Goldwind Technology (002202): Bid rate rebounded due to gross margin expansion

Goldwind Technology (002202): Bid rate rebounded due to gross margin expansion
Investment highlights 18-year performance growth5.30%: The company released its 2018 annual report, reporting that the combined company realized operating income of 287.31 ppm, an increase of 14 in ten years.33%; realized net profit attributable to parent company 32.1.7 billion, a five-year growth of 5.30%.The corresponding EPS is 0.9 yuan.Among them, in 2018Q4, operating income was 109.1.5 billion, an annual increase of 34.38%, an increase of 60 from the previous month.85%; realized net profit attributable to parent company7.9.8 billion, an annual increase of 5.15%, down 10 from the previous month.29%.The 2018Q4 corresponding EPS is 0.22 yuan. Fan sales recovered and operation steadily increased: 1) Fan revenue was 210.16 ppm, an increase of 12 in ten years.33%; Fans are exported 5.86GW, an increase of 15 per year.34%.The gross profit margin of fans reduced due to upward pressure on costs6.35 single to 19.19%, the overall profit of fans and parts8.7 trillion, down 35 a year.twenty four%.2) Wind farm development with zero power generation.76TWh, an increase of 17 per year.4%, realized income 39.15 ppm, an increase of 20 in ten years.30%; wind farm development profit 20.0 billion percent growth of 31.57%.Gross profit margin is 64.17%, down by 1 every year.74 units.3) Revenue from wind power services16.52 ppm, a decrease of 19 per year.82%.Gross profit margin 19.72%, up 4 each year.37 averages, contributing 0 profit.7.4 billion.4) Business income such as water affairs and investment income9.23 ppm, an increase of 150 in ten years.52%. Bidding orders hit record highs, and bidding prices rebounded: In 2018, the number of domestic open tenders was 33.5GW, an increase of 23 per year.15%, 2.0MW, 2.The average bid price of 5MW-class units in December 2018 was 3327 yuan / kilowatt and 3450 yuan / kilowatt, which was a 5% increase compared to the price low in September, 3.6%.At the end of the period, total external orders in hand were 18.5GW, a record high. Expansion of operation scale and continuous improvement of profit: At the end of 18, the net equity installed capacity was 4,720MW, the equity under construction capacity was 1,540MW, and the unopened equity capacity was approved as 2012MW; in 18 years, the new equity installed capacity was 900MW (48MW was disposed), and then 889MW was reapproved. The expense ratio decreased, cash flow improved, and inventory increased: It was reported that the company split the “R & D expense” item from the “management expense” item in the profit statement, and the expense increased by 2 during the same caliber in 2018.55% to 52.97 ppm, with a decrease in the expense ratio by 2 during the period.12 up to 18.44%.Among them, the selling expenses decreased by 12 every year.60%, the sales expense ratio fell by 1.79 units.The impact of the reversal of warranty money.Finance costs increased by 21.76%, mainly due to the large amount of cash spent on purchasing parts and components and constructing wind farms, and increasing long-南宁桑拿term borrowings due to the continued increase in investment in wind power projects.Net cash inflow from operating activities in 201831.25 ppm, an increase of ten years.44%; cash obtained from sales of goods 265.3 percent, an increase of 15 per year.14%.Period-end advance receipt budget + contract debt 40.71 ppm, a decrease of 12 per year.61%.Ending receivables 148.23 ppm, a decrease of 1 per year.19%, accounts receivable turnover days decreased by 24.8 days to 186.85 days.Ending inventory + contract assets 52.66 ppm, an increase of 28 in ten years.98%; inventory turnover days increased by 2.13 days to 76.83 days. Investment suggestion: We expect the net profit attributable to the parent company to be 34 in 2019-2021.83, 42.65, 53.4.9 billion, an increase of 8 each year.3%, 22.4%, 25.4%, EPS is 0.98 yuan, 1.20, 1.50 RMB.Corresponding PE is 14.86, 12.13, 9.67 times, maintain BUY rating. Risk warning: demand is below expectations; wind turbine price competition exceeds expectations; wind farm business is below expectations.

Can the capital market have a low illegal cost? Can you try the 1 to 3 penalty model?

