Month: March 2020

Hetai (002402): 20191225 Hetai Event Review-Successful bid of approximately 1.5 billion BSH effectively validates the steady growth of the company’s traditional business

Hetai (002402): 20191225 Hetai Event Review-Successful bid of approximately 1.5 billion BSH effectively validates the steady growth of the company’s traditional business

Event: On December 19, 2019, the company received a bid notification from BSH (Boxi Home Appliances Co., Ltd.) and determined 杭州桑拿网 that the company was BSH “PUMU Light 1.”

5 “winning unit, the total amount of this project is about 1.

9.3 billion euros, equivalent to about 1.5 billion US dollars, is expected to be completed in the fourth quarter since the mass production of the product.

  This time the proportion of winning bids was increased by 13.

8%, expected to bring in nearly 40 million net profits per year: Assuming that the order is delivered on average every four years, the average annual delivery is about 3.

7.5 billion, accounting for 14 of the company’s total revenue in 2018.

04%, accounting for 21% of the revenue of household appliances intelligent controllers in 2018.

55%, which is expected to bring in nearly 40 million net profit contributions.

The four-year cooperation between the ranking company and the BSH company for the same project in 2015, the amount of winning bids (in RMB) increased by 13.


Earlier company in-depth reports mentioned that we believe that the company’s core customer market is stable, and some of them still have room to be doubled, and the increased cooperation between the establishment of the company and BSH is strong evidence.

  The traditional business has grown steadily, and the improvement of the chip business is estimated: 1.

Leaders in the intelligent controller industry are concentrated, and it is expected to maintain a growth rate of nearly 30% in the next three years.

The sales price of home appliances intelligent controllers has gradually increased, and the share of smart controllers in home appliance costs has steadily increased.

As the leader of intelligent controllers, the company will expand to the industry scale growth in this field in the future, continue to expand the city share of core customers, continue to expand new customers in home appliances and automotive electronics and other new fields. The growth rate is expected to be much higher than the industry growth rate.We estimate that the company’s intelligent controller business will grow at a compound growth rate of nearly 30% in the next three years.


Chip business forecasting system.

The upgrade of military radar drives the rapid growth of phased array radar. As one of the three major domestic suppliers, Kunchang Technology is expected to follow the rapid growth of the military business. At the same time, Kunchang uses its existing experience to actively develop 5G millimeter wave chips and strive toEntering the main equipment supply chain, military and civilian use are expected to take turns.

The profit of the chip business accounts for about 1/3 of the company’s total profit, which is expected to restructure the company’s estimation system.

  Investment rating: According to our calculations, the company’s net profit for 2019-2021 is 3 respectively.



300 million, of which the profit of traditional business in 2020 is 3.

600 million, chip business profit is 1.

200 million, given a “strong recommendation” rating.

  Risk reminder: The company’s intelligent controller business share growth is less than expected, and upstream component prices have risen; automotive electronics controller R & D progress has fallen short of expectations; Kunchang Technology military business orders have fallen short of expectations, 5G chip R & D progress and 5G millimeter wave wavelength application progress have fallen short of expectations.

Maanshan Iron & Steel (600808): Multiple factors lead to a substantial increase in the fourth quarter profit

