Kelun Pharmaceutical (002422): The overall performance is in line with expectations.

Kelun Pharmaceutical (002422): The overall performance is in line with expectations.
Performance summary: The company achieved operating income of 89 in the first half of 2019.2 ‰, an increase of 14 in ten years.5%; net profit attributable to mother 7.3 ‰, the ten-year average of 5.9%; realized non-net profit is 6.40,000 yuan, 10-year average of 10.6%. The overall performance was in line with expectations, and new drug revenue grew brightly.1) In terms of quarters, the overall performance falls in the forecast range, which is in line with market expectations. The higher growth rates of Q1 / Q2 2019 are 9 respectively.1% / 20.1%, the annual growth rate of net profit attributable to mothers is -12.4% / + 0.5%, Q1 was mainly affected by the high base of influenza factors in the same period last year; 2) From the perspective of business structure: 2019H1 company’s infusion products achieved revenue of 51.800 million, an increase of 10 in ten years.1%; non-infusion preparations realized income 18.50,000 yuan, an increase of 36 in ten years.1%; API and intermediate business realized revenue of 1.8 billion US dollars, an annual increase of 8.8%; 3) from the perspective of non-infusion preparations: plastic water injection income increased by about 5.3%, mainly due to the impact of the Q1 production line transformation; rehabilitation rehabilitation fluid income exceeded 2 trillion, an annual increase of about 25.2%, mainly due to the establishment of the sales promotion of the OTC Division; 4) From the perspective of the revenue of new drugs: the sales amount of Cresuk (parecoxib sodium) is about 2.200 million (+692.4%), mainly due to the promotion of online and hospitalization work; sales of parenteral nutrition such as Dorte, Dormont, etc.800 million (+467.8%), mainly due to the promotion of admission to the hanging network and good competition; the sales amount of beluot (Essil oxalate doped with Puland).7 trillion, 深圳SPA会所 mainly due to the successful bidding of “4 + 7” regions; the sales volume of the other 23 approved varieties was about 1.700 million yuan, more than about 7 in total.400 million, reaching the target of the expected target. Under the pressure of intermediate core product prices, Chuanning’s performance may be affected in the short term.1) Yili Chuanning’s exemption policy expires: 2019H1, the subsidiary Yili Chuanning continues to full production, achieving revenue of 18.100 million, an increase of 10 in ten years.1%, net profit is 2.8 ‰, 20 years ago.6%, mainly due to the expiration of the five-year preferential income tax exemption policy, which is now applicable to the preferential tax rate of 15%; 2) core product prices or short-term pressure: according to wind data, the report may lead to an average sulfur industryThe 杭州桑拿 price is about 428 yuan / ton, which is significantly higher than the 375 yuan / ton in the same period of the previous year. However, some competitors in the second half of this year raised prices and cut prices.165 yuan / kg, equivalent to 238 yuan / kg in the same period last year, there was a significant decrease. The main part of the competitive manufacturers resumed production; the increase in sales expenses, the gross profit margin improved slightly.1) In terms of period expenses: the three expense ratios total about 50.9%, up 3.9pp, of which sales expenses are 36.3%, up 3.3pp; administrative expenses 11.3%, up 1.3pp; financial expenses3.3%, a decrease of 0.7pp; 2) In terms of gross profit margin: the gross profit margin for 2019H1 is 60%, an increase of more than 1.4pp, mainly due to the improvement of the structure of non-infusion products, and the increase in gross profit margin4.1pp. R & D investment has continued to increase, and innovation projects have made positive progress.1) R & D investment continues to increase: 2019H1, the company’s R & D investment amount is 6.70,000 yuan, an increase of 32 in ten years.5%, accounting for about 7 of operating income.5%; the company obtained 12 production approvals, involving 7 varieties, of which 3 were the first to pass the consistency evaluation (xibutyl hydrobromide capsules, fluconazole tablets, cefalexin capsules), and obtained a new drug certificate6 applications for generic drugs, 1 for the first application; 18 applications for consistency evaluation, 5 applications for the first application; 2 applications for clinical trials of innovative drugs; 2) positive progress of innovation projects: 2019H1, the company has a total of 15 innovationsClinical research on drugs is underway, of which KL-A167 (PD-L1 monoclonal antibody) enters the key clinical phase 2, KL-A166 (ADC drug) is in clinical phase 1 in China and the United States, and new applications for innovative drugs IND 2 are applied. Profit forecast and rating.Regarding contingent intermediate price changes, the company’s net profit attributable to its parent in 2019-2021 is expected to be 15 respectively.600 million, 19.900 million, 24.7 trillion, corresponding to the current market value of 410 trillion, PE is 26 times, 21 times, 17 times, maintaining the “buy” level. Risk reminder: The price of core APIs of the Sichuan-Nanjing project may have a slight downside risk; the progress of the R & D or listing of generic and innovative drugs gradually exceeds the expected risk; the volume of newly listed products may exceed the expected risk.

