SAIC (600104) Tracking Report: VISION-I Leads 5G Smart Travel

SAIC (600104) Tracking Report: VISION-I Leads 5G Smart Travel

The report’s reading guide participated in the SAIC Motor Automakers Conference 2019 on April 15th. In the 5G era, the world will travel smoothly.

  Key points of investment 5G is closely connected with the automobile, and promotes the development of 5G with extremely fast speed, great connection, and extremely low latency.

The world’s first mass production model (Roewe Marvel X Pro version) that has reached the level of intelligent driving at the L3 level. Under low-speed unmanned conditions, the vehicle will autonomously complete the last mile of parking and pickup (under the scope permitted by law).

In the future, to achieve autonomous driving under highway and urban congestion, 5G will be needed.

Through 5G, make intelligent manufacturing more efficient.

The unified construction of transmission protocols, standards and media, the promotion of industrial Internet construction, the construction of closed-loop data on the entire business chain, the realization of digital, networked, intelligent, customized, and personalized requirements, and comprehensively improve the efficiency of the manufacturing environment andUser response speed.

5G makes smart travel more convenient.

SAIC has deployed Global Car Enjoy, new energy boosting power, and enjoys road trips and online car hire.

And expand the express logistics business for public services.

Together with China Mobile, Huawei, and Shanghai International Automobile City, they will jointly launch the construction of a 5G smart transportation demonstration zone.

The next step will be to take advantage of the massive transmission of 5G, accelerate the large platform of 重庆耍耍网 SAIC mobile travel services, and use artificial intelligence to deeply dig technology to make mobile more convenient.

The Roewe Vision-i concept car is worth looking forward to SAIC-Huawei-Mobile-Jiading Auto City strong and strong, leading automotive 5G applications.

The Roewe Vision-i concept car combines the high-passability of the SUV with the large space of the MPV, creating a new SPV model.

SPV, which means an intelligent active interactive car, has multi-scene adaptability and emotional attributes of the vehicle. It adopts flexible seat layout to realize the conversion of different scene modes.

The first attempt to break through the screen boundaries and create a full-cabin interactive SKY VISION whole-cabin intelligent interactive system, which can present the content required by users at any desired location 青岛夜网 and material, and achieve full-cabin information coverage, making the car the futureSuper entrance for mobility services.

Under the profit forecast and self-driven + joint venture two-wheel drive, the company’s performance growth is expected to be better than the industry.

The company’s EPS is expected to be 3 in 2019-2021.

14, 3.

39, 3.

57 yuan / share, an increase of 1 in ten years.

89%, 7.

92%, 5.

20%, corresponding to PE of 9.

62X, 8.

92X, 8.

48 times.

Maintain the “overweight” rating.

  Risk warning: Passenger car demand recovery exceeds expectations

Dongyi Risheng (002713) 2018 Annual Report and 2019 First Quarterly Report Review: Sumei Increasing Loss Affects Performance, Steady Growth in 2019 Expected

Dongyi Risheng (002713) 2018 Annual Report and 2019 First Quarterly Report Review: Sumei Increasing Loss Affects Performance, Steady Growth in 2019 Expected

2018 revenue +16.

4% net profit after deduction +5.

8%, Sumei’s business continued to open stores, and the expansion of the scale has caused pressure on performance.

The preliminary gross profit margin rose slightly, the expense ratio increased, and the net cash flow inflow decreased.

The expansion of A6 stores / the increase in the number of customers in the Sumei single store helped to increase orders.

In 2019, A6 is expected to maintain growth, and at the same time Sumei may reduce losses, and the company’s performance is expected to maintain a steady increase.

In 2018, Sumei continued to expand, and its revenue growth rate was higher than the net profit growth rate after deduction.

The company’s 2018 revenue is 42 trillion, +16 in ten years.

4%, of which home improvement, public service, and precision equipment respectively achieved income of 36.

7/3.

6/0.

800 million, ten years +12.

9% / + 21.

7% / + 533.

4%, respectively accounting for 87 of total revenue.

2% / 8.

5% / 1.

9%.

Initial return to mother’s net profit 2.

500 million, +16 a year.

1%, corresponding to EPS 0.

97 yuan, +12 for ten years.

8%.

After deducting non-return to mother’s net profit 2.

1 ‰, +5 for ten years.

8%.

The company’s revenue growth rate is higher than the deducted non-net profit growth rate. We believe it is due to the steady growth of the A6 business and the continued opening of the Sumei business (27 new stores in 2018), which has led to the expansion of the business scale.

The company’s revenue in the first quarter of 2019 was 8.

0 trillion, ten years +11.

1%, net profit attributable to mothers was -79.69 million yuan, a decrease of 17.62 million yuan over the previous year, and the home improvement industry was significantly reset.

