Gezhouba (600068) 2019 Interim Report comment: Q2 performance rebounded as scheduled, transformation and upgrading progressed steadily

Gezhouba (600068) 2019 Interim Report comment: Q2 performance rebounded as scheduled, transformation and upgrading progressed steadily
Core view 2019H1 revenue + 8%, net profit attributed to mother +8.8%, performance rebounded on schedule.The gross profit margin decreased slightly, and the expense ratio decreased slightly. The increase in real estate repayment helped the operating cash flow return to positive.Overseas orders continued to be strong, and new domestic signings in Q2 improved rapidly.The professional transformation of the construction business has been steadily progressing, real estate has accelerated its turnover, and cement continues to maintain a high profitability.Considering the moderate recovery of infrastructure, the company’s orders picked up as scheduled, and we maintain our EPS forecast for 2019-21.02/1.18/1.38 yuan, the corresponding PE is 5.3/4.6/3.9 times.Maintain “Buy” rating.   2019H1 revenue + 8%, net profit attributable to mother +8.8%, the performance rebounded on schedule, except for environmental water and equipment manufacturing, the average income of the remaining segments increased; Q2 revenue recorded a rapid growth in revenue.The company’s 2019H1 revenue was 49.8 billion yuan (ten years + 8%), which was attributed to its net profit of 21.20,000 yuan (ten years 成都桑拿网 +8.8%), the corresponding EPS is 0.39 yuan (previously +6.9%).In terms of business, construction / environmental water services / real estate / cement / civil explosion / highway / equipment manufacturing revenue was 286/78/43/49/18/11/6 billion US dollars, ten years +20% /-32% / + 46% / + 43% / + 23% / + 5% / -31%; of which, construction revenue orders bottomed out, environmental protection and renewable resource processing business is still in the consolidation period, real estate sales increased rapidly, and cement business volume and price rose.In a single quarter, the company’s revenue in Q2 2019 was 281.0 million yuan (ten years +11.4%), net profit attributable to mother 14.300 million (+19.4%).   The gross profit margin decreased slightly, and the expense ratio decreased slightly. The increase in real estate repayment helped the operating cash flow return to positive.The company’s 2019H1 consolidated gross profit margin is 15.5% per year -0.Three.Comprehensive cost rate 9.1%, ten years -0.2pcts, of which sales / management / R & D / financial expense ratio is 1.4% / 4.0% / 1.twenty two.5% each time +0.1 / -0.1 / -0.1 / -0.One.Net operating cash inflow 17.4 trillion (net decrease of 61 in the same period last year.200 million), due to an increase in sales receipts from major real estate sales; a net decrease in investment cash of 47.7 trillion (net decrease of 71 in the same period last year.500 million US dollars, mainly due to a decrease in investments such as PPP over the previous year; net cash inflow from financing 37.20,000 yuan (130 in the same period last year.100 million), mainly due to the decrease in new bank loans in the current period compared with the previous period.   Overseas orders continued to be strong, and new domestic signings in Q2 improved rapidly.The new starting point for 2019H1 is 1,403 megabytes, more than + 17%; of which 592 trillion are newly signed overseas, accounting for 42% of the new single-length pile, about + 55%. In the first half of the year, the company successfully entered seven new national markets, and overseas orders continued.Strong.In the first half of the year, 811 million were newly signed in China, with a year of -0.9%; Q2 signed a new domestic 66 billion yuan in a single quarter, + 135% per year.Q1 began to adjust its business structure, which caused orders to be affected. Through the deployment of market personnel, Q2’s new domestic signings improved rapidly.We expect that the new domestic signings will continue to pick up and expand overseas orders. The company is expected to successfully complete its order target of 232 billion in 2019.   Specialized transformation has been steadily progressing, real estate has accelerated its turnover, and cement continues to maintain a high profitability.The company has professionalized the transformation of construction subsidiaries, turning the traditionally divided subsidiaries into business areas into specialized companies, and the transformation and completion is expected to enhance the company’s resource integration capabilities and support the steady growth of the construction business.  The real estate business accelerated its turnover, with a new construction area of 82 in the first half of the year.70,000 square meters (previously + 61%), soil storage from the end of 2018 37.60,000 square meters is expected to be 21.30,000 square meters.Cement price per ton in the first half of the year is about 420/126 yuan, which is among the highest in the industry. Considering the stable supply and demand layout in Hubei, it is expected to continue to maintain profitability during the year.   Risk factors: the development of environmental protection business, the implementation of PPP, infrastructure investment is less than expected, and overseas business risks.   Investment suggestion: The company’s Q2 performance rebounded as scheduled, overseas orders continued to be strong, and new domestic signings improved rapidly.The professional transformation of the construction business has been steadily progressing, real estate has accelerated its turnover, and cement continues to maintain a high profitability.Considering the moderate recovery of infrastructure, the company’s orders picked up as scheduled, and we maintain our EPS forecast for 2019-21.02/1.18/1.38 yuan, the corresponding PE is 5.3/4.6/3.9 times.Maintain “Buy” rating.

Shandong Gold (600547) Company Express: Overall Stable Production Internationalization Worth Looking Forward

Shandong Gold (600547) Company Express: Overall Stable Production Internationalization Worth Looking Forward

The output is generally stable, and the internationalization is worth looking forward to. The company announced its 2018 annual report, and the performance was lower than expected.

The company’s operating income in 2018 was approximately 547.

880,000 yuan, ten years +7.

34%, net profit attributable to the parent company8.

