Yili (600887) Company Review: Steady Revenue Growth, Good Profit Performance

Yili (600887) Company Review: Steady Revenue Growth, Good Profit Performance

Event: The company released three 深圳spa会所 quarterly reports, with operating income of 685 in the first three quarters.

1.7 billion, +12 a year.

6%, net profit to mother 56.

31 ppm, +11 a year.

6%, deducting non-net profit 52.

64 trillion, +12 for ten years.

3%; 19Q3 operating income 235.

500 million, ten years +10.

8%, net profit attributable to mother 18.

500 million, +15 for ten years.

5%, deducting non-net profit 17.

4.5 billion, +19 a year.


Revenue grew steadily and market share increased steadily.

19Q1-Q3 total operating income was 686.

800 million, ten years +11.

98%, operating income 685.

2 ‰, +12 per year.


1) From a quarterly perspective, the growth rates of 19Q1, Q2, and Q3 operating revenues were 18%, 9%, and 11%, respectively.

2) From the perspective of revenue structure, according to the growth of our channel research, in the first three quarters of revenue structure, sales volume contributed about 6%, structural upgrade contributed about 4%, and the ton price increased (buying gift attenuation) was about 2%.

3) In terms of categories, according to the company’s announcement in the first three quarters of the company’s liquid milk revenue accounted for 82.

2%, milk powder accounts for 9.

8%, cold drinks accounted for 8%.

According to our channel survey, the first three quarters of room temperature milk and milk powder revenues are expected to grow at double digits, and cold drinks will maintain a high number of revenues. Low-temperature milk will remain flat due to increased competition in the industry, and overall revenue will meet expectations.

The company continues to focus on organic products and new products.

According to channel research, the company’s current sales revenue of new products is expected to reach 17-20%.

The new Iran dairy drink, the response of the new coffee market is not bad.

“Golden Organic”, “Qingxing Organic”, “Changqing Organic Yogurt” and “Golden Collar Senna Mu Organic Baby Milk Powder” have received good feedback.

4) The market share of 19Q1-Q3 has steadily increased. At room temperature, milk powder maintains the advantage. The overall low temperature has dropped slightly, and the chain has improved.

According to Nielsen data, 19Q1-Q3 room temperature market share was 38.

8% + 2pct per year; low-temperature market share is 15.

8%, -1.

0pct, Q3 is better than Q2; infant milk powder market share is 6.

4%, over +0.

6pct, mainly due to the deep cultivation of mother-to-child channels + variety show sponsorship to strengthen the brand.

The increase in gross profit margin was mainly due to the upgrading of the product structure + the overall decline in buying gifts, which offset the impact of the increase in raw milk prices.

The company’s gross profit margin in the first three quarters was 37.7%, increase by 0 every year.

04ppt, 19Q3 company’s gross profit margin was 36%, which was increased by 0 in advance.


From the original cost, according to our channel research, the company’s raw milk purchase price from January to August was 3.

95 yuan / kg, an increase of about 7%, of which 19Q1 rose 5% -6%, 19H1 rose 6-7%, from January to August rose about 7%, bringing cost pressure.

The rise of raw milk means that the industry’s raw milk supply is tight and alternates to the downstream. In terms of products, high-quality milk sources will preferentially meet mid-to-high-end products, but the basic category Q3 found that there is a slight lack of milk.

From the perspective of buying gifts, according to our channel research, Mengniu Telunsu reduced prices in 19Q2, followed by Yili Jindian Q3, high-end products buying gifts increased slightly, basic products Q3 lack of milk buying gifts, overall buying gifts are expected to weaken slightly.
From the perspective of product structure, large single products such as An Mu Xi, Jin Dian, Jin Ling Guan are growth engines, which continue to drive structural upgrades.

We believe that the Q3 structure upgrade is accelerating. The main reason is that the sales volume has increased rapidly after the price reduction of Jindian. Although the original gross margin of Jindian has slightly declined, the Jindian series is still higher than the overall gross profit. The price reduction promotion of high-end products drives the sales to increase rapidly.The proportion increased and the structural upgrade drove the gross profit margin significantly.

Thinking about the competitive landscape and buying gift strategy?

According to the upstream raw milk research, the overall supply is tight. We expect that the modest rise in raw milk prices will continue until 2021. Dairy companies will have a relatively high proportion of raw materials. The overall purchase gift will eventually decline, and the gross profit margin will be promoted to remain stable.

1) From the perspective of the competition pattern, during the current round of rising raw milk prices, because of low gross profit margins, the sales volume of basic products continued to decrease due to low gross margins, and will gradually reduce buying gifts as raw milk prices increase.

Discounted purchase of high-end products is expected to be a staged act. Whether high-end products’ price reduction dividends will continue depends on the upgrade of new products and higher-end products. Considering that the overall new product innovation of white milk is slower than yogurt.

2) According to the channel forecast, Mengniu Trensu Organic + Dream Cover currently accounts for about 30% of the Trensu Series, 15-20% of organics in the Jindian Series, and the overall high-end (organic + imported + Juanshan) ratio.30%, the structure of the two sides is similar, Telunsu, Jin Dian this round of price reductions brought about by the margin of sales growth.