Cambridge Technology (603083): Optical module + 5G small cell star

Cambridge Technology (603083): Optical module + 5G small cell star

The company’s core team has a deep accumulation of overseas technologies and markets, and has a deep forward-looking judgment of industry needs. It has grown into an important ICT terminal equipment manufacturer.

The founder of the company has many years of work experience with overseas operators and equipment vendors, and the core technical team is constantly improving and the interests are binding.

With forward-looking judgment of the company’s core team, the company’s scale of GPON and BOB technology routes meets industry development trends and downstream customer needs, and has quickly grown into an important global ICT terminal equipment manufacturer. It has formed close cooperation methods with major equipment vendors such as JDM / ODM.An important manufacturer of telecommunication receiving terminal products.

Benefiting from traffic growth and broadband acceleration, the company’s traditional main business is expected to achieve steady growth, and the intelligent integration trend is expected to increase product value.

The company has deep accumulation in the fields of automation and lean production, and its profitability is expected to be further strengthened.

The “Three-year Action Plan for Information Consumption Upgrade” issued by the Ministry of Industry and Information Technology and the National Development and Reform Commission requires urban areas to achieve gigabit broadband access capabilities by 2020. Operators’ adjacent access network equipment collection and use of high-speed 10GPON products will rapidly increase, and the industry is expected to enterUpgrade cycle.

At the same time, the trend of integrated and intelligent receiving products is obvious, which is expected to further increase the value of products.

Affected by the increase in the price of electronic raw materials, the company’s short-term profit margin is under pressure, but the company’s continuous growth in automation and lean production, cost optimization capabilities expand, and profitability continue to increase.

The company completed the acquisition of the world’s leading optical module company, mastered datacom and telecommunications high-end high-speed optical module technology, expanded the company’s own production cost optimization management and control capabilities, and potentially benefited from long-term cloud computing + 5G demand, forming an important driving force for performance growth.

The company has completed the acquisition of Japanese assets of MACOM and OCLARO. The integration of R & D and sales personnel is smooth, and the production equipment and core technology are completed.

The company gradually shifted production capacity to the Shanghai production center, combined with its own optical module research and development and production technology and capacity reserves, gradually integrated the world’s leading optical module technology, integrated data center and telecommunications major customer channels, and integrated the company’s cost control and optimization capabilities.The data center and 5G high-end optical module market has benefited from the continuous growth of network traffic and the demand for next-generation network technologies, helping the company’s long-term performance growth.

The company’s layout in the field of wireless network equipment is very early, and 5G small base station product research and development reserves are abundant, and it is gradually starting to realize the transfer to equipment vendors, which 上海夜网论坛 has benefited from the need for 5G deep coverage construction for a long time.

The company began to expand wireless network equipment in 2014, and has a forward-looking layout of 5G small base station product research and development. It is expected to start 4G / 5G indoor small base station access to Nokia in the fourth quarter of 2018, which will form a strong endorsement of the company’s product technology and quality, which is expected to benefit in the long run5G’s in-depth coverage of construction needs has become another long-term growth driver for the company.

Profit forecast and investment advice: The company’s ICT terminal business is growing steadily, and new products such as optical modules and small substrates are expected to contribute to the company’s long-term performance.

It is estimated that the 佛山桑拿网 company’s net profit attributable to the mother in the years 19-21 will be 1.

41, 2.

12, 3.

30,000 yuan, corresponding to a 19-year P / E ratio of 36 times and a 20-year P / E ratio of 24 times, which is lower than the industry average, and the reference industry’s 19-year average of 37.

4x PE, giving the company an “overweight” rating with a target price of 41.

14 yuan.

