Zhejiang Yongqiang (002489): Significantly improved performance and expanded product channels steadily

Zhejiang Yongqiang (002489): Significantly improved performance and expanded product channels steadily

Event: The company announced the 2019 third quarter report, and the first three quarters achieved revenue of 30.

37 ppm, an increase of 15 in ten years.

55%, net profit attributable to mothers3.

US $ 5.7 billion, a previous substantial increase of 418%; of which, operating income in the third and third quarters2.

6.8 billion, down 14 each year.

14%; net profit attributable to mother 100.

740,000 yuan, an increase of 101 in ten years.


Comments: 1. The revenue growth rate has improved, the coverage has continued to expand, the company ‘s revenue has increased slightly in the first three quarters, and the net profit has increased, and the base has been reduced in 2018.And companies have certain pricing power, leading to gross profit margins that are still complicated to rise even under the influence of trade frictions5.

1 target; indicator. In response to the Sino-US trade friction, the company formulated marketing strategy adjustments and continued to cultivate the European market. The sales of outdoor leisure and home furnishing products in Europe and the United States have risen.

At the same time, the company continued to improve the construction of the raw material supply system and expanded its market share in high-end tents and umbrellas.

The company’s internal efficiency has improved, and operating costs have fallen slightly.

The company’s Q3 single-quarter revenue basically remained stable, and its net profit further increased by 101 due to investment income.

46%, deducting non-net profit fell 106 every year.


2. Profitability rebounded markedly, channel 深圳桑拿网 expansion steadily pushed forward Q3 comprehensive gross profit margin27.

91%, net sales margin 11.

76%, the annual increase rate exceeds.

The furniture manufacturing industry suffers from the adverse factors of industry downturn and intensified competition, and its long-term development is slow.

The company’s sales revenue in 2019 has increased in 2018. At the same time, the company’s gross profit margin has increased due to the comprehensive factors such as the fluctuation of the RMB exchange rate and the increase in production efficiency.

At the same time, according to the objective factors of shortening the radial direction of the product, the company has developed other winter supplies such as flame furnaces. The order is expected to reach about 200 million, which also partially smoothes the company’s seasonal 北京SPA会所 revenue changes, so the company’s performance in 2019 is quite obviousGet better.

3. Expansion of product series, devaluation of the local currency brings a significant recovery in profits, maintaining the “strongly recommended-A” rating company as a leading company in the field of outdoor leisure furniture, corporate product specifications, customer channels and product price systems have advantages in 2019 The expansion of product categories, the devaluation of the local currency and the significant recovery in investment income have brought about a significant rise in profitability. We look forward to 2019?
Net profit in 2021 will be 5.

4.0 billion, 5.

8.3 billion, and 6.

8.9 billion, corresponding to only 15 of the current PE.

5 times, maintain “strongly recommended-A” investment rating.

Risk warning: The downward pressure on the industry is increasing, and the risk of RMB appreciation.

Leader Optoelectronics (002189) Series Report Two: The Power of Civilian Product Sword refers to 5G Mobile Phone Coating Leader

Leader Optoelectronics (002189) Series Report Two: The Power of Civilian Product Sword refers to 5G Mobile Phone Coating Leader

Report summary: Our Air Force analyzes Lida Optoelectronics ‘rapidly growing military products business. The company also has transitional technology transformation, extension and upgrading capabilities, and civilian products have achieved a leap from component to module to module.

Lida started with a military single-armed aiming observation equipment, and achieved the first domestic OEM production volume in the field of projectors.

After unremitting efforts, it successfully entered the consumer electronics market and replaced its place in the field of high-end mobile phone cameras.

In the next step, the main growth point of the company’s civilian products is the 5G mobile phone optical coating business, and its subsidiary Pangbang Optoelectronics has become a mainstream supplier in this field.

The automotive lens and mobile phone prism business grew rapidly.

In recent years, the company has transformed and upgraded its development through innovation-driven deployment of mobile intelligent terminals, intelligent network-connected automotive optical sensing modules and systems, and AR / VR optical waveguide devices.

At present, the company’s automotive lenses have achieved mass production, and more production lines have been completed and put into production; the development of 3D face recognition precision optical filters has also achieved staged results, which is expected to promote a new round of development of OLPF business; the company’s new developmentThe best CIOE2018 technological innovation award for AR optical waveguide devices; panoramic prisms for mobile phones, and under-screen fingerprint prisms have been successfully developed and achieved small batch production.

