AVIC Hi-Tech (600862): The rapid growth of composite materials business accelerates the development of aviation materials and equipment platforms

AVIC Hi-Tech (600862): The rapid growth of composite materials business accelerates the development of aviation materials and equipment platforms

Event: The company released its semi-annual report for 2019, which reported a total of 14 operating income.

USD 4.7 billion, an annual increase of 3.

94%, 61% of the annual work target was 武汉夜网论坛 completed.

67%; net profit attributable to mothers2.

5 billion US dollars, an annual increase of 97.

68%; net profit deducted from non-attributed mothers2.

2.6 billion, an annual increase of 102.


Comments: 1. The rapid growth of composite materials business, the simultaneous increase in revenue and gross profit margin pushed the performance to increase into the airline’s main business, and aviation new materials realized revenue (11.

5.7 billion yuan, +48.

04%), net profit (1.

9 billion, +122.

25%), of which, the aviation industry composite materials realized sales revenue (11.

2.5 billion, +49.

43%), total profit (2.

300,000 yuan, +95.

18%), net profit (1.

9.7 billion, +98.

66%); the machine tool business continued to reduce losses and realized sales revenue (49.19 million yuan, -44.

62%), profit growth (-23.71 million yuan, a year loss of 940 thousand yuan); real estate business realized sales income (2.

3.9 billion yuan, -54.

24%), net profit (1.

1.8 billion, -5.


The gross profit margin increased due to changes in the product structure of the composite materials sales of the aviation industry (the gross profit margin of the composite materials business in 2018 was 29.

52%) and sales scale growth, the profit of new materials business increased by 1 every year.

05 trillion, an increase of 122%, is the most important reason for the company’s current net profit surge.

In addition, during the original reorganization, the value-added amortization of the merger caliber resulting from the reverse acquisition of the constituent businesses even decreased by 10.59 million yuan, which also contributed to the increase in net profit.

2. Orderly exit of real estate business, accelerated construction of outstanding aerospace materials and equipment listed company platform company The real estate business exit work of the company has been steadily progressed, the equity transfer has been approved by the company’s board of directors, the shareholders’ meeting, and the proposed equity allocation has been completed.100% fair audit evaluation work, the evaluation result confirmed by the record is 10.

5.0 billion, and has been publicly listed for transfer on the Beijing Stock Exchange.

Jiangsu Zhihao achieved profit in 2018 (2.

8 billion yuan, +30.

80%), 2019H1 profit (1.

1.8 billion, -50.

16%), after the completion of the listed transaction, it will no longer repeat the scope of the company’s consolidated statement, which may have an impact on the company’s performance in the short term.

However, we believe that this move will gradually complete the company’s orderly exit from the actual business commitments within five years when the company’s major asset reorganization in 2015, and will also further focus on the development of new aviation materials, the main industry of aviation special equipment, and accelerate the creation of outstanding aviation materials and equipment.Company platform.

3. The market for composite materials business is large, increasing research and development and accelerating business development. The company’s new materials business includes composite materials, steel brake disc pairs, orthopedic implants. Among them, composite materials accounted for a large proportion of the company’s new materials revenue in 2018.94.

42%.Carbon fiber composite materials are widely used in many fields, especially in military and civil aviation equipment. The aviation industry composite materials have undertaken the production and supply of major military aircraft prepregs, and have occupied a share of aviation composite materials military products.

The company’s R & D expenses for 2019H1 are about 40.76 million yuan, an annual increase of 282.

52%, mainly due to increased investment in research and development of composite materials for the aviation industry, is expected to further enhance the company’s strength in the field of carbon fiber composite materials and accelerate the development of the company’s new materials business.

In addition, every year, we are moving from a large civil aviation country to a strong civil aviation country, with the world’s highest operating mileage of high-speed rail. The company’s civil aviation aircraft brake disc by-products and rail vehicle braking products, such as new material products, also face broad market demand.

  4. Aviation Industry Group was selected as a state-owned capital investment and operation pilot, which is expected to bring reform dividends. Recently, the State-owned Assets Supervision and Administration Commission (SASAC) stated that relevant documents issued by state-owned enterprises holding listed companies to implement equity incentive operation guidance will be issued every year this year.

The equity incentives of listed companies controlled by state-owned enterprises are expected to accelerate, and the gradual reform of equity incentives and wages in the military industry is expected to usher in a substantial breakthrough, and the vitality of military industrial enterprises continues to increase.

United Nations, capital expenditure for reform program, operating company is authorized to delegate decentralization, this program is allocated, authorized capital investment, the board of operating company approves the subsidiary’s equity incentive plan, supports the invested companies to adopt stock budgets, stock appreciation rights, expand stocks, and dividends according to laws and regulationsRights, employee shareholding, and other incentives for distribution.

The aviation industry is the only company in the military industry group that has been selected for state-owned capital investment. The pilot operation is expected to lead the pace of reform again.

We believe that the company is expected to benefit from the dividends brought by the relevant reform policies.

