Angie Yeast (600298) 2019 Interim Report Review: Profit Growth Segmentation Results to Pick Up

Angie Yeast (600298) 2019 Interim Report Review: Profit Growth Segmentation Results to Pick Up

Matters: The company released its semi-annual report for 2019 and realized operating income of 37.

100 million, an increase of 11.

6%, net profit attributable to mother 4.

600 million, down 7.

7%, achieving a profit of 0.

56 yuan; of which, Q2 achieved operating income of 18.

900 million, an increase of 11.

7%, net profit attributable to mother 2.

300 million, an increase of 0.


Q2 net profit was lower than expected.

In the second quarter of 19, revenue increased by 11.

7%, basically in line with market expectations; net profit attributable to mothers increased by 0.

8%, lower than market expectations, mainly due to the decline in gross profit margin, the increase in sales expense ratio, and the increase in yield.

Dragged down by the sugar business, revenue growth slightly increased.

The company’s 2Q19 revenue increased by 11.

The growth rate is slightly higher than 7%. Firstly, expansion of factories in China such as Le Sifu caused intensified competition in the industry; secondly, the contradiction in the growth rate of the baking industry caused the company’s yeast business to be impacted;During the same period, it dropped sharply by more than 80 million. Excluding this effect, the overall revenue growth rate was 14% ±.

From the product point of view, 1H19 domestic pasta yeast increased 14%, YE increased 14% +, nutrition and health increased 24% +, animal nutrition increased 25% +, microbial nutrition increased 16% +, and sugar decreased 81%.
In the first half of the year, domestic revenue increased by 11% and exports increased by 14%.

Q2 net profit was flat with last year, lower than market expectations.

Q2 gross profit margin was 36.

1%, down with 0.

1pct, due to multiple plant overhauls, Yili plant production restrictions and other factors led to an increase in amortization depreciation, partial replacement decreased, raw material costs fell, the price increase effect is good, and it is expected to improve in the second half of the year.

Expenses during Q2 20.

5%, same as 0.

5pct, due to the endorsement fee and promotion of the activities of the Nutrition and Health Division, the Q2 sales expense ratio increased by 0.

4pct, the management expense ratio (considering internal R & D expenses) is 7.

68%, with a rise of 0.


In Q2, the deductible amount of the parent company ‘s decline in performance last year was exhausted. In addition, Egypt and Russia ‘s subsidiaries increased their yields, which resulted in 苏州夜网论坛 an increase of zero yields.

6 points.

The effect of the above factors has caused Q2’s net profit to be basically the same as last year and lower than market expectations.

Initial release of production capacity + recovery of sugar prices, the goal achieved in 19 years.

Looking into the third quarter and the long term, from the perspective of revenue, 1) At present, the capacity utilization rate of the Yili plant is 60% -70%, and it will gradually recover in the second half of the year, Egypt1.

The 5 to YEYE project was put into production in April this year, and the capacity effect will be released quarterly; 2) The price of white sugar has picked up, which will help the company digest its white sugar inventory, and realize the reduction / reversion of losses; 3) The company strengthens the odor treatment of various factories due to environmental protectionThe probability of cessation of production has been significantly reduced; therefore, the quarterly improvement in revenue has been achieved, and the 15% revenue target is expected to be achieved.

From the perspective of profit, 1) the molasses purchase cost in 19% will drop by 6% -7%, and the gross profit rate of yeast will increase steadily; 2) some H1 factories will be overhauled to reduce the depreciation and amortization of H2; 3) the endorsement of nutrition and health business andThe market promotion is amortized in H1, which is expected to decrease in the second half of the year; 4) The depreciation of the RMB this year will help increase the company’s exchange loss gains.

Therefore, we expect the company’s 19-year revenue growth rate to be about 13% and net profit growth rate to be about 8%.

Earnings forecasts and investment advice.With the increase of the company’s YE penetration rate and strong downstream demand, we managed to maintain a growth rate of about 20%. At the same time, the company actively expanded high value-added derivatives such as health products, microbial nutrition, and animal nutrition, and the gross profit rate continued to increase; the overseas cost advantage was obviousThe net profit rate is higher than that of domestic factories. Based on the above factors, the company’s net profit is expected to achieve restorative growth after 18 years of short-term adjustment.

We expect revenue growth rates to be 12 in 19-21.

2% / 14.

5% / 13.

9%, net profit growth rate was 7 respectively.

3% / 19.

3% / 19.

8%, EPS is 1.



59 yuan, corresponding PE is 24/20 / 17X.

The company’s performance fluctuates in the short term, but in the long run, the company has great development potential and maintains the “recommended” level.

Risk warning: industry competition intensifies, new capacity is put into production less than expected, molasses prices change, overseas market expansion is less than expected, sugar business reduces losses, exchange rate changes, and exports decline.

Denghai Seeds (002041) 2018 Annual Report Comments: Gradual Improvement of the Fundamentals Waiting for the Industry to Pick Up

Denghai Seeds (002041) 2018 Annual Report Comments: Gradual Improvement of the Fundamentals Waiting for the Industry to Pick Up

Event: The company announced its 2018 annual report, the number of reports, and the company achieved operating income7.

