China Pacific Insurance (601601) Company Annual Report Comment: Long-term health insurance + every 10 years the investment side is robust NBV, EV, and profit are higher than expected

China Pacific Insurance (601601) Company Annual Report Comment: Long-term health insurance + every 10 years the investment side is robust NBV, EV, and profit are higher than expected

Investment points: The proportion of long-term protection new orders has increased significantly; long-term health insurance premium income has increased by + 60% each year; manpower has developed.

NBV was initially +1.

5%, the investment side is stable, and the EV growth rate exceeds expectations.

The comprehensive cost rate of property and casualty insurance continued to be optimized, but the commission rate continued to increase; non-auto insurance had a high growth rate.

The floating profit of bonds increased, and the comprehensive investment yield rose instead.

The performance is dazzling, and it is estimated that it is still low, with a “continuous market” rating.

  CPIC’s 2018 annual report performance: 1) Net profit attributable to mothers was 18.1 billion, a decade of + 23%; single-quarter growth in the fourth quarter + 42%.

Net profit of life insurance and property insurance increased by + 39% and -7% respectively.

2) Net assets of 1496 trillion, +8 earlier.

8%, +4 at the end of the last three quarters.


3) NBV +1.

5%, EV +17 from the beginning of the year.


4) The remaining margin is 285.4 billion yuan, + 25% from the beginning of the year.

5) The comprehensive cost ratio of property insurance is 98.

4% per year -0.


The average growth rate of the company’s NBV, EV, and profit exceeded our expectations in the “Low Base + Guaranteed Development, Value Storage for 2019 Value Growth-Insurance Industry Annual Report 2018 Preview” released on February 23.

  Life insurance: Long-term health insurance with high growth, NBV, EV exceeded expectations.

1) Individual insurance new orders for half a year -5.

6%, but long-term guaranteed new single year +7.

7%, the proportion increased by 7.

4ppt to 49.


Long-term health insurance premium income + 60% per year.

2) New business value margin +4.

3ppt to 43.


3) The average monthly healthy manpower is 31.

20,000, 14.

90,000, previously + 26%, 15%; long-term average monthly manpower is 84.

70,000, a year -3%.

4) Benefit from the increase in floating profit of bonds + low proportion of equity allocation, investment bias in life insurance business, and market value adjustments all contribute positively to life insurance EVs, accounting for a total of 1 at the beginning of the period.

5%, significantly preset peers.

  Property and casualty insurance: The comprehensive cost rate continued to be optimized, 2018-0.

1) The profit before tax of property insurance + 9% per year, and the litigation fee rate is increased by 1.The impact of 7ppt, the average interest rate + 35%, the return rate is as high as 46%, and the net profit is -6 twice.


2) The auto insurance compensation rate is -4 for half a year.

6ppt to 56.

8%, driving the company’s payout ratio for three years -3.

6ppt to 56.


3) Non-auto insurance premiums for three years + 30%, the proportion increased by 3.

5ppt to 26%; non-auto insurance comprehensive cost rate is -0 for half a year.

4ppt to 99.


The income of agricultural insurance is 4.2 billion US dollars, + 55 percent per year, and the market share is rapidly rising to the third place in the industry.

  Investment: The allocation of core equity is extremely low, and the rate of return on comprehensive investment rises without decline.

1) The proportion of solid income is as high as 83.

1%, the equity category accounts for 12.

5%, of which equities and equity funds account for only 5.


Affected by the floating profit change of bond assets, the comprehensive investment yield is as high as 5.

1%, ten years +0.

2) Total investment yield 4.

6%, -0 per year.

8ppt, net investment yield 4.

9% every year -0.


3) The fixed income / equity / investment real estate / cash and other investment yields are 5 respectively.

twenty one.

1% / 9.

0% / 1.


  Transformation 2.

0 continues to advance, and life insurance is expected to develop; estimates are still low.

Currently the corresponding 2019E PEV is only 0.

8 times higher safety margin.

Give 无锡桑拿网 1.


1x 2019E PEV, corresponding to a reasonable value range of 43.


36 yuan, maintaining the investment rating of “permanent market”.

  Risk reminders: 1) the downward trend of interest rates; 2) the stock market plummets; 3) the protection-type growth is less than expected

Hao Haishengke (688366) New Share Pricing Report: A Leader in Down-to-earth Biomedical Materials

Hao Haishengke (68合肥夜网 8366) New Share Pricing Report: A Leader in Down-to-earth Biomedical Materials

Highlights of the report Deeply cultivating biomedical materials, leading the sub-sectors Haohai Biotech is a high-tech biomedical company focusing on R & D, production and sales of medical biomaterials, focusing on the rapidly growing therapeutic areas in the medical biomaterial market, including ophthalmology, plastic surgery and beautyWith wound care, orthopedics, anti-adhesion and hemostasis, four major business areas have achieved industry-leading advantages.

  Multi-field layout of biomaterials, pipeline products market can be expected ophthalmology: coordinated layout of intraocular lens, opto-optic materials and products, ophthalmic viscoelastic agents, etc., will help to benefit from the growing cataract surgery and myopic demand for myopia.

