Archives April 2020

Gree Electric (000651) 2018 Annual Report Comments: Performance Growth Meets Expectations

Gree Electric (000651) 2018 Annual Report Comments: Performance Growth Meets Expectations

Investment highlights: Event: The company released its 2018 annual report on the evening of April 28, and achieved total operating income of 2,000 in 2018.

2.4 billion, an annual increase of 33.

33%; net profit attributable to mother was 262.

3.0 billion, an annual increase of 16.

97% comment: The company’s performance growth rate is higher than the industry growth rate, and its market share has further increased.

The company achieved total operating income of 2,000 in 2018.

2.4 billion, an annual increase of 33.

33%; net profit attributable to mother was 262.

3.0 billion, an annual increase of 16.


According to the China Household Electrical Appliances Association, the main business income of the home appliance industry in 2018 was 1.

49 trillion, an increase of 9 in ten years.

9%; profit is 1,225.

500 million US dollars, an annual increase of 2.


The TOP3 brand retail market share of the air-conditioning market in 2018 was 72 in 2017.

1% expanded to 73.

6%, Nihon Keizai Shimbun data, Gree Electric Appliances to 21.

9% of the global market share ranks first in the field of household air-conditioning, surpassing the second place by 7 copies.

In terms of channels, as of the end of 2018, Gree had US $ 4 trillion in domestic outlets, and the outlets increased by 12 compared with 2017.


The e-commerce department established by the company in the second half of 2018. The Gree brand is located in JD. Tmall Gree’s energy efficiency performance indicators have increased significantly, from 7% and 8 last year.

2% jumped to 16% and 13 in 2018.


  The diversified benefits of the company’s business 无锡桑拿网 segments have begun to appear.

First, the company’s main air-conditioning business accounted for 83% of operating income in 2017.

22% dropped to 78.

58%, the company’s reliance on air-conditioning single business decreased; secondly, the household electrical appliances segment, intelligent equipment segment and other main businesses increased by 64.

90%, 46.

19%, 83.

The growth rate was 97% faster than the company’s overall growth rate, indicating that the company has made initial progress in diversification. In 2018, the company successively increased its holding of upstream high shares and invested 3 billion interconnected shares of Anshi Semiconductor.

In addition, the company’s domestic sales grew at a rate of ten years (30.

46%) faster than the ten-year growth rate of export sales (20.

42%), and gross profit margin for export reached 13.

34%, gross margin increased short-term2.

There are 81 singles. In 2017, the company’s export business’s independent brand and foundry proportion was approximately 3: 7. The increase in export gross profit was in line with the company’s adherence to the independent brand priority strategy. In 2018, the company’s independent brand ratio in export products may be further improved.

  The company’s profit margin growth rate and operating costs increased rapidly.

The company’s gross sales margin in 2018 was 30.23%, 32 before 2017.

86% of sales gross margin temporarily decreased2.

With 63 digits, the net profit margin for sales in 2018 was 13.

31%, 15 before 2017.

18% net sales interest rate1.

87 single; of which the company’s manufacturing sector gross margin was 34.

11%, gross margin decreased by 1.

69 single; the main increase in the company’s profit margin is: expansion, increase in original costs and management and research and development expenses caused by rising operating costs.

In 2018, the spot copper price of the non-ferrous metals market in the Yangtze River kept running at a high level. The company’s home appliance manufacturing business accounted for 86% of operating costs in 2017.

72% rose to 87.

23%, plus the company’s management and R & D expenses totaled more than 11 billion in 2018, a further increase from 2017; growth, the industry’s overall growth rate gradually, air-conditioning inventory conversion, the industry’s insufficient price increase kinetic energy, increasing costs eroded some profits.
  Investment advice: Maintain the recommended level.

The company’s industry leaders are solid overall, the air-conditioning market share is constantly increasing, and the company’s diversification has made positive progress.

The company’s EPS is expected to be 4 in 2019-2020.

92 yuan, 5.

57 yuan, corresponding to PE is 11 times, 10 times.

Gree Electric’s current estimates are significantly different from those of the benchmark companies. It is expected that distribution and transfer will improve corporate governance. In summary, we maintain the recommended level.

Tan Tailai (603659): Reduced costs and implemented significant Q3 usher in performance inflection point

Tan Tailai (603659): Reduced costs and implemented significant Q3 usher in performance inflection point

Q3 deducted non-net profit grew at a high speed, and the turning point in performance appeared.

