Jiajiayue (603708) Interim Report 2019: Branches expand steadily and fully enjoy regional intensive dividends

Jiajiayue (603708) Interim Report 2019: Branches expand steadily and fully enjoy regional intensive dividends

The outlets expanded steadily and fully enjoyed the regional intensive dividends.

2019H1 company realized operating income of 72.

6.5 billion, an annual increase of 16.

68%, net profit attributable to mothers2.

2.6 billion, an annual increase of 16.

85%, revenue and performance are in line with expectations.

The company’s outlets expanded steadily. At the end of June 2019, the company had a total of 758 stores and 40 new 苏州桑拿 stores.

The company’s newly opened stores are still mainly concentrated in the Jiaodong area, giving play to the synergy effect of the supply chain and fully enjoying the regional intensive dividends.

Store expansion and same-store growth drive performance improvement.

Company revenue growth: 1) Revenue from mature stores that have been in existence for more than two years grows annually4.

42%; 2) 18 new hypermarkets, 19 general supermarkets and 3 other formats.

Performance: The company’s gross profit margin increased steadily, surpassing 0.

At 08pct, the expense ratio continued to decline during the period, and the selling expense ratio decreased by 0.

12pct, the management expense rate drops by 0.

16 points.

Sufficient cash flow supports long-term development.

The company’s capital turnover is good. As of the end of June 2019, the company held monetary funds21.

9.2 billion, further supporting future store opening needs.

Investment advice: We expect revenue of 19 to 20 years to be 148.



5.1 billion yuan, corresponding to a growth rate of 16.

8% / 11.

9% / 13.

9%, adjusted the 北京夜生活网 net profit forecast to the mother to 5.



9.4 billion yuan, corresponding to 0 EPS.



14 yuan, giving 35 times 19PE, corresponding to a target price of 29.

60 yuan, “Buy” rating.

Risk Warning: Less Expected Expansion, Other New Entrants, etc.

UFIDA (600588) Annual Report 2018 Review: High-speed Growth of Cloud Business New Product Brings New Growth Driver

UFIDA (600588) Annual Report 2018 Review: High-speed Growth of Cloud Business New Product Brings New Growth Driver

This report reads: The company’s 2018 performance was in line with expectations, the company’s cloud business doubled, and the traditional software business continued to grow steadily. With the release of important products such as NC Cloud, the company’s cloud business is worth looking forward to.

Investment Highlights: Maintain “Overweight” rating and target price of 40.

8 yuan.

The company achieved 杭州桑拿 revenue of 7.7 billion yuan in 2018, a year-on-year increase of 21%; net profit6.

12 ppm, a year-on-year increase of 57%; in line with market expectations.

As the company’s release of NC Cloud will bring new growth momentum to the cloud business, we adjusted the company’s EPS to 0 in 2019-2021.

48 (+0.

02), 0.

63 (-0.

05) and 0.

82 yuan, according to the average 45 times PE of the enterprise management software industry and 15 times PS of cloud services, corresponding to the company’s reasonable market value of 78.2 billion, raising the target price to 40.

8 yuan to maintain the “overweight” level.

Cloud business grows rapidly.

The company achieved cloud business revenue in 20188.

USD 500 million, an annual increase of 108%, and advance receipts for cloud business3.

01% is 10%, with a year-on-year growth 重庆耍耍网 of 224%, which provides an alternative basis for subsequent cloud business revenue growth.

In the cloud business, large and medium-sized enterprises have accumulated 70,000 investment customers, an annual growth rate of 40%.

The company’s R & D intake in 2018 was 14.

8.6 billion, accounting for 19.

3%, of which the overall R & D investment in cloud business R & D expansion is as high as 48.

3%, reflecting the company’s firm development of the cloud business strategy.

New products bring new growth drivers.

In November 2018, the company officially released NC Cloud for large enterprises. The new hybrid cloud technology architecture can meet the customized development needs of large customers and meet the technology development trend.

The new products are expected to help the company further expand the revenue of cloud products for large customers and bring new momentum to the growth of cloud business revenue.

The software business maintained steady growth.

