Collis (603808): Direct business maintained stable and solid multi-brand layout

Collis (603808): Direct business maintained stable and solid multi-brand layout

19Q1-Q3 revenue / net profit attributable to mothers is increasing by 8 per year.

6% / 2.


19Q1-Q3 company income 18.

800 million, an increase of 8 in ten years.

6%, net profit attributable to mother 2.

800 million, an increase of 2 in ten years.

6%, gross margin 66.

1%, a decline of 3 per year.

2pct, net interest rate 16.

9%, down by 1 every year.

6 points, net cash from operating activities.

10,000 yuan, an 合肥夜网increase of 19 in ten years.


Revenue in the third quarter 19 6.

200 million, downgraded five years ago.

5%, net profit attributable to mother 0.

800 million, down 20 every year.

5%, gross margin 64.

1%, a decline of 6 per year.

1pct, net interest rate 14.

9%, a decline of 5 per year.

9pct, net cash from operating activities 0.

800 million, downgraded to 0 ten years ago.


EdHardy’s revenue has dragged down overall revenue growth.

19Q1-Q3ED brand revenue 3.

100 million, downgraded 17 a year.

2%. At the end of the period, there was a net increase of 6 to 173 stores, of which 9 were reduced by franchising, and 15 were added by direct sales. Based on the increase and decrease of the number of stores, we believe that the sales of franchised stores may be slightly worse than directly operated.

We judge that the direct-operated stores are docked with the company’s inventory in real time, and can be adjusted in time according to the market. In addition, the early delivery model is adopted. If the sales situation changes, it is difficult to coordinate as a whole.

In terms of the company’s overall ending inventory, the annual increase is 13%, which is higher than the current income growth rate. We judge or the impact caused by the return and exchange of the franchise business. We believe that this factor will be gradually eliminated and revenue may resume growth.

Major brands maintained stable same-store growth.

19Q1-Q3 main brand Ellassay earned 7.

4 trillion, an increase of 4 in half a year.

2%, the earlier 19H1 improved over 7% growth rate.

At the end of the period, the brand has a total of 307 stores, which is reduced by 2 each year. Of which, the direct-operated stores increase by 8 every other time. Since the beginning of this period, the net increase of stores for the first time has been increased several times, and the number of franchised stores has decreased by 10.

We believe that the direct business of the brand maintains a steady growth, and the same store may maintain a positive growth when the number of stores decreases.

Laurel grew steadily and IRO performed well.19Q1-Q3 Laurel brand revenue was 7,991 million, and its value-added for many years4.

5%, continuing the upward growth trend from the beginning to the present (19Q1: -13.

6%, 19H1: 3

8%), with 47 stores at the end of the period, and a net increase of 12 in a year. In the future, brands will continue to expand the core business district channels of first- and second-tier cities and gradually increase their market share.

IRO income 5.

0 million yuan, an increase of 20% a year, maintaining stable growth.

Baiqiu E-commerce achieved revenue 2.

3.7 billion, an increase of 57% a year.

Based on the disclosure of Baiqiu’s net interest rate in the semi-annual report, we estimate that 19Q1-Q3 subsidiaries will achieve a net profit of 40.39 million yuan.

Baiqiu has established an industry leading position in the field of light luxury and luxury brand services, and has further accelerated the pace in overseas markets. In the future, it will form an overall e-commerce business in China, the Philippines, Malaysia, India, Singapore, Thailand, Vietnam and other countriesservice system.

Franchise business adjusted, gross profit margin dropped slightly.

In the first three quarters of 19, the company’s gross profit margin was downgraded for ten years.

2pct, mainly due to the adjustment of franchise business, and the gross profit margin decreased year by year4.

9 points.

Looking at the expense ratio, the sales expense ratio is 31%, which increases by 0 every year.

8pct, management expense ratio 13.

4%, a decline of 0 per year.

1pct, financial expense ratio is 0.

5%, rising by 0 every year.

6pct, mainly due to the increase in exchange loss losses and the decrease in deposit interest income.

Profit forecast and estimation.

2019/8, the company and the founder of the self-portrait brand set up a joint venture to operate the brand’s business in mainland China. As a result, the company already has seven fashion brands, covering different market segment needs, in channels, brand promotion, supply chain systemThe synergy effect in construction and other aspects is obvious.

Taking into account the pressure of ED brand sales, we slightly reduce the net profit attributable to mothers to 4 in 2019 and 2020.

0西安耍耍网 3, 4.

60 ppm, given the company’s 2019 estimated PE range of 13-14X, corresponding to a reasonable value range of 15.


94 yuan, maintaining the “primary market” rating.

risk warning.

The terminal retail environment is weak and the cultivation of new brands has fallen short of expectations.

Linglong Tire (601966): Performance Exceeds Expectations: Production and Sales Contradicting Growth

Linglong Tire (601966): Performance Exceeds Expectations: Production and Sales Contradicting Growth

The event company released its 2019 Interim Report: The reported company achieved operating income of 83.

