Sanlipu (002876): Product price increases and production capacity of Hefei Plant is released.

Sanlipu (002876): Product price increases and production capacity of Hefei Plant is released.

Investment Highlights: Company Announcement: Release of 2019 Third Quarter Report to Realize Revenue10.

42 ppm, an increase of 61 in ten years.

34%, net profit attributable to mothers was 23.62 million yuan, an increase of 4.

01%, net profit after deduction of 14.53 北京夜生活网 million yuan, an annual increase of 29.

28%; of which the third quarter income4.

250,000 yuan, an increase of 86 in ten years.

27%, net profit attributable to mothers was 22.4 million yuan, a year-on-year increase of 496.


Estimated net profit for 2019 is 4,985.


660,000 yuan, an increase of 80% -130%.

Slightly more than expected.

Revenue was in line with expectations, and profit grew significantly more than expected.

In 2019, the improvement in the quality of some of the company’s products and the release of Hefei Sanlipo Optoelectronics’ production capacity led to a significant increase in the company’s revenue.

The combined company ‘s Shenzhen production line has strong demand for small-size products, and the company has increased some of its capacity through technological transformation. In addition, the merger of the Hefei plant has begun 天津夜网 to realize profits. Large-scale products have been stably supplied to BOE, Huike, and the yield and capacity of the production line have been as much as possible.Maintained at a high level; third, the company’s products basically stabilized at the current level after the price increase in the first quarter.

From an industry perspective, there will be no new capacity launch this year, and we believe that product prices are expected to continue to maintain stability.

The company has a large number of orders and raised production lines to provide continuous growth momentum.

The company recently launched a non-public offering and raised less than 1.1 billion funds. At present, it has feedbacked once to build a new production line with a width of 2500mm. The product size has been extended from small to medium-sized to oversized with more comprehensive coverage.

With domestic 8.

5th generation and 10.

The 5th generation panel line was put into production, which brought a lot of demand for polarizer procurement. It is estimated that the demand for LCD panel polarizers from mainland panel companies (excluding the need to set up factories in mainland China) is 2.

With 700 million square meters, the global panel companies’ demand for LCD polarizers is about 500 million square meters. At present, the self-sufficiency rate of panel polarizers is less than 20%. Therefore, we expect that domestic polarizer companies will still face development space.

We expect that after the new production line is put into production, it is expected to start contributing in the second half of 2022. By then, the company’s TFT-LCD polarizer production capacity will reach 61 million square meters. From the perspective of product size, it will cover small to large sizes and 65 inches or moreSuper-sized polarizer products promote the maximization of production capacity and the bargaining power in upstream and downstream.

The demand for large-size polarizers has opened, driving the company’s performance inflection point, raising its profit forecast and maintaining the “overweight” level.

According to the company’s production line situation, the revenue and profit forecast are slightly raised, and the net profit for 2019-2021 is expected to be zero.

61, 1.

55, 2.

2.2 billion yuan (previous forecast was 0.

29, 0.

80, 1.

1.5 billion), the corresponding EPS is 0.

59, 1.

49, 2.

13 yuan per share, corresponding to PE of 77X / 30X / 21X, if non-public issuance of 20.8 million shares, completed in early 2020, it is expected that the fully diluted EPS in 2020-2021 will be 1.

24, 1.

78 yuan / share.

Risk warning: sharp fluctuations in raw material prices, increased costs caused by exchange rate changes, and the new production line is less than expected

Qibin Group (601636): The strategy of entering the high-end pharmaceutical glass value-added electronic glass is becoming clearer

Qibin Group (601636): The strategy of entering the high-end pharmaceutical glass value-added electronic glass is becoming clearer

The company plans to invest in a neutral borosilicate medicinal glass project. The project is planned to be constructed in phases. The construction scale is 3 kiln and 8 lines 100 tons / day (kiln output) neutral borosilicate medicinal glass tube, as well as product deep processing.The total investment is about 600 million yuan.

This time, it is planned to invest in the construction of the first phase of the neutral borosilicate pharmaceutical glass tube project in Zixing City, Chenzhou City, Hunan Province. The total planned investment for this phase of the project is 155.28 million yuan, of which 100 million yuan is self-raised.The company raised 69.2 million yuan in fundraising expenses, followed by the company’s business partners and other key management personnel to invest in the establishment of a follow-up investment platform and investment (30.80 million yuan), and the remaining 55.28 million yuan applied for loan settlement.

Comment: Medicine glass is another direction for the company’s high-end products after electronic glass. After achieving the world’s best scale, the company released a mid-to-long-term development plan this year, formulated “one body and two wings” and “strengthened and enlarged”The development strategy of the “two wings” is the high-end of the product. Electronic glass is only a step in the high-end of the company’s products. It is currently progressing smoothly and is expected to be officially delivered in Q2 next year.