In 2019, we believe that A6 may maintain the speed of opening about 10 new stores, and the revenue and profits will increase steadily. The speed of expansion of Sumei new stores will change, and the existing stores will continue to mature. It is expected to reduce losses and the company’s performance is expected to maintain a steady increase.

Gross margin increased slightly, expense ratio increased, and net cash flow inflow decreased.
The company’s gross profit margin for sales in 2018 was 37.

16%, +0 over the same period last year.

25 points.

Expense rate is 28.

10%, compared with 27 in the same period last year.

47% rose by 0.63pcts, including sales expense ratio, management expense ratio, research and development 南京桑拿网 expense ratio, and financial expense ratio are 16.

87% / 7.

97% / 2.

99% / 0.

16%, respectively +0.

75pct / -0.

37pct / + 0.

11pct / + 0.

15 marks.

In terms of cash flow, net cash inflows from operating activities.

5.0 billion, down 62 every year.

3%, mainly due to the increase in payment materials and labor costs; the net purity of cash flow from financing activities was duplicated.

2 trillion, an increase of 4% over the same period last year.

1 million US dollars, due to the payment of cash dividends and the acquisition of the 2017 non-public stock distribution by the minority shareholders of Ji Ai Interior Design.

The ratio of the company’s gross profit margin in the first quarter of 2019 decreased by 1 from the same period of the previous year.

32pct, the cost rate increased by 0.

68pct, the net inflow of operating cash flow was 13.6 million yuan, an increase of 33.33 million yuan over the same period last year.

The expansion of A6 stores / the increase in the number of customers in the Sumei single store helped to increase orders.

The company’s new highest single year in 2018 + 19%.

The new decade single 11 in the first quarter of 2019.

1 billion, previously + 9%.

As of the end of last year, there were 163 A6 business-operated stores (13 new stores opened in 2018). It is expected that more than 10 new stores will be added in 2019. The number of customers in A6 adjacent stores is relatively stable.
At the end of 2018, there were 48 direct-operated stores in Sumei (27 new stores opened in 2018). Sumei transferred to direct-operated stores to increase customer conversion rate, and the newly opened direct-operated stores gradually matured, and single-store profits are expected to climb in 2019.

Under the trend of consumption upgrade concepts such as “light luxury”, the A6 customer value has increased from 24 million in 2014 to 310,000 yuan in 2018, and the proportion of soft furnishings has increased. In the future, the gross profit rate of single stores will still have upside.

Risk factors.

The growth rate of the real estate industry was lower than expected, and labor and raw material costs increased significantly.

Earnings forecasts, estimates and investment ratings.

2018 revenue +16.

4% net profit after deduction +5.

8%, the expected gross margin increased slightly, the expense ratio increased, and the net inflow of cash flow decreased.

Taking into account that in 2019, A6 is expected to maintain growth, and at the same time Sumei may achieve loss reduction, the company’s performance is expected to maintain steady growth.

We maintain the company’s EPS forecast for 2019/20 to 1.

21/1.

47 yuan, plus EPS forecast 1 in 2021.

79 yuan, maintain “Buy” rating.

Midea Group (000333): Strategic adjustments drive profitability and improve investment value at this stage

Midea 杭州桑拿网 Group (000333): Strategic adjustments drive profitability and improve investment value at this stage
Event: The company released its 2018 annual report with a revenue of 2618 in ten years.200 million (+8.23%), achieving a net profit of 202.300 million (+17.1%) to achieve a net profit deduction of 200.600 million (+28.5%); Q4 revenue was 544.150,000 yuan (+0.5%), achieving net profit attributable to mothers23.300 million (+2.0%) to achieve a net profit of 28.10,000 yuan (+70.The profit distribution plan is to distribute a cash dividend of RMB 13 (including tax) to all shareholders for every 10 shares. Revenue did not increase in Q4, and may improve in 19Q1.In 2018, the company’s HVAC business revenue was 109.4 billion yuan (+14.7%), consumer electronics business revenue 103 billion (+4.3%), robotics and automation systems 25.7 billion 武汉夜生活网 (-5.03%).In terms of domestic and foreign sources, in 2018, domestic revenue reached 149.3 billion yuan (+9.1%), foreign revenue reached 11.04 million yuan (+6.2%).The main reasons for the weak growth of Q4’s revenue are: 1. the overall demand for terminal appliances in Q4 is weak; 2. the company’s Q4 has reduced the speed of air conditioning;And the highest performance.Since March 19, the prosperity of home appliance terminals has improved, and the company has accelerated the speed of air conditioning in Q1. It is expected that revenue growth at the end of 19Q1 will improve. Gross margin improved significantly.The company’s gross profit margin in 2018 was 27.5% (+2.5pct), Q4 company gross margin is 28.6% (+4.7pct); In terms of domestic and foreign sales, the gross profit margin of domestic sales increased by 1.8pct, gross profit margin for export increased by 3.4pct.The growth of domestic gross profit margin was mainly related to the company’s optimization of product structure and the relief of Q4 raw material pressure.The increase in the gross profit margin of external sales is due to the impact of the price of raw materials, and the depreciation of the Renminbi has increased the gross profit margin of external sales and the company has cut off some of its low gross profit margin external sales businesses.Looking forward to 19 years, the favorableness of the raw material side is still continuing, and it is expected that the gross profit margin will continue to improve. The company’s sales expense ratio in 2018 was 11.87% (+0.82pct), managing R & D expenses6.86% (+0.75pct), financial expenses budget -0.7% (-1.04ct). Q3 is the critical period of inventory de-allocation. At this stage, the leading air-conditioning investment value is strong.Existing air-conditioning channel inventory is above 40 million, and the inventory level is relatively high. The key period of inventory de-allocation this year is the peak sales season Q3; and the lowest and expected lowest point for air-conditioning leaders will appear in Q3.The inventory of air conditioners has gradually disappeared and gradually improved.Considering that it is usually a quarter ahead of fundamentals, the air-conditioning leader has come to a time of strong investment value. Investment advice: The company’s EPS for 2019-2021 is expected to be 3 respectively.4 yuan, 3.8 yuan, 4.4 yuan; the corresponding PE is 14 respectively.7, 12.9, 11.3. Considering that the industry’s outlook rebounded at the bottom of Q3, the company’s product structure optimization strategy was advanced in an orderly manner, and it was upgraded to a “buy” rating. Risk warning: Air-conditioning prices beat expectations and a significant appreciation of RMB

