Semir Apparel (002563): Strengthening the three core logics of direct shareholding incentives

Semir Apparel (002563): Strengthening the three core logics of direct shareholding incentives

The main points of the report describe the announcement 北京洗浴会所 of Semir Clothing. The controlling shareholder Qiu Jianqiang transferred to Chen Xinsheng and Zhang Wei each of the 300,000 company shares held by them on September 2 and accounted for 0 of the total share capital.

0111%, the average transaction price of 10.

83 yuan / share, the earlier closing price of September 3 discounted 7.


Incident reviews continued to promote leaders’ direct shareholding incentives, and strengthened the transformation of professional manager models.

Mr. Chen Xinsheng, the transferee, joined the company in March 18 and is currently the Deputy General Manager and Chief Financial Officer; Mr. Zhang Wei joined the Company in April 19 and is currently the Deputy General Manager and Chief Human Resources Officer.

Neither party directly held the company’s shares before the transfer, and each of them held 300,000 shares of the company after the transfer.

In August 18, the company elected Zhou Pingfan as vice chairman and hired Xu Bo as general manager. Based on the launch of the two-phase interest stock incentive plan and the first-phase employee stock ownership plan, the controlling shareholder Mr. Qiu Guanghe in November 18 reported toMr. Xu Bo and Mr. Shao Feichun transferred their 537 holdings.

130,000 shares, 268.

570,000 company shares.

This time, the direct shareholding incentives for newly joined senior executives were further expanded, which strengthened the confidence in building a management team with professional managers as the core.

In the first half of the year, the main business continued to grow rapidly, and asset quality was optimized.

Regardless of K’s consolidation, 19H1 Semir’s main business revenue increased by 21.

4% to 67.

1.5 billion, gross margin increased by 1.

4pct to 39.

7%; among them, casual wear revenue increased by 12.

2% to 29.

4.4 billion, children’s clothing revenue 30% to 37.

300 million, children’s clothing significantly accelerated under the weak background.

19H1 inventory decreased by 2 from the beginning of the period.

200 million, an increase of 2 in the same period last year.

5.8 billion; meanwhile, the ratio of impairment of main business assets to revenue decreased by 0.

2 points to 2.

8%, the return after the expected period is also reduced by 0.

4.3 billion to 2.

9 billion.

It is expected that the report structure and channel-side inventory structure will improve, and the main business inventory will remain healthy.

The company’s main business maintained double-digit growth for nine consecutive quarters. Taking into account the contribution of e-commerce and sub-new stores, the high-end growth of the main business in the second half of the year is expected.

The three core recommendation logics have been continuously verified, and they are optimistic about the revaluation of the value brought by the company’s switch from casual to children’s clothing.

The height of the children’s clothing leader continued to strengthen, and the company’s children’s clothing business market share increased by 0 in 18 years.

7 points, the total share of children’s clothing brands ranked 2-5 increased by 0.

3pct, based on the increase in track dividends and competitive advantages, the children’s wear business continues to maintain rapid growth; the casual wear business has been transformed and transformed, and casual stores have expanded rapidly since 18 years.The local low-line large market taps the potential; at the same time, the governance structure is continuously optimized, and the professional operator team incentives are successively launched.

In 19 years, the main main business is still expected to achieve sustained and stable growth. The adjustment of the K channel and the 无锡夜网 new domestic stores have dragged down the profit performance in the short term, but given the improvement of the main business’s profitability and the certainty of performance.

At present, the ratio of the shares of China Stock Connect to the market capitalization of free circulation is 12.

6%, the expansion of foreign exchange reserves is expected to bring incremental funds.

It is expected to achieve 19 in 19-20.

0 billion, 22.800 million, corresponding to PE of 16.

6 times, 13.

9x, maintain “Buy” rating.

Risk reminders: 1. Risk of deterioration of the terminal retail environment; 2. Risks of less-than-expected development of emerging channels; 3. Risks of worse-than-expected merger and acquisition integration.

