Yili shares (600887): Buybacks are used to stimulate development confidence

Yili shares (600887): Buybacks are used to stimulate development confidence

The company plans to repurchase the company’s total shares 2.

5 to 5%, fully enjoying the new regulatory dividend.

The re-encouragement of the previous round of repurchases has strengthened the company’s cohesion and achieved steady growth in performance.

Year-to-date, the company ‘s performance exceeded market expectations, and strong revenue growth is expected to make the profit inflection point come earlier. It is recommended to actively arrange investment opportunities in the next two years.

Slightly adjusted EPS1 for 19-21.


32, 1.

63, corresponding to a growth rate of 8%, 16%, 23%, given a price of 27XPE for 20 years, a target price of 35 yuan, maintaining the “strong recommendation-A” rating.

Event: Yili shares announced that it intends to use its own funds to not exceed RMB 35.

The price of 00 yuan / share (150% of the average price in the first 30 trading days) repurchases 2 of the company’s total shares.

5 to 5% is used to implement equity incentives, and the repurchase period is no more than 12 months from the date of approval of the plan by the board of directors.

The large-scale repurchase has enough incentives to fully enjoy the new regulatory dividend.

The number of shares repurchased this time is not less than 151,953,191 shares and not more than 303,906,380 shares, accounting for 2 of the total share capital.

5% -5%, the upper limit of the amount according to the price limit is 5.3-10 billion.

We believe that this repurchase amount breakthrough, leaving sufficient margin for future incentives, the next round of incentives or expanding the scope of incentives (29 people in 2006, 317 people in 14 years, and 294 people in 16 years).

In the short term, it shows development confidence and releases positive signals.

In the long run, because repurchase is an equity incentive, it will help strengthen the company’s cohesion and benefit long-term development.

In addition, the company formulates share repurchase and can enjoy the new repurchase policy, which may involve: 1) the holding time of treasury shares is relaxed from one year to three years: it can be redistributed or transferred within three years for the purpose of distributing incentives.

2) The amount of repurchase is included in the amount of cash dividends: The new rules treat cash paid for repurchased shares as cash dividends, and the amount of share repurchases that have been implemented in the year is calculated by the amount of cash dividends, which is a concept of cash dividends.

3) Green channel for financing: According to the “Opinions on Supporting Listed Companies to Repurchase Shares”, listed companies apply for refinancing after implementing share 杭州桑拿论坛 repurchases, and the financing scale does not exceed ten times the total amount of share repurchases in the last twelve months. RefinancingThe board of directors that issued the stocks has decided that the date of the previous fund raising will not be limited by the financing interval, and it will give priority to such refinancing applications during the review.

With reference to the previous round of repurchase incentives, layout investment opportunities in the next two years.

The last round of re-examination: 1) Share repurchase: The announcement of the repurchase plan was announced on July 9, 2015, and the maximum repurchase price was 18.

13 yuan, the first repurchase on September 11, announced on November 3 that the company repurchased shares of 63,941,958 shares, accounting for 1 of the company’s total share capital.

04%, the highest price is 16.

48 yuan / share, the lowest transaction price is 15.

The total amount paid for 01 yuan / share (the actual purchase price is about 20% from the upper limit) is 1 billion yuan.

2) Equity incentive: On December 28, 2016, an equity incentive plan was announced, granting 45 million stock options and 15 million shares of stock, stipulating unlocking conditions for two years of 17, 18, and then unlocking successfully.

Since the end of 16 years, performance estimates have double-clicked and are expected to nearly double.

With reference to the previous round of equity incentives, we believe that the repurchase price and the grant price are fair and reasonable, and after the implementation of the distribution incentives, the company’s performance has achieved steady growth under the high-level high-level cohesion.

We believe that after launching a new round of equity incentives in 20 years, we will improve and strengthen cohesion to ensure the company’s rapid development and achieve strategic goals. We recommend that investors actively arrange investment opportunities in the next two years.

Outlook for the next 1-2 years: income exceeds expectations, and the starting point of profit inflection point is expected.

We mentioned in the comments in the annual report that the company will operate around the top five hundred billion in 19-20, and it is likely to enter the year of profit release by 2021. The reasons are: 1) After an upward cycle of about three years from 18-20 years,20-21 may enter a price increase year, or raw milk prices will turn down. From the historical data, in the last year when raw milk prices go up or raw milk prices go down for the first year, the company’s profit often strengthens rapidly (such as 13-14 Years); 2) After the mid-term target is reached in 21, the cost is expected to slow down gradually; 3) Under the situation of increasing scale, the company’s profit will return to 9 in 16 years.

About 4% is reasonable.

From the beginning of the year to this year, Yili’s fundamentals have been strong and exceeded market expectations. We believe that the current profit growth of Yili is higher than expected. The profit inflection point has arrived earlier. From a one-year perspective, if demand continues to exceed expectations, The period of corporate profit release is expected to be advanced to 2020 or even earlier.

However, we also recommend that investors from the perspective of market share and industry pricing power, buy the leading strength of Yili increasingly strengthened.

Repurchase is used as an incentive to demonstrate development confidence and maintain the investment rating of “Highly Recommended-A”.

19 years will be the key sprint year for the company to achieve the 100 billion revenue target in 2020. The company’s target management is clear. Through effective incentives to maintain efficient operations, the leading style is fully demonstrated.

Slightly adjusted EPS1 for 19-21.14.1.

32, 1.

63 (previous time 1.


27, 1.

60), corresponding to a growth rate of 8%, 16%, 23%, given 27XPE for 20 years, a target price of 35 yuan (previously 32 yuan), maintaining the “strong recommendation-A” rating.