The company’s goal perception does not stop there. This entry into military medical glass is another direction for the company to seize the high-end market ranking.

According to the content of the 2017 consistency assessment, the drug glass market is expected to usher in quality enhancement and expansion. The consistency evaluation policy reached by the State Food and Drug Administration in 2017 clearly requires that the packaging materials used by generic drugs should be consistent with the original research drugs.All drugs use neutral borosilicate glass.

The implementation of the preliminary policy means that the packaging of nitrate medicines is turned on neutral5.

0 The borosilicate glass substitute is a safe way to use ordinary soda-lime glass, and the replacement ratio will increase year by year.

From the international perspective, except for a few countries such as China and India, the import of neutral borosilicate glass in China is based on the use of neutral borosilicate glass as the raw material for cartridges, vials, sodium and sodium hydroxide.Pre-filled bottle.

The domestic products packaged with neutral borosilicate glass are mainly divided into freeze-dried medicines, water injection medicines, biological medicines and other high-end medicines or medicines converted for export.

At present, the neutral borosilicate glass tubes required in China mainly rely on imports, with an annual demand of about 3,000 tons, and are often subject to foreign companies’ monopoly on prices and fluctuations in supply periods.Anhydrocarbon, test tubes, etc. are imported more than 200 million pieces per year, equivalent to 2,000 tons of glass tube demand. At present, the domestic imports of neutral borosilicate glass tubes are mainly monopolized by Germany’s SCHOTT, Japan Electric Glass, and Corning in the United States. According to China Glass NetworkAccording to the information, the length of SCHOTT neutral borosilicate glass tube in Germany is about 27,000 yuan / ton. According to this calculation, the domestic replacement space for light domestic products is about 1.3 billion, which is all over the country.

0 Borosilicate glass is gradually replacing ordinary soda-lime glass, and the demand for borosilicate glass is expected to grow rapidly in the future. According to the International Reportlinker report, the global pharmaceutical glass market will reach 220 in 2025.

500 million US dollars, India and China’s emerging markets will grow 9%, China will become one of the major consumers of pharmaceutical glass packaging bottles.

The senior executives of this project forced follow-up investment All senior executives of this investment company followed up with a total of 101 participants in the neutral borosilicate pharmaceutical glass tube project (Phase 1), of which 42 were senior investment managers at the deputy general manager level or above.People, 48 volunteers (excluding the deputy general manager), 2 volunteers for the neutral borosilicate medicinal glass tube project (Phase 1), 8 qualified candidates for other projects, foreign (Malaysia) 1 person following the vote.

Among the members of the board of directors and supervisors who participated in the project are Mr. Zhang Baizhong, director and president, Mr. Yao Peiwu, chairman and secretary, Mr. Zhang Guoming, director and chief financial officer, Mr. Ling Genluo, director and vice president, Ms. Yingying Hou, and supervisor Wang LiMr. Yong.

Mandatory follow-up investment ensures that the interests of senior management and listed companies are consistent, which is conducive to improving the probability of project success.

A win-win culture is conducive to the realization of medium- and long-term development planning. The company’s Fuling Qibin Electronic Glass Co., Ltd. intends to implement investment and project investment with key management personnel such as business partners of the capital increase and share expansion company.

The key management personnel such as the company’s business partners set up a follow-up investment platform (5 limited partnerships) to raise funds of RMB 31.64 million to increase capital and invest in Fuling Electronic Glass Company.

After the capital increase, the registered capital of Liling Electronic Glass 武汉夜生活网 Company increased from 150 million yuan to 181.64 million yuan, and the follow-up investment platform will receive Liling Electronic Glass Company17.

4191% equity.

Whether it is the company’s business partner plan, employee shareholding plan, or the follow-up investment mechanism of electronic glass and medicine glass, fully reflecting Qibin Group’s motivation, willingness to share, and strive to achieve a win-win situation in the process of transforming into a professional manager systemWe believe that this is an important guarantee for the company’s mid- and long-term development planning.

Reiterate the “Buy” rating. We expect the company’s operating income for 2019-2021 to be 89.

400 million, 98.

200 million, 104.

USD 900 million, increasing by 6 each year.

8%, 9.

7%, 6.

8%; net profit attributable 杭州桑拿 to mothers is 13.

300 million, 15.

900 million, 17.

300 million, an increase of 10 each year.

4%, 19.

2%, 8.


EPS are 0.

50, 0.

59 and 0.

64 yuan / share, corresponding PE is 9/7 / 7x.