Depth-Company-Huaxin Cement (600801): Years of Production Capacity Landing + Regional High Economic Performance Released Worry-Free

Depth * Company * Huaxin Cement (600801): Years of production capacity landed + regional high economic performance released

The company released the third quarter report for 2019, with revenue of 80 in the third quarter.

8.5 billion, an increase of 12.

96%; net profit attributable to mother 16.

810,000 yuan, an increase of 25.

15%; EPS0.

80 yuan, an increase of 25.


The third quarter report performed well, and the volume and price of the cement business went up.

The main points of the support level have achieved new highs, and the financial indicators have improved for several years: Q1-Q3 company revenue was 224.

72 trillion, an increase of 18.

02%; net profit attributable to mother 48.

4.4 billion, an increase of 41.


In the third quarter, cement continued to show a good trend of rising volume and price, and the indicators and financial indicators improved simultaneously.

Increased gross profit margin increased by 1.

15pct, each cost rate decreased by 1.

62 points.

The receivables turnover rate and inventory turnover rate continued to increase, the debt rate continued to fall, and the recent expansion of capital expenditures, including Yellowstone Throughput, was about to be put into production and reached historical highs.

In the third quarter, the company’s cement continued to show a rise in volume and price: According to recent research, the batch volume in July was 621 tons, the unit price was 350 yuan, and the gross profit was 149 yuan; in August, the batch volume was 673 tons, the unit price was 347 yuan, and the gross profit was 136 yuan.

About an average price of 330 yuan in the same period last year, the unit price of cement still has a considerable increase.

The year of production capacity declines, the release of performance is worry-free: 2019 is the year of the company’s capacity decline, and Yunnan’s 4,000-ton capacity has been ignited; at the end of the year, the production capacity of yellowstone tungsten carbide and overseas Uzbekistan 北京桑拿洗浴保健 and Nepal have been put into operation, a total of one day.

8 nominal.

Aggregate production capacity will be 450 tons in 2019, with a total production capacity of 2,950 tons and a planned capacity of 2,000 tons.

Industry demand is strong and regional prosperity is rising, and the company has benefited the most: From the perspective of the industry, the recovery of Q4 infrastructure coupled with the construction peak season, cement demand remains protected.

From a regional perspective, the reduction in productivity in Hunan in September led to the best performance of cement prices in central China, and the company may become the biggest beneficiary.

It is estimated that the company’s performance is basically in line with expectations. We maintain our original forecast and expect revenues of 317 in 2019-202南京桑拿网1.

53, 339.

79, 361.

1.3 billion; net profit attributable to mothers was 67.

13, 70.

02, 72.

01 ppm; EPS is 3.

20, 3.

34, 3.

43 yuan.

Maintain company buy rating.

The main risks faced by the rating were that the construction of aggregate production capacity was less than expected, the progress of coordinated disposal was less than expected, and the data in central China dropped.

Luxi Chemical (000830): Product price drop and performance caused by maintenance in the park are optimistic about the competitive advantages of large chemical parks