Risk warning: Operators ‘capital expenditure exceeds expectations, technology research and development risks, and merger progress exceeds expectations

Macalline (601828): Equity Incentive Landed Demonstrates Development Confidence, New Retail Starts Red Star Journey

Macalline (601828): Equity Incentive Landed Demonstrates Development Confidence, New Retail Starts Red Star Journey
Event Overview Macalline released its 2020 equity incentive budget. Analysis and judgment: Thousands of people have fair incentives to land, constrain the interests of multiple parties and build confidence in development. The company intends to grant a total of 30.85 million stock investments to a total of 1023 people, including core backbones, which accounts for approximately the company’s share capital on the announcement date of the incentive plan.500 million shares of 0.87%.Stock security exercise price 11.02 yuan / share, performance evaluation target is based on 2019, 2020-2021 revenue (excluding the impact of the epidemic) growth rate is 15%, 40%, the corresponding growth rate is 15%, 22%. Under the epidemic, the company took the lead in reducing rents and exemptions to maintain industry stability. The new crown epidemic has significantly affected offline businesses. In order to maintain the stability of the industrial chain, the company announced on February 2 that it would waive the rents of merchants in relevant self-operated malls for any month in 2020And management fees.The rent-free arrangement involved the company’s operating income in 2020 (total amount of rent and management fees) of approximately RMB 5.3-5.90,000 yuan, accounting for about 3% of the audited operating income in 2018.7% -4.1%; it is expected that the total amount of rent and management fees involved in this rent-free arrangement will have an impact on the company’s net profit attributable to its parent in 2020 of approximately RMB 3.8–4.30,000 yuan, accounting for about 8% of the audited net profit attributable to mothers in 2018.5% -9.6%.We believe that this rent-free is within the company’s affordability. With reference to the net cash flow generated by the company’s operating activities in 17-18, about 6 billion, rent-free pressure on cash flow is relatively small. New retail starts a new journey with Red Star and joins Ali to enter new retail. Tmall’s “Same City Station” creates a new “home-made Hema” experience.The company launched new retail cooperation with Tmall. Red Star Macalline Stores in Nanjing and Shanghai took the lead to join Tmall’s home improvement “same city station”, which is expected to be promoted in more cities.After entering the same city station, local consumers can browse the merchandise information of stores in the same city online. They can enjoy services such as booking and delivery. The price is the same for both online and offline, and the “home version”Hema “new experience.After holding hands with Alibaba, Macalline achieved 219 in the 19th Double 11 first battle.9 trillion US dollars, an annual increase of 37.4%, follow-up development is worth looking forward to. The design cloud creates a closed loop from line design to line slanting.Design Cloud is to create a better panoramic solution experience and home purchase experience for users by taking cloud design as the entrance, combining mDesk panoramic display, and connecting real product models and SKU products. The investment proposal comprehensively considers that new retail is expected to add new momentum to the company and the impact of the 2020 epidemic. We will 21 years of revenue from 217.$ 5.3 billion adjusted to 168.79, 193.37, 237.5.3 billion, net profit attributable to mothers from 49 to 20-21.21, 55.30, 62.5.7 billion adjusted 夜来香体验网 to 48.26, 53.70, 62.4.2 billion.The company’s EPS for 2019-2021 is expected to be 1.36/1.51/1.76 yuan.Macalline’s industry level and industry’s bargaining power have been expanded, and the short-term epidemic has limited impact. The follow-up of new retail promotion will accelerate the company’s advancement; maintain target prices.RMB 40 remains unchanged. Currently, the margin of safety is estimated to be high, and the rating of “Buy” will continue to be given. Risks suggest that real estate sales are less than expected and the expansion of the new retail model is not smooth.

Backgammon (002251): Digital transformation adjustment waits for business improvement

Backgammon (002251): Digital transformation adjustment waits for business improvement

BBK released the 2018 annual report and achieved total operating income of 184.

600 million, an annual increase of 6.

61%; net profit attributable to mother 1.

56 ppm, a 10-year increase3.


In 2018, net profit deducted from non-attributed mothers1 was realized.

17 ppm, a decrease of 3 per year.


The consolidation of Hunan’s leading companies has consolidated, and the pace of expansion outside the province has been stable. Hunan has become the pillar of revenue. In 18 years, the number of stores accounted for 64%, contributing 71% of retail revenue.

Guangxi and Jiangxi regions are experiencing steady revenue growth and continue to narrow.

The total income of Sichuan and Chongqing in the 18 years increased by 33.

8% to 8.

$ 300 million, but closed 10 stores (mainly in Chongqing) and expanded to 1.

700 million; comparable store floor efficiency increased slightly, profit maximization upward trend.

The gross profit margin of the main business in 2018 increased by 1.

53pp to 23.

03%, supermarkets / department stores / home appliances each rose 0.

26% / 0.

16% / 1.

52%, the rest is mainly contributed by the increase in rental income brought by self-operated subleasing.

The initial sales + management expense ratio increased by 0.

