Beibuwan Port (000582): Although the Spring Festival holiday gradually increased in January in advance.

2%

Beibuwan Port (000582): Although the Spring Festival holiday gradually increased in January in advance.

2%

Event Overview On February 6, 2020, the company released January port explosion data. In January 2020, Beibu Gulf Port completed carbonization of cargo by 2077.

5 Initially, at least +15.

2%, of which 35 were container explosions.

180,000 TEUs, +17 for ten years.

64%.

About 2019 Spring Festival is in February, and the 2020 Spring Festival is advanced to January 24. Early holiday factors affect the total economic data in January, but Beibuwan Port’s gradually extended growth rate in January is still bright.

In January 2020, the cargo of Beibu Gulf port will be +15 titanium carbide.

2%, of which the container’s millennium growth is +17.

64%.

We believe that due to the advancement of the Spring Festival in 2020 from February 5 to 南京夜网 January 24, 2019, and the combined effect of the outbreak of the Spring Festival holiday in advance, the workday in January 2020 decreased by 6 days compared with the same period last year. In this case, tenIn the year, the cargo tungsten carbide in the bay port can still maintain rapid growth. To a certain extent, it continues to verify our judgments in the previous report on the future economic development of Guangxi and the growth of cargo inflation in the Beibu Gulf port, and it also reflects the strong economy of the Beibu Gulf port hinterlandvitality.

Investment suggestion: The range affected by epidemic factors and emotions in the near future, the long-term logic remains unchanged, and the rating at the bottom is “Buy” again.

The company released the 2019 annual performance forecast on January 31, 2020, which 北京夜网 predicts that the company’s net profit attributable to the mother in 2019 will be 9.

0-11.

0 million, our original forecast for the company’s net profit in 2019 was 9.

100 million US dollars, is at the lower edge of the company’s performance forecast range, the company’s performance forecast range exceeds our expectations.

However, before the release of the company’s annual report details, we temporarily maintain the net profit attributable to the mother of Beibu Gulf Port for 2019-21 to 9, respectively.

1/10.

9/12.

900 million profit forecast.

Affected by the recent epidemic and other factors, the market has generally declined. On February 6, 2020, the Beibu Gulf Port closed at 7.

98 yuan / share, according to 2019-21 EPS are 0.

56/0.

67/0.

The profit forecast of 79 yuan, corresponding to the company’s PE in 2019-21 is 14, respectively.

3/12.

0/10.

1x, at the bottom of the company’s historical estimates.

We believe that due to epidemic factors, the delay in the resumption of work by upstream companies may affect the company’s performance growth in the short term, but the growth trend of the Guangxi economy and Beiwan Port has not changed under the background of the adjustment of the regional economic structure across the country.
Risk Warning: The macroeconomic downside may exceed expectations; the progress of the industrial transfer project is put into operation; and the progress of upstream enterprises to resume work.

Jinhe Biological (002688): Intensive increase of the amount of chlortetracycline after breeding cycle

