Guizhou Moutai (600519) semi-annual report comment: demand to support the long-term performance growth of approval price is highly certain

Guizhou Moutai (600519) semi-annual report comment: demand to support the long-term performance growth of approval price is highly certain
The event company released the semi-annual report for 2019, and realized operating income of 394 in the first half of 2019.880,000 yuan, an increase of 18 in ten years.24%; net profit attributable to shareholders of listed companies was 199.51 ppm, an increase of 26 in ten years.56%.Among them, 2019Q2 achieved total operating income of 186.92 ppm, an increase of 10 in ten years.89%, net profit attributable to mother 87.30 ppm, an increase of 20 in ten years.29%. Q2 total operating income was 186.9.2 billion, net profit of 87.3 trillion, with an increase of 10.89%, 20.29%, mainly affected by the high base of 2018Q2 and the channel network carding to determine the pace of delivery confirmation (continued until June 30, the number of domestic dealers was 2415, reducing the number of dealers by 593, of which Maotai sauce wine distributors decreased by 494 However, although the growth rate is expected from the previous month, although it is slightly higher than the market expectation, it does not materially affect the performance growth target of the first-tier company.Funds received in advance for the first half of 2019 122.570,000 yuan, 青岛夜网 an increase of 23 in ten years.30%, an increase of 7 from the previous month.66%, mainly due to dealers’ advance payment.In terms of products, Maotai liquor / series liquor achieved revenue of 347.9.5 billion / 46.5.5 billion, an increase of 18.4% / 16.58%, the development of series wine is more important. The decrease in the proportion of direct sales to zero was due to the rectification of channels such as e-commerce and the plan of the group marketing company has not yet landed. From the perspective of channels, 2019H1 wholesale channel revenue was 378.4.8 billion, an increase of 22.89%, direct channel revenue 16.2 billion, down 38% before. The decline in direct sales was due to the consolidation of the e-commerce (Moutai Cloud Business) channel and the group marketing company’s program since the second half of 2018. The implementation of the direct management overall program has been implemented in the second half of 2019.Revenue is still expected to accelerate. The production and sales are in accordance with the plan, the approval price is firm, and the supply and demand are still tightly balanced. The 2019 progressive sales plan3.18 announcement, the 2019H1 statement confirms that the shipment is close to 1.6 Initially, considering that non-standard products such as boutique Moutai, Zodiac Moutai and vintage wines do not occupy the increase in the issuance of alternative products and the impact of the “national wine” trademark change, the actual circulation of Feitian Moutai is flat or slightly lower than the same period last year.The price is maintained at 2000-2100 yuan.According to the semi-annual work meeting of the Maotai Group on July 15, “We need to further strengthen plan management, reverse target tasks, conduct monthly inspections, and fill in gaps in arrears in a timely manner.The job requires long-term supply3.18 Preliminary is the basic guarantee. In terms of base wine production, the company completed base wine production in the first half of the year4.53 Initially, Moutai / series wine-based wine-based wine production3.44/1.At the beginning of 09, it increased by 13% / 20 every year.58%. Gross profit margin and net profit margin increased, companies with good operating cash flow performed well in 2019H1 gross profit margin 91.87% / net margin 53.68%, a rise of 0.93 points / 3.01pct.The period expense rate is 12.04%, a decrease of 1 per year.9pct, of which the selling / administrative expense ratio is 4.83% / 6.72%, a decrease of 1 from the same period last year.41 / down 0.26 points.Mainly due to the decrease in the expenses of the Maotai liquor market.The company’s net operating cash flow in the first half of 2019 was 240.8.7 billion, an increase of 35 over the same period in 2018.82%, mainly due to the increase in cash received from the sales of commodities, increase in customer deposits and the increase in net coins deposited in the same industry. Profit forecast and estimationRealize net profit attributable to mother 426 in 2021.05/504.32/593.82 trillion, with the same increase of 21.0% / 18.4% / 17.7%, corresponding to an EPS of 33.92/40.15/47.27 yuan.Currently sustainable corresponding to 2019?The PE in 2021 is 28.5/24.1/20.5 times.The Group has a solid foundation of 100 billion yuan, and the strong trend of Pfeiffer’s demand has not changed. It has been streamlined through the group’s marketing mechanism. Against the background of short-term supply, the market’s pricing power will gradually return. The target of 14% revenue in 2019 is stable.Highly recommended. Risk reminder: The direct operation plan is less than expected, and the short-term concentrated volume caused the approval price to fall more than expected, and food safety issues.

Zhongguo Education (002607) Interim Review: The interim results surged 132%, the public test was stable, new business speeded up or retained high growth

Zhongguo Education (002607) Interim Review: The interim results surged 132%, the public test was stable, new business speeded up or retained high growth

New business such as public entrance examinations, postgraduate entrance examinations, and online research witnessed rapid growth. The company’s interim results increased by 132%. In the first half of 2019, the company achieved total operating income of 36.

37 ppm, an increase of 48 in ten years.

79%; realize net profit attributable to shareholders of listed companies.

930,000 yuan, an increase of 132 in ten years.


This is mainly due to the company’s public examination business, which has grown by 26% against the backdrop of a sharp decline in enrollment, comprehensive training for graduate entrance examinations, and an online business growth of more than 200%.

The company’s civil service revenue ratio replaced 50.

0%, a decline of 8 per year.

Percentage points; the combined revenue of teachers, integrated and online businesses reached 43.

41%, a promotion of at least 10 units.

