Xingyu shares (601799): better than expected gross profit margin continues to improve year by year

Xingyu shares (601799): better than expected gross profit margin continues to improve year by year

The core point of view is better than market expectations.

The company achieved operating income in the first quarter of 201914.

24 ppm, an increase of 21 in ten years.

2%, the growth rate increased by 13 from the fourth quarter of 2018.

1 percentage point, a significant increase; net profit attributable to mothers1.

700,000 yuan, an increase of 30 in ten years.

2%; deduct non-attributed net profit 1.

54 ppm, an increase of 32 in ten years.

8%, EPS is 0.

62 yuan, net profit growth faster than revenue growth mainly benefited from improved gross profit margin.

Revenue growth was better than expected, gross margin improved significantly, and net cash flow from operating activities increased significantly.

With the year-on-year decline in industry sales in the first quarter, the company’s revenue was still two years.

2% growth is expected to be mainly related to the upgrading of automotive products.

The gross profit margin for the first quarter was 23.

3%, an increase of 2 per year.

2 average values, the improvement is obvious.

Expenses during the first quarter8.

9%, a decline of 0 per year.

2 units, of which selling expenses are 2.

5%, a decline of 0 per year.

1 unit; management expense ratio (including R & D expenses) is 6.

3%, a decline of 0 per year.

1 unit, the cost control ability is further enhanced.

Net cash flow from operating activities 1.

5.7 billion, an annual increase of 77.

0%, a significant increase, mainly due to the increase in business scale.

The company’s inventory at the end of the first quarter was 11.

52 ppm, an increase of 13 at the end of the first quarter of each year last year.


Continue to promote product structure upgrades and production capacity expansion to ensure the company’s profit growth.

The company successfully developed predictive headlights, NDAS smart headlights, LIN / CAN controlled RGB turn lights and calibrated dual-light LED lens components in 2018. It is expected that continuous research and development this year will promote further upgrade of product structure.

The company’s production capacity has expanded steadily. The second phase of the Foshan factory is expected to be completed in the second quarter. The first phase of the Intelligent 深圳桑拿网 Manufacturing Industry Park is also expected to be completed within this year.

With the overall recovery of the automobile market, the company’s customers’ new car output has increased, and the company’s products have continued to upgrade its structure. It is expected that the profit in 2019 is expected to achieve higher growth.

The financial forecast and investment recommendation gross margin is better than expected, and the EPS for 2019-2021 will be adjusted to 3 respectively.

05, 3.

79, 4.

65 yuan (originally 2 for 2019-2021).

90, 3.60, 4.

46 yuan), with reference to comparable companies for 24 times PE assessment in 19 years, with a target price of 73.

2 yuan, maintain BUY rating.

Risk warnings The passenger car industry demand is lower than expected, and headlights and rear combination lights are lower 淡水桑拿网 than expected.

[Effective food for lowering blood sugar_Effective food for lowering blood sugar]

[Effective food for lowering blood sugar_Effective food for lowering blood sugar]

The “three highs” often appear in modern people’s physique. The so-called three highs are nothing but high blood lipids, high blood pressure, and high blood sugar.

Hyperglycemia is common in middle-aged and elderly people, and its pathogenesis is mostly secondary and closely related to daily diet.

Want to prevent hyperglycemia is first light diet and daily exercise. Now there are many ways to prevent and treat hyperglycemia in TCM health. Traditional Chinese medicine diet can reduce blood sugar and cure hyperglycemia.

1. Cinnamon flavor is warm, has the effect of nourishing Yuanyang and warming the spleen and stomach.

Studies by American scientists have found that elevated insulin levels in blood metabolized by cinnamon have an adjuvant therapeutic effect on diabetic patients.

Suggest to add 1 when recovering?
3 grams of ground cinnamon, but cinnamon is hot, not suitable for patients with yin deficiency type diabetes.