3) Looking to the future, after the structural dividend caused by the price cuts of high-end products in Q2 in 2020 disappears, leading companies will continue to push high-end new products to undertake the current high-end price reduction strategy. Without any high-end new products to undertake, under the pressure of raw milk growth, the purchase of high-end productsGifts are expected to decline, and the overall competitive landscape is improving.

Channel intensive cultivation + brand promotion are all in force, and the sales expense ratio is stable and slightly decreased.

The management expense ratio increased slightly due to the increase in employees and salary increase + equity incentive expenses.

The company’s sales expense ratio for the first three quarters was 23.

7%, -0 per year.

83pct, 19Q3 is 21.

9%, twice -2.

43ppt. The decrease in sales expense ratio was mainly due to the increase in operating efficiency under the effect of scale.

According to the channel survey, 1) We expect the channel expense rate to be stable. As of 19Q3, the number of company distributors is 12,278, an increase of 1,674, and channel sinking and intensive cultivation will continue.

At the same time, other channels are gradually exerting their strength, and e-commerce revenue has grown rapidly. Active cooperation with new retail outlets such as Suning Stores has continued to improve channel capabilities.

2) The increase in advertising costs is expected to increase and decrease the advertising cost rate, mainly due to the high base last year + the efficiency of advertising this year.

19Q3 management expense rate growth rate + 1ppt to 4.

5%, mainly due to the increase in the number of employees in the business division + the salary increase of employees, considering the allocation of incentives in 19Q4 to supplement 4-5 million, we expect the replacement of 19Q4 management expense rate.

3Q19 financial expense ratio is 0.

43%, ten years +0.

58%, mainly due to ultra short-term financing bonds and bank borrowings.

Profitability improved, operating cash flow improved in the third quarter, long-term return on net assets is expected to stabilize at around 20%, and government subsidies in the first three quarters5.

300 million.

In 19Q3, the company’s net profit was 18.

500 million, ten years +14.

5%, deducting non-net profit 17.

4.5 billion, +19 a year.

6%, net interest rate increased by 0 in the short term.

32ppt to 7.


In the first three quarters, the net operating cash flow was 62 megabytes, which was -20% a year, mainly due to the increase in prepayments for purchasing raw materials and the increase in cash paid for employee expenses.The inflow growth rate is lower than the revenue growth rate mainly due to the discount on the account period of e-commerce + Shangchao KA customers, and the first payment after the distribution channel remains unchanged.

Net cash flow from investing activities -82.

5 ‰, an increase of 22 per year.

USD 800 million was mainly due to the increase in cash paid for the purchase and construction of fixed assets, intangible assets and other long-term assets.

Net cash flow from financing activities -37.

90,000 yuan, mainly due to the increase in cash received for the issuance of ultra-short-term financing bonds and medium-term notes.

Goodwill 5.

$ 300 million, mainly due to the merger of Thailand’s CHOMTHANA COMPANY and New Zealand’s Westland Dairy.

Profit forecast and investment suggestions: We are optimistic about the company’s channel power, brand power, and future city share, which are expected to increase to 904 in 2019-2021.

4, 1000.

3, 1109.

2 ‰, +13 a year.

7%, 10.

6%, 10.

9%, net profit was 68.

7, 72.


500 million, ten years +6.

6%, 5.

3%, 15.

5%, EPS is 1.

13, 1.

19, 1.

37 yuan, corresponding PE is 24X, 23X, 20X.

The company’s equity incentive plan has been passed, with a dividend rate of more than 70% and a ROE of not less than 20%.

Risk warning: raw milk prices rise more than expected, the industry is fiercely competitive, new product promotion is less than expected, and food safety risks.

Huaneng International (600011): In the first quarter, the amount of power generation is basically flat every year.

Huaneng International (600011): In the first quarter, the amount of power generation is basically flat every year.

The main points of the report describe the company’s announcement of the completion of power generation in the first quarter of 2019: in the first quarter of 2019, the company’s internal power plants in China completed power generation of 1038.

3.9 billion kWh, a decrease of 0 per year.


Incident review demand slowed down to control the impact of coal policy, and the company’s power generation continued to decrease slightly.

From January to February 2018, due to the acceleration of industrial production growth and a high base, the electricity consumption of the whole society usually increased by 4%.

5%, a year-on-year growth rate (13.

3%) down 8.

8 units.

As a nationwide thermal power company with the main body of thermal power, the power generation situation of the unit is closely related to the demand for power.

At the same time, thermal power consumption is second in order to clean energy, and from the perspective of power generation from January to February, hydropower and nuclear power increased by 6 respectively.

6% and 23.

0%, the high growth of clean energy electricity has formed a certain squeeze on the thermal power output space.

In addition, since last year, coal control policies have been implemented throughout the country, and the company’s east 无锡桑拿网 China region has been affected. At the same time, the increase in power consumption in Shanghai, Fujian, and Zhejiang in January-February reflects the increase in power demand in the three provinces and cities.The average price of coal, electricity and electricity in the three provinces and cities has decreased, or the company’s generating capacity has been limited due to coal control policies.