This reflects the rapid growth in demand for teaching, examination, and online training markets.

The company’s gross profit margin decreased slightly, and the expense ratio brought about by the scale and brand effects decreased. The company’s comprehensive gross profit margin in 2019H1 was 57.

52%, about 59 at the end of 2018.

08% decreased slightly.

This is mainly due to the increase in the proportion of relatively low gross profit business such as the main sum of face-to-face training and post-graduate training.

2019H1 company selling expenses 6.

750,000 yuan, an increase of 26 in ten years.

16%; administrative expenses 4.

99 ppm, an increase of 27 in ten years.


In the first half of the year, the growth rate of the company’s sales expenses and management expenses were slower than revenue growth, indicating that the company’s scale advantage and market brand influence continued to increase, resulting in a decline in the company’s expense.

The company’s training numbers and customer unit prices both continued to increase. The leading additions highlighted the first half of 2019, and the company’s expanded training numbers reached 178.

900,000, an increase of 44 in ten years.


Among them, the number of face-to-face training was 93.

09 million, an increase of 30 in ten years.

80%; online training is 85.

810,000, an annual increase of 62.


The release of the leading effect has led to a further increase in the unit price of passengers. The unit price of civil servant training and comprehensive training has increased by about 15% each year, and the unit price of online training has increased substantially.

The company has established 880 outlets covering 319 prefecture-level cities, an increase of 25 from 701 at the end of 2018.


We are optimistic about the company’s training market leader and the rapid development of new businesses, and maintain the “strongly recommended” rating. We predict that China Education will achieve revenues of 92 in 2019-2021.

68 ppm, 124.

4.6 billion, 162.

15 ppm, an increase of 48 in ten years.

6%, 34.
3%, 30.
3%; net profit attributable to mothers is 16 respectively.

9.9 billion yuan, 23.

50,000 yuan, 30.

27 ppm, an increase of 47 per year.

4%, 35.

7%, 31.

3%; EPS for 2019-2021 are 0.

28 yuan, 0.

37 yuan, 0.

49 yuan.

Focusing on the firmness of the company’s 杭州夜网论坛 public test training market leader, the rapid development of teaching, test, postgraduate and online training business, maintaining the “strong recommendation” level.

Risk reminder: policy risk, market competition risk, management risk

Yingliu (603308): Two-machine blades with rapid performance in line with expectations

Yingliu (603308): “Two-machine” blades with rapid performance in line with expectations

Summary: The company’s three quarterly results are in line with expectations, and the expected net profit is expected to grow by 70% -90% per year.

  Maintain 2019 EPS to 0 respectively.

29, 0.

43, 0.

53 yuan; maintain target price of 16.

4 yuan, overweight.

  The company’s three quarterly results are in line with expectations, and its long-term net profit is expected to increase by 70% -90%.

① The company reported revenue of 14 in the third quarter of 2019.

2 ‰, an increase of 11西安耍耍网 in ten years.

0%; net profit attributable to mother 1.

0.6 million yuan, an increase of 52 in ten years.

8%; net profit after deduction to non-mother 0.

78 ppm, an increase of 53 in ten years.


The company’s three quarterly report results are in line with expectations.

②The company’s announcement predicts that the net profit will increase by 70% -90%, about 1.

2.4 billion-1.

39 ppm; mainly benefited from the substantial growth in revenue of the “two-machine” and nuclear power business segments.

③ The company continues to invest in gas turbine and aero engine blades, and projects under construction9.

76 ‰, an increase of 47% in ten years; research and development costs1.

480,000 yuan, an increase of 46% in ten years.

Net operating cash flow 4.

$ 200 million, a significant improvement each year.

④ The company received the non-public issuance approval on August 12, which is valid for 6 months; the company plans to raise no more than 9.

500 million, expanding the production capacity of 200,000 high-temperature blades.

  The company’s “two-machine” blades are heavy, and operating leverage brings high flexibility in performance.

① Yingliu’s benchmark PCC company has introduced the GE supply chain, which will help start the long-term growth.

Benefiting from the global industrial chain transfer, the company’s “two-machine” blades are on the verge of entering the performance release period.

② Taking into account the global aviation investment casting business scale of 6 billion US dollars, if Yingliu shares cut into 5% share, corresponding to about 2 billion revenue.

③ The company depreciates about 1 every year.

7 trillion, interest rate expenditure 1.

100 million, “two aircraft” blades, heavy nuclear power orders, operation, and financial leverage bring high 佛山桑拿网flexibility in performance.

  Catalyst: Obtained bulk orders from customers such as GE and aero engines.

  Core risks: Expansion of orders for blades of two engines exceeded expectations, and approval of nuclear power units exceeded expectations.

Zhonghuan (002129): Stable development of photovoltaic business and active layout of large silicon wafers

Zhonghuan (002129): Stable development of photovoltaic business and active layout of large silicon wafers

Event: The company recently released its 2018 performance report and achieved total operating revenue of 13,855,173,021.

65 yuan, an annual increase of 43.

66%; realized operating profit of 756,609,717.

31 yuan, an annual increase of 16.

53%; net profit attributable to shareholders of listed companies was 600,838,616.

91 yuan, an annual increase of 2.


Seize the potential of localization of silicon wafers, mass production of 12-inch large silicon wafers is imminent.

At present, domestic 12-inch silicon wafers basically rely on imports. Through the 杭州桑拿 rise of new demand such as the Internet of Things, artificial intelligence and new energy vehicles, the demand for silicon wafers will increase.

