BBK (002251) 2018 Annual Report Comments: Performance Meets Expectations Smart Retail Steady Progress

BBK (002251) 2018 Annual Report Comments: Performance Meets Expectations Smart Retail Steady Progress

Core point of view The company has saved offline resource endowment. Together with Tencent, has implemented smart retail to reduce costs and improve efficiency; acquired Jiarunduo Supermarket and accelerated store opening, and the management structure adjustment has brought efficiency improvements.

Performance was in line with expectations and cash flow was good.

In 2018, the company achieved operating income / attributable net profit of 184.

0 billion / 1.

600 million, ten years +6.

7% / + 3.

5%; deduct non-attributable net profit 1.

200 million, at least -3.


In the fourth quarter of 2018, the company achieved operating income / attributable net profit of 43.

100 million / -0.

800 million, ten years +0.

3% /-17.

2%, deducting non-attributable net profit -0.

90,000 yuan.

In 2018, the company achieved net operating cash flow of 14.

3 ‰, +24 a year.

5%, CFO / NI 6.


Comparable store profits are maximizing and the growth rate is good. The rapid display of stores and innovative business erode profits.

In 2018, the company opened 38 new supermarket stores (34/40 new stores in 2016/2017), including 26/12 in Hunan Province / outside of Hunan Province; closed 15 stores (12/10 in 2016/2017 Homes), 5/10 in / out of Hunan Province.

In 2018, the company’s supermarket / department store comparable operating income was half a year-1.

0% / + 0.

5%, profit budget ceiling +6.

0% / + 39.


As of the end of 2018, the company had 341 stores in various formats, including 51/290 department stores / supermarkets.

Scale effect, self-operated sub-leasing promotes comprehensive gross margin +1.

53%, multi-factors boosted the expense ratio during the period by +1.


Scale effect. At the end of 17, three new shopping malls and some department stores’ self-operated sub-leasing increased the gross profit margin of the main business by +0.

37 points to 16.

43%, of which the gross profit margin of supermarket / department store +0 respectively.

26 / + 0.

16pct, the gross profit margin inside / outside Hunan Province is +0 respectively.

50 / + 0.

02 minutes

On January 18, 2017, a large number of 83 stores opened in total, and the labor / promotion costs of the stores are gradually expanding. The management institutions are adjusted and the provincial and district management authorization is increased. The company’s period rate has increased by +1.
48pcts, of which sales / management / R & D / financial expense ratios are +0 respectively.

40 / + 0.
58 / + 0.

02 / + 0.

48 points.

Working with Tencent Jingdong, smart retail is advancing steadily.

Membership: As of the end of 2018, BBK has 500 digital members.

80,000 of which 63% are new customers and 63% are member sales.

8%; Smart parking at Meixi Xintiandi store is 32.

60,000 license plates and about 100,000 new members.

Purchase,, more points, Meituan home O + O total orders 57.

480,000 orders, operating income of 30.34 million yuan, better membership code, code scanning, multi-point self-help, WeChat self-help total operating income3.

91 million.

Supply chain: In 2018, the company newly commissioned Jiangxi cold chain warehouses and Sichuan low temperature warehouses to achieve efficient regional distribution; it complemented Jingdong’s warehousing logistics and commodity supply chain resources.

Looking forward to 2019: return to the main business of the Super League, accelerate the display of stores, and improve efficiency.

In 2019, the company plans to open 100 stores with Hunan, Guangxi, Jiangxi, and Sichuan as the focus; together with Tengjing, it is expected that the company will continue to innovate in three aspects: supply chain integration, flow realization, and technology 杭州夜网论坛 efficiency.

The company acquired Jiarunduo Supermarket, and the adjustment of its management structure is expected to bring efficiency in the supply chain and further improve operating efficiency.

Risk factors: intensified regional competition; rapid expansion of new stores to promote erosion of performance.

Investment suggestion: Consider the time for the newly opened stores to grow, assuming that Jiarunduo will consolidate 11 months in 2019 and contribute about 11 operating income.

5ppm, lowered the company’s 2019/2020 operating income forecast to 204.

900 million / 218.

400 million (was 208.

200 million / 229.

3 ppm), lowering the company’s 2019/2020 attributable net profit forecast to 1.

700 million / 1.

900 million (was 2).

0 billion / 2.

400 million), an increase in operating income / attributable net profit forecast for 2021 is 231.

100 million / 2.

20,000 yuan, the corresponding EPS is 0.



25 yuan (the original 2019/20 forecast was 0.


28 yuan), maintain “Buy” rating.

Sany Heavy Industry (600031): 3Q19 results meet expected profitability and improve sustainability

Sany Heavy Industry (600031): 3Q19 results meet expected profitability and improve sustainability

The 3Q19 results were in line with our expectations. Sany Heavy Industry announced the first 3Q19 results of 2019: operating income of 586.

90,000 yuan, an increase of 42 in ten years.

9%; net profit attributable to parent company 91.

60,000 yuan, an increase of 87 in ten years.