The optical component products have been equipped with Huawei P30, and technological breakthroughs or become industry standard.

The optical prisms produced by the company are currently equipped with Huawei P30 Pro periscope cameras. We estimate that the total allocation of Huawei P30 in 2019 will be 20 million units, and the company’s annual revenue will be around 30 million.

As a leading company in the field of smartphones, Huawei’s technological breakthroughs will become the industry standard in the future.

We predict that the periscope camera forecast business has a market space of approximately $ 600 million per year.

The subsidiary company Pangbang Optoelectronics has the world’s leading ultra-hard reflective 佛山桑拿网 film technology, mainly supplying 5G mobile phones.

Pingbang Optoelectronics was established in 2015, and Lida Optoelectronics and Nanfang Asset each hold 24% of its shares.

The sapphire-like superhard non-reflective film independently developed by Galvanized Optoelectronics is mainly used in mobile phone modules, automotive central control and fingerprint recognition modules, which solves the two major problems of mobile phones reflecting in direct sunlight and being easily scratched by sharp objects.

The second phase of Pingbang Optoelectronics is expected to be completed by the end of this year. It will achieve a total production capacity of 130 million pieces of super-hard optical coatings (annual) and drive the development of the coating equipment industry.

The Ministry of Industry and Information Technology 成都桑拿网 has officially issued a 5G commercial license. We expect terminal manufacturers to launch 5G mobile phones faster than base station construction. The demand for superhard films on glass, ceramic, and composite backplanes used by 5G mobile phones will increase significantly.

Company profit forecast and investment grade: The company’s 2019-2021 revenue is forecast to be 33.

1 billion, 38.

7.6 billion, 48.

7.6 billion, net profit attributable to mother is 2.

1.9 billion, 2.

6.3 billion, 3.

41 trillion, an increase of 31 in ten years.

37%, 20.

35%, 29.

28%, EPS is 0.

83 yuan, 1.

00 yuan, 1.

29 yuan, corresponding to the closing PE on June 10 is 24X / 20X / 16X, maintaining the “strongly recommended” level.

Risk reminder: The new-type civilian market has not expanded as expected, and technological progress has fallen short of expectations.

Hengrui Pharmaceutical (600276): 19Q3 performance exceeded market expectations and growth was significantly faster than the previous quarter

Hengrui Pharmaceutical (600276): 19Q3 performance exceeded market expectations and growth was significantly faster than the previous quarter

Event: The company’s third quarter of 19 reported that net profit attributable to mothers increased year by year28.


Hengrui Pharmaceutical released the third quarter report of 19, and achieved operating income of 169.

45 ppm, an increase of 36 in ten years.

01%; net profit attributable to mother 37.

35 ppm, an increase of 28 in ten years.

26%; net profit of non-return to mother is 35.

360,000 yuan, an increase of 27 in ten years.


The company achieved operating income of 69 in the single quarter of 19Q3.

190,000 yuan, an increase of 47 in ten years.

27%; net profit attributable to mother 13.

22 ppm, an increase of 31 in ten years.

96%; deducted non-attributed net profit 12.

470,000 yuan, an increase of 31 in ten years.


The company’s performance exceeded market expectations.

The trend of accelerating performance growth is clear, and the R & D growth continues to grow rapidly.

The company’s 19Q3 single quarter revenue increased by as much as 47.

27%, far exceeding market expectations. It is expected that this is mainly related to the accelerated sales of angiography and tumor lines. The company’s performance growth has shown a quarter-on-quarter acceleration trend again and has been confirmed again.

According to the company’s announcement, the current contrast agent channel is still seriously out of stock and is expected to maintain a growth rate of about 40% in the first three quarters; the tumor line is expected to increase to 40% driven by the amount of carelizumab and albumin paclitaxelabout.

In the first three quarters of 19, the company’s R & D investment reached 28.

99 ppm, a 66-year increase of 66.

97%, R & D expense ratio increased to 17.

11% (+3.

17pct), in which the R & D expense ratio reached 19 in the single quarter of 19Q3.

46% (+4.

68pct); The continuous high R & D promotion has further strengthened the company’s innovative drug leader.

In addition to the rapid growth of the R & D expense ratio, the company’s overall expense ratio was well controlled during the first three quarters of 19 (61.