1 ‰, +14 a year.

74%; net profit attributable to parent company7.

25 trillion, +38 a year.

47%; net profit after deduction 6

54 ppm, +28 a year.

6%; basic return 0.

6 yuan brief comment on tire production and sales growth against the market, Q2 price increase rate, gross margin hit a new high in 17 years and entered 2019, affected by factors such as rapid domestic economic growth and early implementation of the National Sixth Standard, the development of the automotive industryStill tough.

According to the number of reports, the domestic production and sales of automobiles are 1213 respectively.

20,000 and 1232.

20,000 vehicles, down 13 each year.

7% and 12.


Under the potential fluctuation of the automobile market, the company actively explored the sales market, and the production and sales volume increased against the trend. In the first half of the year, the company achieved 2,906 tire production and sales volume.

180 thousand and 2757.

750,000 articles, an increase of 8 in ten years.

09% and 7.


In terms of price, due to the increase in prices of some tire products and the optimization of the sales product structure, the company achieved a +10 increase in tire product prices in the second quarter of 1919.

31%, first quarter price quarter +2.

75%, the annual growth rate of Q2 in the single season has increased significantly.

In terms of cost, Q2 mainly purchases raw materials such as natural rubber, synthetic rubber, carbon black, steel cord, and cord fabrics. The overall price has been -0.

5%, Q1 single season half a year -2.


It is precisely based on the significant increase in Q2’s single-quarter price over the growth rate. On the basis of the small change in Q2’s single-quarter production and sales volume, the company’s Q2 performance achieved a quarter-on-quarter improvement.

As far as the report is concerned, in the context of rising tire product volume and price, the company achieved a comprehensive gross profit margin of 25.

23%, ten years +1.

4pct, a new high since 2017.

During the period, the expense ratio increased slightly. During the period, the company’s overall expense ratio remained relatively stable and increased slightly.

Reporting company incurred selling expenses5.

09 million yuan, sales expense ratio 6.

1% (decade +0.

1 pct); incurred administrative expenses 2.

46 trillion, 7% overhead cost (ten years +0.

19pct); financial expenses incurred 1.

9 trillion, financial expense ratio 2.

3% (decade +0.

58pct). Serbian factory starts to lay foundations. In the “5 + 3” strategic layout, at the end of March 2019, the company’s Serbian factory started to lay the foundation and became the company’s second overseas factory.

The company officially has 4 domestic factories and 2 overseas factories. The global “5 + 3” layout strategy proposed at the beginning of 18 is being implemented in an orderly manner.

It is estimated that by 2020, the company plans to produce 90 million tires.

In the short term, the projects in Jingmen, Hubei (1 million full steel and 4 million semi-steel) in the first phase and Serbia (3.5 million semi-steel and 800,000 full-steel in the first phase) projects will bring considerable increase to the company.

In addition, the fifth largest domestic production base and overseas American bases will be gradually confirmed, and the growth is highly certain.

Continue to deepen the market and build the growth of the brand value chain report. The company continues to innovate and advance with the times in core technology research and development, supply chain ecological management, emerging market development, brand value chain creation, and multiple services.

Three new products are developed every day. There are 6 R & D institutions in the world, and more than 16,000 employees. They provide supporting services for more than 100 production bases in widely-known automobile factories around the world, becoming world-class Audi, Volkswagen, GM, Ford, Renault Nissan and other world-class.The global supplier of automotive plants is ranked in the top 20 tires in the world, and it is the top 3 tire manufacturer in China and the top 500 in Asia.

Share 杭州桑拿网 repurchase for equity incentives, showing the company’s development confidence On January 17, 2019, the company announced that it intends to use its own funds to repurchase the company’s shares through centralized bidding. The repurchase is expected to not exceed RMB 400 million, not less than RMB2.

5 trillion, the share repurchase does not exceed 1 of the total share capital.

83%, share repurchase to obtain equity incentives.

Demonstrate the firm confidence of the company in its future sustainable development capabilities.

As of May 29, 2019, this share repurchase plan has been implemented, and the company renewed its purchase of 2,1999,951 shares, accounting for 1.

83%, pay gradually 3.

6.2 billion.

The industry structure has been optimized. In 19 years, the tire industry has grown against the trend. The company worthy of attention is in a leading position among the domestic tire industry. It has been ranked among the top 20 tires in the world and the top 5 tires in China for many years. Its products sell well in more than 180 countries and regions worldwide., Successfully supporting GM, Ford, Volkswagen, Geely, Sinotruk and other 60 series of world-renowned car companies.

At present, the scale of Linglong semi-steel radial tires ranks first in the domestic tire industry, and the scale of all-steel radial tires ranks second in the domestic tire industry.

We are optimistic about the company’s internal parallel layout strategy. At the same time, during the past two years, the continuous reform of the internal tire industry’s supply side has been continuously promoted. The industry structure has been significantly optimized. Against the background of the downstream automobile industry’s breakthrough, the tire industry’s 19-year contrarian growthIt deserves our deep attention.