The follow-up pipeline market is expected. The development of orthokeratology is about to enter the clinic, and it is expected to be launched in about three years.

  Medical Beauty: China’s leading cross-linking technology, priority is given to dual-phase single-phase and dual-phase hyaluronic acid filled products.

The third-generation new-type linear cross-linking and painless cross-linking of the follow-up pipeline are coming out soon. Organic cross-linking products are under development, forming a long product line, and taking advantage of the prosperity of the Chinese medical beauty market, promoting the growth of this sector.

Recombinant human epidermal growth factor has been transformed into medical insurance, and sales have grown significantly. The company is expected to continue its volume after expanding production.

  Orthopedic and surgical anti-adhesion: stable business, has become a few leading companies of similar products.

  The endogenous and extended performance has grown rapidly, and long-term growth is still expected. The company will gradually complete a series of mergers and acquisitions, and its revenue will increase, with a CAGR of 24.


  19H1 growth rate has improved, but long-term growth is still cocoa.

After the rectification of the medical beauty industry, the industry standardization will increase, and it is expected to increase the market share of large-scale products. The strong one will be Hengqiang; the artificial crystal may be affected by the collection of consumables.

The company maintains its hyaluronic acid pricing system as much as possible through its multi-layered product layout. The company is well versed in mergers and acquisitions and the integration of high-quality resources to achieve business synergy development along the way. It will continue to advance its experience in this area to help improve performance.

  Estimate and pricing At present, the company’s main business is divided into ophthalmology, wound care and tissue filling, and the application of sodium hyaluronate and medical chitin.

For the corresponding sections, please refer to Guanhao Biological, Opconvision; Allergan; Jingfeng Medicine.

  Taking into account that the company is still in the merger and acquisition integration period, we predict that the company’s net profit attributable to its mother in 2019-2021 will be 4 respectively.

55, 5.

08, 杭州夜网论坛5.

7.2 billion, an increase of 9 each year.

85%, 11.

70% and 12.


Considering the 2019 PE TTM and comparable profit forecasts for 2019 and 2020 of comparable companies and companies listed on the Hong Kong Stock Exchange, combined with the growth potential of comparable companies and target companies, we give Haohai Biotech 20-30 times the corresponding profit forecast for 2020PE, it is estimated that the reasonable market value range corresponding to the predicted profit in 2020 is 127-152 trillion, corresponding to the target price of 71 after the IPO.


69 yuan.

  Risk prompts iterative risks of new product technology upgrades; risk of high-value consumables collection and price reduction; risk of fluctuations in the medical and aesthetic industry; and goodwill impairment risk.

Shengyi Technology (600183) Interim Review: Growth Exceeds Expectations, Overweight Shows Ambitions

Shengyi Technology (600183) Interim Review: Growth Exceeds Expectations, Overweight Shows Ambitions

Event: On August 12, the company released its semi-annual report, and achieved operating income of 59 in the first half of 2019.

73 ppm, an increase of 2 per year.

85%, realizing net profit attributable to mother 6.

29 ppm, an increase of 18 years.

02%, the net profit of non-attributed mothers is reduced by 5.

92 ppm, an increase of 22 in ten years.


  Investment points: Copper clad sheet + prepreg: affected by the price of raw materials, the income has shifted slightly, and profitability has increased significantly.

In the first half of this year, the sales area of the company’s copper-clad laminates and prepregs increased at the same time compared with the same period of last year. However, because the prices of the main raw materials (copper foil and fiberglass cloth) of the current copper-clad laminates are lower than the same period of last year, the company’s products are under pressureAs a result, the company’s revenue from this business has decreased. In 2019H1, the company’s copper clad laminates and prepregs contributed revenue 46.

3.9 billion, a decline of 2 every year.

32%, of course, also because of the price reduction of raw materials, the company’s profitability of copper clad laminates and prepregs has improved significantly. The gross profit margin of this business in 2019H1 increased by 4 compared with the same period last year.

4 pct.

To reach 22.


  In the previous company’s in-depth report, we have already sorted out the past changes in China’s communications system that have helped the company’s copper laminate production capacity. In the second half of this year, 5G construction has gradually entered a peak period. At the same time, Shaanxi Shengyi cashed in the second half.Expansion of the production capacity of 4.2 million square meters per year of copper clad laminates, Jiangxi Shengyi Phase I (12 million square meters per year) is also expected to be put into production in the first quarter of 2020. The company has arrived at a new stage of high growth in copper clad laminates and prepregs.

Printed circuit boards: Revenue and profits have increased significantly. Benefiting from 5G is expected to usher in new growth.

Although the sales area of the subsidiary Shengyi Electronics PCB decreased (463.

620,000 feet / -15.

46%), but operating income increased significantly (12.

$ 8.3 billion / +28.

04%), profitability has also been significantly improved, and gross profit margin reached 32.

73%, an increase of 9 compared with the same period last year.

13 points.