The company achieved software revenue in 2018 of 55.

79 ppm, a ten-year increase of 8.

7%, an increase of 0 from 2017.

The seven averages maintained steady growth against the backdrop of a highly depressed macro economy and the company’s overall shift to the cloud, reflecting the company’s product competitiveness.

Risk Warning: The development of cloud business is less than expected, and the enterprise management software industry is highly competitive.

Donghua Energy (002221) Company dynamic comment: LPG trade volume grows sharply, hydrogen energy industry chain accelerates

Donghua Energy (002221) Company dynamic comment: LPG trade volume grows sharply, hydrogen energy industry chain accelerates

Event: Donghua Energy released its annual performance report on the evening of April 18th, stating that the net profit attributable to the owner of the parent company in 2018 was 10.

780,000 yuan, an increase of 1 over the same period last year.

45%; operating income is 489.

4.3 billion yuan, an increase of 49 over the same period last year.

77%; basic profit return is 0.

6642 yuan, an increase of 1 over the same period last year.

twenty two%.

The substantial increase in LPG trade volume has led to an increase in the company’s revenue. The company is the largest private LPG trader in China. In 2017, the company’s LPG trade volume was approximately 710 tons.The trade friction is further alleviated, the trade volume is expected to further increase, and the market influence will be further enhanced. The company is a high-quality PDH enterprise. The comparative advantages of various midstream production processes of propylene are relatively obvious: the company opens up LPG (crude oil)-propylene-poly poundIn the industrial chain, LPG has the first-mover advantage in terms of cost for the PDH raw materials that own the ownership of its trade products. At present, propylene and polypropylene are in a net import state, indicating that there is a gap in internal supply; and the raw material for MTO / MTP devices is methanol, and its outputIt accounts for about 10% of domestic titanium production capacity. Its production cost is at the top of the cost curve. The cost of methanol to methanol is high, which provides sufficient profit space for PDH units. The profit of PDH units is expected to remain above 1,500 yuan / ton: 8,000 yuan / ton.The cost of propylene corresponds to USD 80 / barrel for crude oil, RMB 640 / ton for coal, USD 600 / ton per second, and RMB 2250 / ton for methanol; micron / crude oil and PThe profit of DH equipment is negatively correlated, and the PDH equipment is expected to continue to maintain an internal profit of more than 1,500 yuan / ton; the company uses trade advantages to expand existing production capacity and has a long-term goal: the company has a long-term clear goal and uses LPG’s trade advantages to further expandThe scale of PDH and polypropylene. At present, the company has a capacity of 126 tons of polypropylene and 80 inches of polypropylene. In the future, it plans to have 5 sets of PDH and polypropylene supporting devices, with a total capacity of (516 + 320), which will open up space for future growth.

The company uses liquefied petroleum gas by-product steam to vigorously promote hydrogen energy business: As the construction and operator of the first commercial operation hydrogen refueling station in Jiangsu, Donghua Energy makes full use of the by-product natural gas resources of the liquefied petroleum gas deep processing project to leverage its location advantages.Deploy hydrogen refueling stations, open hydrogen energy transportation channels, improve the hydrogen energy supply chain, and create new strategic growth points.

At present, the Zhangjiagang Donghua Port City hydrogen refueling 杭州夜生活网 station completed by the company has been the Gangcheng Bus Group.
Hydrogen fuel buses for buses provide hydrogenation services, which indicates that the company’s comprehensive utilization of hydrogen energy has made substantial progress.

Investment suggestion: The company is the largest private LPG trading company in China. It uses the advantages of LPG trade to create the largest PDH and polypropylene production scales. It has a long-term clear development status. The company has a bright future. We predict that the EPS in 19/20/21 will be 0.

81,091 and 1.

02, corresponding PE is 17, respectively.


99 and 12.

57 times coverage for the first time, giving a “recommended” rating.