In the first three quarters, revenue was 3.5 billion, and in ten years it was +52.

8%; return to mother 4.

5.8 billion, deducting 4.

2.1 billion, plus +25 for ten years.

52%, performance growth exceeded expectations.

Among them, Q3 single-quarter revenue was 13.

200 million, previously +44.

91%, deducting non-net profit 1.

8.1 billion, previously +58.

33%, +43.


The rapid quarter-on-quarter growth rate in the third quarter was mainly due to the substantial increase in the number of substitute products, the increase in the proportion of high unit price products, and the decrease in costs.

Single quarter gross margin reached 30.

83%, +3 from the previous quarter.

51%, other major financial indicators remained stable.

Significant cost reductions are due to the smooth progress of vertical integration of the industrial chain.

Inner Mongolia Xingfeng graphitization capacity explosion caused by the cost of more than 5,000 yuan / ton cost reduction, and shares in the revitalization of carbon needle needle coke production capacity and processing capacity, gradually reducing the company’s supplementary material costs.

It is expected that the cumulative graphitization and needle coke production will continue to be released, and the company’s monthly material cost will be further reduced.

Benefiting from the high prosperity of the development of overseas LG industry chain, the expansion volume has grown rapidly.

Benefiting from the high overseas economic boom, the introduction and expansion of Q3 alternative materials in LG continued to expand, driving the large increase in Q3 introduction and at the same time increasing the average price of products. It is expected that the expansion of the scale will be worry-free.

LG plans to produce 63Gwh power batteries in 2020. It is expected to exceed 44Gwh. Next year, LG’s guidance orders will exceed 3 times, and the increase will gradually exceed 3 times. The company is the key beneficiary of the LG industry chain.increase.

It is expected that the company’s net profit attributable to its parent in 2019-2021 will be 6, respectively.

95, 9.

20, 11.

3.4 billion, corresponding to PE32, 24, 20 times.

Risk warning: The industry development is less than expected, and the company’s overseas customer 杭州桑拿 expansion is less than expected.

Jiuyang (002242): Channel adjustment effect shows product structure affects gross profit margin

Jiuyang (002242): Channel adjustment effect shows product structure affects gross profit margin

Events: 1) The company released its 2018 annual report and achieved operating income of 81.

69 ppm, an increase of 12 in ten years.

71%, net profit 7.

54 ppm, a ten-year increase of 9.

48%; 2) In the fourth quarter, the company realized operating income of 27.

3.1 billion, an annual increase of 25.

2%, net profit 1.

85 ppm, an increase of 23 per year.


3) Dividend policy is 8 yuan for 10 shares, corresponding to 81 dividends.

4%, foreign exchange rate 3.


Q4’s revenue performance exceeded expectations, and channel adjustments achieved results: The company’s revenue growth in the fourth quarter of 2018 significantly exceeded the first three quarters, which can be gradually improved through the company’s internal sales channel optimization and adjustment.

From the product point of view, the company launched the K series in 18 years to clean the wall broken soybean milk machine, silent vacuum wall breaking cooking machine and other new products.

At the same time, the company increased the connected transaction quota by 1 trillion and 20 million yuan in October and December, respectively. The company’s exports to SharkNinja increased significantly in the fourth quarter, driving revenue growth.

Changes in product structure affect gross profit margin and increase in sales expenses due to increased marketing expenses: In 2018, the company’s gross profit margin and net profit margin were 32.

13%, 9.

08% every year -0.

88, -0.

72pct, of which Q4 quarter gross margin, net interest rate interval -1.

90, -0.

69 points.

In our view, it is mainly affected by the rapid growth of the company’s wall-breaking machines with reduced gross profit margins and the increase in the proportion of export business.

In terms of expense ratio, the company’s sales, management + R & D, and financial expense ratios were respectively +1 several times in 2018.

8, -0.

2, -0.

1pct, from the Q4 quarter, sales, management + research and development, financial expense ratio every -0.

2, -1.

2, +0.

3 points.

In 2018, the company actively carried out brand building promotion and channel building support, which resulted in a significant increase in sales expense ratio.

The advance receipts are expected to double, and the turnover efficiency will increase and decrease: at the end of the 18-year period, the company’s cash + other current assets (mainly bank financing) will total.

0 million yuan, an increase of 25 in ten years.


Funds received in advance 5.

400 million US dollars, an actual increase of about two times each year;

9 ‰, a substantial increase of about 3 every year.

1 trillion US dollars, reflecting the company’s strong future revenue growth potential.Inventory balance 7.