61 ppm, a decrease of 5 per year.

32%; net profit attributable to shareholders of listed companies was 3,253.

0 million yuan, a year of 80.

49%; realized profit of 0.

04 yuan.

The decrease in revenue has narrowed, and high costs and expenses have dragged down the performance growth report. The company’s operating income growth rate was -5.

3%, the decline was narrowed sharply (16/17 revenue growth rate was 4 respectively.

7% and -49.


At the same time, based on the report, the company’s operating costs and period expenses have continued to rise, while the cost of sales ratio has increased.

5 numbers, the management expense ratio (including R & D expenses) exceeds 2.

For the eight units, the sales expense ratio and financial expense ratio were basically the same.

Inventories continued to decline, R & D investment continued to increase, and the company’s fundamentals gradually improved. In addition to the gradual decrease in 杭州桑拿网 revenue, the company’s fundamentals gradually improved mainly in the following aspects: 1) Inventories began to decline.

In the reporting year, the company’s inventory decreased by 13% compared with last year, which was the first decline since 16 years, indicating that the company has entered the destocking stage.

2) R & D investment continued to increase.

In the context of variety homogeneity, continuous R & D promotion is one of the main measures for enterprises to break through the industry.

In the reporting year, the company’s R & D investment continued to increase, and the ratio of R & D expenses to operating income increased from 2 in 16 years.

98%, 6 of 17 years.

35 rose to 7.

24%, high R & D investment will help companies get out of trouble.

At the same time, in order to deal with the impact of a large number 武汉夜生活网 of “Xianyu 335” on Xianyu 335, the company signed a “Cooperation Agreement on the Integration of R & D Institutions” with American Pioneer.Denghai Pioneer serves as a platform to further integrate the R & D projects and capabilities of both parties, so that Denghai Pioneer can develop corn hybrid varieties suitable for the domestic market, which has laid the foundation for Xianyu 335 variety upgrade and breeding of new breakthrough corn varieties.

In addition, in terms of the number of reports, the company significantly reduced the seed production area, and made a large provision for inventory depreciation. The intention is to further digest the inventory, truly reflect the value of inventory, eliminate potential erosion of profit factors, and form the basis for the company’s future performance growth.

The supply and demand structure of the industry is changing, and the industry is expected to recover. It is said that the Ministry of Agriculture and Rural Areas expects that the corn supply gap in 2018 will accelerate (the expansion of deep processing capacity of corn), and the 2018/19 annual corn supply gap is expected to be 2650 tons.The target corn destocking is expected to come to an end, and the industry is expected to enter a new growth cycle.

Investment advice and profit forecasting The change in the supply and demand structure has brought about an expected improvement in the industry’s business climate. The company is a leader in the industry seed industry. The fundamentals have gradually improved and the performance has changed in depth. The company’s operating inflection point has changed, and the company’s development prospects are positive.In the year, the company realized a net profit attributable to the parent of 1.

2.1 billion, 1.

30 billion and 1.

5.6 billion, currently sustainable (6.

66 yuan) corresponding to 44 PE in 2020.

40 times, giving the company an “overweight” investment rating.

Risk reminder: natural disaster risk, competition risk, new product market launch is less than expected risk.

Large domestic aircraft may suffer from U.S. raids

Large domestic aircraft may suffer from U.S. raids

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  Securities Times reporter Liu Canbang trainee reporter Cao Chen Following the suppression of the Chinese semiconductor industry, the US government is targeting the suppression target in the aero-engine field.

According to reports, governments in developing countries are considering preventing GE from exporting LEAP-1C aircraft engines to China.

Data show that this engine will be assembled on a large passenger aircraft C919 independently developed by China in accordance with the plan.

  Under the pressure of this “raid”, the A-share military industry sector performed extremely tenaciously.

After the market opened on February 17, the large aircraft sector represented by the aviation engine industry chain quickly rose.

Among them, aviation development power, aviation development control and other companies quickly closed the board, shipbuilding and other military divisions are also sought after funds.

  C919 delivery intimidation will be delayed. Recent news shows that on December 27 last year, 106 aircraft were successfully completed for the first flight mission. All 6 C919 test flight aircraft have replaced the test flight work, and the project officially entered the “6 aircraft, 4 locations” high intensity.Flight test phase.

COMAC stated that the validity verification test of the C919 was fully rolled out, and various production tasks were also carried out simultaneously.

  It is worth mentioning that although C919 is independently developed by China, from the perspective of the supply chain, it is the result of global collaboration.

Securities Times e company reporters learned that in the conversion of the fuselage, engine and other important systems, foreign cooperation units play a pivotal role.

In addition to the engine provided by CFM, the C919’s avionics and flight control systems also have many American suppliers.

  The aero engine is known as the “Pearl in the Crown of Modern Industry”.

Regarding the US confiscation, a person from a previously listed 杭州桑拿网 company told a Securities Times e company reporter that this was expected.

Compared to the impact of the domestic industry chain, another participant believes that it is still mainly psychological. “If C919 stagnates, the development costs and costs of previous expenditures will be wiped out, which will be a loss for both China and the United States.