83%, +3.

40pct), of which selling expenses cost 36.

37% (-0.

89 points), management costs 8.

98% (+0.

95pct), financial expenses budget -0.

63% (+0.


The company’s accounts receivable reached 54.19 trillion, an earlier increase of 43.

63%; net cash flow from operating activities in the first three quarters26.

08 million yuan, an increase of 27 in ten years.

19%, basically the same as the rate of profit growth.

Karelizumab’s indications continued to develop, and the launch of innovative drugs helped boost performance.

The company is a leader in conventional innovation and R & D. The R & D expansion continues to grow at a high rate. Driven by years of high R & D promotion, the company has gradually entered the innovation harvest period.

At the front end, the company’s heavy-duty innovative or high-end imitation products such as irexexib, thiopefilgrastim, pirlotinib, albumin paclitaxel, and carelizumab have been approved for listing.

It is particularly noteworthy that the company’s Karelizumab has achieved excellent clinical progress in lung cancer, liver cancer, gastric cancer, esophageal cancer and other large cancer indications, and its research and development progress is leading internally.

According to the company announcement and CDE data disclosure, the company has successively delivered second-line treatment for esophageal squamous cell carcinoma, second-line treatment for liver cancer monotherapy, and NSCLC combined with first-line treatment for chemotherapy.

With the continuous development of Karelizumab for large cancer indications, and overlapping the company’s strong channel access and commercialization capabilities, the sales of Karelizumab are expected to reach 10 billion US dollars.

The company’s pirlotinib was approved for conditional marketing based on phase II clinical data in August 18 and was approved for use in combination with capecitabine for second-line treatment of HER2-positive patients.

At present, the company announced that the main endpoint of the Phase III clinical study of pirlotinib combined with capecitabine in the treatment of advanced diabetes has reached the standard of mid-term analysis of superiority of the protocol, and the safety is acceptable. Compared with lapatinib combined with capecitabine,Can 四川耍耍网 significantly prolong the patient’s PFS.

In terms of other research varieties, the company’s PD-L1 monoclonal antibody SHR-1316 combined with first-line chemotherapy for extensive-stage small cell lung cancer is already in the phase III clinical trial, and first-line therapy with chemotherapy for esophageal squamous cell carcinoma is also in the phase II clinical trial. The future progress will be the first to win domestically.Batch listing.
In addition, the company’s innovative drugs such as bevacizumab, type II diabetes treatment drug SGLT-2 inhibitor SHR3824, prostate cancer treatment drug androgen receptor antagonist SHR3680, hormone receptor antagonist treatment drug CDK4 / 6 inhibitor SHR6390 orBiosimilar drugs have also entered phase III clinical trials, and are expected to continue to contribute to the company’s performance 杭州夜网论坛 flexibility in the future.

Investment recommendation: Overweight-A investment rating, 6-month target price of 90.

60 dollars.

According to the company’s first three quarters of performance, we slightly raised the company’s profit forecast. It is expected that the company’s revenue growth from 2019 to 2021 will be 34.

6%, 30.

8%, 27.

9%, net profit growth rate was 28.

8%, 27.

8%, 25.

5%, outstanding growth; given Overweight-A investment rating, 6-month target price is 90.

60 yuan, equivalent to a dynamic price-earnings ratio of 60 in 2020.

Risk warning: product price reduction risk, core product marketing is less than expected, new drug development is less than expected, etc.

Guanghui Automobile (600297) Semi-annual Report 2019 Review: Short-term pressure on profit growth and contrarian growth

Guanghui Automobile (600297) Semi-annual Report 2019 Review: Short-term pressure on profit growth

Companies with revenue growth of + 3% and performance in line with expectations achieved revenue of 807 in the first half.

1 ‰, an increase of 3 per year.

28%, net profit attributable to mother 15.

100 million, down 28 a year.

42%, performance is in line with expectations.

Revenue in the second quarter was 434.

100 million, an increase of 12 every year.

22%, net profit attributable to mother 7.

09 billion, down 28 a year.


H1 achieved new car sales42.

880,000 units, previously +6.

09%, achieving 401 repairs.

300,000 units, +3 in the past.

21%. Against the backdrop of a 14% decline in industry sales, the company has grown against the trend.

The automobile retail slump, the company’s gross profit margin was under pressure in the first half of the year.

14%, a decline of 0 per year.

