Adisseo (600299): Tree animal nutrition and health industry benchmarks methionine bottom performance safety boost, elastic foot

Adisseo (600299): Tree animal nutrition and health industry benchmarks methionine bottom performance safety boost, elastic foot

Report Summary: A global leader in animal nutrition and health.

The company has nearly 80 years of R & D, production, and sales experience in the field of animal nutrition additives. It has established a global production and sales network. Its main products include methionine, vitamin A, and special products.

The company ranks second in the global methionine market and has a leading advantage in the better performing liquid methionine market.

In 2018, 厦门夜网 the bottom of the company’s comprehensive gross profit margin was nearly 35%, and the industry’s repair and cost improvement had a conductive upward elasticity.

The company intends to acquire minority shareholders’ rights and optimize the company’s organizational structure while increasing the profit of the parent company.

Methionine oligopoly, the bottom of the long-term price cycle, the company’s performance is safe and flexible.

The methionine industry has a high entry barrier, and the global oligopoly competition pattern is present.

With the improvement of the economic level of the budget, the continuous development of modern breeding industry, the increase of new applicable animal species such as supplementary sampling, the demand for methionine will continue to develop rapidly.

In the next three years, the 北京桑拿洗浴保健 industry’s increased production capacity will be concentrated in the Asia-Pacific region. Considering the pace of enterprise investment, it is expected that the industry’s supply and demand structure will remain basically stable this year and next.

China ‘s import of methionine is high, and if anti-dumping is approved, it will be beneficial to related companies with production bases in it. The price of methionine has continued to decline since 2015. At present, the price is close to the break-even line of non-competitive companies in the industry, and there is limited room for further decline.

The company’s integrated industrial chain and industry-leading scale have obvious cost advantages and high performance safety. The company currently has a methionine production capacity of 49. With each price increase of 1 yuan / kg, net profit is expected to increase by nearly 300 million yuan.

Build a second pillar industry and accelerate the development of special product business.

Relying on the company’s advantages in R & D and sales, the company has successfully launched new products almost every year. Relying on product innovation and new market development, the company’s endogenous development momentum for special products is sufficient.

The company acquired Nutriad, a special feed company, to further expand the company’s product portfolio and strengthen the company’s leading advantage in the field of animal nutrition and health.

The company’s specialty products business is accelerating its development momentum.

Profit forecast: The company’s revenue for 2019-2021 is expected to be 126.

98, 144.

05, 168.

2.3 billion yuan, corresponding to the net profit of the mother is 11.

85, 14.

04, 16.

10ppm, corresponding to PE is 24X, 20X, 18X, the first coverage, given a “buy” rating.

Risk warning: downstream demand is less than expected; environmental protection, production safety risk; exchange rate risk

Haige Communication (002465): Annual report performance is in line with expectations

Haige Communication (002465): Annual report performance is in line with expectations

2018 results are in line with expectations. Haige Communications announced 2018 results: operating income of 40.

70 ppm, an increase of 21 in ten years.

41%; net profit attributable to parent company4.

30 ppm, an increase of 46 in ten years.

68%, corresponding to a profit of 0.

19 yuan, in line with expectations.

The company plans to pay dividends for every 10 shares.

2 yuan (including tax).

Both wireless communication and Beidou navigation business resumed rapid growth.

From the perspective of military products, the revenue of wireless communication / beidou navigation business was 17 respectively.

0 ppm / 3.

2 ppm, YoY + 39% / + 19%; gross margins are Yoo + 2 respectively.

4ppt / -7.

3ppt to 49.

9% / 61.

7%, return to the normal level before the military reform (2015).

From the perspective of civilian products, the subsidiary Haige Yichuang achieved revenue18.

200 million, + 20% year-on-year, net profit 1.

900 million, + 2% year-on-year, and net profit increased by another 10.


In 2018, the growth rate of Haige Telecom’s attributable net profit was higher than the income growth rate, mainly due to the significant decline in the expense ratio during the period: the sales / management / R & D / financial expense ratio was YoY-1.

6ppt / -3.

2ppt / -3.

1ppt / -1.