  5. Performance forecast Because the company’s real estate 深圳spa会所 business withdrawal is still in progress, the performance forecast is still based on the company’s existing business.

It is expected that the net profit attributable to mothers for 2019-2021 will be 3.

4.9 billion yuan, 4.

04 billion and 4.

580,000 yuan, giving a “strong recommendation-A” rating!

  Risk reminder: technical risk of aviation product research and development; risk of less-than-expected progress in equity allocation; risk of less-than-expected progress in reform.

Mei Nian Health (002044): Income-end growth pressure continues to focus on improving endogenous growth

Mei Nian Health (002044): Income-end growth pressure continues to focus on improving endogenous growth
The event company releases its semi-annual report for 2019.In the first half of 2019, the company achieved revenue of 36.4.1 billion, a year-on-year increase after adjustment.93%, achieving net profit attributable to shareholders of listed 南京桑拿网 companies of 1683.780,000 yuan, a gradual decrease of 89 from the same period last year.40%. Brief comment on the company’s performance in the first half of 2019 continued to be under pressure, revenue growth accelerated, and profit growth improved.We expect that the front-end of the company’s revenue will be related to the recent strengthening of the quality recovery period of medical quality supervision and group inspection orders, and the decline in the growth rate of the profit-end will be related to the company’s continued expenditure and the strengthening of the quality control system. The sharp reduction in revenue growth has improved the overall scale effect, and profitability in the first half of 2019 needs to be restored.We expect that as the company continues to improve its service quality and medical quality level, the company will expend corresponding manpower and resources, resulting in increased costs.At the same time, the increase in the number of outlets of the medical examination center and the increase in the scale of investment, the increased demand for funds, and the corresponding increase in the scale of financing resulted in an increase in financial costs.With the coming of the peak medical examination season in the second half of the year, and the expansion of the company’s service capacity and product innovation, driven by volume and price, the company’s short-term profitability is expected to usher in marginal improvement. The company’s scale continues to expand, and actively expanding the inspection market is expected to become an important driving force for the company to achieve steady and endogenous growth.The number of group inspection orders in the first half of the year is still in the recovery period, and actively expanding the individual inspection market is expected to become an important driving force for the company to achieve long-term stable and endogenous growth. The short-term performance pressure was basically released, and the company’s January-September 2019 performance forecast brought steady expectations. Judging from the company’s development stage, it has entered a stable growth period, and its store age structure has an excellent growth foundation, which has become an important long-term logical support at present. Earnings forecast and investment recommendations are based on the revenue growth indicators for the first half of the year. At the same time, in order to support the development of the C-end, we expect the company to continue to inject more resources in medical quality management and personal inspection marketing in the second half of the year.Based on the January-September 2019 performance forecast, we adjust the 2019 net profit forecast range (-5.83%), 2019-2021 profit forecast to net profit 9.700 million, 11.9 billion, 14.500 million, corresponding to the current sustainable valuation P / E 46 times, 38 times, 31 times.We will follow up the business changes in the third quarter and update our judgment.From a long-term perspective, we continue to be bullish on the company’s long-term space and 成都桑拿网 maintain a BUY rating. Risks remind the social doctor-patient risks; medical risks; the expansion of the medical examination center and the off-site replication are not up to expectations; the risk of subsequent operations leading to gradual performance expectations; the risk of goodwill impairment; the risk of stock pledges; the liquidity risk of lifting restricted stocksRisks of capital requirements; risks of repurchase, fixed increase plan, and gradual anticipation of war investment plan.

Changshu Bank (601128) 2019 Annual Results Express Review: Small and Micro Business Continues Steady Growth

Changshu Bank (601128) 2019 Annual Results 北京夜网 Express Review: Small and Micro Business Continues Steady Growth

Changshu Bank disclosed the 2019 performance report 2019 to realize net profit attributable to mothers17.

9 trillion, an increase of 20 in ten years.


Small and micro businesses continued to grow steadily in the fourth quarter to supplement personal business loans.

80,000 yuan, accounting for 83% of new loans, and the balance accounted for a further increase to 34.


The overall growth of small and micro businesses has continued to grow steadily, and the increase in the proportion of investment has even increased to a greater extent. We believe that it will help dispel market concerns about the development of small and micro businesses with large line spacing, which will lead to increased competition.

The asset-liability structure is optimized, and deposits are growing quickly. Total assets will increase by 10 at the end of 2019.

7%, an increase of 2% over the end of the third quarter.

The four averages are roughly close to the industry average.

Among them, the total loan growth is 18 per year.

5%, a faster growth rate, and an increase of 1 over the end of the third quarter.

5 units; deposits increase by 19 per year.

1%, faster growth than loans, and an increase of 1 over the end of the third quarter.

2 units.

The growth rate of deposits and loans of the company is faster than the growth rate of overall assets, which indicates that the structure of assets and liabilities is optimizing and it is returning to deposits and loans.

The growth rate of net profit attributable to mothers is basically stable.

500 million, an increase of 10 in ten years.

8%, a slight decrease from the previous three quarters.