6%, corresponding to a profit of 1.

09 yuan, in line with our expectations.

In the third 杭州夜网论坛 quarter, the company’s operating income and net profit attributable to its parent were 153.


10,000 yuan, an increase of 18 in ten years.

1% / 61.


  Excavators and concrete machinery maintained high growth, and hoisting machinery ran smoothly.

In the third quarter of 19, Sany Heavy Industry sold excavators 1.

10,000 units, an increase of 19 in ten years.

4%, we expect the 3Q19 company’s excavator business revenue to increase by more than 20%; 3Q19 company’s concrete machinery revenue is expected to increase by about 20%, of which domestic pump truck sales remain above 50% and exceed high growth; we expect 3Q19 company’s lifting machineryRevenue initially increased slightly, better than the industry level.

  Economies of scale grow and profitability is sustainable.

Due to the increase in the proportion of large and medium tonnage products, the gross profit margin of the company in 19Q3 was 33.

0%, an increase of 2 a year.

9ppt, which was basically flat month-on-month; the expense ratio tripled during 3Q.

6ppt, in which the R & D expense rate increases by 2 every year.

5ppt, due to the company’s expansion of core components and intelligent R & D.

The improvement in asset quality brought 3Q19 asset impairment losses down by 90% in a row, and the net profit margin in the third quarter of 19 increased by 4.

2ppt to 15.


  Net cash inflow from operating activities showed a net inflow.

The balance of the company’s accounts receivable at the end of the third quarter decreased by 7 compared with the end of the second quarter.

At 7 ppm, 3Q Company achieved a net operating cash inflow of 18.

50,000 yuan, considering that due to the increase in stocking, the purchase of goods in the third quarter, the cash payment of labor services increased for more than ten years, the inventory surplus increased by 9 compared with the end of the second quarter.

9 trillion, actual cash flow is better than this figure.

  The development trend of profit growth is deterministic, and the outlook remains relatively optimistic.

In the short term, in the fourth quarter, the sales volume of the excavator industry maintained double-digit growth, and the growth rate of the crane machinery industry turned positive. In 2019, we believe that the company’s concrete, excavator, and crane machinery business revenue will increase by more than 30%.Through the optimization of product structure, the company’s gross profit margin remained stable at a high level of about 33%.

Initially, we believe that the amount of infrastructure and real estate investment will achieve a small positive growth. The construction machinery industry will generally operate smoothly in 2020, and Sany Heavy Industry will continue to maintain faster growth than the industry through market share increase.

  Earnings Forecast and Estimates Due to the improvement of profitability, we slightly increase the company’s 2019/20 earnings per share forecast4.

5% / 7.

1% to 1.


62 yuan.

The company’s current consensus corresponds to October 2019/20.2/8.

6 times P / E, estimated to be reasonably low, and maintain Outperform rating.

Considering the upward revision of earnings forecast and the estimated switch to 2020, we raise the company’s target price by 11% to 18.

00 yuan, corresponding to 13 in 2019/20.


1x P / E, compared with the current consensus, there is 29% upside.

  Risk infrastructure and real estate investment growth was slower than expected, and industry competition intensified.

Goertech (002241) 2019 Third Quarterly Report Review: Intelligent Hardware Outbreaks Deduct Non-Net Profits

Goertech (002241) 2019 Third Quarterly Report Review: Intelligent Hardware Outbreaks Deduct Non-Net Profits

This report reads: The company released the third quarter report of 2019, the outbreak of smart wearable devices such as TWS, watches, and bracelets has driven the company’s revenue and deducted non-net profit to grow rapidly.

Investment Highlights: Maintain “Overweight” rating and raise TP to 20.

2 yuan: In the first three quarters of 2019, the company realized revenue of 24.1 billion yuan, a year-on-year increase of 56%, and a net profit of 9.

850,000 yuan, an increase of 15% in ten years, deducting non-net profit of 10.

90,000 yuan, an increase of 62 in ten years.

33%, in line with market expectations.

Taking 杭州夜网 into account the strong growth of TWS, watches, bracelets and other smart wearable devices, we raised the EPS forecast for 2019-2021 to 0.

39 (+ 5%), 0.

57 (+ 10%), 0.

77 (+ 18%).

In 2019, TWS will make efforts, and 2020 will continue to maintain high growth. VR / AR is also expected to follow-up, raising the target price to 20.

2 yuan, corresponding to 35 times PE in 2020, maintaining the “overweight” level.

TWS drives the rapid growth of intelligent acoustics business, which will continue in 2020: the current company is one of the core suppliers of major customers. The company is expected to produce about 13 million units in 2019. The volume of TWS for major customers will increase with market demand in 2020.

In terms of Android TWS, the company is the core supplier. It is expected to advance 4 million units 朴妮唛脱胸罩新闻 in advance. The company is positioning high-end products with a unit price of 40-50 US dollars.

As for Android TWS, it is expected to double in 2020.

