Tunnel Shares (600820): Revenue Accelerates, Profitability Attempts to Stabilize

Tunnel Shares (600820): Revenue Accelerates, Profitability Attempts to Stabilize
Event: Tunnel Shares released three quarterly reports for 19 years.The company achieved revenue of 277 in the first three quarters.3 billion, an increase of 18.2%, net profit attributable to mother 13.9 billion, a year-on-year increase of 8.5%; 114 in the third quarter.2 billion, up 21.8%, net profit attributable to mother 5.1 billion, a year-on-year increase of 15.5%. Revenue accelerated, and orders in hand were relatively redundant: the company earned YoY 18 in the first three quarters of 19 years.2%, 10 years growth rate +0.7pct, of which the single third quarter revenue was 21 year-on-year.8% growth rate +4 per second.0, single-quarter revenue accelerated significantly.In 杭州桑拿 the first three quarters of 19 years, the unit amount for the new decade was 393.4 billion, a year-on-year increase.4%, a growth rate of ten years -13.9pcts, the proportion of new long-term units in the construction business increased by more than 0.6 points to 93.5%.In terms of business, in the first three quarters of 19, YoY for rail transit / municipal / road / house construction new length was -26.4% / 25.3% /-28.1% / 88.8%, with growth rates of -19 per year.2 / + 15.4 / -73.2 / -43.3pcts, municipal acceleration, housing construction continued to increase rapidly, rail transit, and new road signs are slightly more obvious. Considering that the integration of the Yangtze River Delta drive the regional infrastructure needs to be supported, it is judged that the new replacement unit growth rate has room for improvement.In the first three quarters of the new decade, the unit amount was 1 of the same period.4 times, there are relatively many orders on hand, and subsequent results are supported. Profitability declines, there is little room for judgment to continue downward: the company’s comprehensive gross profit margin for the first three quarters of 19 was 11.7%, one year -1.1 piece; the combined gross profit margin in the third quarter is 11.0%, twice -2.0, it is judged that the decline in gross profit rate is due to 1) the change in the structure of orders in hand, and the proportion of orders such as housing construction that has been reset by the gross profit rate has increased; 2) the impact of price increases on raw materials and labor costs in some regions.Considering that the proportion of relatively high-quality municipal orders is also increasing, the increase in costs is gradually digested through price adjustments, and there is little room to judge that the gross profit margin will continue to decline.During the first three quarters of 19, the benefit rate improved during the period, which led to an annual decrease in the expense ratio by zero.3pct to 7.4%; good repayments led to an increase in the receivables turnover rate, and at the same time, the proportion of impairment losses to income decreased by 0.2pct to 0.1%, the value of some equity investment assets led to an increase in the proportion of investment income to income in the same period by 0.2 points to 2.3%, comprehensively caused the net profit attributable to the mother in the first three quarters to decrease by 0.5 points to 5.0%, close to the lowest level in recent years.Subsequently, the gross profit margin was gradually stabilized, the management efficiency continued to improve, and the repayment was strong, and it was judged that the subsequent net profit rate was gradually improved. The performance increase plan boosts initiative and maintains a “buy” rating: The company passed the performance increase plan at the end of 18, and the 18-year performance met the requirements. The plan will help boost the relationship and stimulate the company’s vitality.As the regional underground engineering leader, the company is expected to deeply benefit from the integration of the Yangtze River Delta and continue to drive regional infrastructure investment to maintain a high level of prosperity.Taking into account the single-point growth rate of the new starting point, the profit margin is slightly lower than our expectations, and slightly reduced the net profit forecast for mothers in 19-21 to 21.4/23.8/26.500 million (previous value was 21.7/24.0/26.700 million), currently corresponding to 19 years of PE 9x, maintain “Buy” rating. Risk warning: Infrastructure investment, rail transit project approval is less than expected; raw material prices rise sharply