Luxi Chemical (000830北京体验网): Product price drop and performance caused by maintenance in the park are optimistic about the competitive advantages of large chemical parks
Investment Highlights: Company Announcement: The company released the third quarter report of 2019, and the company achieved operating income of 136 from January to September 2019.4.2 billion (YOY-13.50%), realizing net profit attributable to mother 8.6.4 billion (YoY -63.25%), the performance is in line with expectations.Among them, Q3 achieved 37 revenue in a single quarter.810,000 yuan (-26% year-on-year.80% in the second quarter.73%), net profit attributable to mother 1.10,000 yuan (YoY-84.02%, -74.88%). The impact of additional maintenance and trimming on the main product’s falling prices, Q3 performance indicators.Affected by the market, at least some of the products reported 淡水桑拿网 as major products have overlapping degraded margins. According to the annual maintenance plan, the production units (coal chemical industry, salt chemical industry, and new chemical materials in the park) in the park will be inspected for parking for 8 months.profit.According to our trace, it is reported to contain 32% ion membrane caustic soda, formic acid, urea, caprolactam, 27.The average prices of 5% hydrogen peroxide and polycarbonate Q2 were 706, 2440, 1861, 12394, 1138, and 16179 yuan / ton, respectively, a change of +6 from 19Q2.2%, -9.5%, -7.3%, -5.0%, -1.3%, -4.7%; coal prices of main raw materials remained stable, and the chain changes of pure benzene, propylene, and bisphenol A were +21.6%, + 89%, -13.1%. Q3’s sales gross margin was 16.91%, ring-on-epoxy 4.31 averages, at least a ten-year average.64 units.In terms of period expenses, the company’s financial expenses in the third quarter increased by about 0 from the previous month.65 ppm with a total cost of 5 during the period.1.4 billion, an increase of 0 from Q2.2.2 billion, affecting current profits. The large chemical industry parks have high competition barriers, and MTO, PC, and fluorine materials projects continue to improve the layout of the industrial chain.After years of development, the company has basically realized the transformation from a traditional coal chemical enterprise to a leader in new chemical materials. The integration, intelligentization and intensiveness of the industrial park have led the industry.The company has strictly controlled safety and environmental protection for a long period of time to ensure production safety, and basically achieve zero discharge of wastewater and ultra-low emissions of flue gas treatment. In the context of long-term severe environmental safety supervision and management in the industry, high-quality chemical parks have become an important moat for the company.This year, the company has successively put into operation a cycloalkyl ketone production project and some second-phase nylon 6 projects. The company will continue to advance the polyol raw material route optimization project (30 tons of MTO), the integration of 100 tons of polycarbonate projects and high-end fluorine materialsProject, the above new chemical materials and new coal chemical products will further improve the company’s industrial chain layout, enhance the company’s industry status, and become a new driving force for the company’s future performance growth. Profit forecast and investment rating: Due to the staggered changes in the price of the company’s products, the company’s profit forecast for 19-21 is reduced to 11.00, 13.84, 16.03 (14 before adjustment.50, 15.46, 16.48 ppm), corresponding to 13/11/9 times PE in 19-21. This profit forecast is based on product prices in alternative locations. We are optimistic about the development space of integrated enterprises in the park for a long time and maintain an “overweight” rating.

Boss Electric (002508): The advantages of refined decoration channels are obvious

Boss Electric (002508): The advantages of refined decoration channels are obvious
The company’s recent situation On December 20th, we 天津夜网 studied the boss’s electrical leaders to understand the company’s recent operations.  Comments on 2H19 retail channel revenue decrease: 1) 1H19 retail channel decreased by more than 15%. The company expects that the 2H19 retail channel decreased by less than 10%, slightly improved, and dealer confidence recovered.2) The boss insists on high-end positioning and continues to push for new sales. The company does not expect a price war and the average retail price will continue to increase slightly.3) AVC data shows that in November 2019, the retail sales of chefs’ electric appliances will increase by +8 each time.2%.Benefiting from the “Double Eleven” promotion in November, the market performance improved.However, the growth rate of cost-effective brands has accelerated.For example, in November of the Midea chef ‘s wire, offline 武汉夜生活网 retail sales were + 31% and + 34% twice.Boss Electric is positioned at the high end, and retail sales growth in November was slower than the industry.4) We expect the speeding up of real estate delivery will be beneficial to the rebound in demand for kitchen appliances after the Spring Festival in 2020.  Engineering channels continue to contribute incremental: 1) 4Q19 bosses continued to maintain a high growth rate in engineering channels.The company estimates that the total sales of range hoods in 2019 will be about 2.8 million units, of which about 900,000 units will be sold in engineering channels, accounting for more than 30%.2) The company expects the engineering channel to maintain 40% in 2020?The 50% growth rate continued to increase as a percentage of the company’s revenue.The company plans to increase the gross profit margin of engineering channels by increasing the unit price of products and the supporting ratio of products in the engineering channels.3) Benefiting from the improvement in the penetration rate of refined decoration assets, Boss Electric’s 1Q-3Q19 engineering channel revenue doubled.Due to the decrease in the gross profit margin of engineering channel sales, there is downward pressure on the company’s gross profit margin.However, the engineering channel cost rate is low, and the company is expected to continue to maintain a high profit margin.  New product growth: 1) Among embedded products, the sales of steaming and baking integrated machines are better, but the supporting rate can still improve space.The company estimates that 150,000 steaming and baking machine sales in 2019, less than 5%.2) In 2020, the boss plans to invest in the refrigerator market, launch more models to seize market share, research and development, and production are done by the company itself.  It is estimated to maintain 2019 / 20e EPS forecast1.70 yuan / 1.92 yuan.Maintain Outperform rating, consider multi-year valuation conversion, raise target price by 11% to 39.00 yuan, corresponding to 23 times the 2019 price-earnings ratio and 20 2020 price-earnings ratio, compared with the current mainstream has 20% of upside.  The current contradiction corresponds to 19x / 17x P / E ratios in 2019/2020.  Risks: Prospects for the market demand for kitchen appliances; market demand instead of the risk of shifting to cost-effectiveness.

