Sinopec (600028): 19H1 performance declines year after year

Sinopec (600028): 19H1 performance declines year after year

The event company released a semi-annual report for 2019, and the company’s revenue in 2019H1 was 14,989.

96 ppm, an increase of 15 in ten years.


In accordance with the Chinese Accounting Standards for Business Enterprises, the company realized net profit attributable to its parent 313 in the reporting merger.

38 ‰, a decrease of 24 per year.

7%; net profit after deduction 304.

51 ‰, a decrease of 23 per year.

5%; EPS 0 achieved.

259 yuan, a decrease of 24 per year.


Brief commentary on the short-term breakthrough in performance, the exploration and development sector has made efforts in 2019 to achieve net profit attributable to mothers 313.

38 ‰, a decrease of 24 per year.

7%; of which Q2 achieved a net profit attributable to mother of 165 in a single quarter.

75 ppm, a decrease of 27 per year.

4%, an increase of 12 from the previous month.


Exploration and development business: Oil and gas production increases every year.

2019H1 Company’s Exploration and Development Division achieved operating income 62.

4.3 billion, turned a deficit, an increase of 66 in ten years.

5.5 billion.

Reported quantity, the company achieved oil and gas equivalent production2.

2.7 billion barrels, an increase of 0 every year.

91%, respectively, to achieve crude oil and natural gas production1.

4.1 billion barrels, 509.5 billion cubic feet, each doubled -1.

36%, + 6.


The report summarizes the company’s efforts in oil and gas exploration and development, and made new discoveries in oil and gas exploration in Jiyang Depression, Sichuan Basin, Ordos Basin, etc .; increasing the scale of establishment of crude oil production; accelerating Fuling, Weirong, West Sichuan and Dongsheng, etc.Gas field capacity construction.

Refining business: profit decline and product structure optimization.

The company reported an operating profit of 190 from the first-stage refining business.

90 trillion, down 51 a year.

0%, the decline in the profit of the sector was mainly due to: 1) the rise in overseas shipping and insurance premiums; 2) the rise in crude oil procurement costs caused by the depreciation of the RMB;

In 2019H1, the sales of gasoline, diesel and kerosene reached 30.37 million, 30.75 million, and 1171 indicators, respectively, an increase of + 4/0% and +0.

1%, +9.

4%, the diesel-gasoline ratio further decreased, and the product structure was optimized.

Sales segment: The market for refined oil products is fiercely competitive and the retail price gap has narrowed.

Reported that the first-tier company sales segment realized operating income of 147.

09 billion, down 14 a year.

4%, mainly due to fierce competition in the refined oil market and narrowing of the retail price spread.According to the number of reports, the sales of products in the sales segment have been maximized. The sales of gasoline, diesel, and kerosene have reached 45.11 million, 41.59 million, and 1301 positions, +3 each time.

4%, +4.

4%, +7.


Chemicals sector: falling product prices have resulted in lower profits.

In 2019H1, the chemical sector realized operating income of 11.9 billion yuan, a year-on-year 北京夜生活网 decrease of 24.

5%, mainly due to fierce market competition and narrowing product spreads.

Reported sales of major products are still growing. Basic organic chemicals, synthetic fiber monomers and polymers, synthetic resins, synthetic fibers, synthetic rubber, and fertilizer sales have increased by +5.

8%, +50

3%, + 6.

8%, +3

4%, +16.

9%, +15.

At 6%, the price of most products showed a range and the spread narrowed.

Capital expenditures have increased significantly.

In the first half of the year, the company’s capital expenditure was 428.

US $ 7.8 billion, a significant increase of 81% previously, of which the capital expenditures for the exploration and development segment, the refining segment, the sales segment, and the chemical segment were 200.

64, 87.

79, 80.

71, 56.

740,000 yuan, an increase of 86%, 90%, 50%, 115% each year.

Maintain a high dividend payout ratio.

In terms of dividends, the company plans to pay a dividend of RMB 0 in the first half of 2019.

12 yuan (including tax) for cash dividend distribution.

In the company’s history, the cash dividend ratio has always maintained a high level. In 2018, 2017, 2016, and 2015, the dividends were 508, 605, 301, and 18.2 billion yuan, respectively, accounting for 81%, 118%, and 65% of the net profit attributable to the parent. 56%.

At present, the company’s large-scale capital expenditure period has passed, and the cash flow is stable. It is expected that a high proportion of dividends will be sustainable in the future.

We expect the company to achieve net profit of 644, 686 trillion and EPS 0 in 2019 and 2020.

53, 0.

57 yuan, corresponding to PE 9.

3, 8.

8X, PB is only 0.

8x, maintain “Buy” rating.

Chuantou Energy (600674) 2019 Annual Results Express Commentary-Yalongjiang Electricity Price Risk Release Full Long-term Value Is Still Outstanding

Chuantou Energy (600674) 2019 Annual Results Express Commentary-Yalongjiang Electricity Price Risk Release Full Long-term Value Is Still Outstanding

The company’s senior management realized statutory auditing and net profit attributable to the mother29.