9 units; operating profit 22.

90,000 yuan, an increase of 15 in ten years.

5%, the growth rate fell slightly from the first three quarters1.

3 units; profit increases by 15 every year.

4%, the growth rate fell slightly from the first three quarters1.

3 units; net profit attributable to mother increases by 20 per year.

7%, a slight decrease from the previous three quarters.

For the seven averages, the decrease in the growth rate of net profit attributable to the parent is smaller than the decrease in profit scale, which may be caused by the company’s increase in tax-free asset allocation.

Asset quality indicators are steadily improving, and the NPL ratio at the end of 2019 is 0.

96%, unchanged from the end of the third quarter; the provision coverage ratio at the end of the year was 481%, an increase of 14 units from the end of the third quarter.

Asset quality indicators are steadily improving.

Investment recommendation The overall performance of the company is in line with expectations, and we maintain its “overweight” rating.

Risks suggest that the continued weakening of macroeconomic expectations may adversely affect the quality of bank assets.

Construction Machinery (600984): Construction industrialization is a turning point for market-oriented development in the general industry

Construction Machinery (600984): Construction industrialization is a turning point for market-oriented development in the general industry

Recently, some institutions report that the penetration rate of prefabricated buildings in some overseas countries is very low, and they have a strong contrast with the merger as a leader in the development of prefabricated buildings. Therefore, we have formed this report by in-depth research on the statistical caliber, industrial structure and development history 杭州夜生活网 of relevant countries.Answer market doubts.

  1. The low penetration rate is caused by the differences in statistical calibers and building structures, and does not mean that the level of overseas construction industrialization is low.

Some data show that the average proportion of prefabricated buildings in Germany and Japan is less than 30%, mainly due to statistical caliber differences, that is, buildings with an assembly rate exceeding a certain ratio (50% in Germany, 67% in Japan) can be counted as prefabricated buildings, and the conditions are very harsh.It is completely different from the penetration rate (area concept) of prefabricated buildings as understood in China. In addition, the special national conditions in Japan, the proportion of independent dwellings is high and it is difficult to classify statistics, resulting in very low data, but it does not mean that the development level of prefabricated buildings is low.
  2. The development time of practical and feasible prefabricated buildings is preliminary and the maturity is also very high.

The development maturity of first-class prefabricated buildings lies only in data, but also in the maturity of the development of the industrial chain, including the standardization, serialization, commercialization, and socialization of component parts. This is the comprehensive indicator of the maturity of the development of construction industrialization.At this size, the maturity of the gradual industrial development in Europe and the United States is very high, especially in Singapore, which has similar national conditions, and 80% of its existing houses are prefabricated buildings.

  3. Overseas prefabricated buildings have the characteristics of good economy, high efficiency, and environmental protection.

The overseas prefabricated building has been proven to be a very economical, resource-saving and efficient construction method. Its original cost is 10% -35% lower. In addition, the procurement, management, and construction period are improved, and the overall cost can be further reduced.In the United States, the cost of prefabricated construction is half that of traditional methods, which is why, in mature markets, the industrialization of construction can continue to develop and achieve such a high degree of development.

  4. The domestic industry breakthrough has been broken, and the industry has ushered in an inflection point for market-oriented development.

Recently, we researched China Construction Technology, which specializes in prefabricated construction in the Chinese construction industry. The biggest surprise is that its construction costs have been leveled or even replaced with the traditional model. In the future, it will be gradually promoted with the typical advanced model of China Construction Technology. The maturity and experience of industryWith the driving force of replication, the industry will gradually shift from policy-driven to market-oriented development, coupled with the rapid increase in labor costs and the release of the scale effect of the prefabricated construction industry, its advantages will be further expanded. We believe that the construction industrializationDevelopment spring has come.

From the actual penetration rate in China, the compound annual growth rate of Zhongda Tower Crane Leasing Industry will reach 20% by 2026.

  Performance forecast and estimation: We estimate that the company’s net profit attributable to its mother in 19-21 will be 5 respectively.

5.3 billion / 8.

1.7 billion / 10.

6.6 billion, PE is 15/10/8 times, giving a “Buy” rating.

  Risk warning: Prefabricated building development is worse than expected, real estate and infrastructure investment deviates significantly

Jiuyang (002242): From R & D integration to supply chain collaboration, space is expected

Jiuyang (002242): From R & D integration to supply chain collaboration, space is expected

Investment Highlights The company recently disclosed its semi-annual report for 2019: revenue, return to mother, deduction 41.

900 million, 4.

1 billion, 3.

800 million, previously +15.

0%, +9.

7%, +29.

1%; corresponding to 2019Q2: income, return to mother, deduct 23.

9 billion, 2.

4 billion, 2.

200 million, previously +15.

3%, +8.

9%, +48.

6%; revenue performance is in line with expectations.

A cash dividend of 5 yuan (including tax) is proposed for every 10 shares, and a total of 3 cash dividends will be distributed.

8.4 billion (including tax), corresponding to 94.

49% cash dividend ratio and 2.