Can the capital market have a low illegal cost? Can you try the “1 to 3” penalty model?
The stock market advice no matter how to violate the punishment model, the purpose is to form a good foundation “can not violate the law, dare not violate the law”, and create a capital market that can effectively protect the legitimate rights and interests of small and medium investors.  After more than 20 years of development and 杭州桑拿 exploration, with the continuous deepening of reform and opening up and rapid economic development, the capital market of New China has become the second largest stock market, the third largest bond market, and the largest commodity futures market in the world from small to large.But for a long time, China ‘s capital market still has the problem of too low illegal costs and insufficient penalties. It is difficult to deter illegal profiters, so that the perpetrators of crimes often show up, fraudulently issue, and manipulate the market.Illegal activities such as “warehouse” and insider trading have been repeatedly banned, which seriously disrupted the healthy operation of the capital market and greatly harmed the legitimate interests of ordinary small and medium investors.This phenomenon has aroused widespread concern among academics, industry and regulators.  The crime of fraud issuance is expected.According to Article 160 of 杭州桑拿 the current Criminal Law, the maximum penalty for fraudulent issuance is only 5 years, and the maximum fine is 5% of the illegally raised funds.According to the previous Securities Law, the maximum fine for fraudulent issuance was 600,000 yuan or 5% of the illegally raised funds.Without sharpening out, the intensity of such violations far outweighs the gains from the violations, and it is difficult to overcome the role of deterring the offenders.  Wang Jianjun, a representative of the National People’s Congress, general manager of the Shenzhen Stock Exchange, and deputy secretary of the party committee, pointed out that the problem of low illegal costs in the capital market is very distinctive in the transition between the two sessions this year.Wang Jianjun suggested that the cost of illegal capital crimes in the capital market should be raised, the fraudulent issuance of stocks should be severely punished, the punishment system should be changed, and the bills should be returned to investors instead of being turned over to the state treasury.The prison term was changed to indefinite period; the intermediary agencies involved in fraudulent issuances were severely punished. Packaging and listing were not tolerated. Anyone who falsified them “dare to take the jobs of these people.”This preliminary can be the key to the issue of the middle and the investors.  Regarding the punishment measures for violations of laws and regulations in the capital market, we have a lot of mature foreign experience capital.The U.S. Securities Exchange Act of 1934 stipulates that if the subject of a securities fraud crime is a natural person, it shall be sentenced to 20 years’ imprisonment or a fine not exceeding 5 million U.S. dollars, or both;Penalties for dollars.This means that in the US capital market, fraudulent issuance or financial fraud may be ruined, and it seems that it may also be accompanied by long-term prison.  At this stage, it is of longer-term practical significance to improve the relevant laws and regulations such as the “Securities Law” and crack down on capital market violations.With the gradual advancement of the establishment of a science and technology innovation board and the pilot registration system, China’s capital market is about to usher in some incremental reforms with progressive significance.In order to ensure the smooth implementation of the reform of measures, a series of supporting measures will be introduced, which should include judicial measures to avoid some violations of laws and regulations in the Main Board, GEM, and the New Third Board Market in the science and technology board, resulting in capital market reform.Success is failing.  Among these steps to increase the cost of illegal acts, the deterrent effect of the amount of punishment is the most intuitive and the market’s attention.In the process, some experts and scholars have proposed that, regarding the violations of laws and regulations in the capital market, the “1 indemnity 3” penalty model can be tried in the capital market in accordance with the relevant provisions of the Consumer Rights Protection Law.It is true that this proposal is a feasible method, but the formulation of specific punishment models falls within the scope of “meat seekers”.Investors are concerned about whether punishment can effectively deter offenders, which is the ultimate purpose of legislation.It is definitely a punishment model, the purpose is to form a good integration of “cannot violate the law, dare not violate the law”, to create a standardized, transparent, open, energetic, profitable, and can effectively protect the legitimate rights and interests of small and medium investors.  □ Zhao Lichang (Finance Reviewer)

Changan Automobile (000625): Not only the new car Ford is fully Chinese

Changan Automobile (000625): Not only the new car Ford is fully Chinese
Event: On April 3rd, Ford China Antiques Strategy 四川耍耍网 Conference and the company issued an announcement that the joint venture company JMC will continue to separate strategic dating investors. Comments: Ford China 2.0, comprehensively move towards Ford management, product, and research and development in China.Ford China 2.0 Strategic focus 5 major core plans, including “Ford China Product 330 Plan”, “Smart Technology Plan”, “China Innovation Plan”, “Ford China Talent Plan”.The key points we have refined are specific products: 1) 30 new models in 3 years, 2) the new SUV Escape is released (that is, the aircraft is replaced by “wing tiger”, but it will be sold at the same time as the current wing tiger modified model,Positioning is even higher), 3) The first C-V2X model will be mass-produced in 2021 (Ford is the world leader in autonomous driving technology); in terms of business management: 1) gradually increase the participation of Chinese joint venture partners in products, technology, and the right to speak (To strengthen) the competitiveness of product localization), 2) gradually hire Chinese management talents and employees (to speed up decision-making and action efficiency, the future model update cycle will be reduced by 30%). The change in operating management budget is in line with our judgment on Ford Global and Ford China’s strategic adjustment. It is also aimed at the pain points of Ford China’s accumulated years, thus changing the important foundation for Changan Ford to gradually return to second-tier joint ventures. The associated company Jiangling Holdings was divided into two, and the company reduced its shareholding in excess of assets.The company holds 50% of JMC Holdings, and JMC holds JMC Motors (listed company) 41.03% shares, as well as related assets of Landwind Motor.The core of this adjustment is the ongoing division of JMC Holdings: 1) The equity and part of the symbol of JMC held by the former JMC Holdings are classified into the newly established company JMC Investment (tentative name), and the company and JMC Automotive Group continue to hold JMC Investments separately.50% equity remains unchanged; 2) The remaining other assets (related to Lufeng) persist, by way of capital increase and share expansion.On the date of release, a strategic investor with a capital increase of 50%, that is, after the capital increase is completed, the company’s shareholding ratio will be reduced to 25%. According to the requirements for strategic investors disclosed in the announcement and interface news and other reports, we expect the strategyInvestors may create new forces for new energy such as Aichi.From JMC’s performance, we can calculate that, after excluding JMC’s positive profit contribution, the rest of JMC’s assets are mainly in a reset state, about -4 in 2017.600 million. The core elastic target in the automotive industry boom repair process.The company’s current PB is still less than 1x. Underestimation can easily make the industry catalyze changes in the company’s size.Industry outlook. In 2019, we will maintain a judgment on the turning point of the passenger car boom. As the economy stabilizes, sales volume is expected to bottom out and rebound, which will catalyze the company’s predicted repair.At the company level, Ford accelerated the adjustment of its earlier strategic mistakes, released new cars, promoted Lincoln’s domestic production, and Changan independently released new cars, promoted the reform of state-owned enterprises, and the implementation of intelligent networking technologies, bringing new trends.Company, 合肥夜网 industry new cycle resonance is expected to bring stronger marginal change. Investment suggestion: Estimated low, the company, industry new cycle resonance brings continuous estimated repair catalysis.It is expected that the company’s net profit for 2018-2020 will be 5.5 billion, 9.500 million, 6.6 billion, 19-20 PE corresponds to 45 times, 6.4 times, 19-20 PB is 0.88 times, 0.80 times, maintain “Buy” rating. Risk Warning: The progress of travel business cooperation is lower than expected, the macroeconomic stability is lower than expected, the introduction of new vehicles by Changan Ford is slower than expected, and the independent sales performance of Changan Ford and Changan is lower than expected.