2. The onion taste is warm, sweet and tender, and it is a good vegetable for people.

Onion contains substances that stimulate the synthesis and secretion of insulin, which has an adjuvant therapeutic effect on diabetes, and the prostaglandin A and thiaminic acid contained in it have the effect of expanding blood vessels, regulating blood lipids and preventing arteriosclerosis.

Therefore, it is most suitable for those with diabetes and dyslipidemia.

3, chives are spicy and warm.

Into the liver, stomach and kidney.

It has the effects of treating qi, dispersing blood and detoxifying, and is suitable for patients with hyperlipidemia, coronary heart disease and diabetes.

4. Yam can effectively improve hyperglycemia, and the sticky ingredients in yam are also formed by mucin.

Mucin can wrap other foods in the intestine, allowing sugar to be slowly absorbed.

This effect can prevent a sharp rise in blood sugar after meals, and can also avoid repeated excess insulin, which can better improve blood sugar.

Yam also contains active ingredients such as magnesium and zinc essential for insulin secretion, as well as vitamin B1 and vitamin B2.

These ingredients promote the metabolism of glucose in the blood.

In addition, yam also contains amylase, which is an enzyme that digests sugars, which makes sugar no longer accumulate in the blood.

5. Taro is most suitable for people who need to limit metabolites. Taro contains mucin, magnesium, zinc, vitamin B1 and other active ingredients. It also contains a galacto diet, which can effectively reduce blood pressure and cholesterol.

In addition, it is important that the yam is transformed.

Taro is the most suitable food when you have to restrict your diet due to diseases such as diabetes, hyperlipidemia, and obesity.

The content of 100 grams of taro is only 58 kg.

Most people cook taro before eating it. Although it is easy to damage mucin, it is beneficial to the absorption of other active ingredients.

6. Tremella is sweet and flat. It has the functions of nourishing yin and regulating dryness, nourishing the stomach and nourishing the stomach. It is not only nutrient-rich, but also has high medicinal value. It is known as “the pearl of bacteria”.

Tremella fungus plasma is rich in dietary fiber, which can delay the rise of blood sugar.

Preliminary studies have reported that Tremella contains carbonylated Tremella glycerol, which has an effect on insulin hypoglycemic activity.

It has been found in animal experiments that Tremella polysaccharide can change the action time of insulin in animals from 3?
4 hours extended to 8?
12 hours.

Therefore, people with diabetes should eat Tremella.

Usage: Tremella 15?
20 grams, take after stewing, once a day.

7, yellow diet is sweet and warm, has the effect of nourishing the five internal organs, filling essence and blood.

Modern pharmacological studies have shown that the yellow substances A and B contained in Huang Zhan can lower blood sugar.

8, pumpkin sweet temperature is non-toxic, has Buzhong Yiqi effect.

Pumpkin contains fructose which can inhibit the absorption of glucose, can be combined with excess plasma in the human body, and has the effect of preventing hypertension and arteriosclerosis.

Modern medical research shows that pumpkin also contains a lot of substances beneficial to the human body, such as adenine, glutaraldehyde, mannitol, and has a role in promoting metabolism.
Diabetics cook 100 grams of pumpkin every day, which has a good effect on improving symptoms.

9. Cucumber has a sweet and cool taste, sweet and crisp, and has the effect of removing heat and quenching thirst.

Modern pharmacological studies have shown that cucumber contains only 1 sugar.

6% is a commonly used food substitute for diabetic patients, and vitamin C, carotene, cellulose and minerals are basically obtained from it.
The glyceric acid contained in cucumber can inhibit the carbohydrates in the human body from turning into aunts.

Hypertensive diabetic patients with hypertension, eat 100 grams of cucumber a day, have high blood pressure.

10. Coix kernel is sweet and slightly cold. It is a food and medicine product that can nourish the lungs and spleen, diuretic and dehumidify.

Modern pharmacological studies have shown that Coix Seed has a blood sugar-lowering effect, and is especially suitable for those with obesity and diabetes accompanied by hypertension.

11, celery sweet cold.