62 points.

In terms of business, the gross profit margin of vehicle sales was 3.

9%, a decline of 0 per year.

22pct, the automotive retail environment has deteriorated, and the gross profit margin of vehicle sales has shrunk; the gross profit margin for repair services is 35.

4%, down by 1 every year.

18 points, mainly to increase customer stickiness, control the churn rate and lock customers back to the store for a long time, due to the company’s maintenance expenses for customers; commission agent gross profit margin was 77.

6%, increasing by 0 every year.

38pct, mainly due to the continuous optimization of the commission’s main business structure, and the scale effect has begun to appear; the gross profit margin of car rental is 66.

8%, a decrease of 9% each year.

69pct, due to the continued tightening of the overall funding environment, increased capital costs and increased market competition.

Lean Management, Three Fees Steady Report The ratio of three fees in series.

57%, a slight decrease of 0 every year.

19pct, of which selling expenses cost 3.

18%, increasing by 0 every year.

09pct, in the context of the industry, in order to increase the company’s business scale, the marketing team, marketing 深圳桑拿网 efforts to expand, employee compensation and labor costs, marketing and service fees, commission service fees and other sales costs increased; management costs decreased.

60%, a decrease of 0 every year.

13pct, the company reduced the cost of lease property management, office and travel expenses, business entertainment expenses; financial expenses1.

79%, a decrease of 0 every year.

15pct, exchange rate fluctuations caused a reduction in exchange losses in the current period compared with the previous year.

Leading auto dealers. Maintaining an “overweight” rating. Leading domestic dealers. The market share continues to increase. The brand structure improves. Actively explores the aftermarket business of automobiles. Benefiting from the change in the industry, it is affected by the slump in automobile sales in the short term.We will make a profit for the year 19/20 from 0.

62/0.74 is reduced to 0.


46 yuan, the current corresponding dynamic price-earnings ratios are 9 respectively.


3x, maintaining the overweight level.

Risk warning: sales volume continues to decline, sales model changes, and goodwill is impaired.

Dahua (002236): Excellent gross profit margin performance to achieve expected growth

Dahua (002236): Excellent gross profit margin performance to achieve expected growth

Proactively manage the distribution business and ensure the quality of operations.

The company’s G-end remained stable in the third quarter, while the B-end grew steadily, and the downward channel has basically stopped.

On the channel, SMB began to form 30+ plans in the first half of the year, showing a quarter-by-quarter growth trend; the quality of the distribution part was sorted out.

The highest revenue growth was mainly due to the company’s active control of distribution products on channels, ensuring business quality and repayment ability, reducing some high-risk and low-quality businesses, and the overall overseas business was still weaker than domestic.

The gross profit margin remained high, and expenditures in various aspects were still increasing.

Company Q3 gross profit margin 42.

14%, an annual increase of 6.

04 averages.

The product structure is optimized, product series are continuously upgraded, product competitiveness is enhanced, and the company’s profitability is further enhanced.

The expense ratio during a single quarter was 33.

80%, an annual increase of 4.

81 averages.

The average sales, research and development, and financial expense ratio continued to increase, reflecting that the company is still increasing investment in various aspects, channel sinking, 无锡桑拿网 market development, and new product launch at this stage.

Financial expenses increased by 1.

The 60 tiers were mainly due to a decrease in exchange gains.

While maintaining high expenditures, due to the better gross margin performance, profits still achieved growth.

The company’s profits continued to accelerate quarter by quarter.

Net profit attributable to mother in the first three quarters of 18.

7.7 billion, previously at 20.

06%, 10 from previous guidance?
The upper edge of the 25% interval.

The company guides the highest net profit attributable to mothers29.


8.8 billion, a 10-year growth rate of 15?

In Q3, the company sold goods in a single quarter, and received cash for labor services of 59.

40,000 yuan, an increase of 20 in ten years.

42%; Q3 net cash inflow in a single quarter was 3.

300 million in the same period last year.

We expect the security industry to continue to pick up this year. Security AI projects are expected to continue to land, the product structure will be upgraded, and the company’s profitability will be further improved.

We expect the company to realize net profit attributable to mothers in 2019-2021.



8 billion.

Maintain “Buy” rating.

Risk warning: industry demand is lower than expected, overseas markets are lower than expected, and security upgrades are lower than expected.

