Archives March 2020

Depth-Company-Bank of Shanghai (601229): Benefit from the wide spread of capital spreads and focus on changes in asset quality

Depth * Company * Bank of Shanghai (601229): Benefit from wide capital spread improvement and focus on changes in asset quality

The Bank of Shanghai’s revenue growth rate in the first half of the year maintained the forefront of the industry. Benefiting from the loose funds, the company’s net interest margin in the first half of the year improved significantly compared with the same period in 2018.

In the first half of the year, the company’s asset quality performance was generally stable, but the 90-day overdue and non-performing deviations have improved. Subsequent attention needs to be paid to changes in asset quality.

Maintain overweight rating.

The key performance of the support level is in line with 杭州夜网论坛 expectations, and the revenue growth rate remains at the forefront of the industry.

In the first half of 2019, the Bank of Shanghai’s net profit increased by 10 in 14 years.

3%, in line with our expectations (14.

6%).

The company’s revenue increased by 27 in two years.

4%, a faster growth rate than 厦门夜网 the first quarter (+42.

2%) Temporarily, mainly affected by investment income. The growth rate of investment-related income in the first half of the year (76%) is significantly lower than the previous quarter (311%), but the absolute level of revenue growth remains at the forefront of the industry.

The company’s main business performance was relatively stable. Among them, the repeated growth rate of net interest income under the high base in the same period of 2018 decreased by 3 from 12 in the first quarter.

0%; fee income grew faster in the first quarter and fell 1.

6 up to 9.

08%.

The interest margin has gradually improved, and the regularization of deposits has brought upward costs.

Bank of Shanghai loans increased by 4 in the second quarter.

30%, of which the growth rate of retail loan investment rate increased earlier4.

At 95%, the company increased its mortgage lending efforts, reflecting the convergence of the company ‘s retail asset risk appetite.

With regard to the increase in the speed of credit investment in the real estate sector in public credit, we believe this is one of the reasons for the increase in corporate loan yields.

40% (vs May 2018.

28%).

The company’s deposit performance in the second quarter was better, an increase of 6.
.

42%, the structure of demand deposits decreased by 0 compared with 2018.

56 samples, affected by this, the cost of deposits has increased.

However, the relief of the cost pressure on interbank risks in the first half of the year hedged the upward trend in deposit costs.

Overall, the net interest margin in the first half of the year was 1.

69%, an increase of 14BP in one year.

Looking forward to the second half of the year, we believe that under the background of downward pressure on economic storage, there may be insufficient financing needs of companies on the asset side, and at the same time, the effect of offsetting the cost of high-end interbank liabilities is improving, so the company ‘s interest margin has downward pressure on margins.
The rate of bad generation is rapid, but the overdue 90 days and the degree of bad substitution have increased.

Bank of Shanghai NPLs at the end of the half year1.

18%, a decrease of 1BP from the previous month. We estimate that the company will generate 0 in the second quarter due to its annualized bad results.

69%, a significant decline in the earlier quarter, the absolute level is still low.

The proportion of attention-oriented loans in the second quarter remained unchanged from 2018.

86%, the overdue rate fell 8BP to 1.

61%, but the overdue 90 days and the degree of bad substitution have increased by 13 substitutions to 92% compared to 2018, and we need to pay attention to changes in asset quality in the future.

Provision coverage ratio in the second quarter increased by 5pct to 334% from the first quarter, and provision provision increased by 3BP to 3 from the previous quarter.

94%, the provisioning foundation has been substantially consolidated.
It is estimated that we maintain the company’s EPS for 2019/20 to be 1.
90/2.

The forecast of 12 yuan / share corresponds to a growth rate of 15.

3% / 11.

6%.

The overall corresponding PE for 2019/20 is currently 4.

72x / 4.

23x, PB is 0.

63x / 0.

57x, maintaining the overweight rating.

The main risks facing ratings The economic downturn has caused asset quality to deteriorate more than expected.

Poly Real Estate (600048): Balanced layout of industry leaders maintains steady growth

Poly Real Estate (600048): Balanced layout of industry leaders maintains steady growth

The scale of the company’s scale of sales has risen to a new level, and the scale of sales in deep cities has reached a record high.

The company achieved a contracted amount of 4,048 in 2018.

17 trillion, exceeding 4000 trillion, an increase of 30 in ten years.

91%, market share increased to 2.

70%; signed area of 2766.

110,000 square meters, an increase of 23 in ten years.

36%.

The sales contribution rate of the first-tier and second-tier cities and the six core urban agglomerations reached 77%, of which the contracted sales in the Pearl River Delta reached US $ 117 billion, an increase of 24% over the same period last year.

Among the companies deeply cultivating cities, single cities have signed over 12 billion cities, Guangzhou has signed contracts of 40 billion, Foshan, Beijing has exceeded 25 billion yuan, Dongguan, Zhongshan, etc. have exceeded 10 billion yuan for the first time.

Operating income and profit grew steadily.

The company achieved total operating income in 1945 in 2018.

55 ppm, an increase of 32 in ten years.

66%; net profit 261.

49 ppm, an increase of 32 in ten years.

78%; net profit attributable to mother 189.

40,000 yuan, an increase of 20 in ten years.

92%.

The company’s gross profit margin increased by 1.

45 averages to 32.

49%, mainly due to the increase in the price of real estate carry-over projects, the gross profit margin of real estate carry-over increased to 32.

68%.

The company realized investment income in 201826.

90 ppm, an increase of 60 in ten years.

06%, mainly due to the substantial increase in long-term equity investment income.

The company’s net profit in 2018 was 13.

44%, basically the same as in 2017.

Strong cash withdrawal control, reasonable debt structure 杭州夜网论坛 and financing costs.

In 2018, the company continued to optimize fund management, and gradually realized a sales return of US $ 356.2 billion, with a return rate of 88%. Under the background of tightening funds, the company has maintained a steady return rate.

As of the end of 2018, the company’s asset-liability ratio was 77.

97%, basically stable; net rejection rate was 80.

55%, a decrease of 5 per year.

82 assets, the asset-liability structure is reasonable, and the ability to resist risks can be combined; the book interest resistance is 2636.

US $ 5.7 billion, of which bank loans and direct financing accounted for 71% and 15%, respectively, and the overall cost of interest resistance was only about 5.

03%, obvious cost advantage.

Soil storage continues to focus on first- and second-tier cities and 合肥夜网 metropolitan areas.

In 2018, the company expanded 132 projects, increasing the plot ratio area of 31.16 million square meters, which is 114% of the annual contracted area, which is the basis for continued growth in sales scale; the expansion cost was 192.7 billion yuan, and the average floor price was 6186 yuan / square meter.
The company continued to increase the penetration and cultivation of first- and second-tier cities and core urban agglomerations. During the year, the amount and area of development of first- and second-tier cities were 74% and 61%, respectively, and 53% of the new floor area ratios of third- and fourth-tier cities were located in the Pearl River Delta and Yangtze River Delta cities.group.