We believe that the changes in the glass supply and demand pattern provide the basis for the stability of the industry’s long-term profitability. As a leader in the industry, the company has a clear development strategy and incentive schemes in place. A win-win culture is an important guarantee for the strategy to achieve.Marginal, re-buy rating. Risks suggest that glass prices have fallen sharply; raw material prices have risen sharply.

Kouzijiao (603589) Interim Review: Channels Do Deep Q2 Revenue Acceleration Structure Steadily Moves Up

Kouzijiao (603589) Interim Review: Channels Do Deep Q2 Revenue Acceleration Structure Steadily Moves Up

The company announced its 2019 Interim Report, with revenue of 24 in 2019H1.

1.9 billion / + 12.

04%; net profit attributable to mother 8.

9.5 billion / + 22.

02%; of which revenue in Q2 2019 was 10.

5.7 billion / + 16.

3%; net profit attributable to mother 3.

50 ppm / + 23.


What do we expect the company 2019?
Realize net profit attributable to mothers in 2021.



22 ppm, an increase of 19 years.

9% / 17.

6% / 16.

7%, corresponding to an EPS of 3.



20 yuan.

Currently sustainable corresponding to 2019?
The PE in 2020 is 20.



0 都市夜网 times.

The company operates steadily, has an excellent product structure, and continues to benefit from the upgrade and concentration trend. As the channel sinks and speeds up, it gradually squeezes out the market share of 100 yuan in the county and township market.

Maintain the “Highly Recommended” rating.

Channels in the province are sinking and accelerating, and the contribution of sales outside the province has significantly increased. In 2019H1, the number of dealers in the province increased by 34 to 384, with sales revenue19.

2.7 billion / + 9.

28%, accounting for 80%. The province actively exerts the initiative of manufacturers to enter the enhanced hotel channel control and public relations of key enterprises. At the same time, it accelerates the improvement of the township market distribution agency network, the channel sinks and speeds up, and the future township market sales contribution contributes to improvement.Based on large businesses outside the province, it actively screened and optimized 20 dealers outside the province and reported a series of revenue4.

7 billion / + 26.

90%, accounting for 20%, the contribution of sales outside the province has increased significantly.

The structure has been moved up, and the new products will help to upgrade the mainstream price dividend. The company’s products have always been excellent, and the sales revenue of high-end liquor in H1 201922.

8.2 billion / + 11.

7%, accounting for 95%, middle and low-grade liquor sales revenue1.

1.4 billion / + 26.

77%, accounting for about 5%.

It is expected that the products in the key markets of Kouzi Warehouse for 10 years and above will still maintain a growth rate of more than 20%.
The price of 200 yuan in the province has been steadily expanding and becoming more mature. New products in the early summer (priced at 268 yuan / bottle) and Zhongqiu (398 yuan / bottle) are expected to accept the mainstream upgrade price (200-300 yuan) bonus. It is expected to increase Q3 performance in the short term.

The price increase pushed up the gross profit margin, and the expenses remained stable. The overall gross profit margin of the company in 2019H1 was 75.
94%, with a rise of 1.

55 points, mainly due to the upward shift in product structure and the 2018 price increase contribution.

In terms of expense ratio, 2019H1 sales expense ratio and management expense ratio are 9 respectively.

47% and 4.

4%, respectively decreased by 0.

29 points and 0.

36pct; the gross profit margin increased during the supplementary period and the fees fell, the net profit of the company in 2019H1 was 36.

99%, with the same rise of 3.


Risk warning: intensified competition in the province, impeded sub-high-end prices, hindered expansion outside the province, and food safety risks.

Hailan House (600398): The revenue growth of the main brand in 19Q1 turned positive and the momentum of stabilization has been transformed

Hailan House (600398): The revenue growth of the main brand in 19Q1 turned positive and the momentum of stabilization has been transformed

Investment highlights: 19Q1 revenue growth 5.

23%, net profit increased by 6.


In 1Q1, the company realized revenue of 61 million US dollars, a year-on-year increase of 5.

23%, net profit attributable to mother 12.

1 ppm, a six-year increase of 6.


Gross profit margin 43.

59%, an increase of 3 per year.

69pct, net interest rate 19.

9%, a year to raise 0.


In terms of revenue, the main brand HLA revenue is 5 billion US dollars, an annual increase of 2.

16%, the earlier 18Q3, 18Q4 -2.

57%, -0.

42% improvement; women’s clothing brand Ijutu income 3.

4 ppm, an increase of ten years.

At 06%, the Aiju Rabbit brand is still in the process of adjustment, resulting in a breakthrough in growth rate fluctuations (18Q3, 18Q4 revenue growth rate: 3.

27%, -19.

43%); total revenue of other retail brands1.

400 million, because the scale is still small, the growth rate is 1139%.