“In the eyes of the person, the plan to cut supply in the United States may not really come to fruition, and he also hinted that the C919 spare engine model is being developed simultaneously in China.

It is reported that the CJ-1000AX developed by China Aviation Development Corporation happens to be a custom-made domestic engine for the C919. At present, the first complete machine assembly and the “ignition” test procedures have been completed.

  According to the plan, CJ-1000AX is planned for 2022?
Obtain airworthiness certification in 2025.

But the only thing is that the C919 will get airworthiness certification and be delivered to the first batch of customers in 2021 as planned, and has already received thousands of orders from domestic and foreign customers. According to the above time series, it is difficult for the C919 to use domestic engines in the initial delivery period.

  So, in addition to LEAP-1C, whether there are other optional engine models of the C919 highlight the essence.

At present, the three major suppliers of civil aviation engines in the world are GM in the United States, Pratt & Whitney, and Rolls-Royce in the United Kingdom.

“If (the ban) extends to Rolls-Royce, (the delivery date of C919) will definitely be delayed.

“A person from a listed company reported to reporters.

  Lu Zhou, chief analyst of the military industry of Dongxing Securities, expressed a similar view to a reporter from Securities Times e Company.

He believes that since the CJ-1000AX is expected to be put into operation in 2025, LEAP-1C is the only power engine of the existing C919 engine. Once CFM company bans the delivery of C919 engine to China, the date of C919 first delivery to customers may be delayed.

  Of course, the progress of “discontinued supply” of aero engines remains to be seen.

Aviation expert Wang Yanan told a Securities Times e company reporter that General Electric and some US dignitaries have objections to the embargo and have not yet made a final decision on whether to ban exports.

It is reported that the United States will discuss at the antique cross-sector meeting on the 20th whether to refuse to distribute “CFM International” export licenses for China.

  ”CFM’s engine products were originally the result of international cooperation jointly developed by the United States and France, and they have been applied in various parts of the world.

If the United States no longer participates in Chinese large aircraft projects, it means that the blockade will only keep American technology companies away from the Chinese market, and American companies will suffer great losses.

Wang Yanan’s thesis.

  It is imminent to control the C919 in a global collaborative mode. Except for some overseas suppliers, domestic suppliers are not short of A-share listed companies.

The potential supply cut-off plan in the United States has an impact at least in advance of the delivery progress of C919, and whether the domestic industry chain will be impacted is also of concern.

However, the military sector quickly rose after the market opened on February 17. Large aircraft sectors represented by the aero-engine industry chain led the gains, and the military industry and other sub-sectors also followed suit.

  Individuals from the merged listed company told the Securities Times e company reporter that the growth of the military sector was affected by the US supply cutoff.

A listed company source said that the United States has a lot of industries to contain China. To break through the blockade, one must go step by step. As far as engines, military and civil aviation are being developed.

  The reporter noticed that since 2015, the military industry sector has continued to decline for several years, and has not come out of a new round of market.
There are many reasons behind it. The military sector is estimated to be high, and the listed companies ‘low blood production capacity are important factors. Whether the aviation supply cutout event will become the engine of a new round of market for the military sector has attracted much attention.
  In an interview with reporters, many analysts represented factors that estimated that the military industry sector was at a historically low level. At the same time, autonomy and control may also be a catalyst for sector growth.

  Guo Ping Securities chief analyst Yu Ping (Jin Qilin analyst) told the Securities Times e company reporter that the development of the benchmark semiconductor industry, the autonomous and controllable aero engine has become urgent.

This is because, from the perspective of the industry, aero engines are also important strategic guarantees for national security and big country categories. In terms of market size, the global civil aviation engine will reach 500 billion U.S. dollars in the next ten years. In terms of industrial capital investment, it will start in 2017.The national-level two-machine special plan is expected to invest more than 300 billion yuan.

  ”In the context of the United States’ possible embargo on aero-engines in developing countries, the two aircraft in the future can be compared to the semiconductor industry in the past few years, and we have ushered in major strategic development opportunities. It is imperative that the core technology be controlled independently.

Yu Ping said.

  Luzhou is selective, domestically substituted, and autonomously controllable in the military industry, which is mainly reflected in two dimensions, namely, military information and the large aircraft industry.

Wang Yanan said that in the field of aircraft industry, the pace of independent research and development and domestic substitution of civil aviation power technology in China will be faster and faster.

“This difficulty will not allow China to abandon large domestic aircraft projects. China will reconsider the issue of power selection, reorganization will reconsider the object of international cooperation, and replacement will accelerate the development of its own civil aviation power technology.

“The secretary of a listed company in the aviation engine industry chain said in an interview with the Securities Times · e company reporter that the Chinese domestic engine CJ-1000AX project has been advancing and is currently in the experimental stage.Research and development will have a positive effect.

Anner (002875): Inventory clearance affects profit margins, pays attention to new autumn and winter series: high-end and luxury goods

Anner (002875): Inventory clearance affects profit margins, pays attention to new autumn and winter series: high-end and luxury goods

The company disclosed the semi-annual report and achieved operating income in the first half of the year.

55 ppm / +15.