Wearable products are recovering, VR / AR is expected to gradually continue: Watch bracelets and other products will grow rapidly in 2019, and core customers Huawei, Fitbit, revenue will increase significantly from about 10 in 2018 to more than 3 billion in 2019.

The company is a core manufacturer in the VR / AR field, and has a clear lead in ODM and core components. It has exclusively produced star projects such as Oculus, PS VR, and Huawei VR Glass.

The revenue of VR business in 2019 is expected to be about 25 trillion, and it is expected to rebound significantly in 2020.

Catalyst: TWS business of large customers exceeds expectations, 5G business progress exceeds expectations. Risk reminder: competition in mobile phone acoustics business is intensified, TWS business is lower than expected

The high price of gold was hit by the good support and short-term increase.

High gold prices are hit by the good support and short-term advancement
Come to Sina University of Finance and listen to Golden Sister’s “12 Lessons Learn Systematic Skills of” Investing Gold “”, bid farewell to blindness, and get started easily.  Last week, after the gold price broke through the 1600 mark and climbed close to US $ 60 in real terms, the price of gold in Asian markets rose more than 2% on Monday (February 24), updating its high since February 8, 2013 to 1679.70 US dollars / Ang, now giving up part of the increase in trading around $ 1,665.  World Health Organization Director-General Tan Desai said on the 21st that the current “window of opportunity” for the spread of global health security problems still exists, but this window is gradually reducing revenues and expenditures. The international community needs to take prompt action, which has aggravated people ‘s influence on the global economy.Pessimism for growth prospects.  What is even more shocking is that the development of public health emergencies in South Korea, Japan and other places has increased market anxiety and triggered a new round of hedging 武汉夜生活网 transactions.South Korea raised the country’s outbreak alert to the highest level on Sunday (February 23).However, the European Union sees “no need to panic” over the Italian epidemic.  Global investors have turned to safe assets, and the decline in US Treasury yields has further exacerbated this trend.The substantial decline in US Treasury yields has further boosted this non-yield metal and fueled the current bullish tone.  G20 finance leaders will monitor the impact of public health emergencies on global growth Finance and economic officials in the world’s top 20 economies promise to monitor the impact of public health emergencies on global growth and take action when needed.They said that easing monetary policy and easing trade tensions will drive the economy to recover in 2020 and 2021.  The finance ministers and long-term 上海夜网论坛 presidents of the Group of 20 (G20) heard a report from the International Monetary Fund (IMF), predicting that long-term public health events will lead to a reduction in global economic growth.1 average.  A statement issued by finance leaders said that we will strengthen global risk monitoring, including recent public health emergencies.We are ready to take further action to address these risks.  They predict that global growth is expected to accelerate moderately in 2020 and 2021.The economic recovery is supported by the continued easing of the financial environment and the ease and expectations of trade tensions.  US Treasury Secretary Mnuchin said that if necessary, extension officials will study options for responding to public health emergencies.Japanese Prime Minister Tokuhiko Kuroda said he was prepared to relax policy if necessary.  The high price of gold is well supported, and the short-term is expected to impact 1700. Analysts believe that the high price is still well supported and does not rule out the possibility of further growth in the short term.Kaitou macro analyst Edward Mayer said that the current price of gold looks quite strong. Last week, it broke the high of $ 1613 reached in early January / breakthrough. When such a breakthrough occurs, usually all system funds and technology funds will start.Increase their long positions because some of them are technical buying. In the “short-term” perspective, $ 1,700 is the next target.  Last week, Goldman Sachs issued a report warning investors that a 10% chance of stock market returns looks very high. Meir believes that this is a big drop for the stock market. If expected to materialize, gold’s performance should be better.  According to the latest report by CITIC Construction Investment Analyst Huang Wentao, although U.S. Treasury yields and real interest rates have continued to fall, considering the potential global public health events, even a short-term disturbance, whether it is domestic monetary policy or the U.S. currencyJudging by the trend of policy easing, the scale of easing has not yet been reached.  The report said that given that the main driving force of gold’s medium- and long-term growth is still in the mid-to-long term, the global economy is weak and the monetary policy is not easy to see the distortion in the short-term. Under the medium- and long-term bull market trend, we believe the short-term gold price will continueGo forward and maintain the judgment that the current price of gold is expected to exceed $ 1,700.  At 8:16 Beijing time, the international spot gold price was reported at 1663.USD 81 / GBP, up 1.twenty three%.

Goodix Technology (603160) Company In-depth Research Report: Photoelectric Sensing Innovation Leads Multidimensional Layout and Leads the Future

Goodix Technology (603160) Company In-depth Research Report: Photoelectric Sensing Innovation Leads Multidimensional Layout and Leads the Future

Since its establishment, the leading company of fingerprint recognition chips has taken “innovative technology, enriched life” as its mission, guided by market demand, committed to scientific and technological research and promotion, and promoted China ‘s domestic chip industry from “Made in China” to “Created in China”.To achieve self-breakthrough, in the areas of capacitive touch chip, under-screen optical fingerprint recognition chip, TWS Bluetooth headset chip, and many other technological innovations, to become the leader in the field of fingerprint recognition chips.