Maanshan Iron & Steel (600808): Multiple factors lead to a substantial increase in the fourth quarter profit
Performance summary: The company issued the 2018 results announcement, reporting that the combined company realized operating income of 819.$ 5.2 billion, an annual increase of 11.91%; realized net profit attributable to shareholders of listed companies 59.43 ppm, an increase of 43 in ten years.94%; corresponding EPS is 0.77 yuan, EPS for the four quarters are 苏州夜网论坛 0.18 yuan, 0.26 yuan, 0.28 yuan and 0.05 yuan; net profit attributable to shareholders of listed companies was 41 in the same period last year.29 trillion, equivalent to EPS.54 yuan.In addition, the company has a minimum interim cash dividend of zero.05 yuan (including tax), it is planned to distribute cash dividends of cash at the end of 2018.31 yuan (including tax), gradually expanded to 0 cash dividends. 36 yuan (including tax); operating data: the company’s 2018 pig iron 1800 lead, crude steel 1964 lead, steel 1870 replaced, the service is basically the same.In 2018, the steel output was used to calculate 4,075 yuan per ton of steel, the cost per ton of steel was 3504 yuan, and the gross profit per ton of steel was 570 yuan, which increased by 346 yuan, 334 yuan, and 11 yuan respectively.In terms of specific varieties, 南京夜网 the gross profit per ton of long steel products was 638 yuan, an increase of 14 per year.96%, consistent with the industry’s growth rate, the gross profit per ton of steel sheet is 464 yuan, which is replaced by 14 each time.41%, mainly due to the company’s first-level blast furnace overhaul in the fourth quarter, with a small amount of hot metal and priority to supply long products. In the fourth quarter, the output of slabs was only 178 tons, which was offset by 26% from the previous quarter.The company’s electrical steel products’ profit performance was generally affected by the decrease in exports from downstream customers. Financial analysis: In 2018, the company’s total operating income increased by 11.91%, the main business income increased for ten years.04%, of which the income of the iron and steel industry increases by 68 each year.3.5 billion, an increase of 9.85%, non-steel revenues increase by 18 per year.6.2 billion, a substantial increase of 65.23%, the increase is mainly due to the scrap steel sales in 2018, and the non-steel portion contributed 12 gross profit.8.8 billion; the company’s consolidated gross profit margin for 2018 was 14.83%, a decrease of 0 every year.47%, of which long gross margin rose more than 0.54%, the gross profit margin of plates and axles increased at least 2 respectively.89% and 10.32%; 5% during the period, 0 in ten years.52%, of which R & D expenses have increased significantly by 214 temporarily.18%, mainly due to the company’s further expansion of product development categories and accelerated product upgrades in 2018. The three expenses per ton of steel rose by more than 43 yuan; the net profit margin reached 8.61%, up 1 every year.69%; Asset-liability ratio 58 at the end of 2018.38%, a decline of 3 per year.89 average; budget, investment income continued to increase 61 over the previous year.13%, profit and loss from changes in fair value decreased by 200 compared with the previous year.67%, plasma cost increased by 60 compared with the previous year.29%, mainly due to the increase in the profitability of some subsidiaries and the company’s return of some deferred and delayed assets; Q4 QoQ change: Q3 2018 is attributable to the parent net profit to replace 83 QoQ.29%, exceeding the industry average, mainly due to the following reasons: First, the continuous decline in steel prices in November prevented the industry’s profits from generally starting to fall. According to our calculations, the gross profit of hot-rolled steel, cold-rolled steel and rebar ton steel decreased by 52.54%, 82.87% and 19.53%, the company’s product structure in half of the long plate is affected by the price drop; Second, the company has a blast furnace began overhaul on October 10, 2018, until February 24 this year, affected by the company’s fourth quarterThe output of steel was 429, which was the highest and the lowest value, and was the lowest 12 in the third quarter.98%, a decrease of 10.75%, the company shut down two blast furnaces and two converters throughout the year, the total withdrawal of ironmaking capacity of 100 tons, steelmaking capacity of 128 tons, the volume reduction is basically the same as last year; the third is based on the careful judgment of the market outlook, the company in the fourth quarterAccrued asset impairment losses 6.9.7 billion, all of which are losses from falling inventory prices; profit return will be the norm: After three years of bull market in the steel industry, the demand side is still committed to maintaining stability in 2019.Although the real estate sales end faces a high base in 2018, the interest rate is lowUnder the circumstances, the decline in real estate sales in 2019 is expected to be controlled within a number. Due to low inventory, real estate investment will still maintain a growth of more than 5%.At the same time, the direction of infrastructure development is determined, and the overall domestic demand stability will exceed market expectations.However, steel gradually withdraws in accordance with the general direction of supply-side environmental protection and production restriction. The overall profitability of the industry may be earlier. It has moved down in 2018. However, the current cycle is uncertain. It seems that it will provide expansion in 2010. The expansion of the balance sheet of the ferrous metal industryLimited, and most of them focus on capacity replacement, environmental protection and technological transformation.Therefore, the probability of the decline of the profit center to 2015 is not high, and it is more a process of returning from ultra-high profit to normal profit. Investment suggestion: As a large iron and steel manufacturer in East China, the company has formed three core products: sheet, long products, and axles.The profitability of the company follows the fundamental changes in the industry and is completed through the overhaul of the blast furnace. The subsequent output will be released normally.We estimate that the company EPS for 2019-2021 will be 0.52 yuan, 0.64 yuan and 0. 70 yuan, maintaining the “overweight” rating; risk warning: high macroeconomic growth leads to pressure on demand; supply-side pressure continues to increase.

Zhongshun Jierou (002511) 2019 First Quarterly Report Review: Good Performance and Continuous Optimization of Product Structure

Zhongshun Jierou (002511) 2019 First Quarterly Report Review: Good Performance and Continuous Optimization of Product Structure

The first quarter of 2019 report is eye-catching on April 18, 2019. Zhongshun Jierou released the first quarter of 2019 performance report.

The company achieved operating income of 15 in Q1 2019.

40,000 yuan, an increase of 25 in ten years.

8%; Net profit 1.

23 ppm, an increase of 25 in ten years.

2%; net profit after deduction 1

22 ppm, an increase of 33 in ten years.


The sales performance of the company is strong. While the revenue is growing rapidly, the sales expense is increasing by only 3% per year.

38%, reflecting the competitive advantage brought by high-quality products.

The company may launch several new products during the year, and this part of the promotion may lead to an increase in sales expenses in subsequent quarters.

Corporate management expenses increase by 18 per year.

71%, mainly due to equity incentive expenses and supplementary depreciation in March.

The company expects to add about 61 million new distribution incentive fees this year, which will be amortized gradually within one year.

The income structure has been continuously optimized, and the e-commerce channel has continued to make efforts. Against the background of the overall product price not being raised, mid-to-high-end products such as facials, lotions and natural woods have increased by about 40% each time.

The revenue of the company’s e-commerce channel exceeded the growth rate by more than 50%, and the gross profit margin of products sold on the e-commerce channel was relatively high.

The ratio of e-commerce channels to the company’s revenue is expected to continue to increase in the future.

The continuous development of e-commerce channels will further promote the optimization of the company’s product structure.

The cost pressure has been verified. In the second quarter, the available raw materials of the company are usually purchased 3-6 months in advance. Therefore, the average cost of raw materials in the first quarter of 2019 decreased month-on-month.

We believe that the company’s raw material costs in the second quarter are more likely than the first quarter, and the earnings elasticity will continue to be reflected in performance growth.