The state is currently implementing policies, funding and technology research and development to vigorously promote the process of domestic silicon substitution.

In this environment, the company actively seized the opportunity to expand its layout in Mongolia, Tianjin, and Jiangsu. According to the company’s January 2019 announcement, the company planned to invest $ 5 billion in Wuxi integrated circuit projects and build 750,000 8-inch polished lensesAnd 1250,000-inch polishing film production line with a monthly production capacity of 150,000 pieces, with a construction period of 3 years.

The photovoltaic industry has a bright future, and monocrystalline wafer prices have started to pick up.

According to the national energy development planning plan, it is expected that photovoltaic parity will be fully implemented online after 2020.

At the same time, according to CCCME statistics, in 2018, India, the United States, the European Union and some emerging markets have broken the local crop gap, which is China’s main export market for photovoltaic products.

Driven by strong overseas demand, the company’s orders are full, and a price increase was conducted at the end of January.

Based on the development of the industry, the company actively expands the capacity of monocrystalline silicon wafers.

According to the company’s announcement, the fourth phase of the photovoltaic project has all reached production, and it is estimated that the production capacity will reach 23GW in 2019.

At the same time, the company’s multi-channel layout has actively carried out the development of photovoltaic poverty alleviation power plants and spontaneous self-use distributed power stations to avoid the single commercial power station development model.

Investment suggestion: It is expected that the company’s revenue from 2019 to 2020 will be 183.

6.6 billion, 240.

1.9 billion, with a net profit of 9.

8.6 billion, 14.

One million yuan.

Target price of 13.

50 yuan, give Buy-A rating.

Risk reminder: The PV market is weaker than expected, and the wafer production progress is slower than expected.

Qianfang Technology (002373) 2018 Annual Report Review: Smart Transportation + Strong Security Growth V2X Layout Makes a Good Breakthrough

Qianfang Technology (002373) 2018 Annual Report Review: Smart Transportation + Strong Security Growth V2X Layout Makes a Good Breakthrough

Matters: The company released its 2018 annual report and achieved operating income of 72.

51 ppm, an increase of 35 in ten years.

35%; Net profit 8.

$ 8.9 billion, an increase of 12 per year.

81%; net profit attributable to mother 7.

63 ppm, an increase of 63 in ten years.


  Comment: The two main 武汉夜网论坛 businesses of smart transportation + smart security grew strongly.

After the completion of the acquisition of Yushi Technology, the company’s revenue reached 18 in 18 years.

51 ppm, an increase of 35 in ten years.


The intelligent transportation and intelligent security sectors have developed synergistically and achieved remarkable results, of which the intelligent transportation business achieved revenue34.

93 ppm, an increase of 19 years.

40%; revenue from smart security business 36.

9.6 billion, an increase of 53 in ten years.


At the same time, the company continued to strengthen its R & D efforts in the fields of V2X and intelligent security. In 18 years, the company’s R & D staff reached 2057, with an increase of 31.

35%, R & D investment reached 6.

860,000 yuan, an annual increase of 32.


  The implementation of the benchmarking project of comprehensive urban traffic management is of great significance.

The company’s smart transportation business achieved steady growth, and the contract value of expressway and rail transit information business reached a record high.

It is worth noting that in 18 years, the company established an independent urban smart transportation sector, fully integrated into the city’s comprehensive traffic management business, achieved phased breakthroughs and breakthrough market influence, and achieved Beijing’s “Zhongguancun West District Comprehensive Traffic Management” and “Chaoyang CBD” The implementation of benchmarking projects such as “Comprehensive Transportation Management of Transportation” has laid a good foundation for the subsequent expansion of the company’s business in the field of integrated transportation management.

  The growth of smart security is strong, and the industry is further improved.

Yushi Technology continued to grow and maintain its leading position in the industry market, while overseas and channel markets maintained rapid growth.

At the end of 2018, Yushi Technology delivered products and solutions in 145 countries and regions around the world, and its market share is expected to enter the fifth place in the world.

In addition, in terms of product size, the AI product series named after China ‘s Guanshan was upgraded from “four mountains and two levels” to “six mountains and two levels” and was applied throughout the entire application. In the solution plan, “AI Ready artificial intelligence scale application plan” was released”, Achieved the large-scale deployment of AI in the security industry with the” 3 + 6 “element.

Construction of the Tongxiang Global Intelligent Manufacturing Center and Hangzhou Headquarters have started successively. It is estimated that the annual output of high-end video surveillance products will be over 10 million units.

  Accelerate the deployment of V2X technology to seize the opportunity of autonomous driving.

The company’s autonomous driving and vehicle-road collaboration research lead the industry standard. The Intelligent Vehicle Alliance Industrial Innovation Center has completed an automated driving road test mileage of more than 120,000 kilometers. V2X technology successfully passed the “three-span” connectivity test for the first time.

In the field of vehicle-road collaboration, the scale of product development based on the LTE-V standard has been expanded, and it has entered the stage of large-scale production and serialization. Vehicle-mounted units and road-side units have passed the interconnection and interoperability tests organized by the Ministry of Industry and Information Technology and the model approval has been approved.The unit has passed the vehicle-level test and has provided relevant product and service conditions to complete vehicle manufacturers and partners such as Tier1.

  Investment suggestion: Considering that the company’s R & D expansion in the fields of V2X, intelligent security and other areas continues to grow, we lower the company’s net profit attributable to mothers to 9 in 2019-2020.