300 million, slightly lower than expected, the core asset Yalongjiang company’s electricity price accrual is the main cause of drag.

At present, Yalongjiang’s electricity price risk 深圳桑拿网 release has been relatively sufficient, and from the perspective of cash flow, the long-term value impact of electricity price adjustment can be controlled.

The Yalong River hydropower assets are scarce and the company is estimated to have a safety margin. Benefiting from the long-term decline in domestic interest rates, it maintains a “Buy” rating with a target price of 12.

40 yuan.

Initial performance is 0.

67 yuan, slightly lower than expected.

The company achieved revenue in 20198.

300 million US dollars (according to the audit, the same below), exceeding the period 3.

8%; net profit attributable to mother 29.

3 ‰, a ten-year average of 17.

9%, converted to basic earnings per share of 0.

67 yuan.

Preliminary results were slightly lower than expected.

Looking at the quarterly results, Q4’s net profit attributable to its parent2.

99 million yuan, down 62 in ten years.


Yalongjiang Electricity Price Accrual Company dragged down performance.

Holding wind power 32.

300 million kilowatt-hours, the average electricity price is 0.

20 yuan / kWh, stable business performance.

Yalongjiang Co., Ltd., which has a 48% stake, has 747 years of power generation.

300 million kWh (+0.

8%); the conventional average on-grid tariff including tax is 0.

25 yuan / kWh (-9.

1%), electricity price accrual using Yalongjiang company’s scale net profit fell 17.

5%, the main reason for the company’s performance.

In Q4, the average electricity price of Yalongjiang Company changed by -14.

3% / 1.

6% /-7.

5% /-14.


The electricity price risk is relatively adequately released, and its impact on long-term value is controllable.

According to our calculations, from the perspective of cash flow, the net cash flow of Yalongjiang’s operating activities in 2019 decreased by about 10%, which significantly exceeded its simultaneous decline in profits. From the perspective of discounted cash flow, the price adjustment of electricity to the company’s core assetsThe intrinsic value influence can be controlled.

In addition, after this electricity price accrual, Yalongjiang’s electricity price risk has been released.

Investment in Yalong River is declining, and the amount of supportable funds has increased significantly.
The construction of the Yalong River Company’s midstream power station progressed smoothly, and the first unit was put into operation in 2021.

In 2018, the company’s additional investment in Yalongjiang Company accounted for 69% of the dividends received from Yalongjiang Company, which seriously caused the company’s dividend capacity.
At present, the capital investment stage of Yazhong’s power plant under construction is nearing completion. In the first three quarters of 2019, the company paid Yalongjiang’s investment funds7.

68 ppm, a reduction of 3 per year.

At 8.4 billion, discretionary funds are increasing.

Risk factors: intensified fluctuations in electricity prices; incoming water exceeds expectations; the progress of Yazhong units, and the rate of return exceeds expected investment recommendations: We will be in 2019?
In 2021, the electricity price of Yalong River will be reduced by 5.


0% and 苏州桑拿网 correspondingly the company 2019?
EPS forecast for 2021 is down 7.


6% to 0.



74 yuan, the current sustainable corresponding PE is 15/15/13 times.

We believe that the company’s core assets are highly scarce, it is estimated that there is a margin of safety, the interest rate continues to fall, maintain the “Buy” rating, and maintain the target price of 12.

40 yuan

Minmetals Capital (600390): The combined net profit of trust, leasing and securities businesses in 2019 is expected to increase gradually34.

5% maintain Buy rating

Minmetals Capital (600390): The combined net profit of trust, leasing and securities businesses in 2019 is expected to increase gradually34.

5% maintain Buy rating

Event: The company disclosed the audited financial statements of Minmetals Trust, Foreign Trade Leasing, Minmetals Securities 2019 Annual Report, and the consolidated net profit is expected to increase in the future.

5%, performance in line with expectations, profitability significantly reached the industry average, optimistic about the company’s 2020 performance continued steady growth.

Trust performance volume and price rose, ROAE reached 16.


Minmetals Trust gradually realized total operating income of 41.

56 ppm, an increase of 41 in ten years.

67%; long-term net profit of 21.

40,000 yuan, an increase of 22 in ten years.


Of which: 1.

Trust business process fee income grows 47 per year.

4% to 35.

At 3 trillion, we estimate that the trust assets at the end of the period will reach 8,500 trillion, a 42% increase from the end of the previous year, and our estimated average annualized return on trust is about 0.

49% (0 for the same period last year.

42%), both volume and price increased thanks to the company’s continuous increase in the scale of active management, continuous optimization of its business structure, and the rapid growth of consumer finance business led to the proportion of active management scale increased to more than 70%.


The scale of inherent business increased compared with the end of last year.

5% to 182.

3.7 billion.

  The slower growth rate of profits than the growth rate of revenues is mainly due to the increase in management expenses every year 123.

8% to 13.

The management fee rate is 12 trillion from 20 in 2018.

0% increase to 31 in 2019.


Minmetals Trust’s 2019 ROAE is 16.

