Yili (600887): Cost control improves Q4 performance and profitability is expected to improve

Yili (600887): Cost control improves Q4 performance and profitability is expected to improve

The event company announced its 2018 annual report and achieved revenue of 789.

76 ppm, an increase of 16 in ten years.

92%, net profit attributable to shareholders of listed companies 64.

39 ppm, a ten-year increase of 7.


Looking at Q4 alone, it realized income of 182.

25 ppm, an increase of 17 in ten years.

57%, net profit attributable to shareholders of listed companies13.

92 ppm, an increase of 30 in ten years.


In 2018, the company intends to distribute a cash dividend of 7 to every 10 shares for all shareholders.

00 yuan (including tax), sent a 上海夜网论坛 total of 4,254,689,325 cash dividends.

60 dollars.

A brief review of the company’s revenue growth continued to achieve 793 revenue for 18 years.

53 trillion, ten years +16.

89%; revenue in the fourth quarter alone was 182.

26 trillion, ten years +16.

93%, basically continued the growth of the first three quarters.

Mainly benefiting from the product structure upgrade and the influence of channel sinking. For specific products, liquid milk realized revenue of 656.

79 trillion, ten years +17.

78%; milk powder and milk products realized income of 80 in the current period.

45 trillion, +25 for ten years.

14%; cold drink products realized income of 49 in the current period.

97 ppm, +8 for ten years.


Among them, “Golden Code”, “An Muxi”, “Chang Yi 100%”, “Chang Qing”, “JoyDay”, “Golden Collar”, “Qiao Lezi” and other key products achieved rapid growth, with revenue growth reaching 34.


From the perspective of the channel, the company drove sales growth through e-commerce, mother-baby stores, convenience stores and other channels. Specifically, the e-commerce business showed a 61% increase over the previous year, and the mother-baby channel revenue increased 32%.

Finally, by the end of 2018, the company controlled 1.75 million offline outlets, an increase of 23 over the same period last year.

2%, constantly develop blank outlets, the company directly controls the village-level outlets close to 60.

80,000, an increase of 14 from the previous year.


The penetration rate of domestic channels has further improved. According to statistics, the company’s room temperature liquid milk market penetration rate was 82 in 2018.

3%, an increase of 2 per year.


In addition, the company continued to strengthen innovation and adjusted product structure and upgrade through the promotion of new products. In 2018, the sales ratio of new products reached 14.

8%, an increase of 5 per year.

6pct, has a positive pulling effect on revenue growth. The company with an eye-catching report on profit growth in Q4 achieved net profit of 64.

4 ‰, an increase of 7 per year.

31%, net profit attributable to mothers in the fourth quarter alone13.

92 ppm, an increase of 30 per year.


The profit growth rate in the fourth quarter alone was significantly higher than the previous average growth rate. First, the operating cost growth rate in Q4 2018 was 11.

75% is significantly slower than Q4 revenue growth (+17.

58%), which has a certain relationship with the product structure and other factors; the second is that the Spring Festival 19th Spring Festival cited the 18th Spring Festival earlier, which has a positive effect on the growth of Q4 performance in 18 years; the third is that Q4 interest income increased by more than 67 million,Contribute profits.

Generally speaking, the growth of the company’s net profit on the income side is mainly affected by the expense side. For major events such as the 2018 World Cup, the company has expended a lot of marketing expenses, which has put some pressure on profits and can sell expenses 197.

72 ppm, an increase of 27 in ten years.

39%, of which 109 are advertising marketing fees.

55 ppm, an increase of 33 in ten years.


Gross profit margin increased steadily, high selling expenses limited net profit margin company’s gross profit margin was 37 in 18 years.

82%, ten years +0.

54 points; gross margin in the fourth quarter alone reached 38.

34%, ten years +3.

21 points.

In terms of products, the company’s gross profit margins for liquid dairy products, milk powder and dairy products and cold beverage products were 35.

21%, 54.

78%, 45.

06%, an increase of 0 over the same period last year.

04pct, 0.

83 points, 1.

98 points.

On the whole, the company’s gross profit margin remained stable for 18 years. Basically: 1. After years of lean operation, the company has gradually formed a scale effect. Centralized procurement of main raw and auxiliary materials has improved the company’s capital use efficiency.And bargaining power, so the effect of cost control is better, the price of raw milk in the body in 18 years increased by about 3%.

