Hytera (002583): Performance meets expectations Expansion brings new opportunities for development

Hytera (002583): Performance meets expectations Expansion brings new opportunities for development

Event: The company released the semi-annual report for 2019 on the evening of August 25, and the company realized operating income of 27.

0.6 billion, down 11 every year.

42%; net profit attributable to shareholders of the listed company was 2170.

570,000 yuan, an increase of 176 every year.

03%; Net profit of alternative non-recurring gains and losses attributable to shareholders of listed companies-9199.

660,000 yuan, an annual decrease of 1206.

81%; The company achieved EPS 0 in the first half of 2019.

01 yuan, performance in line with expectations.

Comments: 1. The overseas subsidiaries’ business continued to integrate, and net profits achieved rapid growth. According to the company’s semi-annual performance forecast, the forecasted net profit range was 20 million to 30 million yuan, an increase of 154.

34% -281.

50%, with a median of 25 million yuan, an annual increase of 217.


In the first half of 2019, the company’s operating income and net profit were 27.

06 ppm and 2170.

570,000 yuan, down 11 a year.

42% and up 176.

03%, performance is in line with expectations.

Among them, the second quarter’s single quarter operating income and net profit were 16 respectively.

1.4 billion and 1.

2.2 billion, down 11 each year.

9% and up 8.


The decline in company revenue was mainly due to: 1) the carry-over of revenue in the first half of last year was approximately 3.

500 million (at home and abroad), leading to a cardinal number break.

Excluding carry-over factors, the company’s revenue increased slightly in the first half of the year (about 1.

0%); 2) due to the macroeconomic impact in the first half of the year, domestic business pressure has decreased; 3) OEM revenue has fallen sharply.

Net profit increased significantly in the first half of the year, and operating cash flow continued to improve, mainly due to: 1) the steady development of global private network business and continuous deepening of integration with overseas subsidiaries; large project orders announced in the first half of the year reached the highest level in history; 2)The contribution of new wide-narrow integration products to the overall revenue has steadily increased; 3) The effect of refined operations has been significant, and sales and management costs have decreased significantly, and financial management and control have been significantly enhanced.

In terms of products, the main business (private network communications) in the first half of 2019 achieved revenue19.

68 ppm, a decrease of 7 per year.


Among them, terminal product income11.

69 ppm, a decrease of 8 per year.

27%; system product income 7.

9.9 billion, down 6 every year.

16%; excluding the influence of settlement factors, the main business income in the first half of the year increased by about 12 each year.


2019H1 Revenue from OEM and Other Products7.

3.8 billion, down 20 every year.56%, mainly due to the overall sluggishness of the blockchain in the first half of the year, we expect that excluding the blockchain chain, the revenue of the OEM and other product segments will still maintain steady growth.

By region, in the first half of 2019, the company’s domestic and foreign markets respectively achieved operating income10.

98 ppm and 16.

08 billion yuan, down 23 each year.

35% and 0.

87%, accounting for 40% of operating income.

58% and 59.


Compared with the same period of last year, the proportion of domestic business revenue has decreased by 6.

32 units, overseas business achieved good expansion.

Excluding the carry-over effect, the company’s overseas revenue increased by approximately 11.

1%, domestic income fell by about 10.


The company’s overseas expansion was smooth in the first half of the year, and the announcement of large project orders reached the best level in history.

However, part of the announced orders came from the Americas region. Currently, revenue has not been confirmed, which is expected to bring revenue growth in the second half of the year.

From the perspective of subsidiary net profit, the German HMF subsidiary contributed net profit in the first half of 201911.

120,000 yuan, an annual increase of 100.


Cypro’s first-half revenue was dazzling and its net profit reached 1015.

200,000 yuan, net profit contributed nearly half.

The company continues to promote the gradual development of the improved marketing system and digital marketing, and continues to grasp the potential of the “Belt and Road” market.

Further solidify the real public safety field in the European market.
At the same time, the Latin American region has given full play to the synergy effect, and overseas revenue is expected to maintain a high growth in the second half of the year.

2. Measures to increase efficiency and control fees were gradually realized, and the company’s gross profit margin remained stable. In the first half of 2019, the company’s comprehensive gross profit margin.

2%, 0 per year.

6 units.

Gross domestic sales margin 37.

4%, down by 1 every year.

2 units; gross profit margin for foreign sales is 47.

2%, down by 1 every year.

3 units.

The gross profit margin of domestic and overseas sales has remained basically stable, with slight deviations.

In terms of gross profit margins by product, the gross profit margins of the company’s systems and OEM and other products in the first half of 2019 were 52.

2% and 19.

9%, up 2 every year.

7 and 0.

1 average, the gross margin of the end product is 51.

8%, a decline of 5 per year.

8 units.

There are two main reasons for the decline in gross profit margin: 1) the revenue carried over in the first half of last year was mainly high-margin terminal products; 2) the proportion of overseas revenue increased in the first half of this year.Interest rate constant.
In terms of expenses, sales expenses have fallen by 13 each year.
4%, selling expenses 15.

9%, a decline of 0 per year.

4 units; management costs decrease by 4 each year.

29%, administrative expenses12.

8%, rising by 1 every year.

0 per share; financial expenses decrease by 5 per year.

5%, financial expense ratio 5.

2%, rising by 0 every year.

The three averages are mainly due to the increase in short-term expenditures of the company and the increase in interest expenses.