Investment recommendation: Maintain Buy rating and continue to be optimistic about the industry and company performance. We forecast the company’s revenue for 2019-2021 to be 69.

13, 83.

20 and 98.

76 ppm, with a one-year growth rate of 21 respectively.

7%, 20.

4% and 18.

7%; net profit is 5.

17, 6.

25 and 7.

5 billion, the previous growth rate was 27.

0%, 20.

8% and 20.


The company closed at 10 on April 18.

36 yuan corresponding to 2019-2021 forecast PE is 25.

8X, 21.

3X and 17.

8 times. We continue to be optimistic about the investment 杭州桑拿 opportunities brought about by the gradual development of the tissue industry and the company’s self-upgrade. We maintain a “buy” rating on the company and maintain a reasonable interval for updating the long-term annual report reviews to 10.


60 dollars.

Risk warning: The company’s capacity expansion and product sales are worse than expected; the growth of wood pulp prices and the RMB exchange rate will seriously affect the company’s profitability.

AVIC (600372): Stripping Baocheng Instrument to Improve Asset Quality

AVIC (600372): Stripping Baocheng Instrument to Improve Asset Quality

Recently, the company issued an announcement intending to transfer its holding of Shaanxi Baocheng Aviation Instrument Company to AVIC Airborne System 武汉夜生活网 Co., Ltd. by way of agreement transfer.

  A brief comment on the main business of Baocheng Instrumentation is the aerial attitude system and car navigation. Because the product structure cannot meet the new requirements, Baocheng Instrumentation can be continuously replaced. In the first three quarters of 2019, Baocheng Instrumentation’s military products revenue2.

60,000 yuan, profit maximizing 68.84 million yuan, 2018 revenue4.

10,000 yuan, the cumulative profit budget is 44.05 million yuan.

In order to protect the interests of small and medium investors, further optimize the company’s internal asset structure, and improve the efficiency of the company’s asset operations, the company intends to transfer Baocheng Instruments to AVIC Airborne Systems through an agreement transfer method.

  The divestment of Baocheng Instrument 北京夜网 will increase the company’s profits.

According to simulation calculations in the first three quarters of 2019, the sale of Baocheng Instruments will increase the net profit of AVIC attributable to mothers by 5686 in the first three quarters.

86 million yuan.

  Hosted airborne companies may have some injection expectations.

The company and the airborne company signed the “Custody Agreement” to host its 14 companies and institutions, which is conducive to strengthening the integration of the airborne sector, accelerating the integration of aircraft and industrial aircraft and electricity, and promoting the professional development of the company’s avionics products, and further deepeningThe reform of the system and mechanism has improved the company’s management efficiency. AVIC Electronics has been added as a listed company in the avionics system. In the future, it is expected to inject trusteeship companies and increase company performance.

  The company’s initial stock repurchase plan demonstrates confidence and promotes long-term stable development.

  The company disclosed on January 31, 2019 that it intends to use its own funds and self-raised funds to repurchase the company’s shares in a centralized bidding transaction, and the total amount of repurchased shares is not less than 1.

50,000 yuan and not more than 300 million yuan, the repurchase price does not exceed 18.

50 yuan / share. The repurchased shares will be used for employee equity incentive plans and conversion of convertible bonds.

The company’s stock repurchase plan reflects the company’s confidence in future development, and also reflects that it is believed to gradually surpass the company’s true value, which is conducive to enhancing market confidence and promoting the company’s long-term stable development.

As of the end of 2019, the company has repurchased1.

500 million.

  The military-civilian market has huge potential and stable and high performance. The company is expected to be a leading domestic avionics system company. The military and civil aviation market is broad, and policy support helps the development of airborne system technology. Managed airborne companies and stock repurchasing are expected to enhance the market.Confidence is conducive to the company’s long-term stable development.

We are optimistic about the company’s future development prospects and predict that the company’s net profit attributable to mothers from 2019 to 2021 will be 6 respectively.

5.4 billion, 7.

8 million yuan, 7.

79 ppm, an increase of 36 per year.

42%, 8.

22%, 10.

08%, the corresponding 19 to 21 years EPS are 0.

37, 0.

40, 0.

44 yuan, corresponding to the current expected PE of 40.

78, 37.

68, 34.

23 times, maintain BUY rating.

Liangxin Electric (002706): Revenue growth picks up as scheduled and future demand is expected to increase