Aluminum Corporation of China (601600): End-use consumption has not improved alumina, electrolytic aluminum prices are under pressure

Aluminum Corporation of China (601600): End-use consumption has not improved alumina, electrolytic aluminum prices are under pressure

Incident Description The company released its semi-annual report for 2019 and achieved operating income of 949 in the first half.

4 ‰, an increase of 15 in ten years.

23%, net profit attributable to mother is 7.

0.6 billion, down 14 every year.

1%; net profit after deduction is 1.

15 ppm, an increase of 61 in ten years.

9%.

  Event comment: The company’s operation is stable, and the average price of alumina dropped slightly.

9%, the average price of electrolytic aluminum fell by 4.

3%.

In the first half of 2019, the average spot price of alumina was 2863 yuan / ton, which fell by 0 every year.

9%.

  According to statistics, in the first half of 2019, global alumina production was about 6,279 years, and consumption was about 6,286 substitutions, with an average increase of 1 during the same period.

8%.

China’s alumina production has a growth rate of approximately 3,603, an increase of 2 per year.

3%, the consumption is about 3587, an annual increase of 0.

7%.

In the first half of 2019, the average spot price of primary aluminum was 1.

37 million / ton, temporarily down 4.

3%.

According to statistics, in the first half of 2019, the global primary aluminum production was about 3175 inches, and the consumption was about 3301, which increased by 0 each year.

1% and 0.

5%; China’s primary aluminum output is about 1786, which is reduced by 0 every year.

8%. Consumption is about 1806, with an annual increase of 0.

8%.

The company’s overall operation is stable, and the decline in net profit attributable to mothers is mainly due to alumina, electrolytic aluminum is affected by downstream terminal demand, and the profit caused by the decline in the average price of products is reduced.

In addition, non-recurring gains and losses from 7 in the first half of 2018.

500 million is reduced to 5.

US $ 900 million, which was mainly due to the decrease in investment income from holding transactional financial assets (except for effective hedging business related to the company’s normal business operations).

  The three fee rates rose slightly, and financial expenses are expected to fall.

The company’s selling expenses, management expenses and financial expenses were 16 respectively.

31, 14.

03, 24.

800 million, accounting for a total of 5.

81%.

  In the first half of 2019, the company’s 杭州桑拿养生会所 capital turnover increased by 5 per year.

2 times, the efficiency of fund use was improved.

  The cumulative issuance of 200 million budget bonds, the completion of the replacement of existing debts totaled 194 trillion, and the revised average increase was reduced by 31bp.Fitch upgraded the company’s subject rating from “BBB +” to “A-“, which is one of the highest ratings in the industry in the world, and provides support for domestic and foreign bond market financing.

  Profit forecast and investment suggestions: It is expected that the company’s net profit attributable to its parent in 2019-2021 will be 11 respectively.

02, 22.

63, 25.

53 trillion; EPS are 0.

06, 0.

13, 0.

15 yuan, with a daily corresponding P / E of 57 on August 27, 2019.

1,27.

8, 24.

7X, giving an overweight rating.