1%, is expected to be 17 from 2020 to 2021.

3% and 17.


The interest margin of the leasing business is stable.

Foreign trade leasing gradually realized total operating income of 41.

78 ‰, a decrease of 3 per year.

94%; long-term net profit 杭州桑拿 of 7.

51 ppm, an increase of 10 in ten years.


By optimizing the financing structure and reducing financing costs, foreign trade leasing has achieved a steady increase in net profit. The company’s estimated interest-bearing budget has continued to decline.

From 6% to 409 ppm, the net interest margin is about 1.7%, ROAE for foreign trade leasing in 2019 is 8.

01%, an increase of 0 compared with the same period last year.

For the 34 averages, we expect the company’s net profit to be 8 from 2020 to 2021.

75 and 9.

2.1 billion.

The new leadership of the securities business is in place, and future growth is expected.

Minmetals Securities gradually realized revenue13.

770,000 yuan, an increase of 70 in ten years.

74%, mainly due to securities brokerage business income, investment bank business income and net interest increased by 27%, 201% and 589%, respectively; net profit achieved3.

19 ppm, an increase of 31 in ten years.


In December 2019, the Shenzhen Securities Regulatory Bureau approved Guo Zelin as the chairman of the board of directors of Minmetals Securities, and he is optimistic about the company’s new leadership team to build a unique marketplace with mature market mechanisms and outstanding industrial background advantages.

Investment suggestion: The company’s core subsidiaries’ profitability will significantly expand the industry average, and they are optimistic that the company’s 2020 performance will continue to grow steadily.

It is expected that the company’s net profit attributable to the parent from 2019 to 2021 will be 30.

62, 33.

44 and 37.

04 (Last forecast was 30.

77, 35.

05 and 38.

1.9 billion), the previous growth rate was 36.

1%, 9.

2% and 10.

8%, ROE is 9 respectively.

1%, 9.

2% and 9.


Combined with listed peers, the average is given to Minmetals Trust.

25 times PE estimate.

Minmetals Securities, foreign trade leasing and Minmetals Jingyi Futures, we all give a relatively conservative 1x PB and get the company’s reasonable target city ranking 478.

3 ppm, currently corresponding to 19 PB in 1-21.

04, 0.

97 and 0.

89 times, maintain BUY rating.

Risk warning: the scale of the trust shrinks, the equity market volume and price fall, the macro economy is down, and the commission rate continues to fall

Xinhua Insurance (601336) Review in the Third Quarter: Both Scale and Value Expansion and Manpower Concern

Xinhua Insurance (601336) Review in the Third Quarter: Both Scale and Value Expansion and Manpower Concern

Xinhua Insurance’s operating income for the first three quarters of 2019 was 1,328 percent (YOY + 8%), and net profit attributable to the parent company was 130 percent (YOY + 69%).

We believe that the company’s 2019 third quarter report focuses on: (1) adjustment and adjustment of new orders under pressure, highlighting the importance of both value and scale.

The company’s new single-year annual growth in the first three quarters was 2%, an increase of 7% from the earlier interim report, of which the long-term insurance single-payment replacement rate was 5%.

In addition to the growth rate of new orders in the third quarterly report, in addition to the impact of intensified competition in the industry, the company’s merger adjustments and priority development of agent strategies also affected.

(2) The number of agents has surged, and it is worth looking forward to.

As of the third quarter report, the number of agents reached 460,000, an increase of 24% from the early and early stage, and maintained a counter-expansion expansion.

The company clarified the strategy of agents first, and will increase the assessment, which is expected to have a positive impact on the start of next year.

(3) The return on investment is lower than that of its peers, and tax cuts will boost profit growth.

The company’s total investment income injection in the first three quarters4.

7%, lower than its peers (China Life 5.

7% / Ping An 6% / CPIC 5.

1%), but benefited from the increase in the program fee deduction ratio, net profit increased by 69% in the first three quarters.

Optimize the premium structure and balance scale and value.

In the first three quarters of 2019, the company realized a premium income of 1079 trillion (YOY + 8%), which was affected by the company’s strategic adjustment, the industry competition intensified, and long-term insurance new single-term deposit replacement.

4%, but the optimization of the product structure has promoted the surrender rate by 4 over the same period.

5% up to 1.


New orders in the first three quarters achieved a growth rate of 2%, mainly driven by short-term insurance sales (YOY + 25%).

Renewed premiums reached 86.2 billion (YoY + 10%), and the proportion of renewed premiums remained at around 79%.

Benefiting from the company’s management since its inception, it has put forward the emphasis on both scale and value, focusing on the dual-wheel drive model of assets and liabilities. For the start of next year, the company will highlight both annuities and health insurance.Quotas pay annuity products.

The agent maintained a trend of expansion against the trend.

At the end of the three quarterly report, the number of agents reached 460,000, an increase of 24% from the early and early stages, and it is expected to eventually approach 500,000.

Since the third quarter, the company has clarified the strategy of unifying the development of manpower and manpower first, increasing agent incentives, and actively increasing staff through various means, which is expected to have a positive impact on the start of next year.