In the future, the industry concentration will continue to increase, and the company is expected to benefit significantly.

We expect the company’s net profit for 2019-2021 to be 14 respectively.

4, 17.

5 and 21.

200 million, corresponding to PE, 16, 13 and 11 times, maintaining the “buy” level.

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.

Sante Ropeway (002159): The preliminary performance of the company’s operating performance in 1H19 was lower than expected

Sante Ropeway (002159): The preliminary performance of the company’s operating performance in 1H19 was lower than expected

Prediction of company performance improvement The company’s 1H19 results announcement is attributed to the parent company’s net profit of -0.

3 to -0.

400 million, lower than our expectations.

Points of Attention The company’s net profit attributable to its mother in 1H19 has fallen sharply compared with the same period last year.

In 1H18, the transfer of the equity of Xianfeng Pingba Company resulted in a one-time large investment income1.

320,000 yuan, so the base is high during the same period.

The company’s performance was affected by adverse factors, and its profitability was weak.

1) 1H15 / 1H16 / 1H17 / 1H18 return to the mother net profit is -0.

29 / -0.

28 / -0.


97 trillion, of which 2Q15 / 2Q16 / 2Q17 / 2Q18 return to the mother net profit were -0.

08 / -0.

11 / -0.


2.4 billion, excluding 2018 external expected earnings.

2) 1Q19 company’s net profit attributable to its parent-0.

39 megabytes, speed estimation 2Q19 companies can basically achieve breakeven.

The ticket price has been reduced, and the profitability of Fanjingshan Scenic Area has decreased: 1) Fanjingshan Tourist Area of Guizhou is the company’s main operating attraction.

In 2018, Fanjingshan Scenic Area’s total revenue accounted for 39% of the company’s operating income, contributing 86.

5% return to mother’s net profit.

2) 杭州桑拿网 Fanjingshan Scenic Area Tickets will be reduced from 10 yuan to 100 yuan from October 2018, and free tickets or half-price off-season promotions will be promoted from December 2018 to February 2019.

The reduction in tickets has a disruptive effect on the company’s overall revenue.

Continue to deal with low-quality assets: 1) The company’s classified assets are consolidated, but many have weak profitability and quality scores.

For example, in 2018, only 8 of the company’s 14 main subsidiaries were profitable.

2) In 2019, Chongyang Sante Lushuihe Ecological Farm Development Co., Ltd. and Nanzhang Sante Tourism Real Estate Development Co., Ltd. will not be consolidated.

Estimates and recommendations As the performance forecast is lower than our expectations, we lower our EPS forecast for 2019 / 20e by 22% / 22% to 0.


37 yuan.

We maintain our neutral rating and lower our target price by 22% to 16.

30 yuan, corresponding to 69x / 44x 2019 / 20e P / E, compared with the current expected increase of 8%.

The company’s current consensus corresponds to 50x / 32x 2019 / 20e P / E.

The improvement of venture company management failed to meet expectations; resource integration and asset replacement failed to meet expectations.

Daqin Railway (601006) Interim Report Comments: Poor Performance Meets Expected Demand, Slows Traffic Volume

Daqin Railway (601006) Interim Report Comments: Poor Performance Meets Expected Demand, Slows Traffic Volume

In the first half of the year, revenue increased by 5 per year.

86%, profit is reduced by 3 every year.

74%, performance in line with expectations On August 28, Daqin Railway released its 2019 Interim Report: 1) Based on the restatement statement, revenue growth increased by 5.

86%, net profit attributable to mother decreased by 3.

74%; 2) Calculated according to the previous statement, income increased by 8.

15%, earnings decreased by 1.

85%; 3) Interim results are slightly higher than our profit forecast1.


The main reasons for the decline in profit are: 1) weak demand for thermal coal; 2) high inventory and enthusiasm for purchasing;

We expect the EPS for 2019-2021 to be zero.

92, 0.

93, 0.

91 yuan, maintaining a target price of 8.


20 yuan and “overweight” grade.

The demand for downstream coal is not good. The traffic volume of the Daqin Line slightly decreased in the first half of the year.

85% (measured by unreported statements), mainly due to the shift in freight volume of the Daqin Line.

From January to June, the freight volume of the Daqin Line decreased by 3 every year.

17%; average daily traffic is 120.

55 inches, less than full load 3.


This is mainly due to the weak demand for thermal power, dragged down by higher upstream inventory.

In the first half of the year, the country ‘s thermal power generation capacity only increased slightly by 0 each year.

2%, while hydropower increased by 11.


The daily coal consumption of the six major power plants along the coast dropped by 8.

7%; its average coal inventory reached 1,605 tons, which is 29% higher than the same period last year.


In terms of competition structure, the Mongolian-Jilin line quickly increased capacity and lowered the freight rate in the second quarter, which had a diversion effect on the Inner Mongolian supply of the Daqin line.

(Data source: Wind) The spread of financial expenses decreased. Shuohuang Company’s contribution during the period of prominent decline in expenses and increase in investment income. Tanggang Company’s consolidation has a positive effect on profitability.