  In terms of production capacity, as of 2018, Shengyi Electronics must increase PCB production capacity by about 13 million feet / year (about 120 square meters / year), which is expected to increase by about 30% this year. Currently, it has planned to invest in Ji’an to expand production, with a phase of 700,000 square meters.Annual production capacity, construction period is two years.

Like copper clad laminates, 5G construction will provide a clear impetus for the company’s new PCB production capacity. At the same time, it will gradually increase the average price and profitability of PCB products. In the next two years, the PCB business will promote the company’s overall performance flexibility.

High-frequency copper clad laminates: gradually entering the capacity phase, and is expected to become the main force of domestic substitution.

The company has mastered the production process of hydrocarbon copper clad laminates through self-developed methods. By purchasing a full set of processes, technologies and equipment solutions from Japan’s ZTE Corporation, it has obtained the physical energy for the preparation of PTFE products.

The subsidiary Jiangsu Shengyi is mainly responsible for the production and preparation of high-frequency boards. It has been put into production in 6 months. It is currently in the ramp-up phase of production capacity. If the subsequent progress goes smoothly, it will open up new growth space for the company.

At present, the global PTFE market is almost monopolized by Rogers. Considering the US export restrictions on Huawei, the replacement of PTFE copper clad laminates is expected to become the future in the case of improved product quality. 2?
In the three-year trend, the company’s planned 重庆耍耍网 PTFE production capacity far exceeds other domestic counterparts, and it is expected to fully benefit in the future.

Earnings forecast and investment rating: Maintain Buy rating.

The construction of 5G base stations will drive the demand for copper-clad laminates, prepregs and PCBs, and supplementary production capacity (Jiangxi Shengyi, Jiangsu Shengyi Special Materials, Ji’an PCB projects) will be successively launched, which will form the most direct driving force for the company’s revenue and performance growth.Effect, we expect the company’s net profit for 2019-2021 will be 12 respectively.

02 billion, 14.

4.1 billion and 16.

88 trillion, the current sustainable corresponding PE is 41.

73, 34.

80 and 29.
72 times. Considering the company’s leading position in the field of copper clad laminates and the possibility of further growth in future performance, we maintain the Buy rating.
Risk reminders: (1) Rising upstream raw material prices reduce the company’s profitability; (2) 5G base station construction progress is less than expected; (3) PTFE capacity climbs less than expected.

AVIC Optoelectronics (002179) Incident Review: Equity Incentive, Long-term Military Industry White Horse Starts Again

AVIC Optoelectronics (002179) Incident Review: Equity Incentive, Long-term Military Industry White Horse Starts Again

Event: The company released the A-share budget stock incentive plan (second phase), and plans to award 3,206 to a total of 1,215 people including 1215 people, including some directors, senior managers, middle managers, core technical (business) personnel, and senior managers and core backbones.

50,000 shares, accounting for about 2 of the company’s total share capital.

9963%, the grant price is 23.

43 yuan / share.

The scope of incentive objects is expanded, which is good for the company’s long-term 北京洗浴会所 development.

The total number of proposed incentive targets for the second phase of the equity incentive plan (supplementary) announced this time is 1,215, which basically covers the company’s middle-level and above managers and core backbones, which is more than the 266 people granted in the first phase of the equity incentive plan.

We believe that expanding the scope of incentive objects can bind more people to the company’s interests, help fully mobilize the enthusiasm of leaders and key employees, and benefit the company’s long-term development.

Unlocking conditions are more stringent, and performance evaluation shows confidence.

The unlocking conditions for the second phase of the equity incentive plan (supplemental) announced this time are: the return on net assets in the financial year immediately before the unlockable date is not less than 13.

60%, and not lower than the benchmark company’s 75th percentile; the net profit of alternative non-recurring gains and losses attributable to shareholders of the listed company in the financial year immediately before the unlocking date is no less than 10 compared with the 2018 compound year.

00%, and not lower than the 75th place value of the benchmarking enterprise; the completion of the EVA index of the financial year before the previous day can reach the assessment target issued by AVIC, and △ EVA is greater than 0.

In this period of equity incentive plan (draft), 21 listed companies related to AVIC Optoelectronics’ main business are selected as benchmarking companies in the same industry, including international connector leading companies such as Tyco and Amphenol.

We believe that the unlocking conditions for the second phase of the equity incentive plan are more stringent than the first phase, which demonstrates the company’s confidence in future performance growth.

As a leading military connector company in the domestic aviation industry, AVIC will fully benefit from the accelerated advancement of national defense informatization construction.The promotion of 5G communications, new energy vehicles, rail transit and other high-boom industries will drive the continuous growth of civilian products, liquid cooling, and high-speed backplaneSuch new field layout will create more profit growth points.

Profit forecast and investment grade: The company’s net profit for 2019-2021 is expected to be 12.

1 billion, 14.

310,000 yuan, 16.

51 ppm, EPS is 1.

18 yuan, 1.

39 yuan, 1.

61 yuan, corresponding to PE is 35 times, 无锡桑拿网 29 times, 25 times, maintaining the “Buy” rating risk warning: military orders are less than expected; 5G construction progress is less than expected; the new energy vehicle industry’s prosperity decline

Daqin Railway (601006): In October, the traffic volume will be +5 for ten years.