Jinhe Biological (002688): Intensive increase of the amount of chlortetracycline after breeding cycle
Analysis and judgment: The scale-up process of pig farming is accelerating, driving the domestic demand for chlortetracycline to expand tolerance and increasing the market share of African swine fever differentiation and breeding enterprises. Based on this, CR10 in the pig farming industry in 2025 will replace 7 in 2018.01% to about 30%.We believe that the speeding up of large-scale farming is expected to stimulate the demand for chlortetracycline for breeding. Preliminary: 1) Only large-scale farms will regulate the use of chlortetracycline; 2) chlortetracycline can effectively improve the resistance of pigs and the enthusiasm of breeding enterprisesHigh; 3) The average cost of chlortetracycline head is very low, accounting for only 0.3%, the acceptance of breeding enterprises is high. With reference to the United States, which has a relatively large scale of breeding, in 2015, the number of live pigs in the United States was 6,777.60,000 heads, consuming about 2.9 samples with a consumption of 4 pigs per unit.28 tons / 10,000 heads; in the same period, China’s live pig population was 38.379 million heads, and consumption of chlortetracycline was about 3.5 samples, the unit consumption of pigs is 0.91 tons / 10,000 head.With a higher degree of intensive breeding, the penetration 武汉夜生活网 rate of chlortetracycline reaches or exceeds the level of the United States, and there is still room for 4-5 times growth in the domestic market. Limiting the use of standard antibodies is good for the expansion of the chlortetracycline market. We believe that the conversion of chlortetracycline from feed additives to pharmaceuticals will not reduce its market space. Instead, it will help expand the chlortetracycline market, thereby: 1)Elastic coefficient of chlortetracycline when using chlortetracycline from feed additives to medicines; 2) Referring to US experience, after using chlortetracycline from feed additives to drugs, the amount of chlortetracycline does not decrease; 3)The target customer has changed from a feed company to a breeding company. The breeding company is less sensitive to costs than the feed company and has a higher acceptance of chlortetracycline use. The price increase of chlortetracycline for feed is imminent. The average cost of chlortetracycline for feed of the company with huge profit flexibility is only about 4 yuan per head. Under the background of high breeding boom, downstream customers have a high tolerance for price increases.Due to the ideal competition pattern of the chlortetracycline industry, a typical duopoly pattern; the company, as the absolute leader in the industry, occupies half of the global supply and has pricing power.Since 2016, the company has been in full production, and chlortetracycline products have also been increasing modestly. We judge that the demand for chloramphenicol gradually increases, and the company will accelerate the price increase. It is expected that the price will increase by 15% in 2020, about 10% in 2021, and 40-50% in 5 years.Absolutely, considering the tight production and sales, the company plans to expand its production capacity and it is expected to be officially put into use in six months. By then, the company will usher in a golden development period with both volume and price increasing, and profit flexibility. Accelerating the development of large-scale investment proposals has opened up the market space for chlortetracycline. Under the oligopoly competition, the price increase space is large. As a chlortetracycline leader, the company is expected to usher in a period of rapid development in both volume and price.We estimate that the company’s operating income will be 19 in 2019-2021.22/23.64/29.880,000 yuan, net profit attributable to mothers was 1.81/3.23/4.870,000 yuan, the corresponding EPS is 0.28/0.51/0.77 yuan. Reference comparable company 30th 2020.69XPE, giving the company a PE estimate of 30-31 times in 2020, maintaining a target price of 15.30-15.81 yuan unchanged, maintain “Buy” rating. Risks indicate the risk of rising raw material prices, the risk of abnormal exchange rate fluctuations, the risk of new product market development not meeting expectations, and policy risks.

BTG Hotel (600258) Interim Review: Second quarter segmentation of business indicators narrowed down, continue to pay attention to the progress of opening stores in the second half

BTG Hotel (600258) Interim Review: Second quarter segmentation of business indicators narrowed down, continue to pay attention to the progress of opening stores in the second half
The company announced the 2019 semi-annual report: 2019H1, and the company achieved revenue of 39.90 ppm, with a ten-year average of zero.30%, hotel business operating income 37.40 ppm, with a ten-year average of zero.48%, of which Home Inns revenue was 33.12 ppm, with a ten-year average of zero.57%, BTG’s stock hotel revenue4.28 ppm, an increase of 0 in ten years.19%, revenue from scenic area business 2.50 ppm, a ten-year increase2.55%.In the first half of 2019, the company achieved net profit attributable to mothers3.68 ppm, a ten-year increase of 8.14%, slightly higher than our expectations (3.47ppm / + 2.1%), deducting non-net profit 3.3.6 billion, a six-year growth of 6.twenty two%.Home Group achieved profit growth4.9.8 billion, an annual increase of 5.54%, net profit 3.55 ppm, a six-year increase of 6.66%.The report decreased, and the company’s expense ratio remained stable during the period. Due to the decrease in direct-operated stores, the company’s labor, depreciation and amortization and energy consumption decreased, and the sales expense ratio decreased by 0.85pct to 66.4%, the total share of management expenses and research and development expenses rose by 0.23pct to 12.53%, the financial expense ratio decreased by 0.33 points to 1.72%. Operating indicators are expected to narrow in the second quarter, and marginal improvements are expected in the second half of the year.In the second quarter of 2019, head office data showed that economical / mid-to-high-end RevPAR replaced 3 respectively.9% / 6.7%, narrowed beyond the upper limit of the range; same-store data shows that economical / mid-to-high-end RevPAR are set to 3 respectively.9% / 3.2%, the economic same-store data accelerated the migration, and the mid-to-high-end improved. We observed that both the main store and the same store, the ADR deviation was accelerated compared to Q1, and the decrease in Revpar was mainly due to the contribution from the occupancy rate.July STR data showed that occupancy rates also increased by zero.5pct, average daily house price 1.8%, re-add 1 every other time.At 2%, we believe that the mid-term bottom point of the downward cycle has already occurred in the second quarter. In August, the resident rate is expected to be shortened and narrowed. The speed of opening stores in the first half of the year was slightly distorted, and 杭州桑拿 we continued to pay attention to the progress of opening mid-to-high-end stores in the second half of the year.As of 2019H1, the number of company hotels was 4,117 (including one overseas), of which 755 were mid- to high-end hotels, accounting for 18.3% (After excluding management output, mid- to high-end hotels account for about 20.07%, an increase of 0 from the first quarter.23pct).In the second quarter of 2019, the company opened 159 new stores, including 2 directly-operated stores and 157 franchise stores.The number of newly opened economy hotels was 28; the number of newly opened mid- to high-end hotels was 43; the number of cloud hotels was 36; the others were 52, of which 51 were managed and exported hotels.In Q2, there were 27 mid- to high-end and economic net opening stores, the speed of opening was lower than the same 北京夜网 period last year. In 2019H1, the net opening number was 68, and the number of contract opening plans was 689.Judging from the current store opening progress and completing 800 store opening plans throughout the year, the company needs to accelerate the expansion of stores in the second half of the year. Profit forecast and investment suggestions: The company and Hyatt brand are expected to open stores in Beijing and Shanghai in the first half of next year, corresponding to the high-end price range.Although economic indicators affect the overall market, the company’s established upgrade plan and store expansion strategy are still advancing, and the suppression of short-term cycles and growth attributes will be rewarded after the economic transformation signal is reset.Maintain the profit forecast. It is expected that the company will return to its parent’s net profit in 2019-2021.91/12.38/15.26 trillion, EPS is 1.00/1.25/1.54 yuan, corresponding to PE is 16/13/10 times, maintaining the “overweight” level. Risk reminder: Store opening speed is slower than expected, business travel and leisure demand growth is lower than expected in the second half of the year