9.4 billion, 12.

68 ppm (previous forecast was 10.

92 billion, 13.

9.4 billion), and at the same time predict that net profit attributable to mothers will be 15 in 2021.

7.4 billion US dollars, corresponding to PE is 30 times, 24 times, 19 times, with reference 夜来香体验网 to industry comparable company forecast and company historical forecast level, give the company 36 times PE in 19 years, corresponding target price is 24

06 yuan, maintaining the “strong push” level.  Risk warning: intensified market competition; risks in bidding and tendering for traditional business projects; and less-than-expected overseas business expansion.

Economic downturn regains upward momentum in overseas stock markets

Economic downturn regains upward momentum in overseas stock markets
Due to renewed worries about global economic growth, the US stock market went up and down last week. The Dow Jones Index and the S & P 500 index rose slightly. The major European stock indexes generally surged and fell last week. The major stock indexes in the Asia Pacific region showed a volatile trend.  The European Commission last week lowered its economic growth expectations for the euro zone. Growth expectations for all major economies in the euro zone have been lowered, adding to stock market investors’ offsetting sentiment against global economic growth substitution.In essence, the expected changes in the budgetary monetary policies of some important economies have also attracted much attention.  Stock market shocks In January this year, the three major US stock indexes rose more than 7%, setting the best performance in 30 years.Market participants believe that this is mainly due to the mild shift in the Federal Reserve’s monetary policy outlook, which has stimulated investor enthusiasm for admission.But since February, this enthusiasm has shown a clear cooling trend.  The Dow Jones Index fell for three consecutive trading days after rising on Monday and the second day. Last Friday (February 8), it once fell nearly 300 points and fell by 63 on the same day.27 points to 25106.26 points, a decrease of 0.25%.Last week, the Dow gradually increased to zero.17%, the S & P 500 index rose 0.05%, the Nasdaq Composite Index rose 0.47%.  As for European stock markets, the EASTOXX600 index fell 0 on February 8.56% to 358.At 07 o’clock, last week it gradually decreased by nearly 0.46%; the German DAX30 index gradually decreased by about 2 last week.At 45%, the French CAC40 index gradually decreased by about 1 last week.15%, the British FTSE 100 index last week increased by more than zero.72%.  Following the trend of the US and European stock markets, the Asia-Pacific stock market was in a volatile state and performed poorly in the second half of last week.Japan’s Nikkei 225 index fell more than 2% to 20,333 on February 8.At 17 o’clock, it dropped gradually 2 last week.19%; on the first trading day after the Chinese New Year holiday (February 8), the Hong Kong Hang Seng Index opened significantly lower and gradually increased by 43.89 points to 27946.32 points, a decrease of 0.16%.  Increasing uncertainties The data that have been disclosed so far show that the profitability of US listed companies in the fourth quarter of 2018 was good.But market players are interested in whether this good momentum can continue into the first quarter of this year.In addition, the previous tax reform policy introduced by the government has been implemented for one year, and the role of tax reduction in boosting corporate profits has disappeared. The profitability of US listed companies in 2019 may not be as good as in 2018.  Since the second half of 2018, the US economic growth has continued to expand and has continued to trigger investor cuts, and there are even views that the US economy will decline.According to the latest data model forecast by the Federal Reserve Bank of New York, the financial situation in the United States has been tightening, which may lead to a prominent economic growth rate in 2019, which may be only 1.6%, lower than the forecast of 1 in October 2018.9%.  Investors continue to pay close attention to whether the two parties in the U.S. Congress can reach a consensus on the border wall budget dispute, and the president highlighted in the president’s State of the Union address that if his proposed “wall-building” budget is not approved, it will not preclude the United StatesThe possibility of the government closing again.If the government shuts down again shortly after the door is opened, the popularity of the US stock market may be under further pressure.  The European Commission ‘s economic forecast report released on the 7th added to the distortions in the stock market.In the report, the EU lowered its GDP growth forecast for 2019 to 1.3%, lower than the forecast of 1 in developing countries.9%; lower GDP forecast for 2020 to 1.6%, lower than the forecast of 1 in developing countries.7%.The European Union warned that even with this revised growth forecast, it faces “great uncertainty.”Factors such as global economic growth and trade friction uncertainty will pose external risks to the economic outlook of the euro zone.  Partial budget policy slackened Indian imports and exports unexpectedly announced on February 7 that the benchmark repo rate was cut by 25 basis points to 6.25%, while heightening expectations lowered.The bank said that the “tightening” before the restructuring of its monetary policy stance was adjusted to “neutral”, and this interest rate cut was the bank’s first loosening of monetary policy since 南京桑拿网 August 2018.  After India fired the first shot of interest rate cuts in emerging economies, analysts believe that the risks of shifting global economic growth will increase, or more emerging economies will gradually follow up and relax monetary policy.  The US Federal Reserve also signaled a change in policy stance.On February 7th, the Reserve Bank of Australia Chairman Lowe said that global economic risks had increased and that the Australian economy may be weaker than expected.On the 8th, the bank ‘s monetary policy statement is expected to reduce Australia ‘s economic growth forecast, which will last until the financial year of June 2019 from 3.25% down to 2.At the same time, it lowered its forecast for economic growth in 2020 and hinted that the probability of future interest rate cuts will increase.  Market eyes are more 杭州桑拿 focused on the latest developments in the Federal Reserve ‘s monetary policy stance.The Federal Reserve issued a statement on February 4 stating that, at the extended invitation of the US President, Fed Chairman Powell and the White House discussed recent economic developments as well as prospects for growth, employment and substitution.Powell said that monetary policy will be formulated in accordance with the Federal Reserve’s dual goals of achieving full employment and price stability.This is the first time that Powell has met with Reversal since he became chairman of the Federal Reserve in February 2018.  The information from the Federal Reserve’s monetary policy meeting at the end of January indicates that the possibility of future rate hikes has declined. At the same time, the Fed is also conducting research on plans to place balance sheets. It does not want to shrink the table to cause market turbulence.Former Federal Reserve Chairman Yellen held on the 6th that the current reduction indicators of the US economy, if the global economic growth gradually further affects the United States, will likely cause the Fed to cut interest rates.

