Archives March 2020

Daun Co., Ltd. (002838): Performance continues to grow rapidly and benefits from increased demand for meltblown materials for masks

Daun Co., Ltd. (002838): Performance continues to grow rapidly and benefits from increased demand for meltblown materials for masks
The company released a quick report on 2019 results and achieved operating income27.33 ppm, an increase of 100 in ten years.57%, net profit attributable to mother 1.68 ppm, an increase of 36 in ten years.96%, EPS0.42 yuan, expected average ROE is 16.53%.The increase in performance was mainly due to the completion of the acquisition of Haier New Materials in November 2018, while the performance of the parent company also achieved growth.  Analysis and judgment: The company’s revenue and net profit have maintained rapid growth. The company is an absolute leader in domestic TPV. New production capacity is continuously released and new markets are continuously developed, so that TPV sales keep growing rapidly. New profit growth points are also emerging. HNBR ((Neal Rubber) 1,000 tons production capacity was put into production in March 2019. Due to its extensive distribution of oil pipe seals, 杭州夜生活网 seals and other markets, it is expected to significantly increase volume in 2020, and new products such as TPIIR, TPU, DVA will also continue to thicken.The company completed the acquisition of Qingdao Haier New Materials in November 2018, and it promised to gradually deduct non-returned net profit1 from 2018 to 2020.85 million, Haier New Materials consolidated the contribution rate of the company’s 2019 performance growth. Under the epidemic situation, the demand for masks has greatly increased, which has helped the company’s meltblown material profit to improve significantly. The epidemic has been raging since the beginning, and the demand for protective equipment such as masks has soared. Therefore, the mask output in 2018 was 45.400 million pieces, and the recent resumption of labor in various industries or the supply of masks is very tight. On February 25, the daily output of domestic masks reached 76.19 million. Considering the recent spread of overseas epidemics, the demand for masks is expected to remain high in the short to medium term.The company’s polypropylene meltblown special material is the raw material of the mask meltblown cloth, which is used as the intermediate insulation layer of the mask, which has a high market share. In 2018, the company’s meltblown material sales revenue was 1.8.3 billion, accounting for 18.83%, the current downstream demand is highly prosperous, it is expected that meltblown materials in the first half of the year will significantly increase the company’s profitability. The convertible bond project will enhance the competitiveness of the modified plastics business after the company’s convertible bond project will be put into production at Haier New Materials Construction12. It is expected that normal construction will begin after the epidemic has ended, and Haier New Materials can be used after the project is completed.To enhance the company’s modified plastics business competitiveness.  Investment recommendations Based on the impact of the epidemic situation on the meltblown material business, we adjusted the company’s profit forecast for 2019-2021, and the net profit attributable to the mother from the previous forecast is 1.86/2.66/3.6.2 billion adjusted to 1.69/4.25/4.710,000 yuan, the corresponding EPS is 0.41/1.04/1.16 yuan, the current corresponding PE is expected to be 72/29/26 times.The company’s new production capacity continues to grow to maintain rapid performance growth. After the completion of the convertible bond project, the production capacity of modified plastics will be significantly increased. The demand for polypropylene meltblown special materials for short-term masks will increase, which will significantly increase the company’s profits.Maintain the “overweight” rating.  Risks indicate that the construction progress of the new project exceeds expectations; the epidemic will effectively control the risk that the melt-blown material order will decrease in the short term.

AVIC Shen Fei (600760): Net profit in the first three quarters increased by 98% per year

AVIC Shen Fei (600760): Net profit in the first three quarters increased by 98% per 北京spa会所 year

Performance review maintains outperforming industry in the first three quarters of 2019 in line with expectations The company announced the first three quarters of results: revenue 158.

90,000 yuan, an increase of 37 in ten years.

07%; net profit attributable to mother 6.

2 ppm, an increase of 98 in ten years.

37%; net profit after deduction 5

0.94 million yuan, an increase of 106 in ten years.


Meet our expectations.

  Revenue achieved rapid growth, gross profit margin increased slightly, and the expense ratio improved during the period.