22%, realized net profit of 56.3 million yuan / + 1.


  Key investment points Channel expansion and online growth drive revenue, inventory clearance affects gross profit margin: In the first half of the year, the company achieved revenue growth of 15%, mainly due to the increase in the number of directly operated stores to promote overall channel expansion and rapid online growth.

Attributable net profit increased by 1.

6%, the short-term growth rate is mainly due to the increase in inventory clearance in the first half of the impact on the net interest rate.

Among them, Q2’s profit fell sharply, mainly due to the increase in the expense ratio during the period4.

9pct, making 杭州夜网 the single quarter net profit rate from 7 in the same period last year.

3% return 3.


  Children’s wear maintained a rapid growth, and inventory clearance affected the gross profit margin: In the first half of 2019, the company’s children’s wear and children’s wear achieved revenues of approximately 80% and 20% respectively.

Among them, benefited from the rapid growth of the children’s clothing market, the large children’s clothing business continued to maintain a growth rate of about 10%, and children’s clothing benefited from the second-child policy and consumption upgrade trends. In the first half of the year, it achieved revenue growth of 45%, leading the company’s revenue growth.

Due to inventory clearance in the first half of the year, the gross profit margin for children’s clothing and the average gross profit margin for children’s clothing fell by approximately 3.

4pct, reducing the company’s total gross profit margin in the first half of the year2.

49 points.

  Inventory liquidation affects profit margins, inventory turnover is slightly lower than the average level of comparable companies: In terms of profitability, inventory liquidation in the first half of the year affected the company’s gross profit margin, and the total gross profit margin fell.

49 points.

The sales expense ratio, the management expense ratio, and the financial expense ratio are basically stable. The development of the “Modern 邂逅” series in cooperation with Beclair increased the research and development expenses by 42%, and the total expenses increased by 0 during the period.

21pct to 44.


Inventory liquidation improved the asset impairment loss and flushed it back, eventually falling by 1 in the first half of the year.

15pct to 8.


  In terms of inventories, the company’s inventories accounted for a rapid rise in revenue since 2017, and the inventory accounted for 35% of revenue at the end of 2018.

In the first half of 2019, the company’s inventory clearance was effective, and its inventory decreased by 7% compared with the end of 18 years.

In comparison with the comparable company index, the inventory turnover rate of Annel in 2018 was lower than that of Semir Apparel and Peacebird, higher than that of Rahbin, which operates baby products and apparel, and the inventory turnover rate was slightly lower than the average level of comparable companies.

  The children’s clothing market continues to grow rapidly, which is expected to promote the expansion of Anel’s scale: it has transformed into a gradual increase in residents’ income and living standards. People have paid more attention to the care of mothers and children. The mother and infant market is in a period of rapid development. The scale of the children’s clothing market is expected to achieveExcellent growth rate beyond the scale of the apparel market.

According to, Euromonitor data shows that the domestic children’s clothing market is expected to achieve sales of US $ 234.7 billion in 2019, an annual growth of about 12%.

  The continued rapid growth of the children’s clothing market is expected to promote the steady increase in the scale of Anel’s income.

  Investment suggestion: Anner is a well-known domestic baby brand. The company has long re-positioned on quality enjoyment, and strives to exceed 5 billion terminal retails by 2022.

In the first half of the year, the company’s inventory clearance affected profit.

In a preliminary fashion, the new series developed in cooperation with Beclair will be launched in autumn and winter, trying to increase sales scale and brand positioning.

We predict that the company’s annual revenue from 2019 to 2021 will be 0.

71, 0.

85 and 1.

01 yuan.

Return on net assets were 9, respectively.7%, 10.

8% and 11.


At present, the company’s PE (2019E) is about 25 times, and it is covered for the first time.

  Risk warning: the decline in the birth population may affect the future growth of the children’s clothing market; the promotion of new series in the second half of the year may increase marketing costs; the inventory may be at a high level.

Hualu Hengsheng (600426): Annual report performance is in line with expectations Adipic acid, caprolactam and other projects kicked off a new round of growth

Hualu Hengsheng (600426): Annual report performance is in line with expectations Adipic acid, caprolactam and other projects kicked off a new round of growth

The company released its 2018 annual report, and the results of the annual report basically met expectations.

Operating income for 2018 was 143.

5.7 billion (+ 37% YoY).

94%), the net profit attributable to shareholders of the listed company is 30.

2 billion (+147 year-on-year.


Among them, the net profit attributable to the mother in 2018Q4 was 4.

8.5 billion (+ 29% YoY).

62%, QoQ-43.

28%), the main reason for the decline in the fourth quarter of 2018 was the decrease in prices of major products, the decline in prices, and the impact of some equipment maintenance.

Company announcement: 1) Invested in the construction of refined adipic acid quality improvement project, construction capacity 16.

66 years / year, and supporting cyclohexanol device and corresponding public works.

The project is expected to have a total investment of 15.

7.2 billion, construction period of 24 months.

2) Invest in 30 caprolactams (20 of which are inserted for own use), 20 of formic acid, 20 of nylon 6 slices, and 48 positions of ammonium sulfate.