Can remove irritability under the heart, scattered solar terms, and blood stasis.

It has hypoglycemic, hypolipidemic and hypotensive effects.

Patients with diabetes and hypertension can take it for a long time.

12, sweet taste, cold.

Guixin, spleen and stomach meridian.

It has the functions of clearing away heat and quenching thirst, cooling blood to stop bleeding, dispersing blood stasis and sobering alcohol, and it has the effects of strengthening the spleen, nourishing the stomach, nourishing yin and nourishing blood, and strengthening muscles and stopping diarrhea.

It is suitable for those who drink more than one, and still have troubles. Obesity, body weight-loss type diabetes, especially those who have hematemesis, bleeding and hot shower.

13, Laiya (radish): Weixin, sweet, warm.

Return to the lung and stomach.

It has the effects of eliminating product stagnation, resolving phlegm and heat, lowering qi, widening, and detoxifying, and is suitable for diabetic fullness.

14. Spinach has a sweet and cold taste, quenches thirst, moistens dryness, returns to the lungs, and passes through the stomach.

It has the effect of moisturizing and clearing heat, lowering the atmosphere and regulating blood.

It is suitable for diabetic chest fullness and congestion.

Spinach contains calcium oxalate, and when co-cooked with calcium-rich foods, it is easy to form calcium oxalate, which is not conducive to absorption by the human body, and also has adverse effects on the stomach and intestines. Pay attention when cooking.

It is the best vegetable to assist in the treatment of diabetes, thirst, and thirst.

15, lentils are rich in soluble cellulose, which has the function of reducing sugar, reducing triglycerides and harmful cholesterol.

With lentils 30?
50 grams of cooked food, once a day, has a good effect on those with diabetes and dyslipidemia.

16. The bitter melon has a bitter cold taste and tender meat. Due to a variety of nutritional ingredients, especially the content of vitamin C, it ranks first among various melons.

Pharmacological research found that the balsam pear saponin contained in balsam pear has a very obvious hypoglycemic effect, and also has an insulin-like effect (hence the name of vegetal insulin), and also has the function of stimulating release.

Some people have tested that the total effective rate of bitter melon saponin preparation for oral treatment of type 2 diabetes can reach 78.


Therefore, if a diabetic patient uses 1 bitter gourd, dissect it, wash it, slice and boil it once, take it once a day?
2 times, it is good for controlling blood sugar.

[Effects and effects of Shannian sparkling wine]_ 山 念 子 _Benefits

[Effects and effects of Shannian sparkling wine]_ 山 念 子 _Benefits

Many people do not know Shannianzi specifically. Shannian is also called myrtle. It belongs to a Chinese medicinal material. After grinding, it can be used externally. In summer, you can collect Shannian. It is still very good after drying.The function of nourishing and stopping blood has a good effect on pregnant women with anemia and weakness after illness. In addition, it can also be used to drink alcohol, has the effect of solidifying and stopping bleeding, and has the effect of nourishing and promoting blood circulation.

The efficacy and role of Shannian sparkling wine The efficacy and role of zongzi wine 1 According to the “Compendium of Materia Medica” and “Chinese Traditional Medicine Dictionary”, “Zongzi fruit contains flavonoids, phenols, amino acids, organic acids and multivitamins, sugars, etc .;It has the functions of nourishing blood, promoting blood circulation, black hair, strong bone marrow, solid essence, hemostasis, astringent intestines, eyesight, strong bones and bones, nourishing blood and soothe the nerves, expelling wind and activating collaterals, nourishing yin and aphrodisiac. ”

The effectiveness and effect of zongzi wine 2 Zongzi has the effects of nourishing blood and recuperating, nourishing liver and kidney, etc. It is a good choice for dipping wine. Men who drink zongzi wine can aphrodisiac, and women who drink zongzi wine can be beauty.

The efficacy and role of Zijiu 3Zizijiu has low efficiency, strong essence and strong bones, strong muscles and strong bones, nourishing blood and soothe the nerves, expelling wind and activating energy, Wufa refreshing, strengthening and strengthening, good for men and women.

