Linglong Tire (601966): Increasing holding by controlling shareholders demonstrates confidence in the company’s long-term development

Linglong Tire (601966): Increasing holding by controlling shareholders demonstrates confidence in the company’s long-term development

Event: On February 4, the company received a notice from the controlling shareholder Linglong Group, 厦门夜网 intending to increase the company’s shares within 3 months from the date of the announcement. The scale of the increase plan is no more than RMB 1 million and no more than RMB 400 million.

Investment Highlights The company issued a plan to increase its holdings, demonstrating long-term development confidence: Linglong Group was the company’s controlling shareholder. Before the implementation of this increase, Linglong Group held 604,200,000 shares, accounting for 50 of the company’s total shares.


Based on the recognition of the company’s future development confidence and value, and in order to maintain continued stability and shareholders’ interests, Linglong Group intends to increase the company’s shares within 3 months from the date of the announcement, and the scale of the increase plan is RMB 100 million?
4 million 武汉夜生活网 US dollars, and there is no fixed price for the price of the shares to be increased this time, and the price range may gradually decrease.

At the same time, Linglong Group promised not to reduce its holdings of the company’s shares during the increase and within 6 months after the completion of the increase.

Helping to prevent and control the epidemic and bear social responsibilities: Since the epidemic was released, Linglong Tire has donated 5 million yuan to the Red Cross Society of Wuhan, Jingmen and other places through its subsidiaries in Hubei to fully support the epidemic prevention and control work.

At the same time, the Wuhan sales network of Linglong Tires was urgently deployed to provide tire services free of charge for vehicles built by Vulcan Mountain Hospital and other rescue vehicles.

The new factory in Hubei has been put into production, and the “5 + 3” strategy has been further improved: Linglong Hubei Factory is Linglong’s fourth factory in China. It took one and a half years to complete the construction of truck and bus tires. After it is fully completed, it can achieve an annual output of 12 million setsSemi-steel radial tires, 2.4 million sets of all-steel radial tires and 60,000 sets of engineering radial tires.

The commissioning of the Hubei plant means that Linglong Tire’s “5 + 3” strategy is a big step forward. The commissioning of more production capacity is expected to continue to accelerate the release of the company’s performance.

Supply-side reforms are not over yet, and companies at the top of the tires are expected to grow from strength to strength: Looking at the global market, Bridgestone, Michelin and Goodyear have been among the top three in the tire industry for a long time. The three market share totals.


At present, there is a structural surplus in the domestic tire industry. Through the advancement of supply-side reforms, small and medium-sized production capacity is gradually cleared out. The domestic market is in the process of concentrating on the right tire companies.

Focus on building the four core driving forces of strategic power, product power, innovation power and brand power: the company is a global supplier of world-class car factories such as Audi, Volkswagen, GM, Ford, Renault Nissan, and its products are sold to more than 180 countries and regionsIt ranks among the top 20 tires in the world, steadily ranks among the top 3 tires in China, and ranks among the top 500 Asian brands. It has replaced the foundation for achieving the strategic goal of becoming a world-class tire company.

Earnings forecast and investment grade: We estimate that the company’s net profit attributable to its parent in 2019-2021 will be 15 respectively.

9.9 billion, 19.

08 thousand yuan, 22.

55 ppm and EPS are 1.

33 yuan, 1.

59 yuan, 1.

88 yuan, the current sustainable corresponding PE is 16X, 13X and 11X.

Maintain “Buy” rating.

Risk reminder: the new production capacity is less than expected; the price of raw materials fluctuates greatly; the load rate of production facilities affected by the epidemic declines

Long Mang Baili (002601): Acquiring the equity of Oriental Zirconium to perfect the layout of the zirconium industry