Risk warning: demand declines, costs increase, competition intensifies, and new product promotion falls short of expectations.

Changan Automobile (000625) in-depth report: ready for recovery

Changan Automobile (000625) in-depth report: ready for recovery
Key points of investment: One of the four major domestic automobile groups with a long history 1) Changan Automobile is a camp company of the four major automobile groups of China, with a history of 157 years, 35 years of accumulated automobile manufacturing, 16 production bases worldwide, 35 complete vehicles and enginesFactories and 10 key overseas markets.2) The company is affiliated to Changan Group, and the actual controller is the State-owned Assets Supervision and Administration Commission of the State Council.At present, the Bingzhuang Group holds a company stock ratio of 21.56%, Changan Group holds the company’s stock ratio of 19.32%, Bingzhuang Group is the company’s largest shareholder. The company has a variety of independent and joint venture brands and rich products. 1) The company has formed multi-grade, wide-range and multi-product product lineups for cars, SUVs, MPVs, crossover passenger cars, passenger cars, trucks, etc., covering traditional fuel and new energy modelsHas displacement from 1.0L to 2.0L engine platform.The company owns Changan Passenger Car, Auchan Automobile, Kaicheng Automobile and other independent brands, as well as Changan Ford, Changan Mazda, Changan Suzuki (Suzuki has exited and has become a wholly-owned subsidiary), Changan PSA and other well-known joint venture brands.2) In terms of sales volume, the major sales volume of Chongqing Changan, Nanjing Changan and Hefei Changan and autonomous passenger cars; the major sales volume of joint venture passenger cars of Changan Ford and Changan Mazda.3) In terms of finance, the company’s revenue for the first three quarters of 2018 was 498.52 ppm, a decrease of 3 per year.07%, net profit 11.7.1 billion, down 79 every year.98%, corresponding to a net interest rate of 2.35%.The investment income mainly based on Changan Ford and Changan Mazda is the main source of the company’s net profit. The profitable replacement of Changan Ford has weighed on the company’s overall performance. Ford and autonomous expectations are improving, waiting for dawn 1) In terms of profit contribution, the recovery of Changan Ford’s future operating performance basically determines the overall flexibility of Changan’s performance.In order to realize the recovery of sales volume and business performance, Ford Motor has gradually upgraded Ford China to an independent business unit, adjusted and unified the internal Ford sales channels, promoted the localization of the Lincoln brand, released Ford China’s “2025” strategy and gradually entered the revitalization of the Chinese market.This series of breakthroughs and new car planning efforts should be significantly stronger than the last “1515” strategy, and future sales are expected to achieve a breakthrough recovery.2) This year, new models of Changan autonomous passenger cars have been 南宁桑拿 launched, including the new CS85 Coupe / CS15 / 95 remodeling / CS75 replacement models. Changan autonomous passenger car sales are expected to improve this year. The strategy of electrification and intelligence is positive and aggressive, accumulating power for medium and long-term growth. 1) The company has established and released a relatively detailed new energy vehicle development plan, the “Shangri-La Plan”, and announced that it will completely stop selling traditional fuels from 2025.Cars are fully electrified; through the continuous advancement and implementation of the “Shangri-La Plan”, the company’s new energy vehicle business has achieved sustained and rapid growth and has become an outstanding practitioner in the field of automotive electrification.2) In August 2018, the company released the “Beidou Tianshu” intelligent strategy. At present, it has completed the integrated adaptive cruise IACC and the automatic parking system APA4.Mass production development of key technologies such as 0-level PA-level autonomous driving, and mass production of L2-level autonomous driving technology.As the application technology continues to mature, the company is expected to become a deep cultivator and leader in the field of smart cars in the future. Earnings forecast, for the first time, we have given an “overweight” rating. We expect the company to achieve operating income of 720 in 2018-20.13/756.15/816.65 ppm, ten-year growth rate of -10% / + 5% / + 8%, to achieve net profit attributable to mother 5.70/8.03/28.880,000 yuan, ten-year growth rate of -92% / + 41% / 260%, the corresponding EPS is 0.12/0.17/0.60 yuan / share.We believe that the restructuring of Changan Ford’s sales volume has recovered, and it has stabilized independently. The company’s performance flexibility will be evident. It is estimated that it will develop sustainably and is optimistic about the company’s mid- and long-term development. Risk warning: Changan Ford, Changan Mazda and Changan passenger car sales are lower than expected; cost control is lower than expected; raw material prices are higher than expected

Ziguang (000938) 2018 Annual Report Comment: Core Products Continue to Lead the Revenue Quality and Steady Improvement