91pp to 20.

3%, increasing labor cost pressure.

Increasing the store opening personnel reserve, the bonus rate of employees’ salary increase brings 0 to increase.

78pp to 7.

10%; property costs decreased slightly by 0%.

19pp to 4.


Tencent Jingdong’s digital empowerment, smart retail transformation continued to land in cutting-edge traffic, perfected marketing tools with Tencent, refined user management, and achieved 500 digital members in 18 years.

80,000, new customers accounted for 63%, membership sales accounted for 63.

8%; gradually strengthen the cooperation with’s supply chain, the home-based business has entered key provinces in the province.

In 19 years, it is expected to replicate and promote the model store model, which will bring about substantial improvements in statements.

Profit forecast and investment advice The company is the leading retailer in Hunan. It combines endogenous expansion, outbound mergers and acquisitions to achieve scale expansion, and consumption recovery in a macro environment.

Considering the consolidation of Jiarunduo, it is estimated that the company’s revenue in 19-21 will be 210.1231 billion US dollars, and the net profit attributable to the mother will be 1.



800 million.

Considering that the company is in the period of income expansion, with reference to peers, it is given 0 in 19 years.5xps estimate, a reasonable value of 12.

16 yuan / share, maintain “overweight” rating, it is recommended to pay attention to the substantial improvement of the company’s operating performance through digital transformation.

Risk prompts: The macro consumption landscape is sluggish; the speed of the exhibition shops is lower than expected; the operation adjustment speed of Nancheng Department Store, 杭州桑拿 Macy’s Department Store, and Jiarunduo is not up to expectations; the operation effect of the Beijing Teng cooperation project is not up to expectations.

Oupai Home (603833): Introducing Urban Partner Model Traditional Retail Channel Reform Ahead

Oupai Home (603833): Introducing Urban Partner Model Traditional Retail Channel Reform Ahead

Event: The European Wechat official WeChat public account recently tweeted to recruit city partners in the cabinet system. At present, the recruitment of 21 provinces across the country has been opened, including Anhui, Jiangsu, Shandong, Sichuan, and Zhejiang.

Opinion: The urban partner model launched by the European Group can be understood as the concept of a secondary dealer or distributor, that is, under the coordination of the headquarters, the distributor opens a store in an area approved by the original local retail agent, and the distributorResponsible for the initial connection of shop 厦门夜网 opening, customer acquisition, sales, etc., while the original local retail agent is responsible for installation and other service exchanges. Distributors take goods from the first-level agent, but because the first-level agent is responsible for alternative services,The gross profit margin will be lower than that of the first-level agents. In the end, the pickup of all distributors will be included in the local first-level agents and revenue for year-end assessment.

In terms of business model, the channels of the home furnishing industry, especially the custom furniture industry, have been dominated by direct sales / first-level distribution system / one city and one business (single category), while the home appliance industry’s dealer system is often two-level agentsSystem / main city with multiple businesses.

Oppa’杭州桑拿网s release of secondary agents in its own advantage category cabinets this time is an important step in the reform of traditional retail channels.

In a short period of time, we think that for the European headquarters to seize the share, the logic of market grabbing will be more priority, but it is a “three-win” transfer, which means that distributors may be in terms of financial strength.Or in the vicinity, areas not covered by first-level agents such as shopping mall have their own resources, connections, or operating advantages, while first-level agents have their own advantages in these services. The strong alliance between the two parties can release moreBig energy.

At the same time, with regard to the decline in the overall prosperity and profitability of the original first-tier agents in these two industries, the expected opening of all stores has decreased. Dating distributors can increase the local influence of the brand and increase their year-end assessment rankings.For distributors, joining Europa in this mode, although the gross profit margin is not as good as that of the first-level agent, but relatively less tasks and responsibilities need to be undertaken, and there is no need to pay the transfer fee (transfer in the A-level market)The fee is even as high as millions or tens of millions, which is also the greatest strength of some capable agents to join Europa).

At the same time, for the European headquarters, to some extent, it can solve the problem of some agents’ weak fighting ability or their own ability after achieving financial freedom. Therefore, it can be said that it is a win-win way for the three parties.

In the long run, scale, we think that such a model may profoundly affect the future pattern of the customization industry, because from our grassroots findings about some second- and third-tier home brand agents, as long as conditions allow, these brands are high-quality agents.A large part of the merchants have the intention to join Oupai. From the perspective of the open distribution system of Oupai, this should be a better opportunity.