Juewei Food (603517) 2019 Quarterly Review: Opening Stores Still Accelerating and Stabilizing

Juewei Food (603517) 2019 Quarterly Review: Opening Stores Still Accelerating and Stabilizing
Matters: The company released the first quarter report of 2019 and achieved operating 西安耍耍网 income11.500 million, an increase of 19.6%, net profit attributable to mother 1.800 million, an increase of 20.4%, deducted non-net profit1.800 million, an increase of 21.2%, achieving a budget benefit of 0.44 yuan. Q1 results were in line with expectations.Q1 company revenue increased by 19.6%, slightly higher than market expectations.The gross profit margin was 33.3%, down by 1.1pct, period cost cost 13.0%, down with 0.3pct, net profit increased by 20.4%, in line with market expectations. Q1 speeded up the opening of the store, and “Jiaojiao” made a new income.Q1 income increased by 19.6%, slightly exceeding market expectations.The company achieved high growth in the first quarter, with a low base factor, but more from: 1) The speed of opening stores has accelerated significantly. We expect a net increase of about 250 stores in the first quarter, which will create a new high since the past five quarters and store stockThe total number is 10100+; 2) Benefiting from store upgrades, the same-store revenue growth rate is stable at 3% -5%; 3) New categories of “pepper flavor” are popular with consumers, and 20+ stores are expected to open in Q1.In the initial period, about 200 stores were opened, creating a new growth point in performance.In terms of products, fresh poultry revenue was 9.0 ppm, accounting for 80%, contributes the main income, followed by vegetables1.100 million, accounting for 10%. In terms of regions, Central China, Eastern China, and Southern China accounted for a relatively high income, which were 27.1%, 17.0%, 25.0%, there is still room for development in the northwest. Expense rates have steadily declined, and net interest rates have hit record highs.The net profit attributable to the mother increased by 20 in Q1.4%, maintaining stable growth; net interest rate is 15.7%, a new high since 2014.1) The gross profit margin dropped slightly.Q1 gross profit margin was 33.3%, down by 1 every year.1pct, mainly due to the rise of duck intestines, duck tongues and other deputy prices in the first three quarters of 18 years, which declined in the fourth quarter. A small portion of 1Q19 used raw materials purchased in 3Q18. At the same time, prices of auxiliary materials such as pepper increased, and some hedged 4Q18 The fall of duck deputy prices led to a decline in gross profit margin in 1Q19.In 19 years, the price of duck deputy purchases has been relatively reduced, and the pressure on raw material costs has eased. 2) The cost rate has declined steadily.Expenses during Q113.0%, down with 0.3pct, of which selling expenses cost 7.3%, basically the same as the same period last year; considering internal R & D expenses, administrative expenses 56%, down by 0.4pct. Maintaining a steady store opening, continued improvement in profitability can be expected.According to the company’s strategy, Juwei Duck Neck stores maintained a high net increase of 800-1200 stores, accelerated the development of high-potential energy stores, and promoted the online and offline integration and development, and the revenue flexibility will continue to increase.In 19 years, the company began to launch a new brand “Jiaojiayouwei”. The store opening has been effective from the region to the country, and the speed of opening stores will be accelerated in the future.In addition, the company has participated in multiple food chain and catering projects. When the project matures, it is expected to form a brand fission and form a new growth point.In the long run, the company is expected to maintain a stable performance growth rate. Earnings forecasts and investment advice.As a leader in leisure halogen products, the channel, production capacity and scale advantages are obvious. The expansion of stores and endogenous growth will increase the company’s performance, and new categories are steadily advancing, which is expected to become a new growth point.We expect the company’s 19-21 operating income to be 50.23/57.26/64.71 ppm with a growth rate of 15.0% / 14.0% / 13.0%; net profit is 7.97/9.62/11.37 trillion, with a growth rate of 24.4% / 20.8% / 18.1%; EPS is 1.94/2.35/2.77 yuan, corresponding PE is 24/20 / 17X, maintaining the “recommended” level. Risk reminders: pressure on duck deputy prices, store opening speed is slower than expected, food safety issues.

Focus Media (002027): Short-term performance under pressure and long-term optimism about economic growth brought about by economic recovery

Focus Media (002027): Short-term performance under pressure and long-term optimism about economic growth brought about by economic recovery

The main points of the report describe the company’s release of its 18-year annual report and 19-year quarterly report. The company’s 18-year revenue reached 145.