In 1H19, the company’s period expenses decreased by 8.

70%, of which sales, management (including R & D), financial expenses decreased by 520, 270, 31 million yuan; investment income continued to increase4.

31%, of which Shuohuang Company’s investment income increased by 64.64 million yuan; Tangang Company consolidated at the end of 2018 and contributed about 1 net profit in 1H19.

9.2 billion yuan.

However, these positive pulls are not as effective as the staggered migration of the Daqin line.

The first season is not busy, and the demand growth trend may continue into the second half of July-August. The daily power consumption of downstream power plants is weaker than that of the same period last year, and the daily coal consumption of the six major power plants continues to decline.

In the first half of August, the coal import volume of the Qingang Railway decreased by 17.
69% was mainly affected by the rush repair of Qingang power supply cables and Typhoon Lima.

At present, the annual inventory is at least basically flat.

On August 28, the inventory of the six major power plants was 1,641 long, 122 positions higher than the same period last year; their coal availability days were about 21 days, and then 1.

8 days; Qingang inventory is 598 tons, 24 fewer than the same period last year.

In the early season, the coal market is not busy, and it is included in the clean energy squeeze and environmental protection policy constraints. We judge that the trend of coal transportation demand may 南宁桑拿 continue.

(Data source Wind) The Menghua Railway is about to open, and the pressure of line competition is gradually showing that Xi’an Bureau and Hohhot Bureau have reduced their freight rates in 2Q19. The Menghua Line is expected to open in 4Q19 (according to the Shanxi Provincial Department of Transportation)Competitive pressure is gradually emerging.

We expect the Daqin Line to carry 4 in 2019/20/21.



4.5 billion tons.

Based on the interim report, we slightly adjusted the net profit attributable to mother to 137 in 2019/20/21.



6.5 billion (previous 137.



01 billion).

Estimate basis 9.


0x 2019PE unchanged, maintain target price of 8.


20 yuan.

Assume that the dividend rate for 2019-2021 is the same as for 2018 (49.

06%), the dividend yield 成都桑拿网 is expected to be 5.

87%, 5.

89%, 5.

80% (based on the closing price of 8/28/2019).

Maintain the “overweight” rating.

Risk reminder: The economy is going down fast, the railway transportation capacity of Mongolia, Hebei and Japan is accelerated, and the highway governance is relaxed.

NavInfo (002405): Signed Mitsubishi Electric’s 2021-2026 map purchase contract to highlight the true nature of the map’s leader

NavInfo (002405): Signed Mitsubishi Electric’s 2021-2026 map purchase contract to highlight the true nature of the map’s leader

Recent situation of the company On the evening of September 2, the company issued an announcement and signed a purchase contract for Mitsubishi Electric in the areas of electronic navigation maps, real-time traffic information, and license plate restrictions.

The Mitsubishi Electric’s in-vehicle terminal products will be used in the TSU3 equipped for mass production and marketing in 2021-2026 sold in China.

Models such as GAC Honda and Dongfeng Honda on platform 0.

After the contract expires, NavInfo will continue to provide map maintenance services for Mitsubishi Electric for 5 years.

Comment on the market share again, highlighting the true nature of charter leaders.

Mitsubishi Electric is a newly signed customer of the company. This time, it successfully won a five-year purchase contract. We believe this signifies that the company’s product classification has been recognized by more customers, and its market share has further expanded.

According to Analysy Data’s February 2018 quarterly data, NavInfo’s new market share (by load) reached 38.

55%, if calculated in terms of amount, we expect this proportion to be even higher.

We expect to continue to strengthen the company’s product advantages (Siwei Tuxin invests nearly 30% of its R & D investment every year in the field of traditional navigation maps, and it has reached 11 in 2018.

70,000 yuan, an increase of 18 in the first half of 2019.

59%), the living space of small and medium graphic quotients will be further squeezed.

Conservative calculations will increase revenue by at least 100 million in the medium term.

According to Marklines data, in 2018 Honda and Acura sold 147 ideas in China.

50,000 vehicles.

We conservatively estimate the loading capacity of 1 million vehicles per year. This purchase order is expected to contribute 200 million yuan to the company in the medium term (2021-2026)?
300 million incremental income.

In addition, we believe that Mitsubishi Electric is expected to become the company’s mid-to-long-term strategic customer, and the possibility of further and further cooperation is not ruled out in the later stage.

For example, 淡水桑拿网 in 2017, Mitsubishi Electric started cooperation with ADAS in the field to explore autonomous driving together. If Mitsubishi Electric seeks cooperation in the Chinese market in the future, we believe that NavInfo will have a first-mover advantage.

The top graphic dealers are fully deploying autonomous driving and connected cars.

Starting from a leading domestic map manufacturer, NavInfo has gradually expanded its business to the conversion of various industrial chains and completed the comprehensive layout of the autonomous driving and connected car industries. We believe that the company is expected to fully share the industry growth dividend.