: The practice of Zijiu 1: The raw dipping method is to wash the picked dumplings clean, and then dry it by adding white wine to directly soak. This is the simplest dipping method.

If you want to drink quickly, you can even smash the dumplings and mix the fresh juice with the wine.

2: Wash the dumplings by three steaming and three drying methods, steam the dumplings, and then use the sun to dry the dumplings. When the fruit of the dumplings is slightly dried, steam the dumplings again, and then continue to steam. Finally, steam again and then dry.dry.

Put dried rice dumplings in jars or glass jars, supplemented with Chinese wolfberry, longan, red dates and other medicinal materials.
4 pounds of wine.

You can put one or two rock sugars to help the wine taste smoother.

Keep sealed.

Zijiu generally can be drunk for half a year, at least 3 months.

3: The fermented method is to wash the steamed rice dumplings, dry them, put them in a sterilized container, smash them, mix them with sweet koji (locally known as rice cakes) and seal them. After two to three days of fermentation, the rice dumplings can be filtered.

[Can anemia eat kelp]_ anemia _ seaweed _ can you eat

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[Can I eat crayfish in 4 months of pregnancy]_ Early pregnancy _ Can you eat it?

[Can I eat crayfish in 4 months of pregnancy]_ Early pregnancy _ Can you eat it?

Women have passed the first trimester when their fetal position is not stable when they are 4 months pregnant. In this period, women may be a little lazy. In fact, during the second trimester, the diet should be as careful as the first trimester.I love crayfish. Although it is delicious, it should be carefully eaten by pregnant women.

Can women eat crawfish at 4 months of pregnancy?


In the second trimester, if you have no allergies, you can eat some crayfish. Don’t worry. Proper eating of shrimp skin is mainly calcium supplement, so when you are four months pregnant, you must be two people, especiallyWhen you first eat, you can eat a little if you are not allergic, but do not eat vitamins when eating shrimp, and do not eat foods high in vitamins such as grapefruit.


Although there may be many nutrients in crayfish, such as amino acids, potassium, sodium and so on.

However, many people do n’t know that crawfish are carrion. They are grown in a dirty environment and eat some carrion. The carcasses of certain animals, so crawfish contain more bacteria and germs. If they are not processed thoroughly,, Then it may be harmful to the fetus and the pregnant woman itself.

In addition, when the water body contains metal pollution or the carrion it eats already contains heavy metals, the crayfish may also carry heavy metals.

Therefore, it is recommended that pregnant women should not eat crayfish.


Pregnant mothers must ensure that the crayfish is fully cooked, because if the cooking is not in place, it is likely that the parasites in the crayfish may survive, so in order to avoid the parasites affecting the health of the fetus, you must eatA cooked crayfish.

[Cola chicken wings pickled or simmered in water _Do you need water to make cola chicken wings]

[Cola chicken wings pickled or simmered in water _Do you need water to make cola chicken wings]

Cola chicken wings is a very common cuisine. If you want to cook this dish, there will still be some particulars. Many people are not clear about the methods and techniques, so it is the coke chicken wings that they made.It is not so delicious. For this dish, if you want to make it, you must first marinate and dehydrate it. If you use cooking wine to marinate, it takes about 15 minutes to marinate.

Does Cola Chicken Wings need to boil water?

Separate the cute and plump chicken wings with a knife into wing roots, and neutralize the wing tips 2.

Make a few mouthfuls on the wings and marinate with salt and cooking wine for about 15 minutes.

The third trick: chicken wings over the volcano 1.

Put oil in the pot, add a little more. After the oil is slightly hot, add ginger, garlic, and dried bell peppers. 2.

Fry the chicken wings into the pan and fry until the skin is slightly yellow.

Note: Turn off the fire a little when frying chicken wings.

Fourth move: Cola Man Chicken Wings 1.

Drain the excess oil, leaving only a small amount in the pot, and drown the chicken wings with coke.