Affected by the slowing demand, clean energy squeeze and coal control policies, the company’s power generation in the first quarter of 2019 declined by 0.


Coal prices have landed significantly in the past, and the cost improvement is expected to reach the first quarter.

From January to March 2019, the national comprehensive thermal coal price index increased by 507.

55 yuan / ton, compared with the same period last year 深圳spa会所 (554.

30 yuan / ton) down 46.

75 yuan / ton, a decrease of 8.


Although the company’s power performance was weak in the first quarter, coal prices have declined. Under the circumstances, the cost improvement trend has pushed the company’s first quarter performance, and the growth of the first quarter is worth looking forward to.

The expected growth rate is to be reduced by 3 samples, and the company’s performance improvement is expected to accelerate.

Decreasing the minimum tax rate can reduce the company’s tax and fee burden and recognize more revenue; confirming that under the market-oriented environment of coal prices, the company’s cost has theoretically reached a limited increase.

In addition, from a general point of view, the reduction of general industrial and commercial electricity prices will not affect the power generation end.

Taken together, the expected growth rate is adjusted from 16% to 13%, which is conducive to reducing the tax burden of thermal power companies and improving performance.

Investment suggestions and estimates: According to the latest public data of the company, we adjust the company’s profit forecast. It is expected that the company’s EPS for 2019-2021 will be 0.

28 yuan, 0.

39 yuan and 0.

57 yuan, corresponding to 23 for PE.

92 times, 16.

82 times and 11.

72 times, maintaining the company’s “Buy” rating.

Risk Warning: 1.

Risk of deterioration of power supply and demand environment; 2.

Coal prices are at risk of unsustainable growth.

Tianwei Food (603317): hot pot base + Sichuan cuisine seasoning launched two rounds to launch a new journey

Tianwei Food (603317): “hot pot base + Sichuan cuisine seasoning” launched two rounds to launch a new journey

The market for compound condiments is large and the growth rate is clear: According to Frost & Sullivan data, the compound growth rate of the compound seasoning market reached 16 in 2010-2015.

1%, the scale will reach 10.91 million yuan in 2018, and is expected to remain 14.

7% compound growth rate, the proportion of China’s total seasoning market rose to 22.


Among them, hot pot seasoning accounts for 20%.

69%, the proportion of Chinese-style compound condiments is 17%, and the compound growth rate is expected to be 15 in 2015-2020.

02%, 16.


At present, the main sales channels of hotpot bottoms are household consumption and catering consumption, accounting for 50% respectively.

1%, 46.


The category is rich, and the big single product strategy is further implemented. In terms of products, the company’s two major brands, “Dahongpao” and “Good People”, are mainly engaged in the production and sales of hot pot base and Sichuan cuisine ingredients.The company’s two major single product series have grown rapidly.

From the perspective of price bands, Tianwei’s product categories are rich, and the product structure is diverse. Mid-range, mid-to-high-end, and high-end products are fully covered, giving consumers more choice.

In addition, the company launches new products every year, continuously innovates, and improves product richness.

With the gradual strengthening of the Tianwei brand’s competitiveness, it is expected to further increase product penetration and repurchase rate through the large single product strategy in the future.

Distribution-oriented, custom-made meals have ample space: from the perspective of channels, the supermarkets and farmers’ markets are still the mainstream under the dealer model, and 2019H1 dealers will contribute 84.

15% of the income, continue to deepen the existing channels is still the company’s current priority work.

In addition, the chain trend of the catering industry has driven the demand for customization in the condiment industry. Tianwei Foods has entered the field of custom meals from 15 years. The custom meals business has grown rapidly in 17, 18 years, and the proportion of custom meals in H1 2019 is 9.

72% is one of the company’s future strategic priorities.

Analysis of fundraising projects: The number of shares of Tianwei Food’s latest public offering is 41.32 million shares, accounting for no less than 10% of the total share capital after issuance. The funds raised are planned to be invested in the following projects in order: 1) the expansion and expansion of the home production baseConstruction projects, 2) Shuangliu production base reconstruction and expansion construction project, 3) marketing service system and informatization comprehensive supporting construction 杭州桑拿 project.

Through the implementation of fund-raising projects, the company will: 1) supplement production capacity 3.

8 average, accounting for 42 of the company’s total production capacity in 2018.

22%, of which the main new capacity is 1.

2 Initial customized meal production capacity and 0.

8-cation full-type (manual) hot pot base material capacity.

Profit forecast: The company’s product structure will become more diversified, channels will be further cultivated and new development will be stable, the company’s brand awareness and management efficiency will be improved, and its short-term cumulative production capacity is expected to return 3 to its parent company’s net profit in 2019-2021.

6 billion, 4.

5.1 billion, 5.

54 ppm, the corresponding diluted EPS is 0.

87, 1.

09, 1.


Risks indicate food safety risks; subsea fishery expansion is less than expected; the risk of catering industry growth crisis; channel sinking and new products fail to meet expectations.

Refugees pour into Greece every day, overwhelming population tightening

Refugees pour into Greece every day, overwhelming population tightening

Faced with continued pressure from refugees and illegal immigrants, the Greek government has recently tightened immigration policies, including accelerating refugee repatriation procedures, building maritime barriers and rectifying refugee camps.

