Focus Media (002027): No signs of improvement in continued income trend

Focus Media (002027): No signs of improvement in continued income trend

1H19 earnings are forecast to fall by 76.

82% of Focus Media released its 2019 annual results report: revenue 57.

1.7 billion, down 19 a year.

59%; net profit attributable to mother 7.

76 trillion, down 76 a year.

82%, the performance fell into 7 of the Air Force’s notice.


Within the 0 Gigabit segment, it basically met our expectations.

Focus on demand Demand is still flat, quarterly revenue has fallen for many years.

Operating income for the second quarter of 19 was 31.

06 million, down 25 every year.

16%, but increased by 18 due to unfavorable factors.


We believe that the company ‘s second-quarter revenue continued to overlap due to three reasons: weak demand in the advertising market and tightening of advertisers ‘overall budgets; substitution of investment and financing activities in the primary market; new economy advertisers’ investment significantly reduced, and traditional industry advertisingIt is still under development and its incremental contribution is limited. During the World Cup in the second quarter of last year, it was the peak season for advertising and brought a high base of revenue.

We expect the company’s revenue decline in the third quarter will narrow.

In addition, the company aims to tap traditional brands and has established “National KA Team” and “Focus 100 Team”.

We believe that this strategic adjustment is expected to gradually achieve success and help to regain revenue growth.

Operating costs are expected to remain flat month-on-month, but increase significantly each year.

The company achieved net profit 厦门夜网 attributable to its mother in the second quarter of 19th.

36 trillion, down 79 a year.


We expect the company’s terminal point value to remain stable and operating costs to be comparable to 1Q19, but at least the offset increase.

The rigidity of cost is still continuing, and the expansion to the profit side is greater than the income side.

The speed of customer repayments has slowed down, and the provision for bad debts is expected to increase.

The company stated that it reported a deterioration in the short-term aging structure and increased risks.

The company’s accounts receivable at the end of 1Q19 was 40.

7.3 billion.

We expect that the overall provision for bad debts will increase significantly from the earlier period, which will have a certain impact on profits.

Estimates and Proposed Estimates Macro and macro environmental pressures and the aftermath of expansion, the company’s performance is still at a low point.

However, we believe that the long-term trend of the elevator media distribution brand advertising market cake remains unchanged, the company’s business model and competitive advantages are solid, and in the face of the industry’s prospects, it has timely adopted countermeasures to seek for healthy sales growth.

It is recommended that investors closely track the inflection point of demand and seize the opportunity of long-term bottom layout.

Maintain the sustainable profit forecast and rating. It is expected that EPS for 2019-2020 will be 0.

22 yuan / 0.

30 yuan, corresponding to the current expected price-earnings ratio of 22.

3 times / 15.

9 times.

Maintain Outperform rating and target price of 6.

80 yuan, 40 more than the current price.50% growth space, corresponding to 23 times the price-earnings ratio in 2020.

Risks The macroeconomic downturn has dragged down advertising expectations, media point cost growth has exceeded expectations, competition in the elevator media industry has intensified, and Alibaba’s cooperation has fallen short of expectations.

Suning Tesco (002024) Quarterly Commentary: Revenue Maintains High Growth Rate Expenses Phased Increase

Suning Tesco (002024) Quarterly Commentary: Revenue Maintains High Growth Rate Expenses Phased Increase
Investment Highlights The company 成都桑拿网 achieved operating income of 622 in 2019Q1.42 ppm, an increase of 25 in ten years.44%, of which the main business income increased by 25.63%.Realize net profit attributable to mother 1.36 ppm, an increase of 22 in ten years.16%, of which Wanda Investment’s fair value gains and losses4.23 ppm and the difference between the fair value share of the identifiable net assets and the book value are included in non-operating income of approximately 4.480,000 yuan, after deducting related effects, the company deducts non-attributed net profit of -9.9.1 billion. The continuous high growth of online overlap and the steady improvement of offline drive the overall GMV growth25.38%.The sales volume of the company’s products in Q1 2019 was 869.2.6 billion, 62 online and offline respectively.26% (+36.09%) and 37.74% (+10.98%).The company unanimously implements the “one big, two small, multi-specialty” store format strategy, promotes the expansion of offline stores, reports that the number of consolidated self-operated stores has reached 9,758; retail cloud franchise stores have reached 2,499, and enjoys county, township and rural consumption bonuses.The scale of online retail self-operated and open platform sales accounted for 70% respectively.04% (+40.87%), 29.96% (+ 26.08) Logistics + finance accelerates to deepen the cultivation of the ecosystem.2019Q1 The company continued to expand its self-built logistics warehouse.At the end of the reporting period, the storage area reached 9.64 million square meters (+37.71%), the distribution network and retail stores simultaneously sink to the county market.Financial business intensive cultivation of the Suning ecosystem, consumer finance, and supply chain financial business increased by 229.66%, 78.01%.In December 2018, Suning Financial Services will increase by 17.857% of new shares, raising 100 million funds, is expected to contribute about 161 investment returns.3.3 billion. The business development led to an increase in the expense ratio during the period.The overall period rate increased significantly by 1.9pp.After the management and R & D expenses are combined, it will increase to 0.19pp to 3.33%, mainly due to the increase in R & D expenses and amortization of distribution incentive expenses; in terms of sales expenses, in order to support the rapid expansion of Suning ‘s small store business, the periodical personnel expenses and warehousing expenses increased rapidly, which resulted in an increase in sales rate1.30pp, transforming the appearance of future small stores, the sales rate will return to normal; in terms of financial rates, the transformation company’s retail and financial services will accelerate, operating capital requirements and income will increase, and the financial rate will be raised to 0.41pp. The channel sinks high on the overlay line.Offline: The company promotes the store layout around the “one big, two small, multi-specialty” strategy, and grasps the consumption bonus of towns and villages in the Spring Festival County to sink the channel. Online learning: Open the platform to continuously increase the volume, strengthen online operations, and re-scale through scale effects.Pricing advantages; the advantages of online and offline integration continue to be prominent; derivative business: the construction of logistics facilities to meet self-employed needs, improve the distribution network, and increase socialized revenue; the financial business forms an ecological closed loop, which will contribute a large amount of investment income after it is issued in 2019. Profit forecast: Taking into account the company’s continued heavy online volume and offline penetration rate, it is estimated that the operating income of 2019-2021 will be 3061.96\3735.59\4295.9.3 billion, taking into account the investment income of Suning Financial Services in 2019, the net profit attributable to mothers in the next three years will be 163.00\38.00\44.08 thousand yuan, EPS is 1.75\0.41\0.47 yuan.The closing prices on April 30, 2019 corresponded to PE of 7, respectively.2\30.9\26.7x, maintaining the rating of “prudent increase”. Risk reminder: the penetration of the third and fourth tiers is less than expected, the online growth rate has surpassed expectations, and appliance sales have fallen short of expectations