Ziguang (000938) 2018 Annual Report Comment: Core Products Continue to Lead the Revenue Quality and Steady Improvement
Key Investment Events: The company released its 2018 annual report and achieved operating income of 483.1 billion, an annual increase of 23.6%; net profit attributable to mothers was 1.7 billion, a year-on-year increase of 8.9%; net profit attributable to non-mothers 13.100 million, an annual increase of 35%. Revenue continued to grow steadily, and the proportion of high value-added services continued to increase.The company achieved operating income of 483 in 2018.1 billion, an annual increase of 23.6%, maintaining steady and rapid growth.In terms of gross profit margin, the gross profit margin of basic products business and distribution business were 37.1% and 7.2%, a decrease of 6 compared to 17 years.95pct and increase by 1.85pct, mainly due to the report that the increase in the proportion of sales revenue of products with low gross profit margins such as remote servers has driven the gross profit margin of IT infrastructure products slightly shifted. Core products maintained a leading position, and Ziguang Digital and Xinhua San continued to expand.The report merged, and Ziguang Digital and Xinhua San, the subsidiary platforms of the company, continued to expand and achieved 202 in revenue respectively.500 million and 297.900 million, an increase of 11% and 25% previously, achieving steady growth.The company’s core products were quickly updated in 2018. The world’s first 400G platform core switch, containerized operating system and 25G / 100G data center solution were launched. The exchange collection of the three major operators continued to grow, and the cloud-based operation 天津夜网 router CR19000 broke through the operatorWith high-end core scenarios for enterprise customers, wireless products have released a big wireless strategy, launched more than 30 AC and AP products, entered the wireless LAN market share domestically, and the second largest internal market share of switches and routers. The core products continued to lead. Operating cash flow has improved significantly, and financial expenses have increased due to scale expansion.The company’s 2018 net operating cash flow inflows were 48.700 million, a substantial increase of 175% compared to 2017, and the quality of income has improved significantly.The continued expansion of the company in 2018 led to an increase in the value of Ziguang Digital, leading to an increase in financial expenses.82% is up from 2017.5.The company’s 18-year net net interest rate is 6.1%, compared to June 2017.The overall change of 7% is small, and the company’s overall profitability is relatively stable. Profit forecast and investment recommendations: The company’s net profit attributable to its parent in 2019-2021 is expected to be 22 respectively.200 million, 27.47 ppm and 33.840,000 yuan, maintaining the level of “prudent increase”. Risk warning: Smart transportation business advances less than expected, and security business overseas expansion fails

Tesla concept total dragon head myth shattered 200 million large single fund withdrawal

Tesla concept “total dragon head” myth shattered 200 million large single fund withdrawal

For stocks, please read Jin Qilin analyst research report, authoritative, professional, timely, and comprehensive, to help you tap potential potential opportunities!

  [Super Big Order]Tesla’s concept of “Total Leader” is shattered, and 200 million big order funds are withdrawn. Source: DataBao original Lin Lifeng ‘s super big order funds are a net replacement of 286.

Xiuqiang Co., Ltd. has denied that it is a Tis1 supplier. Today, the “Limit Limit Show” ended, and the total amount of large single funds exceeded 200 million US dollars.

  The three major A-share stock indexes today are collectively scaled. The GEM index was weaker and eventually closed. The Shanghai index fell 0.

32% reported 2975 points, the ChiNext Index fell 1.

45% reported 2139 points, and the total turnover of the two cities exceeded RMB 1 trillion, reaching RMB 10388 billion.

The industry sector saw gains less and more. Gold, diversified finance, pork, railway infrastructure, Tesla and other sectors had the highest gains; agriculture, medicine, online games, online education and other sector standards.

Northbound funds reversed today’s net inflow of 37.

4.5 billion.

  The two cities have a net allowance of 286 for a single large fund.

2.6 billion, of which Shanghai and Shenzhen 300 net reduction of 73.

1.2 billion, GEM net decrease of 97.

7.1 billion yuan.

More than 1,100 shares in the two cities were in net circulation, and more than 2,000 shares were in net circulation.

  Today, 28 industries in Shenwan have a large net inflow of funds in 6 industries, and the turnover of 8 industries exceeds 1 billion yuan.

The largest single inflow of the non-banking financial industry came first, with a net inflow of 9.

At 7.4 billion US dollars, some brokerage stocks rebounded. National Gold Securities once hit an intraday limit and closed at an increase of over 7%.

Food and beverage large inflows4.

9.9 billion yuan, the industry index against the market rose 1.

15%, Huifa Food daily limit, Shuanghui development, I miss you rose by more than 6%, news, dairy products, meat products and other people’s livelihood essential enterprises have resumed work.

  Large public utility inflows1.

8 trillion yuan, agriculture, forestry, animal husbandry and fishery, and leisure services delivered over 60 million yuan.

Leisure services rose sharply today.

81%, tourist hotel stocks rebounded across the board today, China National Tourism United rose by more than 7%, Zhangjiajie rose by more than 6%, Jinjiang Hotel, Xi’an Tourism, Zhongxin Tourism and other high returns.

On the surface of the news, the epidemic has eased, many scenic spots have reopened to the outside world, and many local governments have issued tourism assistance policies.

  The electronics industry reversed 65.

2.8 billion yuan, the industry index closed slightly down.

The pharmaceutical biotechnology and non-ferrous metal industries exceeded RMB 4 billion.

The large amount of funds in the pharmaceutical and biological industry continued to decrease, and the cumulative amount in the past five trading days has reached 14.2 billion US dollars.

In the non-ferrous metal industry, the concept of rare earth permanent magnets has been replaced across the board, and China National Iron and Steel Co., Ltd. has dropped its daily limit. Zhongke Sanhuan, Xiamen Tungsten Industry, Tiantong Co., and Yahua Group all fell by more than 5%, and individual stocks can be very concentrated.

The computer industry exceeds 3.8 billion and the media can exceed 2 billion.

  As for individual stocks, the inflow of 42 large single funds in the two cities exceeded 100 million yuan.

National Gold Securities large single inflow 7.

At 7.2 billion U.S. dollars, the company hit a daily limit during the intraday trading session, and it gradually increased by 24% in the past four trading days.

In addition, the inflows of Huatai Securities, Northeast Securities, and CITIC Securities exceeded 100 million yuan. According to the news, the performance of the securities firms in January was still outstanding. From the 32 listed securities firms that have released their financial briefings in January, the operating income and net profit in January were respectivelyIncreases by 4 per year.

55%, 18.

62%, the profit side slightly exceeded expectations.

In addition, the recent transaction volume of the two cities has continuously reached new highs, and today it has even exceeded the trillion mark.  Affected by the mitigation of the epidemic, tourist hotels, civil aviation airports and other sectors directly affected by the epidemic rebounded today.