At the same time, we believe that this must be only the first step in the transformation of the European retail system. In the future, reducing costs and improving efficiency is a long-term path for the company, rather than our in-depth report in the industry, “Ignore short-term land cycle changes, who may be in the future.As mentioned in “Growing into the giant of the home industry”, let the dealers gradually focus on front-end sales, while the expansion of services can only gradually weaken, increasing the scale effect.

We expect the company’s EPS to be 4 in 2019-2020.

63, 5.

94 yuan, corresponding to 23 PE for 2019-2020.

23, 18.

12 times, the company is leading the industry in diversified channels, product expansion, supply chain integration and other aspects. Considering that the company may become the future leader of the two trillion yuan home / home improvement industry, the current market value of 45.2 billion is significantly underestimated and maintained.”Buy” level.

Risk warning: The real estate boom is lower than expected, and business promotion is lower than expected.

Breakthrough fields frequently explode in military theme themes attract attention

Breakthrough fields frequently explode in military theme themes attract attention
For stocks, please read Jin Qilin analyst research report, authoritative, professional, timely, and comprehensive, to help you tap potential potential opportunities!  Original title: The military industry themes in the segmented field frequently attracted attention □ Our reporter Niu Zhongyi satellite industry chain, aero-engine industry chain . Recently, military stocks have continued to be active. On February 20, the defense military industry sector (Shenwan level 1) increased by 1.At 22%, the stocks of Hite Hi-tech, Tianhe Defense and other stocks in the sector rose daily. 四川耍耍网 Shanghai Hanxun and Elorda also posted significant gains.  Institutional sources pointed out that the military industry sector has been at the bottom and estimated to the bottom. Under the overall underestimation of the industry and the replacement of market risk appetite, the theme of the military industry sector is sufficient for certain continuity.  Expected to maintain a high boom Reporters combed the views of supplementary brokerage firms and found that they generally believe that the high boom in the military industry is expected to continue.Specifically, there are three main factors: First, the downstream demand of the military industry is relatively rigid, and the first quarter is the traditional off-season production season. The actual impact of the epidemic on the industry is small, and the performance in 2020 is expected to continue to maintain a high growth rate.On average, the 2019 annual report performance forecast data shows that the expected performance of the military industry sector is growing slowly. Among them, the performance of military state-owned enterprises and high-quality civilian participation enterprises is higher, and the performance of upstream electronic components and new materials is rapidly released, reflecting the industry as a whole.The development trend is good.Finally, the continuous deepening of the modernization of national defense and the army, and the entry into the “Thirteenth Five-Year Plan” period, will continue to boost the prosperity of the military industry.  Guohai Securities believes that from a performance perspective, this year will usher in the “Thirteenth Five-Year Plan” year and key indicators for national defense construction. Orders are expected to be released in large numbers to support continued growth in performance. From a high-level perspective, the overall value of the current plate is at nearly fiveThe low level of the year, and some core target estimates have achieved higher costs, only upward flexibility; from the perspective of reform, reforms such as asset securitization and equity incentives are more relevant to listed companies, and the benefits of reform are gradually emerging.  Pay close attention to the three major military industry sectors. The recent trend is strong. As a highly elastic variety, what other opportunities are there for the sector to pay attention to?  CITIC Construction Investment Industry Research pointed out that the three major logics to promote the development of the industry in 2020 may be gradually verified, and it is recommended to focus on the three main investment lines of “a new balance between supply and demand, and reform and growth are justified.”In terms of starting reforms again: through national policies to increase support, the demonstration effect of the new path of asset injection will gradually emerge.The core assets of the military industry will accelerate securitization, and the optimization and improvement of the operating efficiency of listed companies will become an important task for major military industrial groups.It is recommended to focus on listed military and state-owned enterprises that have “main business support, large injection space, and improved operations”. In terms of growth, the technology and products of upstream enterprises in the military and industry are dual-use, which can solve the problem of localization through conversion to civilian use.We focus on the relevant industries of the three major standards of “large industry space, low localization rate, and strong localization demand,” including carbon fiber, connectors, microwave components, capacitors, and infrared detectors.  Soochow Securities stated that, in general, military OEMs are currently undervalued and have configuration value.In 2020, we will continue to be optimistic about companies with core competitiveness in the upstream of the military industry. One is to find mainstream suppliers that can directly benefit from the stable business model and a high degree of prosperity. The main focus is on the passive component field. The second is bottom-up.Screening companies that have strong technical and industrial advantages, are in the absolute leading position in the segmented field, and can expand their business to the civilian sector.