Satellite Petrochemical (002648): Net profit increased by 94% annually in the first quarter. Hydrogen applications open up room for growth

Satellite Petrochemical (002648): Net profit increased by 94% annually in the first quarter. Hydrogen applications open up room for growth

Event description: The company announced that it achieved operating income in the first quarter of 201921.

0.6 million yuan, an increase of 20 in ten years.

18%; net profit attributable to mother is 2.

20,000 yuan, an increase of 94 in ten years.


Attributable non-net profit is 2.

29 ppm, a 97-year increase.


Lower than market expectations.

The company estimates that the net profit attributable to mothers will be 5 in the first half of 2019.


10,000 yuan, an increase of 65 in ten years.

3% -86.


Event Comments: 1. The second phase of dehydrogenation Q1’s poor profitability will increase the company’s performance in the first quarter of 2019. The average price in the first quarter of 2019 was 7,570 yuan / ton, which was gradually reduced by 6.

9%; CFR East China price was US $ 492 / ton, a continuous decline of 4.


The improvement of initial dehydrogenation profitability narrowed.

The second phase of the company’s PDH project 45 injected PDH production capacity into commissioning at the end of 2018, and achieved full load production in February 2019, expanding the company’s combined production capacity to 90 microns / year, further improving the company’s performance.

2. The price of carbonic acid and esters entered the growth channel. The average price of carbonic acid in the first quarter of 2019 was 8413 yuan / ton, exceeding the growth of 8.

3%, the spread is 2662 yuan / ton, an increase of 50 ahead of schedule.

0%; butyl acrylate is 9964 yuan / ton, an annual increase of 6.

7%, the spread is 627 yuan / ton, more than 79.


Acrylic and ester prices and earnings growth increased company performance.

After the explosion in Jiangsu, the prices of acrylic acid and esters 都市夜网 rose sharply. On April 16, the price of satellite acrylic acid was 9,700 yuan / ton, and butyl acrylate was 11,200 yuan / ton.

3. The company has a strong ability to withstand risks. The ethylene project has been promoted smoothly. The layout of satellite petrochemical products is reasonable and the ability to resist risks is strong.

The company currently has a total of 90 lbs / year of formaldehyde, 30 lbs / year of polypropylene, 48 tons / year of polycarbonate, 22 tons of hydrogen peroxide / year, 45 tons / year of acrylate and related downstream products.

At the same time, the company is actively deploying the C2 industry chain, and the Lianyungang Petrochemical 320 Index / Young Hydrocarbon Comprehensive Utilization and Processing Project is advancing steadily. The first phase of the project is expected to be completed 杭州桑拿网 by 2020.

If successfully put into production, it will create huge value for the company.

4. Establishing Zhejiang Satellite Hydrogen Technology Co., Ltd. Layout The hydrogen energy utilization company established the Satellite Hydrogen Technology Co., Ltd. with its own funds while focusing on development and lightweight division.

In the future, it will make full use of the surplus bicarbonate in the production process, carry out the development of hydrogen energy business, participate in the development of hydrogen energy utilization technology, seek the construction of hydrogen refueling stations, contribute to the gradual improvement of hydrogen sources, and build a leading domestic source of surplus hydrogen sources.

The company has a surplus of formaldehyde2.

For 6 years / future, future budget projects will bring more than 20 Euros / year of hydrogen, with huge profit potential.

Investment rating and estimation: It is expected that the company’s net profit attributable to the parent in 2019/20/21 will be 13 respectively.



11 trillion, corresponding to EPS 1.24/1.


45 yuan, corresponding to PE is 14.



18 times, maintaining the “highly recommended” level.