UFIDA (600588): Case Study of International Major Factory Landing Verifies Overtaking in Curves in the Cloud Era

UFIDA (600588): Case Study of International Major Factory Landing Verifies Overtaking in Curves in the Cloud Era

Event: According to the official WeChat public 都市夜网 account, the 2020 UFIDA Business Partner Conference antiqued on the afternoon of February 15th, and grandly released the UFIDA “SaaS Accelerator Program”, encouraging various developers to perform native development and deep integration based on the UFIDA cloud platform.

Key points of investment The comprehensive upgrade of the cloud platform ecology will drive new growth in corporate services: UFIDA’s “SaaS Accelerator Program” encourages various developers to conduct native development and deep integration based on the UFIDA cloud platform. UFIDA will endorse the brand, provide technical support, develop training, and the platform is freeUse, marketing support, industry fund investment and other comprehensive enablement, accelerate business SaaS industry with business innovation, and help partners grow rapidly.

By the end of 2019, UFIDA Cloud has settled in more than 5,000 partners, launched more than 8,000 products and services, and released / listed 66 cloud fusion products, which has become China’s leading enterprise service ecological platform.

In 2020, Kunpeng plans to set a target of more than 10,000 products and services, and more than 8,000 partners.

The new “SaaS Accelerator Program” in 2020 will further realize the comprehensive upgrade of the UFIDA cloud ecological model, and promote more developers to form more cloud service achievements based on the UFIDA cloud platform’s native development and depth, thereby forming a complete UFIDA cloud platform ecosystem.To drive new growth in corporate services.

Overseas manufacturers have cooperated one after another, and UFIDA products have overtaken in the corners.

According to the company’s official microblog, BMW and UFIDA have recently reached a major project cooperation. UFIDA will help BMW build a new digital intelligent marketing service system, provide BMW and its dealers with more comprehensive information technology support in the Chinese market, and support the continuous business of the future.increase.
Since the launch of NC Cloud last year, the company’s product concept of building social links to promote enterprise digital management has gradually been recognized by international giants.

UFIDA has pioneered enterprise services for 31 years and has provided cloud services to more than 5.22 million enterprises and public organizations, covering different industries and helping its intelligent development.

The choice of UFIDA by international giants such as BMW is a reflection of UFIDA’s strength. UFIDA in the cloud era is gradually achieving cornering overtaking in competition with overseas ERP giants.

Local ultra-large enterprises are expected to make breakthroughs, and cloud business will continue to double.

In the early stage, the company has always strengthened its fission and product development, upgraded its customer management system, and prepared for serving very large customers.

Specifically, it includes accelerating the development of NCC products and promoting the application of areas that large enterprises focus on, including procurement cloud, human cloud, financial cloud, marketing cloud, etc., to provide good support for large enterprise hybrid cloud product solutions.

With international giants taking the lead in benchmarking cases, local state-owned enterprises and large enterprises are trying to expand their cooperation with UFIDA Yunyun. This year, UFIDA achieved a breakthrough in large local enterprise groups.

As of the third quarter of 2019, the number of high-end cloud products NC-Cloud has more than 150 contracted customers, widening the gap between segments and driving the continued growth of cloud business. We expect the company’s cloud business revenue to continue to double this year.

Profit forecast and investment grade: It is estimated that the net profit attributable to the mother in 19-21 will be 12.



580,000 yuan, EPS is 0.



74 yuan, corresponding to PE is 98/88/64 times.

The company’s product competitiveness has increased, and the cloud business will continue to double in 2020 with strong certainty. Cases of large-scale enterprise groups have gradually landed this year, and the leading position has been further increased, maintaining the “Buy” rating.