As of the end of 2018, the company’s area under development was 91.54 million square meters, of which 60% were in first- and second-tier cities, and 69% in the six major urban agglomerations. Investment suggestion: “Budget market”.

The company’s national storage of national reserves has the expected anti-risk capabilities, financial stability and low financing costs.

We give the company a PE valuation of 8-9 times in 2019, corresponding to a reasonable market value range of 1836-2066 trillion and a corresponding reasonable value range of 15.

44-17.

37 yuan, corresponding to 0 PEG in 2019.

39-0.

43, give the “preliminary market” rating.

Risk reminder: The company’s real estate project carry-over does not meet expectations or the gross margin carry-over does not meet expectations.

Oupai Home (603833): Multi-channel response to the impact of the epidemic omni-channel, multi-category to help vertical and stable growth

Oupai Home (603833): Multi-channel response to the impact of the epidemic omni-channel, multi-category to help vertical and stable growth

The company’s recent situation We recently held a European-style home phone conference. During the meeting, the company merged with investors to conduct in-depth exchanges. The main points are as follows: Comment 1. We should deal more with the impact of conflict epidemics. We expect that the epidemic situation will have limited impact.

Since the Spring Festival, the company has taken more measures to respond to the epidemic situation, including: 1) Expanding online marketing efforts and adopting live broadcast to grab orders in advance. We expect the company’s online customers to grow rapidly in 1-2 months and provide customer storage for subsequent store openingsWater ;; 2) Production bases resumed one after another, Guangzhou / Sichuan base resumed work on February 17th, and Wuxi / Tianjin base resumed work from February 20-25, to ensure the delivery of previous orders; 3) The company announced that it will carry out 1 billion dealersYuan compensation, to cope with difficulties with downstream customers, we expect that the company will gradually accumulate the impact of incremental compensation by reducing advertising costs and procurement costs, optimizing management to reduce costs and increase efficiency, and this substitution can control the company’s financial impact.

Considering that the company has adopted multiple prevention measures to deal with the epidemic situation, and included the custom home furnishing industry in the off-season in Q1, we expect the epidemic situation to have a controllable impact.

2. Diversified channels continued to be consolidated and seized to seize industry traffic sources.

Facing the trend of decentralized tourist flow, the company plans to further promote the diversified channel model in 2020, including: 1) ToB engineering channels continue to maintain rapid growth under the guarantee of reasonable profit margins and continuous accounting periods; 2) further improvement of the large home furnishingsTo promote national development, we expect to add about 100 more cities to cover by 2020, and achieve high-speed revenue growth; 3) 2C retail channels will continue to promote Internet drainage, and various categories will adopt various measures to increase customer value. We expect20 years will maintain steady growth.

3) The multi-category product line of large homes has been further extended, and a multi-brand matrix has been continuously 厦门夜网 built to contribute to the long-term growth momentum.

On the product side, the company will further promote the extension of the large home product line in 2020. We expect: 1) Cabinet products will grow gradually driven by the increase in the number of retail units, accelerated expansion of the assembly and engineering channels; 2) Adoption of wardrobe products, the InternetDrainage and other methods continue to grab market share and achieve double-digit growth; 3) New categories such as wooden doors and bathrooms continue to catch up with companies in cross-sector fields, accelerate channel sinking and achieve rapid growth.

On the brand side, we expect the cost-effective sub-brand Opal to continue to grow at a high speed driven by channel expansion. At the same time, in the high-end field, we expect the company to adopt a multi-brand approach to seize market share.

It is recommended to maintain the 2019/20/21 profit forecast, and the current forecast corresponds to 25/21/19 multiples.

Maintain Outperform rating and maintain a target price of 145 yuan, corresponding to 33/27/24 times P / E in 2019/20/21, and currently has 28% growth potential.

The prices of risky raw materials fluctuated sharply, and the outbreak lasted longer than expected.

Boss Electric (002508): Outbreak of hardcover market leads the company to sail again

Boss Electric (002508): Outbreak of hardcover market leads the company to sail again
This report reads: We believe that Boss Electric has benefited from the rapid growth of engineering channel revenue brought about by the significant increase in hardcover scale. It is expected that the company’s revenue performance will rebound in 2019 and the target price will be raised to 34.56 yuan to maintain the overweight level. Investment Highlights: Maintain profit forecast and raise target price to 34.56 yuan to maintain the overweight level.With the significant increase in the proportion of hardcover houses, the income growth rate of boss electrical engineering channels has increased significantly.It is expected that the growth rate of the company’s revenue performance in 2019 will rebound.Maintain the company’s EPS1 for 2019-2021.77/1.95/2.At 12 yuan, the company, as a leader in the kitchen appliance industry, preferentially benefits from the high growth rate of the hardcover market and gives a certain estimated premium.Give the company 19xPE in 2019 and raise its target price to 34.56 yuan (originally 29.60 yuan, + 16.7%), maintain Overweight rating. Intensive policies were introduced, and penetration rate of refined / fully-furnished houses continued to increase.Driven by policies and driven by the increase in profits of hardcover houses, the penetration rate of hardcover houses continued to increase.According to the monitoring of Aowei Cloud Network, the opening scale of national fine / fully-furnished commercial houses in 2019H1 has reached 1.3 million units (+ 13%); it is estimated that the scale of scale hardcover houses in 2019 will reach 3.48 million units, accounting for more than 30%. As the proportion of precision / fully-furnished houses continues to increase, it is expected that project revenue will drive the company to grow again. We estimate that the annual compound growth rate of engineering income of Boss Electric in 2019-2021 is about 51.7%, it is expected that the project revenue growth rate will remain high in the 北京养生会所 next 2-3 years, becoming the main source of company revenue growth.It is estimated that the company’s market share in the engineering channel will be approximately 25% / 30% / 34% respectively in 2019-2021, and will contribute approximately 93% / 50% / 65% to the company’s revenue growth.According to the monitoring data from Aowei.com, real estate developers use their bosses, Fang Tai is very clear.The market share of leading kitchen appliances companies in the engineering channel has further increased. The market share of small and medium-sized kitchen appliances companies will be further reduced, and the company’s concentration in the engineering channel will promote improvement. Catalyst: Accelerate the implementation of hardcover housing policies and significantly increase the penetration rate. Risk reminder: the mid-term recovery trend of real estate, the penetration rate of hardcover housing is less than expected.

Poly Real Estate (600048): Steady growth in annual performance and high prepayment collection coverage

Poly Real Estate (600048): Steady growth in annual performance and high prepayment collection coverage

Event: On the evening of April 15, the company announced its 18-year results and entered the company to realize operating income in 1945.