Hongfa (600885) 2019 Third Quarterly Report Review: HV DC Business Major Clients Breakthrough and Automotive Business Declines Narrowed

Hongfa (600885) 2019 Third Quarterly Report Review: HV DC Business Major Clients Breakthrough and Automotive Business Declines Narrowed

The company released the third quarter report of 2019, and the performance was in line with expectations.

The company achieved revenue of 51 in the first three quarters of 2019.

48 ppm, +1 a year.

87%; net profit after deduction of non-return to mother 5.

26 ‰, at least -4.

8%; The company achieved revenue of 17 in the third quarter of 2019.

41 trillion, +2 for ten years.

54%, net profit after deduction to non-returned mother1.

920,000 yuan, at least -7.

84%.

Comprehensive gross profit margin continued to increase.

The company’s consolidated gross profit margin for the first three quarters of 2019 was 39.

25%, ten years +0.

3pct, ring than +0.

88pct; Q3 single quarter gross profit margin is 40.

96%, ten years +0.

55pct, +2 chain.

42 points.

Relays: 47 shipments in the first three quarters of 2019.

3 ‰, at least -5.

04%; Q3 single quarter shipments are 15.

40,000 yuan, at least -17.

8%.

The single-quarter shipments of industrial control relays and signal relays continued to rise, and the growth rates of the first three quarters of extensions were 7 per second.

78%, 4.

86%; the reduction in the volume of automotive relays narrowed, and Q1-Q3 shipments in the third quarter increased by -30 per second.

80%, -17.

21%, -4.

44%; high-voltage DC relays, power relays, and power relays Q3 single-quarter extensions decreased, Q3 single-quarter extension growth rates were -29%, -15.

99%, -30.

67%, but the company ‘s high-voltage direct-current overseas customers have made breakthroughs, domestic smart meter bidding volume has picked up, and major home appliance project certifications have continued at the same time. Short-term shipment fluctuations do not affect long-term growth trends.

Low-voltage electrical appliances: 4 shipments in the first three quarters of 2019.

6 ppm, one year + 11%; Q3 single quarter shipments are 1.

6 ‰, at least -5.

75%.

The company’s low-voltage electrical appliances continued to make breakthroughs in the real estate industry, and new energy photovoltaic orders gradually increased. At the same time, the company quickly laid out a flood of power IoT projects.

Some of Q4’s low-voltage contactors will be exempted from tariffs on exports to the United States, which will facilitate the recovery of subsequent 苏州夜网论坛 orders.

Investment suggestion: The company is the world ‘s first echelon manufacturer of relays. With the steady advancement of the relay business, the conversion of low-voltage electrical appliances, oxygen sensors and other new categories of business has been carried out smoothly, and the revenue scale has been further extended through the cycle.We have adjusted our profit forecast and expect the company’s net profit attributable to its mothers to be 7 in 2019-2021.

63/9.

23/11.

48 ppm, EPS is 1.

02/1.

24/1.

54 yuan, based on the closing price on November 14, the corresponding PE is 24.

0/19.

8/15.

9. Maintain prudent overweight rating.

Risk reminders: 1. The growth rate of major downstream industries such as home appliances and automobiles continues to slow down; 2. The cost of raw materials is on the 上海夜网论坛 rise.

Rising Technology (603601): Increase in gross profit margin optimistic about third quarter revenue growth turning point upwards

Rising Technology (603601): Increase in gross profit margin optimistic about third quarter revenue growth turning point upwards

Semi-annual report.