  Risk 深圳桑拿网 warning: aluminum prices fluctuate rapidly, and downstream demand continues to be weak

Industrial Bank (601166): The Year of the Turning Point

Industrial Bank (601166): The Year of the Turning Point

We believe that 2019 is expected to be the “clearing year” for the interbank business of Industrial Bank, and the robe will be the “inflection point year” for fundamentals.

In addition, the strategic significance of its “big investment bank, big asset management” is expected to be further recognized by the market, showing broad development prospects under the new economic supervision plan, so 2019 is also expected to become a true transformation of Industrial Bank.Year of the voyage “.

  Year of the Qing Dynasty: Structural adjustment is about to be in place, and the ROE may turn up.

① The pressure drop on interbank assets has lasted for two years. It is expected that 2019 will be the year when the interbank business inventory problem is in place. The impact of some non-standard maturity and non-continuation crops on interest-earning asset returns is nearly fully digested, and at the same time, it will help alleviate the market’s impact onThe quality of the underlying assets and the pressure on the Industrial Bank ‘s regulatory compliance are reduced; ② Low market interest rates and rising inter-bank business interest rates have contributed positively to Industrial Bank ‘s interest margin, and this comparative advantage is expected to continue in the first half of this year; ③ Non-interest income drivers are changingThe credit card business is in the ascendant, and the reorganized wealth management business is expected to regain its upward momentum under the “big asset management” strategy, which will jointly drive the growth of middle income; ④ The provision of non-standard assets on the table continues to increase, which will help alleviateThe market expects an improvement in asset quality.

It is expected that the adverse generation will remain stable in 2019.

  Year of sailing: The strategic advancement of “big investment bank + big asset management”, comprehensive financial services brought new points of profit growth.

With reference to the development experience of foreign banks, the development strategy of “big investment bank + big asset management” is in line with historical trends, and Industrial Bank has its own advantages and forward-looking layout trends to stand out first.

In terms of large investment banks, from contracting, underwriting, to underwriting to form standardized business processes, earning intermediate business income while precipitating customer deposits, and achieving the conversion goal of “light capital, light assets, light operations”; fully benefiting from large asset managementIn the industry’s long-term development space, it still has core competitive advantages such as complete financial licenses, rich channel resources, and leading investment and research capabilities; and,杭州桑拿网 the previous industry resources also exchanged old bottles for new wine. Small and medium banks are expected to become industrial investment banks.Customers will divert their own customers to Xingye.

  Investment recommendation: Buy-A investment rating, 6-month target price of 23.

55 yuan.

We expect the company’s revenue growth to be 10 in 2019-2020.

42%, 11.

93%, net profit growth rate was 8 respectively.

29%, 11.

56%; give Buy-A investment rating, 6-month target price is 23.

55 yuan, equivalent to January 2019.

0X PB.

  Risk warning: unexpected economic downturn; significant deterioration in asset quality; lower than expected results

China Merchants Accumulation (001914): Performance basically meets expectations Expected net profit of AVIC property gradually recovered

China Merchants Accumulation (001914): Performance basically meets expectations Expected net profit of AVIC property gradually recovered

The company disclosed the 2019 annual performance forecast, reported that the merged company had completed a major asset reorganization, and purchased 100% equity of China Merchants Property Management Co., Ltd. held by Shenzhen Merchants Real Estate Co., Ltd. and China Merchants Real Estate Co., Ltd. by issuing shares.

The reporting company expects to achieve a net profit attributable to shareholders of the listed company of approximately 2.

6-3.

1 ppm with a median of 2.

85 million, the net profit data attributable to shareholders of listed companies during the reporting period combined with China Merchants Property’s operating data for December 2019

  Excluding recurring gains and losses, the performance basically met expectations.

Net profit attributable to shareholders of listed companies for the period decreased by 5 compared with the same period of the previous year.

47-5.

97 ppm, a year-on-year decrease of 64% -70%, due to the confirmation of the gradual transfer of real estate projects in the same period last year
.

400 million investment income and non-recurring gains and losses such as changes in the fair value of investment real estate.

Considering that the company’s construction projects, services and other businesses contributed a total of 600 million net profit at the time of the interim report in 2019, the real estate development and operation contributed a net profit return of 24.63 million yuan, and the net profit of China Merchants Property in the first half of the year was 82.13 million yuan.It still contributed the company’s lowest net profit. At the same time, the net interest rate 南宁桑拿 of AVIC Properties in 2019 has been higher than 4 in 2018.

4% has increased significantly, and the profit recovery brought by management efficiency has begun to be reflected.

  The pace of market expansion is unabated, and the incremental reserve area is considerable.

Since the fourth quarter, the company has continued the strong development trend of the first three quarters, and has won major projects such as the Bank of Communications Xiamen Branch, the Chinese People ‘s Liberation Army Rocket Army Engineering University, Tsinghua University, and the Jinan International Airport Terminal.Multiple formats across non-residential properties.