The company accrues 1 for the goodwill formed by the acquisition of Xinxing Industrial / Jiarui Technology / Capricorn Innovation / Guangzhou Runxin.

5 trillion impairment provision, multiple risk releases have been sufficient.

Operating cash flow increased significantly.

In 2018, the company’s operating net cash flow was 6.

3 ppm, YoY + 258%, with a reduction in inventory of 2.


Development Trends National defense informatization leader, integration of military and civilians, maintaining the optimistic prospects of the four major sectors.

In 2018, the company strengthened the four major business layouts of “wireless communication, Beidou navigation, aerospace, software and information services” and coordinated development, and insisted on independent innovation (research and development commitment).

6 trillion, accounting for 16% of revenue; 2401 R & D personnel, accounting for 31% of the total), to optimize the operating mechanism.

In 2019, we are optimistic 苏州夜网论坛 that the company has made more progress: 1) wireless communication: expanding technical fields such as ad hoc networks, wireless broadband / microwaves, and data links; 2) Beidou Navigation: continue to promote the development of Beidou III series terminals, location services, and wisdomSeeking new breakthroughs in the three major civilian directions of cities and intelligent transportation; 3) Software and information services: Layout of 5G and other business areas, seeking to enter the military-civilian integration market; 4) Aerospace: Strengthening military simulation and simulation product lines to enhance comprehensive competition in aircraft partsAbility.

Earnings forecasts remain in May 19/20.

7.4 billion / 8.

00 million net profit forecast unchanged. Estimates and recommendations Currently, the company 杭州桑拿 expects to correspond to 40.

9x / 29.

3x 19 / 20e P / E.

We maintain the recommended rating and RMB12.

The target price of 00 yuan (estimated by SOTP) corresponds to 48x / 35x 19 / 20eP / E, with potential growth potential of 18%.

Risks The progress of military order delivery and the development of the civilian product market are uncertain.

Research on Angel Yeast (600298): Setting sail for the world

Research on Angel Yeast (600298): Setting sail for the world

No. 1 in Asia and No. 3 in the global yeast industry.

Angie Yeast has always been based on the main business of yeast and yeast, and it has gradually developed by adopting strategies such as surrounding the city with the countryside and market entry in the north. At present, Angie has 24.

9 yeast capacity and 7.

8 Yeast’s yeast extract (YE) production capacity has set its first place in Asia and third in the world.

  The yeast industry has matured and yeast extract (YE) is still in its growth stage.

High capital investment + high technology barriers + strict environmental protection supervision together build a high-tech biology for the yeast industry, and the industry concentration is obvious.

1) Yeast industry: At present, the development of the yeast industry has matured. We expect that the development of the baking market and the replacement of old noodles by yeast will become the main growth points in the future. It is expected that the potential yeast industry output will have a CAGR of about 1 in the next five years.


  2) Yeast extract (YE) industry: At present, it is still in its infancy and has a wide range of applications. It will transform the development of economic level. The increase in the replacement ratio of MSG by YE will create its growth space.

We use two methods to measure downstream demand and replace monosodium glutamate. It is estimated that the CAGR of YE demand will exceed 10% in 2018-2023, and the domestic YE space will exceed 50 from a longer perspective.

  The development of overseas markets and the strategic layout of YE are the focus of future development.

At present, Anqi’s domestic market dominance is mainly solid, with domestic cities accounting for up to 55%, and even the market share is still slightly upward but limited.

1) We think that what is more important than domestic is the foreign market. Asia, the Middle East, South America and Africa have become the largest growth engines of the baking market. At present, Angie is actively carrying out overseas production capacity deployment. The overseas market is expected to become a key breakthrough for Angie’s development;As the world’s largest YE manufacturer, An Qi is expected to benefit from the development of the YE industry first.

From a global perspective, if the replacement ratio of YE in the umami flavor market (30-40%) in the United States, Europe, Japan, and South Korea is benchmarked, the global YE market space is expected to reach 87-116.

At present, the main consumption areas of MSG and Anqi’s strong areas overlap, and Anqi has potential priority to benefit.

  The price of molasses is the most important factor affecting the profitability of the company.

At present, sugarcane is in the cycle of increasing production. We expect that molasses prices in 2019 may still have room to fall, thereby creating room for profitability improvement.

