European wine production logistics shut down, small importers may be under too much pressure

European wine production logistics “shut down”, small importers may be under too much pressure
As the new pneumonia epidemic spread to Europe, the production and supply of imported wine has also received attention.According to insiders, the sauna and Yewang revealed that the current European wine production and logistics are basically in a state of suspension, and many products cannot be exported smoothly to China.Large importers are mostly cleaning up the Spring Festival inventory, and channel sales have not been affected temporarily; small importers will face the risk of channel cuts and customer loss if the original inventory is not large, and the entire imported wine industry will accelerate the reshuffle.Data on the risk of “shutdown” in European production areas show that there are 3 of the world’s seven wine coast production areas in Europe, including Dordo, France, Tuscany, Italy, Catalonia, Spain, major brands and wineriesThere are Anthony family, San Guito, Dorothy, Fresnett and so on.According to the latest data released by the China Chamber of Commerce for Import and Export of Foodstuffs, Animals and Animals, France, Italy, and Spain rank second, fourth, and fifth in the current source of imported wine (in terms of imports) in 2019, accounting for the marketFor 40.89%, more than 35 in Australia, the largest source country.54%.With the spread of the New Coronary Pneumonia epidemic in Europe, it is expected that imports of wine will continue to suffer.On March 16, France announced that it had entered a “hygiene war” state. Since 12:00 on March 17, it was prohibited to purchase food, non-essential travel outside work and medical treatment, and non-people’s livelihood companies were also required to conduct remote offices.Florence Cathiard, co-founder of the famous Chateau Smith Haut Lafitte in Bordeaux, France, told the media, “In fact, we can foresee the consequences of France’s strict closure of the city. The production, sales, and logistics supply of all French wine companies may face the risk of most shutdowns.”In fact, the mainstream wine trading activities in the main European producing regions have been affected by the epidemic.According to the usual practice, the Bordeaux wine week in France is held in the first week of April every year, but affected by the epidemic, this year’s event may be postponed to autumn at the latest.On March 3, Veronafiere Exhibition Company of Italy also announced that it would postpone the three meetings originally planned to be held in late April to mid-June.At the same time, the German ProWein exhibition originally scheduled to be held on March 15-17 also announced an extension.Image source / Castelle official website screenshot Freight growth and logistics are blocked. Weida wine founder Xue Dezhi told the sauna. Yewang. Currently, European wine production is basically stopped and logistics is stagnant. “One is no one, the other is no ship, weWon’t come out.”The survey of the shipping booking network shows that, due to the overseas epidemic,” the operation of the global supply chain has entered an unprecedented chaos. “Due to flight schedules, many airlines temporarily adjusted their prices. “In the past, the air freight rate increased by 5 cents per kilogram in the off-season, which was very distressing. Now it is common to increase by 10 yuan a day.Ge Zhengbo, general manager of Ningbo Yunhai Ark Supply Chain Management Co., Ltd., also said in an interview with the media that the cheapest container from the French port to the Ningbo port in March still had less than US $ 500, and the quotation in April increased by more than US $ 1,000.The price of the cabinet reached 1500 dollars.Some young people revealed to the sauna and Yewang that the cost of air transportation from Europe to China has increased from the previous one.6 Euros, 1.7 euros rose to 3.Around 5 Euros.There has been no change in European dry cargo shipping prices recently, but there will be a reduction in the number of containers and delays in shipping schedules.The decrease in the number of containers is due to the fact that China ‘s exports have been affected by the epidemic and the number of overseas containers is not large. “It is expected that the impact of this factor will be greater in April.”The price of European freezer transportation has increased even more, and it is predicted that the price may double than usual.Small wine merchants may be accelerated to eliminate Xue Dezhi believes that the European epidemic is a reshuffling process for the imported wine industry. “If the small merchants have insufficient inventory, they will not be able to support this displacement. The most direct impact is that the channel is broken and customers run.It ‘s good for big businessmen.In 2011, Weida Wines won the exclusive agency right of Laviting in China from the Castrol Group, the largest wine producer in Europe.After growing up Laviting, Weida Wine started to focus on fine wines and high-end wines. In 2019, it won the exclusive agency of the Italian Fabrizio “Versace” wine in China.At present, the European wine brands operated by Weida Wines also include “circulation” in France and “Solomon” in Spain. It can be said that the main product brands are all from Europe.According to Xue Dezhi, Weida Wine’s inventory is sufficient to support the Mid-Autumn Festival.Although the European wine supply has been temporarily suppressed by the epidemic, the stocks of the Spring Festival are still in stock, so the sales of the company ‘s distributors have not been affected. “We just used this opportunity to clear the channel inventory to make the wine sell better and more smoothly.a little.”With regard to future changes in European wine quotations, Xue Dezhi said that the company has not yet received any price adjustment notices.However, in August each year, European wine will enter the picking season, which will cause certain pressure on the local wine storage, plus the epidemic will affect the global economy and purchasing power. Therefore, European brands, or Australian brands, may be replaced at low prices.Will improve.Wei Zhidan, general manager of Castile Importer and Liuzhou Jinzun Trading Co., Ltd., also believes that the selling and price reductions may exist. In the past, some people bet on the imported wine boom. Many small importers have done speculative business.Competition is becoming fiercer and prices are gradually becoming more transparent. Imported wine is far less profitable than imagined and has entered the era of meager profits.After the epidemic, many small importers may completely throw away the goods and fail to do well. Sauna, Yenet Guo Tie editor Peng Yali proofreading Li Shihui