From the perspective of funds, China National Travel’s large single inflow exceeded 50 million, and the funds from the north also participated in the fundraising, and today bought 6 net.

5.8 billion; Air China, China Eastern Airlines, Shanghai Airport and other inflows exceeded 30 million yuan.

Some tourism stocks only have capital investment. For example, Jinjiang Hotel rose more than 5% today, but the large single fund repeated more than 16 million yuan, and the first travel hotel had a maximum of more than 5 million.

  The chicken industry and the pig industry are also strong today. Huaying Agriculture, Haili Biological Daily Limits, Tiankang Biological, Shengnong Development, etc. have soared.

According to the news, due to the spread of new crown pneumonia and the spread of African swine fever, pork prices have risen slightly after the Spring Festival, and it still takes time to recover production capacity.

From the perspective of funds, Zhengbang Biological ‘s large single inflow exceeded 200 million yuan, Tiankang Biological and Wen ‘s shares entered more than 100 million yuan, Huaying Agriculture, Shengnong Development inflow exceeded 70 million yuan, Muyuan shares, Tangrenshen, Xinwufeng, XianAlternate shares, Lihua shares, and other large orders alternate net replacement.

  Today, there are 113 stocks with more than one million funds, including 31 in the electronics industry, 16 in computers, and 13 in non-ferrous metals.

Luoyang molybdenum industry replaces 7.

With 4.7 billion, it has a sustainable limit.

Today, the cobalt concept stocks collectively fell, the news 厦门夜网 surface, media reports said that Tesla will promote cobalt-free batteries, and Huayou Cobalt Co., Ltd. entered.

800 million US dollars, Han Rui Cobalt replaced 2.

1.7 billion.

Some stocks of lithium batteries also suffered a large single fund hit today, Ningde Times replaced 7.

1.3 billion, Tianqi lithium industry replaced 6.

600 million US dollars, China’s Baoan, GEM, Ganfeng Lithium, billion Wei lithium energy and other hundreds of millions of capital investment.

  The electronic industry stocks have a higher amount of money produced by Opel Optoelectronics, Sanan Optoelectronics, BOE A, Changxin Technology, Jingfang Technology, Huatian Technology, etc., the above-mentioned stocks each generated more than 300 million yuan.

  After the bullish stock Xiuqiang shares board for 11 consecutive daily limit, today opened 佛山桑拿网 the daily limit, has been almost flat, large single fund flow2.

With a budget of 3.3 billion U.S. dollars, the stock has been replaced for two consecutive days, and more than 60 million yuan were replaced on Tuesday and Tuesday.

On the news, the company responded to the Shenzhen Stock Exchange inquiry letter saying that the company is not a Tier 1 supplier of glass products for Tesla charging piles, has not directly participated in the Tesla Shanghai project, and does not involve the core technology and core of the Tesla Shanghai project.Production of parts.

  Disclaimer: All information content of DataBao does not constitute investment advice. Securities are risky and investment should be cautious.

Wanhua Chemical (600309): 2018 performance fluctuates slightly, future development opens a new chapter

Wanhua Chemical (600309): 2018 performance fluctuates slightly, future development opens a new chapter

Performance summary: The company achieved operating income of 606 in 2018.

2 ‰, an increase of 14 in ten years.

1%, achieving net profit attributable to mother 106.

1 ‰, a decrease of 4 per year.

7%, the basic income is 3.

88 yuan, a decrease of 5 per year.


At the same time, the company simulated the merger of Yantai Wanhua Chemical Co., Ltd. and realized operating income of 728 in 2018.

4 ‰, an increase of 12 in ten years.

3%, realizing net profit attributable to mother 155.

7 trillion, a slight margin of one year.


The sharp decline in aggregate MDI prices affected the company’s performance.

The company’s polyurethane business in 2018 achieved revenue of 309.

500 million US dollars, an annual increase of 3.

7% of which achieved product sales of 192.

1 For the first time (including trade), a growth of 27 in ten years.

5%, affected by fluctuations in product prices, the gross margin has changed by 5.

1 up to 50.


Beginning in the second quarter of 2018, domestic aggregate MDI prices opened a downward path. Last year, the average average price of aggregate MDI in Shandong was 19,184 yuan / ton, which was 28 instead of the average price in 2017.

6%, the average gross profit of aggregated MDI in 2018 was 6,172 yuan / ton, a significant decrease of 54 from the gross profit level of 2017.


After entering the fourth quarter, due to the decrease in downstream demand and the impact of the plunge in international oil prices, prices have quickly entered the downward channel. In the fourth quarter, the average price in Shandong was replaced by 12,567 yuan / ton, which may increase by 57.

1%, the lowest price fell to 11,200 yuan / ton, while the industry’s gross profit level 武汉夜网论坛 fell sharply by 99.

1%, the industry has basically entered a breakeven state.

As the company’s total MDI production capacity is 180 euros, the breakdown of MDI prices and the decline in profitability are important reasons for the company’s 2018 performance growth.

However, at the same time, the company’s only net profit attributable to mothers in 2018 is the only alternative to 4.

7%, fully showing the company’s excellent cost control capabilities, as well as the rapid development of petrochemical business and new materials business in 2018.

Petrochemical and fine chemical businesses continued to grow at a high speed.

In 2018, the company’s petrochemical business realized revenue of 189.

10,000 yuan, an increase of 23 in ten years.

5% of which achieved product sales of 386.

7 for the first time (including trade), a decade of growth.

6%, the average price 杭州桑拿养生会所 of major products rose, the average price of the market in Shandong rose by 13.

35%; East China propylene oxide market average price increased by ten.

76%; East China butanol market average price increased by more than 12.