Estimated total investment 49.

800 million, construction period is 30 months.

In 2018, the company’s profitability was further enhanced, and the volume and price of its products rose.

In 2018, the company’s urea, cholesterol, melamine and other projects have been put into production one after another, and the scale of production capacity has reached a new level. The three atmosphericization platforms have achieved interconnection and connectivity, and the advantages of the park have been consolidated. The implementation of external cooperation with steam has reduced energy consumption,The two dedicated railway lines for chemical fertilizers have optimized the transportation structure, reduced operating costs and environmental protection pressures, and expanded the 成都桑拿网 development space of enterprises by starting the planning and construction of smart parks.

The company’s production of fertilizers, organic amines, adipic acid and intermediates, acetic acid and derivatives, and polyols was 214.

33, 37.

16, 31.

63, 63.

01, 30.

59 for the first time, growing 30 annually.

62%, 6.

26%, -4.

15%, -0.

93%, 39.


The average prices of the company’s fertilizers, organic amines, adipic acid and intermediates, acetic acid and derivatives, and polyols were 1567, 5661, 9169, 4007, and 6600 yuan / ton, respectively, an increase of 20.

61%, 6.

16%, 7.

27%, 52.

20%, 2.


Adipic acid, caprolactam and other projects kicked off a new round of growth.
Adipic acid: At present, the differentiated demand for the quality of adipic acid products in downstream products is gradually transformed, and the demand for high-end adipic acid products is also continuously highlighted.
Based on the existing technology and cost advantages, the company intends to implement a refined adipic acid quality improvement project, carry out technological upgrades, and realize high-end products.

It is expected to achieve an average annual operating income of 19 after commissioning.

86 ppm, total profit2.

9.6 billion.

New amide and nylon material project: relying on the existing gasification platform, the company makes full use of synthetic ammonia resources to discover the high added value of synthetic gas, taking the carbonylation route and changing the gas production as the direction, combining the company’s existing raw materials methanol, ammonia and steam, Power and other energy advantages, will develop the cyclohexanone-caprolactam-nylon 6 chip industry chain.

After the project is completed, it is expected to achieve operating income of 56.

1.3 billion, profit maximization4.

4.6 billion.

Profit forecast and investment grade: In 2019, the company’s urea, cholesterol, melamine, etc. will all contribute to the company’s performance, and the future nylon industry chain project will also help the company continue to grow.

However, since the prices of major products are at a relatively high position in 2018, and since the end of last year, the prices of various products have been in a downward cycle. We expect that the average price in 2019 should be lower than last year. Therefore, we maintain our Buy rating and lower our profit forecast.

The EPS is expected to be 1 in 19-21.

77, 1.

91, 2.

08 yuan (19-20 years before the reduction to 2).

18, 2.

30 yuan, added in 21), the corresponding PE is 8.

6, 8.

0, 7.

3 times.

Risk warning: New projects are put into production less than expected, and product prices continue to fall.

State-owned Assets Supervision and Administration Commission (SASAC) this year to grant more than 30 measures to some central enterprises will be treated differently

State-owned Assets Supervision and Administration Commission (SASAC) this year to grant more than 30 measures to some central enterprises will be treated differently

State-owned Assets Supervision and Administration Commission (SASAC) authorized more than 30 measures for decentralization in 2019. Some state-owned enterprises will be treated “differently”
Authorizing the operating system is the first task of the SASAC to deepen reform this year.

According to the requirements of the Plan, the SASAC will formulate and issue the 2019 version of the SASAC authorized decentralization list, classify and initiate authorized decentralization, and establish and improve the online supervision system of SASACs.

  The newly issued “Proposal” clearly put forward a number of specific content of authorization decentralization.

Taking state-owned capital investment companies and state-owned capital operating companies as examples, the delegation of authority mainly includes strategic planning and main business management, selection of personnel and equity incentives, salary expenditures and management of major financial matters, etc., or additional authorizations based on the actual situation of the enterpriseDelegating content.

  Specifically, in terms of fair incentives, the board of directors of the “two types of companies” is authorized to approve equity incentive plans for subsidiary companies, to support the invested companies to adopt stock options, stock appreciation rights, and allow stocks, dividend rights, employee shareholding, and otherIn this way, fair incentives 夜来香体验网 are implemented, and the expected returns of fair incentives are regarded as investment income, which does not involve the linking of the total compensation level.

Support the core teams of state-owned venture capital investment enterprises, venture capital management enterprises and other new industries, new formats, and new business model enterprises to hold shares and follow-up investments.

  In terms of salary budget and management of major financial matters, the two types of companies in the future can implement the salary budget budget filing system. According to corporate development strategies and budget strategies, annual production and operation goals and economic benefits, comprehensive consideration of labor budget increase and labor cost input rate, employeesWage level market benchmarking, etc., combined with the wage guidance line issued by the government budget department, prepare the annual budget budget.

  ”It is also very important for the SASAC to continue to strengthen supervision after increasing the degree of delegation of authority.

In Weng Jieming’s view, the core of state-owned enterprise reform is to ensure the preservation and appreciation of state-owned assets and resolutely avoid the loss of assets.