Risk warning: raw material prices fluctuate dynamically; increasing production capacity exceeds expectations; downstream demand is less than expected; project construction progress is less than expected.

Changjiu Logistics (603569) update report: Expansion of multi-modal transportation exceeding expectations is still being cultivated

Changjiu Logistics (603569) update report: Expansion of multi-modal transportation exceeding expectations is still being cultivated
This report reads: Auto sales have fallen, company shares have increased and freight rates have exceeded expectations.However, the company’s efficient operating capabilities make stable profits. Key points of investment: Automobile sales growth, transportation volume growth exceeded expectations, lowered profit forecast, target price 淡水桑拿网 and rating.The decline in sales of passenger cars has led to a rise in freight rates and volume growth that was below our expectations.Reduce EPS for 2019-21 to 0.73, 0.75, 0.76 yuan (the original forecast for 2019-20 was 1.13, 1.18 yuan), cut the target price to 13.5 yuan (was 19).13 yuan), downgrade investment rating to “neutral”. The implementation of the super-supervision, freight rates rose, and market share increased slightly.Zhichao’s leading transportation costs rose, driving market freight rates to increase.The new purchase of transportation vehicles by Changjiu Logistics brings market share and long-term market control.However, we have overestimated the continuity of strong governance and sales of passenger cars, and the company’s market expansion and price increase exceeded expectations. Efficient vehicle operation helps maintain medium and long-term gross 夜来香体验网 profit margins.The gross profit of long-term logistics mainly expands higher transportation efficiency, that is, higher average monthly mileage and re-return rate, which is behind the scale effect of transportation and fleet management efficiency.The expansion of transportation scale and the release of own transportation capacity maintained a high gross profit margin.But at the same time we need to pay attention to the fact that the cumulative growth of own capacity has increased the variability of short-term gross profit margin. Re-assessment to cope with the future multimodal transport pattern.The company strives to enhance the competition of automobile transportation by creating multi-asset transportation with heavy assets.Long-term logistics’s investment in multi-modal transportation stations, ships and cars will increase costs during the current downturn in the automotive market, resulting in lower-than-expected results.In the future recovery period, it will be reflected as a comparative advantage that is not easy to copy. risk warning.The sales volume of automobiles has dropped sharply, the OEMs have lowered freight rates, road transport overloads have reappeared, the China-Europe train schedule has significantly reduced, and its own fleet operates inefficiently.