37% indicator rate; high dividends slightly exceeded expectations.

I. Revenue Analysis: Product R & D innovation, channel efficiency improvement, accelerated export orders to drive growth and separate production, and food processing machine revenue.

0 ‰, +16 for ten years.

6%, benefit from the launch of a variety of new products; nutrition pot income14.

3 ‰, +18 a year.

9%, benefiting from SharkNinja affiliated transactions; income from Western-style small appliances5.

3 ‰, +16 a year.

5%, benefiting from the rapid growth of new categories of water purifiers.

By region, domestic sales revenue was 38.

700 million, previously + 7%; export sales revenue 3.

2 trillion, 0 of the earlier 18H1.

The growth of 200 million yuan is obvious, and the order cooperation between the company and SharkNinja continues to advance, and the value of related party transactions2.

6 billion.重庆耍耍网

Product R & D innovation, improved channel efficiency, accelerated export orders, and boosted Jiuyang’s revenue.

In terms of products, the company actively researches and develops new products. In the first half of the year, it launched self-cleaning broken wall soymilk machine K1S, K mini soymilk machine, Ksolo soymilk machine, and uncoated steam rice cooker S5.

In terms of channels, the company focused on promoting channel transformation and upgrading, building high-end commercial complex stores such as shopping malls, and promoting the volume of mid-to-high-end products; upgrading and remodeling of brand stores to optimize the consumer experience; testing new retail at the same time, and cooperating with Alibaba on “one-stock”Mode to reduce the cost of goods circulation.

In terms of export, the company is good at excellent domestic supply chain management capabilities and can quickly accept orders from shark ninjas.

It is expected that future product innovation, improved channel efficiency and accelerated export sales will continue ahead of schedule, driving the company’s stable growth.

2. Profit analysis: The gross profit margin increased slightly, and the sales expense ratio improved significantly. In terms of gross profit margin, the company’s gross profit margin was 33 from 18H1.

0% was 32 of 19H1.

3%, a decrease of 0.

7 points.In terms of different products, the gross profit margins of food processors / nutrition pots / small western appliances were 2 respectively.

20 / -3.

99 / -0.

At 29pct, the food processor has improved significantly, and the nutrition cooker series is expected to improve the volume of new steam cookers carried in H2.

By region, the domestic gross profit margin structure has been upgraded, from 33.

1% to 34.

Increase by 2% 1.

1pct, due to the increase in the proportion of ODM models for export sales, the gross profit margin has increased from 17.

9% 10.

6% down 7.

3 points.

In terms of expense ratio, the period expense ratio is 23 from 18H1.

9% were 21 of 19H1.

9%, down 2.


The main beneficiary selling expense ratio was 17 from 18H1.

4% were 14 of 19H1.

8% is due to the World Cup publicity expenses deposited in the previous year in the budget year, and the efficiency improvement after the extension of the channel adjustment has been driven.

In terms of net interest rate, the company’s net interest rate dropped by 0 in 19H1.

6 points to 9.

6%, the net profit level is basically flat.

The company’s export sales are not due to the ODM order acceptance and the gross profit margin has been slightly lowered but the net interest rate has increased. In the future, the export orders are expected to maintain double growth and continue to contribute to the increase in EPS; the expense ratio will continue to improve with the expansion of revenue and efficiency; plus Shang KoningHome (China) has integrated and advanced. In the first half of the year, handheld vacuum cleaners and steam mops have performed well in the cleaning field, and they are expected to turn a profit in the future.

Together, the overall profitability has risen steadily.

Third, cash flow analysis: the increase in export sales and new retail will affect the turnover rate and the acceleration of cash flow export sales with new retail will affect the turnover rate and cash flow.

Company 19H1 inventory 6.

500 million, previously +20.

8%; receivables 17.

200 million, previously +7.

5%; payable 17.

900 million, +1 a year.


Inventory turnover rate from 4.

64 expected 4.

07, receivable turnover rate from 19.

59 Likes 12.


Net cash flow from operating activities is 2.

$ 200 billion

800 million, at least -18.

2%. Inventory increase due to SharkNinja orders requiring the company to prepare stocks in advance, and cooperation with Ali “one set of goods” changed the inventory model; increase in receivables due to the company granting certain credit to SharkNinja and cooperating with Ali platform to give a certain settlement cycle; resulting in inventory turnoverThe improvement rate of collection turnover rate, and the net cash flow from operating activities showed a range.

It is expected that the company’s cash flow situation will progress with cooperation in the second half of the year, and supply chain efficiency and channel efficiency will gradually improve.

4. Prospects: From R & D collaboration to supply chain integration, the space can be expected to look to the future. The biggest highlight of Jiuyang Co., Ltd. is that the Shark brand household cleaning and western kitchen appliances are dating to China, and SharkNinja continues to increase ODM order transfer.Considerable increase.

From R & D integration to supply chain collaboration, the category expansion space is expected!

This article estimates that the income for the years 19-21 will be 89.

2.5 billion, 99.

31 ppm and 113.

