Month: March 2020

Semir Apparel (002563) children’s clothing leader continues to sing aggressively M & A towards internationalization

Semir Apparel (002563) children’s clothing leader continues to sing aggressively M & A towards internationalization

Event: Semir Apparel released its 2018 annual report, and its 2018 revenue was 157.

190,000 yuan, an increase of 30 in ten years.

71% in Q1-4, an increase of 21 in the first half of the year.

57%, 27.

62%, 17.

25%, 49.

47%; net profit attributable to mother is 16.

94 ppm, an increase of 48 in ten years.

83%, an increase of 23 in Q1-4.

88%, 26.

01%, 26.

41%, 235.

16%.

Realize a basic gain of 0.

63 yuan, and distributed to all shareholders 3 for every 10 shares.

5 yuan, the day’s yield 3.

twenty two%.

Opinion: Casual wear is recovering, children’s wear continues to grow at a high rate, and revenue is increasing.

In terms of business, casual wear has recovered and revenue has increased by 20.

54%, a net increase of 202 stores (2830), a net increase of 5.

56%, the highest growth rate in the past five years; children’s clothing income increased by 39.

60%, a net increase of 1280 stores (to 6,075, of which 782 KIDILIZ Group merger), 2018 consolidated KIDILIZ Group children’s clothing revenue7.

7.7 billion, excluding the impact of consolidation, income from children’s clothing increased by 27.

3%, continued to maintain rapid growth (2014-2017 growth rate was 24.

9%, 24.

8%, 26.

5%, 26.

4%), and reached a new high in the past five years.

In terms of channels, offline revenue increased by 30%.

26%, online revenue increased 31.

64%. Excluding the impact of consolidation, offline revenue increased by 21.

77%, online income increased by 30.

75%, online growth is faster than offline.

The number of direct sales channels of Semir’s business increased by 84, and the number of franchise channels increased by 700, and the channel expanded rapidly. In 2018, regardless of direct sales and franchise, the average area of newly opened stores was significantly larger than that of closed stores.It is 158 square meters / 126 square meters, 212 square meters / 131 square meters.

KIDILIZ Group’s existing direct, affiliate and franchise channels are 455/280/47 stores with an average area of 89.

56 square meters, significantly smaller than the average area of 190 square meters of the Senma business store. Gross margin increased, net interest rate increased, and inventory grew faster.

Gross profit margin increased by 4.

27pct to 39.78%, mainly due to 1) the inventory of casual wear in 2017, the gross profit margin recovered in 2018, an increase of 7.

67pct; 2) The consolidated gross profit margin of the KIDILIZ Group is higher than that of Barabara. The gross profit margin in 2018 is approximately 62.

9%苏州桑拿网.

During the period, the expense ratio increased by 2.

19pct, mainly due to the increase in sales expenses brought about by consolidation.

The KIDILIZ Group was acquired at a discount in 2018, and brought together 1.

9 trillion non-operating income increased, net interest rate increased by 1.

3 points.

Inventory turnover days increased by 23 days, mainly because only the fourth quarter revenue was consolidated on the reporting date, but all KIDILIZ Group inventory (approximately 8 billion to 1 billion) was consolidated. Excluding consolidation affects inventory growth by approximately 40 +%.

Profit forecast: Considering the impact of consolidation, the company is expected to increase its revenue from 2019 to 2020 by 30.

66%, 11.

42%, profit growth of 16.

65%, 12.

47%, corresponding to 0 EPS in 2019-2010.

73 yuan / share, 0.

82 yuan / share, give “厦门夜网buy” rating risk warning: terminal consumption continues to weaken, exhibit stores are less than expected, merger is less than expected

Evening Announcement Scenic Spot Tracking: Founder Group Is Applied for Re-Integration and Company Impact

Evening Announcement Scenic Spot Tracking: Founder Group Is Applied for Re-Integration and Company Impact

For stocks, please read Jin Qilin analyst research report, authoritative, professional, timely, and comprehensive, to help you tap potential potential opportunities!

  [Peking University Medicine, China Hi-Tech (rights), Founder Securities (rights): Founder Group was applied for reorganization]Peking University Medical (000788) announced on the evening of February 18th that Bank of Beijing applied to Beijing First Intermediate Court for reorganization of the other group.If the reorganization application is fined, Founder Group will enter the reorganization process, which may have an impact on the company’s equity structure.

Currently, Founder Group’s holding company shareholder Peking University Medical 85.

6% equity in Peking University Medical Holdings 11.

8% of the shares, and holds 100% of the company’s controlling shareholder, Southwest Synthesis.

China Hi-Tech and Founder Securities also announced that the company’s controlling shareholder, Founder Group, had been applied for reorganization.

  Restructuring and additional issuance[Spring and Autumn Airlines: Public issuance of corporate bonds not exceeding US $ 5 billion]Spring and Autumn Airlines disclosed the public offering of corporate bonds in 2020, the issue of which does not exceed US $ 5 billion. After the issuance of compensation, it will be used to supplement working capital and repayInterest denial and other purposes.

  [Yatai Group: Proposed non-public issuance of corporate bonds not exceeding 3 billion]Yatai Group intends to issue non-public corporate bonds not exceeding 3 billion. After replacing the issuance costs, it is intended to be used to adjust the debt structure and supplement working capital.

  [Overclocking III: Revising the Non-public Issuance of Share Plans]Overclocking III revises the Non-public Issuance of Shares and other related documents. The main contents of the adjustment are the issue object, pricing method, number of issuances and restricted sales period.

Among them, the issue target is adjusted to no more than 35 specific shareholders, and the issue price is adjusted to be no less than 80% of the company’s stock transaction average price 20 trading days before the pricing reference date, and the sale restriction period is 6 months.

Overclocking III will raise funds to raise no more than US $ 600 million, invest in 5G cooling industrial park construction projects, and supplement working capital projects.

  [Digital Government Communication: Adjusting the non-public stock offering plan.

Among them, the issue target was adjusted from no more than 5 to no more than 35; the issue price was adjusted from no less than 90% of the average stock transaction price 20 trading days before the pricing benchmark date to no less than 80%; the number of issuances did not exceed20% of the total share capital before issuance was adjusted to not exceed 30%; the sale restriction period was adjusted from 12 months to 6 months.

  [Puli Pharmaceuticals: Revising the Non-public Issuance of Shares Again]According to the new refinancing rules, Puli Pharmaceuticals has amended the non-public offering of A shares.

The issue target is adjusted to not more than 35, the issue price is not to exceed 80% of the average price of the company’s stock trading 20 trading days before the pricing reference date, and the restricted sale period is adjusted to 6 months.

Puli Pharmaceuticals plans to raise no more than 5 funds.

USD 5.2 billion will be used for Puli International’s high-end API and innovative preparation manufacturing base projects.

  [Bank of Ningbo: Adjusting the plan for non-public issuance of A shares.