The company also joined hands with Huawei to create a “Huawei + Four-Dimensional” smart car technology overall solution.

Huawei has deep accumulation in the 5G field and 天津夜网 aims to become a tier 1 supplier in the era of smart cars. By leveraging partners, it can help NavInfo to seize the opportunity.

The estimation proposal considers that the contract will perform in the medium term (2021), and we temporarily maintain the company’s profit forecast and estimates unchanged.

Maintain target price of 17 yuan and outperform industry rating. Based on 2019 segment total valuation method, corresponding to 68 times 2019 price-earnings ratio.

The company is currently trading at 65.


1x 2019/20 price-earnings ratio, our target price corresponds to 5% upside.

Risky new product investment exceeded expectations; auto market sales were sluggish.

Resumption of labor and resumption of production is imminent.

Resumption of labor and resumption of production is imminent.

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

  Resumption of labor and resumption is imminent, and the funds to participate in the “resumption market” in advance are playing!北京夜网

The largest inflow of funds from the A-share sector has the largest increase!

  Source: e-company official Weiyin Kangyin’s frequent national resumption policies, A shares this week, “return to work” has taken the lead!

  Image source: Tuworm Creative New Crown Pneumonia Epidemic, the company can’t wait to resume work and resume production, and supporting policies have been continuously launched.

On February 16th, the General Administration of Customs issued 10 measures to support foreign trade enterprises to speed up the resumption of production and promote the steady growth of foreign trade.

  According to the resumption of work announced by the local governments, most areas except Hubei have begun to resume work.

Tianfeng Securities pointed out that due to the different ways of working in different industries, the pace of return to work is very different.

  The agency believes that entering most cities has begun to enter the resumption phase. The manufacturing-related market has started last week, and the cyclical industries such as building materials, steel, and coal will continue to perform.

  Resumption of production and resumption intensified in various places. “Our current production capacity has only recovered to about 30% of normal levels, and we will make further decisions based on the situation.

“Hou Bo, safety director of Laird Electronic Materials (Shenzhen) Co., Ltd., located in Fuhai Street, Baoan District, said in an interview.

In addition to the normal work of more than 400 people, Laird has more than 400 special employees. Because they left Shenzhen during the Spring Festival, to ensure safety, Laird chose not to allow these employees to live in the park, or even out of bread.500 hotel rooms and deliver them three meals a day.

  Laird is just the “tip of the iceberg” of many previously resumed enterprises under the impact of the epidemic.

  A video conference on the resumption of production and resumption of production of central enterprises under construction by the SASAC on the 15th.

The meeting mentioned that at present, the resumption rate of over 20,000 major production-type subsidiaries of 96 central enterprises (excluding enterprises in the commerce, trade, finance, real estate and other categories, and construction and construction enterprises separately counted according to construction projects) has reached 81.


Building construction enterprises are affected by factors such as employment, materials, and transportation, and there is still room for improvement in repeated replacements.

  In addition to state-owned enterprises, local enterprises are stepping up and restarting production.

  On the Jiangsu side, since February 10, after the Jiangsu Province has accurately and orderly resumed work and resumed production, the rate of resumption of industrial enterprises above designated size has exceeded half.

As for Liaoning, as of 24:00 on February 13, Liaoning had resumed the operation of 4,262 industrial enterprises above designated size, with a return rate of 57.

7%, reaching 68 in the same period of previous years.


  In Guangdong, Foshan, a major manufacturing city, has resumed industrial and trade distribution businesses1.

With 20,000 digits, the number of workers gradually recovering exceeded 600,000, of which the scale exceeded the operating rate of enterprises by nearly 50%.

  It is understood that the main factors constraining the resumption of production and work in enterprises are the flow of people, logistics and epidemic prevention equipment.

According to data from the Ministry of Transport, by the end of the Spring Festival on February 18, there were 1.

600 million people return to work on the return journey. At the same time, inter-provincial bus stoppages and other factors will affect the return of migrant workers to the city.

  At the logistics level, major express delivery companies have resumed work, but the rate of return to work was only around 40% by mid-February. The epidemic still affects logistics-related industries such as transportation, warehousing, and express delivery.

In terms of epidemic prevention equipment, the current policy requires companies that resume work on site to provide employees with basic anti-epidemic equipment such as masks. The National Development and Reform Commission revealed that 25% of mask companies have not resumed work. The constraints are labor and raw materials.

  Safeguard measures promote resumption of work and production To promote enterprises to resume work and production as soon as possible, local government departments continue to move.

  For example, Shenzhen, where Laird is located, while the Shenzhen SASAC is doing its best to prevent and control the epidemic, it is orderly to promote the resumption of work of city-owned state-owned enterprises. Among them, priority is given to the protection of livelihoods such as water electrification, rice bags, vegetable baskets, and public transportation.All enterprises resumed work.

In addition, Shenzhen state-owned and state-owned enterprises reduced rents by more than 1 billion yuan to support the development of private enterprises.