  At the height of the refugee wave in 2015, the war-torn areas in Africa and the Middle East fell to Greece, and portal countries such as Italy flooded into Europe. A large number of them were stranded for a long time after crossing into some Greek islands, increasing the pressure on Greece.

Since the summer of 2019, the number of refugees entering Greece has surged again, raising alarm.

  At this stage, refugees are migrating to Turkey 北京桑拿洗浴保健 every day into the Greek island of Lesvos, Samos, Chios, Leros and Kos.

There are many refugee camps on these islands, with a total capacity of 6,200 people, but now it has more than three.

80,000 people, the situation of overload operation is increasing day by day, and sanitary and safety conditions are difficult to guarantee.

  In order to alleviate the pressure on these islands, the Greek government has repeatedly tried to transfer some refugees from the island to the Greek mainland, but the progress has not been smooth, and it has been questioned and opposed by Greek local residents.

Agence France-Presse reported that the Greek government had previously promised to transfer about 20,000 refugees to the country by the end of 2019, continuing to complete half of its tasks today.

  UN refugee official Philip Leclerc reminded this week: The key is to relocate refugees (from Greek islands) to Greek mainland and defeat them to continue the asylum process.

  Greek immigration minister Nottings Mitarahi re-emerged in a recent media interview: replacing congestion pressure on these islands is our number one task.

  Mitalashi said that the Greek government has started expediting the processing of asylum applications for refugees, granting a maximum of three years of asylum, and returning asylum seekers and illegal immigrants to Turkey as soon as possible.

The European Union and Turkey reached an agreement in 2016 to deal with the refugee wave. The European Union promised to provide Turkey with 60 billion euros in exchange for Turkey’s restrictions on infringing Turkey to Europe.

Turkey has repeatedly refused, and only half of the money was received.

  In addition, the Greek government intends to set up a floating barrier in the Aegean Sea as soon as possible.

7 kilometers, high 1.

1 meter in order to prevent smugglers from reaching Greek islands.

Many civil society and charitable organizations question whether this measure will work, and some of these facilities will affect shipwreck rescue operations.

Absolutely, there have been many overturns of refugee boats in the Mediterranean, often resulting in the death of dozens or even hundreds of people.

(Yang Shuyi) (Xinhua News Agency Special) Original title: Overwhelmed!

Greece tightens refugee policy

Ping An of China (601318) In-Depth Report: Dreaming as a Horse and Shao Shaohua

Ping An of China (601318) In-Depth Report: Dreaming as a Horse and Shao Shaohua

With a good track + good leaders + good strategy, Ping An of China will achieve great development.

From insurance to comprehensive finance to the construction of the ecosystem, Ping An has always led innovation with innovation: life insurance business structure, leading in the value rate industry; property insurance sharing has been steadily improved, and over-underwriting profit margins have been achieved in the long term; banking, securities, trust and other asset management businessesProactive transformation and continuous growth, and efficient coordination of core financial services.

At the same time, the five major ecological circles have been actively deployed in an effort to achieve “technology empowerment and ecological empowerment”, bringing incremental increase to traditional financial services.

Good leader: The company has no actual controller, and the merger is stable and forward-looking.

Equity incentives make employees and the company a community of interests and continue to create value for shareholders.

Good track + good strategy: Life insurance is still in the development stage and market space is transmitted; 深圳桑拿网 other financial businesses interact with each other with significant synergy; the landing of the ecosystem will enable financial empowerment in the future.

1) Demographics, medical expenditures, and pension needs will help the domestic life insurance industry continue to develop.

Ping An Life Insurance adheres to a diversified and balanced development strategy. The quality of its agents is higher than that of its peers. It will achieve an average level of development in the long run.

For benchmark AIA, Ping An Life Insurance NBVM is not inferior, and its actuarial assumptions are prudent, its EV credibility is high, and VIF is discounted.

With the consolidation of advantages (continuing the sales of long-term protection products) and the completion of short-terms (development of long-term protection products), Ping An Life’s business structure will be further optimized to achieve NBVM enhancement, NBV and EV long-term, stable growth, and reductionInvestment sensitivity.

Current market value (1.

6 trillion), Ping An Life’s new business multiple is only 5 times, much lower than AIA (17 times).

It is prudent to assume that Ping An’s new business multiple is 6, which corresponds to a life insurance market value of 1.

05 trillion, the group’s market value is 1.

75 trillion, which has a 10% growth space compared to the previous market value.

2) Property insurance, banking, securities, trust and other businesses are linked under strict risk control, and synergies bring customer migration, promote high income growth, and improve asset allocation efficiency.

3) Considering that the long-term interest rate may fluctuate downward (or less than 3%), the equity market will remain volatile under increasing external uncertainties. We assume that listed insurance companies have 20% of non-standard assets and bonds due in 2018.At the same time, assuming a new bond yield of 2.

8%, non-standard rate of return 7.

1%, stock + equity-based yield of 5%, then Ping An’s total investment yield in 2019 is more than 5%, which is higher than the cost of existing debt funds and can still make a difference.