Crystal Optoelectronics (002273) Semi-annual Results Review: Benefiting from 3DSENSING and Rear Three Camera Popularization

Crystal Optoelectronics (002273) Semi-annual Results Review: Benefiting from 3DSENSING and Rear Three Camera Popularization

Brief performance review On August 23, the company released its operating results for the first half of the year.

In 2019H1, the company realized revenue 11.

470,000 yuan, an increase of 26 in ten years.

99%; net profit attributable to mothers1.

59 trillion, an average of 37 in ten years.

91%; net profit deducted from non-attributed mothers1.

400,000 yuan, an increase of 31 in ten years.


Business analysis of biometric product volume, the company’s high growth against the trend: 2019H1, although the sales of large customers’ smartphones are not good, but the volume of built-in 3D structured light increased from the volume of 2018H1 to four, the company’s narrowband filters and other zeroThe amount of sintered parts continues to increase.

At the same time, the amount of fingerprints under the Android screen drives the amount of blue glass filters in the company’s fingerprint recognition module.

In the first half of the year, the company’s biometric products achieved revenue1.

51 ppm, a 69-year increase.

42%, it is expected that more 3D cameras and fingerprints will be adopted in the second half of the year, and the company will increase the number of materials in 3D Sensing. The revenue of the company’s biometric products will maintain high growth, and high gross margin biometric products will also improveThe company’s overall gross profit margin.

Three / four-shot advancement of infrared filters steadily grows: In 2019H1, Android manufacturers generally adopt rear three / four-shot solutions on flagships. Large customers will adopt three-shot solutions in two of the three small ones in the second half of the year.The dual-camera solution is expected to start with a four-camera smartphone flagship in 2020, and the three-camera will sink to 2,000 yuan, so the company’s infrared filter business will still maintain a steady growth of more than 15%.

The short-term pressure of the LED substrate, the reflective materials are stable, and the AR products are optimistic for a long time: in 2019H1, the company’s LED business achieved revenue of 67.13 million, a year-on-year increase of 5.

85%, but gross margin is -11.

02%, significantly lowering the company’s overall gross profit level. We believe that in the short term, demand for downstream LED chips is sluggish and there is excess capacity, and the company’s LED substrate business remains under pressure; reflective materials business continues to grow.

43%, maintaining a steady growth trend; emerging displays (AR products) are growing by 1 every year.

61%, short-term performance contribution is limited, but long-term optimistic about the growth of this business.

Earnings forecast and investment recommendations The company is expected to achieve net profit attributable to the parent of 4, respectively, in 2019-2021.

17 (down 15 from last forecast indicator.

1%, mainly due to a reduction in investment income for the year), 5.

55 (down 1).

2%), 6.

68 ppm, corresponding to PE of 32.

4 ×, 24.

4 ×, 20.

2 ×, give the company a 30 × reasonable estimate, corresponding to a target price of 14.

85 yuan, maintain BUY rating.

Risks indicate the risk of intensified Sino-US trade war; the risk that 3D camera penetration is 上海夜网论坛 lower than expected; the risk of increased competition in the industry; 363 in December

350,000 restricted shares were lifted.

Meike Household (600337): The product builds core competitiveness and the supply chain continues to be optimized