At present, the company provides services for Huawei, Xiaomi, vivo, OPPO, OnePlus, ZTE, Meizu, Google, Samsung, Dell, LG, HP and other well-known international and domestic brands, and has reached in-depth cooperation. It is a leader in the domestic semiconductor design industry.

Leading the new optical fingerprint technology, the new ultra-thin fingerprint compatible 5G mobile phone company is the pioneer of the under-screen optical fingerprint recognition chip. According to the company’s official WeChat data, as of December 26, 2019, the company’s under-screen optical fingerprint recognition has obtained 101 modelsBrand prototype commercial.

The company has innovatively designed ultra-thin fingerprint chips and has been mass-produced for commercial use. The module thickness is less than 1/10 of the previous generation, and it is suitable for 5G mobile phone-sized internal spaces.

We believe that the ultra-thin fingerprint products will be launched on the market. On the basis of technological upgrades, the differences will be further widened and subdivided to maintain the competitiveness of the company’s core products.

According to Counterpoint estimates, due to the increase in the price of mid-range OLED smartphone products between $ 300-500, the global OLED display smartphone segment will exceed 6 billion units by 2020, an increase of 46%.

We believe that the optical fingerprint recognition chip under the screen will increase with the expansion of OLED display mobile phones, and the growth path is clear.

Based on long-term goals, innovate and broaden the new channel company’s orderly expansion in the core capabilities. While exploring new areas of fingerprint recognition technology, it has also upgraded touch products and 合肥夜网 integrated new areas such as the automotive market and smart home. IoTChips and 3D face recognition technology are also the focus of the company.

According to the company’s official website, as of the end of 2019, the company has applied for and authorized more than 3,900 domestic and international patents, and has a strong technical reserve.

In 2020, the company will have a number of new products on the market: fingerprint recognition chips under the LCD screen, touch chips on the unit of compact and flexible OLED display, ToF solutions, etc. The integration of the NXP VAS business to be acquired will be completed, and more abundantAudio solution product line.

IHS data shows that the fingerprint penetration density under the screen in 201913.

9%, and the penetration rate is expected to reach 22 by 2020.


We believe 苏州夜网论坛 that under the stimulus of the acceleration of OELD display mobile phones and the landing of the fingerprint solution under the LCD screen, the penetration of the fingerprint under the screen will develop faster than expected.

According to the data of the Tuoyuan Institute of Industry Research, the penetration rate of 3D recognition in 2019 will reach 12%, and the penetration rate may reach 20% by 2020, and the market size will reach 59.

6 billion dollars.

According to Counterpoint data, the number of global TWS headsets will reach 1 in 2019.

2 billion units, expected to reach 2 in 2020.

3 billion units, an increase of 90% in ten years.

The increase in market penetration of new technologies and the rapid growth of new product expansion will bring a strong boost to the company’s core IC design business, helping the company to become a platform-based IC design giant.

The investment proposal maintains the previous forecast. Is the company expected to be in 2019?
Revenue in 2021 will be 65/80/101 million US dollars, with an annual growth rate of 75% / 23% / 26%; net profit attributable to mothers will be 23.



USD 5.0 billion, with a growth rate of 221% / 20% / 22% at the beginning of the year, corresponding to an EPS of 5.

22 yuan, 6.

28 yuan, 7.

69 yuan, maintain “Buy” rating.

Risks suggest macroeconomic fluctuations, increased industry competition, and new product advances faster than expected.

Xingang Co. (600782) 2019 Interim Report Review: Second-quarter profit rebound is significantly better than the industry average

Xingang Co. (600782) 2019 Interim Report Review: Second-quarter profit rebound is significantly better than the industry average

Core point of view The company’s operating status and performance have reached the industry average level. In the industry down cycle, the company’s profit decline has been significantly smaller than the industry average level.

The company’s production is stable, and the output is expected to continue to hit a new high.

The company’s expenses are well controlled, which can effectively resist the decrease in net profit of the royal industry’s downward cycle.

   The company’s operating conditions and performance in the first half of the year were industry average.

2019H1 company achieved revenue of 263.

76 ppm, a ten-year increase4.

69%; realized net profit attributable to mother 18.

39 ‰, an average of 14 in ten years.

81%; realized gross profit 27.

8.9 billion, down 18 every year.


The decline in the company’s performance was significantly smaller than the industry average. The gross profit per ton of long products we simulated fell by 34% in the first half of this year, while the gross profit per ton of flat products gradually decreased by 66%.

The reasons for the company’s performance in the industry average level are: 1) cost control and good location advantage, and the company’s product cost in the second quarter increased by more than the industry average; 2) iron ore pricesThe rapid upward compression of profits in June has not been fully reflected in the semi-annual report; 3) The company’s yield has been reduced from 25% to 15% this year, which has increased the company’s net profit.

   Production is stable, and output is expected to continue to hit new highs.

The company produced iron 456 in the first half of the year.

