Sofia (002572): Growth in the second quarter accelerates the strategy of large homes to bear fruit

Sofia (002572): Growth in the second quarter accelerates the strategy of large homes to bear fruit
Investment Highlights Performance Summary: The company achieved revenue 31 in the first 四川逍遥网 half of 2019.400 million, an annual increase of 5.2%, realizing net profit attributable to mother 3.9 ‰, an increase of 6 in ten years.0%; net profit after deduction is 3.50,000 yuan, an increase of 0 in ten years.4%.  Q2 achieved revenue of 19.60,000 yuan, an increase of 12 in ten years.2%; achieve net profit attributable to mother 2.8 ppm, a six-year increase of 6.8%.Revenue and net profit growth in the second quarter accelerated.  Multi-category efforts, big home strategy achieved results.1) The solid growth of the custom closet business: revenue of 25 in the first half.500 million, an increase of 2 every year.5%; of which Q2 Sophia category income (including OEM furniture) increased by 11 in the previous ten years.6%; 2) Rapid growth of other businesses: cabinets, furniture, wooden doors, and drainage, respectively, to achieve revenue3.One hundred millionth.8 ppm / 0.8 ppm / 0.200 million, an increase of 12 each year.4% / 21.1% / 34.2% / 80.6%, contribution increase; net profit -1224 respectively.20,000 yuan / -2085.30,000 yuan, reducing losses by 42 every year.9% / 22.1%, gross margin is 27.6% / 10.3%, an increase of 2 per year.3pp / 5.9pp.In addition to customized products, the company has released OEM furniture and home furnishings, custom curtains, etc. in Sofia channels, and the joint sales of accessories have increased the unit price of customers.7% reached 10926 yuan / order.  The cost management is reasonable, and the profit margin remains stable: the rise in material costs and labor costs in the first half of the operating costs caused the company’s gross profit rate to decline.0pp to 36.7%, mainly due to the decline in gross profit margin of wardrobe products1.5pp.  In terms of expenses, the company’s period expenses were 22 in the first half of the year.4%, a year to raise 0.3pp, mainly because the company expanded its market development efforts and advertising investment to increase the sales expense ratio by 0.8pp to 11%, the management expense ratio and financial expense ratio are basically stable.In the first half of the year, the company’s large-scale engineering business increased, resulting in an increase in receivables and a decrease in net cash flow from operating activities of the company by more than 31.5% to 2.300 million.Accounts received in advance 5.10,000 yuan, basically the same as last year.In the first half of 2019, the company’s production of sheet metal in the first half of 2019 caused by the company’s production automation information technology has approached 84%, and there is room for further increase. The increase and decrease in fair value gains (subsidiary Hubei Sofia has made progress discounts) has increased the net profit margin by 0.1pp to 12.4%.  Production side and sales side are optimized simultaneously.1) In terms of channels, the sales ratio of distributor channels is 85.6%, direct sales channel sales accounted for 3%.1%, the proportion of bulk business channels is 10.8%.In line with the big home strategy, the big home fusion store has grown rapidly: in the first half of the year, there were a total of 3629 stores, a net increase of 71, of which 2470 (-40) Sofia, 837 (+15) Smy cabinets, and 146 Sofia wooden doors(+18), 176 large home fusion stores (+78).Channel optimization. Sofia added 80 new dealers in the first half of the year, 48 new development areas, eliminated and optimized 36 dealers and regions, dating high-potential, high-growth dealers, and channel optimization was very effective.2) Duration of capacity expansion: The expansion of the use of the Zengcheng Simi cabinet factory in the first half of the year, and the trial production of the Sofia Home Furnishing Factory 南宁桑拿 by Lankao Evergrande. The company currently has 7 production bases in operation across the country, adding a foundation for revenue growth.3) Operational efficiency improvement: The company has implemented fully flexible production in national production bases. The average delivery cycle in the first half of the year was 7-12 days, which marked a significant improvement from last year’s 10-12 days.  Earnings forecasts and investment advice.The EPS for 2019-2021 is expected to be, 1.57 yuan, corresponding to 15 times, 13 times and 11 times of PE, maintaining the “buy” level.  Risk warning: terminal sales are less than expected risks; multi-category expansion is less than expected risks.

Daqin Railway (601006) Operation data review for March 2019: Daily traffic returns to high levels. Coal ports move south or variables exist

Daqin Railway (601006) Operation data review for March 2019: Daily traffic returns to high levels. Coal ports move south or variables exist

Core point of view The average daily traffic volume of the Daqin Line in March returned to the high of 125 indicators. Considering the impact of spring maintenance and high power plant inventory, 北京桑拿洗浴保健 the daily traffic volume of the Daqin Line in April is expected to be about 105.