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[Honey Roasted Wings]_Homemade Honey Roasted Wings_Honey Roasted Wings Practice_How to Do Honey Roasted Wings

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[How to eat Flammulina velutipes]_ Flammulina velutipes_How to do_How to do

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[How to do the authentic practice of the iron lion head?】 _How to do_Making method

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Diou Home Furnishing (002798) 2019 Third Quarterly Report Review: Performance Exceeds Expectations, Engineering Business Forces and Profits Continue to Improve

Diou Home Furnishing (002798) 2019 Third Quarterly Report Review: Performance Exceeds Expectations, Engineering Business Forces and 南京夜网 Profits Continue to Improve

Matters: The company announced the third quarter report of 2019, and the revenue for Q1-Q3 of 2019 was 41.

20,000 yuan, an increase of 29 in ten years.

47%; net profit attributable to mothers4.

26 ppm, an increase of 57 in ten years.

17%, net profit after deduction of 3.

750,000 yuan, an annual increase of 42.

07%; in the third quarter of 2019, it achieved revenue of 16 in a single quarter.

30,000 yuan, an increase of 28 in ten years.

44%, net profit attributable to mothers1.

930,000 yuan, an increase of 69 in ten years.

64%, net profit after deduction to mother 1.

70,000 yuan, an increase of 54 in ten years.

31%, performance exceeded expectations.

Comment: Ossino maintains strong growth and the engineering channel continues to exert its strength.

With the continuous expansion of the market share of self-employed projects and the continuous growth of the retail business, Ossino achieved operating income of 371,349.

780,000 yuan, an increase of 36 from the same period last year.

48%; realized net profit of 37,622.

370,000 yuan, an increase of 38 from the same period last year.

88%, net of consolidated assessment costs 1,655.

After 400,000 yuan, the net profit was 35,966.

97 thousand yuan.

The company is committed to its first-mover advantage accumulated over many years in the self-employed model of the engineering business, which is in line with the development trend of real estate new residential hardcover houses, as well as the retail model innovation and channel sinking layout, and its operating conditions have achieved rapid growth.

Profitability increased steadily, and customers gradually expanded.

The company’s gross profit margin for Q1-Q3 in 2019 was 35.

9%, increase by 1 every year.

4pct, the company’s customers continue to optimize, the company’s net profit for Q1-Q3 2019 is 10.

4%, increase by 1 every year.

8pct; single Q3 company gross margin 36.

7%, increase by 1 every year.

8pct, net interest rate is 12%, which is greatly increased by 2.

9 points.

We believe that as the new and old businesses are rationalized, the profitability level is expected to maintain a steady increase.

The continuous improvement of channel network construction is the basis for long-term development potential.

Bathroom products are mainly based on offline distribution, supplemented by e-commerce, overall home improvement and Internet home improvement, and gradually develop direct engineering business.

Oceanox has established a sales model focusing on tooling customers and dealer customers. On the basis of maintaining cooperation with existing customers such as Country Garden, Vanke, Evergrande, it has added Agile, Rongsheng, R & F, Xuhui, China Resources Land, etc.Large real estate developer clients, while promoting the retail channel layout.

We are optimistic about the coordinated development of the two major businesses of the company and maintain the “strong push” level.

1) On the channel side, Emperor Sanitary Ware and Ou Shennuo are expected to fully complement each other’s existing channels.

2) In terms of production capacity, on the basis of acrylic sanitary ware, Emperor Sanitary Ware will be transformed into Oceano’s position in ceramic products, technology and research and development advantages to supplement ceramic sanitary ware production capacity, and continue to provide financial support to Oceano to help it complete the construction of new production bases.Construction.We maintain that the company’s net profit attributable to the parent for 2019-2021 is 5, respectively.

35, 7.

21, 9.

34 ppm, corresponding to the current market value of PE is 16, 12, and 9 times. Considering the market development ability, maintain the company’s 22 times PE in 2019, the target price of 30 yuan / share, and maintain a “strong push” rating.

Risk warning: the downturn in the macro economy leads to sluggish demand, synergies, and market expansion is not up to expectations.