Product upgrades, channel improvements, and the main brand HLA stabilized and grew.

The highlight of the company’s business in 19Q1 was the stabilization of the revenue growth rate of the main brand, with a single brand revenue growth rate of 2.

16%, the earlier 18Q3, 18Q4 -2.

57%, -0.

42% improved; the number of stores in Q1 increased by 72 nets, and the number of directly operated stores increased by 14 nets, with direct sales accounting for 4% (18Q1: 1%).

We believe that the scope of improvement of the main brands: ① product popularity and marketability; ② and the optimization of channels brought by the development of shopping malls.

In 2018, the company proposed that “fabrics are the soul of clothing”, focusing on developing product quality and improving consumer acceptance.

And the company continues to expand shopping mall channels to increase brand exposure in new traffic gathering places.

Due to the potential for direct investment in some shopping malls, the proportion of the company’s direct sales has increased, confirming the fact that new channels are being developed.

High-quality traffic, the proportion of high-single stores has increased, and appropriate single brands have a high base in 18Q1 (revenue +9.

48%), still achieved stable growth and reversed the trend of 18H2 offset.

We judge that the direction of the main brand’s return to growth has been rebuilt. Through channel optimization in 2019, the same store will continue to improve; when the main brand accounted for 南京夜网论坛 about 80% of revenue (2018, 19Q1: 79%, 82%) margins improved,The company’s overall business may achieve accelerated growth.

Gross profit margin continued to increase and entered the harvest period of management value.

1Q1 company gross margin was 43.

59%, an increase of 3 per year.

69 points, of which the gross profit margin of the main brand is 45.

70%, an increase of 4 per year.74pct, the gross profit of the main brand accounted for 86% of the company’s overall gross profit (19Q1).

We believe that the improvement of the company’s gross profit margin is a reflection of the brand’s bargaining power of channel franchisees.

The company uses a direct franchise franchise model. Franchisees provide store opening funds. The company is responsible for store location selection, employee recruitment training, product selection, logistics and after-sales.

Ranking the traditional franchise model, the company has assumed more management functions.

As the company scales up and its brand power increases, its appeal to franchisees increases.

Therefore, the company has the bargaining power to obtain more profits on the value chain and enter the harvest period of management value.

We judge that the overall gross profit margin in 2019 will be significantly improved compared to 2018, and profitability will be enhanced.

Product innovation of traditional brands.

The company’s brand is mainly developed in the 2-4 line. In the past, it was more people-friendly in product design.

As consumers demand higher product quality and higher fashion, the company is also making adjustments to its products.

Put forward the concept of “fabric is the soul of clothing” and develop functional fabrics.

In terms of product design, we have seen the increase in fashion models and fashion models. In March 2018, the company cooperated with Shangying to develop a “Big Trouble in Heaven” co-branded T-shirt to strengthen style development capabilities.

We believe that the main brand gradually changes in style and tone, adapting to the aesthetic concepts of modern consumers, and the acceptance of products in the market will improve in the future.

Multi-brand layout to cultivate long-term growth points.

In addition to the restoration of the main brand, the company’s new brand layout is advancing steadily, and reserves are reserved for long-term development.

In 2017-2018, the company successively developed urban workplace women’s clothing OVV, technology new men’s clothing AEX, trendy brand black whale, and home living hall Hailan preferred, and obtained 52% of the CUHK children’s clothing brand “boy and girl” through holding 52%.

The company uses its own retail management capabilities to empower new brands and tap new growth points in multiple apparel market segments.

We are optimistic about the forward-looking nature of the company’s multi-point layout and promote the cultivation of new growth points in the future.

Profit forecast and estimation.

We expect a net profit of 36 in 2019 and 2020.

9, 39.

700 million, a six-year growth rate of 6.

86%, 7.


The company’s 2019 PE evaluation interval is 12-15 times, corresponding to a reasonable value interval 9.


30 yuan, maintain the “preliminary market” rating.

risk warning.

Terminal retail was weak, and new brand expansion failed to meet expectations.

Tongkun shares (601233) quarterly report comments: the company’s profitability improved, performance in line with expectations

Tongkun shares (601233) quarterly report comments: the company’s profitability improved, performance in line with expectations

Event: On 重庆夜生活网 August 26, 2019, the company announced the third quarter report of 2019: the report, the company achieved operating income of 372 in the first three quarters.

4 billion, an increase of 20 per year.

66%; net profit attributable to mother 24.

$ 5.1 billion, twice a year.

10%; basic income 1.

34 yuan, at least 2 in 2018.


Key points of investment: The performance of the PTA business is bright, and the company’s performance is basically in line with expectations: the company achieved operating income of 372 in the first three quarters of 2019.