140,000 yuan, a year-on-year increase of +32.

66%; net profit attributable to mother was 189.

40,000 yuan, a year-on-year increase of +20.

92%, deducting non-net profit 180.

5 billion, a year-on-year increase of +16.

85%.

Steady growth in performance: 18 years of profitable companies realized operating income.

140,000 yuan, a year-on-year increase of +32.

66%; net profit attributable to mother was 189.

40,000 yuan, a year-on-year increase of +20.

92%, deducting non-net profit 180.

5 billion, a year-on-year increase of +16.

85%.

The increase in revenue was mainly due to the expansion of the carry-over scale, with an initial settlement area of 1518.

740 thousand countries, carry-over income 1824.

US $ 9.8 billion, of which 35% were the carry-over revenue of South China, East China, West China, North China, Central China, Northeast China, and overseas regions.

89%, 27.

55%, 12.

39%, 12.

11%, 8.

45%, 2.

61%, 1.

00%.

Attributable net profit quarterly quarterly, Q1?
Q4 growth rates were 0.

12%, 22.

32%, 18.

74%, 26.

45%.

The company’s gross profit margin increased by 1.

45pct to 32.

49%, mainly due to the increase in the carry-over project price, the gross profit margin of the real estate business carried forward to 32.

68%; net sales margin of companies from developing countries13.

44%, basically unchanged from 17 years.

Rich soil reserves: As of the end of 18 years, the company has a total of 10,390 acres of land under construction in 100 cities at home and abroad. The area to be developed is 9,154, which can meet the development needs of the next 2-3 years.

Among the areas to be developed, the first and second tiers account for 60%, and the core third and fourth tier cities around the urban agglomeration account for 30%. In terms of product structure, rigid demand and improved demand are the main types.Basically, ordinary houses below 144 square meters are mainly used to meet the mainstream market demand.

High sales strength and sound investment: 18,048 contract sales were achieved in 18 years, YOY + 30.
91%, of which the sales contribution of first-tier and second-tier cities and six core city clusters reached 77%.
The return amount was 3562 million, and the return rate was 88%, which was in the leading level in the industry, providing the company with a large amount of operating cash flow protection.

A total of 132 new projects were added to the company, with a new floor area ratio of 3116 and a total land acquisition price of 1927 trillion. Of these, 75 projects were acquired through receipts, mergers and acquisitions, cooperative development, old city renovation, and industrial development.The proportion of the project area and amount is 58% and 54%; the average floor price of new projects previously increased to 6,186 yuan / square meter.

The total price of land is 47.

60%, land acquisition cost / average sales price is 44.

18%.

In 18 years, the company started construction area of 44.96 million countries, and completed area of 22.17 million countries.

In 2019, the company plans to invest 270 billion in direct investment, taking the 18-year sales repayment amount as a reference, and the direct investment accounted for 75% of the sales repayment amount.

80%; the planned new construction area is 45 million, a year-on-year increase of +2.

37%; the planned completion area is 27.5 million countries, a year-on-year increase of +21.

79%.

Controllable leverage ratio and sufficient funds: The company has integrated a diversified financing 上海夜网论坛 system to ensure redundant financing positions and highly competitive financing costs. At the end of the year, the company had interest rate and denied a scale of 2636.

57 trillion, of which 94 trillion was the amount of interest capitalized.

From the perspective of financing structure, the proportion of bank loans accounts for about 71%, and the proportion of direct financing is about 15%. The structure is reasonable, and the ability to resist risks has changed. From the perspective of comprehensive financing costs, the overall cost of interest denied is 5.

03%; In terms of leverage, the asset-liability ratio is 77.

97%, an increase of 0 from the end of 17 years.

69pct; asset and debt restructuring excluding advance receipts 42.

55%, shrinking 2 from the end 深圳桑拿网 of 17 years.

38pct; net debt ratio 80.

55%, a contraction of 5 from the end of 17 years.

82 points.

At the end of the period, the company had funds in hand of 1134.

310,000 yuan, a year-on-year increase of +66.

69%, monetary funds / (short-term borrowings + non-current debt due within one year) is 2.

33. Sufficient monetary funds and high short cash debt ratio.

Investment suggestion: The company focuses on the supplementation of first- and second-tier resources, and at the same time, merges and deepens the strategy of urban agglomerations, and increases the in-depth cultivation and penetration of third- and fourth-tier cities around the core cities; we expect the company’s EPS for 2019-2021 to be 1.

93 yuan, 2.

26 yuan, 2.

52 yuan.

Maintain “Buy-A” investment rating and target price of 18 yuan in 6 months.

Risk Warning: The real estate market is less than expected, policy constraints, and the company’s operations are not up to expectations

Depth-Company-Wanliyang (002434): CVT customers expand smoothly and new energy products are well distributed

Depth * Company * Wanliyang (002434): CVT customers expand smoothly and new energy products are well distributed

The company is a well-known supplier of auto parts in China. Its products cover passenger car replacement, commercial vehicle conversion, new energy drive systems, and automotive interior parts. It is also a domestic leader in medium and light truck transmissions.

The company’s new product CVT25 has begun to support Geely Emgrand GS, GL and other best-selling models, and has passed the assessment of BYD, Great Wall and other mainstream independent brand supplier systems to gradually promote assembly and mass production. New customers continue to expand, and CVT development prospects are 南京桑拿网 expected.
In the field of new energy vehicles, the company has deployed three-in-one electric drive assemblies, pure electric stepless conversion E-CVT, hybrid stepless conversion and other products. Pure electric and hybrid are fully covered, and the future development prospects are promising.

In addition, the commercial production of AMT for commercial vehicles will help increase unit prices and profitability. The interior business will continue to develop new customers and new projects, which are expected to gradually turn a profit.

A number of businesses have continued to improve, and the company’s performance is expected to bottom out and rebound.

We expect the company’s estimated earnings for 2019-2021 to be zero.

41 yuan, 0.

53 yuan and 0.

62 yuan, maintain BUY rating and continue to recommend.

  Key points of support level The CVT market has a bright future, and the prospects for sustainable development of customers are expected.

Under the trend of consumption upgrade, the penetration rate of domestic automatic transmissions continues to increase, and the CVT market has a bright future.

The company’s passenger car gearbox has a comprehensive layout. The new product CVT25 has a hydraulic output of 250N.

M, a wide range of adjustment models, starting in 2019 with Geely Emgrand GS, GL and other best-selling models, the installed capacity is expected to significantly increase.

In addition, the company has passed the assessment of BYD, Great Wall and other mainstream independent brand supplier systems, and gradually promoted mass production 北京夜网 of end-assembly.

New CVT customers are constantly developing, and the development prospects are promising.

  The layout of new energy products is complete and the development prospects are promising.