50,000 yuan, an increase of 44 in ten years.


Total bills receivable and accounts receivable 25.

70,000 yuan, an annual increase of 35.


Judging from 无锡夜网 the turnover situation, the company’s inventory and accounts receivable turnover days increased by 6 each time.

8 days, up 1.

In 3 days, the overall turnover efficiency decreased slightly.

High dividends and high dividend yields reflect the company’s value, and the high-end strategy brings continuous motivation: Since 2011, the company has been experiencing no dividends in 2016, and the annual dividend rate has exceeded 80%. The higher distribution rate and dividend rate reflect the companyvalue.
In the company’s 2018 equity incentive plan, the revenue growth rate of 19-20 years is not less than 11%, 17%, and the performance growth rate is not less than 8%, 15%. Higher performance evaluation targets ensure the company’s future performance growth.

At the same time, the company actively implements the “value ascend” 成都桑拿网 strategy. Through the improvement of channel capabilities, the company will upgrade its products to mid-to-high-end products in the future, increase the average product price, and drive revenue growth.

Investment advice: The company has completed channel adjustments and is expected to continue to benefit from a more efficient channel layout. The company is actively deploying environmental appliances, promoting categories and brand expansion.

The company acquires 51% equity of Sunkeninger (China) Technology Co., Ltd. in this period, and undertakes business replacement of Sunkeninger (China) from the establishment date to the merger date of approximately 12.85 million yuan. If the actual main business performance increases after deduction and consolidation,About 11.


Based on the 2018 annual report, we expect revenue growth rates of 19-21 years13.

3%, 17.

4%, 17.

8%, net profit growth rate was 12 respectively.

0%, 15.

1%, 15.

3%, maintaining the overweight rating.

Risk warning: macroeconomic fluctuation risk, raw material price fluctuation risk, real estate fluctuation risk, etc.

[Sour and Spicy Food]_Variety_Species

[Sour and Spicy Food]_Variety_Species

Sour and spicy are two kinds of food tastes that often appear on people’s tables, and sour and spicy have common characteristics. They can stimulate the human taste system and enhance the appetite of the human body.

Therefore, people who feel appetite can eat more sour and spicy food, these foods can increase people’s appetite.

The next article will explain in detail the types of spicy and spicy food.

Hot and Sour Dish Practices: Raw materials: 200 grams of cabbage, 100 grams of Guoguang apple, 75 grams of carrot, 5 grams of refined salt, 12 grams of white vinegar, and 2 dried red peppers.

Production: (1) Wash the cabbage, cut into diamond-shaped pieces, brush the carrots, and cut into oblique pieces.

(2) Add cabbage and carrot slices to a boiling water pot and blanch them. Remove them and let them drain.

(3) Peel the apple, cut the core into thin slices, and immerse them in saline water.

(4) Remove the dried red peppers, wash the seeds, put them in a pot, and add some water for 10 minutes.

Pick out the peppers, pour the pepper water into the bowl, remove the apple slices, dip in the pepper water, add white vinegar, refined salt, and soak the cabbage and carrot slices in the air after cooling, and put them in the refrigerator. After 20 hoursEdible.

Features: hot and sour taste, and increase appetite.

Method 2: Ingredients: 600 grams of cabbage, 1 tablespoon of sugar, 1 tablespoon of lemon juice, 1/4 teaspoon of salt, 1/2 teaspoon of dried chili peppers, 10 capsules of pepper, ginger. The only method is: 1. Wash the cabbage,Remove the old leaves and peel into pieces. After salting for 30 minutes, squeeze out the water.

2. Put 2 tablespoons of oil in the pot and sauté the peppercorns. Remove and fry the dried chili until it is red and crispy.

3. Add sugar, lemon juice, hot pepper, and ginger to Korean cabbage, pour in the fried spicy oil, and eat spicy cabbage ingredients after 30 minutes: Tianjin cabbage (or yellow sprouts) (250g), white sugar (60 grams), sesame oil (5.

25 grams), balsamic vinegar (60 grams), pepper powder (put in), pepper powder (put in), dried pepper (put in), ginger (put in), refined salt (put in), pickled pepper (put inInto).

Features: Spicy, crispy, sweet and sour, white with red, suitable for all seasons.

(Sichuan cuisine) Operation: First, wash the cabbage, tear it into long strips (or cut into knots), soak it in salt water for two hours, and remove it. Then squeeze out the moisture of the cabbage, put it in a basin, and cover it with ginger.Shredded soaked pepper.