Risk Warning: The development of cloud business is less than expected; the impact of macroeconomics on traditional ERP business.

Big Bo Medical (002901) 2019 Third Quarterly Report Review-Rapid Growth in Performance and Steady Increase in Sharing

Big Bo Medical (002901) 2019 Third Quarterly Report Review-Rapid Growth in Performance 杭州桑拿 and Steady Increase in Sharing

The company continued to achieve rapid growth in the first three quarters of 2019 after overcoming the high-opening factor, in line with market expectations.

The company is a leader in high-value consumables for conventional orthopedics. It is expected to continue to benefit from the trend of imported substitutes and increased concentration in the orthopedic industry, and has a long-term development prospect.

Maintain the company’s EPS forecast for 2019-2021 to 1.



83 yuan, corresponding to PE 43/34/27 times, maintain “Buy” rating.

Rapid growth in performance, in line with market expectations.

The company’s operating income for the first three quarters of 20198.

70 ppm, an increase of 59 in ten years.

56%, net profit attributable to mother 3.

43 ppm, an 北京夜生活网 increase of 20 in ten years.

92%, deducting non-net profit 3.

15 ppm, an increase of 27 in ten years.

17%; of which, Q3 2019 single-quarter operating income3.

27 ppm, an increase of 69 in ten years.

20%, net profit attributable to mother 1.

35 ppm, a 24 year increase.

91%, deducting non-net profit1.

24 ppm, an increase of 30 in ten years.


Due to the full implementation of the two-vote system in Fujian Province, the company’s revenue side has a high-opening factor. It is expected that after excluding the high-opening factor, the revenue-side growth rate in the first three quarters will be about 28% -30%, and the performance will achieve rapid growth, in line with market expectations.

Trauma and spinal growth were good, with a steady increase in total.

In terms of products, after excluding the high-opening factor, the company’s operating income for fracture products in the first three quarters is expected to increase by about 25%, and the growth rate of spine products will increase by about 30% -35%. The company’s market share in the domestic orthopedics market has steadily increased.Although the company is currently the first domestic trauma company and the third spine company, the share of its terminal cities is still increasing, and the room for growth is obvious. It is expected that the company ‘s revenue from minimally invasive surgery products will exceed 50% -80% in the first three quarters, experiencing the previous marketWith the development and introduction of new products, the company’s minimally invasive surgery business has achieved higher growth and is expected to become a new profit growth point.

The Anhui model promotes further promotion of the concentration of the orthopedic industry.

At present, the procurement mode of high-value consumables in Anhui has been implemented. From the negotiation results, the average price reduction of orthopedic spine materials in China is 55.

9%, the average price of imported products is 40% lower.

5%, the overall average price reduction of 53.

At the same time, the number of enterprises has greatly reduced. The bargaining will replace the spine products suppliers to 6 domestic enterprises (Beijing Fuller, Dabo Medical, Shandong Weigao, Shanghai Ruizhi, Suzhou Aide, Shandong Guanlong)With 3 import companies (Medtronic, JM, Stryker), small companies have been eliminated directly, accelerating the increase of industry concentration.

At present, the company’s business development has been stable after the implementation of volume procurement in Anhui, and its market share has increased rapidly. Follow-up acquisition policies have been issued in sequence. It is expected that the logic of improving the import substitution and industry concentration of these orthopedic industries will quickly land.

R & D funding continues, and Fujian’s two-vote system has an impact on receipts and sales expenses.

In the first three quarters of 2019, the company’s R & D expenditure was zero.

68 ppm, an increase of 50 in ten years.

63%, accounting for 7.7% of operating income

77%, R & D investment continued.

Due to the implementation of the two-vote system in Fujian, the company strengthened its independent academic promotion services and terminal development efforts. At the same time, the number of sales staff and compensation also increased accordingly. The company’s sales expenses in the first three quarters of 20192.

590,000 yuan, an increase of 247 in ten years.

During the same period, due to the expansion of sales scale and some customers choosing to end the centralized payment collection, the company’s accounts receivable at the end of the third quarter increased by 216 from the beginning of the year.

In the first three quarters of 2019, the company’s net cash flow from operating activities was 2.

0.5 billion, a five-year growth of 5.

66%, overall still quite robust.

Risk factors.

Price reductions in tenders, distribution model risks, exchange rate changes, and raw material supply risks.

Investment advice and ratings.

The company continued to achieve rapid growth in the first three quarters of 2019 after offsetting the high-opening factor, which is in line with market expectations. The company is a leading company in mainstream orthopedic high-value consumables and is expected to continue to benefit from the trend of import substitution and increased concentration in the orthopedic industry, with broad long-term development prospects.
Maintain the company’s EPS forecast for 2019-2021 to 1.



83 yuan, corresponding to PE 43/34/27 times, maintain “Buy” rating.

China Shipbuilding (600150): The birthplace of Chinese military shipbuilding plans to list three leading shipyards in total

China Shipbuilding (600150): The birthplace of Chinese military shipbuilding plans to list three leading shipyards in total

Event: On the evening of April 4, a new version of the major asset reorganization plan was announced. The planned acquisition of the century-old shipyard Jiangnan Shipbuilding Company intends to use the 100% allocation of Hudong Heavy Machinery held by it as a disposal asset, and conduct assets with the equivalent portion of the Group’s Jiangnan Shipbuilding EquityReplacement, issue share purchases at the same time: (1) Waigaoqiao Shipbuilding 36.