In the first half of the year, the absolute value of the company’s expenses decreased, reflecting the good integration of Hytera and its overseas subsidiaries in sales, management and other aspects.

R & D expenses are 3.

600,000 yuan, basically the same as last year.

R & D expenses13.

3%, up by 1 each year.

5 units.

In the first half of the year, the company’s intangible assets increased. Excluding the impact of the increase in amortization of intangible assets, the R & D expenses in the first half of the year steadily decreased.

The company’s R & D expenditure ratio decreased by 14 in the same period last year.

4%. In the future, we will further focus on key broadband applications, smart terminals, multimedia command and dispatch, and public network dedicated products, and gradually reduce non-core business investment.

The company is continuing to promote the transition of private network communications to new products, technologies, and services such as broadband, intelligence, and informatization in accordance with the initial goals. It will continue to increase innovation.

At present, wide-narrow-band fusion products have been delivered in mass production, and the third-generation converged command center has also begun to achieve large-scale commercial use at home and abroad.

3. Refined operating results are significant, and operating cash flow has continued to improve Since the third quarter of 2018, the company’s operating net cash flow has been positive for the first time, and cash flow has continued to improve.

Net cash flow from operating activities in the first half of 2019 reached 5.

9.4 billion, up 182 previously.


The operating cash flow in the first and second quarters of this year was 3 respectively.

09 ppm and 2.

USD 8.5 billion was mainly due to the company’s strengthening of the construction of the credit receivable management system and the increase in sales receipts.

The cash flow situation has continued to improve. It is expected that through the strengthening of the company’s receivable management and expense control, the cash flow will gradually improve.

The company’s asset-liability ratio (total debt / total assets) for the first half of 2019 was 58.

8%, which is a further improvement from the end of last year, and is down by 0 from the previous month.

3 units.

In order to improve the company’s short-term debt repayment ability and reduce the debt repayment risk, the company issued a bond issuance plan again in July this year. It is expected that the bond issuance will not exceed 1 billion US dollars and the term will not exceed 5 years (including 5 years).

In the first half of the year, the company’s long-term receivables dropped significantly, and the days of accounts payable turnover increased, and the company’s supply chain management benefits were significant.

The company strengthened the management of receivables. As of June 2019, the company’s long-term receivables decreased by 1 compared with the end of last year.

8.4 billion.

From the upstream point of view, the company’s accounts payable turnover days have increased sequentially and in several years, the company has improved its upstream bargaining power, and its supply chain management has continued to optimize.

4. At the same time, the domestic and overseas markets made efforts to announce that the initial orders for large projects reached the best level in the same period in the beginning of the period. The number of large project landings and the amount of successful bids increased significantly.

In China, the company has built and delivered private network communication system projects in Hebei, Nanjing, Shenzhen and other provinces and cities, and customers have responded well.

At present, nearly half of the domestic PDT network construction. In the future, in addition to the continuous penetration of blank markets, the company will continue to achieve “wide and deep” coverage in established countries. Overseas, the integration effect of acquisitions will become more prominent, and global competitiveness and market share will steadily increase.
News of the successful bidding of overseas projects this year has repeatedly returned. The company continues to grasp the “Belt and Road” market, and in addition, has taken the lead in further consolidating the public safety field in Europe, while also contacting the Spanish sun company.
The market breakthrough is expected to be reflected in the income of the second half of the year.
5. The product structure continues to be optimized, and the contribution of new products of wide and narrow integration to the overall revenue has steadily improved. The traditional digital products of the company have developed smoothly at home and abroad. The arrival of new products is expected to become the company’s new growth driver.

With competitors in the industry, such as Motorola and Ou Yuhang, giving up self-developed broadband network technology and choosing to cooperate with large public network equipment manufacturers, Hytera has always adhered to independent research and development and laid out wide-narrow convergence areas in advance. Currently, it has gradually launched broadband broadband and multi-mode terminals., Multimedia command center, ad hoc network communications and other new products.

Among them, broadband and narrowband fusion products have been delivered in mass production, and the third-generation fusion command center has started large-scale commercial use at home and abroad.

At the beginning of 2019, the company won the bid for the R & D and mass production projects of China Mobile and the intercom independent brand series of terminals, thereby providing intelligent wide and narrow integration PoC terminals and accessories. The winning amount was 2.

8.8 billion yuan.

In July this year, it won the bid for the hardware equipment project of the Shenzhen Smart Urban Management Informationization Project. This project will use the company’s third-generation integrated command center related technologies and products, and the bid amount is 4885.

710,000 yuan.

In the future, Hytera will enter more flooded law enforcement industries through public network dedicated products and through operator channels. It is also expected to undertake more overseas national operator business.

6. The implementation of the new business of wide and narrow integration brings high growth momentum to the company. It maintains the “Strongly Recommended-A” rating at home and abroad. The global market is developing steadily and the growth potential in Latin America is huge. The company’s performance in the second half of the year is expected.

The integration effect of overseas subsidiaries has become increasingly prominent.

The company has gradually transformed from a horse-growing and extensive growth to a refined operation for profit, and the cash flow situation has improved significantly.

As one of the world’s leading private network communications companies, the company has always insisted on the wide-narrow convergence technology through independent research and development.

Private network broadband is a deterministic trend in the industry and is expected to bring several times the growth of the market size.

The company’s wide and narrow convergence products have achieved large-scale production delivery. The third-generation converged command center has also started large-scale commercial use at home and abroad.

It is expected that the net profit attributable to mothers for 2019-2021 will be 7, respectively.