36%; the average price of butyl acrylate in East China increased by more than 3.23%; Shandong MTBE market average price rose more than 13.

89%, the gross profit margin of petrochemical business decreased slightly by more than 2.

5 up to 9.


In 2018, the company’s fine chemicals and new materials business achieved revenue 57.

0 million yuan, an increase of 35 in ten years.

9% of which achieved product sales of 32.

2In the initial period, it increased by 34 each year.

3%, gross margin is 31.

3%, unchanged from 2017 levels.

In the future, the company will develop a million-ton C2 project, which will further develop the company’s petrochemical business layout. The PMMA / MMA project will be put into production in January 2019 and the second phase of the future PC project will continue to lead the development of fine chemicals business.

The MDI market is warming in 2019.

Since 2019, the domestic polymer MDI industry has become warmer, and the product price has changed from 1,1,500 yuan / ton. Wanhua Chemical has gradually adjusted the domestic polymer MDI distribution market listing price to 18,300 yuan / ton (up 500 yuan / ton from April’s listing price).

At present, the domestic supply is tight, and the downstream will gradually resume construction. We judge that the previously aggregated MDI will remain strong.

In the second quarter, domestic and foreign installations continued to be repaired. There was a maintenance plan for Shanghai Covestro 50 diseased device in May. Dong Cao Ruian 7 entered the MDI rectification unit and planned maintenance for 20 days from the beginning of April.Parking maintenance from May 10th to June 3rd, while a period of 35 to / years of equipment will be enabled for parking maintenance from May 10th to June 3rd.

Overseas, the MDI unit at Mitsui 35 in Kumho, South Korea is expected to begin a month of overhaul on May 8. Tosoh Japan ‘s 40 unit also has a maintenance plan in May.

Recently, companies, BASF and other manufacturers have implemented a limited supply strategy. Since April, it is currently known that 30% of MDI devices will be put into parking maintenance. Therefore, we judge that the domestic MDI price increase will begin in the second quarter.

Since the beginning of this year, Mitsui Japan, Kumho Korea, and Dow Saudi Arabia have been the major importers of domestic aggregate MDI. However, due to the internal price all the way down to around 11,000 yuan / ton, the export Chinese market has a small profit, and it has turned to the Southeast Asian market.The shape of imports and exports has improved.

In the next 2-3 years, the global MDI industry will expand its production capacity to more than 200 tons. Wanhua Chemical will expand the production capacity in China and the United States by 120 tons in total to further consolidate the leading position in the global industry. At present, the company has completed the overall listing of the chemical business sector.Work, MDI equity capacity increased to more than 200 tons, has become the world’s largest MDI production company, each MDI price increases 1,000 yuan / ton, the company’s pre-tax profit will increase 2 billion yuan.

The overall listing is completed, and future growth is started.

The company’s absorption and merger of Yantai Wanhua Chemical Co., Ltd. and related transaction plans have been completed. The 100% BC shares held by Wanhua Chemical and Wanhua Ningbo 25.

5% and Wanhua Chlor-Alkali Thermoelectricity will be injected into listed companies to achieve the overall listing of chemical assets owned by Wanhua, and to solve the problem of competition in the industry that has always existed after Wanhua Industrial acquired BC Chemical in 2011.

Columbia Corporation of Maryland is the largest MDI and TDI manufacturer in Central and Eastern Europe. It uses MDI capacity of 30 tons and TDI capacity of 25 tons. Its business scope covers Europe, the Middle East and Africa, making it the eighth largest polyurethane manufacturer in the world.

After BC’s affiliated listed company, Wanhua Chemical will become the world’s largest MDI supplier (210 capacity), realizing the layout of production bases (and preparations) in three major markets in Asia, Europe and the Americas.Realize the integration of the company’s production and operation.

At the same time, the company ‘s TDI project in the fourth quarter of last year, the commissioning of 100 new large-scale ethylene projects, and new material projects such as MMA / PMMA in the future will further open up the company ‘s growth space and continue to improve the company ‘s performance level.Development and promotion of Wanhua Chemical’s international level.

Profit forecast and rating.

We expect the company’s EPS to be 4 in 2019-2021 after the company’s overall listing in the chemical sector.

48 yuan, 5.

13 yuan and 5.

RMB 74, corresponding to PE of 10X, 9X and 9X respectively, and maintain the “Buy” rating.

Risk reminder: the risk of a sharp rise in the price of MDI; the risk of putting ethylene projects into production is less than expected.

Midea Group (000333): Consumer electronics and HVAC leader in pursuit of excellence_1

