Haier Zhijia (600690) Semi-annual Report Review: Market Share Steadily Improves High Growth of Overseas Business
Event: The company achieved operating income of 989 in 2019H1.
80 ppm, an increase of 9 in ten years.
38%, net profit attributable to mother 51.
51 ppm, a ten-year increase of 7.
58%; of which, Q2 earned 509.
37 ppm, a ten-year increase of 8.
66%, net profit attributable to mother 30.
15 ppm, a six-year increase of 6.
The overall market share has increased and overseas business has grown rapidly. The company’s product market share has further increased: according to data from Zhongyikang, in the first half of 2019, the company’s offline retail shares of refrigerators, washing machines, home air conditioners, water heaters and kitchen appliances in the Chinese market wereImprove by 1.
2 and 1.
In the first half of 2019, the company’s overseas revenue reached 46.7 billion US dollars, an increase of 24% year-on-year (a year-on-year increase of 13% after excluding Candy). The company’s overseas revenue accounted for 47%, and its share of the company’s global revenue increased by 5 percentage points.
The gross profit margin remained stable, and the expense ratio was well controlled. The company’s gross profit margin was 19H1, and the net profit margin was 29.
29%, +0 each year.
The gross profit margin of domestic appliance business increased by 0.
Nine units, the company ‘s overseas revenue increased rapidly in the first half of the year, the gross profit margin of overseas operations fell, the domestic gross profit margin, and structurally affected the overall gross profit margin performance.
In terms of expense ratio, the company’s sales, management, R & D, and financial expense ratios in 19H1 were 14 respectively.
77% and 0.
51% each year -0.
11 points, +0.
28 points, -0.
02pct, the company’s expense ratio remained stable in the first half of the year.
Cash assets in hand were sufficient, and the turnover rate improved significantly. From the balance sheet, cash at the end of 19H1 + other current assets 409.
09 billion, -2 chain.
27%, inventory is 238.
6.8 billion, an increase of 9 from the previous month.
61 trillion, bills receivable and accounts totaled 289.
4.1 billion, +10.35%.
Judging 四川耍耍网 from the turnover situation, at the end of the 19H1 period, the receivables and payables turnover days were 59.
59 and 74.
85 days, at least -3.
23 and -2.
In 18 days, the company’s turnover efficiency improved, and the company’s operating efficiency improved significantly.
From the cash flow statement, the net cash flow from operating activities in 19H1 was 36.
34 trillion, -35 a year.
09%, of which 962 was cash inflows from sales of goods and services.
68 megabytes, the annual growth rate is slightly lower than the revenue growth rate.
The core employee shareholding plan will fully mobilize employees’ enthusiasm. By July 16, 2019, the company’s employee shareholding plan has gradually purchased 16.66 million shares of the company’s stock through a secondary market purchase method, with 北京桑拿洗浴保健 an average transaction price of RMB16.
23 yuan / share, the shareholding plan will further stimulate the enthusiasm of employees and help the company’s performance growth.
Investment suggestion: The growth rate of the company’s profit side is slightly lower than the income side. We slightly adjust the company’s profit forecast. We will increase the company’s net profit growth rate from 10 to 19 years.
61% and 9.
18% is adjusted to 9.
71% and 10.
42%, corresponding to a dynamic assessment of 12.
2 and 10.
Doubled, the company formed global brand operations, accelerated internationalization of R & D and manufacturing, and domestic high-end brands in the competitive landscape have taken the lead, maintaining a “buy” investment rating.
Risk Warning: Downturn in Real Estate Drives Downturn in Home Appliances Business, Raw Material Costs Exceed Expectation
Xinhecheng (002001): Changes in performance caused by changes in product prices Under construction and planning projects contain huge growth momentum
The event company released the 2018 annual report and the 2019 quarterly report on the evening of April 28, 2019.
Annual Report 2018: Reports that sustainable companies achieved revenue 86.