2. Continued product structure upgrades and the increase in the proportion of high-end products will directly increase the gross profit margin, especially during the Spring Festival peak season in the fourth quarter. Gift consumption will increase and high-end product sales will be better than other products.

The company’s 18-year net interest rate is 8.

17%, a decrease of 0 from the same period last year.

72pct; net profit margin for sales in the fourth quarter alone was 7.

70%, an increase of 0 over the same period last year.

8 points.

Overall, the decline in the company’s annual net interest rate is primarily due to the company’s 18-year sales expense ratio increasing to 24.

85%, an increase of 2 over the same period last year.

04pct, of which the advertising marketing rate is 13.

77% (+1.

71 points), the sales staff’s salary accounted for 4%.

58% (+0.


In the fourth quarter alone, the growth of net profit margin was mainly affected by two aspects. First, the increase in gross profit margin in Q4 directly led to an increase in net profit margin; in the second aspect, in terms of financial expenses, the company’s financial expenses in Q4 in 2018 decreased by -0.35%, a decline of 0 every year.

58pct, which was due to a decrease in more expenditures and an increase in interest income from bank deposits during the period.

The third is the current management expense ratio of 5.

04%, a decrease of 0 compared with the same period last year.

47pct, the above all have a direct hindrance to the quarter’s profit.

Continued high dividend policy The company insists on dividends and returns to investors. In 2018, the company plans to distribute a cash dividend of 7 to every 10 shares of all shareholders.

00 yuan (including tax), sent a total of 4,254,689,325 cash dividends.

60 yuan, the dividend distribution rate reached 66.

04%, foreign exchange rate 2.


Profit forecast: The company’s income-side new products will develop smoothly this year, the product structure upgrade performance will be relatively stable, and the income-side performance will be better. We predict that the company’s net profit for 2019-2021 will be 76.

35, 85.

79, 94.

74 trillion, the corresponding EPS is 1.

26, 1.

41, 1.

56 yuan / share, corresponding P / E is 20 respectively.

76, 18.

48, 16.

73 times.

It is recommended to pay attention and maintain the “Buy” rating.

Risk reminders: food safety risks, overseas business development risks, raw milk price fluctuation risks, etc.

Closed the nearly trillion dollar market?

US considers quitting WTO government procurement agreement

Closed the nearly 杭州夜网论坛 trillion dollar market?
US considers quitting WTO government procurement agreement

A U.S. government source revealed that President Donald Trump is considering withdrawing from the World Trade Organization for a value of 1.
The $ 7 trillion global agreement on government procurement contracts may exclude foreign investment from the nearly $ 1 trillion US government procurement market.
  [Allies injured the deepest]Bloomberg News on the 5th quoted sources as saying that Trump administration officials are circulating a draft executive order.
According to the draft, if the Government Procurement Agreement of the World Trade Organization (WTO) is not modified according to American ideas, the United States will withdraw from the agreement.
  The Government Procurement Agreement aims to allow foreign competitors to participate in the government procurement market and help improve government procurement transparency.
The current size of the US government procurement market is approximately $ 837 billion.
  A report released by the US Government Accountability Office in 2019 shows that the government procurement contracts awarded to foreign companies in the United States in 2015 amounted to US $ 12 billion.
Among them, the contract amounts to the European Union, Japan, South Korea and Canada were US $ 2.8 billion, US $ 1.1 billion, and 7.
$ 5.5 billion and 6.
$ 2.3 billion.
  If the United States withdraws from the agreement, parties including the United Kingdom, Japan, South Korea, Canada, and the European Union will lose their preferential access status in the U.S. government bidding, and will be subject to the United States “Buy American Products Act.”
Under the Act, most foreign companies would not be able to bid for US government contracts without special exemptions.
  Bloomberg reported that if the United States withdraws from the “Government Procurement Agreement”, it will complicate the United States’ trade negotiations with the United Kingdom and the European Union, and at the same time will pose greater challenges to the prospects for the implementation of the United States-Mexico-Canada Agreement (referred to as the US-Mexico-Canada Agreement).
  The US-Mexico-Canada agreement will replace the original North American Free Trade Agreement, which has been approved by the legislatures of Mexico and the United States. It still needs the approval of the Canadian Parliament to take effect.
Government procurement is an important topic of this agreement. If there is a major change, it will be more difficult for Canadian Prime Minister Justin Trudeau to lobby the parliament.
  [Inertia 杭州养生会所 thinking]Some political analysts believe that the Trump administration ‘s intention to withdraw from the Government Procurement Agreement is to force all parties to renegotiate an agreement framework that is more conducive to the United States.
The US side is used to retreat from the group and promote concessions. Even if the object of negotiation is an ally, it will not hesitate.
  It is not surprising to me that the US government is doing this. Former WTO official Stuart Harbinson said that their overall view is that the WTO needs the United States more than the United States needs the WTO.
(Xu Chao) (Xinhua News Agency special feature) Original title: Close the nearly trillion dollar market?
US considers quitting WTO government procurement agreement