760,000 yuan, at least -23.

01%, deducting non-net profit 8.

870,000 yuan, at least -22.


Among them, the operating income of the fourth quarter of 2018 was about 175.

2.7 billion, +55.

91%, +39 over one year.

80%, net profit attributable to mother 1.

0.6 billion, -33.

22% a year -56.

50%, realized deduction of non-net profit1.

1.7 billion, -27% MoM, -51 in ten years.

44%, lower than our United Nations expectations.

In addition, the company plans to use the total share capital of 22.

With 1.4 billion shares as the base, a cash dividend of 1 yuan will be distributed 青岛夜网 to all shareholders for every 10 shares, and at the same time, 10 shares will be converted into 4 shares for all shareholders by converting capital reserve to share capital.

  Overall, 2018 production is in line with expectations, and rising costs and taxes are a drag on performance.

The output of mineral gold in 2018 was 39.

32 tons, +9 in the past.

57%, which is in line with the business plan in the 2017 annual report (estimated to produce 39 gold in 2018.

(86 tons), the growth was mainly due to the overall consolidation of the Beladero gold mine (consolidated in the sixth half of 2017).

49 tons of crops, consolidated for ten years in 2018.

95 tons of crops).

There are five major factors in the 2018 performance: First, the price of gold has fallen.

The average price of gold in 2018 was about 271 yuan / 佛山桑拿网 g, about 275 in 2017.

6 yuan / g acetic acid 1.


The second is a slight increase in costs.

Our calculations indicate that the company’s unit production cost of mineral gold in 2018 was approximately 153.

8 yuan / g, ten years +0.


The main reason is that Belladero’s unit sales cost of mineral gold in 2018 was about US $ 1112 / GBP, which is much higher than the company’s domestic mineral gold cost, which gradually increased the overall unit cost.

Moreover, the cost of Belladro in 18 years increased by about 24% compared with 17 years. Barrick’s annual report explained that the revaluation of fair value led to increased depreciation and a decline in grade.

85g / t, which decreases by 0 every year.

15 grams / ton.The third is the increase in business taxes and surcharges.

This is 3 in 2018.

63 trillion, +1 a year.

23 trillion, the main increase project from the joint venture MAS 0 in Argentina.

900 million export duties.

Fourth, financial expenses have increased.

The company’s financial expenses in 2018 were 7.

920,000 yuan, +58 for ten years.

32%, mainly because interest rate expenditure increased by about 2.

5 ‰, exchange loss increased by about 1 ‰; Fifth, income increased.

The interest rate in 2018 is about 5.

12 trillion, ten years +0.

76 trillion, the inflation rate from 33 in 2017.

04% to 35 in 2018.


  In a single quarter, the volume and price of both products rose in Q4 2018, but costs and taxes also increased.

2018Q1-2018Q4 gold prices were 273.


3, 266.


3 yuan / gram, 2018Q4 gold price increased by 3.

3%, in 2018Q4, Belladero produced about 2.

48 tons, +57 from the previous month.

1%, sales gold 2.

38 tons, + 48% month-on-month, volume and price rose to 55% qoq in 2018Q4.


However, the increase in operating costs in Q4 2018 was a year-on-year increase of +63.

36%, of which Belladero’s unit cost of goods sold was 1352 US dollars / pound, +24.


In addition, business taxes and surcharges, management expenses, financial expenses, and income taxes have increased sequentially, which is expected to have a certain relationship with the financial settlement cycle, which will cause the fourth quarter of 2018 to decline sequentially and exceed expectations.

  The amount of mineral gold planned for 2019 is slightly offset, and it is expected that there will be a continuous decline in financial costs in the future.

According to the annual report, the company’s 2019 gold production plan is 37.

87 tons (down 1 from 2018.

45 tons), we think this may be mainly due to a reduction in Belladro production.

First, the domestic mines are steadily improving, and the company’s total gold output in 2018 was about 986 thousand tons (about 31.

7 tons), the previous 増 4.

35%, and the grade of raw ore increased by 0.

05g / t to 2.

28g / t, there is still room for future growth in gold production and sales.

The second is that Barrique’s 2019 gold production indicator in the Barrick Annual Report is 230?250 kilo ounces (7.
8 tons), a decrease of about 0 compared with 2018.


55 tons, the reason may be mainly due to the lower grade, so there is also the possibility of rising costs.

However, the company’s interest-bearing debt decreased significantly. In the fourth quarter of 2018, the company’s long-term borrowings fell by approximately 46.

6 trillion, mainly for the repayment of capital acquisition loans by subsidiaries.

In addition, the company achieved operating net cash flow in 201829.

300 million US dollars, showing great strength, which is beneficial to the company to further reduce the short-term excess equivalent of the related scale, and subsequently the financial costs have significantly decreased.

  The domestic gold industry leader, and has emerging growth space.

The company’s mineral gold output in 2018 is still the first in domestic listed companies. As of the end of 2018, the company’s gold resources were about 1,161 tons, ranking second in China, second only to Zijin Mining. It is one of the few leading companies whose business is pure gold.

In addition, the company seeks to cooperate with international giant Barrick Gold to actively expand overseas.

According to the company’s announcement, in addition to jointly operating the Belladero gold mine, in September 2018, the two parties separated the Mutual Strategic Investment Agreement and agreed that within 12 months of the conversion of the agreement, the two parties would purchase each other one or more times at public securities trading venuesThe investment value of listed stocks does not exceed 300 million US dollars (the two parties are basically equal).