The issue objects are not more than 35 specific objects, including Singapore Overseas Chinese Bank Limited. The issue price is not less than 80% of the average transaction price of the company’s A shares 20 trading days before the pricing reference date, and the issue quantity is not more than 4.

1.6 billion shares shall not be transferred within 6 months from the end of the issuance.

Among them, OCBC Bank promised to subscribe for 20% of the number of non-publicly issued A shares.

The total amount of funds raised will not exceed 8 billion yuan, which will be used to supplement the company’s core tier 1 capital.

  [Caesar Culture: Revising the Private Placement Plan].

Among them, the fundraising amount is from 9.

06 tunes up to 9.

USD 10 billion, still investing in game research and development and operation and construction projects, acting as an agent for overseas game distribution projects and supplementing liquidity.

In addition, the company adjusted the issue target and subscription method, the issue price, the issue quantity, the restricted period of stocks and the validity period of the resolution.

Among them, the issue price was adjusted from not less than 90% of the average trading price of the company’s stocks in the 20 trading days before the pricing reference date to no less than 80%.

  Significant event[Boya Bio: reorganization failed to re-open after re-listing]According to the results of the M & A and reorganization commissioning review of the Securities and Futures Commission, Boyya Bio issued shares, convertible bonds and paid cash to purchase assets and related transactions.

The company’s stock resumed trading on February 19.

  [Minfa Aluminum: Shangrao SASAC will become the actual controller of the company]The actual controller of Minfa Aluminum is Huang Tianhuo and Huang Changyuan, Huang Yindian, Huang Wenle, Huang Wenxi and Huang Xiulan.29.

99% of the shares were transferred to Shangrao Urban Investment.

Among them, the first batch of transfer companies12.

19% shares, transfer price 4.

26 yuan / share, the total price of 5.

1.3 billion yuan.

After the transaction was completed, Shangrao Urban Investment became the company’s controlling shareholder, and Shangrao State-owned Assets Supervision and Administration Commission became the actual controller of the company.

  [Yang Jie Technology: Strategic Cooperation Agreement with SMIC]On February 14th, Yang Jie Technology entered into a strategic cooperation agreement with SMIC Manufacturing (“SMEC”) for the development of 8-inch high-end MOS and IGBTdeep cooperation.According to the agreement, Yangjie Technology is the purchaser, with an average annual production of not less than 2000 pieces / month; as a supplier, SMEC ensures that it provides capacity support for Yangjie Technology, with an average annual production capacity of not less than 2000 pieces / month.

The agreement is valid for 3 years, if there is no objection between the parties after the expiry, it can be postponed for 1 year.

  [Huangshan Capsule: Proposed acquisition of hill material distribution, bacterial virus protection and other fields]Huangshan Capsule intends to acquire 100% of the distribution of hill material in cash, in order to rely on hill material in the field of bacterial virus protection, diagnosis and disinfection products and other technologies to obtain competitive advantages,Extend and expand the company’s product and service areas.

The two parties to the transaction have signed the Equity Acquisition Framework Agreement, and the transaction is not expected to constitute a major asset reorganization.

  Investment and Operation[Yunnan Urban Investment: Proposed 4.

US $ 9.1 billion transfer of 60% equity of Xinjiang Heda]Yunnan City Investment intends to transfer 60% equity of Xinjiang Heda to Yunnan Poly Industry by way of agreement transfer at a transfer price.

9.1 billion yuan.

After the transaction, the company will hold 10% equity of Xinjiang Heda. According to preliminary calculations, the profit generated from the transaction may account for more than 50% of the company’s net profit in the most recent fiscal year.

Xinjiang Heda is the “Colorful Yunnan?”

The development and construction unit of part of the land in the cultural tourism city service area in the southern part of the “Ancient Yunnan Tourism Cultural City” project.

  【岭南股份:中标罗平县建设项目 金额逾4亿元】岭南股份近日收到罗平县住房和城乡建设局发出的《中标通知书》,确定公司为“罗平县‘美丽县城’一期建设项目(EPC) “, the project is expected to total investment of about 40,520.

310,000 yuan.

The total bidding investment for the above projects accounted for about 4 of the company’s audited operating income in 2018.

58%, if successfully implemented, it is expected to have a positive impact on the company’s future operating performance.

  [Baosteel Packaging: The planned 400 million new aluminum can production line in Lanzhou]Baosteel Packaging plans to build 南宁桑拿 a new can manufacturing plant in Lanzhou City, Gansu Province. A new aluminum can production line and related supporting facilities will be built in the factory. The total investment in project construction will be cancelled by about 4.

USD 3.0 billion (excluding deductible deductions), the project’s first phase design capacity is 1 billion cans / year.

The implementation of the project is conducive to consolidating the company’s market area in the western region.

  [Weiye Co., Ltd .: The bid for Chengdu Airport Project is overdue.

[100 million pounds]Weiye has recently received a bid notice confirming that the company is the successful bidder for the 14th project of the fine decoration project of Chengdu Tianfu International Airport Terminal. The total amount of the above projects was about 11,016.

07 million yuan.

  [Beibu Gulf Port: Construction of Fangcheng Port Yuliao Port Bulk Specialization Center Storage Yard Project]Beibu Gulf Port is planned to be used.

The construction of the bulk cargo center of Fangchenggang Yuliao Port in Fangchenggang with a construction cost of USD 7.7 billion.

In addition, the company decided to donate 10 million to the Guangxi Red Cross Foundation to support the prevention and control of the new crown pneumonia epidemic in Guangxi Zhuang Autonomous Region and the city where the company’s port is located.

  [Changhai Co., Ltd .: Technical transformation and expansion of unsaturated polyester resin project with an annual output of 10 years]Changzhou Tianma Group, a wholly-owned subsidiary of Changhai Co., Ltd. In order to further improve the control level of unsaturated polyester resin intelligent production lines and reduce production costs, it is proposed thatThe original annual output is 2.

Five unsaturated polyester resin production lines are undergoing technological transformation and expansion. After the completion of the project, the annual production capacity of 10 unsaturated polyester resins will be formed.

Total project investment 1.

500 million yuan, construction period of 8-10 months.

  [Biological Shares: Subsidiary obtains veterinary drug production license and GMP certificate]Jin Yu Baoling, a wholly-owned subsidiary of Biological Shares, recently received the “Veterinary Drug Production License” and “Veterinary Drug GMP Certificate” issued by the Agriculture and Animal Husbandry Department of Inner Mongolia Autonomous Region.

  [Zuli Pharmaceutical: The raw material Wuling fungus powder passed the GMP on-site inspection]Zuli Pharmaceutical raw material medicine (Wuling powder) passed the GMP on-site inspection. The production line that passed the GMP on-site inspection raised funds for the company’s non-public offering.The newly-built production line invested in the project “400 tons of Wuling fungus powder production line construction project”, which passed the GMP on-site inspection of the drug, is conducive to improving the production capacity and production efficiency of Wuling fungus powder raw materials.