UK funded 16-week clinical trial on new coronavirus vaccine

UK funded 16-week clinical trial on new coronavirus vaccine
Overseas 杭州桑拿网 Network, February 4th, local time. On February 3rd, local time, the British Ministry of Health and Social Security announced that the British government will accelerate the development of a new coronavirus vaccine, which is expected to be developed based on the pathogen’s gene sequence in a 16-week clinical trial.New vaccine.  According to CNN, Matt Hancock, the UK’s health minister, said in a statement that the government would pay £ 20 million (about 1).800 million yuan) was delivered to the CEPI and the funds will be used for three new projects to develop a vaccine against the new coronavirus.Matt Hancock said: This will help us continue to develop new defenses against emerging diseases, including new coronaviruses, with globally recognized vaccine development capabilities.  CEPI CEO Dr. Richard Hatch said he hopes a 16-week clinical trial of the experimental vaccine can be conducted.The rapid spread of the new coronavirus around the world is closely related to the unique epidemiological characteristics. Dr. Richard Hatch said: We hope that with the help of partners, the pathogen-based genes can be obtained in 16 weeks of clinical trials.Sequentially developed vaccines.The initial stage of clinical trials (the first stage) is to test the safety of clinical laboratory vaccines. This process takes about 2 to 4 months.  It is understood that the Alliance for Epidemic Response Innovation (CEPI) was established in 2016 with the goal of establishing an early stage of vaccine development without knowing that infection will occur in some form, thereby shortening the time for development and distribution, and at the same timePreliminary adjustments to vaccines to increase their effectiveness against specific epidemics.The program targets: possible outbreaks of Lassa fever, Marburg primary fever, Middle East respiratory syndrome (MERS), atypical pneumonia (SARS), Nipah virus, Rift Valley fever, etc.(Overseas Zhu Huiyue Intern Song Jing) Original Title: UK Intervention in Research and Development of New Coronavirus Clinical Trials for 16 Weeks

Guosheng Financial Holdings (002670) Interim Review: Brokerage, self-employed to boost the performance of the securities business to improve the stability of foreign investment income

Guosheng Financial Holdings (002670) Interim Review: Brokerage, self-employed to boost the performance of the securities business to improve the stability of foreign investment income

Event: The company recently released its 2019 Interim Report and achieved operating income7.

70 ppm, an increase of 21 in ten years.

23%; net profit attributable to mother 2.

80 trillion, an increase of 260 in ten years.

31%, ROE is 2.

44%; EPS is 0.

14 yuan / share.

Securities brokerage business: The number of customers has increased and the securities brokerage business has developed rapidly.

The company promotes the customer experience by creating a wealth management development model, accelerating the construction of intelligent investment consulting, and giving full play to the advantages of the institute to provide customers 重庆夜生活网 with high-quality investment research services, thereby increasing the number of customers and increasing market share.

The number of accounts opened at the end of the monthly reporting period increased by 28 from the beginning of the year.

77%, the amount of assets under custody increased by 35 compared with the beginning of the year.

65%. At the same time, the market share of shares of Jijiji increased by 11 compared with 2018.


In the first half of the year, the company’s securities brokerage business has made tremendous progress under the dual effects of a warming market, an increase in the number of customers, and an increase in market share.

In the first half of 2019, the company’s securities business income was 9.

100,000 yuan, an increase of 277 in ten years.


Operating profit increased by 30.

16%, an annual increase of 90.


In the first half of the year, the company realized a net brokerage business commission and commission income of 2.

26 ppm, an increase of 68 in ten years.

03%, of which the net income from securities trading business is 1.

70 ppm, an increase of 31 in ten years.

54%, investment research business: The improvement of investment research capabilities promotes the development of brokerage business.

The company treats investment research as a strategic business now and in the future.

Since the establishment of the Guosheng Research Institute in early 2018, the company’s fund warehouse income has grown rapidly.

In 2018, the industry achieved the highest growth rate in the income from warehouses. The Institute’s income from warehouses in the first half of 2019 reached 80% of the same period of the previous year. It is believed that it is the company’s strategic business and the strength of investment research will be stronger in the future.

The net income from the leasing business of trading unit seats was 53.62 million yuan, an annual increase of 1678%, which has strongly promoted the development of the securities brokerage business.

Securities self-operating business: grasping market conditions and rapidly growing income.

According to the number of reports, the domestic securities market is picking up. The company seized market opportunities and focused on high-grade bonds to achieve stable returns.

Reported that the securities company’s self-operated business income of the first-tier company was 3.

5.5 billion, accounting for 39% of revenue.

04%, more than 32 of the brokerage business.


In the same period last year, the income from securities self-operated business was -1.

5 billion.