40 billion, an increase of 20 per year.

66%; net profit attributable to mother 24.

$ 5.1 billion, twice a year.

10%, performance is in line with expectations.

The slight fluctuation in the quarter was initially due to a surge in PTA prices in the third quarter of last year, and the company’s profit in the single quarter of 2018Q3 was 11.

4 billion is the starting point for the company’s single quarter profit. The PTA price change in the fourth quarter of 2018 caused a negative net profit in the fourth quarter; net profit was 10 in the third quarter of 2019.

6.1 billion, profitability is already the second highest point in the company’s history.

Judging from the spread, as of 2019Q3 (September 30), the average PTA spread was 1061.

40 yuan / ton, the lowest is temporarily 16.

88%; Polyester filament POY exclusion tax is 7,600 yuan / ton, which has accumulated 31 in the past year.

22%; FDY is priced at 7,600 yuan / ton without tax, which is more than 32 at the end of last year.

14%; DTY is priced at 9,100 yuan / ton without tax, at least -27 in the past year.

78%; from the perspective of sales, the company’s polyester filament sales in the first three quarters of 2019 were 419.

69, an increase of 28 each year last year.

89%, of which POY / FDY / DTF sales were 280.

88 digits / 83.

27 digits / 55.

54 inches.

Actively promote project development and expand production capacity to realize the entire industrial chain layout: The first phase of Zhejiang Petrochemical with a 20% stake in the company is expected to be put into production in the second half of this year.In 2005, ethylene has extended into the upstream raw material PX field to realize the layout of the entire industrial chain.

In addition, the company’s existing four projects are under construction: Hengyou has an annual output of 30 POY projects, Hengyou has an annual output of 30 POY technical transformation projects for polyester, and filament civil construction is in the final stage, and some spinning equipment has been completed.Installation, polyester device is about to be put into production; civil construction of the green intelligent fiber project with an annual output of 30 is completed, and the polyester device has recently been commissioned;Construction sweeping phase.

In the future, the project will be put into production gradually, and the company’s performance can be expected.

Profit forecast and investment recommendations: The company’s operating income is expected to be 484 in 2019-2021.



9.3 billion yuan with P / E of 7.

78, 7.

39, 7.


Maintain the “overweight” rating.

Risk factors: Crude oil price volatility breaks; weak downstream terminal demand

New Beiyang (002376): The turning point in performance has reached the underestimated leader in smart devices

New Beiyang (002376): The turning point in performance has reached the underestimated leader in smart devices

The second entrepreneurship led to a significant improvement in operating conditions, and the proportion of innovative businesses continued to increase. In 2015, the company proposed that the second venture, finance, logistics and other innovative businesses gradually began to exert momentum and entered a high-speed growth period. In 2018, it was further driven by the new retail businessAchieve high growth.

Since the transition in 2015, the proportion of innovation business revenue has increased from 46% to 76%, and significant results have been achieved.

  The inflection point of the 2019H2 order recovery has reached the first half of 2019. The company’s performance has been slightly affected by the logistics and purchasing rhythm of major retail customers.

The company’s order cycle is shortened, generally within three months, so changes in the pace of customer orders will cause fluctuations in the company’s performance.

The company’s retail sales in the same period last year were too many orders for logistics business. The current period’s revenue and profit performance were relatively large.

At present, the company’s logistics customer orders are rapidly recovering, retail customer selection is advancing steadily, and new and old customer development is in line with market expectations. It is expected that the inflection point has arrived in the third quarter, and steady growth is expected to be achieved gradually.

  Innovation business opens up growth space, new customers are expected to gradually step out of the pilot and continue to be optimistic about the development of the company’s “retail + finance + logistics” innovation business, with breakthroughs in each business line’s growth space.

  The company builds products, capacity, maintenance, comprehensive competitive advantages in channels, and high business barriers.

The company has a sufficient reserve of innovative products, and new customer development is in line with expectations. In the future, it is expected to gradually 都市夜网 exit from the pilot and contribute to incremental performance.

  It is estimated to be at a historical low level. It is estimated that the repair space penetration company is estimated to be at a historical low level. From the company’s PE Band situation in the past 9 years, the current PE (TTM) is 24.

09 times, an absolute low since listing.

The inflection point of performance has arrived, and it is estimated that the repair space is joined.

  The risk reminds new customers that the risk of developing less than expected; the risk of logistics and retail customers purchasing less than expected is raised to the “buy” rating through multiple angle changes, so that the company’s reasonable estimate interval is 17.

82 yuan to 20.

42 yuan, compared to the company’s current total of 36.


00% premium space.

We expect the company to return to its parent net profit for 2019-2021.



13 trillion, profit growth rate is 29/21/20%, diluted EPS = 0.