After the cola is boiled, add star anise, cinnamon and soy sauce, reduce the heat and simmer for about 20 minutes. Fifth trick: beautiful wings out of the bath 1.

After the chicken wings are cooked, add some MSG and drizzle with a little sesame oil.


In order to make the chicken wings more delicious, you can first lift the chicken wings into a plate, and then stir the remaining soup on top of the chicken wings.

The taste is absolutely right!

Method 13 Materials: Multiple chicken wings, one can of cola.

Seasoning: ground ginger, spring onion, aniseed, soy sauce, white sugar (just put a little white sugar, all are optional).

Practice: 1.

Wash the chicken wings. If you want to taste better, you can make two cuts on the chicken wings with a knife2.

Heat the oil in the pan, add the white sugar and stir-fry, slide the chicken wings along the hot oil into the hot oil, fry it, and fry it a little until the outer skin turns yellow. Then pour the cola, soy sauce, aniseed, onion,Ginger slices, boil over low heat and simmer until the soup is almost dry.

Pour the amount of cola into the chicken wings. This dish is mainly sweet, so don’t put any more salt.

When the soup is about to dry, stir frequently to prevent the surface of chicken wings from mashing.

Ingredients required for Practice 14: Ingredients: half chicken cola (one can) supplementary materials: salt ginger, etc.

Production method: 1.

Wash and chop the chicken into small pieces, and put it into the iron pan; 2.

Pour in Coke, soak for 15 minutes, just over the chicken pieces; 3.

3. Heat and simmer to high heat with a colander to remove dross on the surface; 4.

Low fire continue to burn for 5 minutes; 5.

Add the right amount of salt, ginger, cooking wine and other spices, add a small amount of water in a timely manner, continue to cook for 10-15 minutes; 6.

Concentrate the chicken in the sauce and serve it.

Tips: 1.

Spicy friends can add a little dried pepper.


Friends who don’t like to eat too sweet can switch to Coca-Cola.


Add a small amount of soy sauce when you are done to make the color more rosy.

Method 15: The most complete and quick method of cola chicken wings: 1.Put water in the pot and add ginger slices. After boiling, pour the chicken wings into the pot and simmer, remove, and remove; 2.

2. Clean the pot, add chicken wings and ginger, stir-fry when the oil is 7 minutes hot, and pour into the cola, the amount of cola should not exceed the chicken wings, put salt, sugar, and soy sauce after boiling; 3.

Cover the pot and cook over low heat for 20 minutes until the chicken wings are cooked.

During this period, be sure not to burn the pot while holding it.

If there is too much soup, use a medium heat to dry the juice before it comes out of the pan.

(Keep in mind: After Coke is heated at high temperature, if the temperature is not controlled well, it will have a bitter taste, but you can sometimes master it after many trials!

[Can pregnant women eat gelatin cake]_Recommended diet

[Can pregnant women eat gelatin cake]_Recommended diet

Ejiao cake is popular and loved by many people because of its tender texture and good nourishing and nourishing effect. It is edible for men, women and children.

Especially for female friends, it can also bring out the effect of beauty and beauty.

Children’s consumption can enhance their immune capabilities and also play a positive role in intellectual development.

So, for pregnant women who are pregnant, can I eat gelatin cake?

Pregnant women can eat gelatin cake.

Pregnant women are inevitably weak during pregnancy, and their weight also needs to absorb the nutrients of the mother, so pregnant women need to add a lot of nutrition, and Ejiao cake can better supplement the effect of nutrients.

Consuming Ejiao cake can improve the physical fitness of pregnant women and their ability to resist disease.

In addition, Ejiao cake can exert the effect of preserving tires and effectively alleviate the phenomenon of fetal movement. Pregnant women eating Ejiao cake in an appropriate amount can not only supplement their nutrition, but also be beneficial to the healthy development of fatty acids.

Through the delivery of material from the mother, some materials that are beneficial to the growth of the fetus can be well transferred into the polymer.