The company’s revenue in the first three quarters has achieved rapid growth (up 37% year-on-year). We believe that this is mainly due to: 1) the company continues to gradually balance production, and the proportion of output value in the first three quarters has increased; 2) strong downstream demand and further release of endogenous growth.

The gross profit margin in 3Q reached 9%, which was increased by 1 ppt (in the single quarter of 3Q, it was increased by 2 ppt, and increased by 1 ppt month-on-month). We believe that this is mainly due to the gradual realization of scale production.

Cost control is good, 1?
During the 3Q19 period, the expense ratio decreased slightly by zero.


Based on the above reasons, the company’s net profit margin was 3 in the first three quarters.

9%, increase by 1 every year.


  The development trend is optimistic about the company’s development prospects in the upgrade of aviation equipment.

The company is the development base of the primary main aviation equipment. It has an alternative core competitiveness and a leading industry position in the aviation equipment field.

The comprehensive performance of the company’s approved models is in a leading position in the global intergenerational equipment and has important 青岛夜网 uses in China; it is optimistic about the development potential of the new model built-in sales market.

Driven by the strategic transformation and the upgrading of aviation equipment, we are optimistic about the company’s long-term development prospects.

  Earnings forecasts and estimates remain unchanged.

The company’s current consensus corresponds to 22.

7x / 18.

9x 2019e / 2020eEV / EBITDA.

Taking into account the estimated budget of the initial assembly company, we lower the target price by 6.

6% to 35.

5 yuan, corresponding to 28x / 24x 2019e / 2020e EV / EBITDA, with a potential increase of 20%.

  Maintain Outperform rating.

  Risk Uncertainty of aviation equipment order and delivery, uncertainty of product review price.

Hengrui Medicine (600276) 2019 Interim Report Review: Revenue growth rate will usher in the harvest period

Hengrui Medicine (600276) 2019 Interim Report Review: Revenue growth rate will usher in the harvest period

2019H1 revenue and profit maintained rapid growth, in line with expectations of 100 revenue in the first half of 2019.

2.6 billion (+29.

19%), net profit attributable to mother 24.

120,000 yuan (+26.

32%), deducting non-attributed net profit22.

8.9 billion (+25.

twenty one%).

In the second quarter, single-quarter revenue was 50.

5.9 billion (+29.

61%), net profit attributable to mother 12.

2 billion (+27.

03%), continuing the growth momentum of the first quarter.

The sales management expense ratio is stable, and the R & D expense ratio remains at a high level.

69%, sales expense ratio 36.

42%, management expense ratio 8.

70%, basically the same as last year.

R & D expense amount 14.

84 ppm, an increase of +49 per year.

13%, R & D expense ratio 14.

80%, an increase of 1 over the same period last year.

98pp; R & D investment intensity continued to maintain a high level, resulting in slower profit growth than revenue growth and a net sales margin of 24.

07% (-0.


Innovative medicines are ushered in the harvest period. It is expected that revenue growth rate will rise to higher levels. Carelizumab has been on the market since July. Pricing and patient intervention programs are in line with China’s national conditions. We expect that the volume of commercial sales will be very fast and drive chemotherapy., Apatinib and other combined drug programs have increased revenue.

In the second half of 2019, if pyrrotitinib is available, thiopefilgrastim can successfully complete the 北京桑拿洗浴保健 negotiating access to the medical insurance catalogue. From 2020, it will enjoy the rapid growth brought by the medical insurance bonus period of 2-3 years.

The introduction of a large number of innovative pharmaceutical commercialization sales volume curves will bring a cycle of performance boom. We expect the company’s revenue growth rate to reach a higher level from the second half of 2019.

The follow-up R & D pipeline continues to harvest clinical and registration progress. Looking forward to 2020, follow-up indications for carelizumab (HCC 2L, EC 2L, nsNSCLC 1L, etc.) will successively release test results, submit registration applications, and approve listing.

Pirlotinib has been extended from late second-line to late first-line in diabetes, with early neoadjuvant extensions; remazolam intubation and sedation, and two general anesthesia indications will be approved for marketing; retagliptin and hangaglipid in the diabetes pipelineBoth will gradually complete and submit registration applications one after another; Haiqu Popa, SHR-1316 also hopes to submit registration applications within 2020.