The relocation or suspension of Qin Gang will help reduce the impact of diversion if it is true.

Tax and fee reductions are expected to have limited impact, benefiting from the reorganization of the Daqin Line or continuing to maintain full load.

  Daily shipments returned to 125 attachments in March, and shipments in Q1 2019 decreased slightly by 3.

7% remained high.

In March 2019, the company’s core asset Daqin Line completed a freight volume of 3885 to reduce at least 0.


The average daily volume is 125.

In March, it basically met our previous expectations.

Daqing-Qin Line in 2019Q1 has gradually completed freight volume1.

100 million tons, a reduction of 3 per year.

At 7%, the daily growth rate of 122% is still high.

  Affected by spring maintenance and high power plant inventory, the average daily traffic in April is about 105.

As of March 31, the average daily coal consumption of the six major power generation groups was 66.

In the initial period, it increased by 35 compared with February.

1%; The coal inventory of the six major power generation groups was 1571, a decrease of 8 from February.

1%; Qingang coal inventory is 640 tons, a month-on-month increase of 17.


As of April 8, before the inventory of the six major power generation groups and Qingang coal was adjusted to 1552, 642, the Daqin line entered April for a spring maintenance period of about 25 days on April 7.
4 hours, or 10 daily shipments?
20 mm), considering the impact of maintenance and high factory inventory, the daily shipment volume of the Daqin line in April or 105 mm.

  The coal port moved south, and Qin Port was relocated or stopped.

According to the Erdos Coal Network report, Deputy Minister of Transport He Jianzhong stated at the port meeting that he explicitly opposed the Hebei Province’s approach to Qin Port relocation and coal transfer. If it is true, coal ports will move south or there will be variables.

According to reports, He Jianzhong pointed out that Qin Port as a coal transportation function is a national strategy, and it is required to continue to play an important role as the main coal hub port.

We predict that if the relocation is implemented, the net profit of the company will decrease by 75 million for each 1000-minute diversion of Qingang to Caofeidian Port.

If the coal port moves south, the suspension will help reduce the company’s diversion impact.

At the same time, the acquisition of Tanggang Railway improves the collection and distribution system itself and independence, and may contribute equity in 20193.

5 billion.

  Reduce fees or affect company income.

About 3%, is expected to benefit from accelerated marketization.

During the two sessions, China Railway always stated that the railway promoted tax reduction and fee reduction, and the extension was changed from 10% to 9%. The freight rate of railway freight subsequently decreased and passed to the downstream of the industrial chain in equal amounts.

In addition, starting from April 1, the railway canceled dump truck operation services and reduced 10 miscellaneous fees such as deferred occupancy fees for trucks. It is expected that the cancellation or reduction of some miscellaneous fees will affect the company’s revenue1.


500 million, accounting for 0 of 2018 forecast revenue.

About 3%.

The government work report pointed out that the reform of monopoly fields such as railways will be deepened, and competitive businesses will be fully introduced to the market.
The marketization of railway transportation enterprises is accelerating. In the future, the operation mechanism of the Daqin Railway will be more flexible, and there is room for penetration in cost optimization.

  Risk factors: The demand for thermal coal is less than expected, the imported coal exceeds expectations, and railway reforms are below expectations.

  Earnings forecasts, estimates and investment ratings.

The average daily traffic volume in March was 125.
3 Preliminary, basically in line with expectations.

Considering the impact of maintenance and high power plant inventory, the daily transportation volume of the Daqin Line in April or 105 inches.

We maintain our net profit forecast for 2018-2020 of 145.

200 million / 146.

700 million / 147.

50,000 yuan, the corresponding EPS is 0.



91 yuan.

If the coal port moves to the south and stops, the first channel of the West Coal to East Transport may have an advantage or strengthen.

The beneficiary structure is improved or maintained at full capacity, and the attractiveness of high yield is enhanced.

Maintain “Buy” rating.

Baoxin Software (600845) Company Research: High Deterministic Growth of Steel Information and IDC Two-Wheel Drive

Baoxin Software (600845) Company Research: High Deterministic Growth of Steel Information and IDC Two-Wheel Drive

From the Baosteel system, the development of information and IDC two-wheel drive companies.

The company was formerly a wholly-owned subsidiary formed by the integration of information industry-related assets within Baosteel Group. It has been undertaking the task of providing enterprise informationization to the original Baosteel Group and its related parties. It has developed with Baosteel Group for more than 40 years and promoted domestic steelDevelopment of informatization and industrialization.