The company achieved operating income in the first half of 2019. The net profit attributable to shareholders of the parent company and the net profit attributable to shareholders of the listed company after deductions were 6, respectively.

1.6 billion, 0.

98 ppm and 0.

99 million yuan, an increase of 11 each year.

47%, 30.

14% and 37.

51%.

In addition, the company’s net cash flow from operating activities during the reporting period was 1.

33 ppm, an increase of 1048 per year.

91%.

Gross profit margin increased.

The gross profit margin of the company in 2019H1 is 33.

45%, up from 32 in 2018H1.

Increase by 18% 1.

27 samples, showing that the company has a significant effect of reducing costs and increasing efficiency.

At the same time, the decrease in the company’s 2019Q2 revenue is mainly due to the delay in the settlement of the equipment business, which affects the second quarter revenue recognition.

The lawsuit is completed, and the company is not liable for compensation.

The company received the judgment on August 14, and Suzhou Intermediate People’s Court held that the plaintiff requested payment of 1.

05 million transfers and settlements 0.

The US $ 9.2 billion principal and interest debt requirement could not be established, and the plaintiff’s lawsuit was rejected, so the company as the defendant did not bear liability for compensation.

“Clean air” and “efficient and energy-saving” business lines are promising.

The former “clean air” market is still immature and was mainly used in the industrial sector before.

With the increase of society’s requirements for air quality, the demand for air treatment has extended to civilian and commercial fields such as food, biology, medicine, and livestock.

In addition, the vacuum insulation board and its core material, the core material of the vacuum insulation board, has only ten times the insulation performance according 北京夜生活网 to traditional insulation materials, and at the same time has the advantages of high strength, thin size and light weight. It has been maturely used in white appliances and kitchen appliances.Cold storage and other fields have been promoted in medical cold chain, transportation, cryogenic storage, aerospace, and high-speed rail cars.

On June 4, 2019, the NDRC issued a “Green and Efficient Refrigeration Action Plan”, which requires that by 2022, the market energy efficiency level of refrigeration products such as home air conditioners and multi-connections be increased by more than 30%, and the market share of green and efficient refrigeration products be increased by 20%Annual power saving is about 100 billion kilowatt hours.

By 2030, the energy efficiency of large-scale public buildings will be increased by 30%, the overall energy efficiency of refrigeration will be increased by more than 25%, and the market share of green and efficient refrigeration products will be increased by more than 40%, achieving annual power savings of about 400 billion kilowatt hours.

We believe that energy conservation and environmental protection policies help promote the application of high-efficiency and energy-saving materials, and the company’s thermal insulation materials have entered a period of rapid growth.

Give a “first-tier market” rating.

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

30, 0.

36, 0.

45 yuan for the 2019 PE 25?

30 times, reasonable value range 7.

5?9.

0 yuan.

risk warning.
New materials replace risks, and downstream development is less than expected.

Crack Group (603203): The impact of the recovery of downstream industries on the shares of Crack Group Comments: The recovery of downstream industries has driven demand rebound and 5G construction peak performance

Crack Group (603203): The impact of the recovery of downstream industries on the shares of Crack Group Comments: The recovery of downstream industries has driven demand rebound and 5G construction peak performance

Main point of view: The output of industrial robots has increased in November, and the industry inflection point has reached 1 in November 2019.

60,000 units, an annual increase of 4.

3%, the output increased by 1 from the previous month.

7% has further expanded. After an 11-month decline in fighting, the inflection point for industrial robot production has reached.

At the same time, the manufacturing PMI index was 50 in November.

2% up from last month.

9pct, after exceeding the critical point for 6 consecutive months, it returned to the extended range again.

  3C electronics has become a pioneer in the recovery of the industry, and related companies have benefited more. It is believed that the industrial robot has been dragged down by downstream industries, especially the automotive and 3C industries, and its output has suffered a decline of up to 11 months.

In this round of industry recovery, 北京夜网 more downstream 3C automation took the lead in recovering the demand for automation equipment, and the cumulative investment in manufacturing fixed assets from January to November increased by 2.

5%, of which 3C electron growth rate of 13.

8% is higher than the average level, and the major downstream customers are 3C robot companies that benefit more.

  Crack Group is a leader in the field of precision soldering in China. Most of its downstream customers are well-known enterprises. The company is a leader in the field of precision welding in China. The main products include welding tool robots and related equipment for assembly operations and flexible automatic production lines.

Electronic assembly is a critical moment in electronic manufacturing, which directly affects the electrical connectivity, stability and safety of electronic products.

The company’s technical level is leading in the industry. Among the top ten global welding industry companies selected by high-tech robots, the company ranks first in China and third in the world.

The company’s downstream customers are mostly well-known companies, including Flextronics, Foxconn, Panasonic, GoerTek, Ophelia, and Luxun Precision.