Risk warning: the failure or progress of the development of innovative drugs exceeds expectations; the price of generic drugs has fallen more than expected.

Investment suggestion: Do not adjust profit forecast for the time being, reset the “Buy” rating and estimate that the revenue for 2019-2021 will be US $ 224/283/357 billion, with a subsequent growth rate of 29/26/26%; net profit attributable to mothers 54 /6.9 / 8.8 billion yuan, a ten-year growth rate of 32/28/28%; diluted EPS = 1.



99 yuan, currently corresponding to PE = 64/49 / 39x.

Innovative medicines have been launched to drive performance growth to the next level. Progressive evaluation of R & D has been gradually promoted. The internationalization strategy of innovative medicines has opened up long-term market value and re-buy rating.

Zhonggong Education (002607): 62% increase in revenue in the first quarter of each year

Zhonggong Education (002607): 62% increase in revenue in the first quarter of each year

The event company released the 2019 first quarter report, with 1Q19 revenue of 13.

12 trillion, the same increase of 61.

93%; net profit attributable to mother is 1.

0.6 billion, an increase of 304.

47%; net profit after deducting non-attribution is 1.

08 billion yuan, an increase of 311.


Operating net cash flow was 24.

23 trillion, the same increase of 17.


ROE in the first quarter of 19 was 3.

52%, the same increase of 8.


The first quarter is a short season for the company’s revenue, and it is significant to turn losses into profits.

Taking the first quarter of 2018 as an example, it accounted for about 13 of revenue.

0%, which is significantly lower than other quarters. Due to the relative rigidity of teachers, rent costs, etc., and there is little difference between quarters, the net profit 武汉夜网论坛 attributable to the mother was -0 in 1Q18.

5.2 billion.

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

USD 0.6 billion, turning losses into profits in the off-season, highlighting that the company’s operating capabilities have reached a new level.

The effect of scale has led to a significant increase in profitability.

The company’s gross profit margin in the first quarter of 19 was 58.

26%, an increase of 3.

02 pct; selling expenses 22.

05%, down 5.

91 pct; overhead cost 16.

90%, down 6.

04 pct; R & D expenses 8.

34%, a decrease of 2.


Finance costs expenses 2.

88%, an increase of 1.


Benefiting from the rapid growth of revenue and the scale benefits brought by the company’s digital management of operations, the company’s net profit margin was 8 in 1Q19.

10%, a significant increase of 14.


The total amount of funds received in advance increased, with a 19-year high-growth basis.

In the first quarter of 19, the company received 43 funds in advance.
60 trillion, an increase of 127.

We expect that the substantial increase in advance receipts is mainly due to the sinking of the company’s channels (the company has 701 learning center outlets across the country at the end of 2018, an increase of 27.

22%;), the increase in public examination shortcomings led to rising passenger unit prices, and new business development such as graduate entrance examinations brought about growth.

Vocational education has ushered in the spring breeze of policy, and continues to be optimistic about the company’s sinking channels and the potential for horizontal business expansion.

Since 2019, with the intensive introduction of policies such as the National Implementation Plan for Vocational Education Reform, the Implementation Plan for the Rapid Promotion of Education Modernization (2018-2022), and the Implementation Plan for Implementing the Pilot Program of Academic Qualifications and Several Vocational Certificates in Institutions,Vocational education ushered in the spring breeze of policy.

According to our calculations, the company has basically covered more than 300 prefecture-level cities across the country, and the county-level city coverage in the country is about 20%. Due to the obvious long tail signs of the public examination, the channel sinking to county-level cities will drive the company’s futureThe core of the rapid growth in recent years, and the training business of examinations such as professional qualifications is expected to become a new driving force for the company’s future performance growth.

Profit forecast: It is estimated that the company’s net profit attributable to the parent in 2019 and 2020 will be 16.

15, 21.

7.4 billion, maintaining the “overweight” rating.