Long Mang Baili (002601): Acquiring the equity of Oriental Zirconium to perfect the layout of the zirconium industry
Recent situation of the company The company intends to use its own funds and bank loans to acquire Eastern Zirconium held by China Nuclear Group through an agreement transfer15.66% equity, transfer price 8.73 trillion, corresponding to the expected 8.98 yuan / share, the acquisition of early Eastern Zirconium currently continues to premium 26%.After the transaction is completed, the company will become the largest shareholder of Oriental Zirconium. Comment Dongfang Zirconium is a leading zirconium industry enterprise with complete industrial chain.The owner of Dongfang Zirconium is engaged in the research and development, production and sales of zirconium series products. The industrial chain is complete. It has independent intellectual property rights in core zirconia powders, zirconia ceramics, nuclear-grade sponge zirconium and other fields.The subsidiary 南京桑拿网 cooperated with Image in Australia to develop a number of mining area projects with abundant ore resources. At present, it is focusing on mining high-grade and replacing the bunalen project of zircon sand.Eastern Zirconium actively develops high-value-added emerging zirconium products on the basis of consolidating the basic product line. Its fund-raising projects include 18 million zirconia ceramic mobile phone back plates, an annual output of 1,000 tons of zirconia ceramic microbeads, and surgical implants.Industrialization project of zirconia ceramic powder for import.We expect that the construction of new projects will further increase the profitability of Oriental Zirconium and create a complete upstream and downstream industrial chain of zirconium products. The acquisition completes the company’s zirconium industry layout.南京桑拿论坛Although the purchase price has reached a 26% premium over Eastern Zirconium, the company will become the largest shareholder of Eastern Zirconium after the equity acquisition. We believe it will be the basis for the coordinated development of Eastern Zirconium and the company’s zirconium industry. At the same time, the acquisition improves the company’s zirconium industry layout and relies on the advantages of Eastern Zirconium Composite Zirconia Powder to expand to the downstream emerging zirconium products field, enhance the company’s core zirconium industry competitiveness, and promote the implementation and expansion of the company’s zirconium industry-related strategies. The expansion of the production capacity of the chlorination method contributed to the growth, and the integrated layout enhanced profitability.At present, the company’s 20 chlorinated chloride production capacity is under commissioning operation. We expect that the total production capacity of the company’s first and second phase chlorinated titanium dioxide will reach 30 in 2020. At the same time, the company’s acquisition and integration of Xinli Titanium Industry is expected to continue to increase titanium chloride.Production capacity of white powder, sponge titanium and high titanium slag, etc. We expect that the expansion of titanium dioxide production capacity will help the company continue to grow.At the same time, the company will use the titanium concentrate resources in Panxi area to build a 30 titanium chloride slag project. We expect to be able to fully meet the second phase 20 production of chlorinated titanium dioxide production, which will further improve the company’s industrial chain and enhance profitability. It is estimated to maintain the 2019/20 profit forecast26.At USD 2 / 3.1 billion, the current company merger corresponds to a price / earnings ratio of 19/20.6/8.1x.Maintain the target price of 17 yuan, which has 37% growth space compared with the previous one. The target price corresponds to 19/20 13 / 11x price-earnings ratio and maintain an outperform industry rating. Risk Titanium dioxide price changes, acquisition and integration exceeded expectations.

Guo Rui Technology (600562): Expect radar and microwave devices to resume growth in 2019 and focus on asset restructuring progress

Guo Rui Technology (600562): Expect radar and microwave devices to resume growth in 2019 and focus on asset restructuring progress

2018 results are in line with expectations The company’s 2018 results announced: operating income10.

4.3 billion, down 9 every year.

63%; net profit attributable to parent company is 0.

38 ‰, a decrease of 77 per year.

68%, corresponding to a profit of 0.

06 yuan, net of non-attributed net profit 0.

28 ppm, a decrease of 82 per year.


The company plans to pay 0 for every 10 shares.

19 yuan.

The proportion of rail transit business with a higher gross profit margin 西安耍耍网 increased even more.

The company’s revenue in 2018 fluctuated slightly, YoY-9.

6%; comprehensive gross profit margin decreased by 12ppt to 18%.

In terms of business, 1) the total revenue of the radar YoY-41.

45%, gross profit margin YoY-11ppt (the inventory contract is insufficient, the newly signed contract has not improved significantly); 2) Rail transit revenue YoY + 53.

77%, accounting for 44% of revenue (YoY + 18ppt), gross margin slightly increased slightly; 3) Microwave device revenue YoY-22.

97%, gross margin YoY-25ppt (insufficient customer demand and the impact of ZTE incident); 4) Special power source revenue YoY-17.

14%, gross margin slightly increased by 1.


The subsidiary Nanjing Enruite realized a net profit of 2.16 million yuan, -98% year-on-year; Guorui Microwave Devices realized a net profit of 3.4 million yuan, -90 year-on-year.

52%; Guo Rui Megavolt Electronics achieved a net profit of 31.1 million yuan, YoY-7.


Net operating cash flow remained stable.

Net cash flow from operating activities of the company in 20181.

3.8 billion, higher than the net profit of about 100 million, mainly due to the increase in accounts receivable and bills receivable of 0 in 2018.

30,000 yuan, and the increase in bills payable and accounts payable1.

300 million.

Development Trend Radar and microwave devices are expected to resume growth, and asset restructuring progress is worth looking forward to.