4) Five major ecological circles have been initially established. From the perspective of profit contribution, Lujin Institute and Auto House have achieved profitability, and Ping An Good Doctor has basically broken even.

From the perspective of mutual empowerment, currently it is still in the stage of financial drainage into the ecosystem, but technology-enabled finance has been implemented. In the future, the conversion of users in the ecosystem will become the main source of traditional financial incremental customers, and ecological empowerment finance can be expected.

Investment suggestion: PEVs for 2019-2021 are currently sustainable1.

4, 1.

2, 1.

0 times.

Ping An Life Insurance accounts for 60% of operating profit +, and the market still estimates based on the EV estimation system.

Therefore, property insurance, banking, securities, trusts, fintech and many other businesses only give a valuation of 1 PB.

With reference to the average level of industry estimates, segment estimates for Ping An: The company’s total market value in 2019 is expected to be approximately 1.


06 trillion, the company’s current market value1.

6 trillion, still underestimated, maintaining a highly recommended level.

Risk reminders: Long-term interest rate growth is declining, and the stock market continues to decline; new life insurance orders are growing less than expected; commercial vehicle fare improvement is accelerating; fintech business is progressing slowly.

Dongcheng Pharmaceutical (002675): Interim report results in line with expectations The nuclear medicine sector continues to grow rapidly

Dongcheng Pharmaceutical (002675): Interim report results in line with expectations The nuclear medicine sector continues to grow rapidly

Event: The company released its semi-annual report for 2019 and achieved operating income13.

2.7 billion (+39.

60%), net profit attributable to mother 1.

7.8 billion (+59.

14%), after deducting the non-deductible net profit of return to mother 1.

8.8 billion (+58.


After excluding the consolidation factor of Antico, the company’s net profit growth rate in the first half of the year was approximately 45%.

The Air Force Company announced that its profit increased from 50% to 65% from January to June of 19, and its actual performance was in line with expectations.

Nuclear medicines continued to grow at a high speed, and the nationwide distribution of nuclear pharmacies continued to advance the revenue of nuclear medicines in the first half of the year to 51,290.

370,000 yuan (+32.

14%), maintained a rapid growth momentum, and overall profits increased by about 30% (excluding factors such as supplementary nuclear pharmacy depreciation).

Among them, Yunke Pharmaceutical achieved operating income of 22,384.

690,000 yuan (+20.

03%) and a net profit of 10288.

300,000 yuan (+23.

70%), net profit attributable to mother is 53.61 million yuan.

Based on the clinical application of complications, Yunke injection is being developed in the evidence-based medicine research of the pain department. The development of indications / departments is expected to further open up the space for growth.

Shanghai Xinke achieved operating income of 12,647.

820,000 yuan (+11.

2%) and net profit of 2546.

210,000 yuan (+ 15%), net profit attributable to mother 13.33 million yuan.

Antico achieved operating income of 16,664.

07 (+ 40%), of which 18F-FDG revenue is about 1.

400 million (approximately + 30%) and a net profit of 6012.

RMB 870,000 (+20.

78%), the net profit growth rate is 天津夜网 slower than the income growth rate is mainly due to: 1) the first half of this year confirmed that equipment sales revenue is higher than the same period last year, this business profit margin is lower than 18F-FDG; 2) add nuclear pharmacy depreciation and other expensesIncrease, but the increase in the number of nuclear pharmacies is conducive to the company’s long-term performance growth.

In the first half of the year, the national layout of the company’s nuclear pharmacy progressed steadily. Andyco added two nuclear medicine centers in Liaocheng and Liuzhou, and now has 11 GMP certificates. Completed the acquisition and holding of four companies: Guangdong Roundabout, Hunan Roundabout, Kunming Roundabout, and Sichuan Roundabout.A 45% interest will be quickly added to each of the four nuclear medicine centers in Guangdong, 杭州桑拿网 Hunan, Yunnan and Sichuan.

Antico’s existing and under construction nuclear pharmacies cover provinces and cities with rapid increase in installed PET-CT capacity and large equipment holdings. In the future, it will continue to benefit from the increase in inspections in the corresponding regions to ensure rapid growth in performance.

The volume of common preparations continued to increase rapidly, and the prices and prices of heparin raw materials rose in the first half of the year.

710,000 yuan (+78.

7%), of which nadroparin calcium income is about 200 million (about + 100%), and continues to maintain a rapid volume trend.

The API has realized operating income of 52916.

380,000 yuan (+28.

05%), achieving a gross profit of 14,329.

72 million (+ 61%), mainly due to the elimination of pig production capacity in the first half of the year due to swine fever epidemic, the price of crude heparin continued to rise, and it was converted into downstream APIs. As a result, the company also increased its market development efforts and the amount of APIs for heparinPrices go up.

Zhongtai Biological achieved operating income of 52.43 million yuan (+ 8%) and profit of 6.22 million yuan (-31%). However, the current price of titanium sulfate is at the bottom, and the sales expense ratio continues to increase slightly. Operating cash flow is slightly increased.Outstanding improvement in the first half of the company’s sales expenses 26.

40%, an increase of 4 over the same period last year.The 22 singles are mainly due to the change in the company’s revenue structure and the increase in the proportion of nuclear medicine / general preparations revenue.

