Technology (002409): Rapid development of semiconductor materials with performance in line with expectations
The company achieved operating income in the first half of 20198.610,000 yuan (ten years +32.73%), achieving net profit attributable to the parent1.One million yuan (ten years +136.76%), achieving net profit after deduction is 0.9.3 billion (twice +204.27%).The company achieved revenue in the second quarter alone4.460,000 yuan (ten years +30.78%, +7 from the previous quarter.21%); achieve net profit attributable to mother 0.59 trillion (decade +134.00%, +43 from the previous quarter.90%), net profit after deduction is 0.540,000 yuan (ten years +250.23%, +38.46%).It is expected that the company will realize net profit attributable to mothers from January to September.52-1.70 ppm, an increase of 62 in ten years.70-81.97%. The environmental protection progress is strict, and the flame retardant plate has been significantly improved.Due to the strict national security supervision and environmental protection policies, and the impact of the explosion in the Xiangshui County chemical plant, the company’s flame retardant plate production was affected in the first half of the year.Xiangshui Jacco achieved 杭州桑拿网 revenue of 75 due to the suspension of production.110,000 yuan, a decline of 98 every year.19%, net profit was 11.48 million yuan, down 994 in excess.90%; due to the rectification of the park, Binhai Jacques realized revenue of 45.92 million yuan, a year-on-year decrease of 38.76%; realized a net profit of 12.01 million yuan, a decline of 988 each year.02%.Overall, the flame retardants segment achieved revenue2.82 ppm, a decrease of 29 per year.74%, gross margin of 21.99%, an increase of 4 a year.43 points. The rapid development of semiconductor materials.KOMET and Jiangsu Senko were consolidated on April 30, 2018, and were consolidated for two months in the same period last year. In the first half of the year, the company’s electronic special gas segment achieved revenue1.75 ppm, an increase of 335 in ten years.39%, gross margin 杭州夜网论坛 48.78%, an increase of 11 per year.48pct; semiconductor chemical materials to achieve revenue 2.110,000 yuan, an increase of 335 in ten years.39%, gross margin 48.78%, an increase of 11 per year.48 points.The company’s layout in the semiconductor materials industry, integrated circuit packaging field, and electronic special gas industry has been further consolidated through its wholly-owned subsidiaries Huafei Electronics, Jiangsu Scitech, and Chengdu Komet, a holding company. Under the background of the Sino-US trade war, domestic productionProgress is accelerating. LNG thermal insulation sheet business continued to improve.The company advanced sales orders signed with Hudong Zhonghua Shipbuilding Company as planned.In the first half of the year, LNG insulation materials achieved revenue of 47.58 million yuan, an annual increase of 154.12%.At the same time, the company’s LNG insulation boards have successively obtained relevant certifications. In the future, it is expected to obtain orders from well-known classification societies and shipyards at home and abroad. Lowered profit forecast: Affected by the suspension of production by subsidiaries, the profit forecast of the company was lowered, and the company is expected to realize net profit attributable to mothers in 2019-2021.53/3.51/4.30 ppm, corresponding to PE of 33/24/19 times, maintaining the “Buy” level. Risk reminder: The price of the product drops, and the risk of new project launch is less than expected.

Aerospace Electric (002025): 1-3Q net profit increased by 11%; 4Q focused on payment repayment, order delivery and new business development