51 ppm, an increase of 21 in ten years.

12%, net profit attributable to mother 58.

23 ppm, a reduction of 3 per year.

03%, 19Q1 company achieved revenue of 26.

11 trillion, down 11 a year.

78%, net profit attributable to mother 3.

400 million, down 71 every year.

81%, 19H1 is expected to achieve net profit attributable to mother 7.

4 ppm-11 ppm, a reduction of 77 per year.

88% -67.


Incident review The company’s performance growth in 18 years 四川耍耍网 and 19Q1 was affected by the dual effects of the macro environment and the cost of expanding the screen: 1) Macro environment: The downturn in the macro economy led to a contraction in advertisers’ demand for delivery.

95% / 11.

88% /-11.

78%, the company ‘s revenue growth is under pressure; 2) Screen expansion: In 18 years, the company started a new round of screen expansion, driving incremental growth in media resource rents, equipment depreciation, and labor costs.

20,000 (elevator TV 72.

40,000, elevator poster 193.

80,000), with an annual growth rate of 75%, among which elevator posters are expanding rapidly in cities below the third tier, and the number of elevator televisions in cities below the second tier is accompanied by high growth. It is expected that the company will expand the expansion screen in 19 years, with a total of 275 in 19Q1.

50,000, only 9 in the quarter.


The company’s advertiser structure has shifted from Internet customers to consumer goods customers, and FMCG (fast-moving consumer goods) customers highlight structural opportunities.

In 18 years, the company ‘s daily consumer goods customer revenue increased, and the proportion of Internet customers ‘revenue declined. In 19Q1, Internet advertisers’ budgets for expansion expanded, and the company ‘s sales strategy shifted to traditional consumer goods customers.

FMCG customers have a large amount of investment in the advertising market but are expanding in the building media. At the same time, the advertising budget is relatively stable and sustainable. The company can alleviate the current income-side pressure by tapping the advertiser budget of fast-moving consumer goods.

In the long run, we are still optimistic about the business growth brought about by the improvement of the macro environment.

The economic recovery will increase the demand for advertisers. The first-tier and second-tier cities will break through the potential for consumption and the third-tier and fourth-tier cities will increase their consumption capacity. New-point revenue generating companies are expected to usher in the release of performance.

In addition, Ali’s data plus holdings for the company will drive the company’s customers to expand into long-tail and performance advertisers, and the revenue space will further expand.

Profit forecast: The company’s short-term performance is under pressure but in the long-term we are still optimistic about the company’s business growth. It is recommended to pay attention to the marginal improvement in revenue caused by changes in the macro environment./ 20/21 year net profit attributable to mothers was 32.



1.6 billion, EPS is 0.



36 yuan / share, corresponding to PE32X / 25X / 19X.

Risk Warning: 1.

The macroeconomic downturn affects the demand 佛山桑拿网 of advertisers; 2.

Industry competition has intensified.

CYTS (600138): The cultural unit price of the ancient town is increasing, and corporate governance continues to improve

CYTS (600138): The cultural unit price of the ancient town is increasing, and corporate governance continues to improve

The performance has grown steadily, and the value of the ancient cultural town highlights its 18-year income 122.

65 billion / + 11.

3%, net profit attributable to mother 5.

9.7 billion / + 4.

5%, excluding 1.

US $ 9.9 billion in government subsidies, etc., deducted non-attributed net profit4.

9.3 billion / + 14.

4%, in line with expectations.

Wuzhen strives to build an exhibition town, and the unit price of passengers is expected to continue to increase. In 1919, the Beijing-Shenzhen high-speed railway was opened to boost the passenger flow in Gubei. The two ancient towns still have potential for development.Other projects continue to advance, and the transfer of China Everbright Group brings the expectation of governance optimization and mechanism improvement. It predicts EPS 0 in 19-21.



23 yuan with a target price of 20.


65 yuan, to maintain a buy.

Wuzhen: To build a conference town, the customer unit price will increase significantly. In 2020, the courtyard will open for 18 years and revenue 19.

05 billion / + 15.

74%, net profit 7.

34 billion / + 5.

98%, excluding supplementary net profit increased by 18.

56%; tourists 915.

03 thousand / -9.

71%, the unit price of 208.

19 yuan / + 28.