42 trillion, net profit attributable to mother is 9.

04 billion, 10.

6.7 billion and 12.

70 ppm, currently expected to correspond to PE18x, 15x, 13x; the current expected corresponding dividend rate is 2.

37%, the company’s high dividend rate is expected to maintain, maintain “Buy” rating.

Risk reminder: New products are less than expected risks, industry competition intensifies risks, and raw material costs rise

Northbound funds smart money to support A-share net inflows this year 765.

39 billion

Northbound funds smart money to support A-share net inflows this year 765.

39 billion

China Securities Market Su Shiyu yesterday, the Shanghai and Shenzhen markets totaled 10,388.

1.5 billion, return to the trillion mark.

The return of northbound funds was obvious, with a total net inflow of 37.

4.5 billion.

The net inflow of Shanghai Stock Connect was 24.

3.0 billion yuan, with a net inflow of 13 on the Shenzhen Stock Connect.

4.2 billion yuan.

  CITIC Reform and Development Research Foundation expert Zhao Yazheng said in an interview with the Securities Daily that Northbound funds are so-called “smart funds”, and their research on fundamentals is very in-depth.The economic development prospects are very confident, and the Chinese government’s ability and alternatives to control the epidemic are very affirmative and supportive.

  Guo Xiaobei, a judge at the China Minsheng Bank Research Institute, told a reporter from the Securities Daily that the stock market is a barometer of economy and society, but also has self-repairing and regulating functions.No significant impact on capital markets.

With the continuous development of the Chinese economy, the transformation of high-quality A-share companies is accelerating. The short-term replacement of A-shares gives “smart money” the opportunity to buy high-quality assets, objectively reflecting the determination to continue to be optimistic about the market over the long term.

  Oriental Fortune.com statistics show that since February 3, the enthusiasm of northbound funds to flow into the market has increased, with a net inflow of 199 on February 3.

3.2 billion, a new high since November 27, 2019.

On February 6, net inflows again exceeded the 10 billion mark to 135.

8.6 billion yuan.

From the perspective of capital flow, as of February 19 this year, the total net inflow of northbound funds was 765.

3.9 billion yuan, the net inflow of Shanghai Stock Connect was 364.

6.4 billion yuan, Shenzhen Stock Connect net inflow of 400.

7.5 billion yuan.

  Qian Delong, chief economist of Qianhai Open Source Fund, said in an interview with the Securities Daily that foreign allocation of high-quality A shares actually shows that they are more optimistic about the future performance of A shares.

Many foreign asset management giants have expressed optimistic views on A shares. Considering that the foreign allocation of A shares was too low in the past, foreign allocation of A shares will continue to increase in the future.

In the long run, the speed of foreign inflows will further accelerate.

The foreign 厦门夜网 allocation of A shares now only accounts for 2 of global assets.

5%, and China ‘s GDP accounts for more than 16% of global GDP.

In 2019, China’s GDP is close to 100 trillion U.S. dollars. Therefore, excessive allocation of A shares is still seriously underweight. In the future, foreign exchange will continue to increase the allocation ratio of A shares and Chinese bonds.Distribution process.

  Guo Xiaobei reminded investors that although the recent spread of the epidemic situation has shown continued marginal improvement, the resumption of labor and the epidemic situation will repeatedly bring uncertainty to the operation of the stock market.

The current resumption of work is generally a resumption of work in a limited and controlled state of the nature of “maintenance pending approval” of market entities. The impact of the epidemic on catering, tourism, cultural tourism and other fields will continue to appear.

  Zhao Yazheng said that during the epidemic prevention and control, investing in A-shares must both strengthen confidence and pay attention to risks.

This year’s two sessions may be relatively strong, but there is also a structured scale. Be careful not to follow the trend and speculate, and adhere to the concept of value investment.

CCB (002398) Annual Report 2018 Review: Additives and Extensional Expansion to Boost Growth

CCB (002398) Annual Report 2018 Review: Additives and Extensional Expansion to Boost Growth

Investment Highlights: Event: On April 8, the company released its 2018 financial report.

The company achieved total operating income of 27 in 2018.

1.6 billion, an increase of 35 per year.

94%, achieving net profit attributable to shareholders of listed companies.

49 ppm, an increase of 30 in ten years.


The initial gain is zero.

36 yuan, an annual increase of 28.


Driven by dual main businesses, operating income grew steadily.

The company achieved total operating income of 27 in 2018.

1.6 billion, an increase of 35 per year.

9合肥夜网 4%.

In terms of quarters, the company’s operating income for Q1-Q4 in 2018 was 4 respectively.

5.5 billion, 700 million, 7.

3.4 billion and 8.

26 trillion, corresponding to a corresponding revenue of 33.

63%, 45.

60%, 42.

73% and 24.


The price of the additional dose increased, and the price of the concrete decreased.

In 2018, the company’s product prices increased, and the average price of new admixtures increased by 7.

92% to 2052 yuan / ton, sales increased by 28.

38% reached the 95 benchmark; average price of commercial concrete increased by 23.