Second, burn sesame oil, dried pepper powder, peppercorns, etc., pour over the vegetables, add sugar, vinegar, and cover with a lid for a few minutes.

Practice 3 grams of sesame noodles and 0 fresh fish soup.

3 liters, 2 kg of whole cabbage, 500 grams of radish, 50 grams of celery, 20 grams of chili noodles, 20 grams of shrimp paste, 200 grams of pears, 200 grams of shallots, 30 grams of minced garlic, 5 grams of ginger, 50 grams of refined salt[Production process]1. Marinate the cabbage with 10% brine for about 24 hours.

Put the chili noodles at 1: 1.

The ratio of 2 is stirred with water for later use.

Cut cress into 3 cm strips.

2. After putting chilli juice in the radish dish, add white sugar, mingtai fish, shrimp paste, garlic, ginger, pear shred, celery, spring onion, and salt.

3, sandwich the cabbage stuffing between the cabbage leaves, and wrap with the outside leaves.

After putting a layer of radish in the jar, put the cuts of the cabbage upside down, and finally press down with stones.

After three days, pour spicy cabbage soup and seal the marinade.

4. After chopping the minced fish with bones and head and tails off, add chilli noodles, salt, shallot, and garlic for about 20 minutes.

After the shrimp paste is chopped, add chili noodles and garlic cloves.

Cut 1/3 of the radish into shreds and 2/3 into pieces.

Urban Investment Holdings (600649): High-margin projects are nearing the harvest period and venture capital business exits with high returns

Urban Investment Holdings (600649): High-margin projects are nearing the harvest period and venture capital business exits with high returns

Event: The company announced its 2019 Interim Report and the company achieved revenue of 18.

200 million, previously -56%; net profit attributable to mother 3.

7.4 billion, down 47.

1%; EPS EPS is 0.

15 yuan, down 47 before.


In the first half of the year, the construction of the main construction site was in affordable housing, and the second half of the year saw high growth in performance: the company completed the first half of the year with an area of 370,000 cubic meters, with 12 passing each year.

9 Generally increased by 187%, but the company’s settlement income has improved, mainly because the completed projects in the reporting period are mainly Jiuting affordable housing projects, Dongying affordable housing projects; the company’s advance receipts are nearly 3 billion, and the settlement resources are still large.The decline in half-year revenue has narrowed significantly from the first quarter, and is expected to increase in the second half of the year.

The projects under construction are advancing steadily, and the high-margin commercial housing project is about to enter the market: the second-phase structure of the company ‘s Bay Valley Science and Technology Park with a total construction area of 74 is capped, and the preparatory work is completed; the display of the Luxiang Park project has begun, including the Huangpu Luxiang Garden commercial house projectPlanned investment 98.

With a total construction area of 30 million US dollars, the average cost is only 32,833 yuan / square meter, and the capacity area is 18.

4 General, and the expected upper limit is more than 150,000 / square meters, with a total value of nearly 30 billion, which is expected to be sold in the future.

The investment business continued to grow at a high rate, and venture capital funds exited at high rates of return: the company ‘s listed company shares include Shentong Metro, Everbright Bank, Western Securities, China Investment Capital, etc., and the total market capitalization is approximately the same.

7.6 billion yuan; the company ‘s venture capital fund Chengding Fund operates stably, focusing on investing in energy-saving and environmental protection, smart cities, and smart manufacturing industries. In the first half of the year,武汉夜生活网 it will complete all 4 exit projects and completely exit the project with a yield of 183.


The Yangtze River Delta’s location advantage is prominent, and Shanghai’s state-owned assets reform continues to advance: the company actively participates in the construction and operation management of new areas in the Pilot Free Trade Pilot Zone, the Yangtze River Delta Integrated Development Demonstration Zone and the Import Expo, which is conducive to continuously benefiting from the improvement of Shanghai’s location advantageThe implementation plan of Shanghai State-owned Assets Comprehensive Reform has been released, and the company is expected to benefit from Shanghai State-owned Assets Reform.

Investment suggestion: The company is actively deploying the integration of the Yangtze River Delta and is expected to benefit 深圳桑拿网 from the Shanghai state-owned assets reform. At the same time, due to the completion of the structure, the main performance of the affordable housing is under pressure, but the quarter-on-quarter improvement will allow high-margin projects to enter the harvest period in the future.The performance is expected to continue to improve, and we expect the company’s EPS to be zero in 2019-2021.