Shanghai Construction Engineering (600170) 2019 First Quarterly Report Review: 2019Q1 Performance Exceeds Expectation Benefits Yangtze River Delta Integration Is Flexible

Shanghai Construction Engineering (600170) 2019 First Quarterly Report Review: 2019Q1 Performance Exceeds Expectation Benefits Yangtze River Delta Integration Is Flexible

This report reads: The company ‘s average growth rate of Q1 revenue and net profit attributable to mothers in 2019 exceeded expectations. Taking into account the company’s ongoing breakthroughs in new orders and high growth / on-hand orders and benefiting from the integration of the Yangtze River Delta, the companyFundamentals and 北京夜生活网 expected mean coaxial elasticity.

Investment Highlights: Maintain overweight.

Q1 2019 revenue was 471.

0 billion (+ 52%) / net profit attributable to mother 13.

200 million (+147) exceeded expectations. Taking into account the company’s continued high growth in orders and changes in fair value, the EPS is raised to 0 for 2019-2021.



58 yuan (originally 0.



49 yuan), a growth rate of 46/10/15%.

Considering the expected advantages of the company’s sustainable growth, it will be given in October 2019.

5x PE estimates and maintains a target price of 4.

81 yuan, maintaining overweight.

High revenue growth and changes in fair value have contributed to higher performance, lower gross profit margins and higher net profit margins.

1) Total profit in Q1 2019 increased by 10.

400 million, of which the change in fair value contributed 7.

0 billion (Orient Securities contributed about 57%), the first quarter of 2019 revenue + 52% / net profit attributable to mother + 147% hit the highest growth rate in the 2011/2003 decade; 2) operating net cash flow -136.

6 (+1.

300 million), the cash ratio is 112.

8% (-12.

6pct), the cash ratio is 132.

6% (-26.

7pct); 3) Gross profit margin 9.

5% (-2.

0pct) / net margin 3.

4% (+1.

2pct), the sales rate is 0.

3% (-0.

1pct) / R & D and management fee rate 5.

2% (-1.

1pct) / finance rate 0.

8% (-0.

4pct); 4) Asset-liability ratio 82.

2% (+1.

6pct), accounts receivable and notes / total assets13.

1% (+3.

8pct), inventory / total assets 37.3% (-5.

6pct), asset impairment loss is 0.

0 billion (+1.

1.6 billion).

In the calendar year 2019, the new starting point has a high increase in the number of orders / there are too many orders in hand, and continue to benefit from the integration of the Yangtze River Delta.

1) “Outline of Yangtze River Delta Regional Integrated Development Planning” and “Yangtze River Delta Integrated Development Demonstration Zone Plan” and other important plans will gradually withdraw from Taiwan, the company ‘s fundamentals and themes continue to benefit; 2) New growth order 920 in the first quarter of 2019Billion (+ 31%), of which construction construction / design / building industry / property pre-sale / urban construction / other orders amounted to 718/55/58/5/63 / 2.2 billion, and the target order for 2019 is 330.5 billion (+ 39%)According to the “single value of the new millennium-recognized revenue value”, it is not necessary to consider the internal reconstruction budget of the company, which has 四川耍耍网 approximately 465.5 billion outstanding orders in hand.

Catalysts: Infrastructure growth rate stabilized and picked up, orders were executed faster, integration of the Yangtze River Delta accelerated and other risks: local financial growth contracted, orders expanded and landing replaced, accounts receivable risks, etc.

Angie Yeast (600298) 2018 Annual Report Comments: The performance is lower than the market expectation, and the main business gradually grows steadily

Angie Yeast (600298) 2018 Annual Report Comments: The performance is lower than the market expectation, and the main business gradually grows steadily

This report reads: The performance exceeded market expectations. Among them, the main yeast industry still maintained rapid growth, and the sugar industry was a drag on revenue.

Net interest rate fell 2pct to 13.

5%, still short-term pressure.