In the field of new energy vehicles, the company has deployed pure electric reducers, two-in-one electric drive assemblies, three-in-one electric drive assemblies, pure electric stepless variable speed E-CVT, hybrid stepless variable speed and other products.Coverage, and pure electric E-CVT products are the world’s first, which can reduce about 5% -8%. Against the background of the significant increase in the overall power consumption requirements of new energy vehicles, the future development prospects are promising.

  Commercial vehicle AMT mass production improves profitability, and the interior business is expected to turn a profit.

The company’s self-developed light truck automatic transition (AMT) was launched in March 2018. Foton Aoling CTS was listed for sale. The AMT product’s bicycle value is as high as 6000-8000 yuan, and domestic supply is scarce. The follow-up company’s products are committed to supporting more customers and effectively promoting commercial vehiclesAlternative profitability.

In terms of interior business, the company expanded its market development efforts, developed new customers such as Geely, Great Wall, BYD, Faurecia, and promoted 18 key product projects including BAIC, Chery, and Geely.

  Mass production of new projects is expected to drive the interior business to turn losses into wins and drive the company’s performance growth.

  We estimate that the company’s 2019-2021 revenue will be 0.

41 yuan, 0.

53 yuan and 0.

At 62 yuan, the prospect of the automatic transmission market is broad, and the layout of new energy products is complete. We maintain our Buy rating.

  The main risks faced by the level 1) The development of the automatic transmission and interior business is less than expected; 2) The sales of cars are less than expected.

COFCO Sugar (600737): 18-year performance growth while watching sugar price reversal positive for future performance

COFCO Sugar (600737): 18-year performance growth while watching sugar price reversal positive for future performance

1. The event company released its 2018 annual report.

2. Our analysis and judgment 1) Affected by the downward trend of sugar prices, the company’s performance in 18 years has dropped significantly. In 2018, the company achieved operating income of 175.

150,000 yuan, at least -8.

57%, of which 129 were contributed by trade sugar / self-produced sugar / processed sugar / tomato products.

6.2 billion / 53.

28 ppm / 21.

06 ppm / 14.

9 trillion, 10 years increase or decrease to -1.

68% / + 16.

12% /-42.

13% / + 12.

69%.

The company’s net profit to mother 5.

04 percent, -31.

93%, net profit after deducting non-return to mother 3.

850,000 yuan, at least -51.

19%.

The decline in the company’s performance was mainly affected by market factors and the trading sugar business volume declined. In addition, although the company’s own sugar production increased, the profit level declined due to the decline in sugar prices.

The company’s consolidated gross profit margin is 14.

57%, a decrease of 1 over the same period last year.

6 points.

Period expenses accounted for 8%, a year of decline of 0.

39 points.

2) Sugar production is basically stable, gross profit substitution affects performance and contributes to the company’s sugar production for 99 years.

43 for the first time, at least -1.

88%; Affected by the decline in sugar prices, the company’s sugar business gross profit margin generally declined, the trade sugar / self-produced sugar / processed sugar gross profit margins were 7 respectively.

13% / 16.

71% / 13.

12% every year -0.

62 points / -3.

2pct / -6.

65 points.

18 years of white sugar, Liuzhou spot price is 5546.

19 yuan / ton, at least -15.

97%, the profit of sugar production and processing business decreased significantly.

Affected by the contraction in trade volume, the company’s trading sugar business contributed net profit.

880,000 yuan, at least -22.

86%.Tully Sugar is a wholly-owned subsidiary of the company, mainly engaged in overseas self-produced sugar business, with an annual production capacity of about 30 tons; in 2018, Tully pressed sugar cane sugar up to 258 tons, a record high output, but affected by the rapid decline in overseas sugar prices (2018The international spot price of raw sugar is 12.

56 cents per pound, ten years -21.

55%), Tully contributed net profit in 1994.

86 million yuan, at least -66.

98%.

3) Sugar may enter the production reduction cycle. Sugar prices are expected to start a reversal trend. Sugar is a six-year cycle. Based on output growth and past full cycle time projections, 2019 is the year of the crop inflection point, and the 2019/20 crushing season will meet.To reduce production cycles.

From the perspective of sugar cane sugar cultivation, the purchase price of sugarcane in the 2018/19 crushing season has fallen, adding sugar cane to competitive crops has a great advantage, and farmers are more inclined to other crops, which will reduce the sugar cane sugar cultivation area and sugar production may decline;At the same time, sugar imports are steadily going down, so the inventory-to-sales ratio in the 2019/20 squeeze season will enter a decline. Considering that the sugar price and the inventory-to-sales ratio are inversely related, we gradually enter the reversal period of sugar prices in 2019Q3 / 4.
25% of China’s sugar consumption is provided by imports, so there is a linkage between domestic and external sugar prices.

Considering that crude oil prices continue to rise, the probability of contradictions 杭州夜网论坛 in the El Ni?o phenomenon and the suppression of subsidy policies in the main producing countries, we believe that international sugar production will also enter the production reduction cycle, and both internal and external sugars will enter a downward period of production, thereby achieving a reversal of sugar prices.

The upward trend of sugar prices has helped the company’s performance growth.

3.

Investment suggestion The company’s sugar business has sufficient production capacity, and future performance growth depends on changes in sugar prices.

Based on the analysis of internal and external sugar supply, we believe that 2019 is the turning point year, and the 2019/20 crushing season will start the production reduction cycle, which will help the sugar price to reverse and the company’s performance will improve.

We 天津夜网 expect the company’s EPS for 2019-2021 to be 0.

36/0.

57/0.

76 yuan, corresponding to PE is 32/20/15 times, the first rating, given a “recommended” rating.

4.

The risks indicate the risks of sugar price fluctuations, natural disaster risks, policy risks, exchange rate fluctuation risks, and so on.

TCL Group (000100): 2Q19 meets expected business restructuring drives extreme efficiency costs

TCL Group (000100): 2Q19 meets expected business restructuring drives extreme efficiency costs

Performance review 2Q19 revenue is in line with expectations TCL 19Q2 annual revenue reached 14.2 billion US dollars, equivalent to an increase of 47%, net profit attributable to mothers reached 1.3 billion US dollars, an increase of 54%.

The second quarter of 19 was the first quarter of the company’s completion of the asset reorganization of intelligent terminals and ancillary services. Operating costs have been greatly improved. For the sake of reference, revenue and net profit have increased by 24% and 70%.

We believe that in the long run, the near-end of the LCD investment cycle will gradually improve the oversupply situation in the industry. At the same time, the company will further improve operating efficiency. However, the short-term panel industry is still in a cyclical cyclical panic. It will continue to cause unit price and gross profit margin.pressure.
  Development trend Business reduction and improvement of benefits are gradually realized: the company has restructured its business,都市夜网 streamlined its organization, and its operating efficiency has been greatly improved. The 1H19 pro forma group expense ratio dropped from 15% to 12%, the asset-liability ratio dropped from 68% to 61%, and inventory turnoverAccelerating 3 days a day, operating cash flow of 6.2 billion.