Meike Household (600337): The product builds core competitiveness and the supply chain continues to be optimized
In the first half of 2019, net profit attributable to mothers increased by 5 per year.11% In the first half of 2019, Meike Household achieved revenue of 27.1 ppm, a ten-year increase of 7.27%; realized net profit attributable to mother 2.200 million, a five-year growth of 5.11%, which is slightly lower than our expected average level; the reduction in net profit after deductions.85% to 1.900 million.Among them, the 19Q1 / Q2 single quarter revenue growth rate was 5% / 9%, the higher growth rate of net profit attributable to mothers was 6% / 5%.We expect the company’s EPS for 2019-2021 to be 0.29, 0.35, 0.40 yuan, maintain “Buy” rating. The growth rate of domestic sales, the adjustment of product structure, and the increase in raw material prices caused a slight decline in gross profit margin. In terms of business, the company’s direct business growth in 19H1 increased.3% to 17.2 trillion, of which 19Q1 / Q2 increased by 7 respectively.6% / 6.8%, the first half of the decline in gross profit margin fell 1pc to 64%; franchise business 19H1 revenue growth rate 14.7% to 2.US $ 400 million, mainly due to the closure of some stores by ART. In the first half of the year, gross margin decreased by 2pct to 34%; the revenue of the export wholesale business increased by 15 in the first half of the year.3% to 7.1 ppm, gross profit margin maximum molecular weight 14pct to 33%.19H1 comprehensive gross profit margin fell 4.5pct to 53%, mainly due to changes in product structure and rising raw material prices. The period expense ratio decreased, and the cash flow exceeded the improvement in the company during the first half of the period.1pct to 43.3%, of which the sales expense ratio fell by 5.0 points to 30.5%, mainly benefited from the decline in the proportion of the company’s internal sales and retail revenue and the decrease in advertising expenditure; the increase in the management + R & D expense ratio decreased by 0.3 points to 9.9%, due to the decrease in the company’s investment consulting costs and the reduction in staff compensation and office business costs brought about by the company’s weight-loss strategy; the financial expense ratio increased by 2.2 points to 2.9%, mainly due to the company’s overseas projects and design and research and development centers exceeded the spot and led to the growth of interest expenses.The company gradually reduced the capital occupation of procurement through the improvement of the supply chain, incorporated consumer financial policies, and adopted bill settlement for procurement. The operating cash flow rose from negative to positive.900 million. The product strength builds core competitiveness, and the improvement of the supply chain continues to promote the terminal channel. In the first half of 2019, the company’s main channel brand is Makmejia / A.R.T Classic / A.R.T West District / Rehome / YVVY / Zest Home stores increased by 4/3 / -4 / 0/1/1 to 108/148/45/17/8/2 respectively.Product strength is one of the company’s core competitive advantages. As of the end of 2018, the company gradually has 2,653 authorized patents, of which the number of design patents has reached 2,590. Continuous product innovation continues to consolidate the company’s moat.In addition, the company solidly promotes the supply chain improvement strategy, consolidates the three defense lines of demand planning, inventory planning and procurement execution. In the first half of the year, it sorted out SKUs for discontinued products up to 20%, strengthened demand forecasting, adjusted inventory stocks in time, and the product satisfaction rate reached 96%. The supply chain continues to be optimized, maintaining “buy” rating 重庆耍耍网 companies with multiple brands, strong products to build core competitiveness, and supply chain reforms to continue to improve operating efficiency. However, considering that the channel development speed has exceeded expectations, we have lowered our profit forecast. Is it expected that the company in 2019?The net profit attributable to mothers will be 5 in 2021.1, 6.2, 7.200 million (previous value was 5.5, 6.8.2 ‰), the corresponding EPS is 0.29, 0.35, 0.40 yuan.With reference to the average 16 times PE estimate of comparable companies for finished homes in 2019, considering the channel expansion forecast, the performance growth rate is lower than that of comparable companies.16x target PE, corresponding to the target price of 4.35?4.64 yuan, maintain “Buy” rating. Risk reminder: Channel expansion is less than expected, and real estate sales are falling more than expected.

Kouzijiao (603589): Revenue resumes growth and profitability continues to increase

Kouzijiao (603589): Revenue resumes growth and profitability continues to increase

Incident Q2 revenue growth accelerated month-on-month, and the performance of the interim report was solid.

The company announced its 2019 Interim Report, which achieved revenue of 24 in 19H1.

19 trillion, with an increase of 12.

04%; net profit attributable to mother 8.

950,000 yuan, an increase of 22.

02%, corresponding to EPS1.

49 yuan / share.

Among them, 19Q2 achieved revenue of 10.

5.7 billion, an increase of 16.

25%, achieved a rapid growth under the high base in the same period last year; net profit attributable to mothers3.

500 million, an increase of 22.


  The core point of view continues to upgrade, and growth outside the province is dazzling.

In terms of products, the company’s high-end, mid-range and low-end wine revenues were 22 in the first half of the year.

8.2 billion (+11.

7%), 0.

6.8 billion (+30.

85%), 0.

4.7 billion (+21.

27%), 95% of premium wine revenue.

2%, it is expected that the product of Kouzi Warehouse for 10 years and above has maintained rapid growth.

In terms of regions, the company’s liquor in and out of the province reached 19 respectively.

2.7 billion (+9.

28南京夜网论坛%), 4.

7 billion (+26.


The company further promoted the sinking and intensive cultivation of channels at the county level and below in the province. The number of dealers in H1 province increased by 32 to 384. The cooperation with mature merchants outside the province was encouraged to encourage dealers to go out and evaluateSurvival of the fittest, income growth continued to improve.

  The expense ratio increased slightly during the period, and profitability continued to improve.

Mainly benefited from the upgrade of product structure, the company’s gross profit margin increased in the first half of the year.