Investment income 4.

7%, provision for health insurance increased.

In the third quarter of 2019, the company’s investment assets reached 785 billion (YOY + 12%), investment income realized 26.4 billion (YoY 4%), the fair value change profit and loss distortion was positively reached 600 million yuan, and the investment return rate was realized4.

7%, lower than its peers (China Life 5.

7% / Ping An 6% / CPIC 5.


Affected by the 750-day moving average shift, the company reduced its life insurance liability reserve7.

8 ‰; Considering the increase in the actual incidence and the traditional perspective of actuarial considerations, the company increased the long-term health insurance reserve by 27 trillion and increased the pre-tax net profit by 2 billion yuan.

Investment suggestion: Buy-A investment rating. It is estimated that Xinhua Insurance’s net profit attributable to mothers in 2019-2021 will continue to increase by 23%, E15%, 22%, and EPS are 3 respectively.

11 yuan, 3.


41 yuan.

Given a six-month target price 杭州桑拿网 of 60 yuan.

Risk reminders: premium income further expands risks, regulatory policy uncertainty, and the extent of changes in the secondary market.

Great Wall Motor (601633): Comprehensive gross profit margin increased slightly, market share continued to expand

Great Wall Motor (601633): Comprehensive gross profit margin increased slightly, market share continued to expand
Event: The company released the first quarter report of 2019: 2019Q1 achieved total operating income of about 226.300 million, realizing net profit attributable to mothers is 7.7.3 billion.The comments are as follows: 8%, the average price of bicycles has decreased: operating income (vehicles + parts) revenue reached about 220.9 trillion, a growth rate of -15 in ten years.8%, 2019Q1 company sold a total of 28 cars.380,000 vehicles, an increase of 10 in ten years.6%, revenue is mainly affected by price, rough estimate of average bicycle price (operating income 杭州桑拿网 / car sales) 2019Q1 is 7.780,000 yuan, 10 in 2018Q1.220,000.After the official drop in 2018Q3, some old models in 2019Q1 still basically maintain the price after the official drop.In addition, due to the product structure, the share of Euler increased and the share of WEY decreased, resulting in a decline in the average price of vehicles. The comprehensive gross profit margin increased steadily from the previous quarter, mainly driven by the auto finance business: the comprehensive gross profit margin of 2019Q1 was 15.04%, 2018Q4 was 13.96%.The 2019Q1 auto finance business income (index + commission income) is 5.42 trillion, a sequential growth rate of 81.At 6%, the gross profit margin of auto finance business in 2019Q1 was 68.8%, 2018Q4 was 57.3%.Automotive segment business (non-financial business) 2019Q1 gross profit margin was 13.7%, basically the same as 2018Q4 (13.6%).In our judgment, the proportion of the company’s F series increased, the industry demand continued to recover, and the company’s automotive segment gross margin improved. The management and sales expense ratio was basically the same as 2018Q4: management expenses (including research and development) accounted for 3% of revenue in 2019Q1.7%, 2018Q1 and Q4 are 2 respectively.4% and 3.7%; selling expenses accounted for 4 in 2019Q1.6%, 2018Q1 and Q4 are 4.4% and 4.6%. The sales volume of Great Wall in 2019Q1 continues to be higher than the industry, and the market share has steadily increased: the company’s auto sales (excluding pickup trucks) in 2019Q124.70,000 vehicles, an increase of 10% in ten years.In 2018, Great Wall accounted for 9 of the implanted brands in the market.2%, 2019Q1 increased to 11.3%.The Haval F-series (including F5) sold 50,850 units from January to March, accounting for 21 of the company’s SUVs.9%, of which Harvard F7 sold 14,512 units in March. Since its launch in November 18, the F7 has sold over 10,000 sales for four consecutive months.Sales of new energy models of the Euler brand increased sharply, with sales from January to March 1.410,000 vehicles, of which 7031 were achieved in March, an increase of 114.4%. We expect the EPS for 2019-2021 to be 0.65 yuan, 0.74 yuan and 0.85 yuan, corresponding PE is 14x / 13x / 11x respectively; Great Wall Motors H shares 南京夜网论坛 corresponding PE is 9x / 8x / 7x, given a “recommended” rating risk reminder: the automotive market boom continues to decline, new model promotion is less than expected

SDIC Power (600886): Hydropower price restructuring in the third quarter but the subsequent price risks have been basically eliminated

SDIC Power (600886): Hydropower price restructuring in the third quarter but the subsequent price risks have been basically eliminated

Company dynamics keep outperforming industry companies SDIC Power released 3Q19 operating data: the company’s third-quarter power generation was 49.1 billion kWh, each time +3.

9%; the average on-grid price is 0.

289 yuan / degree, ten years -4.


Among them, hydropower and thermal power generation +0 respectively.

1%, +9.

1%; the average on-grid price is -8 per year.

5%, -3.


  In the first three quarters, the company completed 121.7 billion kWh of electricity generation, +8 a year.

2%; average on-grid electricity price is 0.

303 yuan / degree, ten years -3.