The board of directors 重庆耍耍网 is expected to change smoothly, and the chairman will continue to be re-elected.

Investment points: Investment advice: Due to insufficient capacity release and pressure on financial costs, the 2019-20 EPS forecast is lowered to 1.


39 yuan (1 last time).

25, 1.

53 yuan), with reference to comparable companies giving 25 times PE in 2019 with a target price of 28.

7 yuan, downgraded to a cautious overweight rating.

Performance was lower than market expectations.

In 2018, revenue was 6.7 billion, an increase of 16%; net profit attributable to mothers before and after deductions was 8.

6, 8.

1 yuan, an increase of 1%, an increase of 3%; Q4 single-quarter revenue of 18 trillion, an increase of 12%; deducted before and after the return to the mother’s net profit 1.

83, 1.

810,000 yuan, down 22%, down 杭州夜网论坛 19%.

Initial revenue was in line with expectations, net profit exceeded expectations, and net interest rate was downgraded by 2pct to 13.

5%, of which H2 Chifeng, Yili plant operating rate is insufficient, the scale effect declines, resulting in a decline in gross profit margin 1.

3pct to 36.

3%, the expected cost of interest rates and exchange losses will lead to a financial expense ratio of 0.

5 points.

Cash dividends are distributed for every 10 shares3.

5 yuan (including tax), the dividend rate is 1.


The main yeast industry has grown rapidly, and the sugar industry has been a drag.

1) The main business of yeast increased by 24%. It is expected that the use of yeast increased by 20%, and the double-digit increase in YE; health products maintained a rapid growth of 40%;

The gross profit margin of the yeast industry dropped by 2.

6pct, mainly due to reduced economies of scale and high gross profit product categories.

The sugar business dropped by 2%, and the gross profit margin of the sugar industry fell by 11.

8pct, mainly due to the decline in international sugar prices.

2) Chifeng factory was relocated and suspended for one month. Yili’s environmental protection limited production rate was 60%. The net interest rate of Chifeng factory decreased significantly, and the net interest rate of Yili factory decreased.

The chairman continues to be re-elected, and the cost of molasses has fallen.

Chairman Yu will continue to be re-elected as the company’s chairman, and the personnel distribution of the partnership will remain basically stable.

The overall cost of molasses is reduced by 6%, of which sugarcane molasses is reduced by 5%, and sugar beet molasses is reduced by 10%. The cost end is still under pressure due to the decline in scale benefits.

Core risks: exchange rate fluctuation risks, environmental protection and production limit risks

Detailed explanation of the largest tax reduction in history

Detailed explanation of the largest tax reduction in history

“Do not charge a penny over tax”, and actually let the profits of 2 trillion companies: Detailed explanation of the largest tax reduction in history ■ Reporter Zhang Zhi Ma Weihui Yu Yujin reported the “both inclusive tax reductions and structural tax reductions, focusing on reducingThe burden of bankruptcy in manufacturing and small and micro enterprises.

On March 5, in the “Government Work Report” (hereinafter referred to as the “Report”) made by Premier Li Keqiang of the State Council, clear requirements were set for tax and fee reductions this year.

  Sun Ruibiao, member of the National Committee of the Chinese People’s Political Consultative Conference and deputy director of the State Administration of Taxation, couldn’t wait for the end of the afternoon group meeting after listening to the “Report.” Taking advantage of the lunch break, he turned back to work overtime.

At this time, the State Administration of Taxation was busy running because of the tax reduction requirements in the Report.

  重庆耍耍网This “Report” puts forward the largest tax reduction plan in history.

  The highest, reduced to the main force of tax reduction, tax rate scale adjustment, the original applicable 16% tax rate was reduced to 13%, 10% tax rate was reduced to 9%, 6% tax rate has not changed, but according to requirements, all industries must be guaranteedThe tax burden is only reduced but not increased.

Sun Ruibiao said that the next step will be to take supporting measures such as increasing deductions for production and living services to ensure that the tax burden of all industries will only be reduced or not increased, and continue to move towards the simplification of the tax rate by three and two.

  ”Reduction is the main force in this round of large-scale tax reductions. The targets of tax reductions include the real economy such as manufacturing and transportation, which have a broad coverage and great strength, and reduce the burden on the real economy.

Shi Wenwen, director of the Research Center of Finance and Tax Law of China University of Political Science and Law, said in interpreting the Report.

  At the same time, the “Report” requires that cutting taxes and fees directly against the pain points and difficulties of current market players is a fair and efficient policy.