20% to 430 yuan / cubic meter, sales will decline slightly3.

57% to 540,000 cubic meters.

The two main businesses of the company have achieved steady development.

Among them, technical service revenue has grown for ten years.

64% reached 4.

01 trillion, accounting for 14 of total revenue.

75%; revenue of admixture new materials business grows 38% per year.

55% up to 19.

49 trillion, accounting for 71 of total revenue.


Commercial concrete business revenue grows by 18 per year.

80% reached 2.
3.2 billion, accounting for 8% of revenue.

Other energy-saving new materials, engineering construction, software and hardware sales and services (supplemented in this period) and other businesses accounted for a total of 4.


In terms of regions, East China accounted for 58% of operating income.

48%, followed by the Southwest and Central South regions, which accounted for 23 of the operating income respectively.

23% vs. 12.


Although the revenue of other regions has decreased, the company is still actively exploring the national market. The successful bidding report includes more than ten high-speed rail projects, including the Beijing-Xiongxi Railway.

75% of the Northeast and Central China revenue share is realized from scratch and has breakthrough growth potential.

In addition, driven by the national “One Belt, One Road” development strategy, the company actively explored the Malaysian market, and overseas revenue increased by 119.


Gross profit margin is stable, expenses are well controlled, and profitability is steadily improved.

In 2018, the company realized net profit attributable to shareholders of listed companies2.

49 ppm, an increase of 30 in ten years.


In terms of quarters, the company’s 2018 Q1-Q4 net profit was 48.45 million yuan, 71.99 million yuan, 87.82 million yuan and 46.15 million yuan, respectively, corresponding to a net profit rate of 58.

10%, 48.

07%, 60.

61%, -21.

64%, Q4 performance was worse than expected.

In 2018, the company’s two main business gross profit margins rose and fell, of which the cost of tons of new admixture materials further increased.

From 94% to 1573 yuan, the company raised the gross profit per ton by 62 yuan to 479 yuan through price increases, and the gross profit margin of the admixture new materials business was 23.

32%, an increase of about 1 in 2017.

43 growth rates; affected by fluctuations in raw material prices and labor costs, the gross profit margin of the technical services business declined3.

92 good 42.


The company’s overall gross profit margin was maximized and stable, with a slight increase of 0.

39 units.

Company expenses for 2018 11.

74%, ranking dropped 0 in 2017.

87 totals, of which the sales expense ratio, management expense ratio and financial expense ratio are 7.

74%, 4.

03%, -0.

03%, each decreased by 0.

23, 0.

63, 0.

01 averages.

In addition, the company increased its R & D investment in 2018, and its R & D expenditure was 8261.
570,000 yuan, an increase of 95 per year.

78%, the ratio of R & D budget to operating income is 2.
11% increased to 3.


Under the dual driving effect of the increase in gross profit margin and the decline in the expense ratio during the period, the report resulted in a company ROE of 10.

07%, an increase of 1.

69 levels, profitability has improved.

Extensional expansion, accelerating market share increase.

The company’s Additives Division (Kezhijie Group) has set up three new industrial bases in Sichuan, Yunnan, Chongqing and other places to enhance the company’s production capacity in the southwest, and provide a basis for serving the western market and radiating Southeast Asia.

At the same time, the company will increase regional development efforts in the future, through extensional development, increase the city’s share, and grasp the key projects of the Beijing-Tianjin-Hebei, Yangtze River Delta and Guangdong, Hong Kong and Macao.

Taking advantage of the national layout to enhance the competitive advantage of the project, companies such as the company have won bids for more than ten high-speed rail projects, including the Jingxiong Railway.

Earnings forecast and investment rating: We expect the company’s earnings from 2019 to 2021 to be 0.

47 yuan, 0.

61 yuan and 0.

76 yuan at the closing price of 7.

Calculated at 26 yuan, the corresponding dynamic PE is 16 times, 12 times, and 10 times. Considering the company’s comprehensive 南京夜网competitiveness, the extension of the admixture, and the development of the company’s new business, the company is given a “recommended” investment rating.

Risk Warning: The extension speed is not as good as expected.

Blu-ray Development (600466): Significant increase in national growth and growth in performance