55 points to 75.


H1 Selling expenses Expense 9.

47%, an increase of 0 every year.

29pct, mainly due to the increase in advertising expenses; the increase in management expense ratio rose by 0.

35 points to 4.

4%, mainly due to the increase in wages and salaries and depreciation of fixed assets; taxes and surcharges as a percentage of operating income decreased year by year1.

3 points to 14.

85%.Thanks to the increase in gross profit margin and the decrease in tax rate, the net sales margin in the first half of the year decreased by 3.

03pct to 36.

99%, profitability has steadily increased.

  Strengthen the second-high-end strategic layout and look forward to the double season peak season.

As the leading brand of Huijiu, under the trend of consumption upgrade and sub-high-end expansion in the province, the company continues to strengthen the sub-high-end layout through product line extensions. Considering the company’s stable operating style, benign channel inventory, and stable product prices, we look forward to the Mid-Autumn FestivalThe double season expiration of the peak season catalyzes new product launches and dealer payments to bring Q3 performance gains.

  Financial forecasts and investment recommendations In view of the second quarter’s rapid sales growth, we raised our sales and revenue forecasts. We raised our gross profit margin expectations in the context of rapid product structure upgrades. We lowered our tax rate forecasts in the context of falling tax rates.

It is estimated that the EPS of the company in 19-21 will be 3 respectively.

12, 3.

59, 4.

12 yuan (the original forecast for 19-21 was 3).

00, 3.

37, 3.

73 yuan).

Combined with a comparable company evaluation, the company was given 25 times PE in 19 years, corresponding to a target price of 78.

00 yuan, maintain BUY rating.

  Risk reminder: Intensified competition within the province, less-than-expected development outside the province, and lower-than-expected consumption upgrade.

Common People (603883): The completion of the second shareholder’s equity transfer is firmly optimistic about internationally renowned strategists

Common People (603883): The completion of the second shareholder’s equity transfer is firmly optimistic about internationally renowned strategists
Event description Recently, the company announced that it has received the Zexing Investment Notice. Leader BVI and Sonata Company signed an Equity Transfer Agreement on November 27, 2019. Leader BVI transferred all its shares of Zexing Investment to Sonata. Company is limited.After this equity change, Leader BVI will no longer directly or 成都桑拿网 indirectly hold the company’s shares.  Comment on the incident The second shareholder’s equity transfer was completed, and it was firmly optimistic by internationally renowned strategists.Leader BVI changed all its shares in Zexing Investment to 5.Transferred to SonataCompany Limited for $ 5.7 billion.After the transfer, Sonata Company Limited will indirectly hold 71.01 million shares of the common people through Zexing Investment, accounting for 24 of the company’s total share capital.78%.LeaderBVI will no longer hold the company’s shares directly or indirectly.Sonata Company Limited is 50% owned by Chunhua Capital and Fangyuan Capital Sub-Fund respectively.We believe that the introduction of international strategic investors will help the company’s future development, and it demonstrates that international investors highly 都市夜网 recognize the future development of the pharmaceutical retail industry and the overall strength of the people.  Leaving Chunhua Capital and Fangyuan Capital’s rich experience in new retail and big health industries, people have gradually increased their leading position in the pharmaceutical retail industry.Chunhua Capital Group is a global investment management institution based in China. Its investment projects include leading companies such as Yum! China, Alibaba, Ant Financial, etc.Fangyuan Capital is Asia’s leading private equity investment organization, focusing on long-term investments in industry leaders.Single Capital has accumulated rich experience and resources in acquisitions and mergers, new retail, and digital transformation, which will help ordinary people achieve new leaps.  Leading pharmacy with strong comprehensive strength.As one of the leading pharmacy industry leaders in terms of revenue and listing, the people have shown competitiveness in terms of brand power, management efficiency, and integration capabilities.At present, the company promotes the improvement of the overall coordination ratio. The demolition of large stores into small and medium stores, joining, equity incentives and other means to tap potential and increase efficiency, in order to promote faster growth in performance.  We are optimistic about the company’s future development and maintain a “Buy” rating.We estimate that from 2019 to 2021, the company’s net profit attributable to the parent will be 5, respectively.36, 6.59, 8.30,000 yuan, an increase of 23 million each year.19%, 23.05%, 21.80%, EPS is 1.87, 2.30, 2.80 yuan, currently corresponding to 19-21 years PE is 37X, 30X, 25X.Maintain “Buy” rating.  Risk Warning: 1. Store expansion slower than expected; 2. Same-store growth was not up to expectations.