Despite the increase in costs and expenses faced by overseas mines in the short term, we are still optimistic about the company’s international strategic direction. First, domestic high-quality gold projects are becoming scarce. Second, the wave of mergers and acquisitions by international gold giants led by Barrick is bound to bring global gold assetsOptimize redistribution, which provides the company with the possibility of overseas resource mergers and acquisitions.

  Investment suggestion: “Buy-A” investment rating, maintain a 6-month target price of 47 yuan.

Gold production is expected to be 37 in 2019-2021.

9, 40.

6, 42.

6 tons, the average price of gold in 2019-2021 is 303, 330, 360 yuan / g, our calculations show that the company’s EPS in 2019-2021 is 0.

74, 1.


43 yuan.

Considering that the company is the purest gold company with A shares, the output of mineral gold, the growth of reserves and the cost are quite advantageous, and it has the potential to transform the layout. The company’s 6-month target price is 47 yuan, which is equivalent to 41x PE in 2020.
  Risk reminders: 1) The company’s mineral gold output is not up to expectations; 2) The Fed’s interest rate hike progress exceeded expectations, and the gold price fell.

  3) The production cost of mineral gold increased more than expected.

Dongshan Precision (002384) 2018 Annual Report Comments: Performance Maintains Rapid Growth, 5G Drives Future Development

Dongshan Precision (002384) 2018 Annual Report Comments: Performance Maintains Rapid Growth, 5G Drives Future Development

Event: The company released its 2018 annual report.

Comment: The company’s long-term performance has maintained rapid growth, and the company’s circuit board business continued to increase its operating income in 2018.

25 ppm, an increase of 28 in ten years.

82%, achieving net profit attributable to shareholders of listed companies.

110,000 yuan, an increase of 54 in ten years.


From the perspective of revenue structure, the company’s circuit board business revenue in 2018 was about 102.

35 ppm, an increase of 60 in ten 佛山桑拿网 years.

17%, accounting for 51% of revenue.

63% is the main driving force for the rapid growth of revenue in 2018.

In terms of FPC, the company’s material numbers and ASPs of major customers have been further improved, which has effectively promoted the growth of revenue; in terms of PCB, the company has completed the acquisition of Multek and has started to contribute to the growth of performance.

From the perspective of profitability, the company’s gross profit margin in 2018 was 15.

96%, increase by 1 every year.

64pct, the main reason is that the gross profit margin of the PCB business has been extended and increased4.

91 points.

After the acquisition is integrated, the company’s FPC and PCB profitability is showing.

Judging from the expense ratio, the sales expense ratio in 2018 was about 1.

92%, a decline of 0 every year.

13pct; management expense ratio is about 5.

39%, a decrease of 0 every year.

25pct, indicating that the company’s internal control has been further strengthened.

The financial expense ratio for 2018 is approximately 3.

17%, a year up 0.

82pct, mainly due to the increase in the company’s interest expenses.

According to the Air Force’s announcement, the company’s Q4 accrued impairment in a single quarter3.

4.2 billion US dollars, which is about 2 accounts receivable and other receivables of Storm Intelligent Technology.

700 million and 0.

700 million bad debts.

Without considering Q4 supplement 3.

After the impairment of 4 million assets, the company’s initial return to profit will reach 11.

65 trillion, in line with United Nations expectations.

Soft board ASP continued to improve. Hard board enjoyed 5G dividends. After the completion of the MFLX acquisition, the company continued to integrate and expanded its new factory in Yancheng. At present, it has achieved initial results and its profitability has improved significantly.

In the fourth quarter of 2018, due to the sales of major customers, the FPC business was dragged down, but the actual growth was still rapid, mainly due to the improvement of customer material numbers and ASP substitution.

Looking forward to 2019, ASP of the company’s FPCs in major customers will be further improved. At the same time, the improvement of conversion yield and efficiency will improve, and profitability will continue to increase.

The company completed the consolidation of Multek in August 2018, and realized the extension from soft board to hard board.

The main products of the company’s Multek hard board are communication boards. The main customers include Samsung, Ericsson, Nokia, Cisco and other top international communication equipment manufacturers.

The scale construction of 5G will start in 2019, and the demand for communications will greatly increase, and the company will obviously benefit.

After the completion of mergers and acquisitions, the company continues to integrate, and its operating efficiency and profitability have improved significantly. This trend is expected to continue in 2019.In fact, the Multek hard board has only four months to consolidate in 2018, and its contribution to the company’s profit is limited, so its contribution to the company’s performance in 2019 will greatly increase.

Dielectric filter leader determined to benefit 5G Construction Company completed the acquisition of Aifu Electronics in 2017.

Aifu Electronics is one of the few domestic manufacturers that can produce ceramic dielectric filters on a large scale. It has strong technical strength and has developed rapidly.

Since traditional metal cavity filters are no longer suitable for 5G miniaturization and integration requirements, ceramic dielectric filters are expected to become the mainstream of 5G base stations.

At present, Huawei has widely used ceramic dielectric filters in high-frequency base stations, and has gradually improved the applications in low-frequency base stations, and customers such as Samsung and Ericsson are expected to fully adopt ceramic dielectric filters.

At present, the company’s dielectric filter has achieved smooth supply to Huawei, and foreign customers are expected to start introducing it in 19Q2, and gradually achieve rapid volume.

After profit adjustments, estimates and ratings have been adjusted and integrated in 2018, the company has set the business to usher in new development possibilities in 2019.