27% equity and CSSC Chengxi 21.

46% equity; (2) 100% equity in Huangpu Wenchong and 100% equity in Guangzhou Shipbuilding International; (3) Jiangnan Shipbuilding Group’s total equity held by CSSC after the asset replacement is completed.

Jiangnan Shipbuilding is a subsidiary of China Shipbuilding Industry Corporation. Its predecessor was the “General Jiangnan Machinery Manufacturing Bureau” established by the Qing Dynasty in 1865, and is the birthplace of the Chinese nation’s industry.

According to the official website of Jiangnan Shipbuilding, Jiangnan Shipbuilding’s predecessor was the Jiangnan General Machinery Manufacturing Bureau established in the Qing Dynasty in 1865. It was the birthplace of national industry and a pioneer in opening the country to the outside world. It is also a national super-large backbone enterprise and a national key military enterprise.
Jiangnan Shipbuilding has created countless firsts in China: the first batch of seaplanes, the first fully welded ship, the first submarine, the first frigate, the first self-built domestic wheel, the first generation of space measurement ships, etc.The various advanced naval vessels and aerospace survey ships it built have made outstanding contributions to the Navy’s move towards the deep blue and the vigorous development of aerospace surveys.

造船龙头江南厂携手与黄埔\广船两大军船厂携手注入,或带来价值重估作为我国历史上最悠久的军工造船企业之一,江南造船与时俱进,军民产品不断迭代,主要军品包括Destroyer ships, frigates and submarines, all kinds of surface and underwater combat ships, the main civilian products include LPG ships, container ships, bulk carriers and chemical ships, and other civilian ships. The injection of Jiangnan shipbuilding has therefore become the latest reorganization plan.Highlights.
In addition, the two major shipyards of Huangpu Wenchong and Guangzhou Shipyard International, which are supplemented in the plan, make major forces for ships in South China. 南京夜网 The main products include various types of combat ships such as missile frigates / ships, and auxiliary ships, including one hundred years.enterprise.

Civil Ship: Global economy or downward, demand changes or pressure under the background of large demand changes, but the supply side is improving, see the merger of the two ships, IMO (International Maritime Organization) new environmental protection regulations to bring about complementary changes April 3, IMF PresidentSaid that most countries will not be able to replace the effects of economic downturn through interest rate cuts, and the global economy is becoming increasingly unstable.

We believe that the shipbuilding industry also follows this trend: from the perspective of downstream demand, the BDI index on April 5 was 711 points and on January 2 it was 1282 points. 青岛夜网 We believe it is due to the impact of the Chinese New Year and the Brazilian mine disaster. The shipping market demand and freight ratesOr it will weaken in 2019, and shipyards may be eliminated on the supply side. In terms of upstream costs, until the initial stage of April 4th, iron ore futures prices will still rise by 39%, or the price of steel will increase.Facing cost pressures; from the perspective of environmental protection supervision, IMO will launch a sulfur limit order in 2020, and China Boat Factory may be out due to the stagnation of technological updates.

The merger of the two ships is expected, and the company, as one of China’s leading shipbuilding companies, hopes to benefit from the conversion of civilian ships.

Investment suggestion: We believe that the three major shipyards that the company intends to inject have invested a few percent of their core assets in restructuring, and at the same time have the characteristics of heavy assets, and should respond to the PB comparable valuations of other strategic manufacturing machine companies in China.

We calculate the comparable PB to be 2.


It is assumed that the majority equity of Jiangnan Shipbuilding is calculated at 100% (to avoid excessive assumption interference, and can be adjusted according to new announcements in the future), and its net asset appreciation rate is calculated based on the predicted value of the given assets.

68%, after excluding Hudong Heavy Machinery’s equity placement, the company’s net assets after the reorganization reached 429.

4 trillion, corresponding to a market value of 1137 trillion, and the corresponding market value of the equity after the acquisition and issuance of assets has +48.

61% space (see text for calculations).

Earnings forecast: The shipbuilding industry is picking up its target, lowering its revenue growth rate from 8% / 10% to 2% and 5% in 19-20 years. It is expected that revenue growth rate will be 10% in 21 years, and revenue 172/181 / in 19-21 years. 19.9 billion, net profit 6.



10,000 yuan, EPS0.



59 yuan / share, PE 44.



36 times.

Risk reminder: there are potential uncertainties in the reorganization plan, risks in the progress of reorganization, and the risk of a downturn in the shipbuilding industry.

Wanliyang (002434): Performance-building passenger cars automatically change into the harvest period

Wanliyang (002434): Performance-building passenger cars automatically change into the harvest period

Event: The company announced its 2019 Interim Report: 2019H1 to achieve 北京SPA会所 operating income of 20.

800 million, down 3 every year.

6%; net profit attributable to mother 2.

300 million, down 16 a year.

9%; deduct non-net profit 1.

3 ‰, a decline of 46 per year.