  [Tonghe Pharmaceutical: Raw drug celecoxib passes Japanese PMDA on-site inspection]Recently, Tonghe Pharmaceutical: Raw drug celecoxib passes Japanese PMDA on-site inspection.

Celecoxib is mainly used to relieve the symptoms and signs of osteoarthritis, and alleviate the symptoms and signs of rheumatoid arthritis in humans.

The company passed the Japanese PMDA on-site inspection, which created conditions for the successful entry of Celecoxib API into the Japanese market.

  [Xi’an Tourism: The epidemic is expected to affect operating performance in the first quarter.
】.

It is reported that the company’s affiliated Jiefang Hotel, Guanzhong Inn, Shanglin Palace Hotel and Northwest Hotel, Xi’an Overseas Tourism Co., Ltd., Xi’an China Travel International Travel Agency Co., Ltd., Xi’an West Travel Xinguanghua Hotel Co., Ltd., Xi’an WeishuiPark Hot Spring Resort Co., Ltd. and other subsidiaries, all operating stores have been suspended from January 27, all travel plans are cancelled.

The time to resume normal business will be determined by factors such as the development of the epidemic.

  [Huaxun Ark: 100 million bank loan overdue by a wholly-owned subsidiary]Nanjing Huaxun, a wholly-owned subsidiary of Huaxun Ark, overdue due to a shortage of funds, with overdue principal of 100 million yuan, accounting for the company ‘s latest audited net assets10.

At 06%, the company provided guarantee for the loan, and the creditor was Bank of Jiangsu Nanjing West Beijing Road Branch.

At present, the company is actively negotiating a settlement plan with relevant creditors, and at the same time, it is working hard to raise debt funds by expediting the collection of receivables and disposal of assets.

  [Karen shares: 2019 annual net profit growth of 84%]Karen shares in 2019 achieved a total operating income of 10.
4.1 billion, an annual increase of 68.
10%; net profit 1.

2 billion yuan, an annual increase of 84.

05%; basic profit income is 0.

92 yuan.

  [Xingshuaier: 2019 annual net profit growth of 35%]Xingshuaier in 2019 to achieve total operating income7.

1.1 billion, an annual growth of 73.

65%; net profit 1.

2.9 billion, an annual increase of 34.

88%; basic return 1.

1 Yuan.

  [Fenglin Group: 2019 net profit will increase by 22 per year.

24%]Fenglin Group achieved operating income in 201919.

4.4 billion, an annual increase of 21.

69%; Net profit attributable to shareholders of listed companies.

6.9 billion yuan, an annual increase of 22.

twenty four%.

Basic income is 0.

15 yuan.

  [Honghui New Materials: Net profit will increase by 21% in 2019]Honghui New Materials will achieve a total operating income of 5 in 2019.

USD 3.8 billion, an annual increase of 3.

86%; net profit 88.93 million yuan, an annual increase of 21.

16%; basic profit income is 0.

83 yuan.

  [Rongsheng Development: 2019 net profit of 9.1 billion times 20% appreciation]Rongsheng Development in 2019 the company achieved operating income of 709.

5.3 billion, an annual increase of 25.

88%; net profit 91.

2 billion, an annual increase of 20.

32%; yield 2.

09 yuan.

  [Shouxian Valley: 2019 net profit increased by 15 in ten years.

3%]In Shouxiangu in 2019, the company achieved revenue of 5.

4.7 billion, an annual increase of 6.

90%; realized net profit 1.

2.4 billion, an annual increase of 15.

30%; basic profit income is 0.

88 yuan.

  [Junhe shares: 2019 net profit increased by 7 in ten years.

33%]In 2019, Junhe shares achieved revenue6.

7.3 billion, an annual increase of 5.
59%; realized net profit of 73.83 million yuan, an increase of 7.
33%; basic return is 0.

52 yuan.

  [Yantian Port: 2019 net profit 3.

65 trillion downgrade 18.

69%]Yantian Port’s total operating income in 2019 was 5.

8.3 billion, an increase of 44 every year.

56%; net profit 3.

6.5 billion yuan, an annual decrease of 18.

69%; basic profit return is 0.

19 yuan.

  Increase and decrease of shareholding[Haiyuan Composites: Shareholders reduce 1% of their shares]Haiyuan Composites, the shareholder of Shanghai Yinruijin-Wu Guoji’s manager, Shanghai Yinruijin Capital Management Co., Ltd., reduced its price through centralized bidding on February 13, 2020Holding 2.6 million shares of the company, accounting for 1%.

  [Jingfang Technology: Shareholders intend to reduce their holdings by no more than 1.

28% shares]Jingfang Technology holds 1.

OV-HK, a 28% shareholder, plans to reduce its holdings by no more than 2.94 million shares within 6 months after 3 trading days, that is, no more than 1 of the company’s total share capital.

28%.

  [Halo New Network: Controlling shareholders and other companies intending to reduce their holdings by no more than 2% of the company’s share]Halo New Network’s controlling shareholder Bahuida and its concerted parties Geng Guifang, Geng Yan, Guo Mingqiang, and Wang Lu plan to reduce the company’s total shares through centralized biddingNot more than 3086.

060,000 shares, accounting for no more than 2% of the company’s total share capital. The reduction plan will be implemented from March 11 to September 10.

  [Zhengyuan Wisdom: Heli Ventures intends to reduce its shareholding in the company by no more than 2%]Zhengyuan Wisdom holds 4.

Zhejiang Heli Venture Capital Co., Ltd., a 25% shareholder, plans to reduce its holdings of the company’s shares by no more than 2.53 million shares (accounting for 2% of the total share capital) within 6 months through centralized bidding transactions and block transactions.

  [Suzhou Gujing: The controlling shareholder intends to reduce its shareholding in the company by no more than 3%]Suzhou Gubo, the controlling shareholder of Suzhou Tongbo, plans to reduce its total holdings of the company’s shares within 6 months through centralized bidding and block trading.

910,000 shares, accounting for 3% of the company’s total share capital.

  [Longjin Pharmaceutical: Huixinsheng Investment intends to reduce its shareholding in the company by no more than 4%]Longjin Pharmaceutical holds approximately 5.

32% of the company’s shareholders, Yunnan Huixinsheng Investment Co., Ltd. plans to reduce their holdings of the company’s shares by no more than 8.01 million in a block transaction from March 11 to September 10, and reduce their holdings of the company’s shares by no more than 8.01 million in a centralized bidding method.The total reduction of shares shall not exceed 16.02 million shares (accounting for 4% of the company’s total share capital).

  [CLP Motor: Shareholders intend to reduce their holdings by no more than 4.

61% shares]CLP Motor holds 18 shares.

45% of shareholders Wang Jiankai plans to reduce his holdings by no more than 10.85 million shares within 6 months after 15 trading days, accounting for 4 of the company’s total shares.