As sugar cane is about to enter the production reduction cycle, domestic molasses 杭州桑拿网 prices may increase slightly from 2020 to 2021, but the range of changes in the price of recombined molasses is showing a narrowing trend. The active establishment of overseas factories by replacement companies will help them enjoy the advantages of foreign molasses indicators.From a company perspective, we believe that the possibility of domestic molasses improvement in 2020-2021 will have a controllable impact on the company’s overall profitability.

  Investment suggestion: Cover for the first time and give an “overweight” rating. We estimate that the company’s net profit attributable to the parent in 2019-2021 will be 9 respectively.



40,000 yuan, corresponding to EPS1.



51 yuan, corresponding to PE24 / 21/18 times of 2019-2021.

Using the relative estimation method, we give a target 杭州夜网 price of 32 yuan, corresponding to 25 times the PE in 2020.

  Risk warning: raw material prices fluctuate, exchange rates fluctuate, the industry’s growth rate is lower than expected, and industry competition is intensified. There may be errors between assumptions and actual conditions.

Seiko Steel Structure (600496): Technology is in the first echelon of the industry, optimistic about future growth space

Seiko Steel Structure (600496): Technology is in the first echelon of the industry, optimistic about future growth space
Event: The company recently announced that the company ‘s wholly-owned subsidiary, Green Building Integration, is one of the main completion units of the “Theory, Technology and Engineering Application of High-rise Steel-Concrete Hybrid Structures” project, which was announced on January 10, 20, the national technologyThe first prize of the National Science and Technology Progress Award was awarded at the awards conference, which is the sixth time that the company has obtained important achievements in national science and technology.The research and development content of the project mainly includes four types of structural systems such as the supporting giant frame-core tube system. For the first time in the field of housing construction, this level of reward has been won. The award-winning company’s technology is in the first echelon, and the future residential construction is mainstream or steel structure: The participating units of this project include Chongqing University, Sidi International, China Construction Steel Structure, Green Building Integration, China Metallurgical Research Institute and other units.As the first national science and technology progress award in the field of housing construction, it represents part of the recognition of this technology. At the same time, it proves that the company’s subsidiary Green Building Integrated PSC steel and concrete mixing technology is in the first echelon among them. The project mainly includes dimensional structure system: giant frame-core tube system (suitable for landmark buildings of 300-800m), steel tube bundle structure 深圳spa会所 system (suitable for 100-300m buildings), staggered truss structure system (school, hospital and other public buildings)), CFST special-shaped column frame system (high-rise residence below 100m).The technology represented by the project basically covers various high-rise buildings in terms of height and use functions, and has a wide range of application scenarios.We believe that the reason for the award is to affirm the past achievements and scientific contributions, and to set a benchmark as a guide to lead the future development of the industry.Promoting the industrialization of construction is a long-term development direction, of which residential construction will be the mainstream or steel structure in the future. Master the core technology, transform EPC, and be optimistic about the company’s long-term growth space: enter the harvest period.In addition, the company’s traditional steel structure business vigorously transitioned to EPC, and the acquisition has begun to appear, optimistic about the company’s future growth space. Maintain “Overweight” rating: We maintain our previous performance forecast, and net profit attributable to the mother for 19-21 is 3 respectively.9/4.8/5.500 million, a year-on-year increase of 112.1% / 24.3% / 14.5%, corresponding to EPS are 0.21/0.26/0.30 yuan.The latest revision corresponding to the company’s PE in 19-21 is 14x, 12x, 10x, maintaining the “overweight” level. Risk reminder: lower than expected repayment, sharp increase in steel prices, policy risks, weaker-than-expected financing

Everbright Bank (601818) 2018 Annual Report Review: ROA rebounded slightly

Everbright Bank (601818) 2018 Annual Report Review: ROA rebounded slightly

China Everbright Bank disclosed in its 2018 annual report that China Everbright Bank achieved a net profit of US $ 33.7 billion in 2018, an increase of 5 years.


  ROA increased slightly by ROE10 in 2018.

8%, a decline of 0 per year.