The company still maintained the industry-leading profit margin during the downward cycle, and responded to the downward pressure on the cycle significantly changed its competitors in the industry. At the same time, the company’s T1 production line swap depreciation was completed, and it will reduce 1.1 billion depreciation booth fees in 2019, further improving profitability.

  The panic at the bottom of the large-scale panel cycle continued to decrease, and long-term supply and demand were gradually balanced: The company pointed out that the current demand side was under the influence of the macroeconomic pattern, so it was in an oversupply state, and prices were still under pressure from vicious competition.

But in the long run, 1) overseas withdrawal of production capacity partially replaces China to increase production capacity; 2) competition will accelerate the concentration of the industry, and some companies with weak operating capabilities will be eliminated; 3) incremental markets will still appear on the demand side, such asNew applications such as commercial display; 4) The product structure can be further optimized, and the company’s profitability through differentiated products is higher than that of the same industry.

  Small size continues to cultivate LTPS, and OLED is developing steadily: the company’s T3 production line was fully produced and sold in the first half of the year (corresponding to the global industry’s capacity utilization rate is only 70%), and the design capacity was increased from 45K / month to 50K / month.

The company’s market share in LTPS mobile phone panels has risen to No. 2 in the world.

The company is optimistic about the development of OLEDs in small size. The T4 production line will begin mass production from 4Q19. We expect that the unit price of small size panels will grow by 12% next year.

  Earnings Forecasts and Estimates We maintain our 2019 revenue forecasts unchanged, but lower our net profit by 1%, mainly reflecting the pressure on gross margin in the first half of the year.

We raise our 2020 revenue / net profit forecasts by 2% / 29%, respectively, mainly due to the launch of new production lines and continued government subsidies.

At present the company corresponds to 1.

3x 2019E P / B, maintain neutral rating and 4.

A target price of 00 yuan, based on 1.

6x 2019EP / B (24% upside).

  Risks The amount of terminal TVs and smartphones failing to meet demand has led to a gradual deterioration of the supply-demand relationship.

Guoxin Strategy: A panoramic analysis of the tax burden of various industries and various types of taxes on A-share listed companies

Guoxin Strategy: A panoramic analysis of the tax burden of various industries and various types of taxes on A-share listed companies

A panoramic analysis of the tax burdens of various types of industries in A-share listed companies (Guoxin Strategy) Guoxin Strategy Group text: Yan Xiang, Zhan Di, Xu Ruchun, Zhu Chengcheng Summary of core indicators: Here is a detailed summary of the fee structure, and gradually complete the various industriesThe main characteristics of the tax burden of the tax types are as follows: First, from the perspective of the overall tax burden, (1) all A-share listed companies have reduced their taxes and fees as a proportion of their pre-tax profits since 2001; (2) 2017Taxes and fees accounted for 67% and 7% of total profits and revenue, respectively.

3%; (3) The tax burden of mining, chemical, real estate and other industries ranks first.

  Second, from the perspective of the total tax and fee structure, the tax and fee structure of listed companies has been replaced by neutralization and enterprises. The proportion of the total tax and fee is 37% and 30%, respectively.

  Third, looking at it from a higher perspective, (1) Machinery, equipment, communications, pharmaceutical and biological industries accounted for 69%, 67%, and 64% of the total taxes and fees; food and beverage, building materials, and light industry manufacturing industries accounted forThe proportion of revenue is 8 respectively.

1%, 7.

1%, 6.

6%, the tax burden is the highest; (2) According to detailed calculations, if the expected tax rate is reduced by 1%, 2%, 3%, the profit after tax can be increased by about 2 respectively.

2%, 4.

3%, 6.

3%.

  Fourth, from the perspective of corporate income tax, (1) in terms of trends, the pressure on corporate income tax burden of listed companies continued to decline between 2015 and 2017; (2) by industry, the real estate and food and beverage industry revenues accounted for the proportion of profitsIs 26.

7% and 23.

5%, the tax burden is the highest.

  Fifth, this schedule contains statistics of all ownership taxes and fees in all industries for reference by investors.

  From the perspective of the structure of total taxes and fees, the tax and fee structure of listed companies in Shanghai and Shenzhen 300 is injected, replacing and replacing half of the country.

Taking the payment expenses and taxes disclosed in the cash flow statements of all listed companies’ annual reports approximately overlapping the taxes and fees borne by listed companies in the corresponding year, we found that all A-share listed companies ‘budgeted taxes and fees accounted for a significant proportion of pre-tax profits since 2001The decline in tax and fee pressure in the mining, chemical and other industries (that is, the proportion of tax and fee expenditures in the area before the tax profit or the proportion of revenue) ranked first.

  Comparison of total tax and fee structure: reduction, reduction and incorporation. We take the Shanghai and Shenzhen 300 Index as a sample to analyze the tax and fee structure and industry comparison of listed companies in detail.

Based on the index tax data disclosed in the annual report of listed companies in the CSI 300 Index in 2017 (mainly obtained through income, gains, taxes, and additional subjects), we get the following options: First, the value-added tax in the tax structure of listed companies,Income tax deductions are halfway.

Through combing, we found that the taxes and fees borne by listed companies are extremely numerous. In addition to the replacement, deduction, consumption tax, real estate tax, vehicle and vessel use tax, land replacement, urban construction tax, education surcharge, stamp tax, land occupation and other costs,Some river management fees and flood control funds, cultural construction costs, non-staple food price adjustment funds, etc.

  In 2017, the statutory taxes and fees borne by Shanghai and Shenzhen 300 listed companies totaled 21,531 yuan, of which restructuring and income were 807.4 billion and 636.8 billion yuan, respectively, accounting for 37% and 30%, and consumption tax was 371.1 billion yuan, accounting for 17%.The land budget is 74.7 billion yuan, accounting for 3%.

Overall, expectations and interest rates can be described as replacing half of the total listing taxes of listed companies.

  Second, from the perspective of revenue, the pressure on taxes and fees in the food and beverage, real estate, and banking industries is the highest, and the pressure on taxes and fees in the agriculture, forestry, animal husbandry, fishery, comprehensive, and defense and military industries is lower.

Specifically, in 2017, the relative taxes and fees of the food and beverage, real estate, and banking industries accounted for 23%, 16%, and 15% of the total revenue; while agriculture, forestry, animal husbandry, fisheries, comprehensive, and defense and military industries accounted for the highest percentage of revenue and taxes.1%, 2%, 3%.