07 yuan.

The company’s 2019H1 performance is affected by the pace of customer purchases, and orders are now recovering, with a turning point in performance.

Considering the high growth and high barriers of the company’s various business lines, the company has room for growth and is estimated to be in an absolute position.

China Animal Husbandry (600195): Significant improvement in Q2 performance vaccine opportunities worth attention

China Animal Husbandry (600195): Significant improvement in Q2 performance vaccine opportunities worth attention

1. The event company released its semi-annual report for 2019.

2. Our analysis and judgment 1) The performance of the second quarter improved significantly, basically in line with market expectations. In the first half of 2019, the company achieved operating income18.

3.52 million yuan, at least -3.

212%, of which biological products, trade income, feed, veterinary drugs contributed revenue5.

2.9 billion, 5.

0.6 billion, 4.

2.8 billion, 3.

64 ppm, at least -0.

87%, +18.

96%, -12.

49%, -15.


The company’s net profit attributable to the parent is 1.

62 ppm, at least -15.

65%; net profit after deduction is 1.

610,000 yuan, at least -15.


The company’s consolidated gross profit margin is 28.

37%, -0 per year.

78pct; period expense ratio is 22.

52%, ten years +1.

33pct, mainly due to the increase in management and R & D expenses.

In Q2 2019, the company achieved revenue of 10.

35 trillion, ten years +8.

22%; net profit attributable to mother 0.

74 trillion, ten years +9.

52%; net profit after deduction is 0.

74 trillion, ten years +10.


2) Affected by downstream production capacity, the performance of piglets under pressure was affected by African swine fever, the increase in pig throughput was severe, and the vaccine industry was generally affected.

The company’s market-oriented vaccine market adheres to the “one-household, one-strategy” strategy, and expands the number of farms, and its production capacity is relatively stable. Therefore, the company’s market-oriented vaccine income for pigs is basically stable.

Part of the pig recruitment for pigs was significantly affected by the epidemic situation, and sales volume declined slightly.

At present, the company has obtained a new veterinary drug certificate for OA two-valent vaccine for swine foot-and-mouth disease. It is expected that it will be available for sale by the end of 19Q3, catching up with Qiufang’s contribution to some performance.

3) The volume of meat and poultry has increased, and the performance of poultry has been bright. Benefiting from the prosperity of the downstream meat and poultry breeding industry, the company has actively expanded the sales of poultry vaccines and expanded the government procurement of avian influenza vaccines. The replacement of strains has promoted product prices.Achieved both volume and profit.

19H1 subsidiary Qian Yuanhao’s net profit reached 1438.

09 million yuan, +55 for ten years.


We believe that the prosperity of meat and poultry will continue, and through the rise of the company’s bird flu sales, the gradual stabilization of the process, the cost side has some room for decline, and the gross profit level may increase, optimistic about the performance of poultry seedlings. 3.

Investment suggestion The company’s business covers a wide range. The poultry seedlings continue to benefit from the improvement of downstream 上海夜网论坛 prosperity and rapid growth in future performance. Pig seedlings benefit from the strategy of major customers, and the market seedlings are partially controlled by non-pesticidal effects. Feed is mainly for poultry feed.Benefit from the expansion of meat and poultry farming; the current situation of chemical medicines affected by policies, and the development of international markets in the future may bring new breakthroughs.

We expect the company’s EPS for 2019-2021 to be 0.



70 yuan, corresponding to PE is 21/19/16 times, given a “recommended” rating.


The risk indicates the risk of animal epidemic, the risk of new product launch or lower than expected, the risk of animal vaccine safety, the risk of market competition, etc.