00 ppm, 9.

10,000 yuan, 11.

780,000 yuan, corresponding to 26 PE in 2019-2021.

1, 20.

3 and 15.

5 times, 无锡夜网 maintaining “strongly recommended-A” grade.

Risk warning: Business expansion is less than expected, expense control is less than expected, and market competition is intensifying.

Zhongju Hi-tech (600872) Company Comments: The company expands frequently to evaluate the kinetic energy and its strong performance steadily grows

Zhongju Hi-tech (600872) Company Comments: The company expands frequently to evaluate the kinetic energy and its strong performance steadily grows

Participated in dealer conferences, hosted chef training camps, and won the “Best Board Award” award. Kitchen State is committed to dealer system training. This year, dealer conferences have been held in Guangdong, Henan and other places.Ability “,” 7 steps to build a flagship restaurant meal batch, single store sales increased by 30% “and other special trainings to improve the sales team’s business capabilities.

At the same time, the company actively carried out chef training camps, inviting chefs from all over the place to cook and share dishes, which has now been launched to the thirteenth period.

The chef training camp helps the company to deepen the connection with chefs, and uniforms accelerate the opening of the catering market.

On November 8, 2019, Zhongju Hi-tech won the Best Board Award of the Listed Companies in 2019.

It reflects the outstanding achievements of the board of directors since Baoneng became the master, and it is also the capital market’s recognition of the board of directors of Zhongju Hi-tech.

New incentive evaluation reforms continue to bring strong momentum. The company has reformed its incentive evaluation system. The operating income, net profit attributable to the mother and return on net assets have been adjusted from 2: 6: 2 to 4: 4: 2.The increase in the weight of income indicators is consistent with the company’s five-year “double hundred” goal, and it focuses more on the assessment of income, motivates the company’s employees to fight, and opens the company’s revenue growth channel.

The company’s third quarterly report shows that the delicious and fresh fruits continue to grow steadily, the gross profit margin of Zhongju Hi-tech has risen slightly, and the expense ratio has not changed. The delicious and fresh company has basically continued the growth rate since the first half of the year and continued to maintain a stable and high-profile growth.

The first three quarters achieved operating income of 33.

5.7 billion, an increase of 4 every year.

370,000 yuan, an increase of 14.

97%, realizing net profit attributable to mother 5.

43 ppm, an increase of 0 per year.

870,000 yuan, an increase of 19.


The delicious fresh company achieved revenue of 10 in the third quarter.

9.5 billion, a 10-year growth rate of 14.

3%, compared to 6 in the third quarter of 2018.

The 41% growth rate has doubled.

The delicious fresh company achieved net profit attributable to mothers in the third and third quarters1.

810,000 yuan, an increase of 0.

27 trillion, an increase of 17.

53%, while the net profit growth of attributive mothers in the third quarter of 2018 was only 1%.

The gross profit margin of Zhongju Hi-Tech in the first three quarters was 39.

2%, rising by 0 every year.


The three expense ratios did not change much overall, of which sales expenses, management expenses and financial expenses accounted for 9 respectively.

77%, 8.

99% and above1.

17%, rising by 0 each year.

02, up by 0.

16 and down 0.


With the increase in gross profit margin and little change in the expense ratio, the growth of net 武汉桑拿 profit attributable to mothers continued to exceed the growth of operating income, and total operating income / net profit to mothers reached 35.


460,000 yuan, an increase of 11 in ten years.

57% / 12.


Earnings Forecast and Forecast Analysis The company expects the company’s pure condiment revenue in 19/20/21 to be 46.8/57.


800 million, the net profit of the condiment part was 8.



7 trillion, corresponding to the EPS of pure condiments is 1.



72 yuan / share.

Given the 2020 condiment 35 times estimate, the target price of pure condiment is 46.

6 yuan, considering the real estate market value of 60 trillion, the total market value of 43 billion yuan, corresponding to the company’s target price of 54 yuan, “Buy” rating.

Risk Tips: Insignificant risk 佛山桑拿网 of incentive benefits, real estate business risk, market risk, raw material price fluctuation risk, food safety risk

Huatian Technology (002185): The layout has formed a packaging and testing foundry enterprise that benefits from the acceleration of chip localization replacement and 5G commercial use

Huatian Technology (002185): The layout has formed a packaging and testing foundry enterprise that benefits from the acceleration of chip localization replacement and 5G commercial use

Perfecting our own strength and waiting for the turning point of the industry will fully benefit from the acceleration of chip localization replacement and the 5G commercial wave.

We review the business development and financial performance of Huatian Technology. After the implementation of convertible bonds in 2013 and the completion of the increase in investment projects in 2015, the company has high-end, low-end packaging capabilities; in January 2019, it completed RF and automotive electronicsThe acquisition of Unisem, a leading company in the field of packaging and testing; has transformed the packaging and testing layout centered on mainland China.

We believe that the turning point of the global semiconductor industry boom will come at the end of this year. In the context of the Sino-US trade friction, domestic chip replacement will accelerate, and the company will benefit by reducing several dimensions. The performance is flexible: First,Transfer order; Second, terminal companies such as Huawei have increased their support for design enterprises; third is the arrival of 5G commercialization.

High-performance production capacity layout, with high-end, low-end product packaging and testing capabilities.

At present, the company has the mass production capabilities of high-end, low-end, and advanced packaging such as DIP, SOP, QFN, BGA, LGA, FC, SiP, Bumping, TSV, and Fan-Out.