The soft board business will continue to enjoy the improvement of ASP and profitability, the hard board business will enjoy the demand for communication boards brought by 5G, and the filter business will be rapidly heavy due to 5G.

We maintain the company’s EPS for 2019/2020 to be 0.


19 yuan, while forecasting EPS in 2021 is 1.

37 yuan, maintain “Buy” rating.

Risk warning: higher financial leverage brings operational risks; sales of large customers exceed expectations; new capacity put into production is less than expected.

Jinshan Office (688111) In-depth Study: SAAS Leader in Technology Autonomy and Model Upgrade

Jinshan Office (688111) In-depth Study: SAAS Leader in Technology Autonomy and Model Upgrade
Investment Highlights: Leading domestic office software for 30 years of competition.1) Growth line: full product line extension / diversified business model.The company is the largest domestic office software provider, with WPS desktop / mobile versions exceeding 1.32 billion / 1.8.7 billion.Based on the huge number of users, the company realized through three methods of authorization, subscription and promotion.2) Growth verification: high subscription revenue growth / reasonable cash flow.The company has a CAGR of 44% in the past three years and a net profit of 55%. Among them, the subscription business has a CAGR of 147% in 16-18 years and brings excellent cash flow.3) Growth space: Penetration rate / estimate rate / ARPU value has all improved.Independent controllable / copyright protection / SaaS trend is driving the company’s core operating indicators to be comprehensively improved.  Technical autonomy: balance office experience with security and controllability.1) High-intensity R & D investment guarantees technological leadership: 16-18 years, the company’s R & D expenses accounted for 39% of revenue.4% / 35.3% / 37.9%, the R & D team exceeds 1,400, accounting for more than 70% of the total number.2) A full range of mobile and intelligent products.In 2011, it launched the WPS mobile version first, grabbing the opportunity of 杭州夜网 the mobile Internet era, and is currently accelerating the intelligent upgrade layout.3) Domestic chip, full adaptation of operating system.  The WPS Office Linux version already supports domestic CPUs such as Godson, Feiteng, Shenwei, and Zhaoxin, and is compatible with operating systems such as Kirin, Puhua, Fangde, and Deep. The company has become an important part of Encore’s construction and obtained domestic alternatives.  Model upgrade: Shaping strong stickiness and profitability.1) Office application model upgrade: software products + SaaS to enhance cloud service capabilities and improve customer stickiness and satisfaction.2) Upgrade of the C-end business model: free advertising + subscription subscriptions, the number of individual member subscriptions has grown rapidly, ARPPU has increased synchronously, and the conversion rate of free users has continued to increase.3) Upgrade of the B-side business model: product authorization + service subscription, which has completed a high penetration of customer groups in government, finance, energy, aviation and other important areas. The proportion of continuous charging models such as venue authorization and subscription services has increased, and the business model has changedit is good.  Earnings forecast and estimation: The company is expected to achieve revenue of 15 in 2019-2021.89/22.11/30.2.4 billion; net profit attributable to mothers was 3 respectively.48/5.67/8.1.6 billion.Considering that the company has continued to profit, has high growth, and its business is relatively mature, it uses the PE valuation method and refers to the industry’s comparable company assessment level to give the company 60-70 times PE in 2020, corresponding to a reasonable interval of 73.8-86.1 yuan / share, corresponding to a reasonable market value range of 34-397 billion yuan.  Due to the premium effect of new shares, the possible price fluctuation range at the initial stage of listing is 112.9-147.2 yuan, corresponding to a market value of US $ 52-67.9 billion: According to historical data, new shares have significant premium characteristics 30 days before listing, according to the overall premium rate statistics of the 30-day listing of new shares in the computer sector since 2018: the premium rate is 53%-71%, so the possible price fluctuation range of the company at the initial stage of listing is 112.9-147.2 yuan.  Risk warning: C-side penetration rate and growth rate are not up to expectations; B-side office software localization progress is not up to expectations; overseas market expansion results are not up to expectations.  Special Note: The reasonable deviation range predicted in this report is not the reasonable price range under the initial market performance, and the existing market environment remains basically unchanged.

ArcSoft Technology (688088) New Share Pricing Report: Visual Artificial Intelligence Leading Enterprise Technology and Brand Building Strong Moat