Depth-Company-Adisseo (600299): Equity structure optimization plan nears completion of new proposal system exceeds expectations

Depth * Company * Adisseo (600299): The optimization plan of equity structure is close to completing the new proposal system exceeds expectations

Adisseo announces that it intends to purchase 15% equity of Bluestar Adisseo Nutrition Group Co., Ltd. from China Bluestar (Group) Co., Ltd. in cash. After the acquisition is completed, the listed company will hold the target company.100% equity.

At the same time, the company disclosed a new company executive compensation system, which will be closely linked to the company’s operations and the interests of small and medium shareholders.

  Key points of the support level The optimization plan of the equity structure has been advanced smoothly, while simplifying the governance structure and increasing the company’s performance.

The listed company will acquire 15% equity of the target company held by Bluestar Group, and ultimately achieve 100% control.

The forecast of the underlying equity is estimated at 36.

1.4 billion US dollars, equivalent to about 8 worth of listed companies.

63 yuan / share.

  The controlling shareholder of a listed company promises to keep it below 8 for 30 consecutive trading days within one year after the transaction.

63 yuan / share will be implemented steadily through increasing holdings.

In addition, the pricing mechanism for liquidity discounts in transaction pricing will help listed companies increase their returns.

According to the simulation calculation of Adisseo’s 2018 annual report, the net profit attributable to mothers in 2018 will be 9 after the transaction is completed.

26 trillion increased to 10.

89 million, the listed company’s budget revenue will be from 0.

35 yuan / share increased to zero.

41 yuan / share.

Therefore, we believe that the transaction from the “form” (equity structure) to “content” (performance) is beneficial to the listed company.

  The new remuneration system closely links executive compensation with company operations, and is conducive to protecting the rights and interests of small and medium shareholders.

The executive compensation stipulated in the new salary system includes basic salary, annual bonus, and medium-term (long-term) incentives.

In addition to assessing individual performance goals, annual bonuses also assess company performance goals, which may include safety performance, revenue, earnings before interest, tax, depreciation, amortization, free cash flow after tax, and / or return on capital.

Long-term incentives will mainly assess the ability to continuously create value for shareholders, which may include total shareholder returns, returns on existing assets, profitable growth, and the quality of the company’s earnings.

  In addition, the company also set a five-year (2019-2024) reward and punishment adjustment factor, which will help the assessment of leadership and the company’s market value more closely.

The introduction of this remuneration system bundles executives with the company’s operations and the rights and interests of small and medium shareholders. It not only unites the community of interests between executives and small and medium shareholders, 四川耍耍网 but also reflects the company’s confidence in future development.

  It is estimated that the company ranks second in the global methionine market share, and liquid methionine occupies the first place in the world.

In the future, the company’s production capacity will expand, and the profitability industry will be the best.

It is expected that the EPS for 2019-2020 will be 0.

43 yuan, 0.

51 yuan, corresponding PE is 24 times, 20 times.