Liangxin Electric (002706): Revenue growth picks up as scheduled and future demand is expected to increase
The revenue growth rate in the single quarter has improved significantly. The non-profit growth has been significantly increased. The company announced the first quarter report for 2019, and the company achieved revenue in the first quarter3.810,000 yuan, an increase of 17 in ten years.14%, year-on-year growth rate increased compared to the fourth quarter of last year.69pct, distorted the trend of gradual slowdown in each quarter since last year.In the first quarter, the company achieved zero net profit attributable to its mother.43 ppm, a ten-year increase of 7.88%, the net profit of non-returned mothers is zero.390,000 yuan, an increase of 28 in ten years.44%. The difference is mainly due to the decrease in government subsidies and investment income received by the company compared with last year. The gross profit margin decreased slightly, and the company with good cost control had a gross profit margin of 39 in the first quarter of 2019.61%, with a ten-year average of 1.21pct, first of all, the company’s first quarter of the new energy power generation product bookings increased, but the gross profit margin of such products decreased. The company’s overall expense ratio was 26 in the first quarter.50%, down 2 each year.04pct, in which the sales expense ratio, management expense ratio and research and development expense ratio decreased by 1.02, 0.49 and 0.43pct, better overall cost control.The company’s R & D expenses in the first quarter were zero.32 ppm, an increase of 11 in ten years.59%, R & D expenses8.47%, R & D has maintained a higher level. Downstream new energy and real estate are progressing better, and future demand is expected to increase. The company’s continued increase in revenue in the first quarter mainly benefited from the improvement of the downstream new energy industry’s prosperity and the continuous increase in large real estate customers.Looking at the future demand, according to the statistics of the Bureau of Statistics, the growth rate of new real estate construction area from January to March 2019 was 11.9%, investment growth rate was 11.8%, leading real estate companies will expand their 北京桑拿洗浴保健 deterministic targets, and the company’s share in key large customers is expected to continue to increase; new energy generation policies are gradually clear, and cost reductions have significantly increased parity projects, and installed capacity is expected to continue to increase;In the start-up year of 5G construction, the company’s communications products are expected to continue to benefit.The company began to build a Haiyan base in 2019, mainly producing components and electronic products, molds, and injection molded parts for low-voltage electrical appliances, which will effectively enhance the company’s overall industrial chain layout and overall profitability. Investment suggestion As a domestic leader in the field of high-end and low-voltage electrical appliances, the gap between the company’s technical level and international brands has gradually narrowed, and the 苏州桑拿网 advantages of prices and services have gradually emerged, and the prospect of domestic substitution is optimistic.We estimate the company’s net profit attributable to its parent to be 2 in 2019-2021.77, 3.37 and 4.160,000 yuan, an increase of 25 in ten years.0%, 21.4% and 23.4%, corresponding to 20, 16 and 13 times the current expected PE.Taking into account the company’s industry category in the domestic mid-to-high-end low-voltage electrical field and the company’s estimated situation in the industry, the company’s compound growth rate for the 2019-2021 three-year period22.5%, giving the company a PEG equal to 1 corresponding to a 23x 2019 valuation, and a reasonable value of 8 was determined.05 yuan / share, maintain “Buy” rating. Risks prompt macroeconomic growth rate; real estate industry policy adjustments; new energy investment is less than expected.

China Eastern Airlines (600115) in-depth research report: Pioneer of mixed reforms is forging ahead and making a thin start

China Eastern Airlines (600115) in-depth research report: Pioneer of mixed reforms is forging ahead and making a thin start

Accumulated wealth: Sitting on a super hub, the first opportunity to build a super carrier.

1) Shanghai market: unique locations create super hubs, increasing the value of routes at scarce times.

At the level of income, we estimate that the market in Beijing, Shanghai, Guangzhou and Shenzhen is clearly ahead of the national average (0.

42 yuan), of which Shanghai Hongqiao to 0.

64 yuan ranked first, Beijing 0.

59 ranked second, about 0 in Pudong.

55 yuan.

2) Increasing the company’s core hub share has increased the effect of marketization of passenger transportation prices.

Four domestic bases: two in Shanghai and two in Beijing. Kunming and Xi’an’s market share in 2018 were 41%, 18%, 37% and 29%, which can be expanded and improved in addition to Xi’an.

Revenue from seat kilometers on domestic routes increased by 4.

9%, Pudong, Hongqiao, the capital, and Kunming increased by 4.

2%, 8.

2%, 6.

2%, 4.

8%, especially Hongqiao increased by 4 in the first half of the year.

3%, the initial increase reached 8.

2%, Beijing consists of 2.

8% increased to 6.


3) Future opportunities: Cross-shareholding with Auspicious (Junyao Group). The two parties together have a market share of more than 50% across the Shanghai market. They will jointly expand and strengthen the Shanghai market in the future.

4) Gold Beijing-Shanghai line: the icing on the cake in the high season, the snow in the off-season, the long-term price is still underestimated.

Under the marketization of prices, the full-price economy class ticket for the Beijing-Shanghai line was raised from 1,240 yuan to 1,490 yuan in the past, but it is still a price depression in the Yangtze River Delta-Beijing (2420 yuan for Beijing-Hangzhou full price ticket).

Eastern Airlines accounts for more than 50% of the Beijing-Shanghai line. If the price of Beijing-Hangzhou is referenced, assuming a discount as low as 70%, the profit will increase by about 1.7 billion, which is equivalent to more than 30% of the 18-year foreign exchange deduction profit.

Note: The price increase is 10%, regardless of discount changes, and the profit is increased by about 400 million 淡水桑拿网 yuan.

Undervalued China United Airlines: Standards are not equal to low-yield conventional low-cost airlines.

For 15 years, China Eastern Airlines has promoted the transitional regulations of its wholly-owned subsidiary, China United Airlines.

In the four years of transition, revenue increased by 43% and net profit increased by 235% (net profit in 2018 was 8.

800 million, annual growth), passenger-kilometer revenue level increased by 9%, currently 49 aircraft.

China United Airlines received 0 passengers in 2018.

553 yuan is 0 with China Eastern Airlines.

56 yuan is almost the same.

We found that China United Airlines is actually an important gene for the success of the overseas calibration model: that is, the exclusive operation of the two terrain bases of Nanyuan and Foshan Shadi, which can meet the demand overflow of the capital and Baiyun.