ArcSoft Technology (688088) New Share Pricing Report: Visual Artificial Intelligence Leading Enterprise Technology and Brand Building Strong Moat
ArcSoft Technology is the world’s leading developer and solution provider of visual artificial intelligence technology.The visual artificial intelligence solutions provided by the company are mainly in the smartphone industry. The main customers include Samsung, Huawei, Xiaomi, OPPO, vivo, LG, Sony, Transsion and other well-known global mobile phone manufacturers.According to IDC statistics, among the top five mobile phone brands in the world in 2018, in addition to Apple ‘s completely self-developed visual artificial intelligence algorithm, the remaining Android system phones Samsung, Huawei, Xiaomi, and OPPO mainly use built-in Arcsoft technology smartphones.Visual solution.At the same time, the company actively promotes visual artificial intelligence technology in smart cars, smart homes, smart insurance, smart retail, Internet video and other fields, playing a positive role in the upgrade of smart products and related industries. The commercial maturity of visual artificial intelligence is constantly improving, and the downstream application requirements are rapidly released.Artificial intelligence has now become an important national strategy in the field of science and technology, supporting the intensive introduction of policies and measures, and increasing commercial maturity.At the same time, the visual artificial intelligence industry’s agglomeration effectors have gradually emerged, and the industrial chain has become increasingly mature. The visual artificial intelligence industry has ushered in a favorable industrial macro environment and policy environment.In this context, visual artificial intelligence has started to develop in the fields of driving, home furnishing, insurance, retail, finance and other fields from the smart phone field, driving the artificial intelligence industry and the market size of the visual artificial intelligence industry to continue to grow. “R & D + Industrial Cooperation + Brand” builds a strong moat.1) Technical scale. After years of technology, patents and talent accumulation, the company has fully mastered this scale algorithm technology of visual artificial intelligence and artificial intelligence, mastered human body recognition, object recognition, scene recognition, image enhancement, 3D reconstruction andComprehensive visual artificial intelligence technology such as virtual portrait animation.2) Industry scale. The company has established long-term stable cooperative relationships with mainstream mobile chip companies such as Qualcomm, MediaTek, and Spreadtrum, and has continuously improved the adaptability of visual artificial intelligence technology algorithm products and mobile chips.It has established extensive business cooperation with CMOS imaging technology companies such as Sony Sensor, Samsung Semiconductor, Gekewei, Sunny Optical, Truly and other major camera module factories.3) Customers and brands. The company grasps the algorithm requirements of mainstream mobile phone manufacturers in the world, and has long-term professional services for Samsung, Huawei, Xiaomi, OPPO, vivo, LG, Sony and other well-known global mobile phone manufacturers. Analysis of the company’s fund-raising projects: The company plans to publicly issue 46 million shares and raise funds13.$ 2.8 billion for “Smart Phone AI Vision Solution Capability Enhancement Project”, “IoT Vision Field AI Vision Solution Industrialization Project”, “Optical Screen Fingerprint Solution Development and Industrialization Project” and “R & D Center Construction Project”.The fundraising project will significantly enhance the company’s smart phone AI vision solution capabilities, promote the industrial application of visual artificial intelligence in the IoT field, and the development and industrialization of fingerprint solutions under the optical screen. Investment suggestion: The continuous penetration of dual (multi) camera smartphones will promote the rapid growth of smart phone vision solution business. At the same time, smart driving and other IoT smart device vision solutions are expected to become the company’s new growth point.According to our core assumptions, the net profit attributable to mothers is forecasted to be 2 in 19-21.09 billion, 2.79 billion, 3.7.3 billion.We consider using two estimation methods, PE and PEG: refer to the average PE of comparable companies, and give the company 47 times PS in 2019, corresponding 南京桑拿网 to the target city ranking of 107.6.3 billion.With reference to the average PEG of comparable companies, it is given to the company in January 2019.8 times PEG, corresponding to the target city ranking 144.07 billion.Based on the above analysis, we believe that the company’s reasonable target city ranking is 107.63-144.07 billion, according to 4.Calculated at 0.6 billion total equity, corresponding to the target range of 26.51 yuan -35.49 yuan. Risk Warning: Downstream Prosperity Declines; Technical Update Repeats Too Fast.

Jihong Shares (002803): Cognitive Upgrade of One and Two Wings

Jihong Shares (002803): Cognitive Upgrade of One and Two Wings

Investment thinking: “Printing, e-commerce, advertising troika go hand in hand in 2020” is the title of our last report.

The market perception remains that the company is a printing and packaging company (mainly focusing on orders and profitability), but its essence is already a major company in mobile Internet advertising business (precise marketing), and printing and e-commerce are monetization methods.

The troika is actually one (advertising) two wings (packaging and e-commerce).

In the semi-annual report for 2019, the Internet business (e-commerce and packaging) revenue was nearly 8 billion, and the traditional packaging business was nearly 6 billion. In terms of profit, advertising / e-commerce / packaging was 0.



23 billion.

If you study the company with traditional thinking, there are potential cognitive differences. Recently, we studied Jihong’s advertising subsidiaries (Longyu Star and Zhengqi), and we found more about the company’s value.

1. Although the company’s main business is packaging business, the essence is the effect advertising (precision marketing) business. The company’s founder always comes from the advertising industry. After listing in 2016, the company has successively acquired Longyu Star (effect advertising business) and expandedQi advertising business (main traffic aggregation platform).

Packaging is actually the carrier of the advertising business, and it is also the way to realize advertising.

The rise of mobile Internet around 2010 (the birth of Apple 4 and Xiaomi was the first year), and performance advertising broke out around 2015 (hardware popularization to app outbreaks, then to traffic outbreaks and in-depth operations), and it still maintains rapid growth.

Longyu Star was the earliest established effect advertising company with strong team capabilities, high-quality customers, and rich resources (customer stickiness and barriers have been formed). It was acquired by Jihong in 2018 and gradually became a major contribution point for profits.

Xiamen Zhengqi is the company’s standing advertising business platform. Currently it is mainly a traffic aggregation platform (SSP), which forms an effective synergy with Longyu (based on DSP).

It is expected that the company’s advertising business will develop steadily and rapidly in the future, 成都桑拿网 and the 5G era will bring new development and changes. It is expected that the advertising business profit will maintain a growth of more than 30% in the next two years.

2. E-commerce is an asset-light operation method and a monetization method for advertising business.

The company gradually formed an integrated (advertising) two wings (packaging and e-commerce), and went hand in hand in 2020 to maintain the “Highly Recommended-A” level.

The company’s cross-border e-commerce business has developed smoothly. It is a social e-commerce model under precision marketing. It is divided from traditional e-commerce giants and cross-border e-commerce. The company has its own unique advantages in product selection, logistics, and advertising.Refined management, the company’s return rate and inventory and peer benchmarks are at 上海夜网论坛 replacement levels, and it is expected that inventory control will be basically the same as in 2018.