Risk reminders: 1. The Sino-US trade conflict leads to a significant reduction in the company’s trade volume; 2. The 南京桑拿网 polypropylene demand is less than expected; 3. The company’s production capacity is less than expected; 4. The price of crude oil changes; 5. The hydrogen energy project is launched less than expected

Super big order: 50 billion big capital to escape the way

Super big order: 50 billion big capital to escape the way
For stocks, please read Jin Qilin analyst research report, authoritative, professional, timely, and comprehensive, to help you tap potential potential opportunities!  [Super Big Order]A rare scene in 3 years!The 50 billion yuan funds fled and fled. These stocks were the biggest source of selling pressure: DataBao original Lin Lifeng’s two big single funds appeared in nearly 3 for the first time in a single day exceeded 50 billion.  The three major A-share stock indexes collectively, the Shanghai index fell below the 3,000-point mark, and the GEM index fell 4.6%, the two cities fell to a limit of nearly a hundred stocks, speculative sentiment cooled, the two cities total turnover exceeded 1.3 trillion, 6 trillion consecutive transactions exceeded 1 trillion.Disk, infrastructure, construction machinery, real estate, steel and other sectors all rose by more than 4%; lithography, remote office, chip, OLED, 5G and other sectors all fell by more than 4%.Northbound funds fell 67% today.2.7 billion.  The two cities have a net allowance of 543 for large single funds.25 trillion, it is rare that the market suffers more than 500 trillion in a single day.Securities Times · DataBao statistics show that in the past 10 years, there have been 52 replacements of over 50 billion single-day funds in a single day, but they are mainly concentrated in the plunge in 2015. In that year, there were 47-day oversized orders or over 50 billionIn 2014, there were 2 times in 2016, and the other was today. In the three years of 2017-2019, there was such a large one-day fund replacement.  From the industry perspective, Shenwan’s 28 first-tier industries have 10 industries with a large single net inflow and 18 industries have a net inflow.The largest single inflow in the building decoration industry reached 26.36 trillion, the industry index rose sharply against the trend3.91%, including China Metallurgical, Shandong Luqiao and other 10 stocks daily limit.On the news, on February 25, Fan Zhenyu, deputy director of the Comprehensive Planning Department of the Ministry of Transport, stated that investment in transportation construction has always been an important part of infrastructure investment.  Large-scale inflow of real estate industry 8.7.2 billion yuan, the industry index rose 2.17%.Iron and steel and construction materials have been injected over 400 million yuan, and mining and banking have been reduced by over 200 million yuan.  Today, there are 12 industries with large single funds that can exceed 1 billion yuan.After the electronics industry received 12.2 billion yuan in large orders yesterday, the excess amount continued to expand today to 214.8.5 billion yuan.After several days of continuous gains, high-tech stocks fell collectively today. The number of individual stocks in the electronics industry exceeded 40, and the industry index fell by 6.71%.Computer industry big order replacement 72.8.4 billion U.S. dollars, the industry has accumulated more than 16 billion U.S. dollars in the past 3 days, the second largest amount after the electronics industry.  The pharmaceutical, biological, and electrical equipment industries have reduced their capital by more than US $ 4 billion, non-ferrous metals and chemical industries have exceeded US $ 3 billion, and communications, non-bank finance, and media industries have exceeded US $ 2 billion.  In terms of individual stocks, 49 large inflows exceeded RMB 100 million, and 8 in the construction and decoration industry.The largest single inflow of funds from Cybernet Technology reached 5.7.8 billion US dollars, has hit the daily limit.  The capital inflows of China Construction and China Communications Construction’s two leading infrastructure companies exceeded 400 million yuan, and China Communications Construction has been approaching the daily limit.Today, large infrastructure construction companies have taken over the technology stocks, which has skyrocketed across the board. From the perspective of capital flows, the large capital construction stocks with higher inflows include Poly Real Estate, China Railway Construction inflows exceeded 300 million yuan, Conch Cement, and China MCC inflows exceeded 200 million yuan.Gezhouba, Vanke A, China Railway, Tengda Construction, Xinjiang Jiaotong Construction, Rongsheng Development and other inflows exceeded 100 million yuan.According to incomplete statistics, recently, Beijing, Fujian, Henan, Yunnan, Jiangsu and other places have released a list of investment plans for major projects in 2020, with a total investment of more than 11 trillion yuan, of which infrastructure investment is still an important part.Guosheng Securities said that the current position of funds in the construction sector is still at a historically low level, and the current sector has a certain margin of safety.  Cyclic stocks such as steel and coal also grew against the trend today. However, the largest single-source funds flowing into these two industries were the largest, and only the large-scale single-source funds flowing into Shagang exceeded RMB 100 million.  Today, there are 177 stocks with over $ 100 million in large single orders, of which 57 are in the electronics industry, 22 are in the computer industry, 11 are in non-ferrous metals, and medical and biological.  Looking at the top stocks from the top, most of them are technology stocks that rose 杭州桑拿网 in the early stage.BOE A, Central Holdings, and TCL Technology have the highest amount of three technology stocks, replacing 17 respectively.4.2 billion, 13.8.3 billion and 10.6.2 billion.ZTE, Huatian Technology surpassed 900 million and Ningde Times surpassed 800 million.  Like some typical chips, 5G faucets, such as San’an Optoelectronics, Zhaoyi Innovation, Changdian Technology, Jingfang Technology, Tongfu Microelectronics, Wingtech, Opel Optics, Dongshan Precision, North Huachuang, Nanda Optoelectronics, etc.The average value of funds can exceed $ 400 million, and there are usually a large number of blockade limits.  Brokerage stocks were also abandoned by funds today. Oriental Fortune, Pacific Exchange over 800 million U.S. dollars, National Gold Securities, CITIC Securities, Caitong Securities, Guohai Securities, etc., all 杭州桑拿网 appeared capital replacement.  Disclaimer: All information content of DataBao does not constitute investment advice. Securities are risky and investment should be cautious.