Since 2015, the company has used Baosteel’s land, water and electricity resources to vigorously develop the IDC business, and the two-wheel drive company has developed rapidly.

  First-tier cities are facing the status quo of IDC resource funding.

From the demand side, benefiting from the explosive growth of the amount of information and data, industries such as big data and cloud computing continue to be recognized by enterprises and users, resulting in increasing demand for IDC infrastructure by IT companies, Internet companies, and telecommunications operators.

From the perspective of the supply side, the barriers to IDC construction are high: 1) IDC’s pre-construction costs are high and the company’s capital needs are large; 2) Only locations with strong winds and water are conducive to natural cooling; 3) Industrial land and electricity indicators in first-tier cities areScarce resources; 4) Professional-grade IDC services have technical advantages only to have an advantage.

  Baoxin software occupies scarce resources in Shanghai and naturally has IDC construction advantages.

Relying on the resources of Baowu Group Iron and Steel Plant, Baoxin has a natural industrial resource competitive advantage in Shanghai.

The Shanghai regional market has always been an important node in the deployment of national data centers for large customers. At the current stage of the Internet, financial enterprise customer demand is continuously released, and resource demand continues to expand.

The Baoxin Group relies on the shareholder Fangbaowu Group to resolve key constraints such as land, water, and electricity for the construction of IDC computer rooms.

At present, the number of cabinets in Shanghai Phase 4 exceeds 2.

70,000, at the same time the IDC model is also copied to Wuhan and other places.

  The tide of M & A and reorganization in the steel industry has brought a lot of information construction needs.

First, since the second half of 2016, through the continuous advancement of internal supply-side reforms, steel prices have risen significantly, resulting in an improvement in the operating performance of steel companies in 2017, and the ability of the information-based demand-side steel mills to pay more.Encourage the support of M & A and reorganization of iron and steel enterprises, Baosteel’s merger and reorganization of Wuhan Iron and Steel, Maanshan Iron and Steel brings 西安耍耍网 a lot of information transformation needs; third, outside the Baowu system, the company signed a contract with Shougang and other steel plants, won the bid in 20172.

The 700 million project demonstrates Baoxin’s leading position in steel informatization.

  Covered for the first time and given a “Buy” rating.

It is estimated that Baoxin Software’s attributable net profit for 2019-2021 will be 8 respectively.

8.7 billion, 11.

8.9 billion, 13.

3 billion, CAGR is 25.


Considering the overall high prosperity of the industry and the high growth of the company’s main business informatization and IDC business, the target price for 2020 is 40.

07 yuan (corresponding to the company’s 38 times PE in 2020), the first coverage, given a “buy” rating.

  Risk warning: IDC demand risk, Wuhan IDC construction progress is less than expected, steel and other downstream industries informatization demand risk, greatly affected by the operating conditions of Baowu Group.

Anzheng Fashion (603839): The main brand has steadily increased its gift information and consolidated its profits

Anzheng Fashion (603839): The main brand has steadily increased its gift information and consolidated its profits

Core point of view In the first half of 19, the company’s operating income and net profit increased by 49%.

49% and 18.

34%, net profit increased by 30 after non-deduction.

19% (Excluding the influence of Li Shang information in November 18, the revenue of clothing business increased by 1.

1%, profitability 0.

37%), 19Q2 company operating income and net profit increased by 58.

20% vs. 28.

55% (Garment business single-quarter revenue and profit increase by 1.

66% vs. 3.


Online sales are growing rapidly, and new brands are still in the incubation period.

In terms of brands, the revenue of the main brands in the first half increased by 9%.

82%, Yin Mo, An Zheng, Mosak and Fina Chen’s income decreased by 10 respectively.

80%, 10.

98%, 24.

19% and 32.

68%; Lishang Information achieved revenue and profit in the first half of the year3.

64 ppm vs. 0.

4.3 billion.

In terms of channels, the company’s offline revenue decreased by 6 in the first half of the year.

59%, online clothing revenue increased by 40.

91%, partially remedying the possibility of offline growth.

In the first half of the year, the company closed 34 stores to 939, of which 3 were Zizi, 6 were Yin Mo, 4 were at Anzheng, 2 were at Mosak, and 20 were at Fina Chen.

In the first half of the year, the endogenous growth of the main brand still maintained an upward trend. In the future, it will open stores moderately and still have development potential. The new brand has not yet stepped out of the climbing period and needs to be further cultivated and consolidated.

In the first half of the year, the company’s comprehensive gross profit margin decreased by 13.

33pct (increasing the proportion of 青岛夜网 online income, consolidating the information on gift and fashion), the gross margin extension of each brand has been improved to different extents; the expense ratio has dropped by 10 during the period.