According to statistics, 55% of China United’s solo routes, such as Beijing Nanyuan-Xiamen, Foshan-Shijiazhuang, etc.

Looking forward to the future, China United Airlines is expected to make a one-time transfer to Daxing Airport in October 19th. It is expected that it will be able to connect higher-quality routes and turnover to further develop itself.

At the time of the voyage: Under the influence of the Boeing incident, the supply and demand elasticity of the three major airlines relatively benefited industries.

Pilots We analyze that Boeing MAX will affect the growth rate of domestic conventional capacity or about 4%, and China Eastern’s inventory volume accounts for 2%.

2%, lower than 4% of China Southern Airlines and 3 of Air China.

3%.It is planned to introduce 11 aircraft in 19, which is equivalent to the fleet size 1.

6%, which is also lower than Air China and China Southern Airlines (45 aircraft).

Therefore, the relative relative benefits of strong supply and demand elasticity.

From the perspective of historical elasticity, the elasticity of income is twice the level of the gap between supply and demand.

Considering only 3% elasticity, China Eastern Airlines increased its thickness by about 600 million (18%) in Q3 peak season.

In the past ten years, it has increased by 1.5 billion yuan, equivalent to 57% of the profit in 18 years.

Earnings forecast and forecast: raise earnings forecast, target price is 10-12 yuan, expect 35-62% of earlier spot price space, “strong push” rating.

Considering the halving of the Civil Aviation Development Fund (reducing costs by half to 600 million for the half-year in 2019 and increasing profits by about 4-5 billion), and based on the current Boeing incident progress, conservatively raise the passenger load factor level of China Eastern Airlines to 0.

Nine goals (the budget is expected to be the same as 2018), and the profit forecast is raised to a profit of 97,119 and 14.6 billion in 2019-21 (the original forecast was US $ 85,103 and 12.9 billion), corresponding to PE of 2019-21 is 11.

1, 9 and 7.

4 times.

With reference to the historical performance of the resurrected aviation stocks, it will give 15-18 times PE in 2019 with a target range of 10-12 yuan, corresponding to 2.


1 PB, 35-62% of the space is expected to be earlier, it is recommended to “strongly push” the level.

Note: A 1% increase in load factor / fare will bring the company about 900 million profits, so with the interpretation of the Boeing event, there may be a performance that continues to exceed expectations.

Risk warning: economic growth, oil price growth, and industry supply not brought about by the Boeing incident.

How long can A-share catering listed companies sustain after 500 billion losses?

How long can A-share catering listed companies sustain after 500 billion losses?

For stocks, please read Jin Qilin analyst research report, authoritative, professional, timely, and comprehensive, to help you tap potential potential opportunities!

  Original title: How long can A-share catering listed companies sustain after a 500 billion loss?

  The catering industry was affected under the epidemic.

A-share catering listed company Xi’an Catering (000721.

SZ), Guangzhou Restaurant (603043.

(SH) and others successively issued announcements on the company’s active response to the new coronavirus pneumonia epidemic.

  The China Cooking Association released a report on February 12 that the impact of the epidemic on the catering industry may be several times greater than that during the SARS period.

  Suspension of business On the evening of February 18, Xi’an Food announced that the company’s catering (hotel) stores have been suspended from January 27, 2020.

The epidemic forecast will affect the company’s operating performance in the first quarter of 2020.

  A person in charge of Guangzhou Restaurant Securities Department told reporters on the interface on February 19: “The impact of the epidemic will depend on the specific data disclosed by the following companies. The main business of Guangzhou Restaurant is divided into the catering and food sectors, and the proportion of takeaway is not large.
“At present, all restaurants of Guangzhou Restaurant have stopped serving meals, and have reserved food sales and take-out to provide catering services.

The company said that the company’s first quarter 2020 results are expected to be affected to some extent.

  Quanjude (002186.

(SZ) said on the company’s official website that there are currently 28 stores in 15 provinces, including 4 stores in Beijing and Hebei, Zhejiang, Anhui, Ningxia and other places.

  According to the data of the Evergrande Research Institute, in the 7 years of the Spring Festival, the epidemic has caused a loss of about 500 billion yuan to the retail sales of the catering industry.

  ”From the perspective of the three A-share catering listed companies, Xi’an Food is not working under normal circumstances, and it may be even worse this time the outbreak is coming; Quanjude is not working, and the dishes are not suitable for take-out; Guangzhou Restaurant may be better.

The time span this time is too long. I personally estimate that the dine-in business can return to normal after May 1st, and consumers will choose to minimize the risk.

“A food industry expert told interface journalists.

  ”I estimate that these listed companies have been affected. The influence transmission of Quanjude and Guangzhou 南京夜网论坛 Restaurant is almost a cliff-type shift. It cannot be supported by take-out. I estimate that 20% of the business volume is not bad.

“Pan Helin, Executive Dean of the Institute of Digital Economy, Zhongnan University of Economics and Law, told reporters at the interface.

  On February 12, the China Cooking Association released the “Report on the Impact of the New Coronary Pneumonia Epidemic on China’s Catering Industry in 2020″. The report stated that during the Chinese New Year this year, the catering industry suffered severe losses, exceeding last year’s Chinese New Year. During the epidemic, 78% of catering companies’ operating incomeThe loss reached more than 100%; 9% of the company’s revenue loss reached more than 90%, 7% of the company’s revenue loss was between 70% and 90%; the revenue loss below 70% was only 5%.