8 ‰, a 39% increase in ten years; net profit attributable to mothers to be achieved 30.
8 ‰, an increase of 81% in ten years; net profit after deduction to non-returned mother 28.
9 ‰, an increase of 75% in ten years; net cash flow from operating activities was 36.
6 trillion, an increase of 177% in ten years; the expected average ROE of 20 was achieved.
5%, rising by 0 every year.
2019 first quarter report: 2019Q1 company achieved revenue of 18.
4 ‰, an average of 40% over ten years; net profit attributable to mothers was achieved5.
1 ‰, with a ten-year average growth rate of 66%; net profit after deduction for non-returning mothers4.
USD 800 million, an average of 68% over ten years; net cash flow from operating activities2.
$ 500 million, compared to a previous budget of 35%; achieving expected average return on net assets3.
11%, more than ten years.
Dividend: 10 shares of the company’s proposed enzyme will be paid out 7.
00 yuan, a total of about 1.5 billion yuan in dividends.
A brief comment on the increase in product prices led to a significant increase in 18 performance, and a higher base caused the company’s performance growth from 19Q1 to 2018, mainly due to the impact of the BASF accident at the end of 2017 leading to the increase in VA, VE and flavor and fragrance prices, VA, VE The average prices in 2018 were 701 and 59 yuan / kg, which increased by 100% and 6% over 2017, 四川耍耍网 respectively.
The increase was especially the highest in the first quarter of 2018. The average price of VA and VE in 2018Q1 was as high as 1,348 yuan and 108 yuan / kg, all at historical highs.
The company’s Q1-4 single-quarter results were 14 respectively.
At 4 ppm, Q1 contributed nearly half of its annual performance in a single quarter.
Affected by rising product prices, the company’s comprehensive gross profit margin in 2018 was 53.
4%, an increase of 2 per year.
9 units; gross profit 46.
4 ‰, an increase of 14 in ten years.
In terms of period expenses, the reported scale company sales, management + R & D, and financial expenses are 2 respectively.
200 million, change 19%, 35%, -84% each year.
The reported company’s R & D expenses increased by 36%, and 佛山桑拿网 the number of R & D personnel increased by 52%, indicating that the company’s R & D efforts have continued to increase.
In terms of cash flow, the company’s current net ratio of reported performance is 118% and 95% respectively, and it has increased by 44 and 15 ratios at the same time. The significant increase in current net ratio is mainly due to the significant increase in accounts payable:Account balance 13.
80,000 yuan, an increase of 39% in ten years.
The company’s performance in the first quarter of 2019 deviated, mainly due to the high base in Q1 of 2018. From the point of view of 19Q1 and 18Q4, the changes in revenue, net profit attributable to non-net profit, and deducted non-net profit were -7%,6%, + 3%, the change is basically stable.
The projects under construction and planning contain huge growth momentum, and the projects under construction have begun to show huge profits from 2017 to 2018, which has enabled the company to accumulate substantial capital. The company’s book cash at the end of the 2019Q1 reporting period was approximately 26.0 million yuan, other current assets of about 46.
600 million, a total of 72.
The rich cash reserves and the company’s estimated annual net cash flow of more than US $ 2 billion enable the company to invest in a large number of new projects. According to our statistics, since the beginning of 2018, the company’s total investment in new EIA projects has exceeded 20 billion.The US dollar, huge growth momentum is brewing.
At the end of the 2019Q1 reporting period, the company had 48 projects under construction.
700 million, the ratio of construction in progress / fixed assets reached 92%, which is considerable for Xinhecheng with a market value of 41.1 billion.
The structure of VA oligomeric urethane dandruff is gradually stabilized, the bargaining power is increased, and the price has entered a new era. Due to the complex process of vitamin A synthesis, high technical barriers, difficult to enter machinery, and alternate supply side reforms, the oligopoly scalp in the industry has gradually increased and stabilized.CR4 is currently as high as 78%.
We judge that vitamin A prices have entered a new era, and around 300 yuan has become a new bottom area.