63pct, net cash from operating activities increased by 168 per year.

45%, the inventory turnover rate and receivables turnover rate increased.

The acquisition of Lishang Information, shares in the frog prince, and brought new growth points around the layout of the baby industry.

In 18 years, the company successively obtained the agency rights of British luxury brands StellaMcCartney and StellaMcCartney Kids in Greater China, and acquired 70% equity of e-commerce agency Lishang Information), Shares in the top ten domestic children’s clothing brand frog princes, the business further covers online and offline mother and baby surroundings, children’s toys, outdoor sports, children’s clothing, etc., the development of new categories and new formats, is committed to the company’s main business based on clothing,New revenue and profit growth points.

Financial Forecast and Investment Recommendations According to the interim report, we basically maintain our previous profit forecast for the company, and the company’s 2019-2021 earnings are expected to be 0.

91 yuan, 1.

03 yuan and 1.

16 yuan (previous forecast was 0.

90 yuan, 1.

03 yuan and 1.

16 yuan), maintaining the company’s 16 times PE in 2019, corresponding to a target price of 14.

56 yuan, maintaining the company’s “overweight” rating. Risk reminder: the risks of multi-brand operation, inventory risks, and the impact of the decline of e-commerce traffic on large platforms

Zhujiang Beer (002461): Performance in line with expected profitability continues to optimize

Zhujiang Beer (002461): Performance in line with expected profitability continues to optimize

Brief comment on the performance of Zhujiang Beer released a performance report, the company in 2019 to achieve operating income42.

44 trillion, +5 for ten years.

06%; net profit attributable to mother 4.

96 trillion, ten years +35.

23%; budget benefit 0.

22 yuan.

  Operating analysis revenue grew steadily, and structural upgrades led to a rise in both volume and price: the company’s substantial revenue growth5.

06%, achieving steady and progressive growth. It is expected that the core of the company’s revenue growth will still be driven by the beer business, and it is likely that both volume and price will rise.

From the perspective of 武汉夜网论坛 sales volume, it is expected that the company’s beer sales will gradually increase, of which the growth of Zhujiang Pure Health and cans products is the most obvious.The company’s beer ton price increased by 3-5%, exceeding 3,200 yuan.

It is expected that the company’s beer culture industry and other businesses have also achieved considerable growth, and the “dual main business” has helped the company achieve its development.

  The profitability of the beer business continued to improve, and the company gradually realized net profit attributable to its mother.

9.6 billion, an annual growth of 35.

23%, corresponding to a net interest rate of 11.

7%, an increase of 2.

29pct, high in recent years.

It is expected that the company’s operating level and intelligence level will continue to improve. Among them, the three major expense ratios of ton of beer are likely to decline, and production transfer will gradually be optimized from procurement to transportation. At the same time, the company will improve management and operation efficiency and improve risk management and control capabilities through various intelligent systems.
In the long run, the company has achieved remarkable results in improving quality and efficiency. Through deepening marketing reforms, adhering to technological innovation and development, and improving management efficiency, its profitability has been continuously improved.

  Profit improvement has not yet ended, and we look forward to the development of the two main industries. As a regional leading beer company, the company still has potential in regional channel expansion and product upgrades. The product-side ratio is expected to further increase, and the company has reserved 0 degreesFor the series of upgraded products, the trend of both volume and price will continue; the channel side will gradually extend the advantages of the retail side to the catering side, with rich application scenarios; in addition, the company will continue to improve the profitability of weak markets outside the province, and refine the market.

We have long been optimistic that the profitability of the main beer industry will continue to increase under the general trend of upgrading the industrial structure and the company’s direction of improving quality and efficiency. The two main businesses of the beer brewing industry and the beer culture industry will develop together to strengthen the company’s industry competitiveness.

  Earnings forecast We expect the company’s revenue in 19-21 to be 42.



21 ppm, a five-year increase of 5.

1% / 3.

8% / 7.

1%, affected by the epidemic, we lowered the company’s revenue for 20 and 21 years, and the adjusted revenue decreased by 6 compared with the previous.

6% and 8.

3%; net profit attributable to mothers is 4.



24 ppm, an increase of 35 in ten years.

4% / 10.

1% / 14.

2%; EPS are 0.

22 yuan / 0.

25 yuan / 0.