8% of overall traffic will bottom out

Daqin Railway (601006): In October, the traffic volume will be +5 for ten years.

8% of overall traffic will bottom out

Investment Highlights: News / Announcements.

The Daqin Railway announced operating data for October. The company ‘s core asset, the Daqin Line, completed 3,664 cargo shipments in October, an overall increase of 5.

8%, with an average daily volume of 118.

19 inches.

Daqin Line operates heavy trucks 82 daily.

2 trains, of which 56 are ranked 2 trains per day.

3 columns.

Cumulative traffic in the first 10 months3.

600 million tons, a reduction of 3 per year.


  The overhaul in the fall was wrong, and many of the shipments in October returned significantly.

The Daqin Line has two intensive repairs in the spring and autumn each year. The intensive repairs this fall will be from September 15th to October 8th, ending 15 days earlier than the overhaul period of September 29th to October 23rd last year.The number increases by 5 every year.


Judging from the transfer volume of Qinhuangdao and Caofeidian ports, the average daily traffic volume during the overhaul in the first 8 days of October remained at about 105, and the traffic volume returned to a high level of about 125 after the overhaul.

However, judging from the total transportation volume in the two months of September and October, the total transportation volume was 7047 in the two months of this year. After excluding the impact of overhaul, it still decreased by 2.

8%, which is mainly affected by the impact of hydropower caused by incoming water and storage water.

  Traffic and annual growth data are expected to bottom out and rebound.

In the first three quarters, due to the multiple external unexpected factors, the incremental traffic on the Da-Qin Line shifted every half year, and it will bottom out in the fourth quarter.

The annual fall overhaul was the wrong period, 西安耍耍网 bringing an annual increase of 5 in October.

8%. In the fourth quarter of the beginning of the year, the dry season is expected. Hydropower is expected to fall. With the peak of winter electricity consumption, the traffic on the Daqin Line will rise to a relatively high level in November / December. With a low annual base and the elimination of internal and external sudden factors, the internal traffic will show a slight increase in synchronization, and the annual traffic is expected to rise to 4 in 2020.

500 million tons or more.

  Steady performance, still the target of high-quality defense, investment sentiment picked up.

The first three quarters of the Daqin Line are often affected by multiple external factors.

73%, but benefited from cost control, net profit attributable to mothers decreased by nearly 2 in the first three quarters.

57%, up to 120.

The performance 杭州夜网论坛 of the company is 8.8 billion US dollars, and the overall performance is stable. Based on our calculation of profit in 2019, if the company’s cash dividend ratio in 2018 is 50%, this year’s yield will still be 6%. In line with the internal market environment, the absolute absolute value of the defense allocation value.

  Maintain profit forecast and maintain “Buy” rating.

Maintaining profit forecast, it is expected that net profit attributable to mothers will be 138 in 2019-2021.

9.8 billion, 146.

37 ppm, 151.

1.6 billion.

, The current position has an index defense value, maintaining the “Buy” rating.

  Risk reminder: Economic growth brings coal transportation business below expectations.

Vanke A (000002): Double-increased revenue and profit, diversified businesses go hand in hand

Vanke A (000002): Double-increased revenue and profit, diversified businesses go hand in hand

Key Investment Events: On August 20, the company released its 2019 semi-annual report and achieved revenue of 1393 in the first half of the year.

200 million, previously +31.

5%; net profit attributable to mother to 118.

400 million, previously +29.


Revenue and profits both increased, and debt continued to be reduced under low leverage. 1) Stable growth in performance: Vanke achieved revenue of 1393 in the first half.

200 million, previously +31.

5%, net profit attributable to mother 118.

400 million, previously +29.

8%, mainly by subsidence area (ten years +20.

7%) and settlement average 武汉夜网论坛 price (ten years +9.

5%) due to rising; 2) Settlement gross margin slightly increased: At the end of the reporting period, the company’s settlement gross margin was 28.

3%, an increase of 1 over the same period last year.

0 digits; 3) Cash is king, safety margin is high: At the end of the reporting period, the company had 1,438 monetary funds in hand.

700 million, which is much higher than the sum of short-term borrowings and one-year long-term long-term debt.

At the same time, net cash flow from operating activities was 88.

500 million, operating prospects will continue to maintain healthy cash inflows; 4) Leverage will remain low and interest-bearing debt will be further reduced: at the end of the reporting period, the company’s net debt ratio was 35.

0%, an increase of 4 from the end of last year.

1 average, with interest denied 2253.

200 million, a decrease of 358 from the beginning of the year.

900 million; 5) Minority shareholders ‘equity decreased and income content increased: at the end of the reporting period, the company’s minority shareholders’ equity increased from 798 at the beginning of the year.

6 billion 714.

500 million, attributable to the owner’s equity from 1557.

600 million to 1610.

200 million, through reducing the proportion of minority shareholders’ equity, the company’s income quality has been improved.

Sales increased steadily, and the surplus of unsold resources was sold. 1) Steady sales: The company achieved a sales area of 2,150 in the first half of the year.