11 additives, steel 453 additives, steel 413.

18 each year, rising by 1 each year.

81%, up 2.

95%, a decrease of 0.


  The company’s production runs stably, and on the basis of a large blast furnace modification in the first half of the year, it has achieved the same output as the first half of last year.

With the completion of maintenance, the company’s production is expected to be smoother and more stable in the second half of the year.

We expect the company to achieve steel production of about 900, with output slightly surpassing last year, and continue to hit record highs.

   The company’s expenses are well controlled, monetary funds are sufficient, and financial expenses are turned negative.

The company’s 杭州桑拿网 three expense ratios in the first half of the year were only 1.

24%, significantly lower than the industry level.

Due to the high profits of the company in recent years, the company has too much money and has 61.

With 9 billion currency funds, financial expenses also turned negative in the first half of the year.

The company’s surplus monetary funds are also expected to provide extended support for future equipment renovation, maintenance, and the development of non-steel businesses.

   Risk factors: Downstream real estate investment and new construction replacements exceed expectations; supply side releases beyond expectations.

   Investment suggestion: The overall profit base of the industry this year is higher than last year, especially after 5 months, the supply needs to be maintained and the supply remains high and 上海夜网论坛 rigid.

At the same time, due to the impact of foreign mining accidents, the price of iron ore has risen significantly, which has significantly increased the cost of raw materials for steel companies.

Taking into account two factors, we will the company’s EPS forecast for 2019-21 from the previous 1.



The 46 yuan is reduced to 0.


14/1.39 yuan.

The company is the leader in sheet metal production in Jiangxi Province. The stability of its profitability is stronger than the industry average. According to the PE estimate of 6 times in 2019, the target price is 5.

82 yuan, maintain “Buy” rating.

Mei Nian Health (002044): The leader of the medical examination industry with extremely high platform value

Mei Nian Health (002044): The leader of the medical examination industry with extremely high platform value
The fast-growing 100 billion medical examination market plays an increasingly important role as a non-public inspection center.According to data from the Prospective Industry Research Institute, the size of the medical examination market in 2017 reached 1399 ppm, an increase of 21 per year.97%.Driven by consumption upgrades and the increase in the disposable income 天津夜网 of people, the public is paying more and more attention to the health care industry. The medical examination market is expected to maintain rapid growth in the future, and at the same time, it will be proportional to overseas, so the medical examination penetration rate in 2017 is only 32.5%, which is far from the overall coverage of more than 70%.At present, public hospitals still occupy a part of the domestic medical examination market, with a market share of at least 80%. However, the efficiency of public hospitals and the single medical examination package are gradually unable to meet the needs of multi-level consumer groups.Driven by vigorous development, the proportion gradually increases every year. Mei Nian is the highest non-public three-dimensional inspection fixture, and the standardized replication model has matured.As of 2018, Meinian Health has 633 medical examination centers (256 holdings) and serves 27.78 million passengers annually. It is a leading company in the medical examination industry.The company’s medical examination center basically covers the whole country, and is rapidly sinking to the third and fourth-tier cities. Its equipment configuration can be compared with most second- and third-tier public hospitals. At the same time, due to its size, it has strong bargaining power and cost control capabilitiesThe item is second to none.The company adopts the expansion mode of “first participation and later control”, using the leverage effect of funds, firstly holding about 20% of shares, and then incorporating the three-year mature medical examination center into the body to achieve rapid expansion while maintaining good financial indicators.At the same time, the company created nine standardized quality control systems after the 2018 physical examination event to escort long-term growth. The company uses the physical examination as the gripper, which is very strong horizontally and initially extends the value of the platform. Horizontal extension: Based on massive big data analysis, the company can accurately capture market changes and customer needs to form an industry incubation platform. Gradually extended: In the upstream of the industry chain, in addition to traditional medicine, the company is in early screening of tumors, intelligent diagnosis, geneticDetection, artificial intelligence and other aspects have potential for development; and downstream of the industrial chain, health insurance, professional prevention, health consultation, medical services, chronic disease management, etc. are also possible directions.Anke Technology, which has been recognized by the Keke board, is an upstream supplier of the company’s capsule gastroscope. Although the company does not directly participate in the shares, it still reflects the value of Midian Health’s platform. profit prediction.We expect the company’s net profit attributable to its parent to be 11 in 2019-2021.52, 16.57,23.450,000 yuan, an increase of 40 in ten years.4%, 43.8%, 41.5%, corresponding to PE is 42x, 29x, 20x.The company’s “first participation and later control” model breakthrough guarantees stable and high-speed growth of the performance. At the same time, the company’s platform has a strong value and can be extended horizontally and forward.The current estimated relative error in chain medical services is covered for the first time and is given a “Buy” rating. Risk reminders: The development of the medical examination center is less than expected; the management and operation risks brought by chain expansion; and the risk of intensified market competition.

Depth-Company-Huaxin Cement (600801): Achieving New Records in Performance and Suggesting Focus on Regional Elasticity

Depth * Company * Huaxin Cement (600801): Achieving a New High in Performance and Suggesting Focus on Regional Elasticity

The company released its 2019 Interim Report with a revenue of 143 in the first half of the year.