Therefore, the recovery of the securities self-operated business is the primary reason for the annual increase in revenue and net profit. Credit intermediary business: The business scale and revenue have grown steadily, and the market share has increased rapidly. Interest income needs attention.

The company’s competition in the Jiangxi region has obvious advantages. As of the end of the reporting period, the company had 105 branches in Jiangxi Province, and the number of branches in the province ranked first.

At the same time, the company actively develops business outside the province, and the number of branches ranks first in the industry.

Credit intermediary business scale and revenue grew steadily.

As of the end of the half-year in 2019, the total size of the company’s credit intermediary business reached 75.

890,000 yuan, an increase of 40 earlier.

twenty four%.

Among them, the business scale of Liangrong is 31.

410,000 yuan, an increase of 81 from 6 years.

51%, mainly due to the improvement in customer financing intentions.

The market’s two financing figures have improved until the end of the half-year in 2019 of 9107.

90ppm, ten-year average -0.

93%, so the size of the company’s dual-finance business has increased against the market.

The market share of Liangrong’s surplus increased by 48.

56% to 0.

At 345%, the market share was increased by a breakthrough; the size of the stock pledge business was 44.

480,000 yuan, an increase of 20 from the beginning of the year.


Credit intermediary business realized segment revenue during the reporting period1.

26 ppm, an increase of 61 over the same period last year.

twenty three%.

Investment banking: The team is maturing and the business is growing rapidly.

Affected by the market recovery, the investment banking business income in the report period was 68.19 million yuan, an increase of 185 in the decade.


Investment banking fees and commissions net income was 66.76 million yuan, an increase of 179 per year.


In terms of bond underwriting, in addition to underwriting corporate bonds, the company also completed underwriting of four financial bond products including financial debt and credit asset securitization products during the reporting period, expanding the scope of underwriting business and achieving full coverage of financial bond business products.

During the same period, financial advisory business grew steadily, and 10 projects were completed in the first half of the year.

During the reporting period, the industry’s total underwriting amount of corporate bonds ranked 55th, an increase of 31 from the previous year, a gap of improvement.

The company’s investment banking business has developed rapidly and has potential.

Collaborate with the Investment Banking Department to achieve stable returns.

The Group’s investment segment collaborated with the investment banking department of the securities business to expand project reserves.

During the reporting period, the Group’s investment business realized a total of changes in fair value and investment income.

3.5 billion.

Investment suggestion: The company’s securities business is developing rapidly, foreign investment is steadily advancing, and the rating of “overweight” is maintained.

Risk reminders: The company’s transformation and development are less than expected, and external risks in the industry.

Public education (002607): 19Q1-3 net profit +77.

2% is close to the advance notice limit, the highest advance payment 3.9 billion + 105% gradually subsequent growth

Public education (002607): 19Q1-3 net profit +77.

2% is close to the advance notice limit, the highest advance payment 3.9 billion + 105% gradually subsequent growth

Zhonggong Q1-3 earned 61.

6 billion +47.

7%, Q1-3 returns to mother’s net profit 9.

5.9 billion +77.

2% On October 28, the company announced that revenue for the 19Q1-3 was 61.

60,000 yuan, an increase of 47 in ten years.

7%, of which 19Q3 revenue was 25.

220,000 yuan, an increase of 46 in ten years.


The six growth rates of Q1-3 were 61.

93%, 42.

29%, 46.


The increase in revenue was mainly due to the switching of heating and cooling recruitment periods, the company’深圳桑拿网 s timely optimization of management to capture recovery opportunities, and the initiative to accelerate the overall effect of market share concentration.

  19Q1-3 returns to mother’s net profit 9.

590,000 yuan, an increase of 77 in ten years.

15%, of which 19Q3 is net profit of the mother 4.

6.6 billion, an annual increase of 41.

62%, Q1-3 short-term growth rate was 304.

47%, 46.

37%, 41.


  19Q1-3 deducted non-return mother net profit 8.

890,000 yuan, an increase of 74 in ten years.

09%, of which 19Q3 deducted non-return to mother’s net profit4.

160,000 yuan, an increase of 33 in ten years.


  Funds received in advance 39.

200 million + 105%, the scale of operations continued to expand. As of September 30, 19, the company’s monetary funds + transactional financial assets totaled 45.