In terms of customers, MPS, PI, ST, SEMTECH, PANASONIC, ROHM, IDT, MELFAS and other customer products have been introduced into mass production, have entered the Hisense quality management system audit, and 7 of the top 10 IC design companies in Taiwan, ChinaWith cooperation, in 2019H1, 55 new customers were developed, and 3 new process development and mass production customers based on Fan-Out packaging technology were added.

The domestic chip self-sufficiency rate is low, the uncertainty of Sino-U.S. Trade friction, and domestic chip replacement will accelerate.

China is the main sales market for global semiconductor products. According to WSTS statistics quoted 西安耍耍网 by CCID Consulting, China’s market accounted for 33 in 2018.

At the same time, according to SIA data, semiconductor companies in mainland China account for only 5% of the world’s total.

In order to prevent key areas from being “stuck”, under the background of Sino-US trade friction, a domestic chip supply system will be gradually established.

The localization of chips will accelerate, and local packaging and testing companies will benefit significantly: first, the transfer of orders by chip design companies such as Hisilicon, and second, terminal companies such as Huawei will increase their support for local chip design companies.

Acquired leading companies in RF and automotive electronics packaging and testing, benefiting from 5G commercialization.

Unisem was 合肥夜网 founded in June 1989. The packaged products are mainly in the field of RF and automotive electronics, and the customer resources are very rich. The main customers include leading international companies in the RF field such as Broadcom, Qorvo, Skyworks. The revenue of European and American customers accounts for more than 60%.

Huatian Technology completed the acquisition and consolidation of Unisem in January 2019, and will benefit significantly under the large-scale commercial deployment of 5G networks.

Profit forecast and rating.

We expect the company’s revenue for 2019/2020/2021 to be 91.

4.5 billion, 121.

3.6 billion and 141.

880,000 yuan, net profit 2.

7.1 billion, 6.

1.8 billion and 8.

19 trillion, corresponding to a diluted EPS of 0.

10 yuan, 0.

23 yuan and 0.

30 yuan, giving the company an estimate of 30-35 times in 2020, corresponding to a reasonable value range 6.

90 yuan-8.

05 yuan, given a “preliminary market” rating.

Risk reminders: 1) Lower-than-expected downstream terminal demand will lead to insufficient capacity maximization; 2) The worsening Sino-US trade conflict will adversely affect the global semiconductor industry; 3) Progress in chip localization.

Xingsen Technology (002436) Company Comment: Actively Expand IC Substrates and Deeply Enter the Semiconductor Field!

Xingsen Technology (002436) Company Comment: Actively Expand IC Substrates and Deeply Enter the Semiconductor Field!

Specific event: Xingsen Technology and the Guangzhou Economic and Technological Development Zone Management Committee signed the “Investment and Cooperation Agreement on Xingsen Technology Semiconductor Packaging Industry Projects”.

On June 26, 2019, Risen signed a cooperation agreement to invest in semiconductor IC package carrier boards and similar carrier board technology projects, with a total investment of about 3 billion yuan.

Signed an industrial project investment cooperation agreement to contribute to the upgrading of production capacity.

Xinxingxing Technology and the Guangzhou Economic and Technological Development Zone Management Committee intend to set up a project company, Daxingxing, Science and Technology City Group, and the National Integrated Circuit Fund to set up the project at 40%, 30%, and 30%, respectively.

The company is expected to invest about 25 in fixed assets.

According to the situation caused by the company’s previous production capacity of 8,000 square meters per month, we expect that the expansion will reach 5 million per month?
The new monthly production capacity of 60,000 square meters will help the company to achieve real capacity upgrades in the field of IC substrates and solve the company’s existing shortfall in production capacity.

Focus on the semiconductor business, actively cultivate high-end product markets, and improve competitive advantages and profitability.

The company’s current production capacity of 10,000 m2 / month, announced in 2018 to expand production capacity of 8,000 m2 / month.

With this active expansion, we expect the company’s total monthly production capacity to reach approximately 70,000 square meters in the future, which is expected to achieve the first domestic IC substrate production capacity.

From the PCB prototype leader to the IC carrier board, and further to become the leader of domestic IC carrier boards, we believe that the development of Xingsen, which focuses on the semiconductor industry, will be better in the future.

Active participation outside the industry, active expansion in the industry, early semiconductor logic has taken a big step!

According to Prismark statistics, the total global IC carrier board output value in 2018 was about 75.

$ 5.4 billion, a 12-year increase of 12.

8%, the total output value is expected to reach 9.6 billion US dollars in 2023.

In this high-barrier market, the internal market has been replaced by Japan, South Korea, and Taiwan for a long time. In addition to Shennan Circuits (Mems) and Xingsen Technology (Storage) achieved breakthroughs and entered the IC carrier board market, Suntech (Mems) has recently entered the same time.In the field of IC substrates, meanwhile, Xinxing Electronics, a leading company in IC substrates, is also actively expanding production at the same time, which will be the original 59.

$ 800 million in capital expenditures increased to $ 8.3 billion.

Many parties have entered the field of IC substrates. The active expansion of leading companies in the industry all represents a great opportunity for the development of the industry. As an indispensable part of semiconductor chips, the semiconductor logic we cited at the beginning is once again proven on the raw material side!

In the future, domestic wafer production capacity will be replenished, and domestic IC substrates will be supplied and demanded.

In the future, about 13 wafer fabs will be built in China. After the completion, the total supplementary production capacity will reach about 12 million wafers per year, and the corresponding additional wafer production capacity will directly drive the demand for IC substrates.