The eight averages were mainly affected by the fixed increase in the fourth quarter of last year, and the average equity multiplier decreased.

ROA0 in 2018.

79%, an increase of 0 over the same period last year.

01 averages.

Judging from DuPont analysis, two characteristics of this year are that the net interest margin improves every year, the second is the substantial increase in net fee income, and the third is the increase in the provision for asset impairment losses.

  Net interest margin has improved significantly in 2018.

74%, 22bps higher than the same period last year.

Considering that the increase in tax-exempt investment income has caused the actual yield increase in the first half of this year to fall by nearly 5 percentage 杭州桑拿 points, the net interest margin improvement after reduction must be more than the range shown.

  Asset quality pressure has increased. The year-end non-performing ratio increased by 1bp to 1 from the end of the third quarter.

59%, the attention rate increased by 6bps to 2 from the middle of the year.

41%, the overdue rate increased by 6bps to 2 from the middle of the year.

41%, non-performing loans overdue for more than 90 days increased by 8 from mid-year to 119%.

The increase in the bad generation rate in the first half of this year was mainly due to the overdue period in the first half of the year, but the bad generation rate in the second half of the year still rose by 62bps to 1.

40%, indicating that the company’s asset quality pressure has increased.

  Credit card business promoted rapid growth in program fee income. Net fee income in 2018 increased by 19.

9%, mainly benefiting from the rapid growth of credit card business.

  Credit card loan balances grew by 33% annually in 2018, accounting for 26% of replenishment net replenishment loans.

  Investment recommendations The overall performance of China Everbright Bank is in line with expectations, and we maintain an “overweight” rating.

  Risks suggest that the continued weakening of macroeconomic indicators may adversely affect the quality of bank assets.

Nearly 70% of 33 annual report performance reports achieved growth

Nearly 70% of 33 annual report performance reports achieved growth

For stocks, please 青岛夜网 read Jin Qilin analyst research report, authoritative, professional, timely, and comprehensive, to help you tap potential potential opportunities!

  33 annual report performance reports nearly 70% achieved growth Financing customers refused to invest more than 1.1 billion to buy 10 stocks Source: Securities Daily The stock market’s most profitable line Original Ren Shibi merged listed company annual report disclosure work is imminent, some companies use the performance report methodInvestors present their 2019 transcripts.

According to statistics from the Flushing Statistics, the Securities Daily Market Research Center found that as of now, a total of 33 companies in Shanghai and Shenzhen have disclosed the 2019 annual performance report, of which 22 companies have increased their net profit attributable to the parent company in 2019, accounting for 66.


  Specifically, among the 22 companies whose net profit increased, 7 companies including Industrial Bank, CITIC Bank, Ping An Bank, Poly Real Estate, Shanghai Bank, Greenland Holdings, and CITIC Securities reported that the average net profit attributable to the parent company exceeded 10 billionYuan, respectively, to 658.

6.8 billion, 480.

1.5 billion, 281.

9.5 billion, 265.

6.9 billion yuan, 202.

9.8 billion, 148.

52 billion and 122.

8.8 billion yuan, Shanghai Port Group (90.

10 billion), Chengdu Bank (55.

5.1 billion yuan), Ningbo Port (33.

6.4 billion), Sichuan Investment Energy (29.

3.1 billion), Changshu Bank (17.

9.3 billion) and Shenzhen Gas (10.

$ 5.5 billion) and other companies reported that the net profit attributable to the parent company also exceeded $ 1 billion.

  From the perspective of the growth rate of the net profit attributable to the parent company, of the 22 companies mentioned above, the growth of the net profit attributable to the parent company of New Zebang ranked first, reaching 100.

40% while Happy Medical (60.

37%), Foci Pharmaceuticals (40.

31%), modern investments (38.

31%), Dahua shares (33.

37%), Jiashitang (28.

65%) and Xinjie Electric (24.

29%) and other companies’ net profit attributable to the parent company in 2019 will increase by more than 20% each year.

  In terms of operating income, 27 of the above-mentioned 33 companies reported that their operating income had achieved long-term growth.

50%), Shandong Road and Bridge (55.

83%), Shen Zhenye A (48.

39%), Siyuan Electric (32.