  In order to effectively help enterprises recruit and stabilize workers, the Fuzhou Bureau of Human Resources and Social Security issued the “Notice on Doing a Good Job in the Resumption of Production and Employment of Enterprises in Our City”.

Those who have been identified by Fujian Province and Fuzhou City Industrial and Information Technology Department as masks, protective clothing and other epidemic prevention and control, medical supplies and supporting materials production enterprises, recruit themselves or be hired by the company ‘s old employees “employment by industry” to recruit urgently needed production personnel, full employment of threeMonthly, the company will be given a recruitment subsidy at the rate of 2,000 yuan per person.

  National ministries have also continued to move.

For foreign trade enterprises, on February 16th, the General Administration of Customs issued 10 measures to support foreign trade enterprises to step up production and promote stable growth in foreign trade.

The 10 measures include: increasing support and alleviating business difficulties.

Simplify the process of business registration or filing. If there is a change in business registration information, except for the business name that needs to be submitted online for change, there is no application for change in other registration information, and relevant processing will be performed after the epidemic situation is over.Timely help enterprises, especially small, medium and micro enterprises to solve problems encountered in import and export.

Guide enterprises to standardize management, reduce import and export declaration errors, and avoid procedural violations.

  At the press conference of the State Council Office on February 15th, the two parties and one bureau stated at the same time to fully support the resumption of production and production.

  Specifically, it was gradually stated that a green channel for payment and settlement was established to ensure timely transfer of funds to the accounts.

The next step will further accelerate the work in the field of mobile payments.

The China Banking Regulatory Commission stated that all insurance institutions should promote simplified procedures for insurance claim customers infected with new crown pneumonia or damaged by the epidemic, improve efficiency, and pay as soon as possible.

The China Securities Regulatory Commission stated that priority should be given to financing in areas with severe epidemics and companies involved in the fight against the epidemic, and timely supervision of the “green channel”.

The foreign exchange bureau stated that the impact of the epidemic was temporary and limited. In the future, the local balance of payments would remain basic, and conditions could continue to be basically balanced.

  Listed companies, as one of the main forces of resumption, have also received special attention from the regulatory authorities.

  The Shanghai Stock Exchange pointed out on February 16 that it is necessary to strengthen the risk ranking of listed companies.

The first time to organize efforts to find out the resumption and production of listed companies, understand the impact of the epidemic situation on the production and operation of listed companies, understand the reasons for the replacement and resumption of production and the practical difficulties they face.

According to the actual situation of the in-depth analysis, according to the pressures of resumption of work, logistics failure, capital flow and other pressures faced by listed companies, the relevant research and proposed solutions.

  At the same time, pay close attention to the impact of secondary market fluctuations on listed companies, focus on the risk factors of companies on the verge of delisting, follow up on types of issues such as epidemic prevention and control concept stock speculation, and stock pledges that may affect the overall market operation.Investigate risks.

  A large amount of funds participated in the “resumption of work” to return to the A-share market. Since last week, the news of policy-encouraged regions and enterprises to resume production and stimulate production has stimulated. Real estate, construction materials, construction machinery and other infrastructure stocks performed well last week.

Great Wall Securities pointed out that after most cities have begun to enter the resumption phase, the manufacturing-related quotations already launched last week. Building materials, steel, coal and other cyclical industries will continue to develop. Specifically, from the Shenwan first-level industry observation, theThe weekly non-ferrous industry has increased by 10.

46%, the highest in various industries, construction materials, agriculture, forestry, animal husbandry and fishery, real estate, electronics, mining and mining followed closely behind.

  Funds flow upwards. According to wind data, the non-ferrous industry received a net inflow of 14 main funds last week.

6.3 billion yuan, ranking first in various industries.

This was followed by a net inflow of real estate8.

7.6 billion yuan, construction materials 8.

7.5 billion yuan.

  Last week, the non-ferrous industry had a significant increase. Founder Securities (right protection) research pointed out that the non-ferrous industry as a whole has basically resumed work, and those that have not resumed work in some areas are also in accordance with local government requirements. Overseas factories are operating normally.

  Non-ferrous metal sector recent trend chart Guangfa Securities pointed out that Zijin Mining, Luoyang Molybdenum, Shandong Gold and other large mining companies have basically resumed their operations. Huayou Cobalt, Ganfeng Lithium, Tianqi Lithium and other processing companies are also basicallyWork has resumed.

The epidemic has a certain impact on the supply and demand sides of the non-ferrous industry. The supply side is currently limited, especially the mining companies’ mines are basically located in sparsely populated areas. The demand side is mainly located in the downstream construction progress.The overall impact on the demand side is limited.

  Construction materials rose 8 last week.

63%, second only to non-ferrous.

GF Securities pointed out that at present most of the building materials companies have resumed work.

In addition, investors need to pay close attention to the progress of epidemic control; if the epidemic is well controlled, most areas can resume work gradually, and the overall impact on many building material companies is relatively limited.