Many years of cooperation with well-known companies have provided a guarantee for the continuous growth of the company’s performance and the expansion of its market share. At the same time, it has demonstrated the company’s product research and development capabilities, the process level ranks in the industry’s leading level, and is recognized by downstream and downstream customers.

  The peak of 5G construction is approaching, and the company will continue to benefit. We expect that next year will be the peak of 5G construction. Demand for various types of equipment including smartphones, smart watches, VR / AR equipment will increase, and the expansion of the 3C product market will bringThe need for upstream automation equipment.

At the same time, the three major operators of China Mobile, China Unicom and Telecom plan to build more than 1 million 5G base stations by the end of 2020. The high growth of base stations has driven the demand for antennas, circulators and other equipment. The company’s customers Hengxin Technology, Suzhou Bofat, etc.The core enterprises in this field will drive the company’s equipment demand up.

The M & A company has entered the supply chain of Apple’s upstream equipment for airpods. In the future, the new technology Hot-Bar is expected to obtain more orders from Apple.

Under the peak of 5G construction, the 3C industry’s demand for high-end soldering equipment is growing rapidly, and it will bring deterministic growth to the company’s performance next year.

  Under the background of profit forecast and estimated 5G construction entering the peak period, the company’s sales of high-end soldering equipment continued to grow, and it is expected to get more orders from Apple, with strong performance certainty.

It is expected that the company will realize net profit attributable to mothers in 2019-2021.

71, 2.

07, 2.

45 trillion, corresponding to EPS 1.

08, 1.

31, 1.

56 yuan, corresponding to PE is 24, 20, 17 times, given an “overweight” rating.

  Risk warnings (1) The recovery of downstream industries is less than expected; (2) The prices of upstream raw materials are rising;

Qianhe Flavor Industry (603027): Condiment maintains high growth and 19-year target accelerates

Qianhe Flavor Industry (603027): Condiment maintains high growth and 19-year target accelerates

Event: The company disclosed its 2018 annual report.

The company achieved operating income in 201810.

65 ppm, an increase of 12 per year.

37%; net profit attributable to mother 2.

40 ‰, an increase of 66 per year.

61%, deducting non-net profit 1.

55 ppm, an increase of 19 per year.

39%.

Q4 revenue was 3.

19 ppm, an increase of 23 per year.

64%; Q4 returns to net profit of mother 0.

6.6 billion, an annual increase of 69.

twenty three%.

The 2018 performance was in line with expectations, and the condiment business maintained high growth.

In 2018, the company’s soy sauce, vinegar, and revenue growth were 20.

4% and 17.

0%, maintaining rapid growth; the proportion of soy sauce business income further increased to 57.

1%.

The caramel color was affected by the decline in purchases by a single specific large customer, and revenue decreased by 15%.

5%.

In terms of different regions, the southwest market of the base camp has stabilized and rebounded, and its annual revenue has increased by 4%.

5% (a slight increase in 2018H1); the focus strategy in Central China, Northwest China, and North China achieved significant results, with revenue growth rates of 46 in 2018.

5%, 42.

5% and 32.

5%.

E-commerce achieved 73.98 million yuan in revenue, an increase of 86 per year.

7%.

The ton price has continued to grow for 5 consecutive years, driving the gross profit margin to continue to increase.

The ton price of the company’s soy sauce business increased by 3 in 2018.

0%, gross margin increased by 1.

3%; ton price of vinegar business increased by 8.

5%, gross margin increased by 1.

4%.

The increase in the ton / tonn price of condiment boards drove the company’s overall gross profit margin steadily upwards. Among them, the company’s gross profit margin reached a new high in 2018Q4 (up to 48.

3%), compared with the increase in gross profit margin before the listing by more than 10pct (2015Q4 gross profit margin was only 36.

3%).

The company has been focusing on high-end products since its listing. At present, the strategic focus is on “zero-add” products. Through the consumption upgrade, the product consumer group has continued to expand, and its future development is worth looking forward to.

The target for 2019 is accelerating, and the model market is gradually radiating to the surroundings.According to the company announcement, the target revenue growth rate for 2019 is 25.

2%, of which the growth rate of condiment income was 30.

6%; non-net profit target is 2.

10,000 yuan, an increase of 35 in ten years.

5%.

From the perspective of market strategy, the company will gradually expand from the north to the south, the core provincial capital to the mainstream market of second- and third-tier 深圳SPA会所 consumers, and cultivate in the core market.

From the perspective of resource allocation, the retail division was adjusted from five regions to six regions, the sales area increased from 27 to 35, and the number of employees increased from 998 to 1,350.

From the perspective of product strategy, “zero addition” is the company’s core development strategy, and its positioning is to make high-quality healthy condiments in China.