At the same time, during pregnancy, the skin often becomes rough, and the gelatin cake can improve the skin condition and make the skin look elastic and shiny.

Among them, the good effect of nourishing qi and blood can also prevent pregnant women from bleeding during delivery.

Eating about 3 pieces of Ejiao cake per day can play a positive role.

Therefore, pregnant women can eat gelatin cake.

Eating gelatin cake in moderation is beneficial for pregnant women to conceive, can also achieve the effect of improving physical fitness, and also has a positive effect on the growth of obesity.

However, this must be ensured under the condition that the right amount of food is consumed, even if the Ejiao cake is beneficial to the human body, the amount of food must be controlled, otherwise excessive consumption will bring a burden on the human body.

Sangang Minguang (002110) Semi-annual Report Review 2019: Regional Leader Highlights Cost Advantage

Sangang Minguang (002110) Semi-annual Report Review 2019: Regional Leader Highlights Cost Advantage

The price of raw materials is high, and the profit returns to normal. In the first half of 2019, the company’s production maintained a good trend, and steel production was 511.

At the beginning of 26, it increased by 3 every year.


Realized operating income of 189.

20,000 yuan, an increase of 7 in ten years.

53%; net profit attributable to shareholders of listed companies21.

73 trillion, down 32 a year.


In the single quarter of the second quarter, the market environment improved and the company’s performance improved month-on-month.

Net profit attributable to mother in a single quarter12.

1.1 billion, up 25.


The location advantage is obvious. The gross profit rate of long products has remained high. The growth rate of fixed asset investment in Fujian Province, where the company is located, has been higher than the national level for a long time.

As a local leader, the company has a premium product copyright.

In the first half of the year, the average price of the “Minguang” brand building materials in the general board market was higher than the average prices of “four surrounding areas” by 81 yuan / ton and 128 yuan 杭州龙凤体验网 / ton.

Under the influence of the market, the gross profit of the product dropped, but still maintained a high level. The main products of rebar and medium plate gross margin were 22.

5%, 20.


High-efficiency operation and prominent cost advantages The company has continued to reduce costs and increase efficiency in view of cost control, and its main technical and economic indicators have maintained the advanced level in the industry.

In the first half of the year, Sanming Headquarters and Quanzhou Minguang achieved cost reductions per ton of steel.

78 yuan / ton of steel, 4.

44 yuan per ton of steel; for the report, the company’s financial costs turned negative, and the three ton steel costs (including R & D expenses) replaced 140.

18 yuan / ton, leading the industry.

Steady progress of coastal strategy In the first half of the year, the company successfully transferred the steel production capacity index of Shanxi Iron and Steel Group Laiwu Iron and Steel Xinjiang Co., Ltd., and asset delivery has been completed.

Zhangzhou Minguang, a wholly-owned subsidiary established by the company at the end of 2017, has also successfully put into production, and plans to produce 45 inches of steel this year.

In addition, the company is also continuing to promote Luoyuan Minguang’s restructuring-related work. By then, the company’s overall listing will be achieved, and its production capacity will exceed the tens of millions mark.

The company’s coastal strategy is advancing steadily, and logistics costs are expected to further reduce and improve cost advantages.

Risk Warning: Steel consumption has fallen sharply.

Investment suggestion: Maintain the “overweight” rating in consideration of the company’s regional leader, product copyright market premium, and prominent cost advantages. Under the background of the future industry’s overall profitability or improvement, it is expected that the company’s revenue in 2019-2021 will be 366 /36.8 / 37.5 billion, a year-on-year growth rate of 1.



7%, net profit attributable to mother 43.



400 million, the previous growth rate -33.



5%; diluted EPS is 1.77/1.


14 yuan.

The company’s dividends are stable and it is estimated that there is room for repairs to maintain the “overweight” rating.