VA prices continued to decrease at the end of 2018. It is expected that dealers’ inventory is low, and the increase in the concentration of more industries has significantly improved the bargaining power of oligarchs. On April 9, the price replaced 285 yuan / kg on April 10.VA manufacturers collectively stopped reporting, prices rebounded rapidly, and eventually stabilized at around 365 yuan / kg before DSM stopped production.
We believe that the VA industry has entered a new era after undergoing supply-side reforms and BASF accidents. Around 300 yuan has become a new price bottom area. In fact, after the BASF accident, the time when the VA price was below 300 yuan has never exceeded 1 Months.
On April 25th, market news said that DSM’s Swiss factory suspended production for 2-3 months due to contaminated strains of wastewater treatment. During this period, VA products were suspended from reporting.
Affected by this news, the VA quote increased from 360-390 yuan / kg to 370-400 yuan / kg.
DSM has a total capacity of about 7,500 tons of vitamin A. There are two production bases in Switzerland and Shanghai. The production of vitamin A oil in the Shanghai base is 600 tons, and the production capacity of vitamin A powder is 1,560 tons. It can be estimated that the production of vitamin A in the Swiss base is about 4,000 tons, accounting for global vitaminA total capacity is about 10%.
Although the swine fever has affected the demand side to some extent, according to our calculations, about 34% of downstream Virginia is used for pig feed, and the domestic pig inventory has been reduced by 19%, which has an impact on the domestic VA demand side of about 6.
5%, the global impact is expected to be less than 4%, the distance between the demand side is far less than the impact of DSM production suspension on the supply side, the DSM production suspension will bring further increase in VA prices.
The Ministry of Commerce launched an anti-dumping investigation on methionine, and the price bottomed out. On April 10, 2019, the Ministry of Commerce announced an anti-dumping investigation on methionine (methionine) originating in Singapore, Malaysia and Japan.
Almost all methionine capacity in Asia is concentrated in China, Japan, Singapore and Malaysia.
According to our calculations, the current maximum internal methionine output is about 34 euros. Japan, Singapore, and Malaysia have 23, 15, and 8 substitutions respectively. The current capacity of anti-dumping regions for methionine is 46 substitutions, accounting for 59% in Asia and 24% in the world.
In terms of new production capacity, in 2018, Sumitomo Japan for 10 years, Evonik Singapore for 15-2019 and 2020, and Citi Malaysia 8 in 2020 were in the anti-dumping investigation area.
Since February 2017, the price of solid methionine has basically remained below the bottom of 25 yuan / kg. After April 2018, it fell below the 20 yuan / kg mark and once fell to 17 yuan / kg.On April 9, solid methionine dropped to 16.
9 yuan / kg, a record low.
Such prices have approached the cost red line of some manufacturers. Under the circumstances that the price is in a downward channel for a long time, the probability of dealers’ inventory is also at a high level. Therefore, as soon as the anti-dumping news comes out, the price will immediately bottom out. The current price of solid eggs and liquid eggs is 19.
0 yuan / kg, an increase of 2 compared with before anti-dumping.
5 yuan / kg.
The first phase of the company’s 5-crystal methionine project was successfully trial-produced in January 2017. In July 2017, the second phase was fully achieved. 10 Phase 10 is expected to start construction in 2018 and is expected to start production in 2019-2020. Phase 3 15 is expected to start production in 2021.
By then, the company’s production capacity of methionine will reach 30.
It is estimated that the company’s net profit attributable to its parent in 2019 and 2020 will be 26 respectively.
4 ‰, corresponding to 15, 12 times of PE, maintaining the overweight rating.
Nanxing Equipment (002757) In-depth Report: Panel Furniture Machinery Steadily Increases IDC Operation Sets Off
Key points of investment: High-quality enterprises of panel furniture machinery, the layout of IDC operations is poised for development.