Looking forward to 2020, through the company’s further development in low traffic cost areas, its cross-border e-commerce business revenue is expected to continue to grow by 20%.

We believe that the overall development trend of the company is still expanding and clear.
Net profit in 2021 will be 3.

3.1 billion, 4.

5.2 billion, 5.

USD 8.1 billion, with an annual growth rate of 55%, 36%, and 29%. At present, the PE corresponding to 20 years is 17x, and the rating of “Highly Recommended-A” is maintained.

Risk warning: Internet advertising business grows faster than expected, and competition in the e-commerce business is intensifying.

Auto stocks rose in late trading-Promotional policies frequently demand car purchases or outbreaks in the second quarter

Auto stocks rose in late trade: Promotional policies frequently demand car purchases or outbreaks in the second quarter

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

  Auto stocks rose in late trading!

Promotional policies are frequent, and the demand for car purchases may break out in the second quarter.Recommendations for six emission standards.

However, this case is exceptionally public, and it is unknown at this time.

  Affected by this news, automobile stocks collectively rose in the afternoon, and FAW Xiali and Tianqi Mo were sealed.

  According to the plan, the world ‘s strictest National Sixth Standard A will inevitably be implemented nationwide from July 1, 2020.

At the same time, light vehicles will implement conventional stringent particle number (PN) limits.

In 2019, certain eastern provinces and cities have implemented the National Sixth emission standard in advance.

  Cui Cui Dongshu, secretary general of the China Federation of Vehicle Industry Associations, said in an interview with a reporter from China Securities Journal (ID: xhszzb) that the current inventory clearance of the auto market is significantly slower than expected.

From the perspective of car companies, due to the impact of the epidemic, the allocation of parts and components, research and development time, etc. were disrupted, and production and operations were affected.

If the implementation of National VI is gradually implemented, it will have a positive impact on consumer dealers.

“This will stabilize production and sales.

“Cui Dongshu said.

  Foshan introduced auto consumption incentive policy According to data released by the China Automobile Association recently, auto sales in January were 194.

10,000 vehicles, a year-on-year decrease of 18%.

According to the China Automobile Association, the recent epidemic will have a conflicting effect on the operation of the automotive industry in the first quarter, and the industry’s production and sales will decline significantly.

  Foshan is the first city to launch a car consumption incentive policy in 2020.

According to the “Foshan Municipal People’s Government Office” issued by the Foshan Municipal People’s Government on the issue and distribution of 5,000 yuan.

The policy will be formally implemented from March 1.

  On February 21, the “Notice on Printing and Distributing Certain Policies and Measures to Further Stabilize and Promote Employment in Guangdong Province” issued by the Guangdong Provincial Government made it clear that the cities with conditions should introduce a subsidy policy for scrapped and renewed old cars and encourage Guangzhou and Shenzhen to further relaxLottery and auction indicators.

  On February 20, Wang Bin, deputy director of the Department of Market Operations of the Ministry of Commerce, stated that the Ministry of Commerce will work with relevant departments to develop policies and measures to further stabilize automobile consumption and eliminate the impact of the epidemic on automobile consumption.

At the same time, localities are encouraged to introduce new energy vehicle consumption according to expected changes, adapt to local conditions, 杭州桑拿网 increase traditional car purchase restrictions and carry out replacement of old cars with new ones to promote automobile consumption.

  Since the demand for car purchases broke out in the second quarter of 2019, in order to stabilize car consumption, relevant ministries and commissions have introduced a number of measures to promote car consumption.

  On June 6, 2019, the National Development and Reform Commission’s “Implementation Plan for Promoting the Update and Upgrade of Major Consumer Products and Smooth Resource Recycling (Implementation Plan for 2019-2020)” proposed that local governments that have implemented automobile purchase restrictions should accelerate the transition from restricted purchases to guided use, andLocalities are not allowed to restrict the purchase and purchase of new energy vehicles, and 北京夜网 appropriate cancellations have been implemented.

  In addition, ten ministries including the Ministry of Commerce and the Development and Reform Commission also issued the “Implementation Plan for Further Optimizing Supply to Promote Rapid Growth of Consumption and Promote the Formation of a Strong Internal Market (2019)”, proposing six consumer support measures including going to the countryside and pickup trucks to the city.

  Since July 2018, China’s auto sales have grown negatively for 18 consecutive months.

The latest survey by the China Automobile Dealers Association shows that according to the dealer’s average sales forecast for 2020, if full resumption of work can be achieved by the end of February, the automotive market is expected to decline by 16.


  Analysts in the automobile industry of CITIC Securities believe that passenger car sales in the first quarter of this year are expected to fall by more than 20%.

At present, work is gradually being resumed in various places, and consumers are expected to be more cautious about traveling by private cars instead of reducing the pressure on buses and subways.

Demand for car purchases will gradually recover, and there may even be a possibility of a concentrated outbreak of demand in the second quarter, which will benefit the entire industry chain.

Inspiration Sand (000826) 2018 Annual Report Comments: Performance Exceeds Expectations, Expects New Spindle Force

Inspiration Sand (000826) 2018 Annual Report Comments: Performance Exceeds Expectations, Expects New Spindle Force

Event: Inspiration Sand (000826) released the 2018 annual report and achieved operating income of 109.

9.4 billion, an annual increase of 17.