70%), Guoyuan Securities (30.

14%), Rundu shares (29.

86%), Fo Ran shares (26.

34%), Greenland Holdings (21.

16%) and Poly Real Estate (21.

07%) and other nine companies in 2019, the annual operating income exceeded the growth rate of more than 20%.

  From the perspective of market performance, the above-mentioned 22 stocks with annual net profit growth have diverged within a month. A total of 9 performance-increasing stocks have gradually increased during the period, and Siyuan Electrification has gradually expanded to the top, reaching 11.

18%, Foran shares, Liqun shares, energy-saving wind power and other stocks gradually increased during the period also exceeded 2%.  It is worth noting that recent financing investors have continued to flood into A-shares to grab funds, especially the subject of annual report performance exceeding expectations has attracted much attention.

Statistics show that since January to January 15, 10 performance-growing stocks have been favored by financing customers, with a total net purchase of 11 in 杭州夜网 financing.

6.3 billion yuan.

Industrial Bank, Poly Real Estate, Bank of Shanghai, Greenland Holdings and other 4 performance growth stocks during the period of progressive financing net purchases over 100 million yuan, respectively, were 46291.

960,000 yuan, 28,886.

730,000 yuan, 14618.

620,000 yuan, 13356.

630,000 yuan, Bank of Chengdu (5503.

890,000 yuan), CITIC Bank (3837.

950,000 yuan), peach and plum bread (2255.

290,000 yuan), energy-saving wind power (1295.

590,000 yuan), Ningbo Port (176.

530,000 yuan) and China Automotive Research Institute (37.

99 million yuan) and other stocks are also in the state of net buying during the financing period, the performance of the market outlook is worth looking forward to.

Oupai Household (603833): Multi-category expansion performance of omnichannel marketing meets expectations

Oupai Household (603833): Multi-category expansion performance of omnichannel marketing meets expectations

The overall performance was in line with expectations, and profits grew faster than revenue.

Revenue of 55 in the first half of the year.

100,000 yuan, 13.

72%, net profit attributable to mothers6.

3.3 billion yuan, a year-on-year increase of 15.


Net flow of operating activities 10.

1.5 billion, achieving 86.

The rapid growth of 58% was mainly due to the increase in cash received during the current period of sales of goods and services and the decrease in taxes and fees paid.

Revenue in the second quarter alone was 33.

0.7 million yuan, an increase of 12 in ten years.

51%, chain growth profit; realized net profit attributable to mother 5.

41 ppm, an increase of 13 in ten years.

48%, net profit after deduction after returning to mother increased by 14.


The overall performance was in line with expectations, initially achieving a revenue growth target of 15%.

Yimuwei’s contribution mainly spurred revenue growth and its profitability steadily improved.

In the first half of the year, the income of cabinets and cabinets increased by 3.

37% / 20.

70% / 40.

97% / 42.

76%, a net opening of 54/127/52/30 stores at the end of last year, and gross profit margins increased by -1.


58 / -2.


78 average values, promoting the overall gross profit margin to increase by 0 compared with the same period last year.

39 units.

The industry strengthened its control over sales expenses in the down period. The sales expense ratio in the first half of the year decreased by zero compared with the same period last year.

46 units, but at the same time continued to increase research and development and promotion efforts.

In addition, financial expenses turned from negative to positive due to discounted bills, resulting in an overall net profit margin of 11.

48%, an increase of 0 over the same period last year.

13 units.

Traditional distribution and direct sales channels have grown steadily, and bulk business has grown rapidly.

In the first half of the year, revenue from direct sales, distribution and bulk channels increased by 7, respectively.

57% / 9.

08% / 54%, gross profit margin of direct sales channels increased by 4%.

25% coefficients, reaching 71.

47%, gross profit margin of distribution channel 36.13%, a decrease of 0 compared with the same period last year.

With 26 units, the gross profit margin of bulk business is as high as 41.

29%, an increase of 0 compared with the same period last year.

88 units.

The industry’s gross margin level for bulk business is leading in the industry, which can grind supplementary bargaining power and excellent business management capabilities of the company’s merger.

For omni-channel marketing, in the first half of the year, the large home furnishings 北京养生会所 successfully completed the order acceptance goal.