61 yuan, 0.

89 yuan and 1.

25 yuan, maintain “Buy” rating.

Risk warning: The real estate policy is beyond expectations, and the Yangtze River Delta integration policy is below expectations.

Gujia Home (603816): The closed-loop of large homes has become an adjustment period and is poised for growth

Gujia Home (603816): The closed-loop of large homes has become an adjustment period and is poised for growth
Key points of investment: The leading software home furnishing industry, with a rich product line, and a closed home for large homes.The company is a leader in the software home furnishing industry. Its products cover sofas, dining tables and chairs, bedding, custom furniture and mahogany furniture. It has more than 6,000 brand stores worldwide, with seven product lines and multiple brands.Faced with industry changes, the company extended its custom furniture business upwards, horizontally expanding the sofa and mattress segment product lines, and realizing a closed loop for large homes.  The model of the professional manager management model in the home industry is full of inspiration.As early as 2012, the company introduced many outstanding professional managers, including director and president Mr. Li Donglai.The team members have rich experience in the home appliance industry and chain chain operation model operation experience.The first round of equity incentives will be implemented in 2017.  The repurchase plan was announced in September 2019, and all the repurchased shares will be used for equity incentives.  The market for the software home furnishing industry is vast, and domestic concentration needs to be improved.China is the world’s largest producer and consumer of software home furnishings.The domestic software home furnishings market space is still growing, but in proportion to overseas mergers, leading companies’ market share has decreased, and industry concentration needs to be improved.At the same time, the more popular functional sofas and memory foam mattresses in foreign countries are still in the market education period, and the penetration rate has decreased.  Integrate extended assets and prepare for the adjustment period.The company completed several acquisitions last year, and the current acquisition has been suspended and has entered the integration period.We think the integration will help the company to concentrate its existing major resources.After the integration, the product and brand matrices are expected to be more mature and the synergy effect will be more obvious.The performance of some current acquisition projects has not met expectations. If the performance of acquired assets improves after the integration, it will also bring marginal improvement to the company’s overall performance.The gradual withdrawal of some financial investment projects will also help cash back and reduce the current high level of assets and liabilities.  Optimization of organizational structure, key channels, manufacturing, and supply chain management.The company gradually promoted the reform of regional retail centers in the second half of 2018, and classified the marketing management layout of each product division into 20 regional market retail centers, which means that the sales structure has moved forward.In terms of channels, the expansion and sinking of the third and fourth lines were maintained, and the channels and forms of some channels were explored.At the same time, focusing on the “demand-driven, flexible and agile, integrated and interconnected” strategic elements and overall strategic advancement ideas, we strive to build an end-to-end perspective of the customer demand-oriented supply chain system.  Covered for the first time and given a “Buy” rating.The company is expected to achieve revenue of 114 in 2019-2021.32/137.93/166.86 ppm, an increase of 24 in ten years.6% / 20.7% / 21.0%, net profit attributable to mother 11.43/13.63/16.53 ppm, an increase of 15 in ten years.5% / 19.3% / 21.3%.The closing price on September 20, 2019 was RMB 36.90 yuan corresponding to PE is 18.36X / 15.39X / 12.69X.According to recent data released by the National Bureau of Statistics, real estate completion is picking up and sales are flat.The former supports the future performance of home furnishing companies, and is conducive to repairing 北京夜生活网 the market’s pessimistic expectations of the post-real estate industry chain.2019 is the integration period of the company’s extended assets and the adjustment period of internal management. If the effect of the integration adjustment meets expectations, the future operation quality is expected to improve, and the performance will help maintain continuous growth.Considering that the current estimated level is at the bottom of history, the repurchase plan and the subsequent equity incentive plan may show the company’s growing confidence, giving the company a 20-22 times judgment for PE in 2020, corresponding to 45.20-49.72 yuan.Covered for the first time and given a “Buy” rating.