The company’s radar products are in a leading position in the market (with obvious advantages in secondary radar). In terms of microwave devices, 5G base station filters, MIMO antenna technology and 5G communication circulator technology have been implemented. We look forward to the growth of radar and microwave devices in 2019.

In addition, the company announced the acquisition of 100% equity in Guorui Defense and other assets. We expect to significantly increase EPS (127/99% in 2019/2020), focusing on relevant progress.

Earnings forecasts remain unchanged.

Estimates and recommendations Companies currently sustainably correspond to 19 / 20e 112.


8x P / E.

Maintain the recommendation level, taking into account the recent upward movement of the military sector’s estimated hub, and raise the target price by 23% to 21.

5 yuan, corresponding to 19 / 20e 57 / 50x pro forma price-earnings ratio, potential increase 北京桑拿洗浴保健 of 15%.

The restructuring of risk assets fell short of expectations, the air traffic control radar bidding fell short of expectations, and the delivery of military orders fell short of expectations.

Long Mang Baili (002601): maintains good growth momentum under high base, three-year plan solid industry leader

Long Mang Baili (002601): maintains good growth momentum under high base, three-year plan solid industry leader
Event: The company released the 2018 annual report and the 2019 first quarter report, and achieved operating income of 104 in 2018.41 trillion, +1 a year.78%, net profit attributable to mothers22.860,000 yuan, at least -8.66%, and at the same time, it is planned to pay 1 yuan (including tax) for every 10 shares; the first quarter of 2019 will achieve revenue of 27.780,000 yuan, ten years +9.02%, achieving net profit attributable to mother 6.23 ppm, +4 a year.19%. 2019Q1 maintained a good growth momentum under a high base.In 2018, the company’s titanium dioxide output was 62.66 南京夜网 seconds, sales 58.56 samples, all of which have made steady progress, and their performance remains stable.Entering 2019, the company raised the amount of titanium dioxide twice on February 13 and March 7, respectively. At the same time, the company sold 73,546 tons of titanium dioxide in March 2019, setting a new historical high. In the first quarter of 2019, the company’s cumulative sales of titanium dioxide 160596Tons, an increase of 10 in ten years.11%.The increase in volume and price of titanium dioxide in Q1 2019 brought operating income of 78 ppm, the highest in a single quarter, and achieved net profit attributable to mothers6.23 ppm, the highest in the first quarter of the calendar year. The industry leaders have significant competitive advantages.In the next three years, the company determines the development goal of the production and sales scale of titanium dioxide from 70 to 85 inches to 100 inches. At the same time, it has resources upstream (the acquisition of Longmang Titanium Industry and Ruierxin), and the midstream has chlorination technology (Phase 1)The operation is stable every year, the second phase is 20 seconds per year, and the trial production will be carried out. The downstream market and pricing power (export ratio exceeds 50%, leading the industry’s price increase rhythm after the Spring Festival). The industry leaders are configured to transition the moat of the entire industry chainSignificant competitive advantage. The introduction of new production capacity of the chloride method helped the company to go global.Against the backdrop of global supply-side contraction and optimistic export performance, the company ‘s chlorination method Phase II 20 years / year capacity will be trial-produced in the second quarter. With the support of technology and experience accumulation in Phase I, it is expected to be successfully put into production.Strong, will lead the mainstream development direction of China’s titanium dioxide, and help the company’s performance to a higher level. Continued high dividend returns to shareholders.The company’s cash dividends accounted for 91% of the net profit attributable to the parent in 2016-2018.93% / 84.58% / 66.58%, the company expects to maintain a dividend rate of about 80% in the future, and continue to pay shareholders with high dividend returns. Maintain “Buy” rating.It is expected that the company’s net profit attributable to its parent from 2019 to 2020 will be 32.43/40.330,000 yuan, corresponding to EPS 1.6/1.98 yuan, PE 11/9 times, 北京spa会所 maintain “Buy” rating. Risk reminder: the risk of falling titanium dioxide prices, the risk of new production capacity is less than expected.

Hongdou shares (600400) 2019 first quarterly report comments: clothing revenue growth pressures pressure on gross profit margin to promote growth in net profit