China Pets (002891): Performance in line with expectations of high domestic business growth

China Pets (002891): Performance in line with expectations of high domestic business growth

2019H1, net profit starts from zero38.

91%, in line with our expectations of the company’s 2019 Interim Report, which reports two companies, the company achieved revenue7.

8.7 billion (among which pet snacks6.

460,000 yuan, +20 compared with the same period last year.

97%; canned pets1.

10,000 yuan, +18.

30%; pet staple food 0.

270,000 yuan, a year-on-year increase of +36.

30%), a year-on-year increase of +21.

58%, net profit attributable to shareholders of listed companies was 1610.

690,000 yuan, yoy-38.

91%, the company’s performance is in line with our expectations.

In a single quarter, 2019Q2, the company’s operating income4.

0.7 million yuan, +9 compared with the same period last year.

71%, net profit attributable to shareholders of listed companies was 926.

270,000 yuan, yoy-32.


We expect the company’s EPS to be zero in 2019-21.

52 yuan, 0.

75 yuan, 1.

12 yuan to maintain the “overweight” level.

The domestic market investment has dragged down the performance, and the business has been stable and progressed. In the first half of 2019, the company’s operating income has steadily increased, and the net profit attributable to mothers has expanded and decreased, which is mainly affected by factors such as the expansion of the domestic market and the increase in raw material costs. 1) 2019H1In order to develop the domestic market business, the company’s selling expenses are zero.

770,000 yuan, an increase of 59 in ten years.

05%, R & D investment is 0.

11 million yuan, an increase of 38 in ten years.

17%; 2) The price of chicken meat has risen rapidly, the cost of chicken breasts as the company’s main raw material has risen, and the overall gross profit rate has been lowered; 3), the increase in the company’s financial expenses is also one of the factors that reduce the performance.Is 0.

110,000 yuan, an annual increase of 910.


The development of domestic and foreign markets continues to advance, and the growth drives the company’s growth. The company actively promotes strategic layout, acquires overseas, establishes subsidiaries, promotes product sales and market expansion, and comprehensively improves channel layout and construction of new retail models in the domestic market.

In the domestic market, the company has reached strategic cooperation intentions with Tmall, Suning, and JD.com, and established e-commerce teams such as Nanjing Cloud Cat, Zhongsong Songzhi, and Weihai Haotong to focus on the development of online channels; offline, the company and petsStore cooperation, while entering Ruipeng medical 深圳桑拿网 system, opening up pet medical channels.