Net operating cash flow for the first half of the year was 258.97 million yuan (+47.

77%), exceeding the current net profit. The net operating cash flow in 19Q2 was 219.23 million yuan, and in 19Q1 it was only 39.74 million yuan.

Earnings forecast and investment rating We believe that the nuclear medicine industry has high barriers, a large market space and good growth.

In the short term, PETCT configuration approval authority is decentralized, SPECT configuration does not need to be approved, and the policy is favorable for the rapid installation of related equipment. 锝[99mTc]labeled drugs and 18F-FDG are expected to usher in a period of rapid growth.Announcement of the annual configuration plan for large-scale medical equipment. It is proposed that by 2020, the PETCT is planned to be deployed within 710 units, with an increase of 377 units. It is expected that by the end of 19, the installed capacity of PETCT will reach 500 units.

In the long run, overseas heavy-duty therapeutic nuclear medicines will be listed in the country one after another. The existing domestic nuclear medicine production and sales network must be re-established to accelerate the expansion of the nuclear medicine market. Domestic nuclear medicine companies are expected to continue to benefit.

We estimate that the net profit attributable to the mother of the company on 19/20/21 will be 4.

10 billion, 5.

0.6 billion and 6.

23 trillion, the growth rate is 43% / 26% / 23%, the corresponding EPS is 0.

50 yuan, 0.

63 yuan, 0.

78 yuan, PE is 23X, 19X and 15X.

Company evaluation: 1) Nuclear medicine: Net profit attributable to mother in 19 years 2.

Considering the oligopoly competition in the nuclear medicine sector, which is USD 8.1 billion, an increase of 33%, the barriers are very high, the competition is good, the market space is large, and the profitability is very strong. A certain premium should be given, and 40 times PE, which is estimated to be 112 billion yuan.
2) Ordinary preparations: Low-molecular-weight heparin preparations represented by nadroparin calcium have maintained rapid growth, with a net profit of 19 years.

61 ppm, giving 25 times PE, an estimated 1.5 billion.

3) The 19-year net profit of the bulk drug business reduced group expenses, etc. 0.

58 trillion, giving 10 times PE, for a market value of 6 trillion in 2019.

The company has a reasonable market value of 13.3 billion in 19 years and maintains a “buy” rating.

Risk reminder: APIs, non-recurring gains and losses, changes in exchange gains and losses affect the overall net profit; the growth rate of nuclear drugs is less than expected.

Shenhuo Shares (000933): Selling expenses greatly reduced.

Shenhuo Shares (000933): Selling expenses greatly reduced.
Event: The company released a quarterly report, realizing net profit attributable to its mother of 54.84 million yuan, at intervals of 20.27%, realized non-profit deduction of 41.62 million yuan, an annual increase of 214.63%. The selling expenses have been greatly reduced, and the cost of Xinjiang Shenhuo has been reduced.In the first quarter of 2019, the company’s sales expenses 青岛夜网 were only 21.98 million yuan, which was reduced by 93.23 million yuan each year. Basically, the company’s subsidiary Xinjiang Shenhuo Coal and Electricity Co., Ltd. sold a large increase in liquid aluminum sales nearby, resulting in a significant reduction in freight.Prior to this, although the electricity cost advantage of Xinjiang Shenhuo was obvious, the total transportation cost of 2 tons of alumina to Xinjiang and 1 ton of electrolytic aluminum out of Xinjiang was about 1,500 yuan, and the cost advantage of electricity was fully swallowed.During the reporting period, Xinjiang Shenhuo not only saved the transportation cost but also the cost of electrolytic aluminum ingots by transporting aluminum liquid nearby, and the company achieved significant cost reduction and efficiency improvements. Reversal of impairment provisions 苏州夜网论坛 reduces drag on performance.During the reporting period, the company’s asset impairment loss was -380,000 yuan, compared with -1 in the same period last year.Affected by this, the company’s net profit attributable to the mother was 5,484 million, at intervals of 20.27%, but realized non-profit deduction of 41.62 million yuan, an annual increase of 214.63%. Business goals for 2019.The company expects to produce 595 targets for commercial coal, 5 targets for coke, 101 targets for electrolytic aluminum products, and 6 targets for aluminum; it will achieve a balance of production and sales.Expected operating income of 18.6 billion US dollars (including: coal business of 4.6 billion US dollars, aluminum electricity business of 13.5 billion US dollars), the full cost of coal is controlled at 720 yuan / ton, the complete cost of electrolytic aluminum in the headquarters is controlled at 14,000 yuan / ton, Xinjiang electrolytic aluminumThe total cost is controlled at 11,150 yuan / ton. The calibration hydropower aluminum substitutes division expanded, and idle capacity will boost performance.The 90 short-term hydropower aluminum projects planned by the company and Shenhuo Group and Wenshan Chengtou have low investment costs (6,000 yuan / ton), good location advantages (nearly the alumina producing area), and preferential electricity prices (zero-paid electricity prices within 5 years of production).RMB 025 / degree). With the exit of the high-cost throughput of the headquarters and the commissioning of hydroelectric aluminum production, the company’s performance will increase significantly between one increase and one decrease. Profit forecast and rating.Yunnan Shenhuo 45 is expected to be put into production in the second half of the project. In the future, after the Yunnan Shenhuo Phase II project is put into operation, the expansion of the production capacity of the headquarters will be shut down, replacing hydropower and aluminum substitutes.Maintain the company’s “overweight” rating, and it is expected that the EPS for 2019-2021 will be 0.18 yuan, 0.30 yuan, 0.32 yuan, corresponding to the current sustainable PE is 28.2 times, 16.6 times, 15.2 times. Risk reminders: the risk of macroeconomic fluctuations, the risk that Yunnan Shenhuo’s production is less than expected, and the risk of the replacement of aluminum exports.