Based on this, in addition to establishing a complete and real-time online state-owned state-owned enterprise supervision system, the SASAC has to do two things: first, integrate various supervision assets, including enterprise internal audit, investor audit, national audit, disciplinary inspection and supervision, etc.It helps to form a complete supervision system.

The second is an excellent traditional enterprise accountability system for investing in illegal operations, and resolutely avoid the loss of conventional assets.

  Regarding the forthcoming “List of Authorized Decentralization of the SASAC (2019 Edition)”, Weng Jieming revealed that more than 30 measures will be introduced.

Among them, some are inclusive for central enterprises; some are for key reform enterprises, such as state-owned capital investment companies, state-owned capital operation companies, and creating world-class demonstration enterprises; others are authorized for some special enterprises.

  ”Through the launch of the list of authorized decentralization, the SASAC’s list of financial responsibilities for capital contributions also needs to be further improved.

“Weng Jieming is a novel.

Guizhou Moutai (600519) 2019Q1 Financial Report Review: First-Quarter Performance Exceeds Expectations Channel Reform Drives Rapid Growth

Guizhou Moutai (600519) 2019Q1 Financial Report Review: First-Quarter Performance Exceeds Expectations Channel Reform Drives Rapid Growth
Investment Highlights: Event: The company released the 2019 first quarter report and achieved operating income of 224.80,000 yuan, an annual increase of 22.2%; net profit attributable to mother is 112.20,000 yuan, an increase of 31 in ten years.9%. Revenue in the first quarter exceeded expectations and continued its high growth trend.The company achieved revenue of 224 in Q1 2019.80,000 yuan, an annual increase of 22.2%, exceeding the level of 20% of the budget performance forecast.Among them, Maotai Liquor achieved revenue of 19.5 billion US dollars, exceeding 23.7%.The strong performance growth was mainly driven by volume and price increases.Scale. Due to the good sales of Moutai during the Spring Festival, the demand for non-standard Moutai, such as the year of the pig, is strong, and the amount of investment is increasing.In the first quarter, the demand in the Moutai market remained high, and the bundling price remained at a high of around 1900 yuan.In terms of price, the proportion of non-standard issuances such as zodiac wine and boutiques in direct-operated stores has increased, thereby 杭州桑拿 driving the company’s average product price growth.At the same time, the series of wine maintained rapid growth, and the revenue in Q1 2019 increased by 26.3% to 21.300 million, accounting for 9% of total revenue.5%.At present, the development of series wine is on track, and it will become a new growth point for the company’s business in the future.In addition, according to analysis and feedback, because some dealers implement the 19Q2 payment plan in advance, the advance confirmation of some advance receipts is also an important factor affecting the first-quarter performance exceeding expectations. The gross profit margin continued to increase, and the expense ratio improved significantly.In 1Q1, the company achieved a net profit of 112.20,000 yuan, an increase of 31 in ten years.9%.There are two main reasons for the higher profit growth rate than the income growth rate. In the first quarter, the gross profit margin remained relatively stable and rose slightly in the past ten years.8% to 92.1%, mainly due to product price increases and product structure optimization (non-standard Moutai delivery ratio increased).In addition, from the expense ratio point of view, the sales expense of the company in 19Q1 decreased by 0 compared to 18Q1.8 trillion, each decrease in sales expense ratio.4% to 4.0%, mainly due to the gradual maturity of the development of the series of wines, and the continuous decrease in required expenses.In addition, taxes and surcharges have fallen for ten years.0% to 10.The 7% is mainly related to the pace of consumption tax payment and the decrease in the increase rate.The increase in gross profit margin and the decrease in expense ratio jointly improved the company’s profitability. Increase the proportion of direct sales, increase non-standard launches, and channel reforms to promote rapid performance improvement.In the first quarter, the company reduced 533 dealers, a reduction ratio of 17.8%, of which Maotai, Maotai series of liquor dealers decreased by 39, 494.Channel reform is conducive to further optimizing marketing channels, cleaning up small profits or replacing dealers to protect prices, expanding and increasing direct sales ratios, and helping to increase the price of wine per ton.The sales volume recovered is used in two parts: one part is used to increase the proportion of direct sales channels.Following the slashing of about 437 Feitian liquor dealers in 2018, in the first quarter, the company replaced 39 ordinary Feitian Maotai dealers, replacing about 700 tons to expand the proportion of direct sales channels.It is expected that the dealer system will be reduced by 10% in 19 years due to policy shocks, and the proportion of direct sales will be tripled to about 20%.94%), leading to an increase in revenue of about 100 million (1499 yuan for direct sales channels, higher than the 969 yuan ex-factory price); the other part is used to put non-standard products to improve the product structure. The company plans to issue 3 in 19 years.1 Initially, at least slightly increased by 10.7%.Which dealer system1.7 nominally, mainly ordinary flying Moutai; the remaining 1.4 For ordinary flying Moutai and non-standard Moutai (Zodiac, year, boutique) respectively.The amount of the Spring Festival in 2019 is slightly higher than last year. The actual actual amount may exceed the planned amount.The upgrading of the product structure and sales structure jointly improved the company’s profitability, promoted rapid growth in performance, and exceeded market expectations.In terms of volume and price, the incremental contribution in 2019 will be 10% -13%, and the increase in price contribution will be 3% -5%. We believe that the probability of Moutai in 19 years will exceed the expected performance of 14% -16%.We are optimistic about the company’s channel reform strategy and product structure upgrade strategy, and will pay attention to the implementation of channel reform decisions. Profit forecast: The company’s revenue is expected to increase by 17.20 per year from 2019-2021.92% / 29.82% / 25.00%, net profit attributable to mothers increases by 25 per year.20% / 35.30% / 28.80%, the corresponding EPS is 35.08/47.45/61.11 yuan.The company was given a 30-fold estimate in 19, corresponding to a target price of 1,052 yuan, and maintained the company’s “strongly recommended” investment rating. Risk reminders: food safety risks, macroeconomic downside risks, and direct management advancement is less than expected.