600 million, an increase of 58% over the same period; advance funds received 39.

200 million, an increase of 105% over the end of 18, mainly due to the continuous expansion of the scale of operations, the increase in sales receipts in this period.

  Q1-3 net interest rate is 15.

57%, an annual increase of 2.

6pct, the scale effect continues to reflect the company’s gross profit margin in Q1 2019 of 57.

61%, an annual increase of 50.

66 points.2019Q1-3 company period expense ratio is 40.

37%, an annual increase of 34.

85 points.

The selling expense ratio is 17.

55%, an annual increase of 14.

09pct; management expense rate 21.

76%, an increase of 20 per year.

72 points.

Finance expense ratio 1.

06%, an annual increase of 0.

04pct, net interest rate 15.

57%, an annual increase of 14.

65 points.

R & D expenses 5.

1.2 billion, an increase of 61 in ten years.

6%, accounting for 8% of revenue.

31%, mainly due to the company’s leading edge in expanding R & D scale and increasing investment in technology infrastructure.

  Maintaining the profit forecast and giving the BUY rating to the public education has a nationwide vertical integration and rapid response capabilities.

Zhonggong Education has always been at the forefront of the market for the recruitment and training of public employment classes. It has taken the lead in adopting independent research and development, taking the lead in training full-time teachers, taking the lead in nationwide channel layout and sinking channels, taking the lead in completing the direct operation of national outlets, and taking the lead in using Internet content.Independent marketing and IT development, using technology to continuously improve marketing, control and collaborative service levels.

At present, it has basically formed a vertical integration and rapid response capability that emphasizes R & D, strong channels, and fast response.

It has become the preferred institution for books in the recruitment of civil servants, public institutions, teachers and other public jobs, and has achieved strong growth in other new areas of vocational employment, and has comprehensively covered various types of qualification examination training areas.

We estimate that Zhonggong’s 19-20 year net profit will be 1.7 billion and 2.4 billion respectively, and PE will be 66x and 48x respectively.

  Risk Warning: Loss of core talents, enrollment falls short of expectations, opening speed is slower than expected, and new 武汉夜生活网business development falls short of expectations

Prepare a small medicine kit for your family

Prepare a small medicine kit for your 深圳spa会所 family
Generally speaking, family medicine cabinets must not only ensure emergency medication, but also ensure the safety of medication, and also reduce the waste of medicines, so the correct storage method is particularly important.If improperly stored, ineffective medicines can have many adverse consequences.Therefore, we must pay attention to organizing the small medicine box regularly to ensure the quality of the medicine and let it work when it is really needed.In addition to paying attention to regularly cleaning the small medicine box, timely processing of expired, mildew, damaged packaging and incompletely labeled drugs, to ensure safe and rational use of drugs, the following tips for the correct storage of drugs for your reference.   1.Preserving medicines according to the instructions When buying medicines, please first check the medicine label and shelf life, read the instructions carefully, and save the medicines according to the storage conditions on the instructions.There are certain requirements for the storage temperature of drugs: “Room temperature” means 10 ℃?30 ° C; “shade place” means not more than 20 ° C; “shade place” means shading and the temperature does not exceed 20 ° C; “cold place” means 2 ° C?10 ° C.It is important to note that it is absolutely prohibited to store medicines in high-temperature environments such as car interiors and balconies in summer; it is forbidden to keep the temperature too low in winter to avoid freezing the medicine and affecting the quality.Drugs that need to be refrigerated should be stored effectively in accordance with the drug instructions.Such as commonly used insulin injections, pay attention to storage temperature and refreeze.Once frozen, it can cause protein denaturation, making the drug infinite.It is recommended to place the insulin in an indoor environment before using it; the insulin being used needs to be placed in a cool place at room temperature, and the needle should be pulled out during replacement, and the removed disposable needle should be properly disposed of;Add to refrigerator.   2.Retain medicines. The medicines with similar outer packing and different drug effects can be clearly marked on the packing during storage.Purchased bottles, bags, boxes and other original drugs, it is best to keep the original label; non-original drugs, packaging should be marked with the drug name, usage, dosage, the role of the drug and caution, contraindications and other precautions.   3.Preservation of external medicines should pay attention to external use of water-stained ointment should be kept tightly closed to avoid volatilization of liquids and drug recovery.If suppository drugs for external use soften, they should be added to the refrigerator and refrigerated before use.Topical medicines can be marked with crayons.Disinfection, insecticide and deworming medicines should not be stored together with internal medicines to avoid accidental poisoning.   4.Keep the small medicine box away from children’s homes in a place that is relatively fixed and not easily accessible to children.