The company comprehensively promotes the “omni-channel marketing” strategy, the transformation of old kitchenware, e-commerce, community, community, retail engineering, home improvement and other channels.

In addition to traditional stores, the cabinets also have 455 new drainage shops such as micro shops and communities.

The pilot distribution model of the cabinet business in the first half of the year is conducive to further increasing the service coverage density of terminals and intercepting more passenger flows to expand the company’s market share.

The large home furnishings also completed ordering and opening tasks. At present, the company has 210 large home furnishings stores and 43 major customers, opening up imagination for the company’s future performance.

Adjust earnings forecast and maintain “Buy” rating.

Adjusted profit forecast to return net profit to mother 18 from 2019-2021.



89 million adjusted to 18.



850,000 yuan, corresponding to PE 26 in 2019-2021.



45 times.

In the first half of the year, forward-looking indicators such as the completion of elevators and glass production have improved significantly. The completion of the second half to next year is expected to ease the pressure on the reduction of passenger flow at the traditional retail end of home furnishing companies.

In the medium and long term, the company’s performance will grow with certainty, and it is expected to rely on a sound channel layout and a complete product matrix to seize more market share in the future, surpassing the overall performance of the industry.

Maintain the company’s 2019 reasonable estimate of 28-32 times PE, corresponding to a target price of 130.


2 yuan, maintain “Buy” rating.

Risks remind that real estate real estate recovery is less than expected, and the implementation of big home strategy is less than expected

China Life (601628) January 2019 Commentary: Negative Capital Differences All Improve

China Life (601628) January 2019 Commentary: Negative Capital Differences All Improve

Introduction to this report: The company achieved net profit attributable to its mother of 260 in the first quarter of 1919.

34 ppm, an increase of 92 in ten years.

6%, basically the performance of the investment end exceeded expectations, denied improvement in the structure of the end, channel scale growth is better than peers, performance is expected to outperform peers.

Investment Highlights: Maintain “Overweight” rating and maintain target price of 35.

17 yuan, corresponding to 2019 P / EV is 0.

92 times: The company achieved net profit attributable to its mother of 260 in the first quarter of 2019.

34 ppm, an increase of 92 in ten years.

6%, slightly more than expected, initially due to the company’s active investment in the first quarter to seize the opportunity for substantial growth in the equity market.

The value of new business in the first quarter increased by 28 each year.

3%, product structure further improved, and gradually exceeded market expectations.

Increase EPS forecast for 2019-2021 to 1.

51 yuan (1.

26 yuan, + 19.

84%), 1.

74 yuan (1.

47 yuan, + 18.

37%), 2.

13 yuan (1.

82 yuan, +17.

03%) and maintain target price of 35.

17 yuan, maintaining the “overweight” level.

The investment side exceeding expectations is the primary result of profit growth: the company’s simple annualized investment income conversion in the first quarter.

71%, an increase of 2 per year.

79 averages, slightly exceeding market expectations.

The 武汉夜生活网 company’s investment income (including changes in fair value) that has exceeded expectations has increased every year.

74% is the top priority for a ten-year increase in profits.

If the subsequent investment environment is stable, we expect the company’s 19-year performance growth rate will further increase, and we raise the company’s 19-year return to its mother net profit forecast to 42.8 billion yuan.

The debt end improved significantly, and the growth rate of NBV was in line with expectations: the company’s first-year payment in the first quarter reached 667.

800 million, an annual increase of 9.

1%, but the value of new business is growing by 28 per year.

3%, indicating a significant improvement in the company’s insurance structure.

At the same time, the number of agents in individual insurance channels reached 153.

70,000 people, an increase of 6.

81%, slightly more than expected.

It is expected that the growth rate of manpower in the first quarter will be faster than that of peers, which is expected to make new orders grow faster than peers in the first quarter.

Under the background that the quality of the company’s individual insurance channels is rising and is better than its peers, we expect that China Life ‘s new business value growth rate in 19 years will exceed the average of its peersRevenue impact

Hengshun Vinegar (600305) Interim Review: Short-term revenue growth and profitability are still steadily improving

Hengshun Vinegar (600305) Interim Review: Short-term revenue growth and profitability are still steadily improving

Investment Highlights Event: 2019H1 company achieves revenue8.