In the short term, the development of the domestic market requires a lot of expenses, which puts pressure on profitability.

In essence, the domestic market has room to resist development, and the domestic revenue of H1 companies in 20191.

5.2 billion, a previous increase of 37.

35%, the company’s domestic revenue expansion in 2019 is expected to further increase.

Carry out capital operation, strategic layout to seize the advantage of reorganizing the capital market of leading companies, actively carry out capital operation, and strengthen the construction of emerging markets.

Reporting basis, 1) Invested in Amoy Pets (Cambodia) Company, and agreed to change its business scope to pet meat products, research and development, production, sales and import and export of edible chewing 杭州桑拿 gum, further improve the overseas production capacity layout, and increase resistance to trade friction 2) Signed the “Industrial Fund Cooperation Framework Agreement” with Beijing Fangyuan Jinding, which provides a platform for China Pet’s industrial investment, mergers and acquisitions, and promotes the company’s industrial chain layout.

Long-term strategic layout + strong market-side sales, maintain “overweight” rating, we estimate that the company’s net profit will be zero in 2019-21.

880,000 yuan, 1.270,000 yuan and 1.

8.9 billion yuan, corresponding to EPS (after diluted share capital) are 0.

52 yuan, 0.

75 yuan, 1.

12 yuan.

With reference to 30 times the PE level of comparable companies in 2019, considering the growth space of domestic pet industry breakthroughs and the breakthroughs achieved by the company’s internal sales, we give the company 40 in 2019?
43 times PE, corresponding to a target price of 20 in 2019.


36 yuan, maintaining the “overweight” level.

Risk warning: intensified competition in overseas markets, fluctuations in raw material prices and exchange rate fluctuations.

Panjiang Co., Ltd. (600395) 2019 Interim Report Review: Performance Exceeds Expectations, Focuses on Capacity Expansion and Long-term Dividend Level

Panjiang Co., Ltd. (600395) 2019 Interim Report Review: Performance Exceeds Expectations, Focuses on Capacity Expansion and Long-term Dividend Level
The company’s first half performance increased by nearly 18%, exceeding market expectations.In the long run, the company is expected to release 420 tons of production capacity in the next three years.As the only state-owned coal listing platform in Guizhou Province, the company’s long-term remaining resources are expected to integrate and the growth is good.At the same time, considering the company’s leading dividend yield in the past two years, the company’s investment value is gradually showing. Net profit in the first half of the year increased by nearly 18%.The company’s operating income / net profit for the first half of the year were 32.86/6.2.2 billion (eleven +).27% / 17.81%), EPS is 0.38 yuan, the performance exceeded market expectations, mainly due to Q2 net profit in a single quarter3.2.5 billion, a significant increase from the previous quarter (+ 10%).The company deducts non-attributed net profit5.5.7 billion yuan (+12 per year).49%), the non-recurring benefits mainly come from the government subsidies corresponding to the overcoming of overcapacity wages and housing provident funds. The gross profit margin of coal increased significantly, and the price of coking coal increased by about 19%.The company produced 368 raw coal in the first half of the year.59 inches (+14 per year.30%), of which clean coal / blended 杭州桑拿网 coal is 185 respectively.54/183.04 for the first time (at least +5.90% / 24.28%); commercial coal sales were 398.59 for the first time (at least +11.52%), of which the average selling price of clean coal / blended coal is 1418 respectively.98/292.24 yuan / ton (in the past +18.94% /-5.22%), 519 tons of coal sales cost.69 yuan (one year -2.53%).Coal business gross margin 56.07% (up 4 per year.56pct). The increase in gross profit margin is primarily due to the company’s effective control of unit costs and the increase in the sale price of clean coal. R & D expenses increased significantly, and some subsidiaries turned losses.The company’s sales / management / finance / R & D expense ratios in the first half of 2019 were 0.32% / 9.99% / 1.82% / 0.83%, the total cost rate during the period increased by 0 each year.68pcts. Among the main subsidiaries, except Guizhou Shouqian Company, which exceeds 0.At 17 trillion, the Songhe Mine realized a turnaround and profit of about 12.87 million yuan; SDIC Panjiang Power Generation Co., Ltd. and Panjiang Finance Co., Ltd. made a profit of 552.216 million yuan. Regional leaders have further increased and increased production capacity is expected to drive output growth.As a regional coal leading company, the company is expected to benefit from the integration of resources of the group and the region for a long time.At present, the company actively promotes the construction of supplementary production capacity. The mines under construction include the Jinjia mine Jiazhuyu mining area (90 sites), Hengpu Company’s first phase of the Erfa mine (90 sites), and the Mayi coal mine (one well 240 initial).These mines are expected to gradually release food starting this year and next. Risk factors: Overcoming the risks of regional production safety, affecting the stability of the company’s output release; falling coal prices; uncertainty in resource integration. Investment suggestion: Considering that the company’s interim results exceed expectations, we slightly increase 2019?The EPS forecast for 2021 is zero.67/0.73/0.78 yuan (previous forecast was 0.64/0.71/0.77 yuan), the current price of 5.09 yuan, corresponding to 2019?P / E8 / 7 / 7x for 21 years, P / E10x for 2019, corresponding to a target price of 6.7 yuan, maintain “Buy” rating.