In fact, the company’s related parties, China Merchants Shekou, actually realized a contracted sales area of 11.69 million square meters in 2019, which has increased significantly by 41 in the past.

35%, bringing considerable incremental reserves to the company.

  Maintain the company’s buy rating. We expect the company’s net profit attributable to its parent to be 2 in 2019-21.

75, 6.

78, 9.

67 ppm. Since the performance in 2019 only includes the December operating data of China Merchants Property, the adjustment of the company’s profit forecast for 2019 is not a downward revision of profit forecast; considering that China Merchants Property will be fully consolidated in 2020, we predict that the company will be inThe annual net profit of the property sector was 6.

55, 9.

2.3 billion.

The company’s EPS for 2019-21 is expected to be 0.

26, 0.

64, 0.

91 yuan, the corresponding PE is 78.

7, 32.

0, 22.

4 times.

  Risk Warning: Less than expected profit repair

Nanjing Bank (601009) 2019 Third Quarterly Report Review: Retail Transformation Continues to Promote Asset Quality Maintainable

Nanjing Bank (601009) 2019 Third Quarterly Report Review: Retail Transformation Continues to Promote Asset Quality Maintainable

Event: Bank of Nanjing released three quarterly reports, and achieved operating income of 244 in the first three quarters.

53 ppm, an increase of 21 in ten years.

10%; net profit attributable to mother is 98.

89 ppm, an increase of 15 in ten years.

33%.

The big retail transformation continues to advance.

Beginning in 2016, the company actively promoted the strategic transformation of “big retail + transaction banks”. In the third quarter of 19, the company’s retail loans increased by 1.8 billion U.S. dollars, accounting for 78% of new loans.As of the end of 3Q19, the proportion of retail loan stock has reached 30.

3%.

Among retail loans, consumer loans are the mainstays. The ratio of consumer loans to retail loans is from 31 in 2015.

8% increased to 48 in 1H19.

5%.

The interest rate spread is slightly lower than the previous month.

The company’s interest spread is the same as that of most listed banks. It started to decline after 2Q19, and the 9M19 spread fell 4bp to 1 from 1H19.

90%.

(1) Asset side: As the company is still mainly engaged in corporate business, which accounts for about 70%, and the corporate sector is mainly large and medium-sized enterprises, and state-owned enterprises, it is affected by the decline in loan yield; (2) Liability side:Affected by the intensified competition for deposits, the proportion of current accounts began to gradually decrease in 2Q19, and the proportion of current accounts in 2Q19 and 3Q19 decreased by 1 each month.

9pct, 0.

8 points.

The bad generation rate is in the normal range.

The company’s 2Q19 NPL ratio decreased by 3bp, and the 3Q19 NPL ratio increased by 3bp. This is related to the different write-off efforts in different quarters.

Judging from the changes in focus loans and non-performing generation rates, they are in the normal range.

Concerned loan rate increased by 6bp in 3Q19, but still decreased by 7bp compared to the earlier period; the net non-performing rate in 3Q19 was 0.

87%, 0 from 2Q19.

69% increased, but below 0 in 3Q18.

96% and 1 in Q1.

11%, still stable.

Provision coverage ratio at the end of the third quarter of 415 was 415.

5%, unchanged from 1H19.

Wait for the fixed increase to lift the capital restraint.

Nanjing Bank has high profitability,都市夜网 9MQ19 annualized ROE18.

4%, only slightly lower than Ningbo, but the profit growth center in the past two years is about 15%, 5 percentage points lower than the Bank of Ningbo, mainly due to capital expenditure, scale expansion is limited, core tier-1 capital appreciation at the end of the third quarter of 19Rate 8.

68%, little change after 2Q18.

At present, the company’s fixed increase has been in the feedback stage of the CSRC, and it is believed that there will be results soon.

After the uncertainty is eliminated, the estimated discount is expected to narrow.

In the past, Bank of Ningbo and Bank of Nanjing were excellent representatives of city commercial banks, both of which had similar profitability levels and similar estimated levels.

But especially since 2018, the Bank of Nanjing estimates that the gap 深圳桑拿网 with respect to the Bank of Ningbo keeps widening, and basically it still affects the DDM model numerator (the irregular increase in growth affects future growth) and the denominator (the scale of the Bank of Ningbo where the asset quality has changed earlier)According to the statutory regulations, the asset quality is still controllable at present, and it will be determined after the meeting.

We expect the company’s net profit to increase by 15% per year from 2019-2021.

1% / 16.

7% / 17.1%, currently estimated at 0.

96x19PB, maintaining the highly recommended level.

Risk warning: whether the fixed increase is rejected, the quality of regional assets deteriorates

China Southern Airlines (600029) 2019 Interim Review-Q2 Extends Nearly 500 Million Double Hubs

China Southern Airlines (600029) 2019 Interim Review-Q2 Extends Nearly 500 Million Double Hubs

Core point of view Q2 companies deducted non-net profit increased by 87% to 10.