In 2017, the food and beverage, real estate, real estate, and banking industries set the proportion of taxes and fees to 21%, 15%, and 14% respectively; while agriculture, forestry, animal husbandry, fisheries, comprehensive, and defense and military industry accounted for the most taxes and taxes (total) revenue.+ Tax) The proportions are 1%, 2%, and 3%, respectively.

  Third, from the perspective of pre-tax profits, the pressure of taxes and fees in the chemical, mining, and comprehensive industries is the highest, and the pressure of taxes and fees in the agriculture, forestry, animal husbandry and fisheries, media, and leisure services industries is lower.

Specifically, in 2017, the taxes, fees and taxes of the chemical, mining, and integrated industries accounted for 292%, 234%, and 100% of the pre-tax profit; and the taxes and fees of agriculture, forestry, animal husbandry, media, and leisure services accounted for the pre-tax profits respectively.It is 18%, 29%, and 33%.

  Changes in total tax and fee levels: The proportion of tax expenses of listed companies as a percentage of pre-tax profits has fallen sharply. In this section, we use the list of payment fees and expenses disclosed in the cash flow statement of all listed companies’ annual reports to approximate the taxes and fees borne by listed companies in the corresponding year (2017The general taxes and fees of listed companies in Shanghai and Shenzhen 300 in the year totaled USD 215.3 billion, and the ownership taxes paid in the cash flow statement totaled RMB 225 billion, that is, the paid taxes / total taxes = 1.

05, in fact, we use the value of taxes and fees in the cash flow statement to approximate the overall tax of listed companies, which is reasonable, or at least we think they are the same in terms of trends).We can get the following forecast values for the changes in taxes and fees paid by companies: First, since 2001, the proportion of taxes and fees of listed companies in pre-tax profits has fallen sharply.

Since 2000, all A-share listed companies have increased the amount of taxes paid, and the proportion of taxes and profits has shown a significant downward trend, reflecting the reduction in corporate tax and pressure.

Specifically, in 2001, all A-share listed companies’ taxes and fees accounted for 136% of pre-tax profits. By 2017, the value had dropped to 67%. Although it is still in a high position, from the perspective of changes,decline.
  Second, in the past two years, the taxes and fees of listed companies have improved and their proportion of revenue has improved.

Since 2001, the proportion of consolidated turnover paid by all A-share listed companies’ budgeted taxes has been roughly stable, but in the past two years, the taxes and fees of listed companies have reduced the proportion of revenue.

Specifically, in 2001, the taxes and fees of all A-share listed companies accounted for 8 of the revenue.

8%, compared with 9 in 2015.

3 %%, and as of 2017, the value had fallen to 7.

3%, reflecting the pressure on tax expenses of listed companies has been reduced in the past two years.

  Third, all A-share listed companies’ tax and fee growth rates shifted slightly.

Since 2001, the growth rate of taxes and fees paid by all listed companies has been continuous, showing a certain trend from top to bottom.However, since 2011, tax reduction measures such as the expansion of the camp reform and the expansion of the levy point have been continuously implemented, and all A-share listed companies have paid fees and taxes. The growth rate of the hub has suddenly dropped to the next level (of course, and the economic growth rateThe new normal is also penetrating), and the speed increase and shift are slightly more obvious.

Specifically, in 2011, all A-share listed companies paid fees and taxes increased by 26.

7%, while in 2017 the value replaced 4.
.

6%, the growth rate is significantly reduced.

  Fourth, the pressure of taxes and fees in the mining, chemical, and communications industries is the highest, and the pressure of taxes and fees in the banking, agriculture, forestry, animal husbandry and fishery, non-banking finance and other industries is lower.

Specifically, in 2017, the proportion of taxes, fees and taxes in the mining, chemical, and communications industries accounted for 229%, 199%, and 128% of pre-tax profits; and the taxes, fees and taxes of banks, agriculture, forestry, animal husbandry, and non-bank financial industries accounted for pre-tax profitsRespectively 34%, 35%, and 39%.

  Fifth, the growth rate of fees, taxes, and fees paid by the real estate, banking, and automobile industries is the highest, and the growth rates of traditional industries such as textiles and military industries are slower.

Since 2001, the increase in taxes and fees paid by the real estate, banking, and automotive industries (that is, the numerical value of the growth rate from 2001 to 2017) has been the highest, which is 26%, 23%, and 21%, respectively.

The traditional industries such as textile and clothing, national defense industry, agriculture, forestry, animal husbandry, and fishery set the growth rate of taxes and fees behind, which are 8%, 11%, and 11%, respectively.

  The following texts include specific tax and fee details including expectations. In consideration of the availability of data, we continue the previous method and continue to use the Shanghai and Shenzhen 300 index stocks as a sample for detailed discussion.

  The industry comparison of the level of income tax and tax burden takes the ratio of income tax to operating income and profit before tax as an observation indicator of the tax burden pressure on listed companies. Statistics found that since 2010, the changes in the tax burden pressure on Shanghai and Shenzhen 300 listed companies have been clearly divided into two.Phases: (1) basically stable phase from 2010 to 2015; (2) continuous decline phase from 2015 to 2017.

From an industry perspective, in 2017, the revenue from leisure services, finance, transportation, agriculture, forestry, animal husbandry and fisheries accounted for more than half of the total revenue, and the real estate, food and beverage industry had the highest tax burden on revenue.

  Changes in the level of income tax burden: In the past two years, the pressure on income tax has improved. We also take the proportion of income tax to operating income and pre-tax profit as an observation indicator of the income tax burden on listed companies. Statistics show that since 2010, Shanghai and Shenzhen 300 listed companiesThe changes in income tax pressure are clearly divided into two phases: First, the period of basic stability from 2010 to 2015.

In 2010, the CSI 300 listed companies’ insulin accounted for 3 of operating income and pre-tax profit.

0% and 21.

5%, the above indicators were 3 in 2015.

4% and 22.

8%, basically maintained stable, and the above-mentioned indicators during the period of 2010-2015 remained stable with small changes.

  Second, 2015-2017 continued to decline.

In 2015, the proportion of insulin in the Shanghai and Shenzhen 300 listed companies’ operating income and pre-tax profit were 3 respectively.

4% and 22.

8%, the above indicators were 2 in 2017.

8% and 20.

1%, which is significantly lower, and the pressure on income tax of Shanghai and Shenzhen 300 listed companies continued to fall during 2015-2017.

  Comparison of income tax burden industry: Real estate, food and beverage industry income tax pressure is the highest. By comparing the proportion of revenue in various industries to the total tax and the pressure of income tax pressure in various industries, we mainly get the following returns: First, leisure services, finance,For transportation, income from agriculture, forestry, animal husbandry and fishery accounts for more than half of the total revenue.