Risk reminder: the number of vacancies in public positions is reduced, and the rate of refund of agreed classes is increased

Where is the GEM ceiling?

Dan Bin: Speculation will continue

Where is the GEM “ceiling”?
Dan Bin: Speculation will continue

Source: Daily Economic News, every reporter, Wang Haizhen, every editor, Wu Yong, this year, especially after the Spring Festival, among the several major A-share indexes, the trend of the GEM index seems to have beaten the blood, and it can’t stop.

  Investors can’t help but ask, has the “ceiling” of the GEM market round been reached?

“Daily Economic News” reporter noticed that in the past two days, well-known private equity investor Dan Bin successively posted his views on the GEM on Weibo and the circle of friends.

On February 24, the ChiNext Index started to increase inertia after a short-term adjustment in the early morning.

This was done, but Bin commented on WeChat in the afternoon and said, “I think objectively, I estimate that the probability of speculation will continue for a while!”

The probability of the GEM rebounding to half (2610 points) or even more than half of the index drop is high!

“In the first quarter of last year, GEM also experienced a short period of rapid growth, but at that time, but Bin’s attitude towards GEM was very different from now.

In mid-March last year, but Bin reminded investors of the risk of too many companies reducing their holdings on the strong performance of the GEM at that time.

In fact, according to statistics, since this year, the ratio of the number of GEM companies that issued reduction plans to the number of GEM companies that issued increase plans is 160: 3, which is often very different.

  Some netizens did not agree with Dan Bin. On February 24, driven by the 5G and other technology sectors, the GEM started to inertially rise after a short-term adjustment in the early morning, and once again reached a staged high.

In the afternoon, but Bin commented on WeChat and said in a circle of friends: “Objectively speaking, I estimate that the probability of speculation is about to continue!

The probability of the GEM rebounding to half (2610 points) or even more than half of the index drop is high!
“At the same time, he also stood by his optimistic liquor sector,” the brothers have made money, and maybe they will buy good wine.

“Finally, on February 24, the GEM index closed at 2,263.

97 points, about 15% away from the 2610 points predicted by Dan Bin.

  It is worth mentioning that, recently, GEM seems to have been the “keyword” of Weibo’s Weibo.

He also watched the GEM in a Weibo on February 21, “The GEM is very strong and very normal. It has fallen for almost 5 years, and it is normal for a large level of rebound!

”  此外,一向以价值投资风格示人的但斌最近也在微博中坦言:“改变股票市场的‘投机文化’是非常难的,愿意为‘梦想而窒息’……早已成为了国内股票市场文化Part of it . “However, from the comments of netizens, some netizens believe that the GEM has overheated.

In the comments below on the Weibo posted by Dan Bin, some netizens said: “Many votes are indeed too crazy, especially those concepts are replaced, pseudo-tech stocks are too crazy, a little catch-up rhythm, differentiation is inevitable, and technology stocks are going.It’s time to stay fake.

Some netizens believe: “It can be expected that the technology stocks are in the air, and there is a feather in the back.

”  分析师称应该保持理智  去年3月中旬,但斌针对当时创业板的强劲表现曾专门发布微博提醒投资者注意不少公司的减持风险,“市场最终还是价值决定,过去这几年‘熊市’的教育,有些投资者‘揭了伤疤忘了疼’,但还是有一些人清醒了,包括一些上市公司的大股东,他们对自己企业的价值与了解相比普通投资者更清楚,热When the market is cooling down again, the liquidity crisis of A shares and Hong Kong stock market will appear again, so we have seen many companies reduce their holdings.

“In fact, this year’s GEM company’s announcement of reductions is not less than in the first quarter of last year.

According to Oriental Fortune Choice data, since this year, the ratio of the number of GEM companies that have issued reduction plans to the number of GEM companies that have increased plans is 160: 3, of which there is a very large disparity.

  Last year?
In February, the ratio of the number of GEM companies that issued a reduction plan to the number of GEM companies that issued an increase plan was 137: 4.

  In addition, mid-March last year, but also described the surge in GEM at the time on Weibo as “crazy unreasonable chasing games and a desire to get rich quickly.”