3 西湖阁体验网 billion, mainly due to the increase in lease liabilities due to the new leasing standards, and financial expenses also increased by 6.

500 million.

In the first half of the year, the company’s load factor increased by 0.

2 points, the passenger-kilometer income decreased by 1.

65%, the leasing criteria led to an exponential growth of 123 in ten years.

8% to 25.

3 billion.

At present, it is estimated that it is quite attractive, and the “Guangzhou-Beijing” dual hub is deeply arranged, and it is expected to introduce new changes.

Q2 deducted non-net profit expanded by 87%, gross profit margin increased by 0 in ten years.

7pct, the new leasing standards in the first half of the year led to an increase in financial costs of 1.2 billion and dragged down performance.

2019H1 company realized operating income of 729.

4 ‰, an increase of 8 in ten years.

0%; realized net return / deduction of non-net profit is 16 respectively.

900 million / 14.

300 million, down 20.

9% / 21.

9%, performance was lower than expected; gross profit margin increased by 0.

7pct to 11.

At 7%, the new leasing standards led to a 1.2 billion increase in financial expenses in the first half of the year.

The leased consolidated asset-liability ratio increased by 3.

0% to 74.

8%, exchange rate sensitivity adjusted to 5.

1.7 billion.

Among them, the Q2 company’s non-net profit expanded by 87% to 10.

300 million, -5 in the same period last year.

5 billion, it is expected that the lease liability will increase mainly due to the new lease decision, and financial expenses will increase by 6.

500 million.

Passenger load factor increased by 0.

2 points, the passenger-kilometer income decreased by 1.

65%, new leases lead to an increase in operating costs2.

2%.

In 2019H1, the company’s investment in ASK increased by 10.

1%, of which domestic and international routes increased by 8.

9%, 12.

9%, capacity deployment or increase in the second half of the year.

Passenger load factor increased by 0.

2pct to 82.7%, due to weak demand, domestic passenger load factor decreased slightly by 0.

1pct to 82.

6%.

Passenger kilometer revenue decreased by 1.

65% to 0.

48 yuan, of which international and domestic fell by 1.

52%, 0.

79%.

2019H1 operating cost growth rate is slightly higher than revenue 0.

8%, the new lease standard depreciation increased by 46.

400 million, operating lease fees decreased by 32.

400 million, the two differences caused the same increase in operating costs2.

2%.

Exchange losses in the first half of the year 3.

100 million, lease debt interest increased by 124%, oil prices and civil aviation development funds in the second half halved or cost savings of about 1.8 billion.

On January 1, 2019, the company began to implement the new leasing standards, which led to the tipping of lease liabilities and increased sensitivity to exchange rates.

2019H1 financial expenses increased by 59.

3% to 32.

400 million, of which the leasing criteria led to an exponential increase of 123.

8% to 25.

300 million, has become a major factor dragging down performance.

During the same period, the size of US dollar debt increased by 130% to 77.7 billion yuan. For every 1% fluctuation of RMB against USD, the corresponding exchange loss gain increased by 74% to 5.

1.7 billion.

In the first half of the year, jet fuel costs increased by 6 per year.

4% to 20.6 billion, assuming a 10% decline in aviation fuel prices, overlapping civil aviation development funds halved, cost savings of about 1.8 billion in the second half.

The in-depth layout of the “Guangzhou-Beijing” dual hub is expected to improve operational efficiency and strengthen revenue control.

The “Guangzhou-Beijing” double hub is continuously promoted. At present, all five functional areas of Beijing Daxing Base have been completed. The company assumes 40% of the market share of Daxing Airport. By 2025, it plans to have more than 200 aircrafts and an average daily flight volume of more than 900 flights.

The company continued to consolidate the advantageous area of Baiyun Airport. In the first half of the year, the company’s transit passengers in the Guangzhou hub increased by 8% to 228.

60,000, of which the proportion of international tourists rose to 98%.

The Hong Kong airport incident may accelerate the internationalization of Baiyun Airport, and the proportion of long-distance routes in Europe and the United States will increase. As a main base airline company, it may benefit significantly.

The new general manager takes office in 2019 and looks forward to introducing new changes, improving operating efficiency, and strengthening revenue control.

Risk factors: The macroeconomic downturn exceeded expectations; the RMB depreciated sharply; international oil prices have grown rapidly.

Earnings forecasts, estimates and investment ratings.

The new leasing standards have led to an exponential increase of 123.

8% to 25.

300 million, has become the main factor dragging down the performance, the company’s non-net profit in the second quarter expanded by 87% to 10.

3 billion.

According to the semi-annual report data, we predict that the EPS for 2019-2021 will be 0.

36/0.