  One point is that this outbreak has a certain degree of interest rate impact on the economy and employment in the first quarter and even the first half of the year. Paradoxes will promote the expansion of fiscal and monetary policies after the improvement of prevention and control measures.Steady growth in infrastructure will still be vigorously promoted, and it may even increase further.

  Last week, the real estate industry gradually increased by 7.


It is understood that the headquarters offices of most real estate companies have been restored last week and this week, and they are mainly remote-based. However, the real estate resumption mainly depends on the situation of the sales office and the construction site.

  Founder Securities pointed out that the current start of construction sites is mainly subject to the policies of the local government and the Housing Society. The resumption time of each city is different. The time announced by multiple provinces is No. 10, Hangzhou No. 20, Zhengzhou Hefei March, Heilongjiang AprilMid to late.

Overall, the recovery has been almost started since March.

The Hong Kong Housing Society has previously issued a document requesting the cessation of sales offices and intermediary activities. The recovery time is yet to be determined.

GF Securities believes that the real estate affected by the epidemic is neutral, and if the epidemic is controlled within February, the scale will be smaller.

Gree Electric (000651) released a comment: mixed reform is about to land, it is estimated that the center can be upgraded

Gree Electric (000651) released a comment: mixed reform is about to land, it is estimated that the center can be upgraded

Zhuhai Mingjun led by Gao Feng Capital became the final transferee of Gree’s 15% stake in Gree. On the evening of October 28, 2019, Gree Electric announced that the final transferee of the 15% stake in the company to be transferred by Gree Group’s proposed agreement was瓴 Capital-led Zhuhai Mingjun must sign the Distribution Agreement with Gree Group within 10 working days.

In order to maintain the stability of consensus, Zhuhai Mingjun has submitted an invitation to cooperate with Gree Electric Appliances. If the invitation is accepted, the two parties must disclose the specific cooperation plan before the signing of the “Share Transfer Agreement”.

Reviewing the history of mixed reforms, after seven months of landing, Gree Electric announced for the first time on April 1, 2019 that Gree Group, the controlling shareholder, is planning to transfer part of the shares held by Gree Electric; on April 9, it announced that it intends to transfer the share capital9.

0 billion shares (accounting for 15 total shares).

0%) and the transfer price is not less than 45.

67 yuan / share (after ex-rights ex-dividend adjustment to 44.

17 yuan / share); announced on August 12 that Zhuhai SASAC agreed with Gree Electric on the routine distribution project of publicly soliciting the transferee plan, the provisions of the intent method and law, and in promoting the company’s development, implementing stability, improving governance structure, etc.On September 3, the company announced that the intention of the transferee was Zhuhai Mingjun and Houpo, who were involved in Gao’an, respectively.

On the evening of October 28, it was announced that Zhuhai Mingjun triggered by Gao Yong became the final transferee, marking that after 7 months of mixed reforms, Gree Electric could replace traditional holdings and convert it into a shareholder property diversified equity structure.

Gaofeng Capital’s investment performance in various fields is outstanding, and Zhuhai Mingjun, which has achieved good synergy, has achieved outstanding investment performance in consumption, advanced manufacturing and other fields. It has a better strategic resource reserve and is expected to help Gree Electric in the new 杭州桑拿 stage.Development is leading forward.

Considering Zhuhai Mingjun’s invitation to cooperate with Gree Electric, we expect that the existing ones will maintain stability and maintain a high degree of autonomy in the scale of operations. Measures such as binding the company’s and stakeholder’s equity incentives are also expected to casually cooperate with the plan (or(Follow-up) to further optimize the corporate governance structure.

Investment suggestion As a leader in the air-conditioning industry, the company has significant competitive advantages in terms of production, products, channels, brands and other multi-dimensional means.

As mixed reforms are about to land, based on the demands of the transferee and the leader, the company’s future governance structure will be optimized, the expected average dividends will be 厦门夜网 stabilized, and the long-term suppression of expected factors will help eliminate them.

We expect net profit attributable to mothers to be 283 in 2019-2021.

3, 317.



The latest closing price corresponds to a PE of 10 in 2020.

8 times, revenue injection, overlapping and mixed reforms will soon be implemented, which will effectively drive the estimation of the hub. Based on this, we give Gree Electric a corresponding 2020 PE.

0x, increase the reasonable value to 73.

80 yuan / share, maintain “Buy” rating.

Risk warning: termination of controlling shareholder’s equity transfer; expansion of land sales scale; continued decline in domestic consumption power; changes in raw material prices; exchange rate changes.