Panjiang Co., Ltd. (600395) In-Depth Report: Enjoying the Recurrence of the High Score Value of the Southwest Regional Dividend

Panjiang Co., Ltd. (600395) In-Depth Report: Enjoying the Recurrence of the High Score Value of the Southwest Regional Dividend
In the next three years, the company will gradually enter the harvest period of new capacity. At the same time, the unique geographical location and economic potential of the southwest region will help support regional coal price performance, and the company’s performance is still expected to grow steadily.In addition, the company is expected to continue to maintain a relatively high level of dividends in the future, and it is expected that the dividend yield will reach about 7%, maintaining the “Buy” rating. The Southwest is an absolute leader, with high endowments of resources.The company is a coking coal leader in Guizhou Province. The mining area of the company is located in Yungui Base, one of the 14 large coal production bases in the country planned for construction.The company’s coking coal reserves account for 47% of the total coking coal reserves in Guizhou Province.97% of the coal produced has the remarkable characteristics of low ash, low sulfur, micro phosphorus, and high divergence, and is ideal for metallurgical, chemical and power coal.The company actively improves the level of automated mining so that it can effectively control mining costs. The newly-built mine is initially put into production, and the capacity increase in the next three years will increase by 30%.The company’s existing coal production capacity is 1,000 tons. The first phase of the Hengpu No. 2 mine (90 tons) and the Mayi No. 1 mine (240 tons) are under construction respectively in the first half of 2020 and the fourth quarter of 2021.It is estimated that the company’s production capacity will increase by 33% in the next 3 years, and the average annual output growth rate in 2022 will reach 11%.In addition, the company has 1170 temporary production capacity to be built, which will gradually expand the coal supply and demand gap in the southwestern region, or promote the further development of the company’s capacity to be built. The dividend rate is expected to continue to be at the leading level in the industry.The company has averaged 无锡桑拿网 100 dividends per second over the past six years.22%, ranking first in the industry.Considering that the company’s new coal production capacity will continue to be released in the next three years, and regional coal prices are expected to continue to remain high, the company’s profitability will continue to be strengthened and operating cash flow will be more abundant.At the same time, the Group’s coal coking business has a profitable level and can obtain a certain cash flow from the dividends of listed companies.Therefore, we judge that the company’s dividend level is expected to continue to remain high or further increase in the next few years. Risk factors: The macroeconomic growth rate exceeds expectations, affecting coal demand; the progress of new mine construction is less than expected; production costs have risen 四川耍耍网 significantly. Investment suggestion: Considering the long-term growth of the company’s output, regional coal price support and further cost control capabilities, we give the company 2019?EPS forecast for 2021 is zero.67/0.73/0.78 yuan, the current price of 5.67 yuan, corresponding to 2019/2021 P / E8 / 8 / 7x.Combined with the central three-year performance calculation and DDM model, we give the company a target price of 7.30 yuan, corresponding to 10 times the PE in 2019, maintain the “Buy” rating.

This World Destiny (603369): Going forward without fear of epidemics

This World Destiny (603369): Going forward without fear of epidemics

Facing the rapid response to the epidemic, the development community of potential manufacturers holds core high-quality dealer resources and is optimistic about the company’s ability to repair after the epidemic stabilizes. The structural upgrade and regional expansion in 2020 are expected to continue to release development dividends.

  Maintain overweight rating.

The epidemic response 深圳桑拿网 highlights the potential of the brand, and the subsequent recovery is worth looking forward to. The optimization of the structure and the promotion of regional expansion continue to release the upgrade bonus.

Taking into account the impact of the new crown epidemic, the EPS for 2019-2021 is slightly reduced to 1.

15 (-0.

01), 1.

40 (-0.

05), 1.

71 (-0.

15) Yuan, maintaining target price of 40.

5 yuan, corresponding to 29XPE in 2020.

Send soldiers on the battlefield, and actively fight “epidemic”.