48%; net profit attributable to mother 6.

4.4 billion, down 48 every year.

53%; net profit after deduction 6

0.5 billion, down 48 every year.

96%, intending to allocate 0 to 10 shares.

3 yuan.

Opinion: Periodic expenses and asset impairment have increased significantly, dragging down net profit.

The company’s main business involves solid waste disposal, new sanitation integration, recycling of renewable resources, water ecology, special sanitation vehicles and environmental protection equipment R & D and manufacturing.

The decrease in net profit decreased by nearly 50%, which was primarily due to the increase in period expenses and the impairment of assets accruing for receivables.

Initial gross profit margin 27.

69%, a decrease of 3 per year.

A total of 26, with a period expense 杭州夜网论坛 rate of 17.

98%, up 2 every year.

79 budgets, sales expenses, management expenses, and financial expenses increased by 66%, 49%, and 44%, respectively.

Accounts receivable at the end of the period was US $ 6 billion, an increase of 55% over the beginning of the previous period. The provision for bad debts resulted in an increase in asset impairment losses by 2 each year.

5.1 billion yuan.

Operating cash flow was still poor at -7.

4.3 billion yuan.

The scale of key businesses such as solid waste disposal, sanitation integration, and renewable resources has continued to grow.

The company’s high-level solid waste treatment business revenue increases by 130% every year.

Solid waste treatment volume 407.

43, operating 36 solid waste projects, daily treatment scale of domestic waste power generation 无锡夜网 projects3.

47, 15 domestic garbage power generations entered the operation recovery period, and the treatment scale was 1.

07 youngsters / day, the daily processing scale of the kitchen waste disposal project is 2,515 tons.

The company is one of the first enterprises in the country to implement the “two networks integration”, that is, waste classification and recycling of renewable resources.

Initially signed 132 new sanitation projects with a total contract value of 143.

7.9 billion yuan.

The project is distributed in 26 provinces across the country with a service area of 10.

2 billion square meters.

Sanitation service business revenue is growing by 88% annually.

The application of the Sanitation Cloud Platform has greatly improved the quality and efficiency of services.

In the field of sanitation vehicle R & D and manufacturing, the design of 103 new vehicle products has been gradually completed, and the R & D and trial production of heavy-duty electric driverless washing and cleaning vehicles has also completed the trial tests in designated areas.

At present, there are 19 project companies serving as the dismantling and dismantling business of the army, and the dismantling and dismantling of scrapped cars is up to 3.

20,000 units, the annual dismantling of electrical waste is about 12.31 million units.

Revenue from the regeneration business increased by 15 a year.

At 06%, building a renewable resource trading platform in an “O2O + industrial park” model will help improve the profitability of the sector. Xiong’an is in control and looks forward to the NDP’s efforts.

The company announced in March that the funds controlled by the Xiong’an Group and / or the Xiong’an New District Management Committee and Tsinghua Holdings were intended to become the largest shareholder of the company’s indirect controlling shareholder Qidi Holdings.

The company set up a wholly-owned subsidiary in Xiong’an, Xiong’an Puhua, to become a water business implementation platform. The company has gained market share in the environmental protection construction of Xiong’an New District.

The company intends to change its name to Qidi Environment, and replace the chairman and general manager.

Earnings forecasts and investment advice.

It is expected that the EPS for 2019-2020 will be 0.

57 yuan, 0.

78 yuan, corresponding to PE is 25 times, 18 times, lowered to the level of caution recommended.

risk warning.

Funding was tight, project advancements exceeded expectations, and business expansion exceeded expectations.

Sunshine City (000671) Comment on Equity Transfer: China Min voted to assign 200 million yuan in sales of raw materials