Midea Group (000333): Consumer electronics and HVAC leader in pursuit of excellence
Opinion focus on maintaining outperforming industry investment recommendations 杭州桑拿论坛 We believe that Midea Group has competitive advantages and flexible resilience in the consumer electronics and HVAC markets, and tries to maintain a steady growth trend in pro-cyclical and counter-cyclical markets.We maintain our Outperform rating with a target price of 72.20 yuan.  Reasons Competitive advantages are obvious: 1) Product leadership, efficiency-driven, global operation is a beautiful business strategy.2) Clear governance structure, professional manager culture, and incentives in place.3) High production efficiency, scale effect, integrated industrial chain, and intelligent manufacturing advantages.4) Implement T + 3 policy and pay attention to terminal needs.  Strong adaptability and rapid market share increase: 1) Historically, the United States has flexible adaptability to market changes.2) In 2018, Midea 重庆耍耍网 adopted the brand matrix to launch high-end brands, and Internet brands responded to consumer segmentation in different markets.3) In 2019, the channels will be reformed to reduce secondary dealers and strengthen the “Internet approval” model; boldly use Internet talent.4) In February 2019, next month in the air-conditioning market decisively adopted a price reduction promotion method, 1Q?3Q19 Midea’s online and offline retail sales were +6 respectively.6ppt, + 3.2ppt.Due to the advantages of the entire industry chain, the net profit margin of the air-conditioning business remained stable.  Home appliance consumption upgrade and sustainable development: We believe that 1) In the short term, China’s home appliance market is in a downturn.In the long run, China’s home appliance market is in the second wave of home appliance popularity. Consumption upgrades, market concentration, and the possibility of rapid growth of new categories of home appliances are intertwined.2) China’s leading household appliances have global competitiveness. At present, the proportion of brands in overseas markets is low. In the future, they will become the first-tier brands in overseas markets through independent brand expansion and mergers and acquisitions.  Earnings Forecasts and Estimates We maintain our 2019 / 20e EPS forecast3.48 yuan / 4.01 yuan.Maintain Outperform rating and raise target price by 11% to 72 considering the impact of estimated conversion.20 yuan, corresponding to 21 times the 2019 price-earnings ratio and 18 2020 price-earnings ratio, there is 22% upside compared to the current mainstream.  The current contradiction corresponds to a 17x / 15x P / E ratio in 2019/2020.  Risks Market demand fluctuates leading to lower-than-expected revenue; integration business integration risks; exchange rate fluctuation risks.

Juewei Food (603517) Quarterly Report Review 2019: The embryonic appearance of an orderly food platform in stores

Juewei Food (603517) Quarterly Report Review 2019: The embryonic appearance of an orderly food platform in stores
Investment Highlights: Event: 2019Q1 achieves operating income11.54 ppm, an increase of 19 in ten years.63%; net profit attributable to mother 1.810,000 yuan, an increase of 20 in ten years.38%, in line with expectations. Dongxing’s point of view: The steady increase in the number of stores and the increase in single store profits have helped steady revenue growth.The company’s main business has grown steadily, with fresh products accounting for 98.26%, of which poultry accounts for 80.Central China, with a growth rate of 05%, accounting for 52%, has stable growth in East China, and the rapid growth of the Xintuo market. Until the end of 2018, Juewei established a total of 9,915 stores (excluding Hong Kong, Macao and Taiwan) throughout the country, a substantial increase of 9.52%, single store operating income 44.50,000 yuan, an annual increase of 3.The growth rate of the company ‘s newly opened stores in 2019 will remain at about 8% -10%, and the single store price increase will be about 2% -3%. The increase in the number of stores and the revenue of each store will promote China ‘s steady progress. The continuous increase in the price of woolen ducks affects gross profit margins, and the optimization of fee structure improves profitability.1Q1 company gross margin 33.31%, down by 1 every year.The 11 points was mainly due to the continuous increase in the price of woolen ducks, which continued to rise to 8 in March.46 yuan / kg, up 17 before.17%, because the cost of raw materials of the company’s products accounts for more than 80% of its main business costs, affected by changes in the prices of raw materials, with the completion of the company’s warehousing and production bases, the drift in gross profit margins will flatten.1Q1 company net profit 15.60%, rising by 0 every year.1pct, mainly due to the optimization of the cost structure, management costs accounted for 5.48%, a decrease of 0 every year.49pct, selling expenses increase by 18 every year.91%. Through the continuous development of business in the future, the scale effect of the enterprise will help the continuous improvement of the cost structure and escort the profit growth. Create a new strategy for the food platform and save new momentum for future growth.In order to achieve multi-track, multi-brand operation and integration of core capabilities that can be industrialized, the company allows franchisees to open other categories of stores (such as Hefu Lao Noodles) and has its own cold chain fresh daily delivery service capabilities.Develop and control chain channel capabilities, continuously promote the development of gourmet ecosystems, and build gourmet platforms.In 2019, the company will continue to integrate its partners’ professional investment and merger and acquisition experience based on its own understanding of the industry, integrate high-quality projects in mergers and acquisitions, participate in food chain and light catering, and save new momentum for future growth. Profit forecast and investment grade: The company is the largest of the domestic halogenated snack food companies, the largest number of stores, and the highest degree of nationalization. It is the leader of casual halogenated food.Through the business strategy of “focusing 北京夜生活网 on the duck neck category, expanding store advantages, and improving store performance”, both of which are competitive, the company is expected to achieve a foundation for rapid development and maintain its previous profit forecast. It is expected that the company’s revenue will increase by 15-20 in 2019-2021.13% / 16.20% / 17.3%, net profit is increasing by 19 per year.12% / 19.66% / 21%, EPS is 1 respectively.83/2.19/2.65. Give growth certainty and mode scarcity premium, 35X estimated level, maintain “highly recommended” grade. Risk reminder: food safety control risk raw material price fluctuation risk

Baby-loving room (603214) quarterly report comment: deduct non-net profit +24.

9% year-on-year growth in gross profit margins across industries highlights channel value

Baby-loving room (603214) quarterly report comment: deduct non-net profit +24.

9% year-on-year growth in gross profit margins across industries highlights channel value

1Q1 revenue 5.

4.5 billion, net profit attributable to mother 0.

18 billion.

1Q1 revenue 5.

45 billion, +13.

21% year-on-year; net profit attributable to mother 0.

18 billion, +46.

A year-on-year increase of 44%; net profit after deducting non-attribution is 0.

14 billion, +24.

Year-on-year growth of 91%; EPS is 0.

18 yuan / share.

Non-recurring gains and losses are mainly income from wealth management products, contributing 279 million in the current period; government subsidies included in the current profit and loss of 1.58 million yuan.