Hongdou shares (600400) 2019 first quarterly report comments: clothing revenue growth pressures pressure on gross profit margin to promote growth in net profit
In 19Q1, revenue increased by 9%, net profit increased by 7%, and net profit resumed growth. In the first quarter of 2019, the company 天津夜网 realized revenue7.6.1 billion, an increase of 9.14%, net profit attributable to mother 5097.660,000 yuan, an increase of 6.60%, deducting non-net profit 4224.410,000 yuan, down 8.79%, EPS is 0.02 yuan. The growth rate of deducting non-net profit is lower than income mainly due to sales, increase in management expense ratio and increase in asset impairment losses, while net profit mainly comes from entrusted wealth management income, and government subsidies included in the current profit and loss increase. In terms of quarters, 18Q1-19Q1 company revenue increased by 20.88%, -48.43%, 17.05%, 8.32%, 9.14%, net profit attributable to mother increased by 51.30%, -87.04%, -10.38%, -18.74%, 6.60%. After 18Q2, the impact of the divestiture of the real estate business was eliminated. 18Q4-19Q1 was affected by the severe weakness in clothing consumption, and its income grew rapidly. In 19Q1, gross profit margin increased, investment income increased, and net profit resumed growth. Offline channel expansion drives revenue growth, growth in store efficiency, and distribution of segmented businesses: 2019Q1 company Hodo Menswear, OEM apparel, and other businesses achieved revenue6.55 ppm, 7644.190,000 yuan, 2908.480,000 yuan, an increase of 6.55%, 26.53%, 65.68%. The company’s own brand of red bean men’s clothing stores continued to expand, driving the growth of Hodo’s men’s clothing revenue, OEM processing business, and other businesses (including yarn printing and dyeing) grew rapidly. In terms of channels: 2019Q1 company’s online (private brand), offline (including private brand direct sales, franchise and professional wear group purchase business, OEM processing clothing sales, etc.) revenue was 1.2.3 billion, 6.0.9 billion yuan, an increase of 1.01%, 9.95%.Online, affected by the growth rate of the e-commerce industry, the relative growth rate of revenue growth.In terms of offline channels, Hodo Menswear is directly operated by the company in Q1 2019, and its franchise income is 4,609.930,000 yuan, 4.6.3 billion, an increase of 2.19%, 10.39%, channel expansion led to revenue growth, and store efficiency was replaced by the weak clothing consumption environment and a high base in 18Q1; until the end of March 2019, the company had a total of 62 direct-operated stores, extending its value-added12.At 73%, the efficiency of directly-operated stores decreased by 9.34% to 74.350,000 yuan; joined 1,278 affiliated stores, increasing 21 times.14%, franchise stores decreased by 8.88% to 36.240,000 yuan. The gross profit margin increased significantly, the expense ratio increased, and the inventory fell earlier. The gross profit margin increased by 5 in 2019Q1.50PCT to 30.00%, mainly due to the company’s increased strategic cooperation with suppliers, improving supply chain management capabilities and supplier bargaining power.In terms of business, the gross profit margins of Hodo Menswear for OEM in 2019Q1 were 31.80% (+5.54PCT), 15.96% (+6.26PCT), of which Hodo Menswear is directly managed, with a gross profit margin of 48.34% (+8.53PCT), 27.91% (+7.89PCT), the increase was mainly due to the improvement of the company’s upstream bargaining power. Expense rate: Expense rate increased by 4 during Q1 2019.79PCT to 21.80%, of which the sales expense ratio increased by 1.40PCT to 12.08%, mainly due to the increase in the number of stores, the increase in sales staff expenditures and the increase in amortization costs of smart projects; the management expense ratio (considering research and development costs) increased by 291PCT to 8.96%, mainly due to the increase in research and development expenditure; the financial expense ratio increased by zero.47PCT to 0.75%, mainly due to the increase in short-term working capital borrowing interest. Other financial indicators: 1) The company’s inventory at the end of March 2019 was 2.37 trillion, down 13 earlier.19%, mainly due to the company’s winter clothing products digestion, inventory value decreased.In 1Q1, the company’s inventory turnover ratio was 2.09, 31.14%, 2 in the same period in 18 years.35, 33.91%, the inventory turnover rate is slightly incidental. 2) The accounts receivable of the company at the end of March 2019 is 3.43 trillion, an increase of 2 earlier.69%, mainly due to the expansion of franchise channels, increased support for franchisees, 19Q1 accounts receivable turnover investment 225, compared with 4.74 has improved. 3) Investment income increased by 94 in the first quarter of 2019.10% to 2029.220,000 yuan, mainly due to increased proceeds from idle funds raised to purchase wealth management products. 4) Assets impairment losses in Q1 2019 increased by 27,206.74% to 1409.640,000 yuan, mainly due to the increase in inventory depreciation provisions for inventory goods. 5) The net operating cash flow in Q1 2019 was -9698.940,000 yuan, -8608 in the same period of 18 years.480,000 yuan, mainly due to the increase in the payment of electronic bank acceptance margin. The growth rate of clothing revenue in 19Q1, and cooperation with Perception Group to promote the application of the Internet of Things. We believe that: 1) In terms of clothing revenue, due to the weak overall consumption in 2019Q1, the company’s clothing revenue growth rate was only 2 at the end of March 19, Lower than expected, the growth rate of online income narrowed.In the future, the company will continue to develop offline stores, sink to lower-tier cities, strengthen product management and digital supply chain capabilities, increase single store revenue, and drive clothing revenue growth.2) In 2019, the company strengthened the control of terminal prices, enhanced the bargaining power of suppliers, and promoted the recovery of gross profit margin. The rapid expansion of the number of stores led to the continuous increase in sales expense ratio.3) On April 3, 2019, the company announced that it has signed a strategic cooperation framework agreement with Perception Group to jointly cooperate in smart stores, smart storage, smart manufacturing model factories, etc., and promote the Internet of Things and other technologies in the production, storage, and sales of clothing retail enterprises.In terms of applications, Perception Group is the earliest domestic institution to conduct research and industrialization of the Internet of Things, and achieved revenue of 53 in 2018.90,000 yuan, net profit 2.3.6 billion. As the company’s revenue growth rate in 2019Q1 is relatively relative, we slightly lower the EPS forecast for 2019-21 to 0.09/0.11/0.13 yuan (previous average 0.10/0.12/0.14 yuan), currently expected to correspond to 42 times PE in 19 years, higher short-term increase, we are optimistic about the company’s focus on the main business, clothing performance continues to grow, and the Group’s clothing resources are rich, the future home furnishings, underwear and other clothing-related businesses are expected to inject listed companiesTo maintain the “overweight” rating. Risk warning: The store opening speed is slower than expected, terminal sales continue to be weak, and expenses have increased significantly.