61%.

  [Jineng Technology: intended to be 0.

7.5 billion to 1.

500 million US dollars repurchase of shares]Jinneng Technology (the scale of the proposed repurchase funds is 0.

7.5 billion to 1.

500 million yuan, the repurchase price is not more than 15.

68 yuan / share.

The shares will be used to convert corporate bonds issued by the company into convertible shares.

  Other matters[Peking University Medicine: Founder Group was applied for reorganization]Bank of Beijing applied to Beijing No. 1 Intermediate People’s Court for reorganization of the Founder Group. If the reorganization application is replaced, Founder Group will enter the reorganization process, which may result in the company’s equity structure, etc.influences.
As of now, Founder Group holds the company’s shareholder Peking University Medical 85.

6% equity in Peking University Medical Holdings 11.

8% of the shares, and holds 100% of the company’s controlling shareholder, Southwest Synthesis.

  [Guidong Power: Donated 2.25 million to fight the epidemic]Guidong Power recently donated 2 million yuan in cash to the Hezhou Red Cross, and assumed medical treatment worth 250,000 yuan to the Leading Subcommittee on Prevention and Control of New Coronary Virus Pneumonia in Hezhou City.Equipment, donated a total of 2.25 million to fight the latest new coronavirus pneumonia epidemic.
  [Tongfu Microelectronics: Donated 1.5 million to fight the epidemic]Tongfu Microelectronics donated RMB 1 million through Nantong Charity Federation for the prevention and control of new types of coronaviruses in Nantong, Hubei and other places.
  [Weilong shares: donated 500,000 to fight the epidemic]The company recently donated RMB 500,000 to Qingdao Jimo Charity Federation to support the fight against the pneumonia epidemic.

  [Xinbang Pharmaceutical: Overdue loan discounted by RMB 24.71 million]Recently, Xinbang Pharmaceutical received loan discounted funds of RMB 2471 in cash.

440,000 yuan, the above received funds are government subsidies related to income.

The above loan discount interest funds will have a positive impact on the company’s operating performance in 2020, and it is expected to increase the total profit by RMB 2471.

440,000 yuan.

  [Sanwei Silk: Renamed “Zhongchuang Environmental Protection (Protection of Rights)”) Since February 19, the full name of Sanwei Siyuan Company, the securities abbreviation and foreign name, and the abbreviation of the foreign name have been changed.”Technology Co., Ltd.”, the abbreviation of securities was changed to “Zhongchuang Environmental Protection”.

  [Post Savings Bank: Guo Xinshuang has been appointed President since February 14.]On the same day, Post Savings Bank received the approval from the China Banking and Insurance Regulatory Commission, and the China Banking and Insurance Regulatory Commission has approved Guo Xinshuang as the president of the Bank.

According to relevant regulations, Guo Xinshuang has been the President of the Bank since February 14.

  No resumption of trading from the next trading day: Boya Bio

Enhua Pharmaceutical (002262): Performance in line with expectations Profitability continues to increase

Enhua Pharmaceutical (002262): Performance in line with expectations Profitability continues to increase

Event: The company released the first quarter of 2019: Realized revenue10.

4.9 billion, an annual increase of 13.

31%; net profit attributable to mother is 1.

2.6 billion, an annual increase of 23.

64%; EPS is 0.

12 yuan.

The company expects that the 西安桑拿论坛 performance from January to June 2019 will increase by 15% -35% annually.

Investment Highlights: Income continues to grow steadily and gross profit margins further increase.

The company achieved revenue in the first quarter of 201910.

4.9 billion, an annual increase of 13.

At 31%, we expect the industry to maintain rapid growth. Dexmedetomidine, duloxetine, and aripiprazole all maintain rapid growth.

The combined gross profit margin for 2019 is 57.

29%, which has been increased by 3 compared with the previous month.

38 and 1.

In 14 years, the main decrease in gross profit margin may be related to the further decline in the proportion of business.

In terms of period expense ratio, sales expense ratio, management expense ratio and finance expense ratio were 33 respectively.

31%, 8.

25% and (-0.

33%), an increase of 1 per year.

02, 0.

88 and (-0.

26) Expenses, of which the increase in management expenses is mainly due to the provision of incentive costs; the increase in financial expenses is mainly related to the increase in expenses and expenses.

Consistency evaluation of major varieties continued to advance, and foreign cooperation further enhanced research and development capabilities.

In terms of consistency evaluation, the company also plans to report 9 main products in 2019, such as Forli, Liyuexi and other main products. We believe that the conversion of main products, especially dexmedetomidine, will attenuate the first batch of tapes.Adverse effects of procurement.

After most of the consistency evaluation of the main products is completed, the company will make every effort to increase the research and development of innovative medicines. In addition, the expanding foreign cooperation will further enhance the innovation strength.

Maintain the “Recommended” level.

We maintain the previous forecast, the company’s EPS for 2019-2021 will be 0.

63 yuan, 0.

77 yuan and 0.

96 yuan, taking into account the company’s growth certainty and the vast space in the central nervous system, maintain the “recommended” level.

Risk warnings: price reductions are greater than expected; R & D is not up to expectations; expense growth is faster than expected.

Lao Fengxiang (600612) 2018 Annual Report and 2019 First Quarterly Report Comment: The 18-year performance is basically in line with the newsletter’s focus on income-end trends

Lao Fengxiang (600612) 2018 Annual Report and 2019 First Quarterly Report Comment: The 18-year performance is basically in line with the newsletter’s focus on income-end trends
The company’s net profit attributable to mothers increased by 6 in 2018.02%, net profit attributable to mothers increased by 11 in the first quarter of 2019.94% of the companies achieved operating income of 437 in 2018.84 ‰, an increase of 9 in ten years.98%; realized net profit return to mother 12.50,000 yuan, an increase of 6 in ten years.02%; net profit deducted from non-attributed mothers was 10.8.3 billion, a five-year growth of 5.78%, 18-year results are in line 杭州桑拿 with the results released earlier. The first quarter of 2019 achieved operating income of 150.50,000 yuan, an increase of 6 in ten years.23%; net profit attributable to mother 3.74 ppm, a 10-year increase of 11.94%, net profit deducted from non-attributed mothers3.48 ppm, a ten-year increase of 8.98%.The company’s net cash flow from operating activities for the 18 years was -3.7.1 billion, -12 in 1Q19.6.1 billion. In the first quarter of 19, the comprehensive gross profit margin increased by 0.28 averages, during which the rate of expense increased by 0.In 2008, the company’s comprehensive gross profit margin for 2018 was 8.24%, a decrease of 0 compared with the same period last year.10 units.Company expenses in 20183.22%, a decrease of 0 from the same period last year.02 single ones, of which sales / management (including R & D) / financial expense ratios are 1.62% / 1.12% / 0.48%, a change of -0 over the same period last year.04 / -0.03/0.05 averages. In 1Q2019, the company’s comprehensive gross profit margin was 7.46%, an increase of 0 over the same period last year.28 units. Expenses during the first quarter of 20192.91%, a year-on-year increase of 0.08 averages. Continuing the exhibition to consolidate the leading ranks, and paying attention to the trend of changes in income ends. At the end of 18, the number of company channels reached 3521, a net increase of 347, the highest value in the past five years.The company plans to add specialty stores in 19 years, with 120 counters and 5-10 overseas stores.In 18 years, the company’s jewellery business revenue increased by 14.2%, making a significant contribution to expected revenue growth.We recommend that investors pay attention to the trend of the company’s revenue at this stage. Considering the relatively high base of the revenue in the second and third quarters, the performance of the above two quarters will have a greater impact on the company’s performance. Maintain profit forecast and maintain “Buy” rating. We maintain full diluted EPS for the company for 19-20 years of 2, respectively.66/3.06 yuan forecast, plus 3 for 21 years.43 yuan, the company’s industry leader level is 北京桑拿洗浴保健 stable, operating efficiency has improved, maintaining a “buy” rating. Risk warning: Gold price and RMB exchange rate increase faster than expected, channel expansion speed is lower than expected