10,000 countries, ten years +5.

6%, the sales amount was 3340.

0 billion, +9 a year.

6%, with a growth rate of TOP3 in the real estate industry; 2) Insist on regional deep farming and become the mainstream product: the company ranked the top three in terms of sales of development business in 41 cities in the first half of the year, and small and medium-sized units of less than 144 square meters in residential productsThe ratio is 90.

6%; 3) Abundant carry-over resources and strong indicators of future performance: at the end of the reporting period, the company’s consolidated caliber was 4403.

7 GM has sold the outstanding resources, corresponding to the contract amount of 6215.

5 billion, budget, the company disclosed that the estimated initial completion area will be compared with the initial plan (3076.

60,000) is basically flat, and we are optimistic that the company’s performance will achieve the expected growth.

Land acquisition maintains prudent investment, layout of the first and second lines, and reasonable resource reserves. 1) Land acquisition diversification is prudent: the company acquired 54 new projects in the first half of the year, with a total construction area of 1372.

80,000 countries, equity construction 941.

80,000 countries, the equity ratio of 68.

6%, equity land price 649.800 million, with an average price of 6,900 yuan per square meter; 2) Adhere to the strategy of deep-cultivating core cities: calculated by construction area, with 82 new projects.

0% is on the first and second tiers, calculated by the amount, 88.

4% is on the first and second lines; 3) The total soil storage volume is reasonable: at the end of the reporting period, the company is under construction and planning for construction.

500 million cubic meters, of which 9867 are under construction.

60,000 countries, 5472 planned.

60,000 countries, which can meet the company’s continuous development needs in the next 3 years.

Diversified businesses go hand in hand to strengthen the leading advantages in various fields 1) The property business has achieved both fame and fortune: Vanke Property Revenue 52 in the first half of the year.

800 million, previously +27.

1%, add project signing saturated income 21.

6.4 billion, previously +113.

8%, while increasing income, launch a comprehensive asset service plan around housing asset transaction, management, supporting, value-added investment.

Constantly accumulate customer reputation; 2) Leasing business continued to develop: 101 new projects opened in the first half of the year, totaling 2.

06,000 rooms, the average rental yield of mature projects is 91%; 3) Commercial development optimization and efficiency improvement: In the first half of the year, the company’s total commercial management construction area exceeded 13.5 million countries, of which 110 projects were the SCPG platform with a management area of 9.15 million countries.90% of the opening area is shopping malls, and the overall occupancy rate of shopping malls (excluding renovation projects) is about 97%; 4) Logistics layout is further improved: At the end of the reporting period, Wanwei Logistics has settled in 44 cities and acquired 127 projects.The construction area of the leased property is 996 GM. At the same time, the cold chain function is added to further accelerate the coverage of the cold chain business to the core cities of the country.

  Investment suggestion: Vanke benefited from the increase in the carry-over volume and price of the project in the first half of the year, and its performance increased steadily. It is not easy to achieve a growth of nearly 10% under a high base.

On the operating side of the company, the debt was further reduced in the context of low leverage. On the investment side, it insisted on a reasonable land reserve.

4% are on the first and second tiers; at the development end, the company is expected to complete the initial project at the end of the reporting period, which is the same as the initial stage. If the project completion in the second half of the year is carried forward as scheduled, there will be no worry about the performance;Advantages, we are optimistic that as the company continues to lead the industry as a real estate flagship, diversified businesses can successively become benchmarks in various fields, indicating the direction for successors.

The company’s EPS for 2019-2021 is expected to be 3.


11, 4.

79 yuan, corresponding to the current PE is 7.

68, 6.

61, 5.

67x, maintain “Buy” rating.

  Risk alert event: Tighter-than-expected tightening of budget policies in first- and second-tier cities, and the company’s sales repayments did not meet expectations.

Dahua Shares (002236) Quarterly Report Review 2019: Increase R & D Investment to Repurchase Shares to Highlight Company Value

Dahua Shares (002236) Quarterly Report Review 2019: Increase R & D Investment to Repurchase Shares to Highlight Company Value

The report reading company released the “First Quarter Report 2019” on the evening of April 25, and achieved operating income of 43 in the first quarter.

4.8 billion, an annual increase of 20.

19%, achieving net profit attributable to shareholders of listed companies.

1.6 billion, an annual increase of 7.


Key points of investment Revenue growth has stabilized, and long-term development is worth looking forward to. The company’s operating revenue growth rate in the first quarter was 20.

19%, the increase in the third and fourth quarter of last year were 22.

50%, 21.

26%, the growth rate is stable, and the net profit growth of the mother is 7.

05%, slightly better than the third and fourth quarter of last year.

We think that the security industry may have had the worst time, and the demand in the second quarter strived to pick up.

As the world’s leading video-centric smart IoT solution provider and operation service provider, the company is committed to achieving new achievements in the new era of artificial intelligence, and its long-term development is worth looking forward to.

High R & D expenses and management expenses have dragged down the growth rate of net profit. The company’s R & D expenses reached 5 in the first quarter.