Specifically, in 2017, the five industries of leisure services, non-bank finance, banking, transportation, agriculture, forestry, animal husbandry and fishery accounted for 66%, 61%, 56%, 54%, 54% of the total taxes and fees, respectively.More than half.
And the chemical industry, mining, machinery and equipment industry revenue accounted for 7%, 11%, 16% of the total taxes and fees, respectively, have not reached 20%.

  Secondly, from the perspective of operating income, the pressure on the revenue tax of the banking, food and beverage, building materials and other industries is the highest, and the pressure on the revenue tax of the integrated, agricultural, forestry, animal husbandry, and fishery industries is lower.

Specifically, in 2017, the proportion of bank, food and beverage and construction materials industry revenues in operating income was 8 respectively.

3%, 7.

6% and 5.

9%; and comprehensive, agriculture, forestry, animal husbandry and fishing and automobile industry revenue accounted for 0% of operating income.

6%, 0

8% and 0.

9%.

  Thirdly, from the perspective of pre-tax profits, the pressure on the income tax of the defense industry, real estate, and comprehensive industries is the highest, and the pressure on the income tax of agriculture, forestry, animal husbandry and fishing, electrical equipment, and automobiles is lower.

Specifically, in 2017, the percentages of income from pre-tax profits of the defense military, real estate and comprehensive industries were 32.

8%, 26.

7% and 25.

Agriculture, forestry, animal husbandry and fishing, electrical equipment, and automobile industry accounted for 9% of operating income.7%, 11.

7% and 12.

7%.

  Comparison of industries that adjust the level of tax burden We believe that a feasible method for calculating the replacement of listed companies is to reverse the amount of replacement tax incurred by transferring tax surcharges.

Through calculation, we find that a total of 14 Shenwan Tier 1 industries are expected to account for more than half of total taxes.

From the perspective of revenue, taxes and fees for food and beverage, building materials, light manufacturing and other manufacturing and processing industries are the highest. From the perspective of pre-tax profits, taxes and fees for the mining, chemical, machinery and equipment industries are the highest.

With other conditions unchanged, we estimate that the Shanghai and Shenzhen 300 manufacturing scores will reduce the tax rate by 1%, 2%, and 3%, respectively. After the tax increase, the after-tax profit will increase by about 10.5 billion, 20.1 billion, and 29.7 billion, which will increase the profit.The amplitudes are 2.

2%, 4.

3%, 6.

3%.

  Brief description of a reasonable calculation method: Rolling rolling with additional surcharges is extended to a type of turnover tax that is levied on sales of goods, provision of taxable services, value-added of taxable acts and import of goods as the basis for tax calculation.

From the principle of tax calculation, reduction is a kind of turnover tax levied on multiple alternate supplementary values or added value of goods in the production, circulation, and labor services of goods.

That is, in theory, the allowable taxable amount = the value-added amount of goods × tax rate.

  From a practical point of view, because it is difficult to accurately calculate the size of the value-added amount of the product, the conversion is based on an indirect calculation method: sales of military goods, provision of taxable services, and taxpayers who are subject to taxable acts, according to the goods, taxableTaxes on labor services, taxable activities and applicable tax rates are used to calculate the tax (output tax amount), and then replace the last converted paid tax (input tax). The surplus is the tax payable by the taxpayer.

  For ordinary taxpayers in general: taxable amount (deduction) = current output tax-current input tax, but since the replacement is a non-value tax, it is not reflected in the operating income of the corporate income statement. The biggest problem lies in the existingDid not directly announce the amount of replacement tax actually paid by the enterprise in the current period.

Therefore, how to accurately estimate the amount of supplementary tax actually paid by the current listed company is the main issue to be discussed here.

We believe that a feasible method is to reverse the amount of replacement tax incurred by expanding the tax surcharge.

  In accordance with the current tax laws, taxpayers must pay the city construction and maintenance tax and education surcharge at the same time as the turnover tax (budget, consumption tax, business tax), and the turnover tax “tax surcharge”.

Among them, the amount of urban construction tax payable = (expense + consumption tax) * applicable tax rate The urban construction tax rate is designated by the taxpayer as: 7% in the urban area, 5% in the county and town, and 1% in the rural area.

For large and medium-sized industrial and mining enterprises that are not located in urban areas, counties, and formed towns, the tax is 1%.

  Education surcharge payable = (actually paid supplement + consumption tax) × 3% In addition, the local education surcharge collection is 2%, and the education surcharge and local education surcharge are 5% in total.

  In ranking cities for construction tax, education surcharges are more suitable for the replacement tax actually incurred by rolling companies, because education surcharge rates do not change with regional changes.

  Therefore, in the case of sales tax, consumption tax, education surcharge, and local education surcharge, we can invert: Actual amount incurred in the current period = Education surcharge ÷ 3%-Business tax-Consumption tax reduction Tax burden Industry comparison: Revenue of various industriesGenerally, the proportion of total taxes and fees is relatively high. By comparing the proportion of total taxes and fees in various industries and the pressure of alternative tax burdens in various industries, we mainly obtain the following scales: First, a total of 14 first-tier industries that account for the total taxFees are more than half.

Specifically, in 2017, the scale of machinery, equipment, communications, and pharmaceutical and biological industries accounted for 69%, 67%, and 64% of the total taxes and fees; while leisure services, real estate, and chemical industry substitution accounted for 12% of the total taxes and fees., 23%, 26%.

  Second, from the perspective of revenue, the pressure on taxes and fees in the manufacturing and processing industries such as food and beverages, building materials, and light industry manufacturing is the highest, and the pressure on taxes and fees in industries such as agriculture, forestry, animal husbandry and fishery, leisure services, and comprehensive industries is lower.

Specifically, in 2017, the food and beverage, construction materials, and light industry manufacturing industries accounted for 8 of the total revenue.

1%, 7.

1%, 6.

6%; while agriculture, forestry, animal husbandry and fishing, leisure services, and comprehensive industry expansion accounted for 0% of revenue.

4%, 0.

7%, 1.

2%.

In 2017, the proportion of food and beverage, construction materials, and light industrial manufacturing industries (income + metering) expanded was 8.
.

0%, 6.

6%, 6.

2%; while agriculture, forestry, animal husbandry and fishery, leisure services, comprehensive industry-specific taxes and fees accounted for (revenue + income) respectively 0.

4%, 0.

7%, 1.

2%.
  Thirdly, from the perspective of pre-tax profits, the pressure of taxes and fees in the mining, chemical, mechanical equipment and other industries is the highest, and the pressure of taxes and fees in the leisure services, agriculture, forestry, animal husbandry and fisheries, and the media is lower.
Specifically, in 2017, the proportion of pre-tax profits in the mining, chemical, and machinery industry mergers accounted for 78%, 75%, and 65% respectively; while leisure services, agriculture, forestry, animal husbandry, and fishery, and the media industry accounted for 4% of pre-tax profits respectively., 5%, 11%.