To ensure that all industries must reduce their burdens, and gradually reduce the burden of corporate mergers and social security contributions by nearly 2 trillion yuan.

  As soon as the policy of increasing tax deductions came out, we faced a problem of implementation time. Before implementation, we have a lot of work to do.

For example, the system needs to be upgraded. At the same time, we must do a good job of policy guidance to solve the questions that taxpayers may have.

In addition, the supporting policies mentioned by the Prime Minister must be followed up.

After the implementation of the policy, will it be possible to declare it so correctly, and will the tax reduction be in place?

We have to do inspections, and we must tolerate many excessive pennies.

This is all the next work.

Sun Ruibiao said in a panel discussion at the National Two Sessions.

  According to the requirements of the “Report”, gradual reforms will be implemented. Both inclusive tax reductions and structural tax reductions will be implemented simultaneously, with a focus on reducing the burden on manufacturing and small and micro enterprises.

  According to Sun Ruibiao, since the 6% tax rate has not changed, it seems that these industries have not been affected, but the tax rate of upstream companies has decreased, so these industries can reduce the deduction. Therefore, the industry with a 6% tax rate, the actual tax burdenIs increased.

  In order to ensure that all industries can reduce their burdens, Sun Ruibiao said that the tax department will adopt supporting measures such as increasing resistance to deductions for production and living services to ensure that all industries can enjoy the benefits of tax reduction.

  ”Excessive tax does not mean that the original tax should be collected at 100% and collected at 120%, but the preferential policy is correct. Even if the excessive tax is collected, we must do an inspection and we can definitely collect an extra penny.

Sun Ruibiao pointed out.

  The first tax cut is always the highest.

  With regard to social insurance contributions, the Report states that the proportion of contributions paid by urban employees’ basic endowment insurance units will be reduced by 16% in various places.

This is a one-fifth reduction from the current 20% tax rate.

  In fact, tax cuts and fees have been one of the priorities of the state’s fiscal policy.

In 2018, the scale of tax and fee reductions reached 1.

At 3 trillion yuan, fiscal revenue was about 15 trillion yuan, and the scale of tax reduction was close to 10% of fiscal revenue.

  This year, tax cuts continue to be made, and small and micro enterprises’ tax cuts and fees have been spreading.

On January 9, the executive meeting of the State Council introduced a series of inclusive tax reduction measures for small and micro enterprises; On January 17, the State Administration of Taxation, in conjunction with the Ministry of Finance, issued the “Notice on the Implementation of Inclusive Policies for Small and Micro Enterprises””, Which clearly stipulates the specific content of the preferential policies; On January 18, two collection and management documents supporting the preferential policies for small and small-profit enterprise income taxes were officially released.

  Liu Baozhu, deputy director of the Revenue Department of the State Administration of Taxation, said that the long-term good tax and fee reduction policy is the theme of the 2019 annual work.

The State Administration of Taxation and 36 provincial-level taxation bureaus have all set up leading groups for the implementation of tax reduction and fee reduction, opened up information communication channels, and ensured the orderly progress of the work.

As of now, the taxation departments at the provincial, municipal, and county levels have all set up a leading group for tax reduction and fee reduction, led by the “first leader”, and issued “1 + 4” fiscal and tax documents and collection and management announcements to support the development of small and micro enterprises.Local tax relief documents have also been issued.

In addition, the pricing and management system was upgraded as scheduled, the statistical calculation was ready, and the supervision and administration office was in place, which effectively promoted the tax and fee reduction policy to take root.

  Pay attention to the continuous expansion of the scale of fiscal reduction of fees and taxes, which not only brings benefits to enterprises, but also puts some pressure on fiscal revenue.

  ”The difference in revenue and expenditure is more granular than in previous years. Because of the complex international and domestic economic growth and the downward pressure gap, coupled with the large-scale tax and fee cuts this year, fiscal revenue has increased significantly. Therefore, provinces and cities have lowered their fiscal revenue targets this year.
However, rigid fiscal expenditures have not decreased, revenues have decreased, and expenditures have increased in anticipation, leading to more obvious fiscal revenue and expenditure differences.
Shi said.

  It is understood that increasing investment efforts and reducing taxes and fees may lead to an increase in the deficit rate.

China has implemented an active fiscal policy for more than ten consecutive years. During the 2008 financial crisis, China implemented an active fiscal policy, and the deficit rate also went from zero in 2008.

11% rose to close to 3% in 2009 and then at 1.