6%; performance is below our expectations.

  Q2 net profit margin was 21.

6%, waiting for stabilization and pick-up The company’s 2019H1 revenue and performance averages have fallen, and the essence is: 1) Domestic car sales have fallen in the first half of the year.

4%, affected by the downturn in the industry, the transitional income of China-California declines by 24 per year.

2%, revenue from the automotive interior business dropped 37% year-on-year.

0%, passenger car transition benefits from supporting mass production revenue growth of 7 per year.


2) The company increased investment in research and development, increased new capacity investment and construction, and increased operating capital requirements resulting in increased financial costs and other costs, which significantly replaced the company’s net profit.

3) 2019H1 Jinxing interior may be 3566.

A drag of RMB 70,000; 4) Non-recurring gains and losses for H1 2019 are mainly government subsidies received1.

10,000 yuan, net profit after deductions increased significantly.

In a single quarter, 2019Q2 achieved revenue 11.

200 million, down 2 a year.

2%; net profit attributable to mother 1.

200 million, down 21 a year.


In general, the downward trend of the industry in the first half of the year was difficult to resist, and the company’s major supporting customers had poor sales. The company’s performance was unavoidable under pressure, but it was still lower than expected.

  The gross profit margin has increased, and the ability to control fees weakens the company’s gross profit margin in 2019H126.

0%, a decrease of 0 per year.

6pct, of which: the gross profit margin of passenger cars is 25.

1% (-0.

4pct); gross margin of interior parts 12.

1% (-0.

4pct); light truck transition gross margin 28.

7% (-1.

2 pct); the gross profit margin of the transition card is 30.

5% (-0.


The company’s 2019H1 net margin is 11.

0%, down by 1 every year.

9 points.

In a single quarter, the company’s gross profit margin in Q2 2019 was 24.5% (-1.

1pc), net interest rate is 10.

3% (-2.

8pct), 2019Q2 three rates 17.

1% (+3.

2pc), where the selling expense ratio is 3.

5% (+1.

2pct), the management expense rate is 10.

2% (+0.

8pct), financial expense ratio 3.

4% (+1.

3pct), the company’s ability to control costs has weakened.

We believe that the transformation of the industry is picking up, and it automatically changes the amount of supporting high-quality customers such as Geely, and the company’s profitability promotes a stable recovery.

  Beneficiary China VI accelerates customer expansion, supporting Geely to open up growth opportunities. The company replaces China VI upgrade market opportunities, and continuously accelerates product technology upgrades and market customer expansion. Since June 2019, the company’s CVT18 and CVT25 are equipped with Geely’s vision X3 and vision.The national six molding of S1 has been put into mass production.

Since then, the company’s CVT products have been equipped with Geely’s Vision series, Emgrand GS, Emgrand GL and Chery’s Arize GX, and other national six models have noticed mass production.

We believe that the company is currently in the early stage of supporting Geely. Through the supporting Geely going deep, the independent leader Geely, whose production and sales scale has reached 1.5 million, has promoted the opening of new growth space for the company.

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

34 yuan, 0.

41 yuan, 0.

49 yuan, the corresponding PE is 18 respectively.

1 times, 14.

8 times, 12.

4x, maintain the company’s “Buy” rating.

  Risk warning: The automotive industry is weaker than expected; the company’s products and customer expansion are worse than expected.

Yonghui Supermarket (601933): Revenue growth continues to shine, Yunchao’s operating results are expected to maintain rapid growth

Yonghui Supermarket (601933): Revenue growth continues to shine, Yunchao’s operating results are expected to maintain rapid growth

Highlights of the report Event description The company announced the 2019 semi-annual performance report, and the company achieved operating income of 411 in 2019H1.

73 ppm, an increase of 19 years.

70%; net profit attributable to shareholders of listed companies13.

54 ppm, an increase of 45 in ten years.


Realize the deduction of non-net profit attributable to shareholders of listed companies.

79 trillion, an increase of 30 in ten years.


Incident review The same-store improvement over the second quarter improved the second-quarter extension speed, and the revenue growth in Q2 2019 was bright.

It is estimated that the growth rate of the company’s revenue end in 2019Q1-Q2 is 18.

48%, 21.

16%, recorded a bright growth. As the company replaced the cloud creation and cloud business business, it is expected that the actual comparable revenue growth rate is higher than this value, and the single-quarter second-quarter revenue growth rate increased by 2 from the previous quarter.

68 supplements, mainly due to: endogenous, thanks to the increase in passenger flow from old stores and the second-quarter food price rise, it is expected that 2019Q2 will be better than 2019Q1; from the perspective of extension, it is expected that the single-second quarter revenue increase will mainly come from 1) Speeding up shop of Yunchao store: The official website shows that the company opened 25 new stores in the second quarter, which is faster than Q1; 2) Mini stores are expected to accelerate development in Q2;Registration is completed, and it is expected that the consolidated contribution will increase from the second quarter of 2019.

In terms of performance, we expect Yunchao’s operating results, excluding financial expenses, to maintain rapid growth in the second quarter alone.

The net profit attributable to the company in the second quarter alone increased by 23 per year.