Sunshine City (000671) Comment on Equity Transfer: China Min voted to assign 200 million yuan in sales of raw materials
Fujian Jebsen acquired the remaining 50% stake in Shanghai Jiawen with 17 shares.29%, China Mintou’s equity transfer ended. Before this equity transfer, 50% of Shanghai Jiawen Investment Management Co., Ltd., the second shareholder of the company, was held by China Minjia Investment Co., Ltd. (100% controlled by China Mintou).50% equity was acquired by Fujian Jebsen Trading Co., Ltd. from Zhongmin Jiaye on February 26, 2019.On October 23, Zhongmin Jiaye and Shanghai Jiawen doubled the equity transfer agreement, stipulating that Zhongmin Jiaye would transfer the remaining 50% of its shares in Shanghai Jiawen to Fujian 南京桑拿论坛 Jebsen, and the two parties would proceed in a certain proportion.The price of 16 yuan (also the price that CMC will increase to enter the company at the end of 2015) is negotiated in principle.Early Shanghai Jiawen holding company 18.04%, currently reduced to 17.29%; at this point, China Minsheng Investment withdrew, and Fujian Jebsen became the second shareholder of the company, holding 700 million shares, accounting for 17.29%.In addition, Fujian Jebsen has no clear plans to change the company’s shares in the next 12 months. Sales in the third quarter of 1950 billion, + 38% before, is expected to break 200 billion, cautious land, cost down 3Q19 company sales amount of 1,502.1 ‰, +37 a year.8%, equity ratio 64%; Kerui ranked 13th; strategic cities in the Mainland and the Yangtze River Delta accounted for 36% and 34%, respectively.Conservatively assume the Q4 budget was flat last year at $ 53.9 billion and sales are expected to break through $ 200 billion, previously + 23%.Sales area in the third quarter of 19,206.40,000 countries, +48 a year.4%; average selling price 1.250 thousand yuan / flat, ten years -7.2%.In the third quarter of 19, the company took the land 401.400 million; land area of 899.1 House of Representatives, 73% equity, average land price of 4,465 yuan / flat; land acquisition amount accounts for 27% of the current interest rate, corresponding equity acquisition amount accounts for 32% of the current equity ratio; Q3 cautious land acquisition, cost down, land acquisitionThe average price accounted for 36% of the average sales price, a decrease of 12pct from 19H1. The saleable area is 4,400 GM, corresponding to the soil storage value of 550 billion, 75% of which are located in first- and second-tier cities. The company will have a land reserve (marketable caliber) of 43.96 million square meters.The average selling price is only 34%; the corresponding saleable value is 5,467 trillion, covering the sales amount in 20183.4 times to ensure a high increase in subsequent sales.From the perspective of saleable area distribution, the strategic cities in the Mainland account for 50%, mainly including Changsha, Nanning, Xi’an, Chongqing, Taiyuan, etc .; Greater Fujian, the Yangtze River Delta and the Pearl River Delta are evenly distributed, 16%, 14% and 15%.In terms of energy levels, the area of the first and second lines accounts for 65%, and the value of goods accounts for 75%. Investment suggestion: China National Investment Corporation ‘s distribution and transfers have ended, and material sales have exceeded 200 million. Maintaining a “strong push” rating. Sunshine City started in Fujian, deepened and strengthened the second line. After the contribution of three star management teams, the company achieved high sales growth of 70 times in 70 years., Expected to be the basis for future settlement volume; the comprehensive change after the “Shuangbin” team joins will also bring refinement and standardization of management, and the company’s active deleveraging will help promote the company’s sales and performance elasticity indicators, and achieve quantitative and qualitativePromotion.We maintain the company’s annual revenue for 2019-21 is 1.00, 1.35 and 1.81 yuan, the current price corresponds to 19/20 PE6.5 and 4.8 times, a 56% discount from the previous NAV, maintaining a target price of 10.00 yuan, equivalent to 19 years of PE10.0 times, maintaining the “strong push” level. Risk warning: Real estate industry policy tightens more than expected and industry financing tightens more than expected

Gu Jia Household (603816): The endogenous growth rate of the first quarterly report in line with market expectations attempts to bottom out and rebound

Gu Jia Household (603816): The endogenous growth rate of the first quarterly report in line with market expectations attempts to bottom out and rebound
The company released the first quarter of 2019 report: the first quarter of 2019 achieved operating income24.60,000 yuan, an increase of 32 in ten years.79%, net profit attributable to mother 2.95 ppm, an increase of 10 per year.04%, deducting non-net profit 1.96 ppm, with a ten-year average of zero.93%.In terms of cash flow, the company received cash received from selling goods and providing services in Q1 201926.7.3 billion, an increase of 53 in ten years.44%, net operating cash flow2.4.8 billion US dollars, a year-on-year increase of 1155%, the first quarter of cash flow improved significantly, mainly due to the increase in sales scale, renewed debt increase. Opinion: From the perspective of spin-off, due to the impact of the land cycle in the first quarter of 2019, the endogenous growth rate has accelerated. We expect the company’s domestic sales growth to increase by about 6% and the export business growth by about 4%.Initially, after the recovery of real estate new home sales data and second-hand housing sales data in first- and second-tier cities, the company’s endogenous growth performance helped bottom out.In view of the company’s rapid growth in cash flow, we increase our consensus on our judgment of the company’s future revenue growth. The company’s gross profit margin in the first quarter of 2019 was 34.73%, ten years ago1.72pct, net interest rate 12.1%, more than doubled 2.97pct, sales, management, R & D, and financial expense ratios are 18 respectively.75%, 3.05%, 1.99%, 1.08%, change 2 every year.44, -0.33, 1.21-0.13pct.The increase in sales expenses was mainly related to the increase in personnel expenses, warehousing, logistics and export expenses, publicity, and increased market expected expenditures in stores.At the same time, the company increased investment in research and development and strengthened integrated management of research, production and sales. Multi-category products continue to be developed, and the company’s product matrix is constantly enriched, including sofas, soft beds, mattresses, accessories, dining chairs and other categories. At the same time, it has expanded multiple brands to cover different consumer groups.2) Outward mergers and acquisitions continue, contributing to incremental performance.3) The production capacity is continuously expanding, and the big home strategy is steadily advancing. It is estimated that the central China (Huanggang) base will produce 600,000 standard sets of software and 400 universal custom home products. The project is scheduled to be completed by the end of 19th.4) The sales model continues to innovate and explores multiple channel models.In 2019Q1, there were 140 net stores and a total of 6,216 stores. The structure is inclined to large stores, flagship stores, and fusion stores. It will accelerate the pace of large store openings, deepen the third- and fourth-tier markets, and strengthen cooperation with real estate developers, Suning Retail Cloud, Gome / Suning, etcCooperation. The company’s EPS for 2019-2020 is expected to be 3.11 and 3.82 yuan, corresponding to 17 for 2019-2020 PE.45 and 14.2 times, considering the company’s continuous optimization of the supply chain to reduce costs and increase efficiency, multi-category cooperation with the big store model to enhance 南宁桑拿 customer single value and brand influence, channel sinking and capacity layout parallel, outreach M & A steps continue, optimistic about the company’s future performance, Maintain the “Buy” rating risk warning: the real estate boom is lower than expected, business promotion is less than expected, etc.