  Complementary tax reduction sensitivity analysis: The expansion of various industries in the proportion of total taxes and fees is generally higher. In this section, we will conduct a sensitivity analysis on the expansion of the tax rate in the manufacturing industry. That is, we will discuss the reduction of conversion tax rates by 1%, 2%, and 3%.Manufacturing companies can increase the extent of net profit after tax.

Taking the tax rate drop by 1% as an example, the specific calculation method is as follows: reduce tax reduction and increase profit before tax (manufacturing) = actual amount incurred in the current period × (1% ÷ 16%) × 1.

1 Increasing tax reduction and increasing profits after tax (manufacturing) = actual amount incurred during the period × (1% ÷ 16%) × 1.

1 × 0.

8 Multiply 1 by the above formula.

1 is because the tax deduction is increased and the tax surcharge is reduced at the same time, multiplied by 0.

8 is because assuming an effective corporate income tax rate of 20%.

  With other conditions unchanged, we estimate that the Shanghai and Shenzhen 300 manufacturing scores will reduce the tax rate by 1%, 2%, and 3%, respectively. After the tax increase, the after-tax profit will increase by about 10.5 billion, 20.1 billion, and 29.7 billion, which will increase the profit.The amplitudes are 2.

2%, 4.

3%, 6.

3%.

The specific calculation results are as follows (classified by the Securities and Futures Commission industry, a total of 126 manufacturing components): industry comparison of other tax and fee levels In this section, we will classify all the taxes and fees of listed companies’ shares, except for substitution, into other taxes and fees ((Including urban construction tax and education surcharge), we gradually found that the other taxes and fees of listed companies are mainly consumption tax, and other taxes and fees in various industries generally exceed the total tax and fees. From the perspective of revenue, chemicals, mining, real estate, etc.The tax and fee pressure in the industry is the highest, and the tax and fee pressure in the agriculture, forestry, animal husbandry and fishery, non-bank finance, and transportation industries are lower.

From the perspective of pre-tax profits, the pressure of taxes and fees in the chemical, mining, real estate and other industries is the highest, and the pressure of taxes and fees in the banking, non-bank financial, agriculture, forestry, animal husbandry and fishery industries is lower.

  Comparison of other tax and fee structures: Consumption tax is the main type of other taxes and fees of listed companies in which other taxes and fees account for a large proportion of total taxes and fees.

In this section, we categorize all 北京夜网 taxes and fees of listed companies to other taxes and fees, including consumption tax, urban maintenance and construction tax, land replacement, total additional education fees, resource tax, and real estate tax.

In 2017, other taxes and fees of listed companies in Shanghai and Shenzhen 300 totaled US $ 707.2 billion, of which consumption tax, urban construction and maintenance tax, and land occupation were 371.1 billion, 79.4 billion, and 74.7 billion, accounting for 52%, 11%, and 11%, respectively.

  Other taxes and fees in various industries generally accounted for more than the total taxes and fees, and only 6 of the 28 industries in Shenwan accounted for more than 25% of the total taxes and fees.

Specifically, in 2017, other taxes and fees in the chemical, mining, and real estate industries accounted for 68%, 57%, and 47% of the total taxes; non-bank financial, banking, and construction materials industries only accounted for other taxes and fees.For 6%, 6%, 9%.

  Comparison of other taxes, fees and taxes: chemical industry, mining and other taxes, taxes and pressures from the perspective of revenue, chemical, mining, real estate and other industries, taxes and fees from pressure, agriculture, forestry, animal husbandry and fishery, non-bank finance, transportation, etc.Tax and fee pressures in the industry came later.
Specifically, in 2017, the scale of chemical industry, mining, and real estate industry accounted for 9% of revenue.

3%, 8.

1%, 7.

3%; and other taxes and fees in agriculture, forestry, animal husbandry and fishery, non-bank finance, and transportation industries accounted for 0.

3%, 0.

3%, 0.

5%.

  From the perspective of pre-tax profits, the pressure of taxes and fees in the chemical, mining, real estate and other industries is the highest, and the pressure of taxes and fees in the banking, non-bank financial, agriculture, forestry, animal husbandry and fishery industries is lower.

Specifically, in 2017, other taxes and fees in the chemical, mining, and real estate industries accounted for 198%, 132%, and 42% of pre-tax profits, while other taxes and fees in banks, non-bank finance, agriculture, forestry, animal husbandry, and fisheries accounted for pre-tax profits.They are 2.

1%, 2.

3%, 3.

2%.

  Attachment 1: The breakdown of revenue and pre-tax profit by tax of listed companies in Shanghai and Shenzhen 300

Yaoji Technology (002605): Refined operation and big data make the leader of casual games

Yaoji Technology (002605): Refined operation and big data make the leader of casual games

This report reads: As the leader of the traditional poker industry, the company actively transitions to mobile games, and tries to increase the performance of multi-category casual mobile games in the context of the rapid development of casual games.

Investment highlights: first coverage, target price 31.

62 yuan, increase the level.

The company has been deeply engaged in the leisure mobile game market for many years, has excellent leisure game R & D and operation capabilities, and has gradually performed well. It is expected to continue to grow its game business 武汉夜生活网 under the background of the rapid development of leisure games. It is expected that EPS-20 will be 2019-2021.

88/1.

20/1.

58 yuan with a target price of 31.

62 yuan, the first coverage given an overweight rating.

The leading player in the poker industry and the rapid development of the game business.

The company is a leading player in the domestic poker card industry and has a stable performance in the poker card business. In April 2018, it acquired Chengyi Technology53.

45% equity entered the gaming industry and acquired the remaining equity in May 2019.

Chengye Technology was established in 2013. It is mainly engaged in the research and development, distribution and operation of construction machinery. It implements an integrated research and transportation model, and has outstanding R & D and operation capabilities. It will realize profit in H1 in 2019.

8.7 billion, committed performance for the year1.

200 million, in only half a year to fulfill the commitment.

With the advent of the 5G era, the market share of casual games has increased.

With the advent of the 5G era, the mobile game industry has promoted accelerated development.

As an important part of the current mobile game market, casual games have 4 in China in 2018.

01 billion players, accounting for 66% of all mobile game players.

4%, compared with 63 in 2017.

The 7% increase is obvious. The proportion of follow-up players and market share is expected to continue to increase, and there is huge space.

The company has obvious advantages in technology and category, and has long-term development momentum.

The company has obvious technical advantages in fishing and chess and card mobile games. It has refined processing operations and big data analysis capabilities. The company has a wide range of product categories, including fishing, chess, and bingo.The competitive operation of bingo games has outstanding capabilities and is expected to become the company’s new performance growth point.

Risk reminder: policy supervision tends to be severe risk, and market competition intensifies risk