Scenic spots make every effort to create a benchmark for convention and exhibition towns, strengthen the brand effect; various thematic activities held with theatrical festival as the link, strengthen tourism + cultural IP, and the unit price can increase the potential for improvement.

Since September 18, the ticket price of Dongzha in Wuzhen has been adjusted from 120 to 110 yuan, and the ticket price of East and West has been adjusted from 200 yuan to 190 yuan. Due to the diverse income structure of attractions, the impact of ticket price reduction is limited.

Puyuan is expected to open in 2020, about 30 minutes away from Wuzhen, of which about 1/4 of Wuzhen’s Xizha is positioned as a fashionable shopping town. It aims to form a synergy with Wuzhen and increase the unit price of tourists in Wuzhen.

Gubei: Phased implementation of equity, transportation improvement and improvement of passenger flow 18 years revenue9.

9.8 billion / + 1.

98%, net profit 3.

08 billion / +169.

84%, excluding real estate settlement investment income2.

200 million, the profit of the scenic spot dropped by 20%, depreciation and increase in financial costs dragged down performance.

Affected by Beijing-Gubei transportation operations and adverse weather, the passenger flow was 256.

490,000 / -6.

85% (Wuzhen Xizha 18 years visitors 5.14 million / -5.

61%), the customer unit price is 389.

1 yuan / + 9.44%.

In 19 years, the Beijing-Shenzhen high-speed rail is expected to open, improve the transportation from Beijing to the scenic area, and radiate the Hebei / Liaoning passenger 杭州桑拿网 base, and the passenger flow is expected to boost.

Facing the well-known cultural events such as the Beijing TV’s Global New Year’s Eve, the world premiere of “Evil Is Not Overwhelming”, the charm of attractions and brand culture are constantly improved.

In March 19, the company transferred Gubei 5 transferred by Jingneng Group.

16% of shares, holdings increased to 46.

6%, net profit is expected to increase.

Outreach project reserves are abundant, cultural tourism is expanded, Kangyang’s entire industry chain layout is 77.05 million yuan for 18H2 company investment in Chengdu Qingcheng Shandujiangyan Tourism Company.

CYTS Hongqi Tourism Industry Investment Fund also continues to develop new project layouts: it invested 60 million in the health and leisure tourism industry park of Jiangsu Yada Health in September 1合肥夜网7;

40,000 yuan in a 40% stake in Jiuhuang Mountain, a national 4A-level scenic spot in Sichuan (has been delisted on the New Third Board in April 18); 63.5 million invested in the rural complex operator rural partner cultural tourism in March 18, 27 million investment in Wuyuan rural cultural tourism.
Improved governance, long-term optimism about the growth potential of the ancient town, synergies of major shareholders’ resources, and the strength of maintaining the purchase of ancient town tourism + strong cultural IP highlights, still has growth potential, and abundant project reserves.

In January 18, the company transferred to China Everbright Group. In December, Group Chief Qiu became the new president, and three new directors settled in. The governance structure continued to be optimized.

Wuzheng’s customer orders are higher than expected, and the original forecast for EPS0 in 19-20.


97 yuan, adjusted to EPS0 in 19-21.



23 yuan, comparable company’s average PE22 in 19 years.

47 times, giving 22-23 times PE in 19 years, with a target price of 20.


65 yuan, to maintain a buy.

Risk reminder: The growth rate of passenger flow is not up to expectations, the improvement of management mechanism and the progress of project implementation are gradually expected.