Yuyue Medical (002223): Changes in operating cash flow due to steady business growth in Q1

Yuyue Medical (002223): Changes in operating cash flow due to steady business growth in Q1
Matters: The company announced the 2019 first quarter report: 2019Q1 to achieve revenue12.01 billion (+15.33%), to achieve attributable net profit2成都桑拿网.4.7 billion yuan (+15.41%), realizing deducted non-attributable net profit2.3.9 billion yuan (+16.34%), basically in line with expectations. Ping An’s view: Q1 maintains rapid growth and stable profit margin level: The company’s Q1 maintains steady and rapid growth, of which the online platform grows between 10-20%, and the offline grows around 2-3%; the hospital product segment growsAbout 10%; the growth rate of the oxygen supply and breathing sector due to the order settlement cycle is also at 10% + level. In 2019Q1, the company’s comprehensive gross profit margin was 41.11% (-0.50PP).Sales expense settlement 9.21% (+0.70PP), administrative expenses5.19% (-0.34PP), R & D expenses1.80% (+1.11PP).Comprehensive factors, the company’s comprehensive net profit can be reduced.53%, basically the same as the same period last 成都桑拿网 year. The business caused short-term operating cash fluctuations, and the successive landing of production capacity brought growth momentum: the company’s net operating cash flow during the reporting period was -1.1.9 billion (-555.84%), mainly due to the outsourcing of military hospital packaged supply business and Q1 Tmall Super Brand Day, affecting about 76 million yuan. The former can be recovered after the hospital has settled its budget, and the other is a non-recurring promotion activity, and the change in operating cash flow is accidental. The company’s new production base Danyang Phase 2 has entered the closing stage, and the production capacity of demanding products such as home electronics and surgical instruments will be expanded.Especially for surgical equipment products, the company currently sells them by prepayment in advance and delivery after delivery, with wide demand and insufficient supply.The gradual expansion of new production capacity during the year can significantly improve the situation and help the company accelerate its development. Maintain “Highly Recommended” level: As a leading domestic household and medical consumables company, the company is scarce.The company actively develops product lines and introduces potential products from domestic and foreign markets to the company’s platform to incubate, thereby achieving widespread sales.The EPS for 2019-2021 is maintained at 0.87, 1.07 and 1.The 31 yuan forecast maintains the “strong recommendation” level. Risk warning (1) Business integration risk: There is a need for integration after the extension of the business. If the integration is not smooth, it may affect the merger and acquisition effect; (2) Product sales are less than expected risks: If the company’s new product sales cannot be timely increased, it may affect the performance growth(3) Risk of product price reduction: Some of the company’s products are sold to hospitals, and there is a certain pressure on price reduction

CNPC Engineering (600339): Petrochemical Engineering Industry Prosperity Boosts Policies, Dongfeng Welcomes Development Opportunities

CNPC Engineering (600339): Petrochemical Engineering Industry Prosperity Boosts Policies, Dongfeng Welcomes Development Opportunities

The company is a subsidiary of PetroChina. PetroChina Engineering is a leading company in the entire industrial chain of petrochemical engineering. PetroChina Engineering is controlled by PetroChina Group. In 2016, it 四川耍耍网 borrowed ST Tianli for restructuring and listing. In February 2017, it was renamed PetroChina Engineering and successfully landed in a stock market.

The company’s four main businesses cover the entire industrial chain of petrochemical engineering and are the industry’s leading companies.

At the same time, CNPC Engineering vigorously promoted large-scale overseas projects, and the proportion of revenue from foreign and other regions increased significantly. In the first half of 2019, the proportion of revenue from foreign and other regions to the company’s total revenue was 48.

32%, an increase of 3.

81 units.

Upstream oil companies increase capital expenditure, oil and gas engineering business boom improves upstream integrated oil and gas, revenues and performance growth of exploration and production companies are related to oil price trends, and when oil prices rise, the profitability of upstream oil companies and exploration and development investment intentions are correspondingStrengthen and increase capital expenditures.

At present, the geopolitical events in Iran are gradually heating up, and it is difficult to recover production in the overlapping committees in Nerela. The risk of a sharp drop in oil prices is reduced.

In addition, from the perspective of national energy security, upstream oil companies will increase reserves and production, increase capital expenditures, and improve the business climate of oil and gas engineering.

National policy and market demand are resonant. Pipeline construction welcomes development opportunities. The company ‘s pipeline network engineering business will usher in development opportunities, which stem from the following three points: 1) The state has issued policies to establish a national capital holding and invest in many oil and gas pipeline network companies.The establishment of the “National Oil and Gas Pipeline Network Company” will accelerate; 2) The rankings of oil and gas pipelines and the production and sales of oil and gas in developing countries are obviously not matched with the rankings in Europe and the United States, and pipeline facilities need to be improved; 3) Only shale gas production is insufficient.It is higher than the United States, but its reserves rank first in the world. Shale gas is strongly supported by national development strategies and policies, and there is a broad space for development. It will promote the release of storage and transportation needs in the future.