Wanrun Co., Ltd. (002643): Steady growth in performance and internal volume put into production trying to open up growth space

Wanrun Co., Ltd. (002643): Steady growth in performance and internal volume put into production trying to open up growth space

The company released its 2019 Interim Report and achieved operating income in the first half of the year12.

9.3 billion, previously +1.

18%; net profit attributable to mother 2.

3.1 billion, previously +19.

63%; net profit after deducting non-attribution to mother 2.

2.3 billion, previously +17.

37%; budget benefit is 0.

25 yuan.

Q2 achieved revenue of 6 in a single quarter.

3.1 billion, previously +1.

78%, -4.

58%; net profit attributable to mother 1.

2.9 billion, +0 in ten years.

47%, +27.


The company’s overseas revenue accounted for 88 in the first half of the year.

52%, product sales are mostly settled in U.S. dollars, benefiting from the depreciation of Renminbi and lower costs, the comprehensive gross profit margin in the first half of the year was 42.

14%, ten years +5.

09 points.

The three fee ratio (including R & D expenses) is 20.

39%, ten years +2.

53pct, of which financial costs +1394.

370,000, which is due to the reduction in the impact of exchange gains each year; R & D expenses1.

4.0 billion, accounting for 8% of revenue.

08%, a certain improvement in one year.

In the first half of the year, the appreciation of RMB Q1 and the deduction of Q2, Q2’s single-quarter profitability increased significantly, and the gross profit margin was 45.

10%, ten years +4.

30pct, +5 chain.

79 points; net margin is 20.

48% every year -0.

27pct, +5 chain.

16 points.

The budget project is progressing as scheduled and is about to enter a period of heavy growth.

The company’s existing carbon dioxide production capacity is 3350 tons / year.

The second-phase project 武汉夜网论坛 of the budget is expected to be completed and put into operation at the end of 2019, and it is estimated that the production capacity will be 2,500 tons / year.

At the same time, the construction of environmental protection materials projects with a maximum emission of 7,000 tons / year (4000 tons of Euro 6 and above diesel exhaust emission control ZB series), 3000 tons of flue gas denitration, and MA toluene for refining catalysts, construction is progressing as scheduled, and it is expected to continue in 2021Put into production.
Gradually increase production and overcome gradually, it is expected to seize the possibility of rapid growth in demand driven by the implementation of the National Sixth Standard.

The company has deep cooperation with Zhuangzi Wanfeng, a global leader in exhaust gas treatment catalysts. The 都市夜网 interactive molecular sieve has achieved stable and smooth sales. After the new project is put into production, it will become a major contribution point for performance growth. Deeply plowing into the field of OLED materials, it is expected to replace liquid crystal monomers as a new growth point.

The company’s monocrystalline global sales share is about 15%. It has integrated and stable cooperation with major mixed crystal manufacturers Merck, JNC, and DIC. In the past two years, it has still been intensive production period for high-generation LCD panel production lines. We expect domestic LCD demand in 2019-2021.The average annual growth rate is about 20%, and the single crystal business can still achieve stable growth by supplementing the price.