28 yuan; corresponding PE is 31X / 28X / 25X; reduce the land valuation of 4.2 billion US dollars, the current corresponding PE is 26X / 24X / 21X, maintaining the “Buy” rating.
  Risk prompts lifting of ban on restricted stocks, rising raw 青岛夜网 material prices, construction of investment projects not meeting expectations

Gemdale Group (600383): 2019 results expected to increase 20% of financing advantages highlighting attractive dividends

Gemdale Group (600383): 2019 results expected to increase 20% of financing advantages highlighting attractive dividends
Predicting a maximum profit growth of 21% in 2019, we expect the company to achieve a net profit of US $ 9.8 billion in 2019, corresponding to a growth rate of 21% and corresponding profit2.17 yuan, basically consistent with market consensus expectations.  Points for Attention Profits in 2019 and 2020 are expected to increase steadily by 20%, and gross profit margin will decrease slightly.We expect the company’s profit to grow 21% and 19% annually in 2019 and 2020, respectively.Taking into account that the settlement of high gross profit projects in 2018 pushed up the gross profit margin base (the gross profit margin base after tax in 2018 was 31%, which is the highest value in recent years), our revenue company’s gross profit margin after tax in 2019 and 2020 will fall to 29% and 27%.  Initial sales growth is expected to exceed 10%.The company realized a budget of US $ 12.2 billion in January 2020, and achieved a continuous growth rate of 15% without a low base in the same period last year. -12%).We expect the company’s sales growth to reach over 10% in 2020, corresponding to a planned over 230 billion yuan.In January 2020, the company added three new projects in Harbin and Qingdao, with an additional 390,000 m2 of soil storage, corresponding to a land acquisition volume of 31 trillion, accounting for 25% of the total during the same period.We expect the company to obtain land in advance in the first quarter affected by the epidemic situation, and in the second quarter will choose opportunities to replenish stocks in the land market.  The financial security is high, and the advantages of the financing side are prominent.As of 3Q19, the company had cash in hand covering interest denies due within one year1.8 times, high margin of cash safety; net debt rate of 68%, 10 segments lower than the interim report; average financing cost 4.8%?4.9%, a low level in the industry.We expect the company to continue its financial endurance and this year’s net interest rate will be controlled below 80%.Recently, the company’s public offering of bonds in 2020 has been replaced by the Shanghai Stock Exchange. The proposed amount of issue is 110 megabytes, with a term of no more than 20 years (including 20 years).  Maintain high dividends and high dividend yields.We expect the company to maintain a dividend ratio of around 35%, corresponding to a dividend yield of 5 in 2019/2020.9% / 6.7%, which is significantly higher than the average level of our covered housing enterprises4.7% / 5.6%.  Estimates and recommendations We keep the company’s 2019/2020 profit forecast unchanged?Profit forecast 夜来香体验网 for 2021 2.97 yuan.The company is currently trading at 5.0/4.4x 2020/2021 forecast P / E ratio.We maintain our Outperform rating and, given that local industry policy adjustments are driving market risks to the sector, we raise our target price by 8% to 16.83 yuan, the new target price corresponds to 6.5/5.7 times the target price-earnings ratio of 2020/2021 and a 30% upside.  Risks are mainly laid out Tighter-than-expected city tightening policies; the new crown epidemic lasts longer than expected.