The company is the first domestic furniture and equipment manufacturing company to enter the A-share market. In March 2018, it acquired the only network to form a dual-main business business layout: the parent company has 248 inventions, utility models and design patents, and has a wide range of products.It mainly includes CNC series machining centers 杭州夜网 for panel furniture, computer panel saws, automatic edge banding machines, CNC drilling, automation and other series of equipment. The only network of the subsidiary has 39 software copyrights and 2 patent applications. The main business includes server hosting andInternet infrastructure integrated services such as lease, bandwidth lease, cabinet and space lease, cloud computing, network security, etc.
In the second quarter of 2018, the company will consolidate the only network division consolidated report to achieve real revenue11.
29 ppm, a 44-year increase of 44.
53%, net profit attributable to mothers1.
64 ppm, an increase of 51 in ten years.
Edge computing helps, and the only network development is entering a period of possibility.
From the perspective of market space, the global and domestic data center market sizes were USD 46.6 billion and USD 65 billion in 2017, of which medium and large-scale data centers grew rapidly.
However, after the development of the “cloud + end” industry model in the 5G and IoT era, the demand for Internet infrastructure resources at the edge interconnection will increase.Ushering in good development opportunities.
The unique network has formed a differentiated competitive advantage in the domestic IDC professional service field, leading in the layout of small and medium-sized data centers and bandwidth resources. With the help of edge computing, the unique network is entering a period of development possibility.
At the same time, the company’s traditional furniture machinery business is fully coordinated with the sole network business. Furniture machinery manufacturing can combine the big data support of the sole network to enhance the first-mover advantage in the field of intelligent manufacturing. At the same time, the sole network can use the cloud platform as the entrance to the furniture industry customersProvide exclusive services.
The short-term growth rate of the furniture manufacturing industry, and the demand for intelligent equipment drive investment in fixed assets.
The annual growth rate of the furniture manufacturing industry in 2018 is forecast to achieve 7,081 operating income.
70 ppm, a ten-year increase4.
50%, the growth rate drops by 5 every year.
70pct; realized profit increase of 425.
90 ppm, a ten-year increase4.
30%, the growth rate drops by 5 per year.
Affected by the rapid development of the custom industry, furniture companies’ demand for flexible furniture production lines for custom furniture has increased; the demand for furniture manufacturing automation has increased due to the increase in labor costs; the need for intelligent equipment has driven fixed asset investment in the furniture manufacturing industry.The asset investment quota has increased by 23% annually.
The company’s continued growth in high-end CNC equipment sales has driven performance growth. In the first three quarters of 2018, the company’s panel furniture machinery business achieved revenue6.
68 ppm, an increase of 24% per year.
With the further increase of the demand for intelligent equipment in the furniture industry, the company’s furniture machinery revenue is expected to further increase.
Upgrade the company to Buy rating.
Combined with the company’s performance report for 2018, the company’s 2018-2020 net profit is expected to be 1.
6.4 billion, 2.
3.3 billion, 3.
50,000 yuan, the corresponding EPS is 1.
25 yuan / share, 1.
77 yuan / share, 2.
32 yuan / share, calculated according to the latest closing price, the corresponding PE is 27, 19, 14 times.
The company’s panel furniture machinery business is expected to achieve steady growth. At the same time, the unique network business model fully benefits from the rise of edge computing. Future development is expected to enter a potential period, and the company is upgraded to a buy rating.
Risk warning: The growth of the downstream furniture industry is less than expected; the growth of the panel furniture machinery industry is less than expected; the data center industry is less than 南京夜网 expected; the company’s performance is less than expected; the performance of the acquired company is less than expected; the synergy between the furniture machinery business and the sole network business is less than expected.
More than 3,000 companies’ interim report results settled
Interim report closes Jiucheng company’s performance is popular Source: Beijing Commercial Daily A-share Interim Report disclosed the official close. Except for ST Changsheng (right protection), the interim results of more than 3,000 companies have been settled.
According to statistics, nearly 90% of listed companies achieved profit in the first half of this year.