8.7 billion, an increase of 21.

07%; net profit attributable to mother 31.

6.3 billion, an increase of 52.

93%; EPS1.

51 yuan, the same increase of 52.


The company’s performance reached a new high, and all financial indicators reached the best level.

Key points supporting the rating Revenue continued to grow at a high speed, and the indicators in the report further improved: the company’s sales in the first half of the year.

07% rapid growth, of which gross margin was 41.

75%, the same increase of 3.

99pct; each expense rate is 12.

98%, down by 2.

52pct; accounts receivable decrease by 27 per year.

60%, the receivables turnover rate and inventory turnover rate expanded.

Earlier operating cash flow increased by 55.

44%, free cash flow also participated in the promotion.

In the first half of the year, the company’s cash ratio continued to increase, its debt ratio decreased, capital expenditures further increased, its cash flow situation was better, and its financial statement indicators further improved.

The rapid growth of performance may benefit from the improvement of regional prosperity: 2019 is still a big year for cement, and the maintenance of real estate construction can bring the demand brought by the industry.

The degree of prosperity of East China and South China in the traditional high-boom area has improved significantly, and the measurement data in the first half of the western region has improved significantly.

The company is mainly located in the southwest and central China regions, and the rapid growth of its performance in the first half of the year may be related to the improvement of regional prosperity.

While capacity expansion is underway, revenue growth can still be expected: In the context of supply-side reform, the company still rarely has capacity allocation, and the future growth of the cement business is highly certain.

At the same time, the hazardous waste business and concrete aggregate will become the main growth point of the company’s future performance.

The company is the target of a small number of future performance growth points in the cement sector, and it will readjust its ability to resist cyclical changes in the future.

It is estimated that the current cement boom in the western region is high, and the company is planning to gain revenue. In the future, the clinker and aggregate production capacity will be released. The company’s 杭州桑拿网 profit forecast is raised. It is estimated that the company’s revenue will be 317 in 2019-2021.


8, 361.

1 ppm; net profit to mother is 67.

13, 70.

02, 72.

01 ppm; EPS is 3.

202, 3.

340, 3.

434 yuan, maintain the company’s buy rating.

The main risks faced by the rating were lower than expected capacity growth, new business growth was lower than expected, and regional prosperity changed.

Securities Times: Love to buy a house with more money and less money?

Securities Times: Love to buy a house with more money and less money?
Securities Times reporter Chen Ying a few days ago, a friend who worked in a real estate company made a suggestion: “The four of us have stable wages and have free money. We ca n’t run a little in the bank. Or buy a house with a crowdfunding and invest.The reason is that the real estate company where it is located has a new development bank, with a total price of 94% for internal employees, and another two million three-year interest-free loan.  Four white-collar workers who have worked hard in Shenzhen for many years, have income and deposit, it is easy to buy a suite together, not to mention encountering such a big internal discount, it sounds very exciting.As a result, four people gathered together and discussed the stable and profitable 成都桑拿网 project with great excitement.This fundraising is bright in Shenzhen, a little far from the central area. This is not a problem. Everyone is full of confidence in Shenzhen’s property market.Raise market price 4.80,000 square meters, the smallest unit is more than 100 square meters, the smallest set of houses, the total price is about 5 million, according to internal staff preferential prices, the total price is about 4.7 million after discount.Four people have their own homes. As a second home investment, 40% of the down payment is at least 1.88 million, and each person has to come up with nearly 500,000 to raise funds.The remaining 3 million loans, including three years of interest-free loans of 2 million enjoyed by the company, monthly payments within three years of about 5.60,000 yuan per person per month.40000.Counting here, 武汉夜网论坛 some people exclaimed: “It is dead to take out a deposit of 500,000 yuan, and pay one month.40000?The salary is not so high. How can I pay it?”” I haven’t added one million commercial loans.”The final evidence is: Give up, the four extremely superior white-collar workers can’t even afford to buy a house in a remote area of Shenzhen.One of the company’s executives proposed: “House prices in Shenzhen are so high that we can’t afford a house together. How many people can afford it?”This is reality. However, on the other side of the reality, there are people who can afford it, or even afford it, and there is a surplus of money. They are also thinking about what to invest.My colleague Xiao Chen told me that an old reader of her often asked her where to buy a house.Some time ago, China Resources Yuefu opened, and the lady swept into a set without hesitation, paying more than 20 million in cash in one lump sum, “I still have more than 20 million deposits. You give some advice and buy another one.Tao Yue House, or Shenzhen Bay One?Which of the two investment values is better?Xiao Chen couldn’t give an answer. In the end, the lady started a set of No. 1 Shenzhen Bay.”Money cannot be idle, it will depreciate.”” This is why she is desperate to invest.  This seems to be the choice of many people: if you have spare money, no matter how much money you have, you don’t know what you can do except buy a house or speculate in stocks.Ordinary people do not have social experience, there are not many social relationships, there are no more channels, and the rich are money, but as an ordinary person, he cannot understand and can only buy a house.”The Chinese have too few investment channels.”” This is a word that many people often dangle, and they have won too much coherence.Are there really too few investment channels?In fact, in order to improve this situation, the government has created A shares, B shares, small and medium-sized boards, ChiNext, New Third Board, and now it is the science and technology board.In addition to stocks, there are funds, bonds, P2P, P2B, bank wealth management, real estate, trust . why not choose so many investment channels?Because I do n’t understand, except for real estate, which only has information on the fund gate, each channel here needs to have a considerable understanding, so there are two cases above.  Is there an investment called “risk-free high-yield investment channel”?This is what many people yearn for.Many people will relish the fact that there are very few “examples” on the ground, for example: the stock market in 2006, 2007, the property market after 2003, gold before 2013, and even financing trust products sought by many people . these so-calledThe “existence” of “investment channels”, many ordinary investors have been struggling to find the next “risk-free and high-yield investment channels”, so now some people say that there are fewer and fewer investment channels.In fact, this so-called “investment channel” is contrary to the logic of investment. “High return without risk” is just a wish of everyone wishful thinking.For ordinary investors, we first need to understand the relationship between risk and return. Everyone knows the reason of low risk and low return, high return and high risk.The logic of investment is: sometimes your investment has a low return, but the target you invest in may not necessarily be low risk; and the target you invest in a high risk investment may not necessarily yield a high return; but low risk necessarily meansLow returns, high returns necessarily mean higher risks!  Obviously, domestic investors’ financial management ideas need to be improved, and returns always accompany risks. The so-called multiple investment channels are nothing more than the refinement of each stage of income.There have been many channels in China, but according to the preferences of investors, those types are also known at this stage.In the future, through the upgrade of investor concepts, there will be more channels.