In terms of stores, six new stores opened in 19Q1, 1/1/4/0 in Shanghai / Zhejiang / Jiangsu / Fujian, and another 19 have been signed and are expected to open in the next three quarters, and Shanghai / Zhejiang / Fujian will be 13/4/2 5 stores closed in 19Q1, with a total of 224 stores at the end of the period.

E-commerce business income is 0.

1.3 billion, an increase of 84% in ten years.

In terms of revenue, by type, 19Q1 store sales revenue4.

9.8 billion (accounting for 91.

31%), an annual increase of 16.

54%, e-commerce revenue is 0.

1.3 billion (accounting for 2).

47%), an annual increase of 84.

18%, wholesale income 0.

0.8 billion (accounting for 1).

41%), a year-on-year decrease of 63.

89% of the baby’s touching income was zero.

0.4 billion (accounting for 0.

67%), a decrease of 2 per year.


Food sales income is 0.

40 billion (accounting for 7).

34%), an annual increase of 20.


1Q1 income of the first category of milk powder2.

6.2 billion (47%).

97%), an annual increase of 18.

73%, income from supplies1.4 billion (accounting for 25.

61%), an increase of 10 in ten years.

57%, cotton spinning income is 0.

4.9 billion (9%).

04%), an increase of 13 in ten years.

93%, food income is 0.

40 billion (accounting for 7).

34武汉夜生活网%), an annual increase of 20.

15%, toy income 0.

2.5 billion (accounting for 4).

68%), an increase of 17 in ten years.

20%, the lathe category income is 0.

3.0 billion (accounting for 0.

56%), a reduction of 72 per year.

01%, income from baby touch service is 0.

0.4 billion (accounting for 0.

67%), a decrease of 2 per year.


Zhejiang’s revenue has grown rapidly, with 19Q1 revenue growing 41 year-on-year.

2% reached 0.

9.3 billion.

1Q1 Shanghai revenue 2.

6.7 billion (accounting for 51.

11%), an annual increase of 3.

78%; Zhejiang income is 0.

9.3 billion (17%).

76%), an increase of 41 per year.

19%; Jiangsu’s income is 0.

8.1 billion (15%).

41%), an increase of 18 in ten years.

50%; Fujian revenue is 0.

8.2 billion (15%).

71%), an annual increase of 20.


Profit-side analysis: 19Q1 gross profit margin 26.

46%, ten years +1.

32pct; net interest rate 3.

56%, ten years +0.


Period expenses total 1.2 billion, previously +20.

09%, period expense ratio 22.

01%, ten years +1.

29 points.

Of which: Sales expense ratio is 19.

90% for ten years +3.

18pct, mainly due to the newly opened stores and property management fees, increased labor costs; management expense ratio 2.

34% a year -1.

32pct; financial expense ratio -0.

23%, -0 per second.

56 points.

Maintain profit forecast and give Buy rating.

We expect the company’s EPS to be 1 in 19-21.

47 yuan, 1.

77 yuan, 2.

2 yuan, corresponding PE is 28xPE, 23xPE, 18xPE.

Risk warning: New store advances less than expected; chain retail model has risks such as rising rents.

Sinopec (600028) Quarterly Report Comment: Performance is slightly higher than expected Increase in crude oil procurement costs drags down refining profit

Sinopec (600028) Quarterly Report Comment: Performance is slightly higher than expected Increase in crude oil procurement costs drags down refining profit

The third quarter performance was slightly lower than expected Q1-3, and the company achieved operating income of 22,333.

05 ten percent, +7.

7%; net profit attributable to mother 432.

8.1 billion, a year -27.

8%; deduct non-net profit 415.

4.6 billion, ten years -27.


In Q3, a net profit of 119 was achieved.

4.3 billion, lower than our previous expectations.

Lower-than-expected expectations: 1) The impact of the significant increase in crude oil procurement costs on the formation of the refining business, and Q3 refining profit increased month-on-month; 2) Third-quarter operating income from upstream exploration and development.

800 million, a small amount of fabric.

Upstream exploration and development: In the first three quarters, the cost reduction effect was significant, and capital expenditure expanded to increase the company’s crude oil production in the first three quarters.

1.3 billion barrels, at least -1.

6%; of which domestic crude oil production is 1.

8.7 billion barrels, +0 a year.

1%; natural gas production is 773.4 billion cubic meters, +8 in ten years.


Exploration and development capital expenditures were 34.8 billion, exceeding + 76% of the average realized price of crude oil in the first three quarters of 58.

8 dollars / barrel, ten years -6.

3 USD / barrel.

The exploration and development segment achieved operating income of 8.7 billion in the first three quarters, a significant increase of 98 previously.

0 billion.

At the same time that prices have been reduced, profits have increased significantly, mainly due to active cost reductions.

Refining: The impact of increased crude oil procurement costs on refining. In the future, the chemical industry may further pressure the refining 失败:重查 segment in the first three quarters to achieve operating income of 22.5 billion (Q1 / Q2 / Q3 were 120/71 / 3.4 billion, respectively), and profits will decrease quarter by quarter.First of all: 1) In terms of crude oil procurement, the depreciation of the RMB and the increase in Saudi Arabian official prices + heavy oil premiums have caused the increase in crude oil procurement costs by Q3.

2) Except for gasoline and coal, market-priced by-products such as naphtha, asphalt and other by-products drag down the price difference.

In the first three quarters of the chemical sector, operating revenues reached 16.6 billion (Q1 / Q2 / Q3 were 7/49 / 4.7 billion).

Industry average. In the third quarter, the ethylene price difference narrowed by 54 yuan / ton, and the PX price difference narrowed by 158 yuan / ton. Looking forward to the fourth quarter and next year, ethylene is facing the dual impact of lightweighting and integrated refining projects.The pressure brought by ZPEC to put into production is expected to further pressure the profit of the chemical sector.