China Merchants Shekou (001979) Q3 2019 Review: Decreased settlements dragged down revenue sales and maintained high growth and guaranteed performance

China Merchants Shekou (001979) Q3 2019 Review: Decreased settlements dragged down revenue sales and maintained high growth and guaranteed performance

Event Overview China Merchants Shekou released three quarterly reports, and achieved revenue of 255 in the first three quarters.

4 ‰, at least -24.

4%; net profit attributable to mother is 50.

9 trillion a year -38.


Analysis and judgment: The pace of settlement is rapid, and the repayment significantly improves the company’s revenue from January to September 2019 to achieve 255.

4 ‰, a decrease of 24 per year.

4%; net profit attributable to mother is 50.

9 trillion, a decrease of 38 a year.


The annual decrease in revenue growth rate is mainly due to the decrease in the number of settlement areas reported by the consolidated company.

In the first three quarters, the company strictly controlled the repayment index. As the amount of repayment of real estate sales increased significantly, the report summarized that the company’s net cash flow from operating activities reached 90.

90,000 yuan, an increase of 255 in ten years.


The sales growth rate is relatively fast, the 佛山桑拿网 number of reported investment is relatively positive, and the company realized a sales amount of 1620.

40,000 yuan, an increase of 39 in ten years.

4%, sales area of 8.33 million square meters, an increase of 49.

7%, the sales growth rate far exceeds the industry average, the scale ranked 12th in the industry.

In the first three quarters, the company added 830 new planning areas.

90,000 square meters, a year-on-year decrease of 18%, taking the total land price of 623.

9 trillion, down 23 a year.

6%, the land sales ratio is 38.

5%, an increase of 0 over the same period last year.

1pct, taking land is still very active.

The implementation of the repurchase completed, highlighting the scale of the investment value report. The company completed the repurchase of 184,144,410 shares, accounting for 2 of the total share capital.

33%, the payment amount is about 40 million, and the minimum transaction price is 20.

18 yuan / share, still higher than the closing price on October 29 about 4.

24%; overall, the large repurchase shows the company’s confidence in the future development and recognition of the current progress.

Investment suggestion: The sales of Shekou, China Merchants, will keep increasing rapidly, and the return rate will increase. It will be deeply cultivated in the core metropolitan area, with good financial conditions and obvious financing advantages.

The company’s EPS for 19-21 is expected to be 2.



47 yuan, corresponding to PE is 8.



6 times, for the first time, the company was given an “overweight” rating.

Risks suggest that real estate policies continue to tighten and sales are below expectations.

Tongce Medical (600763) 2018 Annual Report Commentary

Tongce Medical (600763) 2018 Annual Report Commentary
Event: On March 29, the company announced its 2018 annual report, which stated that the company realized operating income15.460,000 yuan, an increase of 31 over the 北京养生会所 same period last year.05%; net profit attributable to mother 3.320,000 yuan, an increase of 53 over the same period last year.34%; net profit after deducting non-return to mother 3.2.7 billion, an increase of 53 over the same period last year.56%, basic profit income 1.04 yuan. The effect of scale has begun to appear, the gross profit of the second negotiation has risen, the revenue is in line with expectations, and the profit growth has exceeded expectations. The company’s medical service business area has increased from 10 in 18 years.20,000 square meters increased to 11.20,000 square meters, the number of dental chairs increased from 1,411 to 1,472, the number of medical outpatients increased from 1.58 million to 1.84 million, and total operating income increased by 31.05%, in line with expectations; net profit attributable to mothers increased by more than expected 53.34%, mainly due to the company’s integration of the supply chain, the second negotiation reduced the overall purchase cost of consumables by 5%, the cost of new hospital equipment by 3%, and the company’s gross profit margin from 41.36% rose to 43.29%.In terms of expenses, the selling expense ratio is from 0.99% dropped to zero.71%, the management expense ratio is from 15.73% fell to 13.77%, financial expenses increased by 110 as a result of the loan interest rate expenditure in the current period.19%, financial expense ratio from 0.98% increased to 1.57%, the overall expense ratio from 17.70% recognized 16.05%. After 14 years, the performance of the newly-established branch continued to increase. The outstanding performance of Wuhan Cunji General Hospital outside the province. The first batch of branches in the development of medical care after 14 years has achieved explosive growth in the past two years.The revenue exceeded 20 million yuan, with growth rates of 52%, 34%, and 20% respectively. The revenue of Zhuji Branch, which had been in business for 14 years, exceeded 50 million yuan, an increase of 32%.The revenue of the newly opened Yiyang Branch and Wuhan Cunji General Hospital in 18 years reached 23.88 million yuan and 17.78 million yuan, respectively. The expansion model of the “General Institute + Branches” in Zhejiang Province and outside the province has increased the certainty, and future growth is expected. In 19 years, the dandelion plan in the province and the construction of the general hospital outside the province were parallel to ensure the continuous growth of performance. On December 26, 18, Tongce Medical opened the “Zhejiang dandelion plan”.Another 10-15 companies are under construction, and it is expected that they will cover 100 in Zhejiang in the next three years.Wuhan Cunji Dental Stomatology Hospital outside the province has been in operation for 18 years. The construction of Beijing, Chongqing, and Suzhou General Hospital went hand in hand, driving the “general hospital + branch hospital” model in all regions to achieve rapid growth in performance. Investment advice and profit forecast Tongce Medical is the 夜来香体验网 only dental listed company in the medical service industry, and its “headquarters + branch” expansion model has high growth certainty.It is estimated that the company’s operating income for 19-21 will be 20 respectively.40/26.91/34.6 billion, net profit attributable to mother4.47/5.95/7.70 million.Slightly increase EPS to 1.39 (+0.1) / 1.86 (+0.21) / 2.40 yuan / share, corresponding to 49/37/28 times PE, given a target price of 83.4 yuan, maintain “Buy” rating. Risks indicate that the dental hospital is newly built, and the progress of mergers and acquisitions is not as expected; the risk of medical disputes.