Offilight (002456): Business is back on track at optical upgrade + fingerprint penetration under the screen

Offilight (002456): Business is back on track at optical upgrade + fingerprint penetration under the screen

Opinion: At this point in time, we are optimistic about the company. As the leader in optics and touch recognition, the company is the first electronic echelon in terms of revenue and volume, and the allocation and transfer + state-owned shares reduce the pressure on capital.The short-term performance pressure does not change the essence of the leader.

At present it is estimated to be at the bottom of the electronic sector. The company is optimistic about the leading dividend + industry cycle and the company is forecasting to increase its flexibility.

Equity transfer + state-owned capital stock alleviation of capital pressure, provision for impairment and return to normal value, 19Q2 performance turned losses into profit.

In May 19, Nanchang Industrial Holding Group and its designated institutions were transferred to 16% of the shares of the company they held by Offi Holdings and concert parties, and also committed to share with Offi Holdings and Yuco within three years after the transfer of the shares.Act in unison to ensure that the company controls the right to operate. At present, 500 million prepayments for the transfer of shares have been paid.

In addition, the company actively dates state-owned shares to further reduce funding pressure, and has already received Nanchang Gaotou Construction, municipal public investment and industry alliance investment24.

9 trillion prepayment for transfer / capital increase.

In terms of finance, the company accrued impairment to restore normal value to relieve asset risk. The accrued asset impairment losses in 18 and 19Q1 were 18 respectively.

4, 2.

22 ppm, 19Q2 returned to normal levels to 0.

48 ppm. In terms of performance, the company turned a profit in 19Q2, with revenue of 129.

320,000 yuan, net profit attributable to mother is 2.

RMB 780,000, net operating cash flow 12.

370,000 yuan, 19-year interim report, the company’s book currency funds 34.

At 4.8 billion, the turning point of fundamentals improved.

Optical upgrade + fingerprint penetration under the screen is the main trend of the industry, and the growth track is expected to continue to benefit.

Smartphones have entered the mature stock market, and the specification upgrade has become the continuous theme of mobile phones. Among them, the optical upgrade of SLR + full screen with fingerprints under the screen significantly improves the user experience and has become two main growth tracks.

At present, according to counterpoint, the penetration of three-camera penetration in 15 years was 15%, and it is expected to break through the 50% penetration rate in 21 years. Apple’s new high-end series in 19 years was equipped with three-camera penetration. Under the demonstration effect of large manufacturers, it 重庆耍耍网 accelerated the penetration.Both camera volume and price have risen, and the company’s deep cultivation of the optical field is expected to continue to benefit from multi-camera penetration.

In addition, the demand for under-screen fingerprints is rapidly rising due to the trend of full-screen, and the market is still in the introduction period. The penetration rate in 19 years is expected to reach 20% (3% in 18 years). The company’s biometrics segment promotes the enjoyment of industry dividends.

The industry’s business climate is starting upwards and is optimistic that the company’s beta is expected to improve.

After 18 years in the electronics industry, it is estimated that the overall digestion is completed, the industry chain clears the inventory cycle, and the second half to next year will usher in a replenishment and technology upgrade cycle. It continues to be optimistic about 5G terminal innovation and the concentration of leading companies under the strong beta technology cycle, Estimated lifting logic.

As a leader in optics and identification, the company’s revenue volume is the first echelon of electronics (18 billion in revenue in 2013), and the impairment is restored to normal.Operating risk is lifted, short-term performance pressures do not change the essence of the leader.

It is currently estimated to be at the bottom of the electronic plate (finally the current PS (TTM) is 0).

79x), optimistic about the leading dividend + industry cycle upward, the company is expected to increase flexibility.

Investment suggestion: Due to the company’s radical development leading to 18 years of significant asset accrual, the current combination of state-owned assets, the company’s operations and downstream demand outlook, the company’s 19-20 year revenue from 538.


700 million to 500.


500 million, net profit from 23.

9, 30.

2 is adjusted to 5.

5, 20.

0 million.

Comparable companies (Lixun / Goer / Longxin / Xinwei) have a PE average value of 25x in 20 years, and prudently assume that the company will be given a PE variation of 22x in 2020, corresponding to a target price of 16.

24 yuan / share, give “Buy” rating.

Risk reminder: the capital chain is broken, the state-owned assets are less than expected, the asset impairment is lower than expected, the optical upgrade and the fingerprint penetration under the screen are slow, and the Sino-US trade deteriorates

Hailan House (600398): The tide brand black whale joins hands with Glory of the King cross-border social marketing to ignite the e-sports soul

Hailan House (600398): The tide brand black whale joins hands with “Glory of the King” cross-border social marketing to ignite the e-sports soul

Event: The company participated in the tide brand black whale HLAJEANS and reached an official cooperation with the King Glory Professional League to provide official competition clothing.