Xingyu Co., Ltd. (601799): Improved product structure brings significant improvement in gross profit margin

Xingyu Co., Ltd. (601799): Improved product structure brings significant improvement in gross profit margin

Performance review 2018 results are in line with expectations Xingyu shares released 2018 results, revenue 50.

700 million, an increase of 19 years.

2%; net profit attributable to listed companies 6.

1 billion, an annual increase of 32.

8%, performance in line with our and market expectations.

  The inflection point of the gross profit margin of development trends was confirmed, and the accounting was accrued carefully.

4Q realized income 13.

500 million, an increase of 8 in ten years.

1%; gross profit margin reached 25 in the fourth quarter.

3%, a significant increase of 5 per year / mo.

4ppt / 4.


The improvement 深圳桑拿网 of product structure fulfills the logic of increasing gross profit margin, that is, the decline in the proportion of small lamps and the mass production contribution of new LED headlamp projects.

In terms of expenses, 4Q sales and management expense ratios were 3 respectively.

4% and 8.

7%, increase each year.

The company adopted prudent accounting policies and accrued 27.89 million impairment of goodwill.

Even so, the company still achieved net profit attributable to mothers in 4Q1.

700 million, an increase of 17 in ten years.

0%, clearly surpassing peers.

  The product structure is improving and the average price continues to rise.

In 2018, the company’s car lights sales reached 64.6 million, an increase of 13 each year.

3%; the average price of lamp products reaches 70 yuan / piece, +6 per year.


Corresponding income of 4.5 billion, an annual growth rate of 20%.

From the perspective of the new project, the proportion of small lights has dropped significantly, and the proportion of full LED headlights and tail lights has gradually increased. We believe that there is room for further improvement in the average price and gross profit in the future.

  A large number of new projects are about to be put into production, with high growth expectations for 19 years.

In the short term, downstream passenger car production and sales are still under pressure. The industry’s size still has an impact on the company’s revenue in the first quarter. However, due to the upgrade of the product structure, the company’s gross profit margin has remained high and its profits have achieved strong growth.

Looking forward to 2019, the new Corolla, Sagitar, Magotan, Asia Dragon, Audi A6 and other projects will be put into production one after another, replacing the contribution of the new 2H18 project. It is expected that the company will continue to outperform the industry.

  Profit forecast We believe that the company will continue to benefit from the increase in volume and price caused by the improvement of product structure, maintain the recommended level, and maintain the 2019 net profit forecast at 7.

9 billion, dating to 2020 profit forecast9.

9.6 billion.

  It is estimated and recommended that the current Xingyu shares correspond to 20.

8x 19 P / E and 16.

5x 20 years P / E.

Increase the target price by 17% from 60 yuan to 70 yuan, corresponding to 24.

5x 19 P / E and 19.

4×20 P / E, maintenance recommendation.Pioneer upside is 17%.

  Risks Lower-than-expected sales from downstream customers.