Origen (002701) Half-yearly Report 2019 Review: Two-Piece Can Profit Improves Reignwood’s Shareholding Forms Deep Binding

Origen (002701) Half-yearly Report 2019 Review: Two-Piece Can Profit Improves Reignwood’s Shareholding Forms Deep Binding

A brief review of the results On August 27, the company disclosed an interim report. In the first half of the year, it achieved revenue / net profit of 41.

44 ‰ / 4.

8.6 billion, an increase of 2 each year.

57% / 5.

36%, fully diluted EPS0.

21 yuan, in line with expectations.

In the first half of the year, the repurchased shares were cancelled, and the company plans to distribute dividends to all shareholders for every 10 shares1.

08 yuan (including tax).

Business analysis The revenue of three-piece cans increased slightly, and the profit of two-piece cans improved significantly.

In the first half of the year, the company’s three-piece can business revenue was still a substitute, and the business achieved overall revenue27.

96 ppm, a five-year average of 5.


Among them, three-piece cans-beverage cans revenue decreased by 6.

87%, three-piece cans-food cans revenue increased by 8.


Although the company continues to promote the development of new customers, Red Bull’s contribution to the three-piece can business is still significant in the short term, so the operation of large customers has dragged down the company’s three-piece can business.

Under the ranking, two-piece cans performed better in the first half of the year, with revenue growth of 24.

47%, while benefiting from the maximum increase in production capacity, gross margin reached 11.

47%, an increase of 6 a year.

5 points, significantly improved profitability.

Reignwood’s shareholding and increase in holdings may be a positive signal for the normalization of China Red Bull’s business.

On August 15, the company announced that Reignwood Aviation Group acquired a substantial reduction of 2,472 by its major shareholder Shanghai Yuanlong.

610 thousand shares (1 of the total share capital).


On August 20, the company announced that Reignwood Aviation once again received a reduction of 2,237 by its major shareholders.

830,000 shares (0% of total equity).


Reignwood, as China Red Bull’s actual operating enterprise and the company’s largest customer, has formed a deep binding with the company through its shareholding and increase in holdings, showing its confidence in the company’s future development.

At the same time, Beijing First Intermediate People’s Court has rejected Thailand’s Tencel’s application for mandatory liquidation of China Red Bull.

From this point of view, Reignwood’s shareholding company has also passed China Red Bull’s trademark disputes to a certain extent or will gradually become clear and normal.

Acquired Boer’s China business and consolidated the cornerstone of the development of the two-piece can business.

The company announced in December last year that 2

Acquired Ball Asia Pacific Ltd. for $ 0.5 billion

Chinese packaging business-related companies.

We believe that the acquisition of Ball China will complement the company’s own two-piece can business.

At the same time, after the completion of the acquisition, the company’s customer structure can be further optimized and its reliance on the previous largest customer can be reduced.

The company plans to raise RMB 11 trillion by 南京夜生活网 issuing convertible bonds, 7 of which.

The US $ 7 million acquisition of Porto China’s equity has now received a review of the CSRC’s administrative license project and reverted to work. Profit forecast and investment advice The company has obvious advantages in the metal packaging industry. Despite the uncertainty of its core business, its operations have stabilized. We predict that the company’s EPS will be zero after 2019-2021 when it is fully diluted.



56 yuan (three years CAGR80.

1%), corresponding to 13/11/9 times the corresponding PE, maintaining the company’s “overweight” rating.

Risk factors The risk of large customers losing the right to use the Red Bull trademark; the risk of untimely development of new customers; the risk of poor development of new areas and new businesses.