81%, a decrease compared to the previous quarter. We expect that due to the company ‘s increased external allocation of investment and domestic investment funds, it will supplement short-term expenditures and increase the index fee; however, mini-stores are emergingIn the first half of the year, there may be a certain amount of expenses in accelerating the exhibition in the first half of the year. The high investment income base from Zhongbai in the same period last year also had a certain impact.

In our opinion, regardless of financial expenses and mini-store spending, Yunchao’s operating results in the second quarter alone are expected to maintain rapid growth, highlighting the company’s return to its core business and the effective implementation of energy savings and efficiency.

Investment suggestion: in the short to medium term, we are optimistic about the company’s efforts to promote organizational structure transformation after returning to the focus of the supermarket business, and the operational vitality brought by moderate decentralization.

In the long run, the current supermarket industry is facing a dual diversion of e-commerce to standard products and community stores to fresh products. The industry is clearing up and integration has become prominent. At the same time, the logic of the fresh food category consumption scenario remains offline.Yonghui, which has few operating advantages, is in the key stage of integrating the existing market and actively opening up the incremental community market. The market share increase trend is becoming more prominent. It is committed to gaining market share in exchange for long-term channel bargaining and margin improvement space. The company is expected toThe EPS for 2019-2021 is 0.



39 杭州桑拿 yuan, “Buy” rating.

Risk Warning: 1.

Consumption deteriorated further, CPI continued to slump; 2.

The expansion effect of the new format was lower than expected.

Zhongxin Tourism (002707): Q1 deducted non-performance slightly increased focus on channel expansion, industry marginal improvement

Zhongxin Tourism (002707): Q1 deducted non-performance slightly increased focus on channel expansion, industry marginal improvement

I. Overview of the event The company’s 2018 annual report published by the company achieved operating income of USD 12.2 billion in 2018 and a ten-year increase in value1.


Net profit attributable to mothers was 23.57 million yuan, a decrease of 90% year-on-year; operating income in the first quarter of 2019 was 24.

5.8 billion, down from 0 previously.

9%; realized net profit attributable to mother to RMB 64.87 million, reduced by 1 for many years.

4%; net profit after deduction is 64.49 million yuan, an increase of 6.


Second, analysis and judgment Business analysis: The development of batch-to-zero integration has accelerated. In 19 years, the company achieved rapid sales in the fourth quarter by relying on franchising and expansion stores. The company achieved revenue of 27 in the fourth quarter.

800 million, a year-on-year drop of 1%, narrower than Q3.

In terms of business, the large-scale wholesale business was significantly affected by the shipwreck in Thailand. The revenue of Zhongxin itself and Zhuyuan International Tourism Wholesale Business respectively occurred 4% / 1% over the same period of the previous year, and the net profit of Zhuyuan decreased by 22%.

The retail side benefited from the impact of supplementing 300 stores, achieving a 12% growth and increasing its proportion of revenue by 2pct to 19%.

In addition, the company’s integrated marketing business and other businesses maintained steady double-digit growth, but the performance of Zhongxin Borui increased by 48% compared with 2017.

From the perspective of regional distribution of revenue, the company benefited from the acceleration of retail store expansion. The company’s revenue in southern China and central China achieved rapid growth. However, due to the shipwreck incident in Thailand, the original revenue accounted for a relatively high performance in the region.Only a slight increase of 2% is expected to be related to the growth rate of outbound tourism in first-tier cities due to saturation saturation.

The gross profit margin was under pressure, and the opening of stores to accelerate sales expenses was affected by the shipwreck in Thailand. The company’s overall gross profit margin decreased by 0 compared with 2017.

6 points.

Among them, the gross profit margin of the wholesale business is 0.

8pct, the overall gross profit margin of the retail business decreased by 1.

1pct, but gross profit margin of direct-operated stores increased to 16.

7%, which is expected to be related to the sinking of stores and the sales structure of partner stores.

Expenses: Affected by the accelerated expansion of retail stores, the company’s sales staff compensation and rented property expenses increased by 30% / 20% in 2018, which led to an increase of 21% in sales expenses and an increase in the sales expense ratio1.


Management expenses increased slightly by 0 compared with the same period last year.

5%, mainly due to the provision of diversified equity incentive fees in 2017, which in 2018 decreased by 56%.

The company’s financial expenses increased slightly in 2018, mainly due to the increase in exchange gains due to accrued interest expenses on convertible bonds and the depreciation of the RMB in 2018.

In 2018, a large amount of impairment of goodwill caused short-term changes in performance and performance. In the fourth quarter, the company increased its asset impairment losses by approximately 1.

1.3 billion US dollars, resulting in a significant reduction in baseline net profit growth of 90%.

Including Beijing Kaiyuan Travel International Travel Agency Co., Ltd., ActiTravelGmbH (Germany Yuetiao Travel Company), Shanghai Youyi Network Technology Co., Ltd., accrued goodwill impairment of 67,3 million, and accrued bad debt loss of 29.37 million corresponding to accountsyuan.
In addition, the company also accrued 1556 million long-term equity investment impairment for Belgian Airlines, a wholly-owned subsidiary in which it operates.