Jin Chengxin (603979): Growth in overseas projects is worth looking forward to

Jin Chengxin (603979): Growth in overseas projects is worth looking forward to
Event: According to the announcement, Gold Credit Columbia Gold recently entered into a project contract with Kakula Underground Development of the Kamoa Copper Mine in Congo and the owner Kamoa Copper SA.The contract is expected to run from March 21, 2019 to December 12, 2023; the total contract price is approximately USD 287,946,769; the estimated time is June 7, 2019. Large overseas orders are coming to the next city, further highlighting the company’s strength in overseas large-scale mine construction services. The company has been engaged in mining construction and mining operations for many years, and has gone abroad to serve large-scale foreign mines for 16 years. According to the company ‘s announcement, since 2003, it has undertaken the mining operation management of the Chambishi copper mine in Zambia.Development service project, started to serve Zambia’s KCM copper project in 2012; started to serve Zambia’s Chibluma company’s Chibluma project and Zippu project; in 2017, it started to serve Zambia’s Lubabe copper mine project and Congo Golden Kamoa copperMining project; Beginning of service for Luanshabaruba copper mine in Zambia in 2018; Beginning of service for Zijin Mining Serbia Timok copper-gold mine in 2019.The contract announced this time is a continuation project after the acceptance of the slope engineering of the Kamoa Copper Mine in Zambia in 2017. The amount is equivalent to approximately RMB 2 billion, which is the second largest order announced by the company since its listing. We believe that the continuation of the underground pioneer project contract has proved the company’s service strength in overseas mine construction; accordingly, since Jinchengcheng and Zijin Mining signed a strategic cooperation agreement in the field of mine service and development, the project continued from the project.It also indicates that the company is expected to undertake the Kamoa copper mining operation in the future and obtain more orders. There are sufficient orders in hand, and the proportion of overseas business continues to increase, ensuring stable growth in performance.According to the announcement and our calculations, the company’s daily operating contracts have increased steadily. In 2019, uncompleted orders in hand exceeded 9 billion yuan, about three times the main operating income in 2018, of which overseas orders accounted for about 61%.The large internal market is developing at a rapid pace, and the African blue ocean market has been actively explored. Since 2017, the total value of overseas contracts has reached approximately 7.7 billion yuan, and it has continued to present a rapid growth trend, with its business focus constantly shifting outward. The successful delivery of phosphate ore marks the beginning of the company’s “mining resources development sector”.According to the announcement, the company signed a formal phosphate rock ownership distribution agreement (90% of the shares) on May 23, and announced on June 13 that it had obtained a phosphate rock business license, marking the company’s formal takeover of phosphate rock development.According to the announcement, the amount of phosphate rock resources is 2133 samples and the grade is 32.46%, the planned production capacity is 80 years / year, and the mining period is more than 15 years. Construction is expected to start in early 2020, with a total investment of about 6.800 million, 杭州桑拿网 with an average annual net profit of about 60 million yuan. Maintain “Buy-A” investment rating with 6-month target price of 13.93 yuan.We expect the company’s net profit attributable to mothers to enter into an accelerated period from 2019 to 2021, respectively.100 million, 5.800 million and 7.700 million.The corresponding EPS are 0.70 yuan, 1.00 yuan and 1.32 yuan.Focusing on the company’s outstanding growth, it is expected to benefit from the promotion of the Belt and Road Initiative, and has realized the transformation to a mining operator, further improving performance flexibility, and giving 20xPE in 2019 with a 6-month target price of 13.93 yuan. Risk reminders: 1) The global mining capital expansion is less than expected; 2) The company’s acquisition of mines is less than expected; 3) Political risks occur in countries 杭州桑拿网 where overseas projects are located

Huangshan Tourism (600054) Semi-annual Report 2019 Review: High-speed Rail Opens to Help Passenger Flow Growth Midline Focus on Management Improvement and Resource Integration

Huangshan Tourism (600054) Semi-annual Report 2019 Review: High-speed Rail Opens to Help Passenger Flow Growth Midline Focus on Management Improvement and Resource Integration
The performance of the interim report was 23%, and the non-deductible performance was stable. In line with expectations in the first half of 2019, the company achieved revenue of 7.2.8 billion / + 6.77%; return to mother’s performance1.68 ppm / -23.19%, deducting non-performance slightly increased by 1.60%; EPS0.23 yuan, in line with expectations.In Q2 single season, the company’s revenue / performance / deductible non-performance appreciation6.19% / 2.58% / 8.67%, the improvement of passenger flow under the opening of the high-speed rail helped to stabilize the performance of ticket prices. The ticket business has been under pressure due to the price reduction. The high-speed rail service has helped improve passenger flow in the first half of the year. Benefiting from the opening of the Hangzhou-Huangzhou high-speed rail and ticket price reductions, Huangshan attractions received 1.62 million tourists, which has increased by 9 times.6%.From September 28 last year, the peak season tickets replaced 190 yuan / -17.4%, the discount rate is reduced by 13 when the effective ticket is reduced.2%; ticket revenues decreased by 4.8%.Benefiting from the increase in passenger flow, the ride rate increased to 2.01 times / + 3.0% and ropeway discounts decreased, and the passenger flow and revenue of ropeway increased by 12 respectively.9% / 16.7%.With increased passenger flow, hotel and travel agency revenues each increased by 20.3%, 22.8%.Taken together, the company’s gross profit margin increased by 0.59 points, the gross profit margin of the ropeway increased by 1.13-point ct drive, and gross margin of tickets dropped by 1 under price reduction.74pct, the gross profit margin of travel agencies and hotels decreased by 1 as labor costs increased98/1.39 points.During the period, the rate dropped slightly.15pct, which is mainly financial, and the management expense rate decreased by 0.86pct / 0.27pct, while the sales expense ratio increased by 0.97 points. The improvement of transportation and the integration of company resources are expected to promote growth and take into account the progress of ticket price reductions. On August 23, the State Council issued an Opinion on Further Stimulating Cultural and Tourism Consumption Potential.However, due to the opening of the Huanghang high-speed rail at the end of December last year, it is expected that the growth of passenger flow in the past two years will continue to support, and some boots will hedge pressure on ticket prices.In addition, under the pressure of attraction ticket price reduction, the company’s positive pressure is the driving force to actively improve quality and efficiency: the first date to pay for a face in a mountain scenic spot, and travel through Huangshan in one yard.Trial tickets, ropeway tickets, and interchange tickets are sold together to improve 杭州夜生活 the efficiency of ticket purchase. At present, Huishang Hometown Hefei Store, Yuncheng Hotel, Yuping Retail Store, etc. have been delivered and operated; Huashan Mysterious Cave Project has started construction; SaifuThe Fund has invested a total of 15 projects; projects such as combined tourism + small towns / supply chains are advancing the preliminary work, and the integration of medium and long-term resources continues to accelerate. Risks suggest that ticket prices, natural disasters, macroeconomic pressure, state-owned enterprise reform or regional resource integration may exceed expectations. Pay attention to the progress of ticket price reduction, high-speed rail opening and regional integration to provide power, and maintain “overweight” to maintain EPS0 in 19-21.53/0.57/0.61 yuan, corresponding to PE17 / 16/15 times.Although the pressure to reduce ticket prices still exists, considering the opening of the Huanghang high-speed rail is expected to accelerate the growth of local passenger flow, and the company is actively upgrading domestic products + inventory transformation, plans to accelerate external acquisitions and resource integration, and maintain the “overweight” rating.