4.1 billion, an annual increase of 47.

45%, the main reason for the high growth is: the company expanded research and development expenditure, management costs reached 1.

4.9 billion, an annual increase of 48.

86%, the main reason for the high growth is: the company’s business growth and the current copyright tender fee.

The increase in management expenses and research and 天津夜网 development expenses has significantly higher revenue growth and dragged down the growth rate of net profit.

From the perspective of gross profit margin, the gross profit margin of sales in the first quarter was 37.

45%, an increase of 0 from the previous month.

29% off road every year.

52%, the gross profit margin rose steadily.

State-purchased shares reflect the company’s confidence in the company’s long-term intrinsic value. The company’s latest announcement, the proposed self-raised funds to repurchase part of the company’s issued public shares in a centralized bidding transaction, and the size of the repurchase funds does not exceed RMB 2 millionRMB (inclusive) and not exceeding RMB 400 million (inclusive), which will be used for the subsequent implementation of the distribution of incentives or stock holding 都市体验网 plans for employees, the repurchase price shall not exceed RMB 25.

37 yuan / share (inclusive), calculated based on the repurchase price and the upper limit of the repurchase amount, the total number of repurchasable shares is expected to be approximately 15,766,653, and the proportion of repurchased shares accounts for about 0 of the company’s current total share capital.


We believe that this plan reflects confidence in the company’s long-term intrinsic value and is conducive to safeguarding the interests of investors, especially those responsible for small and medium-sized dials, and enhancing the confidence of funders.

Earnings forecast and forecast Domestic demand for sub-sectors such as smart cities, Xueliang project, smart transportation, and smart building characters continues to grow. At the same time, the company is actively conducting overseas business layout, and high growth is expected.

Continued high R & D investment has enabled the company to have strong innovation capabilities, lead the industry development and open up new growth space. It is expected that the company’s net profit attributable to its mother in 2019-2021: 28.

9.6 billion, 36.

35 trillion, 4428 trillion, EPS is 0.

97, 1.

21, 1.

48 yuan / share, the net profit attributable to the mother increases by 14 each year.

50%, 25.

51%, 21.


Maintain “Buy” rating.

Risks threaten new entrants; domestic macroeconomic growth continues; major shareholders reduce their holdings.

FAW Car (000800): A Great Change in the FAW System in Ten Years

FAW Car (000800): A Great Change in the FAW System in Ten Years

The company announced in the evening that it planned to purchase the equity of FAW Jiefang held by FAW shares and raise funds by means of asset replacement, issue of shares to purchase assets, etc. It is expected to constitute a major asset reorganization of the company.

In our annual strategy, we have repeatedly proposed that FAW reform is one of the main lines of asset integration for the automotive industry in 2019, and combined with Xiali to sell all Toyota shares to FAW, the reform is gradually clear.

We are optimistic about FAW’s mainline reform opportunities and maintain the company’s “prudent recommendation-A” rating.

Issuance of shares, asset replacement and purchase of FAW Jiefang’s equity, FAW Car will be a clear trend as a vehicle platform.

Timeline one: FAW Xiali will transfer its FAW Toyota shares to FAW shares (expected) in two separate listings.

FAW Xiali was priced at 25 in August 2016.

600 million transfer of 15% of FAW Toyota shares to the controlling shareholder FAW shares at a price of 29 on November 28, 2018.

200 million transferred the remaining 15% equity, after which FAW Xiali no longer holds Toyota shares.

Timeline 2: FAW Car purchases all shares of FAW Jiefang.

FAW Car intends to purchase equity of FAW Jiefang held by FAW shares and raise supporting funds by means of asset replacement, issue of shares to purchase assets, etc.

Abstract: FAW’s overall listing lasted for ten years before and after its listing, involving a huge volume, which is currently unknown.

According to the strategic development of developing country groups, FAW shares as a whole listed assets may be controversial.

For the two listed entities FAW Cars involved in competition in the same industry, FAW Xiali is called Zhongzhong, and FAW Xiali’s core assets are transformed into major shareholders FAW Shares, meanwhile FAW Jiefang’s core 武汉夜网论坛 assets FAW Jiefang are injected into FAW Cars.The author thinks that taking FAW Car as the main body to realize the listing error of the core vehicle assets of FAW Co., Ltd.

Asset restructuring in the automotive industry, represented by FAW reforms, is one of the main lines of investment for the automotive industry in 2019.

1) The time window for FAW to resolve competition in the industry is approaching.

In 2016, FAW hopes to postpone a three-year delay to solve the problem of inter-bank competition (later rejected by the shareholders’ meeting), and the time window for landing will be in 2019; 2) Vehicle assets are merged and injected into the body of the automobile.

FAW Group has concentrated its entire vehicle assets on FAW shares and is expected to become the core asset of the overall listing.

Recently, 30%天津夜网 of FAW Toyota’s assets held by FAW Xiali have been transferred to FAW shares twice.

3) Full decentralization of component assets, reform, and marketization.