Aerospace Electric (002025): 1-3Q net profit increased by 11%; 4Q focused on payment repayment, order delivery and new business development
Performance review remains outperforming the industry1?The 3Q19 performance was slightly lower than our expectation for the company’s first three quarters of 2019: operating income of 25.12 ppm, an increase of 28 in ten years.11%; net profit attributable to parent company2.0.97 million (corresponding profit) 0.69 yuan), an annual increase of 11.34%; net profit after deduction to mother 2.81 ppm, an increase of 10 in ten years.81%.  The growth rate of net profit slightly exceeded expectations, mainly due to the single quarter growth in 3Q19 exceeded expectations.  The company achieved revenue in the third quarter8.900 million, an annual increase of 13%, a month-on-month decrease of 5.8%; Net profit 1.09 ppm, an increase of 0 in ten years.09%, an increase of 0 from the previous month.03%.The growth rate of single quarter net profit increased rapidly (1Q / 2Q increased by 20% / 19% respectively). The main reasons we judge are: 1) 1H19 company is in the phase of rapid capacity increase, 3Q capacity growth is gradually increasing; 2) the company continues to growProduct research and development expenses, research and development expenses increased by 32% each year, the overall period expense rate increased by 4ppt; 3) continued 3Q19 period end, accounts receivable 26.80,000 yuan, the company’s provision for bad debts increased, 3Q asset impairment loss 0.2.7 billion.  Development trend The gross profit margin has improved significantly from the previous month. Maintaining a high inventory level indicates that the order is full. Pay attention 杭州桑拿网 to the progress of the return of payment.The expectations are: 1) 3Q single quarter gross profit margin of 40%, 3ppt increase again, 12ppt month-on-month increase; 1?3Q19 gross profit margin was 37%.We expect that through the acceleration of high-end product delivery in the fourth quarter, the expected gross profit margin will gradually increase.2) As the order was full, the company increased its material reserves and terminated the inventory at the end of 3Q195.2 ppm (earlier increase of 41%).The company’s high-end products use the mode of sales and production, and inventory growth indicates strong downstream demand and even more growth momentum.3) Considering that the payment collection is mainly concentrated in the fourth quarter, we expect to effectively increase gradual profit growth.  Leading company in high-end connectors, focusing on high-end product order delivery and key customer expansion in the communications field.The company’s high-end product revenue accounts for about 60% +. Benefiting from mechanization and accelerated information construction, we expect high-end products to maintain 15%?20% growth, focusing on order delivery and revenue recognition progress.In the end, the company actively deployed 5G communications, intelligent equipment and other fields, and has already reserved a number of new products including high-speed connectors. We believe that the industrialization of new products in the future will promote the company’s performance growth.  Earnings Forecasts and Estimates We adjusted our income breakdown forecasts and lowered our net profit for 2019/20204.8% / 3.2% to 4.2.2 billion / 5.1.5 billion.Currently corresponds to 25 of 2019/2020.7 times / 21.1x price-earnings ratio.Taking into account the reasonable estimates of the sector and the adjustment of earnings forecasts, the target price is reduced by 16% to 29.5 yuan, corresponding to 30 times the 2019 price-earnings ratio and 25 2020 price-earnings ratio, there is 17% upside compared to the current mainstream.Maintain “Outperform” rating.  Risk payment return is worse than expected; uncertainty of order delivery and new product expansion

Haitian Flavor (603288) Third Quarterly Report Review: Q3 Growth Slightly Increases MoM

Haitian Flavor (603288) Third Quarterly Report Review: Q3 Growth Slightly Increases MoM

Event description Haitian Weiye disclosed three quarterly reports on October 29 that the company’s net profit in the first three quarters was 38.

35 ppm, an increase of 22 in ten years.

48%, revenue 148.

20,000 yuan, an increase of 16 in ten years.


Incident Comment Q3 growth rate increased slightly from the previous month, and the company continued to grow.

2019 is the beginning of the company’s third five-year plan, and 2019 is the company’s planned total operating income target of 197.

6 billion (16%), with a profit target of 52.

3.8 billion (+ 20%).

In the first three quarters of 19, the company realized operating income of 148.

24 ppm, +16 a year.

62%, net profit attributable to mother 38.

3.5 billion, +22 a year.

48%, in line with the annual target.

One single Q3 realized operating income of 46.

USD 6.5 billion, an annual increase of 16.

85%; net profit attributable to mother 10.

85 ppm, an increase of 22 in ten years.

84%, chain revenue in the first half of the year, net profit (16.

51%, 22.


1) In terms of products, the company’s three core products, soy sauce and oyster sauce, have maintained stable development, and the adjustment effect of sauce products has been prominent. Soy sauce / soy sauce / oyster sauce revenue increased in the first three quarters.

76% / 9.

21% / 20.

33%, single quarter revenue increased by 14.

08% / 13.

80% / 18.

70%, compared with Q2 growth rate increased by 1.



4pct; 2) In terms of channels, the offline channel revenue in the first three quarters of 2019 was 138.

04 trillion, +14 a year.

79% of online channels achieved revenue2.

8.1 billion, +34 per year.

60%, single Q3 online and offline revenue growth rate was 16 respectively.

79%, 13.

17%, offline growth accelerated, online growth rate; 3) In terms of regions, the company continued to deepen channel operations, of which the central and western regions had the highest growth rate, with a growth rate of more than 20%, and the northern and southern growth rates were earlierSlow, maintained at about 10%. In the first half of the year, the company added a net increase of 693 dealers, with a net increase of 283, 144, 132, 98, and 36 in the north, west, central, east, and south respectively.

The gross profit margin continued to be under pressure, and the strong ability to control expenses led to an increase in net profit margin.The company’s net profit margin for the first three quarters of 19 was 25.

88%, with an annual increase of 1.

24pct, mainly due to the strong ability to control expenses, leading to a decline in the expense ratio during sales.

Specifically, the gross profit margin of sales in the first three quarters was 44.

51%, down by 1 every year.

96pct, with a single Q3 gross margin of 43.

75%, down by 1 every year.

33pct is expected to be 杭州桑拿洗浴会所 mainly due to the increase in the cost of some raw materials. The depreciation generated by the company’s initial expansion of production and technological transformation projects will have some impact on the gross profit margin, but the decline in the gross profit margin will narrow.

The company’s expenses during the first three quarters of sales14.

39%, a decrease of 3 per year.

62pct, of which selling expenses cost 11.

59%, down 2 every year.