  The reporter noticed in an interview on February 24 that some brokerage analysts had reservations about the performance of the GEM after the surge.

Wang Yi, chief strategy analyst of Great Wall Securities, pointed out to reporters on February 24: “This round of the ChiNext market is fund-driven and should now enter the bubble stage.

Then how many points can be reached next? This is a photo shoot, meaningless.

“He believes that investors should now maintain a sense of reason.

“March is coming soon. With the release of economic data, the logic of the market may return to economic fundamentals.

The latest opinion released by the Haitong Securities Strategy Team on February 23 pointed out that the main reason for the rapid growth of the market recently is the abundance of liquidity, but investors still need to pay attention to the distortionary impact of poor short-term fundamentals, and Hong Kong stocks have been to some extentIn the past, the Hong Kong stock market was 重庆耍耍网 dominated by institutional investors. Investors’ short-term fundamentals triggered adjustments in Hong Kong stocks.

  Choice data shows that after the adjustment last week, the Hang Seng Index fell by 1 again on February 24.


This year, the Hang Seng Index has fallen by almost 5%.

  According to statistics, as of February 3, Northbound funds held positions in 232 GEM A shares. For February 21, 66 GEM A shares were lightened by Northbound funds, and 120 GEM A shares were Northbound.Funds increase.
A-shares that were deviated by Northbound funds during the period include Huatest, Yihualu, Guangguang Media, Eternal Lithium Energy, Aura New Network, etc. A-shares increased by Northbound funds include Nine Strong Bio, Weining Health, Xinghui Entertainment, Kairun, Runhe Software, etc.

Baby-loving room (603214) investment value analysis report: East China mother and baby chain leader Nuggets trillion market

Baby-loving room (603214) investment value analysis report: East China mother and baby chain leader Nuggets trillion market

The company is a high-level leading company in the East China Mother-Infant Chain. The actual controlling person is the founding team. It has rich industrial resources and management experience and a stable equity structure.

The company is positioning mid-to-high-end maternity and baby products and services, relying on store scale effects and endogenous operating advantages to start rapid expansion, with strong performance growth momentum.

Give 30X PE, 1.

7 times PS, reasonable target market value of 440,000 yuan, maintaining “overweight” level.

Optimize site selection and enhance ping efficiency.

In 2018, the company achieved 北京桑拿体验网 revenue of 21.

4 billion / + 18.

1%; net profit attributable to mother 1.

20ppm / + 28.

2%, maintaining rapid growth.

As of the end of 2018, the company has a total of 223 directly operated stores, which are concentrated in Shanghai, Jiangsu, Zhejiang and Fujian. The net increase of stores in the future will remain 40+.

The company’s old shop floor effect is about 1.


940 thousand yuan, the profit level improved year by year, after maturity, the gross profit margin reached more than 24%.

According to a recent grassroots study of various types of stores in Shanghai, the retail complex stores adopt a small store, representative strategy, which has the most significant support for the overall floor effect.

High direct mining ratio + strong supply chain management and start off-site replication.

The proportion of independent brands in cotton products with high gross profit margins has continued to increase, and milk powder and supplies have continued to have a high turnover rate.

In recent years, the proportion of direct procurement has increased by more than 10, and the upstream bargaining power has been continuously strengthened. Through self-built warehouse and logistics centers, the supply chain and inventory management have been improved to reduce costs and increase efficiency.

With external expansion into Chongqing, Shenzhen has begun a new round of expansion cycle, with growth expected.

The mother and infant industry has huge potential, and demand is growing fast.

It is expected that the scale of mother and baby products and mother and baby service industries will reach 1.

84 trillion and 1.

At 70 trillion yuan, the annual average CAGR of infants and young children in urban households since 2008 has reached 16.


The family structure is tilted towards “421”, consumers are increasingly improving the brand and service quality, and the continuous relaxation of coping policies will jointly promote the demand for maternal and infant products.

Offline maternal and infant franchise stores with professional services and scene-style consumption characteristics will continue to be the irreplaceable mainstream sales channel for mother and infant products in the future.