Positive factors cumulative blue chip stocks expected to make up

Positive factors cumulative blue chip stocks expected to make up
China Securities Network Wu Yuhua Yesterday, the two cities fluctuated and adjusted. The Shanghai Composite Index and the Shenzhen Stock Exchange Index stopped at a “seven consecutive gains.”Under the adjustment of the two cities, the market transaction volume has been enlarged, and the turnover of the two cities exceeded 870 billion yuan yesterday.Analysts said that the short-term trend of the market may be repeated, but the overall upward trend is over, the index continues to grow, and the relatively weak blue-chip stock market performance since the Spring Festival promotes supplementary gains.  The daily limit of multiple technology stocks yesterday, the Shanghai Stock Index and the Shenzhen Stock Exchange Index stopped the “seven consecutive gains.” From the perspective of the market, under the overall market adjustment, most of the stocks in the two cities have contracted.Wind data shows that the number of rising stocks is 830, of which 57 stocks are rising; the number of falling stocks is 2872, and the number of falling stocks is 7.In terms of industry sectors, most industry sectors decreased. 24 of the 28 industries in Shenwan’s first-tier sector declined. The media, comprehensive, and communications industries led the declines, down 2 respectively.12%, 1.96%, 1.90%; only 4 industries increased, namely real estate, non-ferrous metals, construction materials, and electronics industries, with a rise of 1.36%, 0.94%, 0.63%, 0.51%.  From the perspective of the daily limit stocks, it is still the majority of technology stocks, such as Dagang shares in the electronics sector, Suzhou Guzhen, Beijing Junzheng, Zhuo Shengwei, Dali Technology, Taiji shares, 都市夜网 Tianhua ultra clean, butJudging from the purchase order situation, Dagang, Beijing Junzheng, and Zhuo Shengwei have smaller orders, which have not exceeded 10,000 contracts.  From the perspective of the concept plate, the concepts of phosphorus chemical industry, glyphosate, and the national large fund rose the most, while online education, cloud office, and super bacteria and other plates fell the most.  The structural market is significantly under the recent continuous rebound in the market. Both the Shenzhen Stock Exchange Index and the ChiNext Index have recovered their losses on February 3.However, judging from the situation of individual stocks, most of the stocks merged and even returned to the closing price on January 23, reflecting the recent rebound in the market as a significant structural market.  Wind data shows that as of the close of February 13, there were 2,640 stocks in the A-share market that had not yet returned to the closing price of January 23, accounting for nearly 70% of the total number of stocks.In other words, under the circumstances that the Shenzhen Stock Exchange Index and the ChiNext Index have recovered the declines on February 3, there are still nearly 70% of the stocks in the two cities that have not returned to the levels of January 23.Among these stocks that have not previously returned to the level of January 23, blue chips overlap a certain proportion, such as Changchun High-tech, Luzhou Laojiao, China Life and other stocks.  Analysts believe that in the short term, the Shanghai Composite Index has further rebound space, while the blue chip sector represented by the Shanghai stock market has a need to make up.  Except that most of the stocks have not returned to the level of January 23 in the recent rally, positive factors in the market are gradually accumulating at the same time.  Scale, incremental funds continue to enter the market.Wind data show that as of February 13, since February, Northbound funds have gradually net inflows of 301.At 0.8 billion yuan, there were net inflows in 6 of the last 9 trading days.In the case of the adjustment of the two cities yesterday, the net inflow of northbound funds7.9.1 billion yuan.From yesterday’s Shanghai-Shanghai Stock Connect and Shenzhen Stock Connect’s top ten active stocks, Tianqi Lithium, Wuliangye, and Shanghai Airport each received a net purchase of 5.5.3 billion, 2.5.8 billion, 2.3.8 billion yuan.Huiding Technology, BOE A, and Maotai, Guizhou were net sold 2 respectively.7.8 billion yuan, 2.6.8 billion yuan, 1.9.3 billion yuan.In addition to the continued admission of northbound funds, financing funds also continued to enter.Wind data shows that as of February 12, the financing balance for February increased by 103.2.1 billion yuan.  At the same time, recent proactive fiscal policies have been continuously introduced.Guosheng Securities said that the policy of countercyclical adjustments has gradually increased.Since the outbreak of the epidemic, regulators have continuously issued positive signals to clearly protect the real economy and capital markets.The current implementation of standard policies has accelerated and the market has ample liquidity.With the gradual easing of the epidemic, long-term funds are expected to continue to enter the city under a loose policy environment, and the A-share market after the epidemic will continue to return to the long bull and slow bull track.  Short-term downside is limited. With the active entry of funds and ample market liquidity, how do you view the market outlook?  Huaxin Securities said that the A-share market is expected to continue to be strong. Although there are short-term adjustment pressures, A-shares have now started a structural trend. For investors, they should continue to focus on the long-term strategic allocation and ignore the short-term index.fluctuation.  Anxin Securities said that the current characteristics of the A-share market are relatively similar. In the second half of 2013, the overall market ‘s downside risk was not large, the stock market ‘s medium-term allocation value, and the short-term main board index trend was not strong. It is necessary to observe and wait for follow-up policies.Therefore, it is not appropriate to talk about style conversion at this time, and the structural market needs further interpretation.The short-term market will inevitably experience several iterations after a rapid and strong rebound, but the systemic risk is limited. The market needs to pay attention to the manufacturing repair market under the lead of resumption of work, and pay attention to “new infrastructure” investment opportunities under the background of steady growth.  China CITIC Securities believes that the market is likely to enter a balanced shock with short-term up and down space.In terms of industry configuration, we continue to pay attention to three main lines.First, the main line of technological innovation transformation and upgrading.Under the condition of falling interest rates, growth stock estimates will continue to be supported.Judging from the performance forecasters and performance express reports, the performance growth of both the GEM and the small and medium-sized boards have seen long-term growth.The epidemic has further catalyzed the development of online industries such as video conferencing and cloud office, and recommends cloud computing, medical informatization, and new energy vehicles.Second, adjust the main line in a counter-cyclical manner.After the epidemic is gradually over, counter-cyclical adjustments will be strengthened. There are certain opportunities for cyclical industries such as building materials, cement, chemical industry and machinery and construction industries to obtain absolute benefits.Third, the main line of recovery after demand compression.After the epidemic is over, the earlier period will be compressed, and the demand for later recovery will become the most flexible sector, mainly including the real estate, home appliances and home furnishing industries.  Industrial Securities said that the short-term market may be affected by some external factors, but it is still the bottom area in the medium and long term.At first glance, due to the release of monthly and quarterly economic fundamentals data, investors are expected to change, questioning the logic of market fundamentals, and disrupting the market.In the long run, it maintains a positive view of the market.

Huafa shares (600325) quarterly report comments: performance volume and price rise to maintain rapid growth

Huafa shares (600325) quarterly report comments: performance volume and price rise to maintain rapid growth

Core Views The company released a quarterly report and achieved revenue 67 in Q1 2019.

100 million US dollars, a year-on-year increase of 318%; net profit attributable to mothers5.

6 ‰, an average of 5% for ten years.

Taking into account the high base generated by investment income in the first quarter of 2018, the company’s performance in the first quarter of 2019 was only a slight shift, exceeding our expectations; supported by ample value, the company’s sales growth led the mainstream housing companies.

Considering that the Q1 performance of real estate companies is generally not very informative, we maintain the EPS for 2019-2021.

46, 1.

89, 2.

Earnings forecast of RMB 35, maintain “Buy” rating.

The carry-over scale and quality rose steadily, and the performance remained stable under a high base. The company’s first quarter settlement and consolidated project volume and price also rose. Wuhan, Zhuhai, Guangzhou, Shanghai, and Zhongshan project settlements (over 90%) promoted revenue growth of 318%., Gross profit margin increased by four years.

2 up to 31.

At the same time, due to the higher profit level of the project and the scale of land, taxes and surcharges accounted for 2% of revenue.

7 up to 9.


During the period, the company’s cost management and control efficiency improved, and the sales management expense ratio of the flow caliber decreased year by year.

2 up to 2.