Among them, hydropower and thermal power generation are +4 respectively.

1%, +12.

4%; the average on-grid price is -7 per year.

2%, -3.


  Commenting on the Yalong River, SDIC Dachaoshan’s electricity price declined significantly in the third quarter, but the risk may be basically lifted in the fourth quarter.

In the third quarter, the electricity price of the company’s hydropower sector was replaced by 8.

5%, of which Yalong River Hydropower, SDIC Dachaoshan several times -7.

7%, -46%.

In our view, this downward adjustment may be based on 武汉桑拿 the government’s demand for profit, but the risk of downward electricity price increase in the fourth quarter may be basically eliminated.

In terms of power generation, except for SDIC Dachaoshan, which is at least nearly 40% per year in the third quarter, the company ‘s remaining hydropower generating units have generally increased steadily.

  In the third quarter, the thermal power sector’s profitability or benefit will increase over hours and coal prices will fall.

The company’s thermal power generation in the third quarter increased by 9 per year.


Considering that the company’s latest Beijiang 2 phase was put into operation in June last year, we believe that the growth of the company’s thermal power generation is mainly driven by the increase in utilization hours.

The increase in the amount of power delivered and the rapid increase in power consumption have brought Gansu, Guangxi and Xinjiang units to increase by + 24%, + 68% and + 101% in the third quarter.

In addition, we expect the company’s standard coal unit price in the third quarter is expected to fall by 7%.

  Estimates suggest that we temporarily maintain the company’s profit forecast unchanged.

  The company is currently trading in February 2019/20.

6% / 2.

8% exponential rate, 13.


6 times P / E ratio and 1.


4x P / B ratio.Maintain Outperform Industry Rating and Target Price 9.

64 yuan, corresponding to 2019/20 year 2.

4% / 2.

6% exponential rate, 14.


7x P / E ratio and 1.


5 times P / B ratio, 8 more recently included.

9% upside.

  The risk coal price was higher than expected; the reduction in financial costs was less than expected.

Anjing Food (603345): A series of products continue to increase the cost control and release the profit elasticity

Anjing Food (603345): A series of products continue to increase the cost control and release the profit elasticity

The event released the third quarter of 2019 report Q1-Q3 2019 to achieve operating income34.

93 trillion, ten years +18.

80%; single quarter revenue 11.

5.7 billion, previously +16.


In the first three quarters, the net profit of the shareholders of the listed company was achieved.

3.8 billion, an increase of 21 in ten years.

25%, net profit of 73.01 million shareholders of listed companies in a single quarter, +34.


  A brief comment on the continued growth in revenue, the industry leader stabilized the company’s revenue in the first three quarters34.

930,000 yuan, an increase of +18.

80%, from Q3 alone, revenue was 11.

570,000 yuan, an increase of +16.


The company strengthened 北京桑拿洗浴保健 the concept of catering, the proportion of catering gradually increased, and the channel strategy of “food + circulation mainly, supplemented by commercial supermarkets” was implemented to gradually achieve a steady increase in overall sales.

Specifically, in the first three quarters, “alternative product” revenue3.

6 billion, acceleration acceleration, +33 in ten years.

45%, mainly due to egg dumplings, Qian Ye tofu series products continued to increase revenue; conversion, benefiting from the hot pot industry growth dividends, the company’s dominant traditional product “quick frozen surimi products” achieved revenue13.

3.0 billion, previously +22.

67%; “quick-frozen noodle products” achieved 9.

6.3 billion, previously +23.

33%, “quick frozen meat products” income 8.

600 million, previously +4.


Judging from the sales model, e-commerce revenue growth was outstanding, achieving 1885.

680,000, an increase of 1360 every year.

41%, mainly due to the increase in Jingdong’s self-operated sales channel revenue; the distributor channel achieved 3 billion revenue, +19 over the same period.

97% is the main contribution to the company’s continued growth.

From a regional perspective, according to the reported volume, the Liaoning plant has basically reached capacity, the market has sufficient supplies, and the revenue growth rate in North China has reached 39.

41%, faster than other markets.

At the end of the reporting period, the company’s total number of dealers was 668, a net increase of 50 from the beginning of the year, an increase of 8.


  Cost growth Gross margin decreased slightly Q1 to Q3 2019 Achieved gross margin 24.

95% a year -1.

35pct, Q3 achieved gross profit margin of 23.

90% a year -1.

The report shows that the prices of raw materials for major products of major companies have increased to a certain extent, causing the company’s cost growth to exceed revenue growth.
Q1-Q3 operating costs 26.

2.2 billion, previously +20.

97%; third quarter operating costs 8.

810,000 yuan, ten years +19.


  Net profit steadily increased The company Q1-Q3 achieved net profit attributable to its parent2.

38 ppm, an increase of 21 in ten years.

25%, net profit attributable to mother 6.

82%, ten years +0.

14 points.

Net profit grew steadily, thanks to better overall control over expenses.

Specifically, selling expenses4.

1.8 billion, ten years +9.

26%, with a sales expense ratio of 11.