Risk factors: The birth rate continues to fall; the progress of opening stores in different places is less than expected; the operation of new stores is expected to exceed expectations; and the impact of rising rents and labor costs continues to rise.

Investment suggestion: The company benefits from the rapid growth of the mother and baby industry and regional brand chaining, the trend of centralization, and uses the successful experience of East China to accelerate business development in South China and Southwest China. The revenue and performance are resonated. The product structure is continuously optimized and the profit level is improved.Expected.

Based on this, the adjusted estimate of 2019-2021 net profit is 1.

46 billion, 1.

7.9 billion, 2.

20 billion, EPS is 1.



16 yuan (previous forecast was 1.



04 yuan).The current price corresponding PE is 24x, 20x, 16x.

Considering that it is a scarce variety in the mother and infant retail industry, it has strong endogenous and epitaxial power, sufficient incentive mechanism, and combined with comparable estimates in the same industry, 19 years of PE 30x, PS 1.

7x, corresponding to a reasonable market value of about 4.4 billion, corresponding to a target price of 42.

9 yuan to maintain the “overweight” level.

Sanhua Intelligent Control (002050): Q4 performance exceeded expectations and high gross profit products driven performance growth

Sanhua Intelligent Control (002050): Q4 performance exceeded expectations and high gross profit products driven performance growth

Event: The company released its 2019 performance report, and realized revenue 113 in 2019.

2 ‰, an increase of 4 in ten years.

5%; achieved performance 14.

2 ‰, an increase of 9 in ten years.

9%; its revenue in the fourth quarter was 270,000 yuan, a year-on-year increase of 5.

1%; achieve performance 3.

650,000 yuan, an increase of 35 in ten years.


  The main points of investment remained steady on the income side, and the profit side exceeded expectations in the fourth quarter.

From the perspective of revenue, the company gradually realized revenue growth rate4.

5%, 深圳丝袜会所 basically in line with expectations.

However, on the profit side, the expected growth rate is 9%.

9%, far more than 3 in the third quarter.

22%, of which 35 in the fourth quarter.

The growth rate of 7% exceeded market expectations, and the corresponding 19Q4 net interest rate increased by 3 percentage points, slightly exceeding market expectations.

  The optimization of the product structure of the refrigeration business and the development of new energy business drove the fourth-quarter results to exceed expectations.

The company disclosed that the fourth quarter’s performance growth was mainly due to the high gross margin of electronic expansion valves and other products: 1) In the refrigeration business: driven by products such as electronic expansion valves, product sales achieved steady growth and product structure also optimized; 2In terms of auto zero business, the company’s thermal management products have been recognized by high-quality overseas car manufacturers, especially for the Tesla industry chain.

With the gradual landing of overseas orders, due to the thermal management products with electronic expansion valves as the core, higher growth is still achieved under the circumstances of traditional vehicles.

Looking ahead, we expect the company’s performance to continue to grow through the implementation of new energy vehicle volume and the implementation of the new air-conditioning policy.

  Profit forecast and investment advice: Considering the heavy volume of new energy business and the steady growth of traditional business, we expect the company’s EPS in 2020-2021 to be 0.

59 yuan, 0.

67 yuan, the corresponding PE is 37 and 33 times.

In terms of estimation, we estimate that the company’s traditional business (refrigeration, Yaweike, micro-channel) will contribute about 1.1 billion in 2019. If it is estimated at 20 times, the corresponding market value will be about 22 billion.

  With the remaining USD 38.3 billion, the corresponding auto zero business is estimated to be about 119 times.

Such a high level of estimation is equivalent to overdrafting the performance growth of the next few years, but considering the growth space of the new energy business in the future, although it is not cheap to estimate temporarily, it is still optimistic in the long run and maintains the recommended level.

  Risk factors: The implementation of the new air-conditioning policy fell short of expectations, and new energy sales fell short of expectations.