If all domestic IC substrates are used, only increasing the production capacity will need to supplement the IC substrate production capacity of 860,000 square meters per year (assuming a chip size of 100 mm2).

Although China has achieved a breakthrough in the IC carrier board industry at present, from the perspective of production capacity and output value, it is not possible to face the existing market and the future supplement market.

We believe that the project signed by Xinxing Sen will help the company replace the footsteps in this fast-growing industry in the future, continue to cultivate in the semiconductor industry, and successfully achieve more 北京桑拿洗浴保健 blossoms.

Profit forecast and investment proposal: As the construction period and the production period of the project are shortened, it will not have a significant impact on the company’s financial and operating conditions in the short term, and the company’s expansion of 8,000 square meters per month in 2018 will drive the companyWith the growth in revenue and profits, and the successful turnaround in the consolidated subsidiaries, we expect the company’s revenue to grow at 21/20/21.

3% / 27.

0% / 27.

6%, so the company is expected to achieve revenue of 42 in 2019E / 2020E / 2021.



3 billion; net profit attributable to mother 2.



700,000 yuan, the current corresponding PE is 32.



2x, maintain “Buy” rating.

Risk warning: Downstream demand is less than expected, and production expansion progress is less than expected.

China National Travel Service (601888): China Exemption Wins Bid for Daxing International Airport Duty Free Bid

China National Travel Service (601888): China Exemption Wins Bid for Daxing International Airport Duty Free Bid

Event description On March 11, 2019, the company issued a notice to announce that it was exempted from bidding (the first candidate) in the international zone of Daxing Airport.

On March 13th, China Exemption formally won the bid for the duty-free business right of the Beijing Daxing International Airport International Zone. The bidding section was divided into (1) tobacco and alcohol, food prices, (2) aroma and fine products, and the contract period was ten years.

Comment on the event Beijing Daxing International Airport is built between Daxing District of Beijing and Guangyang District of Langfang City, Hebei Province, and completed the large-scale international aviation comprehensive transportation hub opened before September 30, 2019. It will be in 2021 and 2025 respectively.Achieved the target of 45 million passenger explosions and 72 million passenger operations.

After 天津夜网 the opening of Beijing Daxing International Airport, from the winter season of 2019 to the winter season of 2021, China Southern Airlines, China Eastern Airlines related airports and Capital Airlines, China United Airlines transferred to Beijing Daxing International Airport.

Beijing Daxing International Airport and Beijing Capital International Airport will adopt the measures of “translation first, then optimization, and then increment” to allocate time resources. After Daxing International Airport achieves the goal of 45 million passengers per year, flights from the two airports will beAchieve balanced growth.

China Exemption successfully won the bid of Daxing Airport for tax exemption, and the scale advantage will be further strengthened.

Daxing Airport is divided into two sections for tax exemption. (1) Tobacco, 苏州桑拿网 alcohol and food labels, with an area of 1,666 square meters.

Guaranteed rent of 300 million yuan / year, a deduction rate of 49% (rent / income, that is, the percentage of income); (2) Fragrant, premium tender, with an area of 3,467.

4 square meters, the exemption reported 4.

Guaranteed rent of 1.6 billion yuan / year, 46% purity ratio for fragrance products and 20% purity ratio for boutique products.

It may be that in the bidding of fragrance, fine bidding, and even bead exemption 5.

A guaranteed rent of 300 million yuan / year, with an initial commission ratio of 49%, eventually ranked second only to the winning candidate.

Based on this analysis, we believe that China Exemption Participates in Commercial Standards and the overall strength of technical targets wins.

The successful bid for this exemption will further strengthen the scale advantage of airport tax exemption, and the future performance is expected to increase.

Profit forecast and investment advice: Under the background of overseas consumption return, the company as a tax-free leader, the lipstick effect helps its high growth continue.

(1) In the short term: the divestiture of China Travel Service will bring 100% investment income; Hainan’s tax-free 51% equity will be injected into listed companies; (2) In the medium term: the integration of procurement business and the increase in scale will bring the traditional gross profit margin (3) In the long term: international business development and new stores in the city will increase performance, and achieve the goal of “ guaranteeing three competitions in one ” in 2020.

The company’s EPS for 2019-2020 is expected to be 1.

96 and 2.

52 yuan / share, corresponding to 31 and 24 times of PE, maintain “Buy” rating.

Risk Warning: 1.

The implementation of the city’s tax exemption policy was less than expected; 2.

International expansion and challenges in participating in global competition.

Resumption of the opening of many scenic spots to promote the restoration of tourism as soon as possible

Resumption of the opening of many scenic spots to promote the restoration of tourism as soon as possible

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

  Securities Times reporter Yan Cui’s epidemic situation is now improving. Jiangxi, Zhejiang, Jiangsu, Hunan, Sichuan and other scenic spots have resumed opening up. Some provincial and municipal government departments have also introduced measures to promote the development of the tourism industry and promote the rapid recovery of the local tourism industry.

  Multiple attractions resumed opening On the afternoon of February 19, the ancient press conference of “Announcement on Optimizing Epidemic Prevention and Control Measures for Rapid Resumption of Work and Resumption of Production” in Nanjing, Jiangsu, Jiangsu, at which the Nanjing 北京夜网 Municipal Bureau of Culture and Tourism informed the orderly restoration of tourist attractions in NanjingBrief description of the work program, and announced that starting from February 20, the city’s tourist attractions will gradually resume orderly operation in batches.