Investment suggestion: For the consumption upgrade, the company’s product audience will be further expanded, optimistic about the development of the company’s zero-added products, and slightly increase the revenue in 2018-19 to 0.

69 yuan and 0.

92 yuan, with reference to the valuation of comparable companies in the condiment industry, giving a price-earnings ratio of 30 times in 2020 with a target price of 27.

5 yuan.

Maintain Buy-A level.

Risk warning: Zero-added product promotion is less than expected; industry competition is intensifying, and the expense ratio is rising.

China Shenhua (601088): The third quarter results were slightly better than expected, mainly due to the decline in commercial coal and the adverse growth

China Shenhua (601088): The third quarter results were slightly better than expected, mainly due to the decline in commercial coal and the adverse growth

Event overview: In the first three quarters of 2019, the company achieved operating income of 1778.

500 million, at least -8.

4%; net profit attributable to mother 370.

88 trillion, +5 for ten years.

1%; net profit after deduction is 353.

6.9 billion a year -1.

0%; basic income 1.

865 yuan, +5 ten years ago.

1%.

In the third quarter of 2019, the company’s single-quarter operating income was 614.

800 million, at least -7.

8%; net profit attributable to mother in a single quarter was 128.

4.5 billion, previously +4.

4%.

The company’s main business slightly exceeded expectations: coal purity exceeded expectations, and electricity sales were slightly lower than expected.

(1) The output of the coal segment was slightly lower than expected, the scale exceeded expectations, and the cost was in line with expectations: in the first three quarters of 2019, it replaced the former segment with revenue of USD 145.5 billion and changed it to -3.

5%, accounting for 65% of the previous total revenue (Q3 single quarter 518 trillion, +2 in the same period.

2%, accounting for 67%), replacing the former division’s gross profit of 416 ‰ and changing it to -3.

1%, accounting for 56% of the total gross profit before recovery (Q1 single quarter 14.6 billion US dollars, changed to +3.

6%, accounting for 58%), mainly due to rising coal prices in Q3.

In the first three quarters of 2019, coal production was 2.

1.4 billion tons, before -2.

7%, sales 3.

3.2 billion tons, before -2.

4%; purity of 426 yuan per ton of coal, ten years -1.

1%; self-produced ton of coal costs 109 yuan / ton, many years -1.

8%.

Q3 single season, coal production is 0.

69 billion tons, previously -7.

4%, according to the company’s main operating data announcement from August to September 2019, the decline in output is mainly due to the impact of the production of the Shengli No. 1 open-pit mine by the progress of the land acquisition of the mining site, and the output of Wanli No. 1 mine due to the progress of the production certificate renewal., The output of Bultai Mine declined due to changes in mining geological conditions; single quarter sales 1.

1.5 billion tons, previously -0.

1%, the amount of purchased coal increased; 437 yuan / ton per ton of coal in a single season, each time +2.

1%, Bohai Rim Index +1.

5%, CCTD index -0.

6%, CCI index -7.

At 4%, Shenhua Coal ‘s bargaining power has been expanded to reduce adverse growth; self-produced coal ton coal mining cost is 105 yuan / ton (-1) per season.

2%), mainly due to at least reductions in unused security costs.

(2) The electricity sales in the power sector were slightly lower than expected, and electricity prices and costs were basically in line with expectations: in the first three quarters of 2019, offsetting the revenue of the former segment by 38.3 billion U.S. dollars, changed to -41.3%, accounting for 17% of total revenue before recovery (Q3 121 trillion, so -50.

7%, accounting for 16%), replacing the former division’s gross profit of 10 billion US dollars, to -29.

6%, accounting for 14% of the total gross profit before recovery (Q3 33 trillion single quarter, converted to -43.

7%, accounting for 13%), mainly due to the decline in electricity sales.

In the first three quarters of 2019, the company’s power generation / sales amount was 1,167 / 109.3 billion kWh (ten-45% /-45%, comparable caliber interval -4% /-4%).The joint venture company will release the meter at the end of January 2019; the average electricity price is 0.

333 yuan / degree (previously +5.

6%); unit electricity sales cost is 0.

257 yuan / degree (in the past +1.

4%).

In Q3 single season, the company’s power generation / sales amount was 36.8 / 344 billion kWh (-54% /-54% per hour, comparable caliber -13% /-13% per second).Season electricity price is 0.

338 yuan / kWh, the electricity cost per quarter is 0.

255 yuan / degree.

(3) The volume, price, and cost of the transportation segment basically met expectations: in the first three quarters of 2019, it replaced the previous segment with revenue of $ 37.1 billion, each time +0.

7%, accounting for 16% of the previous total revenue (Q3 single quarter of $ 12.4 billion, -0 per year.