Xinao shares (600803): Natural gas integration layout or promote value revaluation

Xinao shares (600803): Natural gas integration layout or promote value revaluation

It is planned to integrate the upstream, midstream and downstream of natural gas, or it will promote the value revaluation of Xinao Group as the energy section of Xinao Group. It is planned to acquire the Hong Kong stock Xinao Energy32.

81% equity may promote the revaluation of the company.

If the transaction is completed, Xinao Energy will merge the scope of Xinao shares. We have measured that the company’s net profit attributable to the parent in 2018 will be increased by 64%, and the asset structure will be optimized.

If the merger is completed, Xinao shares will form an integrated layout of natural gas upstream, midstream and downstream, and high-quality Hong Kong stocks will return to urban fuel assets, or become a scarce integrated gas target.

The EPS of Xinao is expected to be 1 in 19-21.



56 yuan (not considering the consolidation of Xinao Energy), with reference to the comparable company’s 19-year average P / E12x, there is a potential estimated premium, and we give the company a 19-year target P / E of 13-14x, corresponding to a target price of 14.


45 yuan / share, the first coverage given a “buy” rating.

  The proposed acquisition of equity of Hong Kong-listed Xinao Energy and the creation of a scarce integrated gas target. The acquisition of Xinao Energy by Xinao Shares is an important layout for the upstream, midstream and downstream integration of the Group’s large-scale energy sector.

After the equity acquisition is completed, Xinao Shares will hold Xinao Energy32.

With 81% of shares, Xinao Energy will be divided into the consolidation scope of Xinao shares.

We estimate that the acquisition will increase the performance of Xinao shares. After the completion of the acquisition, the net profit of Xinao shares will be approximately 21 in 2018.

6 ppm (64% thicker), of which Xinao Energy’s net profit contributed about 68%, the balance sheet was optimized substantially in real time, and high-quality Hong Kong stocks returned to the city.

If the transaction is completed, the company will cover the entire industrial chain of natural gas upstream and downstream, and become the target of a scarce integrated gas.

Before the announcement of the equity acquisition, Xinao shares were 9 times P / E in 19 years, and Xinao Energy was 17 times P / E in 19 years. The overestimation of gas assets may promote the revaluation of the company.

  New Austrian Energy: Strong growth of city-fired leader, multi-point flowering of new business benefiting from the “coal control” policy. We expect the apparent domestic demand for natural gas in 2020 to be 353 billion cubic meters (two-year compound growth rate 成都桑拿网 of 12%), to 2030年 年需求进一步扩大7,048亿立方米(10年复合增速7%)。
Xinao Energy is the leader of China City Fuel, operating 201 city fuel projects nationwide. In 2018, its gas sales accounted for 6% of the domestic apparent consumption of natural gas, ranking third in city fuel.

Due to the rapid growth of domestic natural gas demand, Xinao Energy’s net profit after deducting non-return to mothers reached 32 in 16-18.



70,000 yuan, an increase of 17% / 16% / 20% in ten years, ROE is stable at more than 20%.

At the same time, the value-added and integrated energy businesses of 1H19 achieved revenue of 10% respectively.

400 million and 10.

20,000 yuan, an increase of 125 in ten years.

4% and 176.

2%, the new business may become a new bright spot in the performance of Xinao Energy.