Maintain BUY rating.

  The main risks faced by the rating are outbreaks of large-scale epidemics; emergencies such as environmental protection and safety; sudden increases in raw material prices or a key intermediate supply interruption; project construction is not up to expectations; abnormal exchange rates affect the company’s performance.

Monternet Group (002123): 5G Circle Network

Monternet Group (002123): 5G Circle Network

Leading domestic enterprise SMS industry, providing comprehensive information and communication service providers of Fuxin, Video Cloud and IOT Cloud.

The company started with enterprise SMS and is a leading company in this field in China.

By continuously strengthening technology research and development, the company provides Fuxin, video cloud and IoT cloud services respectively for mobile communications, video development and IoT terminals, gradually forming comprehensive information and communication services.

Fuxin is an upgraded version of SMS, which is also valuable compared to SMS. The company is expected to replicate the technical and channel advantages of corporate SMS.

Fuxin is the abbreviation of Rich Media Information, which is an upgraded version of ordinary SMS.

The company’s Fuxin 武汉夜网论坛 can be embedded in the user’s SMS application through the upgrade of the mobile terminal, or pre-installed in the SMS application of the mobile phone, and the content is sent to the mobile terminal through the push method.

From the perspective of the display form, Fuxin can display videos, pictures, and voice, which is valuable relative to SMS from a marketing perspective.

In addition, since Fuxin uses traffic as a carrier, its marginal cost is also reduced, and gross margin is converted into short messages.

Fuxin has huge potential.

With WeChat public account scoring, Fuxin has a unique advantage.

The WeChat public account is a closed operation, and only users can get the content inside.

In fact, the amount of information users accept is limited. When this limit is exceeded, users will cancel some other WeChat pushers.

Under the ranking, Fuxin is an open operation, which is actively pushed to users by enterprises, and there is no limit on the number.

At present, WeChat public accounts have appeared with an estimated hundreds of millions of US dollars of companies. In 2018, Hanye plans to purchase Quantum Cloud Technology for 3.8 billion shares.

Quantum Cloud participates in the operation of 981 WeChat public accounts and owns users 2.

400 million people, the average user price is 16 yuan.

As a reference at first, we believe that Fuxin is of great value.

Investment suggestion: The advent of the 5G era will bring lower traffic costs, which will drive the rapid growth of Fuxin’s business with traffic as its carrier. The reduction of costs will also cause Fuxin’s gross margin to replace corporate SMS.

The company’s EPS is expected to be 0 in 2018-2020.

10 yuan, 0.

62 yuan, 0.

87 yuan, maintain Buy-A rating, raise 12-month target price to 18.

6 yuan, corresponding to 30 times PE in 2019.

Risk warning: Fuxin’s promotion is less than expected; industry competition is intensifying.

Yangnong Chemical (600486): Volume and price of pyrethroid rose in peak season

Yangnong Chemical (600486): Volume and price of pyrethroid rose in peak season

The company released the first quarter report for 2019, and the gross profit margin increased significantly. The company released the first quarter report for 2019 and achieved revenue of 15.

70 ppm, 10-year average2.

50%; achieve net profit attributable to mother 3.

27 ppm, an increase of 19 years.

43%, net profit after deducting non-recurring3.

20,000 yuan, an increase of 16 in ten years.


In terms of profit margin, the company achieved a gross profit margin of 35 due to the increase in volume and price during the peak season of the pyrethroid business.

75%, an increase of 3 over the same period last year.

28 pct, the company’s gross profit margin reached a new high; the net profit margin was 20.

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


In terms of expense ratios, the company entered a sales expense of zero.

1.7 billion, with revenue accounting for 1.

11%, a year increase of 0.

03pct; Management and R & D expenses 1.

3.1 billion, accounting for 8.

32%, an increase of 1 per year.

18 pct; financial expenses 0.

21 trillion, compared with 0 in the same period last year.

5 billion.

Enter the company to accrue asset impairment losses of 0.

30 trillion, mainly because the increase in the account is greater than the same period of the previous year, the corresponding provision for bad debts increased; the fair value change income was entered as 0.