Wanhua Chemical (600309): MDI prices stopped falling and rebounded in anticipation of peak season results in line with expectations

Wanhua Chemical (600309): MDI prices stopped falling and rebounded in anticipation of peak season results in line with expectations

The first half of 2019 results are in line with our expectations of the company’s first half of 2019 results: revenue 315.

4 ‰, at least -15.

35%, compared to -11.

4%; net profit attributable to mother is 5.6 billion, which corresponds to corresponding profit after full dilution1.

79 yuan, -46 for the whole year.

5%, chain + 1%, in line with our expectations, received government subsidies in the first half of the year.

14 billion, net profit after deduction 50.


Development trend MDI prices have stopped falling and rebounded, waiting for the peak season to come.

The average price of aggregated MDI in the East China market was 13,200 yuan / ton in one week, and the average price in the earlier 6 months rebounded by 887 yuan / ton, an increase of 7.

2%, up 15% from the year-to-date low; the average market price of pure MDI this week was 19,000 yuan / ton, a rebound of 1,187 yuan / ton from the previous June average price, an increase of 6.

7%, up 11% from the year-to-date low.

Affected by Saudi Sadara’s overhaul and discounted supply by major manufacturers, social inventory is reduced, the spot on the market is limited, and the supply is tight.

On the demand side, in the first half of the year, due to the impact of Sino-US trade frictions, downstream demand was significantly weak, and the vertical crossover of emotional changes was translated into the arrival of the traditional peak season of “Golden Nine and Silver Ten.”

Firmly grasp the core of technology, continue to expand and improve the layout.

The company’s conditional acquisition of Swedish International Chemicals in July ensured that the core technology of MDI production is still in the hands of existing producers, stabilizing the industry’s competitive landscape, and will also help the company’s R & D capabilities in Europe and improve the company’s implementation strategy.

Wanhua Yantai / Ningbo Base will add MDI 50 locations / 30 capacity through the sixth generation technology and put them into production. The rapid contrarian expansion will further expand the company’s cost advantage, increase the city’s share, and further strengthen the company’s MDI leader, the Democratic Party.

Petrochemical platforms continued to increase volume, and fine chemicals and new materials continued to deepen the company’s moat.

With the launch of SAP / MMA / PMMA, the performance improved, the company’s sales of fine chemicals and new materials increased by 25%, and operating income increased by 21%.

With the company’s 100 years / year ethylene, 40 tons / year PVC and other ethylene project construction, the company’s product prices continue to optimize, anti-conversion enhancement, high value-added products market space, significant growth, and continue to bring new performance.point.

Earnings forecast and estimation We maintain net profit of 122 trillion / 136 trillion in 2019/2020.

It currently corresponds to November 2019/2020.

3 times / 10.

1x price-earnings ratio.

Maintain Outperform rating and 58.

00 yuan target price, corresponding to 15.

0 times 2019 P / E ratio and 13.

3 times 2020 price-earnings ratio, compared with the recent inclusion 杭州夜网论坛 of 32.

2% upside.

Risk crude oil prices fluctuated sharply, Sino-U.S. Trade frictions intensified, and downstream demand was sluggish. It is estimated that the center moved downward.

Jiajiayue (603708) Annual Report 2018 Review: Steady Growth and Transformation to Pan-regional Leader

Jiajiayue (603708) Annual Report 2018 Review: Steady Growth and Transformation to Pan-regional Leader

Core viewpoints: Company mergers and acquisitions, simultaneous promotion of independent exhibition stores, and general regional expansion; store renovation, category 合肥夜网 optimization, supply chain efficiency, and the introduction of a partnership system are the foundation for growth in 2019-21.

Performance is in line with expectations.

Operating income / attributable net profit for 2018 was 127.

300 million / 4.

3 ‰, +12 per year.

4% / + 38.


In the fourth quarter of 2018, the company achieved operating income / attributable net profit.

700 million / 1.

3 ‰, +7 for ten years.

8% / + 49.


In 2018, the company confirmed a compensation income of 39.27 million yuan for the demolition of Laiwu Shiba Lele. Excluding the impact of frequent gains and losses, the company realized deduction of non-attributable net profit in 20183.