1%, accounting for 16%), replacing the previous segment’s gross profit of 21.6 billion US dollars, to +3.

1%, accounting for 29% of the total gross profit before recovery (Q3 single-season USD 7 billion, at this time -2.

4%, accounting for 28%), mainly due to the slight decrease in gross profit per ton-km of Q3 railway traffic.

In the first three quarters of 2019, its own railway turnover was 214.7 billion ton-kilometres (once +1.

6%), ton-km income of 0.

141 yuan (+1 year).

9%), the cost per ton-km (estimated value) is 0.

054 yuan (in the past +2.

6%); the amount of coal in the own port1.

7.4 billion tons (previously -1.

6%); expected freight volume is 0.

8.4 billion tons (previously +6.

9%).

In Q3 single season, its own railway turnover was 71.8 billion ton kilometers (at least -1.

4%), ton-km income of 0.

140 yuan (+1 per year).

3%), the cost per ton-km (estimated value) is 0.

056 yuan (+5 for the whole year.

0%); the amount of coal in the own port is 0.

61 billion tons (previously -1.

6%); expected freight volume is 0.

2.9 billion tons (previously +8.

3%).

The net profit attributable to mothers slightly exceeded expectations: Q3 single quarter gross profit was -7 per year.

4%, net profit attributable to mother +4.

4%, mainly due to the annual decline in period expenses / income / minority shareholders’ equity and investment income (non-recurring) growth. (1) The investment income is mainly non-recurring: Of the 2.4 billion investment income in the first three quarters of 2019, 1.1 billion euros were the non-recurring profits and losses formed when the joint venture was established in Q1, 5.

6 million investment income from gains and losses from changes in fair value and disposal of transactional financial assets, only 5 in Q3.

200000000.

(2) Expenses in Q3 period remained at a 青岛夜网 stable low level: In Q3, the total expenses for three seasons (including R & D) were 54 ppm, -10% each time, and the cost per ton of coal was 47.

4 yuan / ton.

(3) The third quarter revenue growth rate / minority shareholders’ equity ratio slightly exceeded expectations: in the third quarter, revenue decreased by 17% (18Q3: 21%), or the transportation sector profit increased due to increased yields;In the third quarter, minority shareholders’ equity accounted for 14% of net profit (19% in 18Q3).

(4) The third quarter’s single-quarter free cash flow rebounded month-on-month: Calculate the company’s free cash flow based on “net cash flow from operating activities-cash paid for the purchase and construction of fixed assets, intangible assets and other long-term assets.”12.5 billion yuan in a single quarter, a 南宁桑拿 quarter-on-quarter improvement of US $ 5.1 billion (mainly due to fluctuations in receivables), an improvement of US $ 45.8 billion in the first three quarters, and a decrease of US $ 55.3 billion a year ago, mainly due to operationsThe decline in net cash inflows from activities and the increase in net cash from fundraising activities (asset-liability ratio decreased from 33% at the end of 18Q3 to 26% at the end of 19Q3, a decrease of 7 substitutions) are still reasonable.

Investment suggestion: raise the profit forecast for 2019/20 to 443/426 trillion net profit, EPS 2.

23/2.

14 yuan, maintaining the profit forecast for 2021, and 26.

Target price of 08 yuan / share, re-buy rating.

Due to the slightly higher-than-expected coal price, we have raised our profit forecast and expect the company’s net profit attributable to its mothers to be US $ 44.3 / 426 / 42.8 billion in 2019-21.Yuan), +0 each year.

9% /-3.

8% / + 0.

5%; raised EPS forecast for 2019-21 to 2.

23/2.

14/2.

15 yuan (the original EPS forecast for 2019-21 in the previous report was 2).

17/2.

13/2.

15 yuan), according to the company’s closing price of 18 on October 28, 2019.

26 yuan / share, corresponding to PE is 8/9/8 times.

Since the original target price is 12 times PE based on 2021 performance (expected forecast unchanged), it is maintained at 26.

The target price of 08 yuan and “Buy” rating remain unchanged.

Risk reminders: Macroeconomic fluctuations exceed expectations, changes in energy import policies, non-coal energy developments exceed expectations, and the impact of group integration on corporate governance.

Hangcha Group (603298) Research Briefing: Prospects for Domestic Forklift Leading Electric Forklift and AVG

Hangcha Group (603298) Research Briefing: Prospects for Domestic Forklift Leading Electric Forklift and AVG

Leading domestic forklift truck with solid performance 1) The company’s main products include forklift trucks, storage trucks, tractors, and unmanned industrial vehicles (AVG), etc. It is a leading domestic forklift truck company with extensive product manufacturing, logistics, transportation, storage and other industries.Achieved bulk exports to Europe and Southeast Asia.