310,000 yuan, due to foreign exchange hedging.

In the peak season, the quantity and price of pyrethroid rose, and the loss of wheat straw dragged down the herbicide business to 都市夜网 achieve herbicide sales1.

06 for the first time, at least in the short term 42.

5%; average sales price 2.

97,000 yuan / ton, previously temporarily 23.


According to our model calculations, there is a contradiction in the probability of deviation in the sales of wheat straw in Q1. We are cautious about the company’s wheat straw shrinkage in 2019. In the long term, we expect to promote the worldwide wheat straw shrinkage-resistant seeds worldwide.Expected to pick up.

Achieved zero pesticide sales.

41 for the first time, an increase of 52 from the previous month.

2%, an increase of 16 per year.

0%; average sales price 24.

76 million / ton, an increase of 5 from the previous month.

90% increase by 17 per year.


In the coming season, the volume and price of the company’s pyrethroid business rose, contributing to the company’s main profit. Along with the 3-21 Xiangshui Incident fermentation, safety production and environmental protection inspection, the pesticide supply in Jiangsu and the whole country is expected to continue to tighten, and the company’s high profit promotion will continue.

The company’s long-term worry-free company Youjia’s third-phase project has begun construction. We judge that the third-phase project is expected to contribute incremental profits in 2020.

Calculating with reference to the return on investment in the construction of the Yangnong Air Force project, Youjia Phase III is expected to create a profit of nearly US $ 600 million for the company.

In addition, the investment in the fourth phase of Youjia is expected to continue to increase in the third phase, and the company’s long-term growth is worry-free.

Investment suggestion: We estimate the company’s net profit attributable to its mothers to be 11 in 19-21.

160,000 yuan, 12.

5 billion and 14.

480,000 yuan, EPS is 3 respectively.

60 yuan, 4.

03 yuan and 4.

67 yuan, PE is 16.

24X, 14.

50X and 12.

52X, maintaining the “highly recommended” level.

Risk reminder: The new project is not up to expectations, the sales of dicamba are not up to expectations, the environmental protection is relaxed, the price of pyrethroids has fallen sharply, and the purchase of Sinochem assets has been too expensive.

Depth-Company-Yangquan Coal (600348): 14% growth in first three quarters, steady performance and good performance, low estimates

Depth * Company * Yangquan Coal (600348): 14% growth in first three quarters, steady performance and good performance, low estimates

In the first three quarters of 19 years, net profit attributable to mothers was 1.6 billion, an annual increase of 14%.

In the third quarter, the net profit attributable to the mother was 5.

The 3 trillion chain remained flat and performed well, continuing a solid and sound track record.

The cost control is better, the financial structure is optimized, and the yield has increased. Under the environment of falling coal prices, the net profit per ton of coal still increased by 2%.

The company has better potential for endogenous and epitaxial growth, and its earnings have risen steadily. It is estimated to be not expensive (19-year P / E ratio is only 6.

3 times), benefiting from Shanxi’s national reform.

Maintain BUY rating.

Key points to support the rating The 3 quarter report has better results, in line with expectations, optimized financial structure, and improved profitability.

In the first three quarters of 19, net profit attributable to mothers was 1.6 billion, an annual increase of 14%.

The net profit after deduction is 16 trillion, an annual increase of 29%, and it has performed well.

In the third quarter, the net profit attributable to the mother was 5.

300 million yuan remained flat and performed well.

The main business income in the first three quarters was 24.5 billion yuan, a decrease of 3 per year.


Gross profit increases by 7 per year.

7% to 470,000 yuan.

The period expense ratio is from 6.

2% dropped to 5.

7%, mainly due to a substantial decline in financial expenses by 39% to 2.

600 million.

Asset-liability ratio dropped to 50% from 55% in the same period last year.

Operating profit 武汉夜生活网 was US $ 2.2 billion, an increase of 13% per year.

Maximum profit margin improved: gross profit margin increased from 17.

4% increased to 19.