The so-called several rejoicing and several worries, as well as the improvement of the performance of 363 listed companies in the first half of this year, of which ZTE is the most bearish stock.
Under the weak market, poor performance stocks, problem stocks encountered investors vote with their feet.
The original people believed that performance is still an important idea for stock selection.
Nearly 90% of the company’s first half profit According to wind statistics, in the end, 3,539 listed companies have announced their first half of this year’s report card.
In terms of net profit, 3,176 listed companies have net profits attributable to owners of the parent company in the first half of this year, accounting for about 89 of the listed companies’ disclosed performance.
According to statistics, of the 3,176 listed companies that achieved net profit attributable, 1441 listed companies made more than US $ 100 million in profits, and there were 216 listed companies with net profit attributable to more than 1 billion, including Saronda A, Zhongtian Technology, etc.
In the first half of this year, there were 26 listed companies with attributable net profits exceeding 10 billion yuan, and four companies achieved net attributable net profits of more than 100 billion yuan in the first half of this year.
From the perspective of the industry, bank stocks have an outstanding ability to make money. Among the top 20 profitable listed companies, bank stocks have won 12 places, and Ping An Bank, CITIC Bank, and Everbright Bank have all been shortlisted.
ICBC to 1604.
Net profit of US $ 4.2 billion won the crown of A-share profit in the first half of the year. China Construction Bank and Agricultural Bank ranked second and third respectively.
According to the growth rate of net profit, according to wind statistics, among the 3,176 listed companies that achieved net profit in the first half of this year, there were 532 companies whose net profit gradually exceeded 100%, and the net profit of 42 listed companies achieved at least10 times more growth.
Yulong shares, Haiyue Energy, Qixingxingchen, and Sinopec’s attributable net profit in the first half of this year have gradually increased over 100 times.
According to the semi-annual report disclosed by Yulong, the company achieved a net profit of approximately 7945 in the first half of this year.
240,000 yuan, in the past apparently turned losses into profits.
Yulong’s attributable net profit in the first half of this year exceeded 30326.
78%, becoming a listed company with accelerated profit growth in the first half of 2018.
Even the net profit remains profitable, but there are also too many listed companies in the first half of this year, the net profit attributable to more alternatives.
According to Wind statistics, among these profitable companies, 937 listed companies have achieved a decline in their attributable net profits in the first half of this year.
The decline in the attributable net profit of 248 listed companies exceeded 50%, and the decrease in the attributable net profit of more than 26 listed companies exceeded 90% in the first half of this year, including Xuanya International, Yinji Media, and Soochow Securities.
Where ZTE has the worst performance, and many of them have the worst performance in the first half of this year.
According to Wind statistics, in the first half of this year, a total of 363 listed companies had varying degrees of attributable net profits.
From the highest expectations, the net profit attributable to 88 listed companies in the first half of this year may exceed billions.
In the first half of this year, there were 38 companies with the lowest attributable net profit coefficient between 1 billion and 200 million, including Storm Group, Pacific Securities, * ST Huaze (right protection), Shenwu Environmental Protection, etc., Pacific Securities was the only oneReplacement of listed securities stocks only.
According to statistics, in the first half of this year, there were 19 listed companies with a decrease in attributable net profit of more than 500 million US dollars, accounting for about 5 of the number of enlarged enterprises.
LeTV, Zhonghong, Nanjing Xinbai, Jianrui Woeng and other eight companies in the first half of this year’s expected average net profit of more than 1 billion points.
Comparative data can be polished, ZTE is the worst performing company.
The semi-annual report for 2018 disclosed by ZTE Corporation shows that the company achieved a net profit replacement of approximately 78 in the first half of this year.
2.4 billion, down 441 every year.
ZTE is the replacement king of A-share listed companies in the first half of this year.
Among the top three companies, in addition to ZTE, the other two companies are Ningbo Dongli and Jianrui Woneng.