Blu-ray Development (600466): Significant increase in national growth and growth in performance
I. Overview of the event Blu-ray Development announced the 2019 semi-annual report. The company achieved operating income of 145 from January to June.4 ‰, an increase of 81 in ten years.5%; realize net profit attributable to 杭州夜网论坛 shareholders of listed companies.7 ppm, a 104-year increase of 104.5%. Second, the performance of analysis and judgment has steadily increased, and the profitability has increased significantly. The company achieved operating income of 145 from January to June.4 ‰, an increase of 81 in ten years.5%; realize net profit attributable to shareholders of listed companies.7 ppm, a 104-year increase of 104.The net profit growth rate is higher than the revenue growth rate mainly because the company’s period expense ratio was 16 from the same period last year.44% excellence dropped 4.54pct.According to the report average, the company’s return on net assets and net sales margin reached 7 respectively.82% and 10.38%, an increase of 3 over the same period last year.75 points and 2.53pct, the profit level has increased significantly. Sales increased steadily, and the national strategic benefit was significant. From January to June, the company realized sales of 514 in the first half of the year.80,000 square meters, a year-on-year increase of 34%; sales amounted to 465.300 million, up 12 every year.5%, maintaining stable growth, ranking 30th in the industry.In the first half of the year, the company’s sales growth in Central China, Beijing and South China reached 255.9%, 140.3% and 129.9%, sales proportion accounted for 6.9%, 2% and 3.5% increased to 26.9%, 7% and 8.1%, a national breakthrough in depth. Diversified financing, financial risks can be controlled in the first half of the year. Against the background of rising market financing costs and the replacement of industry financing channels, the company successfully issued 1 billion perpetual votes and the final purchase of ABN11.4 trillion, the final purchase of ABS8.200 million, 31 private placements.With a budget of 100 million U.S. dollars, the company issued no more than 1 billion U.S. dollars outside China, continued to leverage the advantages of the capital market platform, and actively expanded financing channels. Third, investment recommendations Blu-ray development performance has grown at a high speed, sales have steadily increased, the nationwide layout has been deepened, finance has remained stable, and financing channels have been diversified.The company’s EPS is expected to be 1 in 19-21.17/1.80/2.24 yuan, the corresponding PE is 5.0/3.3/2.6 times, the highest in the past three years, the lowest, the median PE is 22.8/7.0/15.1x, giving the company a “Recommended” rating. 4. Risk warning: Real estate policies continue to tighten, and sales are below expectations.

Shandong Publishing (601019): Based on the steady growth of the entire industrial chain in the province of education, taking into account the efficiency improvement

Shandong Publishing (601019): Based on the steady growth of the entire industrial chain in the province of education, taking into account the efficiency improvement

As the general distributor of primary and secondary school textbooks in Shandong Province, the company also owns exclusive copyrights in several categories of primary and secondary school textbooks in Shandong Province; based on the advantages of publishing resources, distribution networks, logistics guarantee, and professional services, it has always maintained the ShandongThe largest textbook publisher publisher charter.

In 2018, the company was selected as the “2018 TOP50 Chinese Cultural Enterprise Brand Value” list to 11.

The brand value of 6.9 billion US dollars ranked 32nd; according to the “2017 Press and Publishing Industry Analysis Report”, the company’s controlling shareholder Shandong Publishing Group Co., Ltd. ranked 7th in the National Book Publishing Group.

Realized operating income of 93 in 2018.

5 billion, a year-on-year increase of +5.

05%; net profit attributable to mother 14.

8.5 billion, a year-on-year increase of +8.

80%, of which the general book publishing business has grown rapidly, achieving sales of 10%.

8 billion, a year-on-year increase of +20.

77%, contributed operating income4.

7.5 billion, +22.

31%, gross margin 34.

37%, an increase of 0.

47 points.

The support policy of the publishing industry has continued, the stability of teaching aids has been strong, and the general structure of books has grown.

The publishing industry is a key industry supported by national policies, and enjoys preferential policies formulated by the state in terms of finance and benefits.

In June 2018, the Ministry of Finance and the State Administration of Taxation issued the “Notice on Continuing Promotion of Cultural Alternative Preferential Policies”, which clearly states that they will continue to publish and publish 南京夜网 changed alternative preferential policies before the end of 2020; in December 2018, the General Office of the State Council issued theThe “Notice on Printing and Distributing the Provisions on the Transformation of Operating Cultural Institutions into Enterprises and Further Supporting the Development of Cultural Enterprises in the Cultural System Reform” clearly states that cultural enterprises that have completed the transformation will continue to be exempt from corporate income for five years starting in 2019.

According to open book data, the total size of China’s book retail market in 2018 was 894 trillion, a year-on-year increase of +11.

3%, of which children’s books have grown stronger than the industry for two consecutive years, the industry growth rate in 2017 was 21.

4%, 13.

At 7%, the sales code currently 杭州桑拿网 accounts for 25% of the entire book retail market.


The company’s operations are based on Shandong Province, a province with a large population, and Shandong Province, which is a province with a large education base. It takes advantage of the entire industry chain to effectively reduce internal transaction costs and improve operating efficiency.

As of 2017, Shandong has more than 12.03 million primary and secondary school students, and local education expenditures are about 190 billion yuan, accounting for 20% of all local fiscal expenditures.

4%; The company’s main business covers publishing, distribution, material trade, and the entire printing industry chain. The business layout is comparable to other domestic title publishing group companies; its affiliated publishing companies such as Tomorrow Club, Education Club, People’s Club, and Science Club publish preschool education., Elementary and secondary education, higher education and continuing education, vocational education and other all-age education content stage to give play to advantages and accelerate development.

Investment suggestion: The company’s industry is growing steadily and the cash flow is good. As a large provincial publishing group operating steadily throughout the industry chain, the core teaching and textbook business is based on a large population base and a large education expenditure province.Built by.