Foreign all the way below 3000 points is more greedy than expected

Foreign all the way below 3000 points is more greedy than expected

Below 3000 points, foreign countries have been buying Wind information all the way from the beginning to the present. The Shanghai Stock Exchange Index has rushed to 3,000 points four times and said goodbye to 3,000 points four times.

On Monday, the Shanghai Composite Index fell for four consecutive days and rose slightly by 0.

05%, card position 2939.

62 points.

  At a sensitive and important time and place, in terms of domestic institutions, pension funds have taken the lead, and 799.2 billion yuan of funds have begun to invest; foreign exchange is more greedy than expected, and the capital of northbound has never stopped the bottoming.

  What stocks did the pension buy?

  At the press conference of the third quarter of 2019 that took effect on the 21st, the Ministry of Human Resources and Social Security stated that at the end of September, 18 provinces (autonomous regions, municipalities) and the Social Security Foundation had signed a basic pension insurance fund entrusted investment contract, with the total contract amount966 billion, of which 799.2 billion funds have been credited and investment has begun.

Among them, the value of the entrusted investment contract increased by 103 billion U.S. dollars compared with 863 billion U.S. dollars at the end of June; the operating capital to the book investment increased by 93 billion U.S. dollars compared with 706.2 billion U.S. dollars at the end of June.

  According to the “Administrative Measures for the Investment of Basic Pension Insurance Funds”, the proportion of basic pension investment in stocks and equity funds can reach 30%.

This means that the funds entrusted for investment are almost replaced and can enter the securities market.

According to the maximum ceiling, the size of funds used to buy stocks or stock funds can reach 240 billion.

  At the end of September, Zhang Jinan, Minister of Human Resources and Social Security, introduced that social security capabilities have continued to increase.

The scale of the fund has been continuously expanded, and the three insurance funds for old age, unemployment, and work injury gradually have balances6.

8 trillion yuan.

  Pan Helin, a senior expert at Pangu Think Tank, believes that the rapid entry of pension funds into the market can further increase the weight and influence of institutional investors in the stock market and have a positive effect on the stable operation of the capital market.

  Since the second quarter, the overall pension has shown a clear trend of increasing positions.

Taking Yilit as an example, the pension 804 portfolio entered the company’s circulating stock list in the second quarter with 488 shares.


  Wind data shows that there are 25 new shares of pension insurance holdings. In addition, it has increased holdings of Tiandi Technology, Daya Icon, Blue Flame Holdings, Weixing Shares, Yinlun Shares, Weixing New Materials and other stocks.

Among them, the newly held stocks of the basic pension insurance fund include Zhongmu, Yilite, Panjiang, China Textile City, Gansu Power Investment, Yueyang Xingchang, Qianyuan Power, Chongqing Water, Changshu Bank, Yinlun, Chongqing ConstructionEngineering, Jiuyang Co., Ltd., Tianyuan Deco, MediaTek, Xinfengming, Neusoft Bird, Huanxu Electronics, Zhejiang Meida, Zhichun Technology, Changchuan Technology, Yingjia Gongjiu, Desaixiwei, YuanlongyaPicture, Dabo Medical, Mona Lisa, etc.