Autumn and Winter Yangyin American Ginseng Available

Autumn and Winter Yangyin American Ginseng Available
American ginseng can nourish qi and nourish yin, clearing heat and promoting fluid.According to the laws of Yangyang in spring, summer and yin in autumn, winter, American ginseng is very suitable for eating in autumn and winter.”Medicine Zhongxin Shenlulu” records: “American ginseng is cold and tonic. Anyone who wants to use ginseng but cannot be warmed by ginseng can replace it.”” Usually American ginseng has these uses: 1.For taking: Cut the American ginseng into thin slices and take one or two at a time, 3?5g.American ginseng has a sweet taste. When it is served, it is sweet and sweet.2.Making tea: Punch American ginseng into powder form, 深圳桑拿网 and divide it into tea bags.5g, or directly use a spoon to pour boiling water and red dates and berries to brew a drink, which is especially suitable for professional women who face the computer for a long time.3.With porridge: add 3 to the cooked gruel5g American ginseng powder or thinly sliced, and then boil until boiling for two or three minutes, once a day for breakfast.By reducing the porridge water, the taste of American ginseng will be relatively reduced.4.Stew: American Ginseng 20?40g, hen (black chicken is the best) add appropriate amount of yam, wolfberry, red dates to stew into chicken soup, American ginseng is best ground or sliced into the hen and stewed, soup and chewing American ginseng for better resultsThis soup is both beautiful and nourishing.However, people with damp and hot spleen and stomach, stagnation, and severe external sensation should not eat it.5, add honey: American ginseng powder 1?3g, add one or two spoons of honey and stir with warm water.Very convenient and tastes good.However, it should be noted that if you have a cough accompanied by expectoration, thin stools, indigestion, chills and cold, white tongue, etc., you should avoid taking American ginseng.In addition, American ginseng cannot be eaten with strong tea, with radish, or with veratrum.(Reporter Li Bin)

Zhejiang Dingli (603338): New arm type accelerates promotion and continues to be optimistic about the company’s long-term value

Zhejiang Dingli (603338): New arm type accelerates promotion and continues to be optimistic about the company’s long-term value

The performance advantage of the new arm type is outstanding, and we expect to quickly achieve import substitution.

The highlights of the new arm style are mainly reflected in: 1) Family-style redesign.

95% of the main parts of the new arm series are common, 80% of the structural parts are common, and the traditional arm parts and structural parts are hardly common.

As long as 10 sizes of different heights can be repaired and repaired, all models can be used. The rental company’s equipment maintenance efficiency is improved, maintenance and labor costs are reduced; 10 sizes of different heights need only purchase 1 set of fragile accessories, Can respond to all sudden failures, equipment maintenance parts procurement costs of leasing companies, storage costs are reduced.

2) Sinking design.

The center of gravity of the new arm series is lowered, and the product stability is better; the components are located in the chassis section, and the leasing company is convenient for maintenance; the strength is higher, and the new arm type of the same thickness of the plate can bear higher weight, under the same loadIn this case, the overall weight is also relatively lighter.

3) Equipped with American Dana construction machinery professional axles.

The pressure loss of the diverter valve is eliminated, and the transmission efficiency is more than 20% higher than the traditional wheel-side deceleration drive. The power is more powerful; it comes with a 100% differential lock. When the three tires slip, the differential lock can be activated and it can still move forward.Competent for severe working conditions; the maximum climbing ability is 50%, and the off-road performance is stronger.

At present, the new arm type is accelerating to provide new momentum for high growth in future performance.

According to company news, on May 26, June 1, and June 8, the company welcomed a total of more than 100 leasers onsite to experience the new arm type in Zhejiang, Jiangsu, Anhui, Shanghai, and the Pearl River Delta.

In view of the current expected funding situation for the production of the new arm small plan, a large number of leasing company customers, after discovering the construction progress of the Dingli Phase IV large arm modern factory project, have asked about the new arm production scheduling arrangements, hoping to book or purchase as soon as possibleNew arm type products.

The company is accelerating the promotion of new arm-type products to the market, and the new arm-type production capacity is expected to be put into production in May 2020.

At present, the product structure of domestic leasing companies is mainly scissor-type, but through industry development and construction conditions have changed, the demand for arm-type products is gradually increasing, the company’s sales volume of arm-type products in 2018 increased by 98 compared with the previous year.

55%, we expect to exceed the scissor type in the next three years; we believe that the company ‘s high-end arm type launch time just caters to the market and is expected to achieve rapid global promotion, and the company ‘s revenue growth will reach a new level.

Profit forecast and estimation: Affected by the Sino-U.S. Trade dispute, the company 杭州桑拿网 may change, but we believe that the company’s long-term growth logic has not changed, and we insist on recommending it for a long time.

Considering the impact of the Sino-U.S. Trade dispute on the company’s short-term performance, the company’s net profit attributable to its mother in 2019-2021 is expected to be 6.



3.9 billion, an increase of 34 each year.

01% / 36.

32% / 41.

12%, earnings per share is 1.



57 yuan.

We believe that the company’s 19-year reasonable PE estimation interval is 30-35 times and the reasonable value interval is 55.

8 yuan -65.

1 yuan, previous market rating.

Risk Warning: Low expectations at home and abroad; arm-type promotion exceeds expectations.