The high base in the first quarter of 2018 due to the recognition of investment income by the equity method, and the steady performance in the first quarter of 2019 reflected the flexibility of the company’s performance release.

As of the first quarter of 2019, the company’s advance receipts amounted to 42 billion yuan, a further increase of 8% over the end of 2018. Compared with the 2018 development business revenue coverage coverage rate of 185%, it can carry abundant resources.

Sales growth led the mainstream housing companies, and further strengthened the first- and second-tier cities in 2019Q1. The company achieved a sales area of 75.

40,000 square meters, an increase of 58% in ten years; sales of 183.

10%, an annual growth rate of 83%, leading the mainstream housing enterprises.

We estimate that the company’s saleable value will exceed 140 billion in 2019, with too many pushes, and the push area will become more balanced. The 北京夜生活网 sales amount is expected to exceed 80 billion, and we will work towards 100 billion biology, with a corresponding growth rate of more than 40%.

In 2019Q1, the company won the Wuhan Jiang’an District site, and through the cooperation of housing and enterprises, it added new projects in Shenzhen’s Guangming District and Nanjing’s Jiangning District to supplement the land storage area of about 540,000 square meters, further strengthening the first- and second-tier cities.

We expect the company’s land acquisition to grow steadily in 2019, and the amount of land acquisition will be more than 350 trillion points, which is the gradual basis for subsequent growth.

Guangdong, Hong Kong, and Macau have abundant land reserves, and the Group’s endorsement highlights the advantages of financing. As of the end of 2018, the company 武汉夜生活网 has deployed nearly 30 cities, with a total land storage capacity of 14.74 million square meters. The first-tier, second-tier, and third-tier cities account for 6%, 42%, and 52%, of whichZhuhai (third-tier cities) accounts for 20%.

Guangdong, Hong Kong, Macao, Yangtze River Delta, Bohai Rim, Midwest and other cities accounted for 32%, 14%, 21% and 33% respectively.

With the Guangdong, Hong Kong and Australian dollars, Zhuhai Hengqin International Tourism Island and other regional advantages gradually break through, asset values continue to be released.

Due to the accelerated development rate since 2017, the company’s net debt ratio is relatively high. The increase in interest-bearing debt in 2019Q1 resulted in an increase in net debt ratio by 8 to 257% over the end of 2018.

Participated in the endorsement of Huafa Group, the controlling shareholder of the state-owned enterprise, and the company maintained its financing advantage. The average financing cost in 2018.

87%, 1.5 billion corporate bonds will be issued in the first quarter of 2019, and the interest rates will not exceed 5%.

Maintain high-speed growth and maintain a “buy” rating. The company has proven its growth ability in the last round of growth. Since 2017, the company has increased its land acquisition speed, the national layout has become more balanced, and the policy environment has improved.Boosting its new opportunities in 2019.

The deep resources of the company and major shareholders in the Guangdong-Hong Kong-Macao Greater Bay Area will also benefit from the boost of regional dividends.

We maintain EPS for 2019-2021.

46, 1.

89, 2.

35 yuan profit forecast.

With reference to 9 times PE estimates of comparable companies in 2019, considering that the company’s net debt ratio is high, we believe that the company’s reasonable PE estimate for 2019 is 7.

8-8.2 times, target price 11.


97 yuan (previous value was 13.


60), maintain “Buy” rating.

Risk reminders: risks in the capital chain; regional market risks caused by the expansion and concentration of the layout; potential risks in the sales of the real estate industry, and the company’s sales may be dragged by the industry.

Sunlord Electronics (002138): 5G + Automotive Electronics Drives Steady Revenue Growth

Sunlord Electronics (002138): 5G + Automotive Electronics Drives Steady Revenue Growth
Core viewpoints: 1) The company has deeply cultivated the field of chip inductors and gradually grown into a domestic leader in this field.Based on this, we have developed a series of resistors, LTCC devices, sensors, high-precision ceramics and other products.The long-term company’s market share has continued to increase. In 2017, the company’s market share in the global inductor market was 6.7%, ranking fifth. 2) R & D capabilities and price advantages Found the company’s core competitiveness.Scoring with domestic counterparts, the company’s research and development has maintained rapid growth, leading the peers in terms of expansion strength, and has given the company a leading edge in technology.Compared 苏州夜网论坛 with foreign counterparts, the company has managed the production cost and expenses effectively and achieved absolute price advantage.At present, under the leading homogeneous and non-inductive expansion plan, the company once again expanded the production of inductive power by a fixed increase, which will help the company increase its market share. 3) On the demand side, the business of 5G + automotive electronics security companies continues to grow steadily.Breakthrough, 5G will increase the demand for the company’s inductors and LTCC products on the mobile phone and substrate sides. After years of hard work, the company has now entered the international mainstream automotive electronics integrator supply chain, and the company’s automotive electronics will enter the harvest period in the next few years.At the same 成都桑拿网 time, through the strong rise of domestic mobile phone brands and ZTE, the acceleration of the domestic replacement process caused by the Huawei incident will also promote the company’s sales growth. 4) The company operates stably.The company’s current interest rate is low, inventory turnover is fast, operating cash flow is abundant, and the ability to recover funds is strong.And the company’s top five customers in 2018 accounted for 19.46%, the proportion of the interests of the largest customer is only 9.83%, relatively dispersed. 5) Profit forecast and investment grade: Through the vigorous development of 5G, automotive electronics and other downstream, the company’s business will be further heavy in the next two or three years.We predict that the company’s EPS for 19/20/21 will be 0.61/0.80/1.04 yuan, the corresponding PE is 36.52/27.98/21.46X.Considering that the company is the absolute leader in the chip inductor market segment, it is estimated to give a certain premium.Covered for the first time, giving “overweight” rating. 6) Risk warning: The downstream demand of the inductor is lower than expected; the technology development progress and market expansion of new products are lower than expected.