Xugong Machinery (000425): Sales exceeded expectations in early 2019 and preliminary reforms of state-owned enterprises were carried out

Xugong Machinery (000425): Sales exceeded expectations in early 2019 and preliminary reforms of state-owned enterprises were carried out

Investment Highlights The company expects to achieve net profit attributable to mothers in 2018 of 19.


5 ‰, an increase of 91 in ten years.

2% -110.


In 2018, the average value of the company’s product segments achieved high-speed growth. The company benefited from internal infrastructure construction and investment, seized opportunities, and increased internal sales revenue. The company’s international development pace accelerated, and the company’s export scale and growth rate always maintained the industry’s leading position.

Benefiting from downstream infrastructure overweight and environmental protection-driven replacement demand, sales of construction machinery increased at the beginning of 2019.

1) The sales of construction machinery in early 2019 continued the high growth of 2018.

In 2018, sales of domestic excavators, truck cranes, bulldozers, and loaders increased by +45% / + 58% / + 33% / + 28%, respectively. XCMG’s crane sales growth in 2018 increased by about 40%.+ 30%, orders are expected to increase by 40-50% in March, sales continue to exceed expectations, we expect to gradually increase at about 20%.

2) The growth rate of downstream infrastructure investment rebounded, and the leading construction machinery continued to benefit in 2019: The Central Economic Work Conference proposed “countercyclic adjustment”, and stable growth remains the focus of short-term work.

From the fundamentals, we expect the construction machinery industry to resume its continuity.

3) Environmental protection policy drives demand for replacement: The sales of new truck cranes will be switched to National VI in July this year, and the national market for National Stock II has no annual review.

China started to sell Country III in 2008, which was the main model of the previous round of peaks, and currently has huge demand for updates.

The company steadily ranked first in the field of cranes, and the aerial work platform grew rapidly.

1) The company is a global crane leader and its market share has further increased.

XCMG’s truck crane share in 2018 was 45.

8%, the domestic market concentration has increased, and the top three (XCMG, Sany and Zhonglian) have a market share of 91.


XCMG cranes have high quality and high reliability, and have the highest residual value rate in the secondary market.

2) The business of aerial work platforms has grown rapidly.

The company’s aerial work platforms account for about 50% of the firefighting machinery, and the revenue of 2018H1 firefighting machinery has increased by 70%.

At present, it is mainly restricted by production capacity constraints. In 2018, 500 million yuan will be raised to expand the new plant by the scheduled increase project. It is expected to double the production capacity in the second half of this year.

3) Most of the company’s construction machinery hydraulic parts can be self-sufficient.

The company has excellent industrial chain safety and research and development of construction machinery parts.

At present, the hydraulic cylinders, pump valves and other parts of the company’s various products are self-sufficient except for large tonnage which needs to be imported.

The reform of state-owned enterprises has been gradually promoted: internal asset reorganization has added vitality to mid- and long-term development. Xingong Group Construction Machinery Co., Ltd., the controlling shareholder of the company, has 杭州桑拿网 been classified as the first batch of pilot enterprises with mixed ownership reform in Jiangsu Province.

We believe that the joining of XCMG Group in the mixed reform is conducive to the internal corporate reorganization and asset reorganization of XCMG Group, optimizing the internal capital structure, and adding vitality and creativity to XCMG’s long-term development.

The company currently estimates that it still has a high safety margin.

Benefiting from the continuous recovery of the construction machinery industry and the increase of industry concentration in the post-industrial period, the company, as a leader in the internal construction machinery industry, is expected to continue to benefit.

We expect the company’s 2018-2020 EPS to be 0.

26, 0.

41, 0.

47 yuan, PE is 17x, 11x, 10x, PB is 1 respectively.


41, 1.


Maintain “Buy” rating.

Risk reminders: lower-than-expected investment in infrastructure, macroeconomic risks, ongoing risks of deteriorating industry rebound, risks of changes in the company’s internal competitive relationships, and growth in sales of major products exceeding expected risks.

Yangyuan Beverage (603156) 2019 Interim Report Review: Structure Upgrade, Rich Cash, Expecting New Products

Yangyuan Beverage (603156) 2019 Interim Report Review: Structure Upgrade, Rich Cash, Expecting New Products

Gross profit margin increased, advance receipts, cash-rich company’s 2019H1 revenue34.

5.7 billion (-16.

98%), net profit attributable to mother 12.

6.8 billion (-3.

04%), deducting non-net profit of 10.

2.6 billion (-9.

10%); the company’s 19Q2 revenue 9.

6.2 billion (-26.

64%), net profit attributable to mother 4.

18 billion (+10.

53%), deducting non-net profit 2.

100 million (-28.

54%), the second quarter recognized subsidies and other non-recurring gains and losses2.