48/0.55 yuan (was 0.

64/0.

72/0.

80 yuan).

At present, it is estimated that it is quite attractive, and the “Guangzhou-Beijing” dual hub is deeply deployed, and it is expected to introduce new changes.

Maintain “Buy” rating.

Kelun Pharmaceutical (002422) 2019 First Quarterly Report Review: R & D Continues to Gain Results and Is Expected to Benefit from Volume Purchase Contribution to Excess Performance

Kelun Pharmaceutical (002422) 2019 First Quarterly Report Review: R & D Continues to Gain Results and Is Expected to Benefit from Volume Purchase Contribution to Excess Performance
Investment Highlights: Event: The company achieved revenue of 42 in the first quarter of 2019.88 ppm, a ten-year increase of 9.05%; net profit attributable to mother 3.3.6 billion, a decrease of 12 per year.40%; net profit after deduction 3.17 ‰, a decrease of 2 per year.04%; net operating cash flow of 5.4.3 billion, a decrease of 26 a year.63%. Affected by the large infusion and high price cuts, the company’s apparent revenue growth rate has been distorted.The company’s revenue in Q1 2019 increased by 9 per year.05%, it is estimated that the same period last year has improved (2018Q1 growth rate of 61.54%), mainly because the large infusion sector was affected by the two-vote system and the lower prices of antibiotic intermediates in 2017-2018. The decrease in non-recurring profit and loss was due to the consolidation of the company’s relocation benefits last year, and the decrease in cash flow was due to wealth management transactions. Reported company non-recurring gains and losses?18.33 million (the same period last year?59.23 million), which was initially consolidated in the first quarter of 2018 by the relocation and disposal of Zhejiang Guojing and Sichuan Kelun Wanhe Warehouse last year; the net cash flow exceeded the decrease by 26.63%, mainly due to the decrease in net cash inflows received from buying and selling wealth management products. The high opening of large infusions has affected revenue growth, and the overall industry bottomed out and is expected to contribute steadily to performance.At the end of 2018, the two-vote system in the country was basically completed. The high base of the company’s large infusion products brought about a high base impact and reduced the growth rate of revenue in 2019Q1. We expect the impact of high open will continue to the next 成都桑拿网 2-3 quarters.In addition, we believe that the large infusion plate industry itself has gradually bottomed out and warmed up after limiting the reactance of the previous few years and the removal of excess capacity. In the future, the large infusion plate sector will bring stable performance income to the company. The raw material medicine plate may bottom out and rebound, and under the normalization of environmental protection and high pressure, Kelun has obvious advantages.The three core varieties of the company’s raw materials are 6-APA, sulphur erythromycin and 7-ACA.(1) 6-APA has a high area concentration and the company’s leading position in environmental protection and cost. Although 2019Q1 is affected by repeated impacts, the price has been lowered (currently 165 yuan / kg), but due to cost and environmental considerations, we judge (2) The supply of sulfur erythromycin is severely inadequate, and the quotation will continue to hover at a high level. The current price will change around 440 yuan / kg; (3) The main manufacturers in the 7-ACA market have stable supplies and no increase in production, and prices remain stable., Currently quoted at 440 yuan / kg.Therefore, we believe that in the short term, although the growth rate of the company’s raw material drug segment has been improved due to the decline in the price of the main diversification, the price of the main varieties has been divided into the bottom range in the long term.The impact of many environmental protection incidents and the possibility of a rebound in future prices are expected to bring greater profit flexibility to the company. The generic drug product pipeline is complete, and it is at the forefront of consistency evaluation.In the research of generic drugs, the company mainly focuses on the two major systems of NDDS and international and domestic generic drugs. There are 17 types of NDDS projects and more than 340 types of generic drugs. The pipeline covers a wide range of fields.In terms of consistency evaluation, according to the first echelon of the application progress, Corum currently approved more than half of the first approved varieties to replace the first through varieties such as escitil for Puland, metronidazole, tinidazole, etc.The BE test and application ranks high, and it is expected to pass in the first three companies, with a strong first-mover advantage. In addition, in the evaluation of injections, Coron has already placed many products in the first line, and it has passed the promotion first. According to the experience of previous volume purchases, the generic drug manufacturers that passed the consistency evaluation worked hard to trade in the price and seize the huge domestic generic drug market. As a leader in domestic generic drug research and development, Columbus, whether it is an approved product or a declarationThe varieties are among the best, with unparalleled advantages, and the “bare feet” in the market to which they belong, without a large marketing team, relatively speaking, they are not afraid of price competition, so in terms of the probability of winning bids in the volume procurement competition, there areThe development contributes huge profits to the company.In the long run, Cologne’s generic drug segment is expected to form a branded and expanded development trend. It will occupy the generic drug market and build brand advantages through large areas, multiple varieties, serialization and combination, and continue to contribute steadily and profit. The coming date of the achievement of innovative medicines is coming, which is expected to open up the long-term estimation space.The company has now established a functional system covering the two major aspects of the development of new drugs, including the upstream and downstream of new drugs, around innovative small molecules and biological macromolecules.As of December 31, 2018, the company’s innovative drugs have entered eight clinical stages. Recombinant human laminin-like peptide-Fc fusion protein, targeted κ receptor agonist KL280006, innovative small molecule JAK inhibitor KL130008, KL070002 capsulesInnovative drugs such as antibody-conjugated drug A166 and VEGFR2 monoclonal antibody have been approved for clinical use, covering a variety of malignant tumors such as colorectal cancer and lymphoma, involving three major targets of EGFR, PD-L1, and HER2, of which the progress is A140. Cetuximab is a similar drug. Currently, Phase III clinical trials have begun to be recruited. It is expected to complete Phase III clinical trials and report to production in 2020, becoming the first innovative drug approved by Kelun Pharmaceutical. Profit forecast and investment grade: We expect the company to achieve operating income of 194 in 2019-2021.59 ppm, 225.7.2 billion, 259.5.8 billion; net profit attributable to mothers was 15.8.9 billion, 19.1 billion and 20.55 ppm; EPS is 1.10 yuan, 1.33 yuan and 1.44 yuan, the corresponding PE is 26.63X, 22.16X and 20.60 times.Maintain the “Highly Recommended” rating. Risk reminders: 1. Risk of large infusion or intermediate price reduction; 2. Risk of product development not meeting expectations; 3. Other risks.