Sales: The operating income in the third quarter increased significantly month-on-month, and the advantages of refining and integrating sales were obvious. The sales segment in the first three quarters achieved operating income of 23.3 billion (Q1 / Q2 / Q3 were 7.9 / 6.8 / 8.5 billion, respectively), and the third quarter improved and recovered.

The company has 30,676 gas stations. With the increasingly fierce sales of refined oil products, the integration of refining and marketing is the company’s core competitive advantage.

Performance predictions and estimates Based on Q3 performance expectations, we lowered our 2019 performance forecast to 55.3 billion (previous value of 62.8 billion) and maintain the same in 2020/2021. The current replacement corresponds to PE11 / 10/10 times 2019/2020/2021.Maintain “Buy” rating.

Risk reminder: the drop in oil prices leads to the increase of upstream and the risk of loss of refining inventory; the risk of increased competition in the refining and chemical industry; exchange rate, freight, discounts and other factors continue to affect the risk of crude oil import costs

Tiankang Bio (002100): High-speed growth of pigs in the market ensures future performance improvement

Tiankang Bio (002100): High-speed growth of pigs in the market ensures future performance improvement

Core views: 1. The event company released the 2018 annual report.

2. Our analysis and judgment 1) Affected by changes in pig prices, the 18-year performance fell and the company realized operating income in 2018 of 52.

73 ppm, an increase of 13 per year.

89%, of which feed / agricultural products processing / veterinary biopharmaceuticals / slaughter processing and meat product sales / pig breeding income contributed 25 respectively.

6.2 billion / 8.

55 ppm / 7.

50 ppm / 5.

19 ppm / 3.

36 trillion, +16 ten years ago.

45% / + 1.

35% / + 10.

9% /-4.

59% / + 69.


The company’s net profit to mother 3.

1.4 billion, down 22 a year.

95%, net profit after returning to mother 2.

9 trillion, down 26 every year.


The company’s comprehensive gross profit margin is 21.

04%, a decrease of 2 over the same period last year.

36 points.

Period cost accounted for 14.

55%, increasing by 0 every year.

83 points.

The decline in the company’s performance was mainly due to the rise and decline in the average price of pigs in 18 years, which led to the decline in the company’s overall gross profit level and a slight increase in expenses during the period.

Dividend plan: RMB 1 (including tax) for every 10 shares.

2) The rapid growth of hog slaughtering, low pig prices increase profit pressure.

660,000 heads, at least 32.

1%, of which the fattening pigs, piglets and breeding pigs are 45.

07 thousand heads, 18.

180,000 heads, 1.

410,000 heads, +39 for ten years.

4%, +28.

9%, -36.


In 18 years, the company’s live pig market has grown rapidly, but due to the continued low price of pigs, the swine epidemic in Africa has been expanded, and the profit pressure of the pig business has gradually broken through.

In 18 years, the average price of fattening pigs, piglets and breeding pigs was 11.43 yuan / kg, 28.

15 yuan / kg, 26.

59 yuan / kg, of which the average price of the company’s fattening pigs is lower than the cost price.

In 18 years of slaughtering and processing and sales of meat products, the gross profit margin of pig breeding was 19 respectively.

39%, 9.

26%, a decline of 8 per year.

69pct, 29.

08 points.

3) The pig price reached a new high of 19H2, and the breeding business benefited significantly from Boya and News. On April 25, 2019, the average pig price in some provinces and cities was 14.

87 yuan, since the shock down on April 4, pig prices have started to pick up.

With the decline in destocking of frozen meat in slaughterhouses, the operating rate has gradually rebounded, and pig prices may start to accelerate in May.

In April of 19th, the Ministry of Agriculture notified the situation of the African swine fever in Urumqi, Xinjiang, and the movement of pigs was controlled.

We believe that in the context of the African swine fever outbreak, a complete and complete epidemic prevention system for large-scale breeding companies will become an advantage.

The company is the largest hog breeding company in Xinjiang. It is estimated that the number of pigs slaughtered in 2019/20 will be 1 million heads / 2 million heads. This translates into a 19-year high H2 pig price, and the company’s hog breeding performance will significantly increase.

4) Feed sales have steadily increased, and new vaccine products have become new growth points. The company’s feed sales in 2018 were 115.

49 per year, at least +23.

48%, including pig feed, poultry feed, aquatic products, and anti-candidate feed were 51.

11 for the first time, 41.

29 benchmarks, 5.

81 for the first time, 14.

46 Initially, at least +34.

85%, +7.

6%, +22.

5%, +26.


The 武汉夜生活网 gross profit margin of the feed business was 14.

65%, a decrease of 0 every year.

08pct, basically stable.

The company estimates that feed sales in 2019 will be 125 tons, +8 per year.

23%, maintaining steady growth.

In addition, the company’s vaccine business has 18 years of income7.

5 trillion, gross margin is 58.

96% (down 7 per year.

24pct), affected by the downstream hog boom, the gross profit margin of the vaccine business declined.

With the launch of the new product of swine fever E2 and the foot and mouth disease OA vaccine, the company’s market seedling income will achieve a significant increase or become a new point of performance growth.


Investment suggestion May 19, pig prices may accelerate upward, and the company ‘s hog production volume will increase rapidly, and the performance of hog breeding business will usher in a significant growth; at the same time, the company ‘s new vaccines are listed, and the combined hog boom will increase, and vaccine sales will benefit, Optimistic about future company performance growth.

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


47/1.67 yuan, corresponding to 21/8/7 times the PE, given a “recommended” rating.


Risks indicate animal epidemic risk, R & D risk, quality risk, and market competition risk.