Rongsheng Petrochemical (002493): Foreign exchange loss affects the performance of the first phase of Zhejiang Petrochemical

Rongsheng Petrochemical (002493): Foreign exchange loss affects the performance of the first phase of Zhejiang Petrochemical
The company announced its 2018 annual report.In 2018, the company achieved operating income of 914.25 billion (+26.91%), net of non-attributed 北京夜网 net profit14.7.3 billion (+0.25%), basically unchanged for one year. Affected by foreign exchange gains and losses, the three fees increased in 2018.The company’s three fees in 2018 were 33.7.1 billion, ranking 13 in 2017.7.1 billion.Including selling expenses 7.40 billion (+45.49%), management + R & D expenses12.9.6 billion (+12.19%), financial expenses 13.35 billion (+204.39%), the largest increase in financial expenses is mainly due to exchange losses estimated to increase by 7.2.1 billion. CICC Petrochemical’s 2018H2 results exceeded expectations.CICC Petrochemical’s 2018 net profit was 8.97 billion (-11.85%), of which 7 in the first half.10 billion, 1 in the second half of the year.9.7 billion, second-half performance was lower than expected.As CICC involves the import of fuel oil / naphtha, we believe that exchange losses are also one of the reasons for CICC’s gradual expectations. The PTA is booming in 2018 and is expected to remain in 2019.In 2018, the PTA maintained a close balance, with an average processing difference of 908 yuan / ton, an increase of over 45.07%.The company’s three PTA subsidiaries, Yisheng Dahua, Zhejiang Yisheng and Hainan Yisheng, have clearly recovered their profits, achieving net profit4.5.9 billion (+386.86%), 6.4.9 billion (+89.41%), 4.5.7 billion (+757.34%).At present, polyester, PTA profits are good, weaving demand is normal, and PTA did not replenish production capacity before the third quarter of 2019, which is expected to maintain a high degree of prosperity. The first phase of Zhejiang Petrochemical has steadily advanced.In 2018, the company completed 6 billion non-public issuances, obtained 60.7 billion loans led by CDB, and 4 billion green bonds have also been approved by the CSRC. The first phase of Zhejiang Petrochemical has been resolved and construction progress has accelerated.As of the end of 杭州夜生活网 2018, the progress of the first phase of Zhejiang Petrochemical was 55%, of which the additional expenditure of 26 billion US dollars in 2018H1, the construction and installation of the project was basically completed, and gradually turned to the trial production preparation and pre-sale stage.We forecast the company’s net profit attributable to mothers 31/2019/20/21.61/52.84/63.370,000 yuan, EPS 0.50/0.84/1.01 yuan, corresponding to the current price of PE 26.5/15.8/13.2x, maintain “Buy” rating. Risk reminder: sharp changes in oil prices, decline in polyester demand

Great Wall Motor (601633): In December, further control of inventories has been closed for a long period of time (Pacific Motor’s 2020 strategic recommendation)

Great Wall Motor (601633): In December, further control of inventories has been closed for a long period of time (Pacific Motor’s 2020 strategic recommendation)
Event: The company released a December sales report, and achieved a sales volume of 10.60,000 units, gradually achieving sales of 106.30,000 units, an annual increase of 0.69%, of which Haval brand sales 7.80,000 units, 9394 units sold under the WEY brand and 1 for pickups.50,000 units. Control the 杭州夜网 decompression of inventory channels before the holidays and integrate the retail industry.Taking into account the dealer’s capital cost and pressure before the Spring Festival, the company further opened up inventory control to reduce the pressure on the channel. The company’s wholesale sales in December were only 10.60,000 units, a certain length of a year.Essentially, the company’s passenger car insurance volume in December was 11.20,000 units, an increase of 7 in ten years.5%, an increase of 47 from the previous month.7%.In December, China’s passenger car insurance volume was 235.70,000 units, down 5 previously.4% in retail. The main models performed steadily, and the Great Wall Artillery hit a new high.Sales of the major models were solid, with H6 sales of 4.20,000 units, H9 sold 2,000 units, F7 sold 10,000 units, M6 sales reached 1.90,000 units, VV6 sold 4,900 units, Haval brand gradually achieved 76.90,000 units, leading the trend of Chinese SUV, WEY brand continues to maintain the scale of 100,000, the brand continues to store up.The sales of artillery shells exceeded 7,000 units and reached a new high. The Great Wall Artillery as a pickup and high-end attempt to achieve a successful breakthrough. Initially, it is growing and ending, and the strength will fight again in 2020.The data of the China Federation of Passenger Unions shows that the cumulative sales of narrow-sense passenger cars in 2019 is 2069.760,000 vehicles, a decrease of 7 per year.4%, the company’s headquarters closed with a small increase, the overall performance is better than the industry.In 2019, the company has almost no new models, and it is not easy to achieve growth against the trend. Starting from 2020, the company is expected to launch a new model platform and power system, which will gradually open a new product cycle. The company’s future performance is worth continuing to look forward to. Investment suggestion: The company ‘s sales volume in December will still increase to a certain extent, but it will still maintain a positive growth and close the retail end, and the retail end will perform well. Driven by the new product cycle, it is more worth looking forward to 2020. The current industry is inAt the bottom of certainty, the company still has some flexibility when the industry recovers. Pacific Motors will continue to strategically recommend Great Wall Motors in 2020. It is estimated that the company’s net profit attributable to its mothers in 19/20 will be 4.9 billion / 6 billion, respectively. Risk reminder: The sales volume of the automobile industry is lower than expected, and the price reduction promotion is larger than expected