Zhou Dasheng (002867): The channel continues to expand at a high speed and the bottom of the same store will rebound

Zhou Dasheng (002867): The channel continues to expand at a high speed and the bottom of the 淡水桑拿网 same store will rebound

This report reads: Q3 affected by the economy and consumer confidence, the same store fell to the bottom of history, but the store opened in a single quarter maintained a high speed, channel expansion and growth is still the same, and then gradually strengthen the profit of gold categories, waiting for market demand to pick up.

Investment points: Investment advice: The company’s net opening of Q3 maintained the highest level in history, but due to the impact of the economic environment on its consumer demand, the same store fell to a historical low.

The company’s long-term channel expansion strategy is still firmly moving forward, and the same store Q4 gradually picks up.

Taking into account short-term same-store retailers, the EPS for 2019-2021 is slightly reduced to: 1.

36 (-0.

05), 1.

64 (-0.

09), 1.

95 (-0.

11) Yuan, considering the high growth of channel expansion, the reference industry will give 20 times PE in 2019 and maintain target price of 27.

46 yuan, increase the level.

High cardinality and low same store, dragging down Q3 growth.

The company achieved revenue of 38 in the first three quarters of 2019.

1 ppm, an increase of 7 per year.

6%, net profit attributable to mother 7.

30,000 yuan, an annual increase of 22.

3%, slightly lower than market expectations.

The single Q3 revenue growth rate was 0.

2%, net profit growth rate of 4.

3%, revenue is still sustained by the industry (-5%).

It is estimated that the Q3 old store contribution revenue is -20% (Q2 is -8%), which is the bottom of history, mainly due to the high base of Q3 last year and overlapping demand replacement in 2019.

The newly opened stores maintained the highest level in history, and the expansion of channels consolidated the advance.

The company opened 188 new stores in Q3 (142 in Q2 and 215 in Q3 last year), the second highest single-store opening in history.

It is estimated that the new store’s contribution to single Q3 revenue is about 20.

2%, the extension growth is still strong, is expected to achieve more than 550 net opening expectations.

The gold category gradually strengthened its profit, and it was hard to wait for the resettlement of the same store to improve.

Chow Tai Sang’s gold products accept brand royalties on a volume basis, so under the background of the decline in Q3 volume, profit elasticity has not appeared.

The follow-up company is expected to appropriately strengthen the profitability of gold products in the short term; subsequently, it will continue to support the development of dealers in brand and marketing resources.

Risk warning: improper cost control, intensified competition in the industry, and slowed economic growth.

Daqin Railway (601006): The average daily traffic volume of Daqin Line in March was 125.

32 mines recover more than expected after disaster

Daqin Railway (601006): The average daily traffic volume of Daqin Line in March was 125.

32 mines recover more than expected after disaster

Investment Highlights: News / Announcements.

The company announced the production data for March 19, and the company’s core asset Daqin Line completed a total of 3,885 cargo shipments in March, each time slightly reduced by 0.

64%, the average daily volume is 125.

Nominal value is 32, and average daily heavy traffic is 87.

2 columns, average daily opening line 2 is included in restatement 61.

5 columns.

Throughout the first quarter, the Daqin Line’s gradual completion of cargo shipments to 10971 has to be reduced by at least 3.


After the disaster in northern Shaanxi and Inner Mongolia, the transportation volume recovered beyond expectations. Long-term transportation volume needs to pay attention to the transportation situation in July / August.

In mid-January, the mine disaster in northern Shaanxi and the impact of the mine disaster in Inner Mongolia in February affected the Daqin line’s transportation volume in February by a significant decrease of 10.

5%, the average daily volume in February was only 114 inches.

After the mine disaster, the overall demand for tungsten carbide has not decreased. The two ports of Qinhuangdao Port and Caofeidian Port are mega stable, and the coal source area and the transportation system are actively organized and coordinated. We have gradually adjusted the port traffic from the port to the end of February.The traffic recovered to 125.

32 nominal, slightly more than expected.

Since early April, the Daqin Line began to undergo concentrated repairs in the spring, and the average daily traffic volume will decrease. It is expected that the daily traffic volume will decrease by 15-20 during the centralized repairs.