08 million yuan, short-term performance under pressure.

The gross profit margin of H1 in 19 increased by 2.

6 to 51.

48%, mainly from the pressure of price increase to cover the cost pressure and product structure upgrade, net interest rate increased by 5.

2 pieces to 36.


19H1 sales expense ratio 15.

38% increase by 3.

9pcts, of which advertising costs 2.

100 million increased by 63%, the management expense ratio was 1.

28% increase with 0.

3pct, the company actively researched and developed new products, the investment in research and development expenses increased by 63%; interest income increased, and the financial expense ratio decreased by 0.

9 points.

Period-end advances 19.

400 million chain up 14.

500 million, active payment; H1 sales received 34.

700 million with a decrease of 17.

4%, net operating cash3.

800 million, a decrease of 60.

83%; the company has sufficient book funds, and currency funds at the end of the period are 9%.

5.4 billion, and another 8.3 billion wealth management products.

Improve the product matrix and look forward to new product upgrades. The company ‘s recent revenue pressure is not only due to the company ‘s active management of the replenishment of channel inventory during the product replacement period, but also from the increase in demand for beverages by end consumers.In this context, only active change can win vitality in the fierce market competition, so the company’s product upgrade also has two main lines: 1.

Upgrade to high-end, launch classic, high-quality products, such as high value-added products such as Yizhi Optimization, to enhance product value and fashion from quality, packaging design and other aspects;

杭州桑拿网 Upgrade products to meet the new needs of various ethnic groups, expand more market segments, such as sugar-free products for middle-aged and elderly people, the introduction of coffee walnuts, fermented walnuts and other products for young people in the second half of the year will help increase sales.

Regionally, the company deeply taps the potential markets of “Jilu, Henan, Jiangsu, Zhejiang, Anhui, Jiangxi, Sichuan and Chongqing”, and grows in the regional markets of the two lakes, Fujian, Guangdong, Yunnan, Guizhou, Northeast and Northwest.Concentrate resources to work in the first- and second-tier cities in Guangzhou, Shenzhen and Guangzhou.

As of 2019H1, the company has a total of 1,898 dealers, of which the county-level coverage of all regions in the country, the company’s sales accounted for the top four sales regions 深圳桑拿网 are East China / Central China / Southwest / North China, sales growth rates were -13.

73% /-21.

18% /-11.

70% /-17.

twenty two%.

Earnings forecast and rating: The company’s performance is under pressure in the short term, net profit margins remain high, book advances, and cash are abundant. In the second half of the year, new products will bring marginal improvements. The current estimates have reflected the pressure from previous periods, and subsequent savings will provide room for improvement.

It is expected that net profit attributable to mothers will be 28-20 in 2019-2021.



4.5 billion, EPS2.



36 yuan, corresponding to PE12 / 11/10 times, 39-year target assessment.

3 yuan -45.

3 yuan, maintain BUY rating.

Risk warning: Sales continue to be weak, costs are growing too fast, and expenses are increasing;

Zhongmin Energy (600163): Growth in the third quarter increased by 11%. The restructuring plan and projects under construction continue to promote future growth.

Zhongmin Energy (600163): Growth in the third quarter increased by 11%. The restructuring plan and projects under construction continue to promote future growth.

The event company released the third quarter report for 2019, the first three quarters of operating income3.

800 million, 重庆耍耍网 an increase of 5 every year.

5%; net profit attributable to mother 0.

88 ppm, a reduction of 8 per year.

96%; non-net profit attributable to mother 0.

87 ‰, a decrease of 10 per year.

17%; EPS is 0.

088 yuan / share, a decrease of 9 per year.


The growth rate of the company’s first three quarters of performance is initially a breakdown of Q1’s performance growth. The net profit attributable to the mother of Q1, Q2, and Q3 is 0.

52, 0.

12, 0.

24 ppm, with annual growth rates of -20.

88%, 26.

55%, 11.


Q3 power generation increased by 13% every quarter, and performance increased by 11.

The company’s operating situation improved in the third quarter compared with the previous two quarters, and its operating income in the third quarter was 1.

2 ‰, an increase of 11 in ten years.

23%, Q1, Q2 exceeded 0 respectively.

16%, 7.

93%; Q3 returns to net profit of mother 0.

24 ppm, an increase of 11 years.


The first is that the power generation of Q3 company has increased significantly.

3, 2, 2.

400 million kWh, an increase of 4 in ten years.

16%, 5.

71%, 13.


In the first three quarters, the company gradually completed power generation7.

6.5 billion kWh, 7 over the same period last year.

1.3 billion kWh increased by 7.

17%; gradually complete the online power 7.

4.2 billion kWh, compared to the same period last year 6.

9.6 billion kWh increased 6.

In addition, the wind farm under construction of Q3 has not been put into operation on a large scale, so the installed capacity of the wind farm in operation is still 43.
650,000 kilowatts.

The company intends to acquire 100% equity of Zhongmin Haidian. The CSRC will review this plan on October 30. According to the acquisition plan, the company will (1) issue shares and convertible bonds to acquire 100% equity of Zhongmin Haidian.

The trading price of Zhongmin Haidian’s 100% equity is about 25.

4 trillion, of which about 23 were paid for the additional issue.

400 million US dollars, convertible bonds to pay the consideration of about 200 million US dollars; additional issue pricing is 3.

39 yuan / share, about 6 will be issued.

900 million shares; the initial conversion of convertible bonds can continue to be 3.