  It is reported that there are 51 national-level scenic spots in Nanjing, of which 15 are provincial and municipal, and 36 are districts. The first batch of national-level scenic spots planned to resume operation is 8 cities, and 3 are directly under the jurisdiction of the Municipal Tourism Bureau.Parks, a total of 11 scenic spots, parks, including Xuanwu Lake Scenic Area, Yuhuatai Scenic Area, Zhongshan Mausoleum Scenic Area, etc.

  On the same day, Zhejiang also announced that from the 19th, the West Lake Scenic Spot will open parked attractions in an orderly manner in accordance with regulations. The open-air toll attractions that belong to it will, in principle, open according to normal business hours.

At the same time, in order to ensure safety, the attractions will be controlled in real time, and the daily reception volume will not exceed 50% of the total capacity. In addition, team tourists will be assigned to enter the park at intervals. It is recommended that the number of group tourists should not exceed 30 people.

  There are not a few areas where attractions are successively opened.

The national 5A-level scenic spot in Jiangxi Longhushan announced that it will gradually resume opening to the outside world from February 19.

At present, the main scenic spot of Longhu Mountain has officially opened. Tianmen Mountain, Dashangqing Palace, Tianshifu and other scenic spots are temporarily closed.

In addition, Mianyang, Sichuan also proposed that before 9:00 am on February 19th, the city’s People’s Park, Fuleshan Park, Nanshan Park, Xishan Park, all street parks and squares will be reopened.

  Some regions have also introduced measures to promote the recovery of the tourism market. For example, Zhangjiajie City, Hunan Province has recently formulated the “310” Action Plan to Promote the Comprehensive Restoration of the Tourism Market in Zhangjiajie City.Practice the “ten requirements” of the internal skills, start the “ten measures” of the tourism market, and cover a set of policies covering recovery, product transformation, service improvement, marketing and other aspects of restoring the Zhangjiajie tourism market to boost the confidence of the local tourism industry and promoteThe tourism market has fully recovered.

  Behind the impact of multiple forces in the first quarter of the travel company to promote the recovery of the tourism industry, listed companies in the reorganized tourism industry have clearly disclosed that the first quarter’s performance was affected by the epidemic.

  Xi’an Tourism announced that it is expected that the epidemic will have a breakthrough impact on the company’s operating performance in the first quarter of 2020.

The company stated that in order to fully cooperate in the prevention and control of the new coronavirus epidemic, the company’s affiliated companies, including Jiefang Hotel, Guanzhong Inn, Shanglin Palace Hotel and Northwest Hotel, Xi’an Overseas Tourism Co., Ltd., Xi’an China Travel International Travel Agency Co., Ltd.Xi’an West Travel Xinguanghua Hotel Co., Ltd., Xi’an Weishuiyuan Hot Spring Resort Co., Ltd. and other subsidiaries, all operating stores have been suspended from January 27, all travel plans are cancelled.

The time for the subsequent restoration of normal operations will depend on the development of the epidemic situation and the relevant regulations on epidemic prevention and control in Xi’an.

  Yunnan Tourism also announced that from January 25, 2020, the company’s subsidiary attractions will be temporarily closed to the public. The company’s subsidiary travel agencies, tourism transportation, conferences and weddings will be temporarily closed. The demand for hotel business and the project period of gardening and horticulture business are also due to the epidemic situation.And the violation has a certain impact.

Due to the sudden and sudden epidemic situation, the company’s first quarter 2020 performance will continue to be affected to some extent, and specific data cannot be accurately predicted for the time being.

  In addition, Caesars Travel, Zhongxin Tourism, Songcheng Performing Arts, Sante Ropeway and other listed companies have all repeatedly affected short-term performance affected by the epidemic.

  The data on the number of Chinese New Year travelers from the Ministry of Transport can also reflect the impact of tourism.

The Ministry of Transport had predicted in early January that there would be 4 during the 2020 Spring Festival.

500 million people traveled.

However, according to the news released on the website of the Ministry of Communications on February 3, the Spring Festival holiday is 10 days, and it is expected that the national railways, roads, waterways and civil aviation will send a total of 1 passenger.

900 million person-times, a drop of nearly 73% over the same period last year.

  Datong Securities analyst Liu Yunfeng believes that the outbreak may affect the performance of tourism listed companies in the first quarter, but from the first month after the end of SARS, the tourism industry has ushered in retaliatory growth. The impact is short-lived.The accumulated tourism demand for the epidemic situation may be released in large quantities during the summer or around the National Day.

Therefore, for travel companies with high quality or unique advantages, a big drop may be an opportunity.

  It is worth mentioning that Jiuhua Tourism, Yunnan Tourism, Sante Ropeway, Songcheng Performing Arts and other listed companies have already begun to repair the performance of a multi-pronged approach.

Chao Hongji (002345): National K-Gold leading channel strategy adjustment performance is expected to usher in an inflection point

Chao Hongji (002345): National K-Gold leading channel strategy adjustment performance is expected to usher in an inflection point

The size of China’s jewellery market is close to 700 billion yuan, and the daily decorative demand for jewellery for consumption upgrading and restructuring is growing rapidly.

The current gap between the current per capita consumption of jewellery and the expected total: In 2018, the average per capita consumption of jewellery in the United States was $ 216, while China’s was only $ 77.