  The first coverage is given a “Buy”杭州桑拿 rating with a target price of 14.


45 yuan is expected to the company’s net profit attributable to the mother in 2019-2021 (without considering the consolidation of Xinao Energy) 13.



200 million yuan, corresponding to an EPS of 1.



56 yuan, currently in line with the corresponding 2019-2021 9.

5x / 8.3x / 6.

7 times price-earnings ratio.

Since the company’s main business covers coal production and trade, methanol production and trade, energy engineering business, and LNG production and processing business, we have selected comparable companies in their respective industries. With reference to the 19-year average P / E12x of comparable companies, there is a potential estimated premium. We getThe company’s 19-14 13x target P / E corresponds to a target price of 14.


45 yuan / share, the first coverage given a “buy” rating.

  Risk warning: Coal and methanol prices fluctuate, and the economic downturn drags down natural gas demand.

Multinational politicians and international organizations are full of confidence in China’s winning the epidemic

Multinational politicians and international organizations are full of confidence in China’s winning the epidemic

Xinhua News Agency, Beijing, February 12th: Comprehensive Xinhua News Agency reporters report abroad: For the past few days, the number of confirmed cases of new crown pneumonia in provinces caused by China has been on the decline.

Representatives of multinational politicians and international organizations have positively evaluated the Chinese government and people’s efforts to deal with the new crown pneumonia epidemic, and expressed confidence that China will win the fight against epidemic prevention and control.

  Brazil’s Foreign Minister Ernesto Araujo said that China has always released the information on the new crown pneumonia epidemic to the international community in a timely, open, transparent and responsible manner and actively carried out international cooperation. Pakistan is committed to attaching great importance to it and believes that China willObtained the ultimate victory in fighting the epidemic.

  Brazilian Minister of Health Luis Mandita said that the new crown pneumonia epidemic is a common challenge facing China and Pakistan. Pakistan is willing to actively cooperate with China in the field of public health and make a positive contribution to maintaining international health security. It is believed that the great China will experience the epidemic situation.Even greater after the test.

  The Minister of Health of the Central African Republic, Pierre Somser, said 苏州夜网论坛 that China aims to set a new benchmark for countries to respond to the epidemic.

The new crown pneumonia epidemic is a common challenge facing the world and requires the concerted efforts of all countries.

The Chinese and African governments stand firm with the Chinese government and people to support China in fighting the epidemic.

  The Assistant Minister of Asian Affairs of the Kuwaiti Ministry of Foreign Affairs Ali Said said that the Chinese government has taken a lot of measures to combat the new crown pneumonia epidemic, and Kuwait supports the measures being taken by the Chinese side, giving China full confidence.

The Chinese people are fighting on behalf of all humanity, and we expect them to succeed.

  The chairman of the Portuguese Parliamentary Supervisory Committee, George Lacan, said that he highly 成都桑拿网 appreciates the Chinese government’s efforts in responding to the epidemic, in particular, working closely with relevant international organizations to actively prevent and control the epidemic.

  Sri Lankan parliament member Namar Rajapaksa said that China has made encouraging progress in combating the new crown pneumonia epidemic. China has done very well in preventing the spread of new coronaviruses and has adopted many highly effective prevention and control measures to prevent the virus.Play an important role.

  The United Nations Deputy Secretary-General Liu Zhenmin and the democratic international community are united and support China and other countries affected by the democratic epidemic with strength.

Together with the heads of relevant UN agencies, he pays high tribute to the steadfast Chinese government and people in fighting the epidemic, and the United Nations system is willing to continue to provide strong support to China.

  Rudolf Tannbaugh, Permanent Representative of the Group of 77, Guyana to the United Nations, said that the Group of 77 fully supports the Chinese government’s efforts to fight the new crown pneumonia epidemic and cooperation with the international community.

The international community should jointly respond to the epidemic in a spirit of responsibility, transparency, solidarity and cooperation, and curb the spread of the epidemic as soon as possible.

  The Secretary-General of the International Chamber of Commerce John Denton sent an open letter to the international chambers of commerce and worked with China to address the new coronavirus challenge.

The open letter said that the global business community supports the Chinese government and people in their efforts to respond to the new crown pneumonia epidemic, and international discussions have made full use of the global network to provide assistance to the best of their ability.

(Participating reporters: Zhang Yongxing, Zhou Xingzhu, Qiao Benxiao, Wen Xinxin, Zhao Danliang, Wang Wei, Nie Yunpeng, Tang Lu, Shang Xuqian, Lin Yuan, Tang Yan) Original title: Multinational politicians and international organizations won the battle against epidemic prevention and control in ChinaFull of confidence