The great loss of Ningbo Dongli and Jianrui Woneng in the first half of this year was due to the hidden danger brought by mergers and acquisitions.
Due to contract fraud and scam, Ningbo Dongli made a huge asset depreciation on the subsidiary’s annual wealth supply chain, resulting in Ningbo Dongli’s huge net loss in the first half of this year exceeding 3.1 billion.
Affected by the subsidiary Waterma’s “Blasting Thunder”, Jianrui Woneng achieved a net profit replacement of approximately 16 in the first half of this year.700 million.
Whether it is the Nianfu supply chain or Watma, they once intended to play the role of “performance cow”, but have become the “hot potato” of listed companies.
Shanghai Rice is also a typical example of outstanding companies.
Shanghai Rice’s semi-annual report for 2018 shows that the reported net profit attributable to the merged company replaces about 8.
4.7 billion yuan.
In terms of performance reasons, Shanghai Rice has boiled down to the fact that the securities investment business is affected by market changes, and that the gains and losses from changes in fair value resulting from holding and disposing of trading financial assets and investment income total approximately 13.
7.9 billion yuan, a decrease of about 17 over the same period last year.
6.9 billion yuan, resulting in improved semi-annual performance in 2018.
In other words, Shanghai Rice is dragging down the company’s performance due to huge losses in “stock speculation”.
If we follow the decline in net profit, 13 of these increase companies saw a decrease in net profit of more than 10 times in the first half of this year. Ningbo Dongli and Zhuye Group had a decrease in net profit of more than 100 times in the first half of this year.
According to wind statistics, from January 1st to August 31st this year, the top ten A-share listed companies have fallen * ST Bao Qian (rights) and * ST Fukong (rights)., Jinya Technology (rights), Xingyuan Environment, * ST Baxter (rights), Sunway, * ST Watson, Moen Electric, Orid (rights) and * ST Longli (rights).
Except for Jinya Technology, the remaining 9 companies’ net profit attributable to deviation or even replacement in the first half of this year.
Taking * ST Bao Qian as an example, according to statistics, from January 1st to August 31 this year, the cumulative decline of * ST Bao Qian is about 87.
23%, the most bear stocks in the two cities.
Since the second half of 2017, * ST Baoqian has faced major risks such as tight capital chains and insufficient liquidity, which has severely affected the company’s production and operations.
Because * ST Bao Qian Capital has been unable to continue to maintain the original business scale, causing most of its business to shrink, resulting in * ST Bao Qian achieving net attributable net profit of more than US $ 200 million in the first half of the year.
In stark contrast, from January 1st to August 31st this year, among the top ten listed companies with an increase in increase rate, eight listed companies reported an increase in the net profit attributable to their interim reports.
Taking China Stone Technology, which ranked first in the year, as an example, the net profit attributable to it in the first half of this year was approximately 4320.
290,000 yuan, a year-on-year increase of 10284%.
Qian Delong, chief economist at Qianhai Open Source, said, “In the past two years, the A-share market has come out of a structural market, and the performance 苏州桑拿网 of superior stocks has been relatively strong, rather than leading stocks and some poorly performing stocks, and earnings stocks have fallen back.”
Yang Delong boots said that “performance is king” is still the best idea for stock selection.
In addition, ST Changsheng was originally scheduled to disclose the company’s 2018 semi-annual report on August 31, 2018. The wholly-owned subsidiary Changchun Changsheng Biotechnology Co., Ltd. was investigated due to the rabies vaccine incident, resulting in the company’s semi-annual report preparation work being closed and the company unable toThe 2018 semi-annual report is disclosed at the scheduled time.
On the evening of September 2, ST Changsheng issued an announcement saying that the company could not disclose the semi-annual report for 2018 at the scheduled time. According to the “Shenzhen Stock Exchange Stock Listing Rules”, the company’s shares were suspended from September 3.
Beijing Business Daily reporter Liu Fengru / Wen Wangfei / Watchmaking