2) The annual performance of the company has steadily improved. In the first half of 2019, the company achieved revenue / net profit of 46.

14/3.

48 ppm, an increase of ten years6.

28% / 10.

43%, gross / net margin is 20 respectively.

93% / 8.

45%, period expenses 11.

86%, including R & D expenses3.

81%, maintaining a good level.

3) In terms of solvency, H1’s asset and debt restructuring in 201932.

16%, current / quick / cash ratios are 2 respectively.

24/1.

76/1.

28. The company’s solvency.

Increased market share, promising development of electric forklifts and AVG 1) According to statistics 南京桑拿网 from the Industrial Vehicles Branch of the China Construction Machinery Association, the total sales volume (including exports) of the entire industry in the first half of 2019 was about 30.

660,000 units, a drop of about 0 a year.

31%, first of all, is due to the acceleration of global economic growth, the intensified trade friction between China and the United States, and the downward pressure on the domestic economy. The downstream demand is sluggish. In this case, the company’s sales volume increased in the first half of the year.

37%, the market share has further increased, and the industry continues to maintain its leading edge.

2) The company adheres to the development direction of high-end, electrification and intelligence. A number of high-end new products will be put on the market in 2019, which will help 苏州夜网论坛 improve the company’s product profitability level.

3) In terms of electrification, the new lithium battery dedicated forklift adopts the traditional electric forklift design method, integrating the advantages of internal combustion forklifts and electric forklifts, and far exceeds the traditional lead-acid battery in terms of performance, waterproof level, vision, and ergonomicsThe modified lithium battery model has promising development prospects.

4) In terms of intelligence, the company, China Telecom, and Zhejiang University jointly established the “5G Intelligent Control Innovation Lab” and launched the “Autonomous Vehicle Based on 5G Intelligent Storage Solution” AGV. There have been many practical application scenarios.The company’s forklift AGV product industry ranking has entered the forefront of the country, and the imagination space is broad.

5) Conversion of 50,000 investment electric vehicles and “Hangcha Intelligent Manufacturing Base” to 200,000 industrial vehicles. The company’s performance has been promoted and maintained steadily.

Earnings forecast, the first coverage is given an “overweight” rating. We believe that the company, as the leader of domestic forklifts, adheres to the development direction of high-end, electric and intelligent, and accelerates the development of electric forklifts and AGVs. The development prospects are worth looking forward to.

We expect the company to achieve operating income of 93 in 2019-21.

87/104.

16/114.

27 ppm, an increase of 11 years.

18% / 10.

97% / 9.

70%, achieving net profit attributable to mother 6.

24/7.

36/8.

24 ppm, an increase of 14 in ten years.

17% / 17.

92% / 12.

02%, corresponding EPS is 1.

01/1.19/1.

33 yuan / share, for the first time, give “overweight” rating.

  Risk warning: downward pressure on the macro economy increases; market demand exceeds expectations.

Rongsheng Petrochemical (002493) In-depth Report III: What Money Does Private Refining Make?

Rongsheng Petrochemical (002493) In-depth Report III: What Money Does Private Refining Make?
Based on our Founder Chemical’s “Rongsheng Petrochemical Depth Ⅱ: A New Perspective, Analyzing the Profit of 杭州桑拿论坛 Zhejiang Petrochemical by Probability and Price Dialysis”, we will further answer the following questions in this report: 1. Why are the current Zhejiang Petrochemical ROE andIs PB (market value at 10 times PE) so high? According to estimates, Zhejiang Petrochemical’s early ROE was 33.24%, PB is 3.32.According to our DuPont analysis, the reason is the higher equity multiplier (equity multiplier = 3).06), that is, the enterprise is able to obtain a loan of 60.7 billion.The fundamental reason is to respond to the government’s call and follow the trend of the times. The company has good qualifications and has received a strong ROIC of 14 from the government.10%, better in the industry.By measuring the net cash flow of the first phase project of Zhejiang Petrochemical, we believe that the first phase project of Zhejiang Petrochemical has sufficient cash flow and debt risk expenses. Third, what money does private refining make? (1) Earn money for equity multiplier: get low interest rates, excellent loan capabilities with high loans and government support (2) Earn money that exceeds industry 佛山桑拿网 averages: product structure, low operating costs, excess profit profit forecastAnd risk reminder. Under the replacement of Rongsheng Petrochemical’s 51% shareholding in Zhejiang Petrochemical, it is estimated that the company’s net profit attributable to the parent in 2019/20/21 will be 27.97/68.95/88.5.1 billion yuan, PE is 24/10/8 times (not including the second period).Risk warnings to maintain the “strongly recommended” rating: oil prices will increase costs; downstream demand is less than expected; project construction progress is less than expected; changes in downstream product prices; changes in relevant national policy adjustments.