The range of 5% -3% fluctuated within a slight range, and fell slightly to 2 in 2018.

6%, this year rose to 2.


  ”While reducing fees and taxes, it is also a big thing to balance the budget. The Prime Minister said in the Report that the scale of the deficit must be increased to two.

8%, at the same time tapping the potential and reopening some of the precipitation funds, which may involve hundreds of billions of funds and transformation. Current companies must report more profits and make more contributions. These are to help us reduce taxes and fees.jobs.
The pressure to cut taxes and fees is great.

Sun Ruibiao pointed out.
  In order to alleviate the pressure of tax and fee reductions on finances and support the reduction of burdens on enterprises, the “Report” requires that the government must live a tight schedule and find ways to raise funds.

The central government should open up and reduce expenditures, increase the profits paid by specific national financial institutions and state-owned enterprises, reduce general expenses by more than 5%, and reduce the “three public” expenses by about 3%, and all long-term deposit funds will be recovered.

Local governments should also take the initiative to tap the potential, vigorously optimize the expenditure structure, and activate various types of funds and assets through multiple channels.

  ”We must earnestly give market participants, especially small and micro enterprises, a clear sense of tax and fee reduction, and resolutely fulfill their commitments to the enterprise and society. No matter how many difficulties, we must make this important event a success.

“The report states.

Southern Media (601900) Annual Report 2018 Review: Guangdong Publishing Leading Enterprise’s Main Business Steady Growth

Southern Media (601900) Annual Report 2018 Review: Guangdong Publishing Leading Enterprise’s Main Business Steady Growth

I. Overview of the incident The company announced its 18-year annual report: it realized revenue of 55 in 18 years.

97 billion (+6 year-on-year.

60%); net profit attributable to mother 6.

55 billion (+7 compared with the same period last year).


Net profit after deduction to mother 5.

37 billion (+23 y / y).


Second, analysis and judgment of the income side: 18 years of revenue 55.

9.7 billion increased by 6.

6%, printing business income reached +18.

28% of high-growth companies have five business sectors: publishing, distribution, printing, material trading and investment.

By business: Publishing revenue 24.

5.1 billion (+10 compared to the same period last year).

02%), gross margin of 24.

07% (YoY-3.

42%); posted business revenue 29.

3.4 billion (+12 year-on-year.

38%), gross margin 27.

85%, the company’s publishing and 深圳spa会所 distribution business income maintained steady growth, the structure continued to optimize; material trade revenue10.

9.6 billion (YoY-14.

21%), gross profit margin 7.

46%; printing business revenue 4.

1.8 billion (+ 18% YoY).

28%), gross profit margin 19.

2%, printing business achieved high growth, the main contribution was in teaching materials printing; other business revenue1.

8.1 billion (+ 47% YoY).

44%), with a gross profit margin of 47.

5% (+ 4% YoY).

34%) achieved high growth, mainly benefiting from the newly developed digital teaching materials business.

Publishing + distribution + education + new media go hand in hand, and will continue to maintain a rapid growth in the future. Publishing business: The company is backed by 15 million students in Guangdong Province.The rate continues to increase; for general books, the company has published general books for 18 years.
3576 types, 205 audiovisual products, 254 electronic publications.

Issuing business: The company’s issuing group currently has 112 central stores, 137 campus bookstores, a total of 964 sales outlets, and a net increase of 47 outlets.

Education business: The company strengthened its layout in the field of education, expanded its product line horizontally, initially extended the industrial chain, and promoted the education upgrade to the right.

New media business: In-depth operation of high-quality IP resources in the media, tapping the potential of high-quality IP resources such as New Weekly, Youth Digest, Flower City, and Essays, building an IP all-media marketing matrix, and opening up online IP resource operations

Third, investment proposals are expected to achieve revenue of 60 in 19-21.


100 million, an annual increase of 7.
1% / 6.

8% / 6.

3%; It is estimated that the company’s net profit attributable to the parent in the year 19-21 will be 7.



0 ppm, an increase of 8 in ten years.

0% / 6.

9% / 6.

1%, the EPS corresponding to the latest equity is 0.



90 yuan, corresponding to PE is 12.



8 times.

The current publishing industry averages 12X in 19 years?
Around 15X, the company is backed by Guangdong Province, and its performance has grown steadily. To sum up, it gives a “recommended” rating.

Fourth, risk reminders: paper costs increase; dividend policy changes; teaching materials supporting policy changes