In June of 2018, Fawer shares, Changchun Yidong Assets changed from FAW Group to FAW equity investment. In August, FAW Fuwei launched a double hundred reform.

Wanda Films (002739) Annual Report Commentary: Multiple Factors Cause Performance-Resistant Cinema Line Leader to Refine Internal Strength

Wanda Films (002739) Annual Report Commentary: Multiple Factors Cause Performance-Resistant Cinema Line Leader to “Refine Internal Strength”

In 2018, the company realized a total of 140 operating income.

88 ppm, a six-year increase of 6.

49%; net profit attributable to mother 12.

9.5 billion, down 14 each year.


Among them, Q4 single-quarter revenue and net profit were 31.

8.4 billion and 0.

2.7 billion, an increase of 4 each year.

58% and -89.


Core point of view The gap between the company’s performance in 2018 has expanded.上海夜网论坛 The essence is: (1) the number of cinemas and screens in the country has maintained rapid growth, market competition has intensified, the market opening period of newly opened cinemas has been extended, and the single screens of cinemas have increased and decreased, As the gross profit margin of the projection business continued to decline.

(2) The proportion of non-ticket income in 2018 declined, affecting the overall level of gross profit margin.

(3) In Q4 2018, the company opened 28 new theaters, and the negative growth of the box office in the overlapping industries resulted in the net profit of Q4 in the single quarter only to 0.

2.7 billion.

(4) The increase in accounts receivable and long-term loans resulted in the company’s impairment losses on bad debts and increased financial costs.

The market share 成都桑拿网 of box office revenue increased slightly, increasing the number of terminals initially.

The company achieved box office 95 in 2018.

6 ppm, a ten-year increase of 8.

9%; of which, the domestic box office was 79.

800 million, an increase of 13 in ten years.


The company’s domestic box office growth rate is higher than the industry level, driving the market share to rise slightly.

6 points to 14.


As of the end of March 2019, the company has a total of 609 direct-operated theaters and 5,387 screens. At the same time, the expansion rate has improved.

A number of factors have led to the replacement of non-box office revenue growth in stages, and continued development of non-box office business is still an important direction in the future.

In 2018, the company achieved a total of 50 non-box office income.

200 million, an annual increase of 2.

6%; non-box office revenue accounts for 35% of revenue.

63%, compared with the same period of 20171.

37 points.

Due to factors such as the sale of overseas DVD business, the increase in the number of moviegoers and the high base during the same period, the company’s non-ticketing has deviated in the second quarter and the third quarter.

The financial forecast and investment recommendations predict that the company’s EPS for 2019-2021 will be 0.

78, 0.

83 and 0.

89 (In the November 2018 report, the forecast for 2019-2020 was 1, respectively.

00 and 1.

09).The main reason for the downward revision of the profit forecast is the overall growth rate of the industry, the competitive landscape and fierce competition.

Comparable companies have an average PE of 25x in 2019.

As the company is an absolute leader in the cinema industry, and considering Wanda Film’s injection expectations, the company is given 35 times PE in 2019, a premium rate of 40%, corresponding to a target price of 27.

3 yuan, maintain “Buy” rating.

Risk prompts box office growth is not up to expectations, market competition is intensifying, restructuring progress is slower than expected, goodwill impairment risk

Caesars Travel (000796) Annual Report 2018 & 2019Q1 Comment: Asset impairment drags down performance and equity changes continue to advance

Caesars Travel (000796) Annual Report 2018 & 2019Q1 Comment: Asset impairment drags down performance and equity changes continue to advance

Brief description of performance: In 2018, it achieved revenue of 81.

80 ppm / + 1.

67%, net profit attributable to mother 1.

94 ppm / -12.

03%, deducted non-net profit 1 from the mother.

7.2 billion / + 13.

68%, the basic EPS is 0.

24 / -12.

01%, net operating cash flow was 2.

26 ppm / -54.


In Q4 2018, it achieved revenue of 12.

52 ppm / -30.

64%, net profit attributable to mother -1.

18 ppm (mainly due to the industry’s highly competitive gross profit margin increase, and the asset impairment provision of 77.54 million yuan in 2018Q4).

2019Q1: Achieved revenue of 18.

06 ppm / + 0.

41%, net profit attributable to mother 0.

30 ppm / + 8.

41%, attributable to non-net profit of -0.

11 ppm / -139.

91%, the basic EPS is 0.

0377 yuan / + 8.


Net operating cash flow-0.

6.4 billion / +53.

77% (mainly due to the increase in the company’s advance receipts and the decline in payments made).

Non-recurring items mainly come from non-current assets disposal gains and losses.

The growth rate of tourism business affected by the industry is slow, and the effect of differentiated strategies has significantly improved the unit price of passengers.

The company achieved revenue of 81 in 2018.

80 ppm / + 1.


Among them, the tourism business achieved revenue of 70.

15 ppm / + 0.

23%; food business achieved revenue 11.

53 ppm / + 11.


In the tourism business: ① Citizen Wholesale Revenue 12.60 ppm / -2.

33%, revenue is slightly offset by industry influence, but the customer unit price has increased significantly8.