The company has cultivated in the field of OLED materials for many years. It is roughly estimated that there are more than 500 related patents for OLED materials (including Jiumu Chemical and March Optoelectronics). The parent company and Jiumu Chemical focus on intermediates and materials before sublimation., Especially focusing on the development of the third generation TADF light-emitting materials.

At present, the existing OLED finished materials with independent intellectual property rights are verified by downstream manufacturers. How to quickly put the OLED panel production line into production in the future, the OLED material business is expected to usher in a period of rapid growth.

[Investment suggestion]It is estimated that the company’s operating income for 19/20/21 will be 32.



00 ppm, net profit attributable to mothers is 5.



99 ppm, EPS is 0.



88 yuan, corresponding to PE is 18/15/12 times, maintaining the “overweight” level.

[Risk reminder]The project’s production progress is less than expected; downstream demand growth is less than expected; uncertainty in batch supply of OLED materials; raw material price changes.

Poly Real Estate (600048): Steady overall performance and continued high sales growth

Poly Real Estate (600048): Steady overall performance and continued high sales growth

Key points of investment: Poly announced the first quarter report of 2019 and realized revenue of 225.

8 billion, an annual increase of 12.

1%, net profit attributable to mother 23.

2 billion, an annual increase of 22.

5%, corresponding to EPS0.

2 yuan.

Ping An’s point of view: stable performance and recharge in advance.

The first quarter achieved revenue of 225.

8 billion, an annual increase of 12.

1%, net profit attributable to mother 23.

2 billion, an annual increase of 22.


The main reasons why the growth rate of net profit was higher than the growth rate of revenue: 1) Affected by settlement products and regional structure, the gross profit margin increased slightly by 0.

03 singles to 39.

8%; 2) The proportion of civilian minority shareholders’ profit and loss decreased by 2.

8 up to 30.

6%; 3) As a result of the classification adjustment of held financial assets and the increase in the fair value of transactional financial assets, gains from changes in fair value were realized2.

5.2 billion.

The advance payment at the end of the first quarter was 3252.

700 million, an increase of 8.

5%, for 2018 revenue1.

7 times, expected growth basis for 2019 performance.

Sales continued to grow at a high rate, and new construction was active.

The company achieved a budget of 1096 in the first quarter.

6 billion, an annual increase of 26.

1%, the market share increased by one from the end of last year to 3.

7%; sales area of 7 million square meters, an increase of 18 in ten years.


The average sales price was 15,665 yuan / square meter, an increase of 7% over 2018.

The newly started area was 9.97 million square meters, and the completed area was 2.74 million square meters, respectively, with an increase of 51.

3% and 25.

1%, 22 of the initial plan completed.

2% and 10%.

The area under construction at the end of the period was 91.81 million square meters, an increase of 38.


Continue to maintain a high start-up growth rate for 2019.

The overall holding of the land is stable and the focus is continuously on the first and second lines.
There were 14 new development projects in the first quarter, of which 12 were domestic projects. The floor area ratio increased by 2.79 million square meters, and the total acquisition cost was 15.9 billion yuan, accounting for 39 of the sales area and sales amount during the same period.
9% and 14.

5%, a year-on-year decrease of 74% compared to 2018.

1 and 33.

1 unit.

In terms of urban energy levels, the company continued to focus on first- and second-tier cities and core urban agglomerations. The amount of development and the proportion of development area in first- and second-tier cities were 78% and 73%, respectively.

The average floor price is 5,699 yuan / square meter, a decrease of 7 compared with 2018.

9 %%, which is 36% of the average selling price in the same period.

4%, a decrease of 5 from 2018.

9 units.

The saleable construction area at the end of the period is 163.78 million square meters, and the area to be developed is 85.48 million square meters, which can guarantee the development scale 重庆耍耍网 in the next 3-5 years.

There is plenty of cash in hand and the resistance rate is slightly upward.

Initially, the company realized cash withdrawal of 878 trillion, with a return rate of 80%, an increase of 3 percentage points compared with the same period last year.

Cash in hand 1289.

300 million, which is the sum of debts due within one year (405.

400 million) of 318%, short-term debt repayment pressure is small.

Excluding the asset-liability ratio of advance receipts, net debt restructuring 42.

9% and 84%, respectively, increased by 0 from the beginning.

Three, three.


Investment suggestion: Maintain the company’s profit forecast. It is expected that the EPS for 2019-2020 will be 1.

91 yuan and 2.

30 yuan, the current sustainable corresponding PE is 6 respectively.