4%, operating margin from 7.

7% increased to 9.

1%, with a net profit margin of 5.

6% increased to 6.


Gearing ratio by 7.

8% dropped to 7.


Production increased by 7%, prices and costs both fell, and net profit per ton of coal increased by 2% to 55 yuan.

In the first three quarters, coal output was 3,056 tons, an increase of 7%, and sales were basically unchanged at 5,452 tons. The price of coal including outsourced coal fell by 5% to 411 yuan / ton, and production costs fell by 7% to 333 yuan, per ton of coalGross profit increased 3% to 78 yuan, and net profit per ton of coal increased 2% to 55 yuan.

Among them, the third quarter cereal output increased by 6.

8% to 1,039 is expected, sales volume growth 9% to 2,021 is expected.
The price per ton of coal, including purchased coal, fell by 7% to 398 yuan / ton, the cost per ton of coal fell by 5%, and the gross profit per ton of coal fell by 14% to 73 yuan.

Advantages: The company has better potential for endogenous and epitaxial growth. Wenjiazhuang Coal Mine’s 90 hole expansion to 500 has been approved by the National Development and Reform Commission.
The group has approximately 3,000 tons of capacity under construction.

The company’s own profit is stable and its performance is stable, which is not expensive.

It is estimated that due to increasing downward pressure on the future economy and downward pressure on market coal prices, we will reduce our earnings by 6% and 12% to 0 by 2020 and 2021.

87 yuan and 0.

90 yuan (previous forecast: 0.

92 yuan, 1.

02 yuan).

Estimated to be cheap, with a P / E ratio of 19 in 19

3x, maintain BUY rating.

The main risks faced by the rating were higher than expected; coal prices fell.

Baby-friendly Room (603214) 2019 Third Quarterly Report Review: Profitability Continued to Improve Performance A little bit More Than Expected

Baby-friendly Room (603214) 2019 Third Quarterly Report Review: Profitability Continued to Improve Performance A little bit More Than Expected

Revenue grew steadily, and the performance slightly exceeded expectations. The company achieved operating income in the first three quarters.

41 ppm, an increase of 14 in ten years.

52%; net profit attributable to mother 0.

8.7 billion, an annual increase of 32.

95%, net profit after deduction is 0.

73 ppm, an increase of 33 in ten years.


In the third quarter of 19, the company achieved operating income5.

62 ppm, an increase of 11 in ten years.

68%; net profit attributable to mother 0.

25 ppm, an increase of 49 in ten years.

46%, net profit after deduction is 0.

22 ppm, an increase of 56 in ten years.


The company’s performance was slightly higher than expected, mainly due to the increase in gross profit margin and overall profitability.

Gross profit margin continued to increase, profitability increased 19Q3 The company’s gross profit margin was 30.

97%, an increase of 3 per year.

85 pct; gross profit margin of milk powder increased by 3.

59pct with action circuit breaker.

Increase in total expense ratio by 2.

45pct, of which the selling expense ratio is 21.

32%, rising by 1 every year.

19 points; management expense ratio 4.

10%, increase by 2 every year.

01pct; financial expense ratio -0.

50%, a decline of 0 every year.

75 points.

The net interest rate is 4.

80%, increase by 1 every year.

19 points.

21 new stores opened in 3Q, in line with expectations. 21 new stores opened in 3Q19, 39 new stores opened in 1Q-3Q, 14 closed, and 25 stores opened.

Among them, Fujian, Chongqing and other new districts and sub-new districts opened 3Q stores in 3 and 2 respectively.

As of 3Q19, the company has a total of 266 directly operated stores.

33 stores have been signed for opening.

E-commerce + private brand exploration speeded up 19H1, and the company’s e-commerce platform achieved 0 sales revenue.

32 trillion, accounting for 2 of operating income.

68%, revenue increased by 87.
11%, the company’s target APP sales reached 1 billion.
19H1, the company’s own brand merchandise sales1.

0.9 billion, accounting for 9% of merchandise sales.

82%, an increase of 36 per year.