81 ‰, an increase of 9 in ten years.

43%; net profit attributable to mothers1.

42 ppm, an increase of 15 in ten years.

28%; net profit after deduction to non-returned mother1.

18 ppm, an increase of 15 in ten years.


Among them, the second quarter of 2019 achieved revenue4.

20 ppm, a ten-year increase3.

79%; net profit attributable to mother is 0.

70 ppm, an increase of 9 in ten years.

37%; net profit after deduction is 0.

55 ppm, a five-year increase of 5.


In the second quarter, the condiment revenue increased the most, and the optimization of product structure promoted the continuous improvement of gross profit margin.

2019H1 company realized condiment revenue8.

19 ppm, an increase of 10 in ten years.

58%; of which the condiment revenue in Q2 2019 is 3.

91 ppm, a six-year increase of 6.


After the initial price increase, the company’s average profit price was re-released. The ex-factory price has increased, revenue 青岛夜网 growth has increased, sales volume has increased, and the average price brought by structural upgrade has increased.

The growth rate of revenue growth in the second quarter is mainly due to (1) after the initial price increase, distributors have some stocking activities in the first quarter, and the growth rate of digesting inventory is slow in the second quarter;It takes time to digest and raise prices.

In terms of categories, 2019H1 vinegar income is 6.

1.5 billion, an annual increase of 7.

71%, of which the vinegar income in 2019Q2 was 3.

14 ppm, a ten-year increase2.

58%; cooking wine maintains rapid growth, and income in 2019H11.

160,000 yuan, an increase of 32.

58%, of which 2019Q2 income is 0.

530,000 yuan, an increase of 27.


As the company further optimized its product structure and increased 杭州桑拿 its added value, the gross profit margin of condiments in 2019H1 increased by 1.

80 pct to 44.

38%, of which vinegar gross margin increased by 2.

01 to 46.

42%, cooking wine gross margin increased by 3.

18 pct to 34.

20%. The model market achieved results and the company expanded its market investment.

The company focuses on building model markets in Shanghai, Hangzhou, Wuhan and other key regions.

In the first half of the year, Central China / Southern China / Western China / Eastern China / Northern China revenues increased by 17 respectively.

54% / 14.

71% / 10.

26% / 9.

94% / 8.


Central and South China / East China / Western China / Northern China revenue growth rates were 13.

43% / 8.

73% / 6.

93% /-0.

63% /-3.

53%, Central China and East China benefited from the good growth of the model market, and North China fluctuated slightly due to reduced revenue from dealers.

In terms of expenses, 2019H1 sales / management (including R & D) / financial expense rate repeatedly +1.

89 / -0.

16 / -0.

18 pct to 16.

40% / 9.

77% / 0.

34%, of which sales / management (including R & D) / financial expense rate growth rate +2 in the second quarter of 2019.

50 / -1.

54 / -0.


The increase in the sales expense ratio in the first half of the year was mainly due to the company’s increasing market share, promotion costs increased by 40%, conversion advertising costs, personnel costs, and miscellaneous expenses increased by 30%, 22%, and 20%.

Taken together, the company’s net profit margin will increase by 1 in 2019H1.

16 pct.

Profit forecast: Hengshun Vinegar is the leader in vinegar every year. At present, the overall concentration of the industry is low, and there is a lot of room for improvement.

The company will accelerate the development of catering channels in East China base camp and develop the national market steadily.

The company continued to increase the proportion of high-end products, raised prices in the initial stage of the merger, and continued to improve its profitability in 2019.

At the same time, it is expected that the improvement of the company’s management mechanism will bring about the release of operating vitality and efficiency.

We expect the company’s revenues to be 18 in 2019-2021.

89, 21.

25, 23.

90 trillion, net profit attributable to mothers are 3.

28, 3.

76, 4.

3.4 billion, after deducting non-return to mother’s net profit was 2 respectively.


01, 3.59 trillion, EPS is 0.

42, 0.

48, 0.

55 yuan, corresponding to PE is 36 times, 31 times, 27 times, maintaining the “buy” level.