The impact of the epidemic on the long-term structure of the liquor industry is unlikely to change substantially, and it will exacerbate the intensified differentiation of the industry structure. The response to emergencies has also demonstrated its ability to operate in this area.

On February 7, Jinshiyuan released a response policy to the new crown epidemic, set the cooperation concept of “establishing a community of shared fate for manufacturers”, and helped dealer partners to overcome difficulties in all aspects from market sales, team management, customer care, and financial support.Immediately after the introduction of the policy, the marketing staff divided the study group into collaborative training online, and the manufacturer’s sales team implemented a six-day online business training to recharge the dealer group.

The impact before the festival is expected to be small, and the future recovery is optimistic.

According to grassroots research, the Spring Festival sales accounted for 35-40%, and the impact before the holiday is not significant. The target is expected to be completed. At present, the distributors’ inventory is relatively reasonable. The subsequent terminal sales and inventory digestion rhythm may be affected by the epidemic.

At present, the company’s intelligent brewing system has resumed production and production, maintaining close interaction with high-quality dealer resources.

Keep the expected development goals unshakable in 2020.

The results of the company’s single product construction and structural upgrade in 2019 are prominent. In 2020, the company will continue to strengthen the systematic operation of the brand matrix, and strengthen the cultivation of both within and outside the province.

At present, Shiyuan is entering a tough period of brand value war. After the epidemic situation is improved, it is expected to steadily resume the pace of development and continue to release regional development bonuses.

Risk factors: Epidemics have caused consumer demand to fall, and industry competition has intensified.

BTG Hotel (600258) 2018 Annual Report and 2019 First Quarterly Report Comments: 19Q1 Performance Under Pressure and Gradually Opening Stores Expected to Increase Significantly

BTG Hotel (600258) 2018 Annual Report and 2019 First Quarterly Report Comments: 19Q1 Performance Under Pressure and Gradually Opening Stores Expected to Increase Significantly
18-year income is stable, and the increase in net profit after deduction of 16% is in line with expectations: 18-year revenue is 85.3.9 billion / + 1.45%, net profit attributable to mother 8.5.7 billion / +35.84%; deduct non-attributed net profit 6.90 billion / + 15.99%, the difference caused by the disposal of 20% equity of Yanjing Hotel and compensation brought non-recurring gains and losses1.6.7 billion.EPS0.88 yuan, in line with expectations.Gross margin 94.47% /-0.17 points.Finance rate 2.01% /-0.63pct, due to the repayment of some bank borrowings, the financial expenses decreased by 50.6 million; the sales expense ratio was 65.70% /-2.25pct, mainly due to the decrease in the number of directly operated hotels resulting in reduced employee compensation and depreciation amortization; management fee rate 12.39% / + 1.13pct, due to the increase in the number of franchised stores, the manager ‘s budget increased and the investment in IT maintenance expansion projects increased. In terms of business, the main business hotel business continued to grow profit — hotel business income of 80.8.9 billion / + 1.46% profit11.08 billion / + 30.07%, of which Home Inns Group revenue was 71.54 billion / + 1.45% of total profit11.42 billion / + 19.08%.In essence, the business income of the scenic spot4.50 billion / + 1.26%, profit 1.7.8 billion / + 18.80%. Of which 18Q4 revenue was 21.70 billion / + 3.1%, net profit attributable to mother 0.5.6 billion / -31%, due to the provision for impairment of goodwill of Nanyuan 81.9 million.Deduct non-net profit 0.300 million / -48.4%, operating costs + 14% due to increased breakfast promotion.1Q1 revenue 19.4.4 billion / + 0.99%, net profit attributable to mother 0.7.4 billion / -1.90%, deducting non-net profit 0.56 billion / -3.04%, mainly due to the current industry environment is still at the bottom, operating data has further declined. The opening of stores has been accelerating year by year, and the Revpar has improved in 19Q1. The number of openings: 622 newly opened in 18 years / a net increase of 337 to 4049, accelerated opening; among them, the number of economic / mid-to-high end / other hotels opened was 208/243/171, Middle and high-end accounted for 39%; In addition, 578 new franchise stores opened, accounting for 93% of new stores, the proportion of franchise further 合肥夜网 increased; 38 directly-managed stores closed the net.In 19Q1, 75 new stores were opened with a net increase of 12. The company expects to open 800 new stores in 19 years, which is significantly higher than the target of 450 new stores in 18 years. Operating data: 1) Home Inn 18 Year Revpar 156 yuan / + 4.2%, average house price is 188 yuan / + 7.4%, occupancy rate 83% / -2.5 points.The economical Revpar is 143 yuan / +1.9%, occupancy rate is 84% /-1.9pct, average house price is 170 yuan / + 4.3%; mid- to high-end affected by the newly opened store climbing period intensity, Revpar: 238 yuan / -5%, the average price of 308 yuan / -1.5%, occupancy rate 77.1% / 2.8 points.2) Affected by the macroeconomic superposition of newly opened stores and closed stores, the growth rate of Revpar in 19Q1 (-0.5%) score 18Q1-Q4 (+4.0, 5.6,4.1/2.8%).3) Same store data: 18 years Revpar overall 154 厦门夜网 yuan / + 2.8%, 19Q1 overall Revpar 135 yuan / -3% profit forecast and evaluation: the company’s target revenue for 19 years is 8.68 billion / + 0.7?3.1%, it is expected that the number of direct-operated stores in 19 will still decrease, so the EPS for 19-20 is reduced to 0.95/1.09 yuan, adding 21 years of EPS forecast to 1.31 yuan, considering the recovery of the industry still has to wait, temporarily downgraded to “overweight” level. Risk warning: economic activity declines, franchise expansion is less than expected, stock lifting risk in December