98% a year -1.

At 04pct, the scale effect of the report scale companies appeared, and the growth rate of advertising, sales promotion, logistics and other expenses are expected to be lower than the growth rate of revenue, so the sales expense ratio will decline.

At the same time, the report gradually improved the company’s management layout, achieving management costs of 95.75 million, +20 per year.

1%, management expense ratio 2.

74%, ten years +0.


During the period, he continued to invest in research and development of new products, with a research and development cost of 49.67 million, +0 per year.

87%, cost accounted for 1.

42% -0 per year.

25pc; financial expenses 5.65 million, -40 for the whole year.

67%, mainly due to the decrease in Q3 interest expenses and a significant increase in interest income, with a financial expense ratio of 0.

16% per year.

16 points.

  In Q3 alone, net profit attributable to mothers was 73.01 million yuan, +34 a year.

95%, net profit attributable to mother 6.

31%, ten years +0.

86 points.

The single Q3 profitability has improved significantly, mainly due to Q3 sales expenses, R & D expenses and financial expense contribution rates.

Specifically, single Q3 sales expenses1.

3.8 billion, previously +8.

38%, with a sales expense ratio of 11.

89% every year -0.

9pct; R & D costs 17.26 million, -14 for the whole year.

08%, R & D expense ratio 1.
49% every year -0.

53pct; financial expenses-2.84 million yuan, -139 throughout the year.
02%, financial expense ratio -0.

25% every year -0.

98pct, which is mainly due to the decrease of 7.99 million in expected interest expenses and an increase in interest income of 2.03 million.

  Profit forecast: The company is expected to achieve revenue of 50 from 2019-2021.

99, 60.

63, 71.

470,000 yuan, net profit attributable to mothers3.

16, 4.

05, 5.

15 trillion, corresponding to EPS 1.

37, 1.

76, 2.

24 yuan / share.

  Risk reminders: food safety risk, pig price fluctuation risk, 武汉夜网论坛 epidemic risk, business management risk, etc.

Fenglin Group (601996): 19 years of steady increase in structure and optimization of production capacity

Fenglin Group (601996): 19 years of steady increase in structure and optimization of production capacity

Event On February 18, the company released its 2019 performance report.

Fenglin Group achieved operating income in 201919.

44 ppm, an increase of 21 in ten years.

69%; net profit attributable to mother 1.

69 ppm, an increase of 22 in ten years.

24%; net profit after deduction to mother 1.

62 ppm, an increase of 30 in ten years.


Among them, the company achieved operating income for the quarter of 2019Q5.

16 ppm, an increase of ten years.

78%; net profit attributable to mother 0.

370,000 yuan, an increase of 28 in ten years.

87%; net profit after deduction is 0.

33 ppm, a 67-year increase.


Our analysis and judgment are that the new capacity is fully delivered, the product structure is continuously optimized, and the performance of the company has grown steadily in 19 years. The company ‘s Nanning plant and Anhui Chizhou plant have completed full-scale technical transformation and production and sales have grown significantly. Gradually, the company continues to increase the milled panelProportion of environmentally-friendly functional high-value-added artificial board products such as moisture-proof boards and aldehyde-free boards, providing customers with high value-added products.

Fenglin Group achieved operating income in 201919.

44 ppm, an increase of 21 in ten years.

69%; net profit attributable to mother 1.

69 ppm, an increase of 22 in ten years.

24%; the growth rate of profit is slightly higher than the growth rate of revenue. We judge that it is mainly related to the company’s optimization of product structure while strengthening cost control, and a slight increase in sales gross profit margin.

In terms of products, in 2018 the company’s fiberboard, particleboard and forest trees achieved revenue 9 respectively.

90, 4.

49, 0.

48 ppm, an increase of 15 each year.

22%, 62.

76%, -29.


With the technical renovation of the Nanning plant in 2018 (300,000 cubic meters of super particleboard) and the acquisition of the Chizhou plant, the technical transformation (200,000 cubic meters of fiberboard) project has been fully put into operation, and the company’s wood-based panel business will be realized.Continued growth.

In terms of particleboard production capacity, it is leading domestically, focusing on the environmental protection high-end market, and continuing to promote the coastal port strategy and high-end sheet project. In November 2019, the company announced that it plans to build a “super-strong particleboard project with an annual output of 500,000 cubic meters.”With a total investment of 100 million yuan and a volume of 400 acres, the implementation of this project will help the company to take advantage of the abundant forest resources and location advantages of Fangchenggang. After the completion of the project, the company’s production capacity will be significantly increased to further meet the strong demand for high-end functional wood-based panels.

In addition, the company issued privately to 7 investors including Sofia in 20181.

9.1 billion shares, raising a total of 6.

4.5 billion, will replace the raised funds in December 2019 with the New Zealand Gisborne annual output of 400,000 cubic meters of veneerable oriented particleboard project.

The total investment of the project of “400,000 cubic meters of veneerable oriented particleboard in New Zealand Gisborne” per year is planned to be 10.

1.5 billion US dollars, in addition to the raised funds, the shortfall will be solved by the company through bank loans and other methods.