As one of the oligarchs in the refining and chemical engineering industry, it has fully benefited from the rise of the private refining and chemical industry during the “Thirteenth Five-Year Plan” period. The state liberalized the refining and chemical industry, and private refining and chemical projects were continuously approved.

At present, Shenghong Refining and Chemical Integration Project, Hengyi Brunei PMB Refining and Chemical Integration Project and Zhejiang Petrochemical Refining and Chemical Integration Project are under construction.

As one of the oligarchs in the refining and chemical engineering industry, Huanqiu Company, a subsidiary of CNPC Engineering, will fully benefit from the rise of private refining and chemical industry.

The three new signings recently were 34.

8.6 billion, 29.

8.7 billion and 50.

The US $ 7.8 billion refining project order also provides important support for the company’s future performance.

For the first time coverage, the company was given the “overweight” rating as a leading company in the domestic petrochemical engineering industry, and the company’s main business demand continued to increase, and its competitive advantage will continue to appear.

The company’s EPS for 2019-2021 is expected to be 0.

18 yuan, 0.

22 yuan, 0.

27 yuan, corresponding to the closing price of PE on October 30, 2019 is 20.

20X, 15.

79X, 13.

00X, for the first time, gives an “overweight” rating.

Risk Warning: 1.

International oil prices fell sharply; 2.

Global demand is significantly gradual.

Lingnan Holdings (000524): The main business maintains stable growth, adjusts its layout, and taps the development bonus of the Greater Bay Area

Lingnan Holdings (000524): The main business maintains stable growth, adjusts its layout, and taps the development bonus of the Greater Bay Area

Investment Highlights: The company announced its 2018 report: the company achieved revenue of 70 in 2018.

78 ppm, an increase of 10 in ten years.

73%; realized net 青岛夜网 profit attributable to mother 2.

0.5 billion (+15.

51%), which is in line with the company’s performance forecast forecast (ten-year growth in net profit attributable to the mother).

51% -21.

22%); deduct non-net profit1.

600 million (+7.


Reported performance The company’s cost reduction and efficiency improvement effects appeared, and the sales expense ratio decreased by 0.

63pct to 7.

04%, the management expense ratio (excluding R & D expenses) decreased by 0.

34 points to 4.

4%, the financial expense ratio fell to 0.

06pct to 0.

32%. The R & D expenses in this period increase with the start of the project. The R & D expense rate is 0.


The business travel business has accelerated its nationwide deployment, with both online and offline efforts to maintain sustained and stable growth.

In 2018, under the background that outbound tourism was slightly weak due to the impact of the economic cycle, the growth rate of outbound tourism in Europe, Australia and Japan increased by more than 10%, and the overall revenue of outbound tourism (excluding Hong Kong and Macau) increased by more than 6.


The revenue of various regions of the domestic tourism sector has increased every year, with the eastern and western regions being the most prominent, and the overall revenue has increased each year.


In 2018, Guangzhou Travel purchased 51% of Wuhan Feitu Holidays, established Xi’an Guangzhou Travel, and built Central China and Northwest operation centers, respectively, to accelerate the company’s national strategic layout.

According to the number of reports, Feitu Holidays realized a net profit of 10.79 million yuan, and the performance commitment completion rate was 101%.

In terms of online sales, C-members on the e-commerce platform reached 3.3 million, and total e-commerce revenue reached 8.

810,000 yuan (+42.

66%). The B2B strictly selected peer-to-peer wholesale platform “walking network” was successfully launched during the year, which can be effectively combined with existing online sales channels and the overall ability of online operations has been further enhanced.

The development of products adjusts the layout and exploits the dividends of the Greater Bay Area. Industrial integration shows new momentum.

The company’s business travel and accommodation business actively adjusted its key layout in the Greater Bay Area.

In terms of travel agencies, Guangzhou Travel launched timely thematic planning products such as “Guangzhou-Shenzhen-Hong Kong High-speed Rail” and “Hong Kong-Zhuhai-Macao Bridge”, which further increased the operating income of Guangdong-Hong Kong-Macau travel.


Specifically, the Lingnan Oriental and Lingnan Garden brands realized the layout of northern Guangdong and western Guangdong respectively; Nansha Garden Hotel officially opened in August 2018, becoming a landmark creative design hotel serving the development and construction of Nansha National New District and Free Trade Zone; the first LingJuchuangxiang Apartment opened in the early days. In November, it signed a new contract for the Zhuhai Hengqin Ridge Residence Management Project and quickly deployed the mid- to high-end apartment market in the Greater Bay Area.