87%; ② Citizen retail business revenue 47.

07 ppm / + 1.

32%, revenue has grown steadily, and the customer unit price has increased significantly by 10.

35%; ③Corporate award business revenue 10.

48 ppm / -1.

51%, the unit fare is 7.


Overall, tourism business income has grown steadily.

23%, the effect of the differentiated strategy is significant, and the customer unit price has increased significantly7.


The gross profit margin remained stable as a whole, and the gross profit margin of the tourism business dropped slightly due to the drag on the wholesale business.

The overall gross profit margin for 2018 was 18.

10%, increase 0 by 2017.


Aviation catering and service business continued to improve1.

26pct to 42.

69%; Tourism business gross margin breakdown range is 0.

61pct to 13.

34%, specifically: Citizens ‘gross profit margin for wholesale business decreased by 1.

17 points to 4.

At 40%, the gross profit margin of citizens’ retail business decreased slightly by zero.

24pct to 16.

22%, the gross profit margin of corporate bonus business decreased by 1.

98pct to 11.


Market competition has intensified. The sales expense ratio has risen, and asset impairment losses have weighed on performance.

2018 sales rate increased by 1.

10pct to 8.

83%, we think it is mainly because ① the industry is in a bad climate and the market competition is intensifying. ② the company integrates diversified marketing work online to promote the “new, strange, special, high” series, “wise choice”, “Kaiser famous place”, “Kaiser Vacations” and other characteristic brands, speed up the incubation speed of sub-brands, increase marketing costs; management + R & D expense rate decreased by 0.

44 points to 3.

92%, indicating that the company’s management efficiency has been improved; the increase in financial expense ratio has increased by 0.

21 points to 1.

37%, mainly due to the increase in interest expenses and the decrease in exchange gains.

The accrued asset impairment loss of 82.98 million yuan in 2018 severely dragged down the performance, resulting in the company’s performance growth was not obvious under the low base in 2017 (2017 ① Provision of 1 million US dollars in financial assets sold by Jiaxing Fund Leshi Sports ProjectImpairment provisions were made; ② through the restriction of government policies, the amount of accounts receivable of the “Shuangqiao” was 1249.

530,000 yuan in full provision for bad debts).

Impairment losses in 2018 mainly came from bad debt provision, of which other receivables of Five Star Real Estate Development Company were 4,984 million, and other receivables of Baoji Changle Electric Co., Ltd. were 2,900 million. The ageing has been over 5 years and replacement may be earlierSmall, so a total of 7,884 million bad debt losses.

The performance of the first quarter of 2019 increased steadily, and the company’s operating management efficiency remained at a stable level.

2019Q1 company achieved revenue of 18.06 ppm / + 0.

41%, gross profit margin 14.

86% /-3.

11 points.

Selling expense ratio 10.

43% / + 0.

28pct, management expense ratio 3.

09% /-0.

39pct, financial expense ratio is 0.

98% /-0.

08 points.

The decrease in the gross profit margin contraction caused the non-net profit to be deducted.

The competition in the outbound tourism industry in 2019Q1 is fierce, and the overall growth rate is relatively slow. As a result, intensified industry competition has led to a decline in gross profit margin.

The overall level of the company’s expense rate remained stable, indicating that the company’s operating management efficiency remained at a stable level.

Equity changes continue to advance, and Jiaxing Fund is transferred to HNA, and control may change.

On March 21, 2019, Caesars Tourism announced that HNA Tourism and Daichi Holdings had received the notice of Hongxin Securities. Due to HNA Tourism, Daiji Holdings pledged the shares of Hongxin Securities in breach of contract.The pledged shares involved in the breach of contract shall be disposed of in breach of contract.

As of March 27, 2019, HNA Tourism and Daji Holdings converted into passive reductions to account for 0 of the total share capital through centralized bidding.

94% equity; On March 28, HNA Tourism and Daji Holdings, through centralized bidding, passively reduced their holdings to account for the total share capital2.

35% equity; On March 29, HNA Tourism and its concert parties signed a “share transfer agreement” with Jinyu Investment, about 90% of the closing price of a listed company on the previous trading day held about 44.17 million shares (Accounted for total equity 5.

50%) The agreement was transferred to Jinying Investment Sub-Fund.

So far, HNA Tourism and its concert parties have held approximately 30 listed companies in total.

28% equity.

Currently, Caesar’s leadership system holds approximately 29 shares.

97%, the shareholding ratio of the first and second largest shareholders is extremely close.

Investment suggestion: 杭州桑拿 Caesars Tourism’s upstream resources + downstream brands have obvious advantages and the company’s stable operation. If the original team realizes holding, it will further improve the company’s management and operation efficiency.

The profit forecast for 2019-2021 is expected to be EPS 0.



48. The investment rating of Buy-A is given with a target price of 9.

50 yuan, corresponding to 25xPE in 2019.

Risk reminder: the progress of equity changes is less than expected, unexpected events (natural disasters, wars, epidemics, politics) affect the flow of outbound tourists, the decline in currency exchange rates reduces the demand for outbound tourism, and integration is less than expected