Tianao Electronics (002935) 2019 Semi-annual Report Review: Time-Frequency Product Military Lead Interim Report Stable and Rising

Tianao Electronics (002935) 2019 Semi-annual Report Review: Time-Frequency Product Military Lead Interim Report Stable and Rising

Event: The company released its semi-annual report for 2019, revenue (3.

310,000 yuan, +2.

20%), net profit attributable to mother (0.

29 trillion, +7.

39%).

Key points of investment: The company actively expands applications in the military and civilian fields to help increase revenue.

In terms of products, the company’s revenue of frequency series products in the first half of the year (1.

900,000 yuan, + 9.

19%), accounting for 57.

35%; revenue from time-synchronized products (1.

350,000 yuan, -2.

61%), accounting for 40.

86%; Beidou satellite application product revenue (0.

06 billion, -46.

72%), accounting for 1.

80%.

The company has a complete time-frequency product line. It is one of the few domestic atomic clock development and production enterprises. It is a major supplier of mid-to-high-end military time-frequency core devices (fluorene atomic clocks, crystal devices) and military time synchronization equipment and systems.Synchronization accuracy is in the order of millimeters to nanoseconds, with a large number of micron aerospace, satellite navigation, military communications, and defense equipment.

In the first half of 2019, the company continued to develop the application of time-frequency 北京夜网 products in the military and civilian fields, effectively expanding its market share.

  The investment in research and development has increased significantly, and the technology innovation of frequency component products has been added.

The company’s R & D investment in the first half of the year (3,140.

780,000 yuan, + 40.

70%), accounting for 9% of operating income.

50%, mainly invested in key products such as time-frequency cores / components, frequency components and equipment, and cutting-edge technology research in time-frequency applications.

In addition, the company established the second division of equipment and systems in Beijing in July to carry out research and development of key technologies in time and frequency, and continue to develop to form a leading differentiated competitive advantage.

 杭州桑拿 The company is a Huawei device-level and equipment-level supplier.

Atomic clocks, branches and other products continue to be supplied to Huawei in batches.

The company has mastered key technologies such as mid-to-high-end crystal devices, atomic clocks, time synchronization, Beidou timing, and short message communication. It has chaired and participated in the formulation of industry standards in many countries.

In addition, the company makes full use of the R & D resources of scientific research institutes to help the company maintain a leading edge in technology.

The company and the National Academy of Sciences awarded the Time Center, and Beijing University of Aeronautics and Astronautics jointly established the “Atomic Clock Joint Laboratory” and “Quantum Physics and Technology Joint Laboratory”, and the strategic cooperation framework agreement with the National Academy of Sciences awarded the Center to promote the sustainability of the time-frequency industrydevelopment of.
At present, the company is carrying out the construction of fundraising and investment projects to further expand the production capacity of time-frequency products.

  The company has qualification advantages and stable downstream customers.

The company has now obtained the necessary qualifications for production and operation submitted by relevant institutions, and some two military-standard production lines.

In terms of layout, the company set up offices in Beijing, Nanjing, Xi’an, Chengdu and other places throughout the country, formed a regional marketing network structure, and established a comprehensive marketing service network. The customer base includes ministries, military groups, and large enterprises (Group) and so on.

In the process of establishing a time synchronization system for military customers and civilian customers, the company customized services according to the actual situation of the customer, further strengthened the technical bond relationship with the customer, and established long-term stable cooperation with the customer.

Investment proposals through the construction of the national time-frequency system, the construction of military information, and the continuous advancement of 5G communication network construction, the demand for advanced standard time systems is growing rapidly.

In addition, the company is the only listed company under the ten branches of Dianke, which is expected to benefit from the restructuring of the military research institute.

We estimate that the company’s net profit attributable to its parent for 2019-2021 will be 1.

220,000 yuan, 1.4 billion and 1.

63 trillion, EPS is 0.

76 yuan, 0.

87 yuan and 1.

RMB 02, corresponding to PE, 46, 40, and 35 times, respectively, given a “hold” rating.

Risk reminder: lagging technology research and development, meeting customer needs at any time and in time, causing the risk of order decline; the supply of domestic advanced time-frequency related products is increasing rapidly, and market competition is intensifying

East Sunshine (600673) Interim Review: Pharmaceutical Business Maintains High Growth

East Sunshine (600673) Interim Review: Pharmaceutical Business Maintains High Growth

Core point: semi-annual report: net profit attributable to mother in the first half of the year 6.

The RMB 08 million company disclosed the semi-annual report for 2019 and achieved revenue of 73 in the first half of the year.

9.4 billion, an increase of 22%; net profit attributable to mothers6.

08 billion, with a decrease of 13.

4%; EPS is 0.

203 yuan / share, the same reduction of 12.

88%.

  Traditional 杭州桑拿 business dragged down performance, and pharmaceutical revenue continued to increase significantly. Company Q1 and Q2 net profit attributable to the parent were 4 respectively.

54、1.

5.4 billion, of which East Sunshine contributed 3 respectively.

88, 0.

9.2 billion (light medicine Q1, Q2 net profit is 7.

76, 1.

8.4 billion), traditional business contributed 0.

66, 0.

6.2 billion.

The main reasons for the company’s first-half performance to reach the highest level were: 1) The company’s main export destination, the Japanese market, in the second quarter, the order replacement, which led to the shift in overall electrode foil revenue.

53%; 2) The company’s major chemical products, such as chlor-alkali chemicals and refrigerants, were affected by the overall cycle of the industry. Although the sales volume was basically the same as last year, the price led to a decrease in leading revenue by 21.

18%, gross margin blood pressure 18%.