Reporting the average, Lingnan Hotel / Garden Hotel / Oriental Hotel / China Hotel net profit growth rate attributable to mothers reached 6 respectively.

64% / 0.

13% /-27.

78% / 26.

26%, of which, except for the Oriental Hotel, which saw a decrease in profits due to the increase in costs, the remaining hotels maintained a steady increase.

At present, the Fengqi Qijing Scenic Spot under the management of the company is actively applying for 4A scenic spots in an effort to create another landing platform for the integration of the tourism industry in Lingnan. Profit forecast and investment advice: After the company’s assets are integrated, it will be transformed into a comprehensive tourism group. After the acquisition of Flying Holidays, good synergy will be achieved. The travel agency and hotel business will maintain stable growth. In 19 years, they may enjoy the development bonus of the Greater Bay Area.

Adjust the profit forecast for 19/20 and supplement the profit forecast for 2021. It is expected that EPS for 19-21 will be 0.



39 yuan (the original 19/20 EPS was 0.


40), corresponding PE is 26/24/22 times, maintaining the “overweight” level.

Risk reminder: exit security events and political factors, exchange rate risks, etc.

Hikvision (002415) 2018 Annual Report & 2019 First Quarterly Report Review: Demand is expected to bottom out and pick up strategy to accelerate the landing of AI CLOUD

Hikvision (002415) 2018 Annual Report & 2019 First Quarterly Report Review: Demand is expected to bottom out and pick up strategy to accelerate the landing of AI CLOUD

The annual report performance is in line with expectations, and the cash flow improvement in the fourth quarter obviously achieved 489 revenue in 18 years.

37 trillion, +18 a year.

93%, net profit attributable to mother 113.

53 trillion, +20 for ten years.


18Q1-19Q1 revenue growth was 32.

9% / 22.

4% / 14.

6% / 13.

1% / 6.

2%; net profit growth rate was 22.

6% / 28.

7% / 13.

5% / 24.


Among them, the front-end products in the 18 years were 24.1 billion US dollars, an increase of 14 per year.

2%; expected 67.

800 million, an increase of 10 in ten years.

2%; conventional smart homes, central control products, robots and fluorite continue to grow at high speed.

In Q1 of 19, the performance achieved slightly exceeded expectations. In the second quarter, demand began to improve. In Q1 of 19, revenue was 99.

42 trillion, ten years +6.

17%; net profit attributable to mother 15.

360,000 yuan, at least -15.

41%, lower than market expectations.

The rate of revenue growth and cost increases have led to increased performance.

With the recovery of domestic government and large enterprise customer demand, 3 months have begun to improve.

The company expects that the revenue growth rate of 19Q2 will return to 20%, and the forecast H1 net profit is 37.


62 ppm, Q2 net profit 21.


26 trillion, with a median of 26.

110,000 yuan, an increase of 12% in ten years.

At the same time, the expected revenue growth rate is expected to remain at about 20%.

The company has continued to invest for 15 years, and the new business has begun to reflect the effect. The company has positioned itself as a big data company for the first time and continued to promote the implementation of the AI cloud.

The company has been continuously investing in R & D and employees for 15 years. The number of employees has increased by about 30%, and the cost has increased by about 40%, which is significantly faster than the revenue growth.

The company’s key expansion directions are AI cloud and cloud edge integration, robotics, automotive electronics, Internet of Things and other trend industries.
Innovate in computing architecture (cloud edge integration), product form (deep intelligent product family), continue to deepen the integration of the AI cloud product line, and provide an open AI development platform.

Based on the AI cloud, the integration of the Internet of Things and the information network is promoted, and the company is shifting to the direction of big data. We look forward to opening the growth ceiling again in the intelligent era.
Risk Tip One: The AI cloud landing is not up to expectations.

Second, overseas policy risks.

Continue to be optimistic about the competitiveness of Haikang in the AI era, and maintain the “Buy” rating. It is expected to return to net profit of 136 in 19-21.



4.5 billion, EPS 1.



30 yuan, a year-on-year growth rate of 20.

5% / 24.

5% / 24.

7%, corresponding to PE 23.



2X, the industry’s comparable company Dahua, Qianfang Technology’s average PE 24 in 19/20.



We are optimistic about the company’s continued competitiveness as a leading company and the future implementation of AI in big data, and maintain a “Buy” rating.