无锡桑拿网At present, in general, jewelry consumption is mostly due to value preservation and wedding needs. It is expected that through the increase in income levels, consumers’ self-modification needs will become more and more common.

K gold jewelry has the characteristics of rich styles, beautiful shapes, and low unit prices, which may be the category that has increased penetration during the consumption upgrade process in low-tier cities.

  The company currently operates three major fashion brands with annual revenues exceeding 3 billion and a total of nearly 3.6 million members.

After more than 20 years of operation, “CHJ Chao Acer” has established a differentiated “K Golden Dragon” brand image in the minds of consumers; “VENTI” is positioned as a jewelry buyer’s collection store and is committed to the company’s commitment 杭州桑拿 to youthThe transformation has achieved initial results.

  In terms of products: launched a series of classic products, K gold accounted for a high proportion, the customer unit price and gold jewelry ratio is on the low side.

Chaohongji’s well-known product design and innovation, integration of internal research and development team and external cooperation resources, has launched a number of classic product series, such as “Yuechang”, “Doraemon” and other series.

Due to the high proportion of K gold products, the company’s customer unit price is the lowest: as of 2018.

11 Ali channel data as an example. Of the products sold by Chaohongji, more than 60% (in terms of sales volume) of the products sold are less than 1,000 yuan, and Chow Tai Fook, Chow Sang Sang, Luk Fook and other brands have a transaction price of 1,000?
Between 1500 yuan.

  Channel: Accelerate expansion of franchise business and promote channel sinking.

Initially, the company’s stores were mainly distributed in third-tier cities, mainly self-employed; transition, the jewellery market in low-tier cities grew faster, and the franchise model was more conducive to the expansion of low-tier cities. Therefore, the company adjusted its strategic thinking in time to shift its focus to the franchise channel.

In 2018, the number of new franchise stores opened by the company reached 124, which is about double the number of new self-operated stores. The proportion of franchised stores increased from 19% at the end of 2012 to 37% at the end of 2018.

  Investment ratings and estimates
Revenue of 35/41/45 million USD in 2021 and net profit attributable3.



100 million, profit growth of 347.

3% / 15.

8% / 11.

5%, corresponding to the PE estimate of 12/10/9 times, the current estimated level is expected to be covered for the first time, and a “recommended” rating is given.

  Risk warnings: Continued sluggish consumer demand; franchise stores are not opening as fast as expected; lower-tier cities are developing less than expected

Pan Gongsheng: Full confidence in the stable operation of the stock market

Pan Gongsheng: Full confidence in the stable operation of the stock market

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

  Original title: Pan Gongsheng: Full confidence in the rapid operation of the stock market city government The relevant person in charge attended the introduction to support the new fiscal and taxation policies related to the prevention and control of the new crown pneumonia epidemic, alleviating the financing difficulties of small and micro enterprises

  According to preliminary deputy governor Pan Gongsheng, on February 3, China’s financial market, especially the stock market and foreign exchange market, opened as scheduled. This behavior shows the Chinese government’s determination to maintain market rules and demonstrates the Chinese government’s decision-making level.Self-confidence also shows that China’s financial market is maturing.

  ”After the stock market and the foreign exchange market have undergone significant adjustments on the first day of the market, the stock market has rebounded stably in the past few trading days, and the RMB exchange rate is still showing appreciation and a small change in both directions.

This shows the strengthening of China’s financial market.

Pan Gongsheng said.

  Pan Gongsheng has further improved. The financial market is very sensitive and can quickly price risks. Securities and foreign exchange markets have basically returned to normal operation after undergoing a short-term change in the initial stage of the market.

Financial markets show their confidence in the Chinese government’s control of the epidemic and its future growth in a unique way.

  ”The impact of the epidemic on China’s economy is only temporary and temporary. It will not change the long-term outlook of the Chinese economy, and the fundamentals of growth and growth. The Chinese economy has also shown a very strong substitution.

The Chinese government has the policy space to stabilize economic growth, so it is full of confidence in the stable operation of the Chinese stock market and foreign exchange market in the future.

Pan Gongsheng said.
  According to Pan Gongsheng, according to the requirements of the State Council, the impact of the epidemic on China’s economy is being carefully analyzed and evaluated.

The impact of the epidemic on the national economy is temporary and temporary.

The epidemic coincides with the Spring Festival, which will affect the tourism, catering, entertainment and other service industries. Extension of holidays and alternative construction will also have some impacts on industrial production and construction.

  ”In the first quarter of the epidemic, economic activity may cause disturbances. After the epidemic eases, China ‘s economy will quickly stabilize, and consumption and investment in the previous period will be effectively released, and China’s economy will recover.

Pan Gongsheng said.

  When talking about strengthening the counter-cyclical adjustment of macro policies, Pan Gongsheng said that monetary policy will increase the intensity of counter-cyclical adjustments, maintain reasonable and sufficient liquidity, and provide a good monetary and financial environment for the real economy.

We will continue to give play to the guiding role of structural monetary policy tools such as targeted RRR cuts, refinancing, and re-discounting, and increase support for key areas of the national economy and weak 武汉夜网论坛 alternatives.

  Regarding whether the market-focused epidemic will lead to an increase in the fiscal deficit rate this year, Yu Weiping, deputy minister of the Ministry of Finance, disclosed that this year ‘s deficit arrangements have taken into account some uncertain factors. Judging from the current situation, the expenditure for epidemic prevention and control is guaranteed.It also has a great impact on the fiscal budget. I am confident that this fiscal target will be achieved this year.