Rainbow Group (002419): The overall operation in the first three quarters was slightly lower than expected, but the mandatory format and the performance of newly opened stores remained bright. Recommended

Rainbow Group (002419): The overall operation in the first three quarters was slightly lower than expected, but the mandatory format and the performance of newly opened stores remained bright. Recommended

1.Event summary The company achieved operating income of 140 in the first three quarters of 2019.

75 ppm, an increase of 1 per year.

75%; realize net profit attributable to shareholders of listed companies.

52 ppm, a reduction of 3 per year.

15%; Realize attributable non-net profit 5.

61 ppm, a decrease of 4 from the same period last year.


Net operating cash flow 3.

66 trillion, a decrease of 65 over the same period last year.


2.Our Analysis and Judgment (I) Newly opened stores have driven the growth of retail business slightly. Supermarkets / convenience stores and other mandatory consumer formats have the same performance in the first three quarters of 2019. The company achieved main business revenue of 135.

68 ppm, an increase of about 1 from the same period last year.

78 ppm, a 10-year increase1.


Among them, the retail sector achieved 131.

3.6 billion revenue, an increase of about 0 compared with the same period last year.

8.7 billion, of which comparable store revenue compared with the same period last year.

5.7 billion.

Divided by industry type, the company’s department store / supermarket / shopping center / convenience store revenues of comparable stores in the first three quarters changed by -7 from the same period last year.




2.2 billion, a five-year growth of -5.

64% / 9.

20% /-0.

17% / 7.


In the first three quarters of the company’s comparable store revenue segmented slightly, about 1.

The $ 4.4 billion retail business revenue increase comes from the company ‘s newly opened store operations; as for the real estate sector, revenue in the first three quarters of this year4.

33 ppm, an increase of 0 from the same period last year.

92 ppm; other businesses provide revenue increase of approximately 0.

6.4 billion.

It can be seen that the company’s main incremental retail business in the first three quarters benefited from newly opened stores.

Divided by region, the first three quarters of retail sales in Southern China / Central China / Southeast / East China / Beijing / Chengdu have changed by -1.



33 / -0.

37 / -0.04 / -0.

40,000 yuan, the changes in the ten years were -1.

37% / 9.

57% / 3.

08% /-4.

28% / -0.

96% /-3.


Among them, the company ‘s main theater, South China, contributed 82 in the first three quarters.

5.1 billion, accounting for 62 of the retail business revenue.

82%, a decrease of 1 compared with the same period last year.

30 units; retail business contribution ranks second in the first three quarters of Central China’s revenue contribution revenue.

520,000 yuan, accounting for 18 of the retail business revenue.

67%, an increase of 1 compared with the same period last year.

52 singles, it can be seen that the company’s Central China has been gradually improving.

Divided by business model, self-operated / associated / leased comparable stores respectively achieved operating income in the first three quarters of this year42.



400,000 yuan, corresponding to a change of 4.

25 / -6.


40 ppm with a one-year change of 10.

48% /-7.

42% / 13.


The proportion of joint venture revenue in comparable store revenue (excluding convenience stores) was 55.

73%, the proportion of revenue decreased 4 compared with the same period last year.

99 units; self-employed revenue accounted for 34.

33%, an increase of 3 over the same period last year.

41 units.

The company achieved net profit attributable to mothers in the first three quarters6.

52 ppm, a reduction of 0 per year.

21 ppm, a decrease of 3 per year.

15%; in the first three quarters of this year, the company’s return to its mother company deducted non-net profit5.

61 trillion, a decrease of 0 compared with the same period last year.

29 trillion, a decline of 4 a year.


The company’s non-recurring profit and loss in the first three quarters of this year totaled 9111.

730,000 yuan, of which the profit or loss of entrusting others to invest or manage assets is 8,587.

670,000 yuan, accounting for 94% of non-recurring gains and losses.25%.

The company continued to adjust the store format and increase the experience format area, and the profit of comparable stores continued to grow.

00%, a decrease of 14 over the previous year.

57 single; of which 54.

The profit of department stores with 38% comparable store revenue increased by 5%.

18%, followed by a total of (38.

21%) The profits of supermarkets have increased significantly13.

44%, both are still the company’s main revenue source; shopping mall format (accounting for same-store revenue 6).

52%) and convenience store formats (accounting for 0 of same-store revenue).

89%), even the scale is small, but the profit scale is increased by 59 each year.

19% / 94.

73%, maintaining rapid growth.

The same-store sales data can be grinded, the company’s mandatory consumption channels and experiential shopping malls are profitable, and the department store business continues to be sluggish, and it will be transformed and upgraded in the future.

(2) Comprehensive gross profit margin increased by 1.

32pct, the cost rate increased by 1.