  The China Culinary Association’s research indicators are: The impact of the recent epidemic on the catering industry may be several times greater than that during the SARS period.

  Performance According to specific operating data, before the outbreak, the performance of the three A-share catering listed companies was not outstanding.

  On January 9, 2019, Xi’an Foods realized revenue3.

US $ 9.4 billion, net profit attributable to shareholders of listed companies was 2368 million; Quanjude also achieved revenue11.

$ 900 million, a ten-year average of 12.

62%, the net profit attributable to shareholders of the listed company is 52.6 million yuan, with an annual extension of 59.

09%; Guangzhou Restaurant’s performance is slightly better, with revenue of 24 from January to September last year.

10,000 yuan, an annual increase of 19.

60%, net profit attributable to shareholders of the listed company is 3.

2.5 billion, an annual increase of 9.


  In the first quarter of the Spring Festival, from the data point of view, the proportion of the company’s ten-year net profit was 10% -50.

Between 90%.

  Guangzhou Restaurant achieved revenue in the first quarter of 20184.

4.5 billion, accounting for 17 of the total revenue.

52%, attributable net profit was 38.59 million yuan, accounting for 10% of the original attributable net profit; Quanjude achieved revenue in the first quarter of 20184.

43 trillion, accounting for 24 of the expected revenue.89%, attributable net profit was 37.18 million yuan, accounting for 50% of attributable net profit.

90%; Xi’an Food’s revenue in the first quarter of 20181.

2 trillion, accounting for 24 of the expected revenue.

19%, attributable net profit is -803 million yuan. In 2018, Xi’an Food’s statutory attributable net profit was 9.47 million yuan.

  ”Spring’s share of profits of listed companies is still relatively obvious. If the catering performance is damaged in 2020, it depends on whether there are other channels to make up for it.

I estimate that even if it can be recovered by the end of February, it will take time for consumers to recover.

“Pan Helin told interface reporters.

  Based on the data for the first half of 2019, Xi’an’s catering revenue accounted for 66% of the company’s revenue.

41%, commodity revenue accounts for 4.

96%, room income is 2.

88%; Quanjude’s catering revenue accounted for 71.

92%, merchandise sales accounted for 25.

88%; Guangzhou Restaurant Food Processing Manufacturing Company’s revenue accounted for 64.

04%, catering company revenue accounted for 38.


  Guangzhou Restaurant announced in the announcement on February 15 in response to the new coronavirus pneumonia epidemic: Since the outbreak, in order to meet market consumer demand, the companyThe channel meets consumer demand for the company’s quick-frozen foods, pastries, wax products and other products.

At present, the main production bases of the aforementioned foods in Guangzhou Restaurant have been fully resumed.

  From a regional perspective, the sources of income of the three catering companies are widely concentrated in regions.

Guangzhou Restaurant’s income accounted for 87 in Guangdong Province.

31%, Quanjude North China’s revenue accounted for 99%.

31%, of which Beijing is concentrated; Xi’an Food’s income accounted for 89% in Northwest China.


  Financial pressure “Unlisted companies’ missiles have signaled financial pressure to stop them. I don’t think public companies will get better.

Pan He Lin said.

  As of the third quarter of 2019, the net cash flow from Xi’an’s catering operations was -1684.

20,000 yuan.

The figure for the same period last year was 1062.

870,000 yuan.

The company’s second largest, third largest, and fourth largest shareholders’ equity are all pledged and frozen.

Finally, by the end of the third quarter of last year, Xi’an Food held 2 monetary funds.

2.5 billion.

  Quanjude’s net cash flow from operating activities in the first three quarters of 2019 was 8,466.

20,000 yuan, an overlap of 33 over the same period last year.


The shareholders of the company have no pledge of equity. As of September 30, 2019, the currency of Quanjude’s account was 6.

48 trillion, compared with 34 at the end of 2018.

62%, the company said that this is mainly due to idle funds to buy structured deposits.

  From January to September 2019, Guangzhou Restaurant has a net cash flow from operating activities of 7.

2.8 billion yuan, compared with the same period last year5.86%, the company’s shareholders did not pledge equity, the company held monetary funds at the end of the third quarter of the last year15.

6.2 billion.

  As of the end of the third quarter of 2019, the western case dietary assets and liabilities were restructured42.

76%, Quanjude assets and debt restructuring21.

87%, Guangzhou Restaurant’s assets and debt restructuring34.

twenty one%.

  Analysis by the Air Force tourism industry indicates that the epidemic may result in a rebound in consumption.

So for the catering industry, after the epidemic, will consumers have “rebound” dinners?

  ”Consumption will usher in a certain rebound and there will be a certain amount of compensatory consumption, but the catering sector may not be.

The epidemic is still a big psychological shock to everyone. Consumer habits will change. Group gatherings will decrease. If people change their eating patterns, large chain companies may be affected.

“Pan Helin told interface reporters.