  At present, the A-shares have entered the period of intensive disclosure in the third quarterly report, and more positions on pensions may be re-disclosed.

  The greedy Wind data from foreign countries shows that as of October 18, foreign countries have made net purchases for five consecutive years, with a total net purchase of more than 8,400 trillion.

  On Monday (October 21), there was a net inflow of northbound funds throughout the day29.

1.5 billion yuan, of which the net inflow of Shanghai Stock Connect was 21.

1.8 billion.

Among them, only Huatai Securities, the net purchase of Beishang Fund reached 8 in a single day.

5.2 billion yuan.

  Wind data show that only two days since October have shown a net alternating trend in foreign countries.

  From the perspective of the recent net inflow of funds from the north to the industry, the number of shares held by the five industries of media, building decoration, pharmaceutical and biological, transportation, and light industry manufacturing increased by more than 3% from the previous month.

Among them, the most obvious increase in the media industry to increase positions, Beijing Capital last week held shares in the industry22.

2.8 billion shares, an increase of 6 from the previous month.


  Below, about 7 industries last week suffered a lightening of Kitakami funds. Non-ferrous metals were most obviously 成都桑拿网 lightened. Kitakami Capital held 13 shares of its stock last week.

8.2 billion shares, down 2 from the previous month.

86%, the proportion of lightening of the electronic industry chain ratio is also more than 2%.

  In terms of the style of Beishang Capital over the years, large consumer and pharmaceutical stocks are the sector where Beishang Capital is close to alternatives. There has been a lack of interest in coal, non-ferrous metals and other triggering sectors.

  The policy is also very friendly to foreign inflows of A shares.

  In September, the Federal and Foreign Exchange Bureau announced the lifting of the RMB Qualified Foreign Institutional Investor (RQFII) pilot countries and regions, as well as the QFII / RQFII quota restrictions.According to data from the State Administration of Foreign Exchange, as of September 30, there were 292 QFII-qualified institutions with a total quota of 1113.

$ 7.6 billion.

  The information on the website of the Securities and Futures Commission shows that on October 18th, Oasis Management (Hong Kong) and the affiliated institutions of Vanderbilt University submitted applications for QFII qualifications, which are currently in the stage of receiving materials.

In the first three quarters of this year, seven companies applied for this qualification, including Kisskerwell Asset Management Corporation and Huade International Asset Management Co., Ltd.

  In the disclosed three quarterly reports, QFII appeared in 10 stocks. Among them, the stocks that spread the speed of transmission include Xinlitai, Sanlipo, and Baotai.

Union Bank of Switzerland, French merchant Industrial Societe Generale, a new company in the third quarter, Sanlit, Baotai shares; Annide Partners Ltd. increased the holdings of companies such as Xinlitai.

  From an industry perspective, foreign countries have a preference for computer, communications and other electronic equipment manufacturing.

In addition, the pharmaceutical, retail, rubber and plastic products industries are also receiving attention from stakeholders.

  Institutions looking at the CITIC Securities research report said that the third quarter GDP data once again allowed the market to replace the “freezing point” with economic and policy underpinning expectations, triggering market adjustments.

However, the GDP growth rate and the policy bottom line will in turn accelerate the comprehensive development of various policies. When the impasse in the restructuring of monetary and fiscal means, the reform of the capital market itself is expected to continue to exceed expectations, and it needs to be focused on.

  The high probability of corporate profit growth bottomed out in the third quarter, and it is expected that it will be the empty window period of economic data and the intensive landing period of policies. It is highly likely that allocation funds will choose to increase their holdings or adjust the structure rather than the duration.

The expected “freezing point” of the market only affects the rhythm of the rebound and does not affect the trend.

Maintaining the “monthly grade rebound” view, it is recommended to continue to underestimate the layout and benefit from the allocation of economically stable varieties.

  The 144th issue of Huatai Securities’ signal and noise series, said that the PMI new order index rose again above the line of prosperity and dryness in September, and the production index also exceeded the past 5 months.Data, the growth rate in the first half of September was 4.

7%, the highest value in 6 months.

At the current stage, it is believed that the micro and micro are more important than the macro, and the supply and demand balance of the corporate sector is more important than the macro demand trend.

  CITIC Construction Investment Securities recently reported that the market will continue the slow bull shock.

The downward pressure on the economy is increasing, and the steady growth rate is expected to increase.

CITIC Securities expects that corporate earnings in the third quarter of 2019 will be a low point in the period, and corporate profits in Q4 are expected to pick up.

However, the rising domestic trend will continue to decline, the Fed’s interest rate cuts are expected to rise again, and Brexit will lead to increased uncertainty in the external environment.

  The market will continue the slow bull shock market, still optimistic about underestimated, outstanding performance, good cash flow.

Follow-up will continue to pay attention to the changes in interest rates. In the medium and long term, we still recommend the main line of technology and the main line of consumption.

  (Feng Comprehensive Self-Personnel Bureau official website, brokerage research report, etc.)