China Railway (601390) Annual Report Comments: Q4 Revenue Accelerates, Profitability Continues to Improve

China Railway (601390) Annual Report Comments: Q4 Revenue Accelerates, Profitability Continues to 杭州桑拿网 Improve

Benefiting from the shortcomings of 18Q4 infrastructure construction, the company accelerated its income and maintained its “overweight” rating. On the evening of March 30, the company released its 2018 annual report and realized revenue of 7404.

3.6 billion, a year-on-year increase of +6.

79%, realized net profit attributable to mother 171.

9.8 billion, a year-on-year increase of +7.

04%, deducting non-attributed net profit YoY-0.

42%, less than our expectations with the market.

The company’s net operating cash flow inflow in 119 was 119 in 18 years.

620,000 yuan, YoY-63.


The amount of new contracts signed in 18 years is 16,921.

600 million, a year-on-year increase of +8.

In the fourth quarter, the growth rate in the fourth quarter increased significantly, and the proportion of municipal orders with high gross profit margins increased.

We believe that the company has too many orders in hand, and the new single structure improves and improves the main business gross profit margin. It is expected to be 0 in 19-21.



13 yuan, maintaining the “overweight” level.

The increase in financial expenses affects Q4’s profit, and the land revenue is expected to continue to increase in 18Q1-4. The single-quarter revenue growth rate is 10.

1% / 1.

3% / 4.

5% / 10.

7%, driven by the shortcomings of the infrastructure construction policy, the growth rate of the main business of the Q4 project rebounded significantly.

The growth rate of the company’s net profit at 18Q1-4 was 22% / 25% / 5% /-17%. With the increase in revenue growth in Q4, the profit increased negatively, which resulted in the company’s 18Q4 financial expense ratio increasing significantly.

79 points, business tax and additional increase are also possible.

18FY’s construction / design / equipment manufacturing revenue YoY + 4.

63% / + 12.

64% / + 10.

At 08%, the growth rate of high gross margin business increased significantly, and the future profit structure is expected to further improve.

Real estate business revenue YoY + 42.

74%, YoY + 47.

1%, newly started area YOY + 29.

1%, added land reserve +247.

1%, the future increase in land revenue is expected to accelerate further.

Profitability increased, cash flow is expected to improve in the future 18 years the company’s gross profit margin increased by 0.

52 points to 9.

90%, construction / equipment manufacturing / real estate gross margin increased by 0.



14pct, net interest rate increased by 0.3 points to 2.

36%, we expect the company’s business profitability and business structure to continue to improve, profit margins will continue to advance in the future.

During the period, the rate of expenses increased by 0.

72pct, of which the management expense ratio rose by 0 due to increased budget and R & D investment.

28pct, financial expense ratio rose by 0.

37pct refers to the expansion of financing scale index expenditures, the reduction of the margin discount index and the reduction of asset securitization discounts.