Yangtze Power (600900): a model of global hydropower leading value investment

Yangtze Power (600900): a model of global hydropower leading value investment
Global hydropower leader, scarce resources and strong earnings.The company’s main business is large-scale hydropower operations, which is already a global leader in hydropower with an installed capacity of 4,549.50,000 kilowatts, accounting for 12 of the country’s hydropower installed capacity.9%.Currently, it operates and manages four giant hydropower stations in the Three Gorges, Gezhouba, Xiluodu, and Xiangjiaba. It is the strategic backbone power source for “west to east power transmission”. The power transmission scope passes through East China Power Grid, Central China Power Grid, and China Southern Power Grid to benefit 14 provinces and cities nationwide.From 2016 to 2018, the company realized revenue of RMB 489/501/512 million, with an annual growth of +3.2% / + 2.5% / 2.1%, the net profit attributable to the mother is RMB 2.082 / 223.226 million, with an annual increase of +14.0% / + 7.1% / + 1.6%, affected by incoming water in the third quarter, the first three quarters of 2019 to achieve revenue and net profit of 38.1 billion (-2.5%) / 178 ppm (-0.5%), a slight drop in the short term, the overall profit is strong and stable, the gross profit margin in 2016-2018 is 60%, and the net profit margin is more than 40%.The company’s net operating cash flow for the years 16-18 was 390/397/397 trillion, with abundant cash flow. The issue charge price is stable, with both value and growth.From 2016 to 2018, the company achieved 2060 power generation.6/2108.9/2154.800 million kilowatt hours, generating 853 in the first half of 2019.89 (+5.01%), the third quarter of the dry water supply affected the power generation 748.300 million kilowatt hours (-9.6%), the overall steady growth rate of volatility of power generation, the company can smooth its performance change by disposing of long-term equity investment and other means during periods of low water supply.In terms of electricity prices, the company’s average on-grid electricity prices for 2016-2018 remained stable after a significant increase in 2016, with an average price of 276.80, 276.78, 276.86 yuan / MWh, the market ratio is 11.02%, volume and price are always stable.Currently, two giant turbines are under construction. It is estimated that by 2022 Wudongde (10.2 million kilowatts) and Baihetan (16 million kilowatts) will be put into production and the total installed capacity will increase to 716厦门夜网9.50,000 kilowatts, achieving leapfrog growth. Layout of white paper trading business to achieve overseas expansion.The company plans to acquire Peru’s largest power company LDS Company83.64% equity, the transaction base purchase price is 35.$ 9 billion (non-final acquisition price).LDS company accounts for 28% of the Peruvian city. In addition to the power distribution business, it also has 100,000 kilowatts and about 73 put into operation.70,000 kilowatt hydropower reserve project.In the past three years, LDS has been operating better overall, with long-term stable profitability and abundant cash flow.After the acquisition, the company will continue to improve the company’s leading edge and competitiveness in the field of hydropower, providing a good foundation for future overview and overseas market advantages. Dividends are high, and countercyclical debt is strong.2016-2020 the company promises that the pricing is not less than 0.65 yuan cash dividends, 2021-2025 cash dividends at no less than 70% of the net profit realized in the year.The medium and long-term dividend yield is maintained at a relatively high level of about 4%, and the properties of countercyclical bonds are strong. Earnings forecasts and investment advice.Without considering mergers and acquisitions, the company’s EPS for 2019-2021 is expected to be 1.04/1.04/1.05 yuan, corresponding to PE17x / 17x / 17x, for the first time, it has given an “overweight” rating. risk warning.Water supply risk, electricity price change risk, M & A progress may be lower than expected, and overseas risks.

Pacific Bird (603877) Company’s 2019 Third Quarterly Report Review: Q3 Revenue Accelerates Quarterly and Improves Significantly

Pacific Bird (603877) Company’s 2019 Third Quarterly Report Review: Q3 Revenue Accelerates Quarterly and Improves Significantly

Guide to this report: The company’s performance has improved quarter by quarter, vigorously expanding the construction of direct sales channels, improving the quality of single-store operations, enhancing brand strength, and maintaining an increase in holdings.

Investment Highlights: Maintain Overweight Rating: Maintain EPS of 2019-2021.



73 yuan, with reference to comparable peers giving about 12 times PE in 2019, raising the target price to 16.

50 RMB.

The Q3 optimization trend is obvious, and the mergers of various brands have improved.

Company Q1-Q3 earns 50.

3.0 billion, an increase of 2.

36%, net profit 2.

07 billion (yoy-26.

78%), and performance was in line with expectations.

Q1 / Q2 / Q3 revenue growth was -4.

46% / 1.

99% / 9.

55%, showing a seasonal improvement trend.

Peacebird women’s clothing business is 北京桑拿洗浴保健 doing well, with revenue of 18.

5.1 billion, an increase of 1.

33% (H1 is -2.

58%), gross profit margin 56.

84% (+2.


Due to the rapid expansion of men’s clothing in the early period, the channel inventory was backlogged, and the revenue was 16.

48 billion (-1% year-on-year.

06%), gross profit margin fell by 2.

3pct, but the decline has narrowed.

Rakucho and children’s clothing income 6.


9.3 billion, an increase of 11.

27% / 5.

69%, continuing the growth trend.

Increased brand promotion and direct sales channel construction, and inventory levels remained stable.

The rate for the period is +2 per second.

16pct, mainly because the sales expense ratio increases by 3 every year.

02 points.

The company expanded its brand promotion efforts and the construction of direct sales channels, improved the profit quality of single stores, and increased the sales expense ratio to improve overall quality.

Inventory 21.

2.4 billion, unchanged from the same period last year, and inventory levels were properly controlled. Increased direct store expansion, optimized franchise channel structure, and maintained high growth online.