  In addition, regarding the rumors that the transition period of the new asset management regulations will be extended, Pan Gongsheng reappeared, and gradually conducted a technical assessment with the CBRC to determine whether to extend the transition period of the new asset management regulations. The possibility of an extension of the transition period may exist.

Chongqing Iron and Steel (601005): Double growth in output and revenue; raw material prices erode company profits

Chongqing Iron and Steel (601005): Double growth in output and revenue; raw material prices erode company profits
Event: On August 16, 2019, Chongqing Iron and Steel released its 2019 semi-annual report. The report consolidated and the company realized 114 operating income.84 ppm, a 10-year increase3.52%; net profit attributable to mother 6.1.6 billion, down 19 a year.19%; realized basic income of 0.07 yuan.  Opinion: The company has completed the adjustment of product structure, and the production and sales volume has reached the highest level in history.The company achieved iron, steel and volume of 298 in the first half of the year.42, 325.06 for the first time, 309.72 each year, at least 19 respectively.97 for the first time, 15.05 for the first time, 13.03 initial.Achieved 313 steel sales.22 initially, increasing by 18 each year.87 for the first time, the best level in history.In addition, through adjusting the product structure, the company’s sales ratio of bar and wire products in the first half of the year improved significantly compared with 2018.  The iron ore price rose too fast in the first half of the year, leading to a significant erosion effect on the company’s profits.In the steel production process, the cost of iron ore as a raw material accounts for 50% -55%.In the first half of 2019, because the price of iron ore rose unilaterally too fast, the price of tons of iron ore rose by more than 80%, so the company’s profits were eroded by about 3.6.7 billion.  Earnings forecast and rating: Based on the company’s existing share capital, we expect the company’s total diluted earnings for 2019-2021 to be 0 respectively.17 yuan, 0.22 yuan, 0.29 yuan, calculated based on the closing price of 2019-08-15, corresponding PE is 11 times, 8 times, 6 times respectively, maintaining the “overweight” level.  Risk factors: Sino-US trade friction brings domestic macroeconomic trends, steel product exports, uncertainty in energy prices and exchange rates; growth rate of fixed asset investment in the whole society continues to decline; backward production capacity such as strip steel 杭州桑拿网 resumes production; steel prices further decline; Chongqing will strengthen environmental protection in the future.

Jin Shiyuan (603369): Benefiting from consumption upgrades and channel expansion The sub-high-end country edge maintains rapid growth

Jin Shiyuan (603369): Benefiting from consumption upgrades and channel expansion The sub-high-end country edge maintains rapid growth

Benefiting from the consumption upgrade in the province, the next high-end national border income maintained rapid growth. The company announced 19H1 revenue 30.

570,000 yuan, an increase of 29.

4%, second quarter revenue 11.

20,000 yuan, an increase of 26.


19H1 Special A + Class 北京桑拿洗浴保健 Income 16.

740,000 yuan, an increase of 44.

33%, accounting for 54% of alcohol revenue.

98% in the second quarter of 19Q2, an increase of 43.

51%; 19H1 special A income 9.

730,000 yuan, an increase of 20.

58%, increased by 14 in the second quarter of 19Q2.


In terms of regions, Nanjing’s dominant market, the company’s revenue, increased by 48 in 19H1.

88% in the second quarter of 19Q2, an increase of 41.

38%; Huaian revenue in 19H1 increased by 16.

75% in the second quarter of 19Q2, an increase of 28.


19H1 income outside the province increased by 51.

42% in the second quarter of 19Q2, an increase of 28.

03%, the growth rate has improved. According to Weijiu, the company has been attracting investment outside the province for 18 years, so the base in 18Q1 is low.

  19H1 returns to 重庆耍耍网 mother’s net profit 10.

720,000 yuan, an increase of 25.

23% in the second quarter of 19Q2, an increase of 24.


The gross profit margin for 19H1 was relatively increased by 0.

03 PCT to 71.


19H1 maximizes the sales expense ratio by 0.

37 PCT to 12.

85%; the management expense ratio decreases by 0 every year due to the scale effect.

38 PCT to 2.


  In 19H1, the company’s business tax and additional revenue increased by 1.

13 PCT to 13.

57%, mainly due to the adjustment of the consumption tax policy in May 2018.

  Accelerate channel expansion and cultivate high-end new products, and promote rapid growth in revenue. According to the company’s annual report, the company’s 19-year goal is to increase revenue by about 30% and net profit by about 25%.

Jiangsu’s sub-high-end market is growing rapidly. We expect CAGR to be about 25% in the next three years. The Guoyuan series is positioned as a sub-high-end, with high cost-effective products and strong channel thrust. It is expected that it will maintain relatively rapid growth in the future.However, considering that the company is still in the growth stage, the sales expense ratio is expected to increase.

  Earnings forecast We expect the company’s revenues to be 48 in 19-21.



470,000 yuan, an increase of 30 in ten years.

57% / 25.

20% / 20.

13%, net profit attributable to mothers is 14 respectively.



80 ppm, an increase of 25 in ten years.

13% / 28.

14% / 23.

58%, EPS is 1.



82 yuan per share, the PE corresponding to the latest closing price is 24/18/15 times, the company’s 19-21 year performance CAGR is expected to be 26%, and it will give about 26 times PE in 19 years, PEG is about 1, and a reasonable value of 30 yuanStocks, maintain BUY rating.

  Risk reminder: intensified market competition in the province, structural upgrade exceeding expectations, food safety issues