Since its listing, the company has maintained a high level of dividends, with a cash dividend ratio of 40 in 2018.

76%, the incremental reset is calculated based on the budget of the annual report release date.


We estimate the company’s net profit for 2019-2021 will be 16 respectively.

200 million, 17.

800 million, 18.

9 trillion, corresponding to EPS0.

77 yuan, 0.

85 yuan, 0.

91 yuan, with reference to certain comparable companies, we give the company a 15x estimate for 2019, which corresponds to a target price of 11 in 2019.

7 yuan, give “Buy-A” rating.

Risk reminder: the risk of expiration of the preferential budget policy, the risk of tendering for the distribution of teaching aids, and the general book development is less than expected.

AVIC Capital (600705) 2018 Annual Report Comments: Performance Meets Expectations and Keeps Stable

AVIC Capital (600705) 2018 Annual Report Comments: Performance Meets Expectations and Keeps Stable

Event: The company announced the 2018 annual report and achieved a total operating income of 138.

670,000 yuan, an increase of 26 in ten years.

63%; net profit attributable to mother 31.

66 ppm, an increase of 13 in ten years.

74%, the corresponding EPS is 0.

35 yuan / share.

Investment Highlights The 2018 performance was in line with expectations and the fundamentals were good: 1) The company achieved total operating income of +26 per year.

6% to 138.

7 trillion, 10 years performance +13.

7% to 31.

7 trillion, in line with expectations.

Performance growth was slower than income growth because index expenditure increased by 82.

4% to 17.

Caused by RMB 0 million (increased borrowing of AVIC Leasing).

2) In 2018, AVIC Trust (35% of operating profit) and AVIC Leasing (31% of operating profit) contributed major results. Among them, AVIC Leasing completed a capital increase of US $ 5 billion. After strengthening its capital strength, it expanded its business scale and doubled its operating income.+29.

3% to 71.

600 million.

3) The company’s investment income increased by +136 in 2018.

2% to 16.

700 million, we expect the company to deepen the integration of industry and finance, equity investment will continue to contribute to performance.

Overall, leasing, which is the company’s main source of performance contribution, has expanded steadily, trusts have grown steadily, and fundamentals are good.

The main financial industry has developed steadily, and the deepening of industry-finance integration is worth looking forward to: 1) In 2018, AVIC Leasing achieved a net profit of +23.

6% to 12.

60,000 yuan, AVIC Trust achieves a net profit of +13 per year.

4% to 18.

470,000 yuan (including investment income of +86 per year.

7% to 5.

65 ppm), AVIC Finance increased net profit by +14 due to the increase in the concentration of funds.

6% to 7.

670,000 杭州夜生活网 yuan. Trust, leasing and finance companies contributed 86% of the company’s operating profit, which remained stable overall.

2) The military background of the controlling shareholder brings a wealth of high-quality investment and financing project resources. The company directly invests in its respective platforms + overweight private equity industry fund business + actively participates in the group’s high-quality fixed-income projects, involves in aviation and emerging industry investments, and is expected to continue to play military and civilianThe advantages of integration and industry-finance integration are synergistic with its own industrial investment.

The company’s repurchase increases confidence and is optimistic about the development prospects: 1) The company’s merger announcement will repurchase shares with its 苏州桑拿网 own capital budget of 500 million to 1 billion within 6 months from December 17, 2018, with the price not exceeding 6.

73 yuan / share (much higher than the current one), as of February 28, 2019, the company has gradually paid the total amount1.

9.7 billion repurchase companies 0.

The 43% stake demonstrates confidence in future development.

2) The company deepened the layout of diversified finance, including banks (with a capital investment of 53 million to subscribe to Guangfa Bank not exceeding 3).

88% equity), AMC (proposed to invest 3.5 billion US dollars to establish Chengdu Yihang Asset Management Company, has invested 17).

500 million), production investment (the establishment of Huihua Fund to expand military industry investment, holding 51 shares.28%), and it is expected to make use of the advantages of combining industry and finance to contribute to the performance.

3) The United Nations company announced that the wholly-owned subsidiary AVIC invested six war investment companies (with strategic assets such as insurance leader China Life and other high-quality assets). The economies of scale and synergy have obvious advantages, which will greatly enhance the competitiveness of AVIC’s investment market.

Earnings forecast and investment rating: As the only financial control platform owned by AVIC Group, the diversified financial layout has been deepened, and the company is optimistic that the company will use its military background and industry-finance integration advantages to achieve sustained and steady growth in performance.

It is estimated that the company’s net profit in 2019 and 2020 will be 36.

8, 43.

40,000 yuan, currently estimated to correspond to about 13.

7 times 2019PE, 11.

7 times 2020PE.

With the improvement of industry expectations, the launch of the dating war, the catalysing factors of the merger company’s repurchase, the estimated development and repair, and maintaining the “buy” rating.

Risk reminders: 1) The scale of the active management of the trust is less than expected; 2) The quality of leased assets is offset; 3) The return on equity investment is less than expected.