Looking at the beginning of the year, the company’s total traffic volume this year is compared with 2018. The traffic volume overtaking point is expected to appear in July / August. The average daily traffic volume affected by typhoons and water damage in July / August 2018 is 125, 121, which is relatively recentThe average daily traffic volume of 130 has reached a certain space, and the transitional traffic volume in 2019 is recommended to pay attention to the transportation situation in July / August.

The reduction of railway freight charges and taxes and the 苏州夜网论坛 adjustment of accounting policies are expected to have less impact.

The company’s annual announcement: Some railway assets of the Daqin Railway began to be depreciated based on 21 or 13 years, and annual overhaul costs were capitalized. The company expects to increase costs by 2016 after adjustment10.

200 million, increased costs in 20171.

500 million, reducing costs by 0 in 2018.

15 billion.

Based on the back-calculation of the impact amount in 2017 and 2018, we expect that the annual cost impact in the future will be -100 to 100 million.

500 million, the impact on the company’s profit volume is small.

In addition, from April 1st, the railway transportation will raise the tax rate from 10% to 9%. At the same time, the freight rate of the national railway will be lowered.It is said that the most important miscellaneous fee is the dust suppression fee to be cancelled in 2017, and the impact is relatively small this time.

Maintain profit forecast and maintain “Buy” rating.

Maintain the Air Force’s profit forecast. It is expected that the net profit attributable to mothers for the years 18-20 will be 146.

6.3 billion, 152.

4 billion, 156.

09 million yuan.

Looking at 19 years, the Daqin Railway will maintain a high index defense with stable performance. The investment sentiment conversion forecast repairs two investment lines with long-term configuration value and maintains a “buy” rating.

Risk reminder: Economic growth brings coal transportation business below expectations.

Tongwei Shares (600438): Continuous expansion of performance in line with expectations drives high profit growth

Tongwei Shares (600438): Continuous expansion of performance in line with expectations drives high profit growth
The company released its 2018 annual report and 2019 first quarter report, and achieved revenue of 275 in 2018.3.5 billion US dollars, an annual increase of 5.53%, net profit attributable to mother 20.190,000 yuan, an increase of 0 in ten years.51%.In the first quarter of 2019, the company achieved full production and sales of silicon materials, and released new production capacity: the company’s continuous sales of 19,189 tons in 2018, an increase 天津夜网 of 19.74%, gross margin 33.88%, a year-on-year decrease of 13%.After the 531 New Deal in China, the price of photovoltaic industry chain products dropped sharply, and the company’s average silicon material price for three years.4 million / ton, a 24% decline each year.Company silicon material production cost5.530,000 yuan / ton, a decline of 6% every year, there is still room for optimization.At present, the price of silicon materials has bottomed, and only a few companies in the industry have achieved profit. Through the transformation of demand into warmth, prices are expected to gradually rebound.Company Headquarters Baotou 2.5 is relative to Leshan 2.5 Emerging markets have been completed and put into operation. The combined combined production capacity of the company will reach 8 tons, and the new project will achieve 杭州桑拿网 production costs of less than 4 million tons per ton. At the current price, it can still maintain a high level of profitability.Expected sales are above 7. Battery series leading, the capacity continues to expand: the company Chengdu and Hefei put together a total of more than 6GW battery cell capacity production, the total battery cell capacity reached 12GW, a record output in 2019 reached 12GW.The company achieved battery and module sales in 20186.4GW, an increase of 61% per year, and the gross profit margin has remained at 18 with the sharp decline in battery prices.Higher level of 7%.Driven by domestic demand and other needs, high-efficiency monocrystalline cells continued to grow in November 18, with a significant product premium. The company’s monocrystalline PERC cells’ profitability increased rapidly in the first quarter of 2019.Relying on the industry-leading cost advantage, the company launched the fourth phase of Chengdu and Meishan new projects in March 2019. It is expected that the battery capacity will reach 20GW by the end of 2019, consolidating on the leader in the field of battery chips. Profit forecast: The company’s EPS for 2019-2021 is expected to be 0.83, 1.01 and 1.22 yuan, maintain BUY rating. Risk warning: Product prices fall more than expected; PV overseas markets are less than expected