The 2019 King Glory Professional League (KPL) Spring Conference launch event was announced, and the Black Whale brand was announced as the official partner of KPL, which will provide KPL teams with uniforms.

The King of Glory Pro League is the highest-spec professional tournament of the “Glory of the King” game. Similar to the traditional sports league, it has a complete competition system and evaluation system, and a stable audience.

According to official website data, the content of the King Glory professional tournament system in 2018 exceeded 17 billion, with a continuous increase of 65%; the number of single-day live views of the KPL Autumn Finals exceeded 300 million, an increase of 26%, both hitting a record high.

“Glory of the King” is a leading mobile game player with social attributes and strong traffic introduction ability.

1) The download volume of mobile games is at the top.

“Glory of the King” is a heroic competitive mobile game independently developed by Tencent. According to Tencent Encyclopedia, the game ranks first in the total revenue of various app stores in China; according to Qimai data, its application tops the list of game app downloads.Bit; according to Aurora Big Data, “Glory of the King” penetrated and replaced 17 in late 2018.

36% ranked first in mobile game apps; according to iResearch data, as of January 2019, the number of monthly independent devices for the game is 1 in all channels.

500 million units.

2) Strong social function and wide audience coverage.

The convenience of the mobile device of the game has attracted the original MOBA game crowd to join the personal computer; at the same time, the rhythm of the mobile terminal is accelerated to meet the needs of office workers and the fragmented entertainment of the student group.

The game’s “five blacks” cooperative game mode can bring a lot of recommended traffic and continue to stimulate player activity.

The black whale brand is positioned as a tide brand, with the glory of the king igniting the new generation of competitive tide souls.

1) Young people have high coincidence.

Black Whale HLAJEANS is a youth apparel brand launched by the company in 2017. It forms a differentiated consumer group coverage with the main brand of Hailan House. We expect the number of stores to exceed 200.

According to iResearch data, nearly 40% of the users of “Glory of the King” are younger than 24 years old, and 32% of the users are 25-30 years old. They are very branded with the black whale brand consumer group.

2) Chao Chao cultural property fits.

KPL fans have a strong sense of identification with the competition team and competitive players, showing a confident and bold, 武汉夜生活网 unwilling mediocre fighting spirit, and the black whale brand with an “uncompromising” brand attitude, and further strengthen the brand new generation tide group label.

3) The company is actively attempting cross-border marketing of e-sports events.

The company has experience in new marketing.In 2018, the main brand launched a cross-border cooperation with the game “ Jesus Survival ”, integrated game elements into Hailan House men’s clothing, and launched internal gift packages including joint limited edition T-shirts, which were well received by users.

“Glory of the King” is based on the positioning of the national game, covering a large group of young people. The 15 team’s exclusive uniforms are put on the line and try to set off a wave of attention again.

The development of emerging brands and emerging markets 南京龙凤网 is accelerating, and the strategic layout of the multi-brand management group is clear.

We expect the company’s number of emerging brand expansion stores in 2019 is expected to exceed 200, of which: 1) Hailan’s preferred home and lifestyle brand benchmarked the Chinese version of “Muji”, and the shopping mall channels in the second and third tier markets have developed smoothly to meet the cost-effective experienceNew consumer trends.

2) Light luxury brands have successfully covered the first- and second-tier markets, and women’s clothing brands have continued to open stores faster than expected, creating a “feel of high-end effort”.

3) Overseas stores are in full bloom, and Guochao has entered the markets of Malaysia, Thailand, Singapore, Vietnam and other countries. It is expected that the number of overseas stores will exceed 30. It is expected to further enter Indonesia, the Philippines and other markets in the future.

The company is a leader in the apparel industry. New brands and new marketing have been rolled out to maintain the “buy” level.

We believe that the company belongs to the new brand with rapid expansion of store opening, comprehensive expansion of channel outlets, and active promotion of cross-border marketing activities.

We maintain our highest profit forecast, with EPS expected to be zero in 18-20.



89 yuan, corresponding to 13/12/11 times the PE.

Considering: 1) According to the Shanghai Securities Journal, the company is a large-cap stock of MSCI.

The company’s total market value and liquidity are at the forefront of the industry. Since its listing in 2014, the company has accumulated dividends of more than 7 billion U.S. dollars, and it is expected to obtain a premium price with the increase in acquisition allocation.

2) As the industry leader, the PE of 12 times in 2019 is far lower than the industry’s average valuation level, and it should deserve a certain estimated premium; 3) The company launched a five-year dividend plan and the total amount of the first phase of repurchase 6


98 trillion, full confidence in long-term development.

We give the company a target of 18 times PE this year, corresponding to a target price of 14.

9 yuan, 48% more space than the current one, maintain the “Buy” rating.