800 million, +26 a year.

9%, 2018Q4 deducted non-attributable net profit of 0.

900 million, +21 per year.


The company achieved net operating cash flow in 20186.

1 ‰, at least -21.


The company plans to distribute a cash dividend of 5 for every 10 shares.

6 yuan, the dividend ratio is 61%; it is planned to increase 3 shares for every 10 shares.

First Class Same Store +2.

At 7%, wikis have achieved profitability, store renovation, independent exhibitions, and multi-pronged mergers and acquisitions.

At the beginning of 2018, the company has the same store +2.

7% (approximately 4% -5% in 2018Q1-3), of which hypermarkets / comprehensive stores opened for more than two years are +2 respectively.

9% / + 2.


On March 12, 2018, Qingdao Weike achieved operating income / net profit of 5, respectively.

600 million / 163 million, of which in 2018Q4 Qingdao weike realized operating income / net profit of about 1.

800 million / 4 million yuan.

Excluding the wiki consolidation factor, the company’s 2018 operating income / deducted non-attributable net profit increased by +7 respectively.

4% / + 26.


In 2018, the company opened 76 new stores (10/40/13/13 for hypermarkets / comprehensive / baby delights / convenience stores), closed 28 stores and opened 48 stores, of which Jiaodong / Shandong Shandong separately exhibited stores54/22 homes.

In 2018, the company transformed more than 100 stores.

The company acquired Zhangjiakou Fuyue Xiangyun and consolidated it on January 1, 2019.

Category optimization, economies of scale, and efficiency improvements in the supply chain drive the gross margin to increase by +0.2pct, private brand accounts for two years +0.

87pct, continued to promote the partnership system and digital construction.

In 2018, the company’s comprehensive gross profit margin was +10 for ten years.

2pct to 21.

77%, the sales / management / financial expense ratio becomes 0 respectively.

07 / + 0.

19 / + 0.

09 points.

Through the advantages of fresh processing center, central kitchen, and food industry park, the company’s own brand share increased by 0 in 2018.

87 points to 9.


In 2018, the company added 56 western partners to the pilot partnership system, and the total partner system reached 89. The sales of the pilot stores exceeded the average level; 10+ stores increased online business, and offline members and online WeChat members were fully connected.Several 6.03 million.

Looking forward to 2019: about 100 stores, consolidating the supply chain, logistics, and pan-regional expansion.

In 2019, the company will be deployed in Qingdao, Jinan and other regions, and it is expected to have about 100 shops.

We will upgrade and upgrade the Weike Logistics Center, Yantai Lingang Comprehensive Logistics Park Project, and the Laiwu Fresh Food Processing Logistics Center Project to be partially put into use in 2019 to improve the efficiency of the supply chain.

Acquired Zhangjiakou Fuyuexiang to enter the Hebei market. It is planned to build the Zhangjiakou Comprehensive Industrial Park project, which integrates normal temperature logistics, fresh processing and central kitchen. Through the supply chain advantages, Fuyuexiang’s 9 stock stores will be improved The year is expected to turn around.

Risk factors: store expansion, new store cultivation, merger and acquisition integration are not up to expectations; new business formats, start-up companies diversion.

Investment suggestion: The company deeply cultivates the Jiaodong Peninsula and encrypts it to the middle of Shandong and Luxi. The merger and acquisition of Zhangjiakou Fuyuexiang is progressing smoothly, and the pan-regional expansion logic is gradually verified.

Maintain 2019-20 operating income forecast at 145.

900 million / 164.

0 million, maintaining the 2019-20 vesting net profit forecast of 4 respectively.

8 billion / 5.

800 million, corresponding to non-attributable net profit growth of +22.

8% / + 20.


The new 2021 operating income / attributable net profit forecast is 186.

600 million / 7.

0 million yuan, corresponding to 2019-21 EPS are 1 respectively.



49 yuan.

Maintain “Buy” rating.