59 points, mainly due to the significant reduction in the rate of transportation expenses and promotional expenses. Some dealers chose the method of self-lifting of products, and the management expense ratio (including research and development) was 4.

38%, a reduction of 0 per year.

34pct, which reflects the company’s higher operating management efficiency.

Accelerate the layout of production capacity to escort the development of the “three five”.

With the completion of the second phase of the fund-raising project in Gaoming, the company’s production capacity is now basically saturated, and the company will gradually complete the capital increase and expansion projects for the Gaoming base, accelerate the power generation release in Jiangsu base and the second-phase construction of the project, speed up the production capacity layout, and betterRespond to the market, grasp the development potential, and protect the company’s “three five” development.

Investment suggestions Although the growth rate of the current condiment industry is gradually decreasing, the concentration of the entire condiment industry is still in a relative state. The concentration of the industry needs to be improved, and the stronger will be further reflected.

2019 is the beginning of the company’s three-five-year plan. The start is solid. As an absolute leader in the condiment industry, the company’s brand image, product quality, channel construction, and refined management are industry benchmarks. In the future, the company will use Haitian’s platformAnd superior resources, accelerating the development of multiple categories and varieties, and continuously improving the structural strength of products will drive continued growth in performance.

The EPS for 2019-2021 is expected to be 1.



71 yuan, corresponding to the company’s closing price of 109 on October 29.

10 yuan, PE for 2019-2021 is 56X / 47X / 40X, maintain “Buy” rating.

There is a risk that industry demand is lower than expected, raw material price fluctuation risks, food safety risks

COSCO SHIPPING (601919): Q3 still set up against the trend

COSCO SHIPPING (601919): Q3 still set up against the trend

Event description 2019Q3, the company achieved operating income of 395.

2 ‰, an increase of 6 in ten years.

6%, to achieve a net profit of 8.

80,000 yuan, an annual increase of 7.


Incident commentary leading advantages are obvious, volume and price will inevitably exist.

In Q3 2019, the company’s traffic increased by 1 every year.

9%, of which COSCO Shipping Lines increased by 1 each year.

1%, OOCL grows by 4 per year.

1%, due to the impact of the summer season, the overall traffic growth rate is faster than in Q2 2019.

At the same time, single-box revenue (USD) of the company’s international routes in 2019Q3 increased by 1 every year.

7%, while the quarterly average of the CCFI in the same period fell by 1 year-on-year.

At the same time, COSCO SHIPPING domestic shipping single container revenue (RMB) increased by 4.

4%, both volume and price rose, Q3 revenue increased in half a year.

2%, still not busy in peak season but the company’s leading advantage is obvious.

In terms of air routes, the US line traffic increases by 1 every year.

9%, the growth rate in the peak season and rush traffic to turn positive, while the performance of the European line is not good, the growth rate of traffic under comparable caliber fell by 7pct.

But regardless of the US line single box income4.

The previous growth rate of 3% is still the Euro6.

The highest decrease of 0% is higher than the freight rate performance of SCFI routes in the current quarter, which fully reflects the leading setting of the industry downturn.

The increase in gross profit margin is obvious, and supplementing a high base has dragged down performance growth.

In the third quarter of 2019, with the continuous release of scale advantages and synergies after the merger of OOCL, the average value of marine fuel prices (Singapore 380CST) in the quarter gradually decreased6.

8%, causing the company’s Q3 gross profit margin to extend and increase 2.

7pct, gross profit grows 42 per year.


From the perspective of expenses, the combined OOCL generated including the above and the use of new lease arrangements caused the current financial expense ratio to remain zero.

The rise of 4pct, while the management expense ratio exceeded the slight rise, and the expenses during Q3 still increased.

In addition, the government subsidy for the dismantling of old and new constructions in the same period last year produced a high base effect and dragged down the current period’s performance increase.

The terminal business remains stable, with frequent occurrences of typhoon Q3 or interference.

In Q3 2019, the company’s wharf grew by five years.

4%, the growth rate decreased by 4 from the previous month.

3pct, of which the growth rate of holding terminals decreased by 2 compared with the previous quarter.

7pct, but still maintained a growth rate of more than 10%. The decline in the explosion rate of the terminal may be mainly due to the frequent occurrence of typhoon Q3, and the severe impacts on ports in the Bohai Bay and the Pearl River 武汉夜网论坛 Delta.

Investment suggestion: Leading funds still exist, and the industry has accumulated momentum.

As the trade environment is changing rapidly and the industry season is not prosperous, as a leader in the industry, the company has demonstrated the potential for counter-growth. In the long term, the industry’s supply and demand demand pattern is better, and the competition pattern is stabilizing.
Considering asset disposal, the company’s EPS for 2019-2021 is expected to be 0.

39, 0.
22 and 0.
26 yuan, corresponding to PE, 12, 21 and 18 times, maintaining the “buy” level.

Risk Warning: 1.

The drastic changes in the trading environment have led to a decline in demand; 2.

The industry restarted competition of scale.