9 times and 5.

8 苏州夜网论坛 times.

The company’s incentive system has been continuously improved, the integration of resources has continued to advance, the speed of development has been significantly increased, and the “strong recommendation” level has been maintained.

Risk reminders: 1) The current property market is still recovering, but the third and fourth lines are subject to sufficient supply, shrinking demand, and there is no obvious adjustment. It is expected that the average value of subsequent prices will be under pressure.The risk of asset impairment caused by the unexpected adjustment of the property market; 2) Overall, the first and second-tier property markets have naturally recovered, and there may be a risk of less-than-expected policy relaxation due to the first and second-tier recovery;Later, the city’s price limit policies were successively introduced, and the risk of lowering the gross profit margin may follow.

Research and Development Co., Ltd. (603458): Benefit from the short-term performance of the Southwest Province to usher in steady growth

Research and Development Co., Ltd. (603458): Benefit from the short-term performance of the Southwest Province to usher in steady growth

Prospecting shares: Southwest engineering design leaders are heading for national expansion.

The exploration joint stock business is mainly located in Guizhou Province and surrounding provinces. It mainly provides full-process professional technical services for highway, municipal, construction, and water transportation industries. The core business is engineering consulting and engineering contracting for the highway industry.

In 2018, the company realized operating income21.

52 ppm, an increase of 11 years.

66%; net profit attributable to mothers3.

53 ppm, a ten-year increase of 7.


The company’s largest shareholder is Zhang Lin, with a stake of 9.


Highway business is the mainstay, and regional expansion continues.

The company has rich experience and obvious advantages in mountainous highways, mountainous large-scale railways, karst areas and coal-bearing strata tunnels.

The revenue from highway business accounts for more than 75%; the gross profit margin of the highway and municipal industries has been stable and stable, and the gross profit margin of the construction and water operation industries has penetrated.

The layout of channels outside the province has continued to advance, and regional expansion has contributed to the growth of performance; the market share of surveying shares in Yunnan has reached 1/5, and future performance is worth looking forward to; the rapid growth of investment in transportation in Guangxi in 2019 is expected to fully benefit surveying shares.

A large number of orders ensure the growth of performance, and outsourcing mergers and acquisitions and equity incentives have consolidated the main business.

As of the end of 2018, the company had about $ 4.2 billion in consulting contracts in hand, which was 2% of consulting revenue in 2018.

46 times, the surplus orders can ensure the rapid growth of future performance; and the adverse effects of “de-leveraging” on the company have subsided. Against the background of “infrastructure repair shortcomings” and the warming up of infrastructure investment, overlapping companies have a lot of overlapping orders on handIn the future, the company’s revenue is expected to usher in recoverable growth.

In 2018, while the company promoted outbound mergers and acquisitions and equity incentives, strengthened the strength of the original main business, and actively explored new business areas and markets.

Financial analysis: profitability budget, return on assets and liabilities.

The company’s gross profit margin in 2018 was 39.

7%, with a net interest rate of 16.

4%, which is higher than the industry leader, and is located in the middle and upper reaches of the industry; the total assets and liabilities of the surveyed and established shares in 201843.

9%, which is lower than the 南京夜网 level of Suzhou Jiaotong Group and China Construction Group. It is at the low and medium level in the industry; the rate of sales of exploration shares is at the lowest level in the industry, and the management fee rate is in the middle of the industry.

Earnings forecasts and estimates: We maintain our earnings forecasts for the company, with an EPS of 3 in 2019-2021.

72 yuan, 4.

72 yuan, 6.

15 yuan, the PE corresponding to the closing price on May 10 were 9 respectively.

1x, 7.

2 times, 5.

5 times, maintain the rating of “prudent increase”.

Risk reminder: Macroeconomic downside risks, orders falling on hand are less than expected, business development outside the province is less than expected, construction project progress is slow, and gross margin continues to decline

Wangfujing (600859) Q1 2019 Review: Performance basically meets expectations Trying to benefit from pick-up in optional consumption

Wangfujing (600859) Q1 2019 Review: Performance basically meets expectations Trying to benefit from pick-up in optional consumption

The company achieved revenue of 71 in 1Q2019.

6.5 billion, net profit attributable to mothers4.

On the evening of April 29, 30,000 yuan, the company announced the first quarter report of 2019, and achieved 71 in the first quarter of 2019.

65 ppm, an increase of 0 in ten years.

21%, net profit attributable to mothers4.

30,000 yuan, which translates into a fully diluted EPS of 0.

52 yuan, a reduction of 11 per year.

27%, realizing net profit deducted from non-mother3.