  The revenue growth was mainly due to the contribution of the pharmaceutical sector (the sales of core products in the first half of the year increased significantly, the overall revenue of pharmaceutical manufacturing increased by 107%, and the gross profit margin increased by 1.

34%).

  The electrode foil faucet is stable and stable in the future. The pharmaceutical company is the largest domestic manufacturer of medium and high voltage chemical foil in the future.In the stage, after the official production, it will increase the production capacity by 7 million square meters, and increase the profitability by reducing the cost of electricity.

The subsidiary Dongyang Sunshine Pharmaceuticals acquired 27 generic drugs such as Entecavir tablets. Currently 23 applications have been submitted for listing. If the products are successfully approved for listing, it will enrich the variety of pharmaceutical products and further improve the company’s performance.

It is reported that Dongyang Sunshine Pharmaceutical announced on August 19 that the company’s self-developed anti-hepatitis C new drug emimivir phosphate has been submitted to the market for new drugs and is expected to be replaced in the third quarter of this year.

  Earnings forecast and investment advice combined with the company’s main business and industry conditions, it is expected that EPS for 2019-2021 will be 0.

43, 0.

58 and 0.

77 yuan, corresponding to the current continuous PE of 19, 14, and 10 times. Considering the steady growth of the company’s pharmaceutical business performance, maintaining 12 yuan per share before a reasonable value, maintaining a “buy” rating.

  Risk reminder: The sales volume of pharmaceutical products will fluctuate; the price of electrode foils and fluorides will fall.

Kangli Elevator (002367): Significant Growth in Q3 Results Benefits from Real Estate Post Cycle + Increase in Order Conversion Rate

Kangli Elevator (002367): Significant Growth in Q3 Results Benefits from Real Estate Post Cycle + Increase in Order Conversion Rate

Event 1: The company’s revenue from Q1 to Q3 2019 was 27.

2.3 billion, previously +19.

8%; net profit attributable to mother 2.

2.0 billion, previously + 224%; net profit attributable to non-attributed mothers1.

6.2 billion, a year + 1901%; of which Q3 single-quarter revenue was 10.

1.9 billion, +23 in ten years.

8%; net profit attributable to mother 0.

9.8 billion, previously + 355%; net profit attributable to non-attributed mothers is 0.

87 billion, a year + 1621%.

Event 2: The company expects to gradually realize net profit attributable to mothers in 20192.

4-2.

600 million, ten years + 1444%-1572%; of which Q4 single quarter net profit attributable to mother.

3.8 billion-0.

5.8 billion, ten years + 181% -224%.

Key points of investment growth in the third quarter, benefiting from the increase in the post-land cycle + order conversion rate. The company’s comprehensive and single quarter revenue and net profit attributable to mothers showed significant growth in the third quarter. We believe there are three: ① the company’s order conversion rate in handContinued improvement, increased operating income, and increased scale effects; ② Strengthened marketing management, cost control and sharp decline in raw material prices, and a significant increase in gross profit margin; ③ Demand in the downstream real estate industry has further picked up and the national infrastructure rail transit project construction has accelerated.
On January 9, 2019, the national construction area gradually increased by 8.

7%, still maintaining a high growth rate, the completed area in September single-month growth rate of 4.

8%, the chain continued to increase 2pct, began to narrow after hitting a new low of this year in June.

According to the growth rate of the construction area and the completed area, we judge that a large number of houses are currently at the end of construction, that is, the installation period of the elevator, and the elevator growth cycle has arrived.

According to the National Bureau of Statistics, the national elevator output was 85 from January to September.

70,000 units, an increase of 15 in ten years.

8%, verify our judgment.

As of September 30, 2019, the company is executing 58 effective orders.

4.4 billion (not including the winning bid but not receiving a deposit of 5.
.

38 million orders), the amount of orders in hand continues to increase, and it is expected that the order will be delivered gradually, and the company’s 2020 performance will be guaranteed.

Profitability was further restored, and the expense ratio was well controlled. The consolidated gross profit margin for the first quarter to the third quarter of 2019 was 29.

50%, ten years +3.

75pct, of which Q3 single quarter gross profit margin is 30.

61%, ten years +6.

64pct, a small increase of 0 from the previous month.

30pct, still maintains an upward trend.

We believe that the stable recovery of the gross profit margin since then is mainly due to the continuous effect of the company’s control over the decline in the sales price of the product, and the effect of changes in the price of raw materials through the prepayment of part of the purchase price and the purchase agreement that gradually locks the price. At the same time, the production process has initially improved.

Comprehensive net profit for the third quarter of 20197.

37% (decade +4.

65pct), of which Q3 single quarter net profit reached 9.

63%, a significant increase of 2pc from the previous month, and the company’s profitability continued to be repaired under effective expense control.

Expense rate for Q1-Q3 2019 is 19.
6% per year -3.
6pct, of which selling expenses cost 11.

8%, higher than -3.

1pct, the decrease was reduced, mainly benefiting from enhanced marketing management and proper cost control; the management expense ratio (including research and development expenses) was 7.

7%, -0 per year.

6pct; financial expense ratio is 0.

13%, ten years +0.

1pct, basically stable.

杭州桑拿 Operating cash flow remained basically stable, and inventory and advance receipts continued to grow in Q1-Q3 2019.

100 million, a slight decrease of 0 every year.

At 1.9 billion, the company’s alleged cash flow situation remained basically stable.

Among them, Q3 has a single quarter of operating cash flow1.

4.7 billion, an increase of 0 from the previous month.

36 billion.

The amount of advances received at the end of the reporting period was 10.

200 million, an increase of 0 from the end of the previous quarter.

8.5 billion; inventory ending amount is 9.

500 million, an increase of 0 from the end of the previous quarter.

4.5 billion; the continuous increase in the amount of advance accounts and inventories also verified that the company’s orders on hand are increasing.

Profit forecast and investment grade: We expect the company’s net profit for 2019-2021 to be 2 respectively.

6/3.

3/3.

80,000 yuan, corresponding to the current maximum PE of 26/20 / 18X, maintaining the “overweight” level.

Risk warning: The elevator market is fiercely competitive, raw material prices are rising, and the actual completion area is picking up below expectations.