Lianchuang Electronics (002036): Q3 performance meets expectations and vigorously expands lens production

Lianchuang Electronics (002036): Q3 performance meets expectations and vigorously expands lens production
(1) The company released the third quarter report for 2019: the first three quarters, achieving revenue of 42.68 ppm, an increase of 20 in ten years.59%, of which 15 achieved revenue in the third quarter.98 ppm, an increase of 19 years.15%.In the first three quarters, net profit attributable to mothers2.24 ppm, an increase of 22 in ten years.42%, of which net profit attributable to mothers in the third quarter1.02 ppm, an increase of 17 in ten years.38%; net profit for the first three quarters after deduction is 1.880,000 yuan, an increase of 26 in ten years.53%, of which net profit after deduction to non-returning mothers in the third quarter was 9,801.0.94 million yuan, an increase of 45 years.31% (2) The company plans to set up a project company with two subsidiaries of Nankai Economic Development Zone Jinkai Group to invest in the implementation of annual production2.600 million high-end optical lens industrialization projects with a project construction period of 14 months. In the single quarter, the growth rate of non-homing net profit accelerated, and the optical business achieved rapid growth.The company’s rapid growth in the first three quarters of revenue was mainly due to the rapid growth of the company’s optical lens and touch display business, and the gross profit margins of the two major businesses exceeded the company’s overall gross profit margin, resulting in an increase in the gross profit margin in the first three quarters. Expenses increased faster than revenue during the period, based on rapid growth in research and development expenses and financial expenses.Company management expenses1.30,000 yuan, an increase of 27 in ten 南京桑拿网 years.11%; selling expenses 2573.09 million yuan, an increase of 25 in ten years.46%; R & D expenses1.52 ppm, an increase of 42 in ten years.72%, mainly based on the company’s R & D and promotion of high-end products such as glass-plastic blending;26 ppm, a 122-year increase.45%, mainly due to increased financing costs and changes in exchange losses and gains. In conjunction with local state-owned assets, we will vigorously expand the production capacity of high-end lenses.The company established a project company with Nanchang Jinkai Group, with a registered capital of 600 million company, accounting for 70%.The project company spends 1.2 billion to establish an annual output of 2.Industrialization project of 600 million high-end optical lenses.The commissioning of high-end production capacity projects in the future will increase the company’s market share in the lens field, which will strongly support the company’s mobile phone, security and automotive market demand. Maintain “Buy” rating.The company’s EPS for 2019-2021 is expected to be 0.45, 0.61, 0.84 yuan, corresponding to PE is 33.27, 24.66, 17.91 times, maintain “Buy” rating. Risk warning: The sales volume of smartphones has increased significantly;

Xinbao shares (002705): Mofei boosts domestic sales growth beyond expectations and significantly improves overall gross profit margin

Xinbao shares (002705): Mofei boosts domestic sales growth beyond expectations and significantly improves overall gross profit margin

Event: The company released the third quarter report of 2019, and achieved revenue 68 in the first three quarters.

27 trillion, +9 ten years ago.

19%, net profit attributable to mother 5.

19 trillion, +44 a year.

88%, net cash flow from operating activities10.

9.5 billion, previously +715.

98%; corresponding to Q3 realized income 27.

83 trillion, ten years +11.

84%, net profit attributable to mother 2.

780,000 yuan, +26 a year.

62%, net cash flow from operating activities5.

89 trillion, ten years +147.


Revenue maintained rapid growth and domestic independent brands performed well: The company’s Q3 revenue continued to grow at a higher rate of Q2, +11 per year.


Affected by exchange rate fluctuations, we expect the company’s export business to improve.

In terms of domestic sales, 深圳桑拿网 there are more flowers, and the main independent brand Mofei has performed well. According to the Tmall data we track, Q3 Mofei and Dongling juicer sales increased by +438 respectively.

77%, + 2991.

28%, and after entering the autumn and winter, the Mofei net red pot enters the peak sales season, with double 11 sales expected. The recently launched seasonal products Mofei and Dongling’s heaters are also expected to become a new generation of net red products.

At the same time, the company actively expands channels, and this year began to expand cooperation with Pinduoduo, mainly selling the Kaiqin brand, and the product line will gradually be enriched.

Taking into account the rapid growth of the third-quarter report income end and various products sold online, we expect the company’s Q3 domestic sales revenue growth 无锡桑拿网 rate to far exceed the performance of the interim report, more than 30%.

The company’s gross profit margin has increased significantly, and sales expenses continue to be spent: 19Q3 gross profit margin and net profit margin of 25.

64% and 10.

02%, +4 each year.

17, + 1.

18 points.

To improve, we expect that exchange rate fluctuations will increase the export gross profit margin to a certain extent. Instead, the company’s own brand will grow rapidly to improve its product structure, which will increase the domestic gross profit margin.

From the perspective of expenses, the sales, management, research and development, and financial expense ratios of 19Q3 were +1 each time.

48, +0.

47, +0.

32, -0.

11pct, of which the increase in sales expenses is mainly due to the company’s sales staff’s salary increase and continuous expenditure on advertising costs, to cultivate and promote its own brand. At present, the company’s domestic sales business has entered a stage of rapid development.

The decrease in financial expenses was mainly due to exchange gains, interest income increased from the same period last year and interest expenses decreased from the same period last year.

Operating cash flow has increased significantly, and advance receipts have increased significantly: from the balance sheet perspective, monetary funds + other current assets at the end of the 19Q3 period were 24.

8.5 billion yuan, up 2 from H1.

30,000 yuan; accounts receivable + notes 12.

62 ppm, an increase of 2 over H1.

20 trillion; advance receipts1.720,000 yuan, an increase of 0 over H1.