The direct development trend is good, and some franchised stores have gradually phased out the adjustment stage, and the revenue and gross profit margin have increased.

With the end of optimization and adjustment, the profitability of franchise channels is expected to pick up.

The company focused on improving the profitability of stores and improving the quality of operations, and increased the proportion of directly-operated stores.

Termination of Q3 direct-operated stores opened a net of 109, joined 255 net-closed stores, single-store profit increased.

Online income12.

86 billion (+14 compared to the same period last year).

28%), double-eleven pre-sale performance was good, laying the foundation for Q4 e-commerce growth.

Risk warning: clothing consumption is less than expected, and store development exceeds expectations.

Qilianshan (600720) Annual Report Comments: Performance Exceeds Expectations; Ganqing Market is Cautiously Optimistic

Qilianshan (600720) Annual Report Comments: Performance Exceeds Expectations; Ganqing Market is Cautiously Optimistic
The performance was lower than expected, and the dividend rate was slightly increased. On the evening of March 19, 2019, the company released its 2018 annual report and achieved operating income of 57.800 million, YoY-3.3%, net profit attributable to mother 6.500 million, a year-on-year increase of +14.0%, lower than our expectations, mainly due to the lack of cement demand in Gansu, Qinghai, where the company is located, affecting the company’s sales.The company announced that it would distribute cash dividends2.3 ‰ (including tax), the dividend ratio reaches 35.09%.At the same time, the company guides the sale of cement in 1915 in 2019.In March, YoY + 1.6%, realized sales income of 56.8.6 billion, YoY-1.5%.We are cautiously optimistic about the cement market in the Ganqing region and expect the company’s EPS to be 0 in 2019-2021.91/1.03/1.18 yuan with a target price of 11.83?12.74 yuan, maintain “Buy” rating. In 2018, the volume fell and the price rose, and the profitability improved. Big companies sold cement and clinker in 1926 in 2018.In June, YoY-10.5%, mainly due to the impact of changes in fixed asset investment. According to the company’s announcement, the cement output of the two provinces of Ganqing and 南宁桑拿 Qinghai decreased by 4% and 7%, respectively, which was offset by the company.However, from the perspective of the second half of the year, the company’s sales volume increased by 54% compared to the first half to 1161 measures. We believe that it benefited from the infrastructure supplementary short-board policy.According to our calculations, the company’s average price per ton of cement and clinker was 277 yuan in 2018, after which it increased by 23 yuan; gross profit per ton of 93 yuan, gradually increased by 15 yuan; net profit per ton of 38 yuan, gradually increased by 14 yuan, and the profit level reached a new high since 2011.The cost per ton was 47 yuan, compared with the same period last year.2 yuan.Mainly due to the decrease in the number of employees, the improvement of management level and the reduction of interest-bearing debt, the replacement of high-interest loans and other factors, sales / management / financial expenses should be reduced by 5% / 14% / 32% respectively. In 2019, infrastructure will boost demand, or it can hedge real estate and rural demand. According to the company’s announcement, at the end of 2018, the total annual cement production capacity in Gansu Province was 5,600 tons. In 2019, two production lines of 5,000 tons / day will be put into operation. We expect new regional supply.5.5%.On the demand side, we judge that the real estate investment in Gansu and Qinghai provinces may have fallen steadily, and rural construction such as village-to-village integration has come to an end. However, given the shortcomings of infrastructure construction and the possibility of the Belt and Road Initiative, the increase in infrastructure demand may hedge real estateThe average of rural demand.We expect the cement demand growth in Gansu and Qinghai provinces to be basically flat compared to the previous year, which may create a supply gap.If the invasion of low-cost cement in the surrounding Ningxia and other regions is considered, local cement prices may have some pressure.We are generally cautiously optimistic about the Gan and Qing Cement markets. The company maintaining the “Buy” rating is the cement leader in Gansu, Qinghai and Tibet. According to the company’s announcement, the company’s market shares in Gansu and Qinghai markets in 2018 were 42% and 24%, respectively.In the face of a downward cycle of the national macro economy in 2019, we are cautiously optimistic about the supply and demand layout of the Gansu and Cement markets, and lower the company’s net profit attributable to mothers to 7 in 2019-2021.1/8.0/9.20,000 yuan (previous forecast net profit for 2019-2020 was 11 respectively.2/12.200 million), a year-on-year increase of +7.9% / 13.5% / 14.2%.Based on comparable companies’ 2019 PE estimated average of 13.4x, recognition of reasonable PE interval 13 for the company in 2019?14x, corresponding to the target price of 11.83?12.74 yuan, maintain “Buy” rating. Risk reminders: Macroeconomics exceeds expectations in the short term, and raw materials prices rise more than expected.