McGmitter (002851): New energy vehicles make a big start, surpassing market expectations in the first quarter

McGmitter (002851): New energy vehicles make a big start, surpassing market expectations in the first quarter
Guide to this report: Due to the significant increase in sales of new energy vehicle supporting models and the consolidation of minority shareholders’ equity, the first quarter of 2019’s performance exceeded market expectations. Investment Highlights: Maintain Overweight rating.Affected by factors such as the long-term growth of the new energy vehicle business and the consolidation of minority shareholders’ equity, the company’s quarterly report exceeded expectations.Maintain 2018 EPS as 0.65 yuan, raised EPS to 1 for 2019-2020.1 (+0.1), 1.41 (+0.15) Yuan. Considering the continuous high growth of the company’s performance and smart bathroom and the growth space of the new energy vehicle business, the target price is raised to 46.2 yuan, corresponding to 2019 PE, maintain overweight rating. The first quarterly report has greatly increased, exceeding market expectations.The company issued a notice 南京龙凤网 for the first quarter of 2019. It is expected that net profit attributable to mothers will be 46.24.85 million yuan in Q1 2019, an annual increase of 90% -140%, exceeding market expectations. New energy vehicles made a big start, and BAIC’s EU + EX series sales increased significantly.From January to February 2019, the production and sales of new energy vehicles were 150,000 and 14 respectively.80,000 vehicles, an increase of 83 in ten years.5% and 98.9%.Last year, the company’s new energy vehicle PEU products were initially increased from the second quarter, and the company’s main supporting models, the BAIC EX and EU series, had cumulative sales of 7,000 units and increased.We expect the company’s new energy vehicle business to achieve long-term growth. The minority shareholders’ rights and interests are consolidated to 北京夜网 increase the company’s profits.Jardine Sanitary (shareholding increased from 52% to 86%), Shenzhen Drive (shareholding increased from 41% to 997%) and Shenzhen Control (shareholding ratio increased from 54% to 100%). The minority shareholders’ equity of the three subsidiaries was consolidated in September 2018.The proportion of parent net profit reached 54%, and the consolidated shareholders’ equity in 19Q1 further strengthened the company’s performance. Risk Warning: New Energy Vehicle Sales Exceed Expectations, Price of Raw Materials such as Electronic Components Increases Significantly

Tianqi Lithium (002466): Deeply cultivated lithium salt industry chain expands production capacity and gradually releases

Tianqi Lithium (002466): Deeply cultivated lithium salt industry chain expands production capacity and gradually releases

I. Event Overview Tianqi Lithium Industry released its 2018 annual report on the evening of March 28.

Report the core company’s operating income 62.

44 ppm, an increase of 14 years.

16%; net profit attributable to mother 22.

00 ppm, an increase of 2 per year.


Second, the analysis and judgment of the main products steadily increased, the gross profit margin declined slightly, the reported growth, the company’s main lithium salt business steadily increased.

In 2018, the company’s output of lithium ore, lithium compounds and derivatives increased by 12 厦门夜网 respectively.

00%, 22.

77%, with sales increasing by 6 per year.

70%, 16.


The volume and price of lithium ore rose, unit operating income increased by 18%, and overall revenue increased by 25 in ten years.


As lithium compounds caused price adjustments in the report, unit revenue fell by 5.

95%, while rising sales hedged the impact of falling prices and increased operating income by 9.


In terms of operating costs, the unit cost of lithium ore rose by 11.

81%, the lithium compound increased by 1.

At the same time, the price of finished products fell, leading to a slight decline in overall gross profit margin2.

53 up to 67.


The acquisition of SQM led to an increase in financial costs, and the proposed issuance of convertible bonds to alleviate funding pressure. For non-operational aspects, the company acquired SQM (23.

77%) shares lead to increased income, increased exchange losses, and overall increase in financial expenses4.

16 billion.

Investment and financing projects produced 1.

3.4 billion consulting fees, dragging down current performance.

And for the highest SQM (2.

09%) account processing of shares, confirmed 5.

The 1.2 billion investment income basically hedged the expenses incurred by the acquisition of SQM.

In 19, the company intends to issue no more than 5 billion convertible bonds (already changed through the shareholders’ meeting). If the issue is successful, it can effectively alleviate Tianqi’s capital pressure.