0.6 billion, +50 in ten years.

77%, mainly due to the increase in customer settlement methods this year.

In terms of turnover, the company’s 19Q1-Q3 inventory and accounts receivable turnover days +5 for decades.

56 days, -0.

16 days, business cycle increased by 5.

40 days, extended business cycle.

From the cash flow statement, 19Q3 net cash flow from operating activities5.

89 ppm, of which Q3 cash inflows of goods sold and services provided +17 per year.


Investment suggestion: The company’s external sales benefit from improved revenue, internal sales of independent brands have performed well, and subsequent new product launches bring greater benefits to the company; actively deploy automation to improve production efficiency and further improve profitability.

The company’s third quarter report exceeded our previous expectations, and we raised the net profit for the year 19-21 to 6.

6, 7.

6, 8.

900 million (previous value was 5.


9, 8.

0 million), the current sustainable corresponding 19-19 years dynamic assessment is 19.

4x, 16.

9x, 14.

5x, maintain “Buy” rating.

Risk warning: risks of fluctuations in raw material prices; new product promotion is less than expected.

In the beginning of the year and month, the internal investment of more than 1.700 billion will escort the market liquidity before the Spring Festival.

In the beginning of the year and month, the internal investment of more than 1.700 billion will escort the market liquidity before the Spring Festival.

For stocks, please read Jin Qilin analyst research report, authoritative, professional, timely, and comprehensive, to help you tap potential potential opportunities!

  Securities Daily host Liu Sihui: The extension of the Spring Festival, the market liquidity supply action frequently.

Today, the newspaper interviewed experts and scholars for in-depth interpretations of targeted open market operations for three consecutive days, the capital of Beijing and the balance of financing and financing both breaking through the trillion-dollar mark, and the phenomenon of bank deposits before the Spring Festival.

  Our reporter Liu Qi has gradually launched into the market in recent days.

On January 17, the budget carried out a 14-day reverse repurchase of US $ 200 billion in the form of interest rate bidding, with a winning bid rate of 2.


On January 15 and January 16, respectively, a 300-megabyte medium-term lending facility (MLF) operation was implemented with a 14-day reverse repo that overlapped $ 100 billion and a 14-day reverse repurchase of $ 300 billion.

Regarding the three consecutive days of open market operations, the transition has stated that in order to hedge the impact of peak cash injections (Jin Qilin analysts), government bond issuance and payment and other factors, to maintain a reasonable and sufficient liquidity of the banking system before the Spring Festival.

  And on January 6, this year, the first time the 2020 threshold was dropped-the same day the transition cut the deposit reserve ratio of financial institutions to 0.

5 budgets, releasing more than 800 billion yuan of long-term funds.

That is to say, this month has gradually invested more than 1.700 billion yuan.

  ”Gradually expand the liquidity of the open market and keep the market capital in a reasonable and sufficient state, and change the wholesale financing costs of commercial banks in the open market.

On January 6th, the RRR cut was released to release more than 800 billion US dollars of long-term funds, which can save about 15 billion yuan for commercial banks.

“Oriental Jincheng chief macro analyst Wang Qing told the Securities Daily reporter.

  From the perspective of the disturbance of the capital in January, the total maturity of new government bonds, local bonds, extended bills, interbank certificates of deposit and directional instruments issued from New Year’s Day to the Spring Festival is 1.

2 trillion yuan.

The chief analyst of CITIC Securities’ solid income has clearly stated that since 2020, local bonds have continued to issue the initial characteristics. Until January 15, the scale of local government debt issuance plans announced in January reached $ 785 billion, far exceeding less than 4,200 in 2019The issuance of 100 million U.S. dollars aggravated the tightness of liquidity before the Spring Festival.

It is expected that the issuance of local government bonds will still accelerate after the Spring Festival, and it is still necessary to gradually provide liquidity support.

  With continuous launch at the beginning of the year, short-term liquidity is protected.

From the perspective of Shanghai Interbank Offered Rate (Shibor), on January 17, the short-term Shibor generally declined.

Among them, Shibor went down 8 overnight.

7 BP to 2.

522%, Shibor down 2 for 7 days.

3 BP to 2.

64%, Shibor down 2 in 14 days.

6 BP to 2.


Judging from the pledged repo market, the short-term liquidity indicator DR007 also dropped.

“Securities Daily” reporter from Oriental Fortune Choice query data shows that the expected average interest rates on January 15 and January 16 were 2 respectively.

7867%, 2.


As of January 17, as of 15:15, data from the National Interbank Funding Center showed that DR007’s average interest rate was 2.


  From the perspective of follow-up funds, on 杭州桑拿 January 23, there will be 257.5 billion US dollars of targeted medium-term lending facilities (TMLF) due.

Obviously, under the advantage of the TMLF interest rate, major banks still have continuation momentum, and based on the loans of small and micro enterprises and private enterprises in the previous quarter of relevant financial institutions and combined with their needs to determine the amount of TMLF operations in the first quarter of 2020, do not excludeTMLF will be based on the possibility of a new quantity based on the sequel.

Since 2017, the inclusive financial policy has been implemented on January 25 (before the Spring Festival) for two consecutive years. However, as there is no tax payment point before the Chinese New Year, the inclusive financial policy will be implemented before the Chinese New Year.The probability 杭州桑拿 is reasonable and it is expected to land in February.