Aerospace Electric (002025): Performance in line with expectations High military and civilian + 5G pulling commitment to maintain rapid growth

Aerospace Electric (002025): Performance in line with expectations High military and civilian + 5G pulling commitment to maintain rapid growth
Event: The company recently released its semi-annual report for 2019, and 北京夜生活网 the company achieved operating income in the first half of 201916.1.9 billion, an annual increase of 38.56%; net profit attributable to mothers1.870,000 yuan, an increase of 19 in ten years.17%. The core point of view is that revenue has grown rapidly, and the increase in the proportion of civilian products has led to lower profit growth than revenue growth.The company achieved revenue of 16 in the first half of 2019.1.9 billion (+38.56%), the second quarter of the single quarter achieved revenue 9.4.8 billion (+37.95%); the growth of the company’s revenue mainly comes from: (1) full military orders to achieve rapid growth (2) civilian products driven by 5G + overseas market rankings a new high (3) the new Guangdong Huaying joint venture company, 3?In June, consolidated revenue increased nearly 80 million yuan.The profit growth of 2019H1 is not as fast as the revenue, which is mainly due to (1) an increase in the proportion of civilian products replaced by gross profit, and (2) Guangdong Huajing consolidated, and a new company has replaced it in the previous period. Affected by the proportion of military and civilian products, the gross profit margin increased slightly, the expense ratio decreased significantly during the period, and the substantial increase in inventory indicated that the order continued to improve.2019H1, the company’s comprehensive gross profit margin is 34.77%, a decline of 5 per year.The 8 units were mainly due to (1) changes in the proportion of military and civilian products, (2) consolidation of Huahua, Guangdong, and (3) price increases of raw materials such as gold.In 2019H1, the company’s ability to control expenses has significantly improved: in the context of a significant increase in revenue, in addition to research and development expenses (+24.63%), the average sales, management and financial expenses fell, the period expense ratio was 17.75% is the lowest level in the past ten years.In the first half of the year, the book value of the company’s inventory was 5.00 ppm, an increase of 35 from the beginning of the period.31%, mainly due to increased orders for companies with full orders. High military prosperity + 5G pulling and domestic substitution, the company will continue to maintain rapid growth.Military products: During the two years after the 13th Five-Year Plan, the military industry continued to enjoy a high level of prosperity.As a leader in military connectors, the company covers the entire sub-field, has a high market share in the aerospace and missile field, and fully benefits from the background of informatization construction and practical exercises.Civilian products: Driven by 5G, the growth of domestic and foreign communications business is fast.The use of 5G construction connectors has surged + imported substitutes for high-end and high-end products, the company’s new product usage is large, and the added value is high, further expanding the revenue and profit volume of civilian products.In addition, the company continued to strengthen cost and expense control and improved profitability. Financial Forecast and Investment Suggestions Due to changes in the proportion of military and civilian products, we fine-tune the company’s EPS forecast for 19-20 to 1.01, 1.27 (last time was 1.07, 1.32 yuan), and added 21-year forecast1.54 yuan.With reference to a comparable company’s P / E ratio of 32 times in 19 years, the target price is 32.19 yuan, maintain “Buy” rating. Risks remind that the progress of military orders and revenue recognition is less than expected;

CYTS (600138): 18-year performance in line with expectations Gubei Water Town’s distribution and transfer landed smoothly

CYTS (600138): 18-year performance in line with expectations Gubei Water Town’s distribution and transfer landed smoothly

[Event]CYTS released its 2018 annual report, which effectively achieved revenue 122.

65 ppm, an increase of 11 years.

30%; net profit attributable to mother 5.

97 ppm, a ten-year increase4.

50%; net profit after deduction to mother 4.

93 ppm, an increase of 14 years.

40%; EPS is 0.

83 yuan / share.

Non-recurring gains and losses are mainly due to a decrease in government subsidy income from last year.

6.6 billion.

In terms of quarters, Q1 / Q2 / Q3 / Q4 revenue had previously grown at 22 respectively.

82% / 12.

50% / 13.

95% / 0.

84%. Starting from October 2018, the ticket prices for Wuzhen / Gubei Water Town were lowered from 200 yuan / 150 yuan to 190 yuan / 140 yuan, respectively. Overlap passenger flow changes affected the fourth quarter operating income.

The net growth rate of return to motherhood was 14 respectively.

02% / 17.

63% /-8.

19% /-27.

91%, mainly affected by government subsidies and non-operating income and expenditure.

The company proposes to distribute 0.

14 yuan (including tax) cash dividends, totaling 1.

10,000 yuan.

[Comments]1) 18-year performance is in line with expectations ① Revenue: The company’s business segments performed steadily, with an overall gross profit margin of 25.

30%, a slight decrease of 0 every year.

15pct is mainly due to the increase in the proportion of tourism products and services and integrated marketing services with a lower gross profit margin.

Tourism products and services, integrated marketing services, hotel business, and scenic spot operations achieved operating income of 39.

09 million yuan, 25.

6.2 billion, 4.

9.2 billion, 16.

8.6 billion, an increase of 3 each year.

52%, 24.

25%, 13.

84%, 5.

63%, gross profit margins changed -0.

43pct / + 2.

81pct / + 0.

7pct / -1.73pct to 7.

48% / 19.

94% / 81.

34% / 80.

61%.

② Expenses: The company effectively controls the level of expenses, and the expense rate during the period decreases by 0 every year.

71pct to 16.

76%, sales / management / R & D / financial expense ratio multiplied by -0.

55 points / -0.

33pct / + 0.

02pct / + 0.

15 points to 10.

41% / 5.

45% / 0.

05% / 0.

85%.

Among them, the company’s short-term loans increased by 23.

60% to 22.

550,000 yuan, so the loan interest rate increased.

③ Profit side: The company’s profitability has increased slightly, and the net interest rate has decreased by 0 every year.

36 points to 10.

15%; gradually maximize profits12.

460,000 yuan, an increase of 7 in ten years.

52%; among them, tourism products and services, integrated marketing business, hotel business, scenic spot operation and real estate sales respectively achieved profit growth.

9.1 billion, 1.

14 ppm, 0.

4.5 billion, 9.

8.8 billion yuan.

2) The scenic spot deeply explores the tourist consumption potential, provides high value-added services, drives revenue growth, and is affected by economic prosperity, national climate, and changes in the tourist market environment. In 2018, the two major scenic spots received improved passenger traffic. WuzhenA total of 915 tourists were received throughout the year.

30,000 person-times, a decrease of 9 per year.

71% of them, Dongzha receives 400 tourists.

990,000 person-times, a decrease of 14 per year.

At 48%, Xizha received 514 tourists.

40,000 person-times, a decline of 5 per year.

61%; Gubei Water Town transition received 256 tourists.

490,000 person-times, a decline of 6 per year.

85%.

In order to cope with the impact of the decline in passenger traffic and the price cuts on scenic spots on revenue, the company expanded its spending on high value-added services such as conferences and exhibitions in Wuzhen, and fully expanded the business conference market, expanding culturally-derived services and products; deepening customers in Gubei Water TownConsumption capacity, increase consumption scene in scenic spots.

In 2018, Wuzhen achieved revenue of 19.

50,000 yuan, an increase of 15 in ten years.74%; net profit attributable to mother 7.

3.4 billion, a five-year growth of 5.

98%.

Gubei Water Town realized operating income9.

98 ppm, an increase of ten years.

98%; net profit attributable to mothers3.

08 million yuan, a sharp increase of 169 before.

84%, mainly due to the increase in investment income of real estate companies.