73pct’s consolidated gross profit margin for the first three quarters of 2019 was 28.

56%, an increase of 1 over the same period last year.

32 units; of which the gross profit margin of the main retail sector was 27.

19%, up by 0 compared with the same period last year.

50 units, the gross profit margin of the real estate sector was 36.

26%, up 5 from the same period last year.

44 units.

Looking at the same store performance by region, the gross profit margins of the retail business in South China, Central China, Southeast China, East China, Beijing and Chengdu were 27.

38% / 26.

32% / 26.

08% / 28.

61% / 28.

66% / 27.

16%, a change of -0 over the same period last year.






The 07 averages, in terms of absolute value, the gross margin of Beijing ranks first in each region. From the perspective of changes, the growth of gross margin in East China may increase and may surpass Beijing in the future.

Looking at the same store performance according to different industry formats, the company’s department store / supermarket / shopping center / convenience store formats achieved average monthly gross profit margins of 139/394/78/733 yuan per square meter in the first three quarters of this year, which were different from the same period last year.8.

55% / 32.

66% / 2.

63% / 8.

43%.Looking at the same-store performance according to the business model, the company ‘s gross profit under the self-operated / joint-operated / leasing model in the first three quarters of this year has increased by zero each time.

71% /-0.

20% / 20.


In summary, the increase in the company’s comprehensive gross profit margin was mainly due to the increase in the gross profit margin of the land business, and the increase in the gross profit margin of the retail business in the first three quarters was mainly due to the significant improvement in the same store gross profit margin of the supermarket format.

Comprehensive period expenses of the company 22.

73%, a year-on-year increase of 1.

73 per share, sales / management / financial expense ratios are 20 respectively.

59% / 2.

21% /-0.

07%, an increase of 1 each year in the same period last year.



08 averages.

The increase in the sales expense ratio and management expense ratio was mainly due to the increase in utilities, cleaning fees, advertising and promotion fees brought by maintaining store operations and opening new stores.

The increase in the related financial expense ratio was mainly due to the decrease in the company’s periodic expenses and the reduction of the time deposit refund required, which resulted in a slight increase in financial expenses, which caused the financial expense ratio to increase slightly.

(3) The store continued to expand steadily, and the experiential industry model was upgraded. In response to the opportunity of customer experience reporting, the company opened a new community living center, a shopping center, an independent supermarket, 23 convenience stores, and closed 11 convenience stores.

As of the end of the third quarter of 2019, the company has a total of 69/84/16/164 department stores / supermarkets / shopping centers / convenience stores nationwide, which has increased by 1/1/1/12 department stores / supermarkets / shopping centers /Convenience stores, and the company temporarily signed 5 shopping mall and department store projects and 5 independent supermarket projects in the report.

In addition, in October, the company newly opened Yingtan Tianhong Shopping Center in Jiangxi Province and signed a new contract for the Suzhou Wuzhong Central City Project.

The department stores of the company’s department continue to experiment with the first-floor block of the store, the editing of other categories of themes, and similar interactive experience projects to enrich the shopping experience of consumers; while the shopping center is committed to creating a series of age groups to enjoy happy hoursA life center that focuses on happy hour and family life.

The company combines a stable store growth strategy with a physical store consumer experience improvement plan to enhance customer stickiness and increase company revenue.

(4) Digital upgrade of stores to improve service efficiency and quality, and supply chain integration to improve customer demand matching The company has always taken store digitization as the store digitization as the most important part of the store renovation and upgrade plan, and regards it as the most effective way to promote revenue growth.

Specifically, when it comes to the supermarket format, the company ‘s online consumption and offline pickup services developed by the company have a joint consumption rate of more than 杭州桑拿网 50%, and the sales of “Tianhong Home” business have increased by more than 46%.

The earliest to the department store format, the company launched the WeChat function of shopping guide companies in major department stores to realize the full online of member management, order management and user marketing, providing an alternative for brand merchants entering the company’s department stores and more direct channels for consumers.

As of the semi-annual report of 2019, the company’s digital membership has reached 18.82 million, accounting for more than half of the total number of members.

In addition, the company also optimized the business docking process with suppliers and logistics service providers through the integration of the national supply chain to improve the efficiency of the supply chain.

In addition, the 苏州夜网论坛 company also uses brand management based on strategic core products to create a high-quality, low-cost, and efficient supply chain to better meet the diverse needs of consumers.

Investment suggestion We believe that the company is unique in the industry in terms of service leadership and quality leadership in various formats of department stores, shopping malls, supermarkets and convenience stores.

The company is oriented to customer needs, deeply digs online services through digital technology, creates high-quality services through format upgrades, provides efficient services through supply chain transformation, and improves the efficiency of product category management.

The company reported that although the ratio of cocoa store performance to previous years has been slightly shortened, the gross profit margin of the retail business has steadily increased, and the existing department store business has gradually changed its neighbourhood. The effect of the overall upgrade and transformation needs to be tested.

In addition, the company’s required consumer industry-type supermarkets, convenience stores and other large-scale performance are improving; the theme blocks of experiential shopping malls and shopping malls match the consumer’s pursuit of experiential and personalized consumption trends.The anti-cyclical ability in the downward period is prominent.

At the same time, considering the steady expansion of the company, the store reserve items in the extension are redundant.