Aerospace Information (600271): Core business market advantages highlight gross margin improvement

Aerospace Information (600271): Core business market advantages highlight gross margin improvement
I. Event Overview The company’s 2018 annual report disclosed that the company actually realized operating income of 279.4 billion, a decrease of 18 over the same period last year.1.4 billion, a decrease of 6 every year.10%.Net profit attributable to shareholders of the parent company16.180,000 yuan, an increase of 3 over the previous year.95%. Deduct non-net profit 15.9.4 billion, a 10-year increase of 16.01%.The basic return is 0.87 yuan. Second, the analysis and judgment of core business market advantages are prominent, gross profit margin has significantly increased the income end, and gradually increased operating income.10%, to expand new profit growth points of tax-related business, 南宁桑拿 especially the sales revenue of anti-counterfeiting tax control system and related equipment16.41%. At the same time, the company plans to expand its gross profit margin. The overall gross profit margin is 20.42%, an increase of 4 over the same period last year.43%, indicating that the company has achieved significant results in optimizing its high-margin business structure.On the expense side, the company’s R & D expenses increased by 2 compared with last year.970,000 yuan, an increase of 117.45%, increase research and development investment in smart tax informatization, corporate financial and tax services, financial technology products, smart government information products. Tax control business transformation and upgrading, electronic ticketing, and helping loan business create a new growth level. Under the background of tax reduction and fee reduction, the tax control business model is facing an upgrade.With the development of various tax systems, the development of social security premiums and non-tax revenue and tax collection and management systems, the formulation and promotion of construction specifications for the E-Tax Bureau has brought new opportunities to tax-related businesses. The company completed the transformation of its business model by promoting the membership system. By the end of 2018, the number of renewed members had exceeded 2.3 million, and the scale had grown rapidly. The membership business income was gradually approaching 700 million, and the annual work plan was exceeded.In addition, it actively expanded its e-ticketing market business, and its number of platform 51 invoices achieved exponential growth.In the context of inclusive finance, we cooperated with major banks to resolve small and micro enterprise loans, helped more than 40,000 households lend, and realized a lending scale of about 17 billion, a doubled growth. The giants have entered the bureau one after another, and the major business lines have further deepened and upgraded. Recently, the company reached a strategic cooperation agreement with Ali and in-depth cooperation in the fields of cloud, finance and taxation, government affairs, and blockchain.Democracy. The company has cooperated with Internet giants such as Tencent and JD. This indirectly proves that the company has a large number of customer resources on the B side and its influence on corporate services.At the same time, the company can also make full use of the technology resources of these giants to improve their own service levels, such as the implementation of financial and tax cloud services, the promotion of financial service products, and generate business synergies to complement their advantages. Third, the investment proposal predicts that the company’s EPS for 2019-2021 will be 1/1.27/1.58 yuan, the corresponding PE is 26.9/21.3/17.1 times.As a leading company in tax control special equipment, we are optimistic about the company’s cloud product development and continuous advancement in inclusive finance and other fields. The 19-20 PE of selected wind-related comparable companies is 34.8/26.Three times, as a leading company in tax control, the company has an estimated advantage at the same time. Fourth, risk warning: business development is less than expected, tax-controlled 深圳桑拿按摩网 industries subject to policy price cuts