94 ppm, a reduction of 10 per year.

96%, performance basically in line with expectations.

1Q2019 gross profit margin rose by 0.

02 averages, the expense ratio increased by 2 during the period.

In the three quarters of 1Q2019, the company’s comprehensive gross profit margin was 20.

91%, a year-on-year increase of 佛山桑拿网 0.

02 units.

The gross profit margin of the company’s main retail business in the first quarter of 2019 was 16.

26%, a decrease of 0 compared with the same period last year.

12 units.

Company expenses for the first quarter of 201913.

47%, of which the sales / management / financial expense ratio is 9 respectively.

87% / 3.

56% / 0.


During the first quarter of 2019, the company’s period expense ratio increased from the same period of the previous year2.

03 units, of which the financial expense ratio increased by 1 over the same period last year.

85 units.

In the first quarter of 2018, the company’s large amount of certificates of deposit expired, supplementary interest income was recognized, and financial expenses were -1.

30 ppm, compared with 290 financial expenses for the first quarter of 2019.

400,000 yuan.

The scale advantage is obvious, and the business format is complete. The growth of the Olay business format continued rapidly until the end of March 2019. The company operated a total of 51 large-scale retail stores with a total operating floor area of 264.

60,000 square meters, involving 31 cities in 21 provinces and cities, forming a national operating network, covering a variety of formats such as department stores, shopping malls, Ole.

The company’s Ole business has developed rapidly, with revenue increasing in 20188.

52%, revenue in Q1 2019 increased by 10 in ten years.


At the beginning of 2018, the Beijing State-owned Assets Supervision and Administration Commission merged the company with the BTG Group, a new step in the reform of state-owned enterprises. The BTG Group has a number of listed companies including Wangfujing and Shoushang Co., Ltd., which have committed to propose to resolve inter-bank competition by February 2021.A feasible solution to the problem.

Maintain profit forecast and maintain “Buy” rating. The company has obvious advantages in scale, complete formats, and Olay’s format has grown rapidly. Since March 2019, the optional consumption recovery trend has strengthened, which is beneficial to the company.

We maintain our forecast for the company’s 2019-2021 EPS, which are 1.


92 yuan, the company’s current PE (2019E) is 11X, significantly lower than the average of the past three years (17.

4X), maintain “Buy” rating.

Risk warning: After the lease renewal, the rent standard increases too much, and the store consolidation speed is not as expected.

Bank of Nanjing (601009): Improved profitability, improved capital adequacy ratio

Bank of Nanjing (601009): Improved profitability, improved capital adequacy ratio

2018 Performance Bulletin The 10-year growth rate of net profit attributable to mothers in 2018 14

5%, the fourth quarter of 18 single-quarter growth rate of 11.

7%; annual revenue growth rate of 10 in ten years.

3% in the fourth quarter of 18 in the single quarter half-year growth rate of 15.


ROE increased 无锡夜网 by 0 for the first time.

06ppt to 17.


The performance was in line with expectations, maintaining the Bank of Nanjing’s top pick.

Key points of attention The 2018 revenue growth rate changed from negative to positive earlier than in 2017, mainly due to the improvement in the interest rate difference from the previous quarter, while the scale expansion was stable.

4Q18 analog net interest margin increased by 16bp / 13bp to 2 per second / loop.

35% is expected to come mainly from the decline in interest rates in the capital market and the improvement in debt costs.

At the end of the year, total assets increased by 8 quarter-on-quarter.

3% / 1.

6%, year-on-year growth rate increased by 2 compared with the end of 3Q.


Asset quality is sound.

Defective rate was flat at 0.

89%, up 3bp per year.

The 北京桑拿洗浴保健 provision coverage ratio was basically flat, up 20ppt to 462.


High provisioning coverage provides a safe pad for maintaining double-digit profit growth in the future.

Profitability improved and capital adequacy ratio improved.

Core Tier 1 capital adequacy ratio decreased / QoQ increased.


34ppt to 8.

55%, ROAE increased by 0 in advance.

06ppt to 17.


In the absence of external capital replenishment, given the improved profitability, retained earnings can still support the bank’s scale expansion of about 10%, while the core tier 1 capital adequacy ratio has no obvious replacement.

Estimates and recommendations Adjust profit forecast according to the performance report and slightly modify 2018 / 19e net profit -0.

7 / + 0.

6% to 111/126 billion.

The company is currently trading at 0.


8x 2019 / 20e P / B, keeping target price unchanged, corresponding to 1.


01x 2019 / 20e P / B, 31% growth space, maintaining recommended level. Risk macro fluctuations exceeded expectations.