Net operating cash flow inflows in 18 years decreased by 63.

99% to 119.

62 trillion, less than 211 a year.

5.8 billion yuan, increased advances and increased land reserves by 442.

760,000 pings.

Investment cash flow can be reduced by at least 69.

The RMB 070,000 was due to the increase in PPP investment.

The operating goals are relatively optimistic, the orders in hand are full, and the debt-to-equity swap has promoted the optimization of the asset and liability structure.

7%, the target of the newly signed contract amount for 18/19 is 148,180,000,000 yuan, and the target for 19 is increased by 6 from the actual / target for 18 years.

4% / 21.

The annual growth rate of the operating target remains at a high level of 6%. We expect the infrastructure investment environment in 19 years to be better than 18 years, and the growth rate of new growth orders will gradually increase.

18FY Company has 2 orders in hand.

90 trillion (including infrastructure business 2.

69 trillion), which is 3% of 2018 revenue.

92 times, the order income protection multiple is higher.

The company actively promoted market-oriented debt-to-equity swaps and asset securitization, with an asset-liability ratio of 76 in 18FY.

43%, a decrease of 3 from 17 years.

38pct, the optimization of assets and 武汉夜网论坛 liabilities structure, the improvement of financial quality, to a certain extent, try to promote carry-over of orders in hand.

Revenue and performance have grown steadily. We maintain an “overweight” rating. We expect the company’s EPS in 19-21 to be zero.



13 yuan (before adjustment 19 / 20EPS is 0.


03 yuan), the current comparable company 19 years Wind consensus expectations9.

42 times, approved 9-10 times PE for 19 years, target price 7.


70 yuan (before adjustment 7).


40 yuan), maintaining the “overweight” level.

Risk warning: The carry-over of engineering orders is less than expected, and the improvement in gross profit margin is less sustainable than expected.

Hangmin Shares (600987) Interim Review: Steady Development of Various Businesses, Net Profit Steady Growth

Hangmin Shares (600987) Interim Review: Steady Development of Various Businesses, Net Profit Steady Growth
2019H1 revenue decreased, net profit steadily increased 2019H1 revenue34.64 ppm, a decrease of 11 per year.75%, net profit attributable to mother 3.23 ppm, a ten-year increase of 7.32%, net profit after deduction to mother 3.390,000 yuan, an increase of 22 in ten years.49%. Although the printing and dyeing business is under pressure, it has developed steadily. From the perspective of the increase in the proportion of fine gold business and the increase in profits, the printing and dyeing business has a revenue of 15%.98 ppm, a decrease of 3 per year.4%, total profit 3.07 billion, down by 1 every year.57%, the printing and dyeing business is facing operational pressure but the company is actively responding, and the Sino-US trade war has caused customers to place orders with caution, so it is still affected to some extent, but the overall operation is stable.Thermal Power Business Revenue 3.40 ppm, an increase of ten years.71%, profit budget of 75.26 million yuan, an increase of 13 throughout the year.At 17%, the coal price in 2019H1 has decreased compared to 2018H1, so the gross profit margin is expected to increase.Gold business revenue 14.8.5 billion, a decline of 24 per year.32%, profit budget of 59.6 million yuan, an increase of 5 for the whole year.90%, according to gold business operating data, 2019H1 jewelry wholesale and processing business ratio is 16 南宁桑拿 respectively.67% and 83.33%, compared with 20 in the same period last year.06% and 79.94%, which decreased due to the decline in the proportion of wholesale business, but the gross margin of processing business is higher, so the proportion of fine products in the 2019H1 product structure is increasing, and the net profit of the gold jewelry business has increased. 主业产能持续扩张,看好公司未来持续发展印染业务方面,钱江印染厂房改扩建工程基本完工,预计下半年投产;黄金业务方面,航海事业 盈利预测与投资评级预计公司2019-2021年EPS分别为0.66/0.74/0.82 yuan / share, corresponding to the 2019 PE estimate of 9.31 times, the average PE of the comparable company in 2019 is estimated to be 11 times, and the company is given a reasonable PE estimate of 11 times in 2019, with a reasonable value of 7.26 yuan / share, maintain “Buy” rating. Risks indicate the risk of fluctuations in raw material prices; the risk of 佛山桑拿网 slump in downstream demand; and the risk of dual main business management.