The company is deeply cultivating the lithium salt industry chain, and the performance potential is continuously released. The upstream resources and production capacity continue to expand. The Thaleson Phase II and Phase III projects are expected to be put into production in the second quarter of 2019 and 2020, respectively, and will increase production capacity to 134 Euros / year (LCE16.

8 seconds), 180 seconds / year (LCE22.

5 initial).

At the same time SQM (25.

86% equity) actively expand production. The company plans to expand its lithium carbonate production capacity to 12 digits / year and 18 digits / year by 2019 and 2021.

In the context of rising resource output, downstream lithium salt processing production lines have also been gradually put into operation, and the two-phase lithium hydroxide project at Quinana (total of 4).

8 initial), Suining lithium carbonate project (2 initial) will also gradually release capacity in 2019.Zhangjiagang Base and Shehong Base are expected to increase their production capacity and efficiency after the technological transformation.

The company deeply cultivates the lithium salt industry chain, has the advantages of high-quality resources and capacity scale, and must have certain pricing power.

As the price of lithium carbonate has gradually stabilized, the demand represented by new energy vehicles has gradually increased, and the release of long-term capacity has promoted the company’s performance.

Third, the investment proposal takes into account the company’s initial perfection of the lithium industry chain layout, the downstream new energy vehicle penetration rate has gradually increased, the current lithium carbonate price has gradually stabilized, and the company’s estimated earnings per share for 2019-2021 is 1.



54 yuan, corresponding to the current sustainable PE is 20/16 / 14X.

At present, the price-earnings ratio of Tianqi Lithium is in the alternative position of the 18% quantile since the listing, giving a “recommended” rating.

Fourth, risks indicate that product prices fell more than expected, the project’s production progress fell short of expectations, and downstream demand fell more than expected.

Daya Icon (000910): Performance basically in line with expectations Internal governance is expected to improve

Daya Icon (000910): Performance basically in line with expectations Internal governance is expected to improve

[Event]Daya Icon Releases Annual Report: Revenue 72.

61 ppm, a 10-year increase3.

02%; net profit attributable to mother 7.

25 ppm, an increase of 9 in ten years.

95%; increase by 10 in the next ten years.


Q1 / Q2 / Q3 / Q4 revenue increased by two times 11.

1% / 4.

1% / 3.

9% /-3.

1%, net profit attributable to mother increased by 41 in ten years.

32% / 23.

30% / 17.

42% /-4.

46%, this performance is basically in line with expectations.

[Comment]1) The 杭州夜网论坛 two main businesses of flooring and wood-based panels drive overall revenue upwards.

① Flooring industry: The annual value-added of the industry2.

3%, sales increased by 3.

4%, even subject to the downturn in real estate and trade wars (especially Q4), the company still mitigated the impact by strengthening marketing + leakage under the channel, and at the same time, made great efforts to seize the possibility of fine decoration.

The floor area revenue decreased by 1%, mainly due to large price reductions.

② Wood-based panel industry: Each increase in income is 9.

1%, sales increased by 6.

9%, the newly added 500,000 cubic particle board project was put into production and exceeded the production capacity limit, while the single volume revenue of wood-based panels increased by 2.

1%, mainly because the company should increase the price of raw materials.

2) 深圳SPA会所 Improvement of internal governance and continuous optimization of expenses.

① The gross profit of the main business rose by 0.

8 points to 36.

1%, floor gross margin rose 0.

7pct to 42.

0%, although the bulk of the squeeze, but the proportion of high gross profit varieties increased to drive profit; the gross profit margin of wood-based panels increased by 1.

5pct to 22.

8%, mainly due to price increase + adjustment of the company’s raw material procurement strategy.

② Net interest rate increased by 0.

6 points to 10.


Selling expense ratio decreased by 0.

3 points to 13.

2% (due to enhanced precision marketing), the management expense ratio rose by 0.1pct to 8.

5%, the financial expense ratio dropped by 0.

7pct to 0.

1% (due to the reduction in interest rate expenses), the R & D expense ratio increased by 1.

3pct to 2.

1% (due to the new product development of particleboard).

The adjustment of the company’s equity has optimized the internal organizational structure. Through lean management and full-process control, the cost during the period has been improving.

3) The leader is generally stable, and internal governance is expected to improve further.

① The top of the company is stable, which directly benefits from the completion of the warming-up and full decoration trend.

The penetration rate of full renovation accelerated (from 23% in 2018 to 30% in 2020).

Daya strengthens strategic cooperation with key customers to seize the possibility.

② Dai Pinhe, the actual controller of the company, transferred part of the shares he held to Chen Jianjun. The company’s equity management became clear and the governance level was expected to continue to improve.

Investment suggestion: It is estimated that the net profit for 2019-2021 will be 8 respectively.



2.9 billion, corresponding to PE of 9.




Daya Shengxiang is a leading player in the flooring and wood-based panel industry, and its performance is expected to remain stable. The current forecast is for growth and it is strongly recommended.

Risk warning: sharp rise in raw material prices, increased competition in the industry, and substantial growth in real estate sales