39 yuan / share, the number of shares after the initial conversion price of approximately 59 million shares; after considering the conversion of convertible bonds, the company’s total share capital will increase from about 1 billion shares to about 17.

500 million shares.

(2) At the same time, the amount of matching funds raised through non-public issuance of convertible bonds shall not exceed 5.

600 million.

According to the latest announcement, the CSRC will review this proposal on October 30.

The projects under construction continue to advance, supplementing the Heilongjiang cogeneration project, with continued growth in performance. The company’s projects under construction include Fuqing Damaoshan, Fuqing Matoushan, Fuqing Wangmu Mountain, and Pingtan Qingfeng Phase II.According to feasibility study data, the net profit of these 4 projects after full production is about 1.

800 million; Zhongmin Haidian’s net profit is expected to stabilize at about 4 after full production.

About 500 million.

Based on the above feasibility study data, based on the company’s 2018 net profit attributable to mothers1.

Considering the completion of the acquisition of Zhongmin Haidian, the company is currently under construction of all onshore wind power and the offshore wind power is in full production, and the company’s net profit attributable to its parent is expected to reach 7.

600 million.

Recently, the company announced that it will invest in the construction of a 30MW biomass cogeneration project in Erlongshan Town, Fujin City, Heilongjiang Province, with an annual average net profit of 18.07 million yuan after tax.

With the launch of new projects, the company’s performance is expected to continue to grow.

Profit forecast: Regardless of the acquisition of Zhongmin Haidian, the company’s net profit attributable to its parent in 2019-2021 is expected to be 1.

7, 2.

97, 3.

07 trillion, the corresponding EPS is 0.

17, 0.

3, 0.

31 yuan / share, maintain “Buy” rating.

Risk warning: transaction failure or adjustment, on-grid electricity price decline, project construction risk

Newborn baby, take extra care

Newborn baby, take extra care

The day of conceiving in October is finally over. It once made you think like a baby angel, so soft and tender.

How to make your unique baby healthy and happy to grow up?

These are learning.

  The “newborn period” is an adaptation period from the mother’s womb to the outside life. The organ functions of the newborn are mature, the immune function is low, the temperature regulation function is poor, and the infection is easy. Care must be careful, scientific and reasonable.

The experts gave specific guidance from the following aspects.

  1.Temperature and light newborns are a little uncomfortable with changes in the external temperature difference. Should the appropriate room temperature be kept at 25 ° C?
At 28 ℃, it is necessary to cool down in summer and keep warm in winter, but it is better to have a heater near you when you are ventilating; and the light in the room should not be too dark or too bright. Some parents think that the newborn is weak and afraid of irritation.Eyes often like to hang heavy curtains. In fact, this is not appropriate. Let your baby learn to adapt in natural indoor light, and avoid direct sunlight.

  2.Clothes and diapers. Underwear (including diapers) for newborns should be made of soft and absorbent cotton. It is best not to use chemical fiber or printing and dyeing. The color of clothes should be light, stains can be found, and dyes should not affect the newborn’s skin.The clothes should be as loose as possible, without interfering with the movement of the limbs, and easy to wear and take off; because the newborn’s head is penetrated by heat, a small hat should be worn when the weather is cold or the room is alternated, and it should also be soft and comfortable.

  The diapers use soft absorbent cotton wool for frequent washing and changing. Usually, they need to be changed more than 4 times during the day and more than 2 times at night. The buttocks should be cleaned every time they are changed, and an appropriate amount of skin care oil should be applied on the outside.If not wet, choose better quality and good breathability. Use diapers when you are at home, and use “urine not wet” when you go out or sleep. Note that the diapers or urine should not be wrapped too tightly, and the free volume of the limbs will be trampled to death.

  3.Sleep and sleeping position Sleeping position affects breathing, and the newborn’s head is relatively soft. A good sleeping position is conducive to the development of the skull.

Suggest a comfortable one with a thickness of 1?
A small pillow of 2 cm with a slight depression in the middle and slightly raised ends.

  The best sleeping position is lying on the back or on the side, which compresses the chest and lungs. It is recommended to take more sleep on side after supplementation to avoid choking caused by milk overflow or coughing. When taking the supine position, change the position as appropriate;Due to the reduced activity, you can take a prone position in the first few days of birth to facilitate the discharge of respiratory secretions to prevent the vomit from flowing down the intake pipe.
  Newborns usually sleep 18 a day?
20 hours, but the baby under the full moon should not sleep for a long time, parents should be every 2?
Wake up once every 3 hours for easy ride.

  4.Breastfeeding and pregnant newborns can enter a wide range of disciplines.

Experts’ opinion is that breast milk can be as early as possible after birth, usually about half an hour after birth.

If the mother does not secrete milk for the time being, it is also necessary to let the newborn absorb the nipple as much as possible to promote milk secretion and increase the feelings of the mother and baby, which is conducive to the healing of the postpartum wound caused by the mother.

  Breastfeeding should adopt the “vertical holding position”, that is, the head is slightly raised, which is the most ideal and most natural way of feeding.

In this position, the newborn and the parents are facing each other, and the intimacy should be increased. Before breastfeeding, wash your hands and replace the nipples. The mother should wear a mask when treating respiratory diseases, such as the skin on the breast.If there is a rupture or inflammation, you should consult your doctor to decide whether to continue breastfeeding according to the specific situation.

  When breastfeeding, it is best to breastfeed on one side and then replace the other breast to prevent the residual milk from accumulating in the breast. If one side of the breast is fed once, it is best to squeeze it out.To promote the normal lactation of the breast and avoid milk stasis or secondary infection.