The revenue growth rate in the first quarter of 19 was affected by the high base last year. The Zhuyuan consolidation led to a slight increase in net profit from non-returning mothers in 1Q18. Benefiting from the rebound in the industry’s prosperity, the company’s revenue / profit side achieved 10% / 20%.growth of.

At the same time, as the Q1 Thailand line is still recovering from the bottom this year, the base pressure of Q1’s performance this year has broken through. The slight increase in performance after deductions is expected to be mainly affected by the 30% distribution and consolidation of Zhuyuan.

In addition, the acceleration of the company ‘s zero-integration strategy led to a continued rise in gross profit margin. In 1Q19, the gross profit margin of the company increased by 1 pct to 13% compared with the same period last year.

However, during the period, due to the increase in the speed of the store and the increase in interest expenses on convertible bonds, it is expected that the company will use franchise expansion this year, and the pressure on the cost side will improve.

Third, investment suggestions The prosperity of outbound tourism in the first quarter gradually picked up. From January to April, the number of Chinese travel bookings to Europe further increased.

9% is better than 18 years. The growth rate of Japan and South Korea’s outbound tourism has also maintained a rapid growth. 合肥夜网 The growth rate of international airline transports from January to March has performed well.

In combination with the airline’s 19 summer and autumn flight schedules and the improvement of destination visa policies, we expect that the changes in the Q2-Q3 outbound tourism boom will continue to improve and gradually accelerate the trend of lower to higher levels.

As the leader of the outbound tourism industry, the company will continue to accelerate the pace of store expansion this year. The number of stores in 19 is expected to double over the 18 years. It will benefit the most from the continuous recovery of the industry in the future.

We expect the company’s EPS to be zero in 2019-2021.
31, 0.
40, 0.

49 yuan, corresponding to PE is 24, 19, 16 times. The company’s current forecast is at the bottom of history, and the institution’s position is reduced. For the first time, it is given a “recommended” rating.

Fourth, risk warning: destination risk; exchange rate fluctuation risk; store opening progress is less than expected.

UFIDA (600588): Digitalization of large and medium-sized enterprises at the launch of new products

UFIDA (600588): Digitalization of large and medium-sized enterprises at the launch of new products

Report Highlights Event Description On April 19th, the 2019 UFIDA Cloud Service Spring New Product Launch Conference with the theme of “Digital Enterprise, Intelligent Service” launched a series of innovative enterprise cloud service products in ancient Beijing, including large-scale enterprise hybrid cloud solutions., Data in Taiwan, small and micro enterprise cloud products, corporate financial cloud products and insurance services.

Initially we will analyze UFIDA’s new products and strategic progress.

Event review The new product release is expected to have a long-term strategic focus, and cloud services for large and medium-sized enterprises and China-Taiwanization strategy are highly enhanced.

The annual 419 new product launch conference is a “festival” for UFIDA developers, and it is a grand event for the company to 南宁桑拿 gradually lead the product strategy and strategy.

The most important thing of this conference was the release of NCCloud large-scale enterprise digital platform, data-stage platform and other architecture-level products, which improved the company’s integrated service capabilities, and helped large and medium-sized enterprises go to the cloud to solve actual business pain points and reduce costs and increase efficiency.

Hybrid cloud solutions are a real digital option for large enterprises.

At present, large enterprises are seeking digital transformation to solve the pain points of various needs such as research and development, production, procurement, marketing, finance, and management.

The NCCloud large-scale enterprise digital platform released this time has fully 成都桑拿网 inherited UFIDA NC’s 20 years of experience in serving large-scale Chinese enterprises, realizing ERP management capabilities for assets, human resources, supply chain, manufacturing, marketing, etc., and integrating some kind of procurement cloud.Multi-functional public cloud services and embedded financial cloud services such as collaborative cloud, tax cloud, smart industrial internet, Xiaoyou robot, data analysis cloud, etc., help companies to create “people, property, property,”Customer” integrated digital business innovation platform to achieve comprehensive digital upgrade of large enterprises.

China-Taiwan is the trend choice for enterprises’ digital transformation.

Since Ali proposed the China-Taiwan strategy in 2015, the concept of “big, medium and small, small front desk” has become the goal of IT enterprise architecture upgrade.

The middle platform can solve the pain points such as system accumulation and bloat, high update cost, long development cycle, and data isolation.

The data center released this time is one of the three major platforms of UF iUAP. Its data lake is a data center for enterprises to establish various services. It combines technology center and business center to achieve agile development, rapid repetition, and respond to user innovation.Demand, expert business operations, is the trend of the next-generation technology architecture upgrade.

“Millions of companies on the cloud” helped the Internet upgrade of the real economy, and UFIDA replaced natural advantages.

The UFIDA brand was newly upgraded to UFIDA Enterprise Cloud Services at this conference. In response to the trend of the industrial Internet, UFIDA has transformed and grown into a Chinese enterprise based on the customer volume, data, and product advantage cards accumulated in the enterprise-level market for 30 years.The leader of the cloud service market is expected to achieve net profit attributable to mothers in 2019-2021.



700 million, maintain BUY rating.

Risk Warning: 1.

Macroeconomic impact on corporate IT needs; 2.

Competition in the enterprise cloud service industry has intensified.