3) Maintain the market leading position in the field of conference operation. The steady development of various businesses. The integrated marketing business is mainly carried out by the subsidiary Zhongqing Bolian. It has successfully served large-scale events such as the 2018 World Intelligent Manufacturing Conference and the 2018 World Robot Conference and achieved operating income of 25.

80 ppm, an increase of 25 in ten years.

12%; net profit attributable to mother is 0.

69 ppm, an increase of 33 in ten years.

51%.

In addition, in September 2018, the company successfully won the Beijing World Garden Ticket Sales Project; CYTS Shanshui Hotel expanded its entrusted management efforts through multiple channels and multiple brands, and the number of branches increased to 108.

4) Established Everbright Consumer Finance Company and transferred 5% equity of Gubei Water Town. ① In January 2018, 100% ownership of China Youth Travel Group, the controlling shareholder of the company, 成都桑拿网 was transferred to Everbright Group.

In December 2018, the company plans to co-sponsor the establishment of a consumer finance company with Everbright Bank and Wangdao Commercial Bank, with a registered capital of US $ 1 billion, a company investment of US $ 200 million, and a 20% stake.

② In November 2018, Jingneng Group intends to publicly transfer 10% equity of Gubei Water Town, and CYTS plans to jointly purchase with Jiawei Shijie.

In February 2019, CYTS, Jiawei Shijie and Jingneng Group signed an ownership transaction contract, and CYTS was transferred5.

16% equity, the required transfer price is 4.

$ 3.9 billion, net of the margin paid, still payable3.

1 billion yuan.

CYTS increased its shareholding in Gubei Water Town, which is conducive to deepening the potential of tourists’ consumption and promoting the development of key businesses.

③ In general, in April 2018, the company reorganized 51% equity of Zhejiang CYTS Greentown Investment Real Estate and reduced equity investment1.

2.0 billion, after which it will no longer separate the scope of consolidation.

5) Profit forecast: The company’s EPS for 2019-2021 is expected to be 0.

98/1.

18/1.

34 yuan, the corresponding PE is 17 respectively.

4/14.

6/12.

8 times.

We are optimistic about the joint development and multi-business collaborative operation of characteristic towns of “Wuzhen + Gubei + Puyuan (expected to open in 2020)”.

Risk reminder: the downturn of the tourism market; the impact of extreme weather; the project advances less than expected.

Ping An Bank (000001): The profit turning point is gradually confirmed and continue to be recommended

Ping An Bank (000001): The profit turning point is gradually confirmed and continue to be recommended

Key points of the report Description On August 7, Ping An Bank disclosed its semi-annual report for 2019.

  Incident review performance growth continued to increase, ROE exceeded expansion.

In the first half of 2019, the company realized net profit attributable to shareholders of the parent company 154.

3.0 billion, an increase of 15 in ten years.

19%, the growth rate accelerated faster than the first quarter2.

28 units; of which the growth rate of net profit attributable to single and second quarters reached 17.

41%.

From the perspective of performance attribution, the positive contribution mainly comes from the interest margin and the scale is expanded. Provisions are still prudent, while the marginal incremental contribution mainly comes from the increase in interest margin.

Benefiting 天津夜网 from the high growth of attributable net profit, the ROE (annualized) in the first half increased by 0 compared with the same period last year.

27 up to 12.

63%.

  Income-side benefits The steady increase in the asset-side volume and the bright performance of other non-interest income continued to increase.

In the first half of 2019, the company realized operating income of 678.

2.9 billion, an increase of 18 years.

50%, the growth rate accelerated faster than the first quarter2.

With 62 units, the revenue growth rate in the second quarter alone was as high as 21.

01%.

Among them, the growth rate of net interest income and non-interest income in the first half of the year were 16 respectively.

57%, 22.

14%, 5 times faster than the first quarter.

40 vertices and vertices 3.

16 units.

The increase in the index’s net income growth mainly expanded the level of interest margin expansion, which was 2 in the first half of the year.

62%. Compared with the beginning of the year, the expansion in the first quarter was 27, 9bp, and the net interest margin in the second and third quarters was 2.

71%, the continued expansion of interest spreads is mainly due to the increase in loan yields and the contribution of the cost of active compensation.Dragged down by only 2 in the first half of the year.

52%, while the growth rate in the first quarter reached 11.

twenty four%.

  Asset quality continued to improve steadily.

① The book balance in the single quarter achieved double-down quarter-on-quarter.

At the end of the first half of the year, the company’s non-performing loan balance was 349.

25 billion, non-performing rate 1.

68%, a decrease of 4 from the end of the first quarter.

8.7 billion, down 5bp.

② Potential risks are further improved.

Focus, focus loans continued to decline.

At the end of the first half of the year, the balance of focused loans continued to decline, with the proportion of focused loans being 2.

48%, compared with the end of the previous quarter, the beginning of the year decreased by 10, 25bp; shortened, non-performing / overdue loans over 90 days increased to 106.

49%, the overshoot was further corrected.③ The ability to offset risks continued to improve.

The provision coverage ratio at the end of the reporting period was higher than at the beginning and increased by 27 at the end of the first quarter.

29, 11.

94pct to 182.

53%.

  Retail transformation continued to deepen.

On the asset side, the year-to-date allocation is tilted towards “investment, loan”, and the relatively low-yield interbank assets have been actively compressed in the second quarter and the balance has remained basically the same as the beginning of the year.

In terms of loans, investment was still focused on the retail side, and corporate loans continued to be actively under pressure. The proportion of retail loans at the end of the reporting period further increased to 58.

84%.

Specifically, among the three leading retail products, credit card growth is still strong, but under the new loan and auto finance indicators, it actively intervenes. This is inevitable with the step-by-step retail expansion process suggested in our in-depth report.The sinking of qualifications is related to risk control. At present, we see that the company has actively adjusted itself.

On the debt side, core debts were strengthened, and deposits accounted for the initial period, which increased by 3 from the previous quarter.

31, 0.

54 up to 70.

28%; inter-bank debt was significantly reduced, and most were replaced by inter-bank certificates of deposit.

Looking specifically at deposits, although the proportion of demand deposits still has not increased significantly, the proportion of retail deposits is rising rapidly.

  Investment suggestion: The company’s income-side performance continues to be dazzling, and while the performance growth rate continues to increase, counter-cyclical reserve behavior remains undiminished, and asset quality continues to stabilize and improve.

Absolutely, the company’s retail strategy continues to deepen, and it is firmly optimistic about the long-term growth potential brought by the change.

It is expected that the growth rate of the company’s attributable net profit in 19/20 will be increased to 15 respectively.

92%, 16.

51%, corresponding to the current average (August 8) PB estimate is 1.

0, 0.

9x, maintain “Buy” rating.

  Risk Warning: 1.

The outstanding deterioration of corporate profits affects the quality of bank assets; 2.

Financial supervision has become more stringent.