The risk reminds the company that the same store growth rate reduces the risk; the country’s population increase 北京夜生活网 will increase.

Regional mother-to-child chain leader, maintaining “overweight” rating company is the regional mother-to-child chain leader in East China, establishing key regional breakthrough strategies in East China, Sichuan and Chongqing, and South China.

The company’s expansion has accelerated in recent years, and it is expected to open 300 stores in the next three years.

The company seeks opportunities in the industry chain for mergers and acquisitions and intends to make a breakthrough in the field of maternal and infant services.

We maintain our profit forecast and expect net profit for 2019-211.



51 ppm, CAGR 25 revenue / profit 2019-2021.


95%, maintaining a reasonable estimate of 44.


65 yuan (corresponding to 2020PE 23-25X), maintaining the “overweight” level.

Platinum (688333): the leading domestic industrial leader in metal additive manufacturing

Platinum (688333): the leading domestic industrial leader in metal additive manufacturing
Leading domestic metal additive manufacturing with business covering the entire industry chain.Polytech is an emerging enterprise specializing in industrial-grade metal additive 天津夜网 manufacturing (3D printing). It is currently the largest metal additive manufacturing technology provider with the largest installed capacity of metal 3D printing equipment in China.And other national-level additive manufacturing research projects, won the first and second prizes for national defense science and technology progress, and the first OEM award of the first global 3D printing award.The company’s main business involves R & D and production of 3D printers, custom production of 3D products, R & D and production of 3D printed powders, and agency sales of imported 3D equipment and accessories. At present, it has integrated a variety of complete metal 3D printing industry service chains, and custom production of 3D printed products in 2018.And the production of printing equipment accounted for 55% and 28% of the company’成都桑拿网s gross profit, respectively. The upstream and downstream businesses are working together, and the rapid growth of the additive manufacturing industry has guaranteed the company’s performance.According to Wohlers Associates, Inc.And IDC statistics, the global additive manufacturing output value from 22 in 2012.800 million US dollars increased to 73 in 2017.US $ 3.6 billion, with an annual compound strength of 26.20%, and it is expected that by 2020, the annual compound strength of the global additive manufacturing industry will try to remain at 22.30%, the global additive manufacturing output value will reach 28.9 billion US dollars by 2020.At present, the upstream and upstream raw material supply end of the additive manufacturing industry continues to innovate in terms of material types and production technologies, and is full of flowers; gradually expand the application field in downstream applications, and increase the proportion of direct manufacturing applications.Benefiting from the rapid development and innovation drive of the industry, the company, as a full-industry chain technology provider with a breakthrough in the field of additive manufacturing, achieved sustained high growth. Domestic competition is still in the blue ocean, and the company’s competitive advantages help the market share continue to increase.At present, the main competitors in the global additive manufacturing market are from Europe and the United States and other regions and regions. Domestic companies are in the follow-up stage, and the domestic market is still in the blue ocean.The company expands its competitive advantages in the field of additive manufacturing. First, the team has strong R & D capabilities and has been focusing on additive manufacturing since 1995. Second, it has advanced technology and is committed to and participates in the construction of domestic additive manufacturing standard systems., Long-term service for large domestic aerospace and other enterprises, and provide overseas companies such as Airbus 3D printing equipment and parts, and gradually develop the rapid development of the domestic market, the company’s competitive advantages continue to expand, market share continues to increase. Give a reasonable and reasonable target interval of 30.22-38.07 yuan.Benefiting from the rapid growth of the additive manufacturing market, the company’s corresponding EPS for 2019-2021 is expected to be 0.95, 1.25, 1.67.Combining the absolute estimation method and the relative estimation method, we believe that the reasonable estimation interval of the secondary market is a breakthrough.22-38.07 yuan, take the price center 34.15 yuan, corresponding to the PE of 2019-2021 is estimated to be 36x, 27x and 20x. risk warning.1) The growth of the additive manufacturing industry was less than expected; 2) The company’s technology research and development progress was less than expected; 3) The company’s project production was less than expected.