  Artificial feeding should not try to directly feed fresh milk, because the protein and other nutrients contained in it are not suitable for newborns; mixed feeding (combination of breast milk replacement and milk substitutes) should be based on breast milk replacement.

  The size of the nipple hole during artificial feeding should be moderate and pay attention to the temperature. When the nipple is feeding, try not to let the baby inhale air to avoid vomiting. After feeding, you can pat the baby’s belly to avoid gas accumulation.

In addition, the bottles and pacifiers must be boiled and sterilized strictly.

  It is enough not to pay too much attention to timing. Generally, it is fed once every 3 hours, and the principle of eating and eating is good every time: that is, the baby does not cry and noisy after feeding, and the weight increases normally.

: Hot summer, can wash 1?
2 baths; spring, autumn or cold winter, due to the lowering of the ambient temperature, such as the family conditions to keep the room temperature at 26 ℃?
28 ℃, water temperature is 38 ℃?
Between 50 ° C, the supplemental bath or soap should be a special soap for infants with little skin irritation.

You can also take a shower once a day. If you can’t guarantee the room, you can wash it 1 weekly?
2 baths or scrubbing with warm water, armpits, groin and other skin creases. After each bowel movement, scrub the chest and perineum with warm water to ensure that the newborn is comfortable and clean.

The time of each bath is scheduled before breastfeeding?
2 hours to avoid vomiting.

  Bathe in the order of upper body first, lower body first, upper limbs then lower limbs, and then wash head and neck, arm sockets, palms, elbows, chest, abdomen, and finally groin, thigh and arm socket creases, feet, etc.

After washing, use the left forearm to support the newborn’s chest, hold the right chest of the newborn with the palm of the hand and fix it in a forward leaning posture, and then wash and hang down and the hips and buttocks.

After washing all, turn to the supine position, hold your head for the left hand for the time being, hold your ankle with your right hand to get out of the water, put it on a large dry towel blanket prepared in advance, wrap it and gently dry it, pay attention to the skinThe wrinkled area should be lightly dried.
  6.The facial features care should pay attention to the cleanliness of the newborn’s face and external ear canal mouth, nostrils, etc., but do not dig the external ear canal and nasal cavity.

  Because the oral mucosa is delicate, the blood vessels are abundant, and it is easy to be scratched to cause infection. Therefore, do not scrub the mouth often.

There are sometimes small yellow and white spots on the edge of the newborn’s teeth called epithelial beads (commonly known as “horse teeth”). This is a normal physiological phenomenon. It will disappear on its own within a few weeks after birth.Use needles, especially dirty needles, to prevent bacteria from entering the body from here and causing sepsis.

  Eyes: Keep the eyes clean. If there are many secretions in the eyes, wipe them with warm water or normal saline, and then drop eye drops.

  Mouth: Do not wipe or pick with a cloth to avoid infection.

In some areas, the old custom of rinsing mouth with cyan cloth dipped in rice water may be resolutely unnecessary. Care should be taken not to clean the newborn’s skin and mouth with unclean things.

If the white mucosa of the oral mucosa is not easy to wipe off, it may be “thrush” caused by fracture infection, and you should go to the hospital for treatment.

  7.After the stool is observed for 24 hours, if the urine is not untied, the person should be fed warm water and wash the feet with warm water to promote urination.

  Most normal newborns begin to have bowel movements within 12 hours of birth. Newborns born 1?
The 2-hour stool is generally black-green, and it will gradually become yellow, soft, and sticky in the future. The stool is more viscous in nature and has a dark green color. It is called “meconium”. After 2?
It will be discharged within 3 days.

  Breast-fed newborns generally have golden yellow, thinner stools, and row about 6 times a day; artificial or mixed replacements have slightly dry stools, darker colors, and reduced relative frequency.
  Note that if there are yellow particles in the stool, it may be a digestive problem for the newborn. At this time, if it is breast milk replacement, the mother should reduce the amount of oil injected. The diet is slightly lighter, but lighter does not mean that it is vegetarian. It is just less salt andSpicy substance; if it is artificial or mixed with additives, it may be related to the concentration of milk powder, and it should be adjusted according to the matching standard in the manual.

But if there are too many particles, you should go to the hospital for treatment.

Vaccination newborns can be injected with BCG vaccine (prevention of tuberculosis) and hepatitis B vaccine within 6 hours after birth. Preterm infants, dystocia, congenital malformations, fever, diarrhea and severe eczema are not vaccinated for the time being.

  If the baby’s parents have hepatitis B, the baby should be intramuscularly injected with hepatitis B vaccine within one day after birth, or other measures should be added.

Hepatitis B vaccine will be re-injected intramuscularly at one month and six months later to achieve preventive immune effect against hepatitis B.

  About one and a half months, the newborns who received the hepatitis B vaccine had no abnormal reactions. The newborns implanted with the BCG vaccine may have redness, swelling, sclerosis, and suppuration in the left arm. Parents do not need to take it because suppuration is a successful manifestation of the immune effect.Abrasion. In case of breakage or excessive pus while bathing or dressing, go to the hospital for treatment.

  In addition, we must pay attention to the physical health of family members, especially family members who have more contact with children, whether they are healthy or not, and the health of the baby.

People with tuberculosis, hepatitis, dysentery and other infectious diseases should pay attention to isolation and should not contact the baby to avoid transmission.