The project construction period is 2 years, and the investment recovery period is 7.

4 years (including construction period), the project’s financial internal rate of return on investment is 15.

1%.New Zealand’s construction of veneerable oriented particleboard project is a beneficial attempt by the company to actively implement the “forestry out” strategy, which helps create new points of profit growth.

In terms of production capacity, the company’s three fiberboard factories currently have a total capacity of 680,000 cubic meters; the two particleboard factories have a total capacity of 620,000 cubic meters; at the same time, the company’s Kawerau New Zealand annual production of 600,000 cubic meters of particleboard production line construction project is being implemented.

In addition, the company’s capacity utilization rate has been maintained at 100% in recent years. Nanning and Chizhou factories realized full production in the year when they were put into production. Huizhou and Chizhou factories realized losses and turned into profits in the same year.

It is estimated that the annual production capacity of 500,000 cubic meters of super-strand particleboard will be 2.2 million cubic meters after the completion of the project. The production capacity of particleboard will rank first in the country.

In addition, the company actively promotes forestation and afforestation, and continues to build the “forest-board integration” industry chain. Currently, it has about 200,000 mu of fast-growing and high-yielding forest land in Guangxi.

At the same time, the company’s environmental protection construction leads the industry, focusing on the safe and environmentally friendly high-end market.

At present, all the company’s particleboard and fiberboard production lines are continuous continuous press production lines. The main equipment is imported from Germany, Italy, Switzerland and other countries. It is the most advanced production line in the world at present, and the average single-line scale is much higher than the national average.

The product structure of fiberboard is based on high-end products such as formaldehyde-free boards, milled boards, moisture-proof boards, and E0-level low-odor boards. Particleboard is mainly environmentally 重庆耍耍网 friendly products. E0-level low-odor boards, formaldehyde-free boards have been introduced. Japan F ★★★★ Boards and more.

In recent years, the company has invested more than 200 million US dollars in environmental protection. Each factory has established advanced exhaust gas dust removal systems, and the actual flue gas emissions far exceed national standards.

We believe that after the company’s Fangchenggang super-strong particleboard project with an annual output of 500,000 cubic meters and New Zealand’s Gisborne with an annual output of 400,000 cubic meters of veneerable oriented particleboard project are completed, the scale of production capacity will be significantly increased.At the same time, the market share of aldehyde-free board products has also brought new profit growth points by realizing the SSPB (苏州夜网论坛Super-Strand Particle Board) as soon as possible; and, the new pneumonia epidemic has promoted people’s quality of life, quality of life, and home health.Recognize that the company continues to advance the coastal port strategy, expand the development of overseas high-end timber resources, gradually expand the market for high-end sheet materials, and continue to develop a foundation for sustainable development.

Investment suggestion: The company’s product structure is constantly optimized, and its production capacity is continuously upgraded and expanded.

We expect the company’s operating income to be 22 in 2020-2021.

61, 27.

67 ppm, an increase of 16 each year.

35%, 22.

36%; net profit attributable to mother is 1.

90, 2.

3.5 billion, an increase of 12 each year.

11%, 23.

57%, corresponding to the latest PE is 15.

9x, 12.

8x, maintain “Buy” rating.

Risk warning: outbreak of epidemic impact exceeds expectations; sluggish downstream demand, etc.

SAIC Group (600104) Interim Report Comments: Performance is slightly lower than expected, waiting for the industry to recover

SAIC Group (600104) Interim Report Comments: Performance is slightly lower than expected, waiting for the industry to recover

Key Investment Events: The company released its 2019 Interim Report, which achieved 3762 in the first half of the year.

93 trillion, down 19 a year.

05%; net profit attributable to mother is 137.

64 ppm, a decrease of 27 per year.


Among them, Q2 achieved revenue of 1761.

01 billion, down 22 a year.

09%; net profit attributable to mother is 55.

1.3 billion, down 40 a year.


Passenger car sales growth rate is slightly lower than the industry, new energy, and exports continue to grow.

In the first half of the year, the company sold 253 passenger cars.

80,000 vehicles in the past ten years 17.

6%, slightly lower than the industry sales growth rate (-12.


In terms of brands, Shanghai Volkswagen 杭州桑拿养生会所 sells 91.

90,000 vehicles, 9.

94%; SAIC-GM sales 83.

40,000 vehicles, 12 in the past ten years.

91%; SAIC-GM-Wuling sales 74.

50,000 vehicles, 29 in the past ten years.

19%; SAIC passenger car sales 31.

20,000, a total of 13 in ten years.


In terms of new energy, the company’s new energy vehicle sales in the first half of the year8.

20,000 vehicles, an annual growth rate of 42%, continued to maintain rapid growth; exports and overseas sales reached 14.

50,000 vehicles, an increase of 11 in ten years.

5%, vehicle exports continue to rank first in the country.

The gross profit margin was under pressure, and the expenses slightly increased.

(1) The company’s gross profit margin for the first half of the year was 12.

61%, a decrease of 0 per year.