The combined company ‘s orderly expansion of stores and the retail business ‘gross profit margin have continued to increase. We maintain our forecast that the company will achieve revenue of 195 in 2019/2020/2021, respectively.



6.9 billion, net profit attributable to mother 8.



19 trillion, corresponding to 0 PS.

63 times, corresponding PE is 15/12/11 times, maintaining the “recommended level”.

4.The risks indicate the risk of competition and divergence in the consumer market, the risk of renewal of the store due to expire, and the risk of the quality of the store brought by the fast opening of the store.

China Automobile Research (601965): First-quarter results are expected to be low and expected to accelerate quarter-by-quarter

China Automobile Research (601965): First-quarter results are expected to be low and expected to accelerate quarter-by-quarter

Investment Highlights Event: Recently, the company announced the 2019 first quarter report, with revenue of 5 in Q1 2019.

0 million yuan, down 22.

3%, return to 佛山桑拿网 mother’s profit 0.

900 million, an increase of 8.


Gross profit margin is 30.

2%, an increase of 6.

0pct, net interest rate 19.

0%, increase by 5.

3 points.

The inspection and R & D business improved in the first quarter, but orders in hand were redundant.

2019Q1 company consolidated revenue 5.

0 billion, down 22.

3%, parent company revenue 2.

100 million, down 3.


Consolidation returns to 0.

900 million, an increase of 8.

4%, the parent company returns to the parent profit 0.

800 million, down 7.


The industrialization of the company includes the heavy truck distribution and rail transit business revenues extending but profit growth, while the inspection and research and development business revenues are basically flat but the profit has declined, which is expected to be related to the project confirmation time point.

The first quarter of 2019 reports the company’s advance payment2.

1 billion, an increase of 40 previously.

1%, the company’s subsequent growth in testing R & D business income is still guaranteed.

The expense ratio has increased.

Selling expense ratio 2.

3%, an increase of 0.

5pct, management (including R & D) expense ratio 6.

8%, an increase of 3.

8%, financial expense ratio -1.

8%, down 0.

7pct, period expense rate 9.

3%, an increase of 3.

4%, the increase in expense ratio was mainly due to changes in revenue structure.

The first quarter results are the expected lows and are expected to accelerate quarter by quarter.

The company is the only listed company in the domestic automotive testing 重庆耍耍网 and evaluation industry. The 2019-2020 emissions business will benefit from the rapid growth of China VI upgrades, and intelligent test sites, and automotive wind tunnel projects will be put into production one after another. It is at the leading level in China, which is our continued optimistic sound.Growth target.

It is expected that EPS for 2019-2021 will be 0.52/0.


73 yuan, maintain the “prudent increase” rating.

Risk reminder: shorten the project confirmation time, and turn the industrialized business into a loss

Sinopec (600028) Third Quarterly Report Review: Exploration and Development Keep Profitable

Sinopec (600028) Third Quarterly Report Review: Exploration and Development Remain Profitable Refining Continues Gradually

The event company issued a report for the third quarter of 2019, and achieved operating income of 22,333 in the first three quarters.

50,000 yuan, an increase of 7 in ten years.

73%, the net profit attributable to shareholders of the parent company was 432.

81 ‰, a decrease of 27 per year.

8%; operating income of 7343 in the third quarter.

09 billion, down 4 every year.

97%, net profit attributable to shareholders of the parent company was 119.

43 trillion, a reduction of 35 a year.


Opinions Exploration and development business continued to improve, and territorial oil and gas production continued to grow.

In the first three quarters of this year, territorial crude oil production increased by 0 each year.

1%, natural gas production is increasing by 8 per year.


Affected by rising gas prices and sales volume, the operating income of the exploration 北京夜网 and development segment was 87.

18 ‰, an increase of 97 per year.

9.9 billion, sector performance continued to improve.

Capital expenditure in the first three quarters was 347.

50,000 yuan, an increase of 75 in ten years.

8%, mainly for the construction of natural gas production capacity in Fuling, Weirong, Hangjinqi, Shengli, Northwest and other crude oil production capacity, the promotion of natural gas storage and transportation facilities and overseas oil and gas projects.

Domestic demand for refined oil products continues to grow, with abundant supplies of refined oil products and fierce competition.

Affected by the increase in premiums for overseas shipments, the increase in discounts on imported crude oil, and the depreciation of the RMB exchange rate, the operating income of the refining segment in the first 成都桑拿网 three quarters was US $ 22.5 billion, a decrease of half; the operating income of the marketing and distribution segment was 232.

4.5 billion US dollars, flat for one year; operating income of the chemical sector was 165.

600 million, down 30 a year.


The profit forecast is affected by the rise in both the volume and price of natural gas, and the exploration and development business is profitable. However, due to the impact of shore oil prices and exchange rates, the profit margin of the refining segment has decreased. Considering the company’s integration of oil and gas production and processing advantages, the company is expected to achieve attribution in 2019-2021.The net profit of shareholders of the parent company is RMB 532.566 billion, equivalent to EPS0.

44, 0.

47, 0.

51 yuan / share, corresponding to PE is 11, 11, 10 times, and continue to give “overweight” rating.

Risk reminder: The plunge in oil prices leads to upstream growth, inadequate natural gas demand and falling gas prices, increased domestic demand for refined oil products, and exchange rate risks.