52 units; in a single quarter, Q1 and Q2 gross 杭州夜网论坛 sales margin was 12.

72%, 12.

49%, a decrease of 0 every year.

35, 0.

70 units.

(2) Expenses, expenses and expenses during the first half of the year11.

56%, increasing by 0 every year.90 single, mainly due to the increase in sales expense ratio (+0.


(3) On the profit side, the net profit attributable to the mother in the first half of the year was 137.

6.4 billion (-27.

49%), Q1, Q2 return to the net profit of the mother is 82.

5.1 billion (-15.

00%), 55.

1.3 billion (-40.


Among them, SAIC Volkswagen, SAIC-GM, SAIC-GM-Wuling, Huayu Automotive, and SAIC Finance respectively achieved net profit of 98.

800 million (-36.

14%), 71.

100 million (-30.

59%), 8.

400 million (-58.

68%), 33.

600 million (-29.

53%), 28.

80,000 yuan (+2.

33%) billion yuan.

The parts supply system is strong, electrified, and intelligently advanced simultaneously.

In the field of traditional parts, the company’s parts business is mainly composed of Huayu, SAIC and United Electronics, with a wide coverage and a strong supply system.

In terms of electrification, Huayu jointly established Huayu Magna’s production electric drive system assembly, and jointly established Ningde Times with SAIC Times and Times SAIC to produce battery cells and packaging respectively.

The construction of the core parts supply system for the new energy powertrain Sandian system was completed.

Other traditional automobile zero subsidiaries have simultaneously promoted the electrification process, covering various areas of thermal management, chassis and bodywork.

In terms of intelligence, Huayu Automobile has taken its own R & D route, millimeter-wave radar has achieved mass production, and the Roewe Marvel X Pro version with “last mile” autonomous parking has been released for mass production.

The industry is recovering and the company is expected to benefit first.

China’s auto market has entered a late stage of growth, and the industry’s growth center has declined. At the same time, it has the impact of the macroeconomic downturn. Auto sales will remain under pressure in the short term.

Against the background of stable aggregate demand and stimulating consumption in 2019, automobile sales have substantially improved the stability of the economy. In the second half of the year, benefiting from credit recovery and sales stimulus, automobile sales promoted marginal improvement.

The company’s products are evenly distributed, and its ability to resist risks is strong. Through the completion of SUV products, industry recovery companies are expected to benefit first.

Profit forecast: We expect the company to achieve net profit attributable to mother at 329/2019/2021.



950,000 yuan, the corresponding EPS is 2.



13 yuan.

As the leader of the whole vehicle, the company has a solid brand level, a large investment in research and development of independent brands, an early layout of the new four modernizations, a strong parts supply system, and the industry recovery company is expected to benefit first, giving it an “overweight” rating.

Risk reminder: the risk of the decline in passenger car sales, the risk of the joint venture behavior falling short of expectations.

Walk for half an hour every day to extend life

Walk for half an hour every day to extend life

“Why go?

“” strolling around!

“In daily life, people often use this sentence when they say hello.

In fact, don’t underestimate this simple “slap into a circle”. According to research, walking slowly for half an hour every day is good for the heart, which increases our average life expectancy by 3 years.

  The researchers conducted a 40-year study of residents in the suburbs of Boston, USA.

It turns out that people who exercise every day rarely suffer from heart disease in the last few years of life, and those who walk for 30 minutes each time, 5 days or more per week, have better heart function.

The researchers said that the amount of exercise is moderate and the feeling of self is pleasant, so the effect of walking is also very significant.

  “Changshida really promotes the role of physical fitness.

“The national social sports instructor Zhao Zhixin said that walking, especially striding, can enhance heart and lung function, increase joint strength, exercise muscle strength, eliminate tension, and control weight.”

Older people take more than 45 minutes of stride exercise every day for 3 days a week, helping to maintain better cognitive function and prevent senile dementia.

Walking also helps lower blood pressure and prevent cardiovascular and 武汉夜网论坛 cerebrovascular diseases.

When walking, raise your head and chest, raise your shoulders, and step forward, you can naturally straighten your back muscles and shoulder blades, improve your waist, shoulders and head pain.

In addition, frequent strolling can improve the correction of autonomic nerves in the body, making the switching of sympathetic and parasympathetic nerves more flexible, eliminating stress, improving sleep, enhancing self-confidence, and making people more optimistic.

  Zhao Zhixin pointed out that strolling must first be timed.

“A lot of people’s exercise is random. If you have time in the morning, go for a walk and go for a walk at night.

This kind of irregular and irregular exercise makes it difficult for the body to remember it.

The best exercise time should be from 3 pm to 9 pm.

So it is best to choose a fixed time during this period and go for a walk.

Second, we must quantify.

The so-called quantification is to determine a certain amount of exercise, walking with a fixed distance or time every day, not walking 1 km today, walking 4 km tomorrow, so it is difficult to bring accurate exercise stimulation to the body.

Again, there must be a certain frequency rhythm.

“For example, you can sing while walking, find a fixed rhythm, and it will work better.