Risk warning: food safety risks; channel development fails to meet expectations

Shanghai Hugong (603131) Company Dynamics Comment: The space sector opens its space for future growth in the fourth quarter

Shanghai Hugong (603131) Company Dynamics Comment: The space sector opens its space for future growth in the fourth quarter

Event: On October 30, 2019, the company released the third quarter report for 2019 and achieved revenue of 5 from January to September.

5.3 billion, a slight decrease of 3 every year.

72%, achieving net profit attributable to mother 0.

4.1 billion, down 8 every year.

26%, but the performance of the aerospace business segment will be concentrated in the fourth quarter. According to the preliminary calculations of the company’s financial 武汉夜生活网 department, it is estimated that the return of the mother net profit in 2019 will be approximately 9,000 million to 13,000 million, with an expected increase of 21% -75%.

The construction of the “high, precise, and sharp” aviation business segment in Nanchang has accelerated, the mass production has been accelerated, the foreign trade-type products are icing on the cake, and both endogenous growth and extensional expansion are combined: the layout of the Nanchang Xiaolan Economic and Technological Development ZoneDemonstration bases of the “Australian” space business sector are only occupied by machinery and equipment.

900 million US dollars, the throughput will be greatly improved in the future, which will effectively solve the problem of Beijing Aerospace Huayu ‘s existing space shortage and capacity cannot meet the demand, which will help to obtain supporting orders for subsequent mass production stages, and further improve the company’s space business.Ability of advanced equipment and technology.

The company’s endogenous growth and epitaxial expansion go hand in hand, extending the spacecraft design, R & D business, downward assembly, test and testing business, and opening up future development space.

StarChain plans to expand capacity, the global small satellite constellation construction peak plan is launched, commercial satellites are deployed at a high starting point, small satellite manufacturing business cards are accurate, and facing a blue ocean: the era of communications under the 5G layout brings new possibilities to the development of the space InternetWith the advent of the era of rapid commercialization of space in the United States, the size of the satellite chain plan has been increased from 12,000 to 42,000, and the scale is rapidly expanding.

A large number of domestic low-orbit commercial satellite projects are also accelerating. With the market demand for civilian satellites and the support of the national military-civilian integration policy, fast-responding micro-commercial satellites are expected to become a blue ocean market with priority benefits.

The company’s satellite business is one of the few domestic private satellite companies with satellite AIT sites of more than 500 kg and satellite electronics assembly, thermal control implementation, and RF component production product suppliers. It is expected to achieve a certain performance contribution in 2019, and future development is worth looking forward to.

Leading companies with welding and cutting equipment with an international perspective have rapidly expanded their projects under construction. Suzhou Hugong gradually accelerated the release of intelligent manufacturing capabilities. In the field of intelligent manufacturing, the company is a leading company in the domestic welding and cutting industry.Yes, it has a full range of product production capabilities.

Increased investment in intelligent manufacturing and system control, laser welding and cutting, robot automation and other fields through debt-to-equity swaps, so as to provide more R & D and production support for digital, networked and intelligent development, and continue to increase digital productsThe application in the field of industrial Internet of Things and big data further expands production capacity. At the end of the third quarter, 61.4 million projects are under construction. Suzhou Hugong is expected to start production in the future and accelerate the increase of product market share and profitability.

Investment suggestion: For the company ‘s “high, precise, and sharp” aerospace business sector layout, the construction of Nanchang base is accelerating, the Suzhou Hugong project accelerates investment in construction, the potential of traditional welding and cutting increases, and future performance is expected to continue to maintain high growthAt this stage, we will continue to give a “strong recommendation” rating. According to our model calculations, the company’s revenue and gross profit margin will gradually increase in the future. It is estimated that the net profit attributable to the mother will be 1 in 2019-2021.

2 billion yuan, 2.

01 billion, 2.

9.1 billion, corresponding to PE dilution of 40 times, 24 times, 16 times.

Risk reminders: The macro economy continues to deteriorate, 杭州夜网 international trade is severely deteriorating, industry competition is intensifying, exchange rate changes risk, integration is less than expected, infrastructure projects are not progressing as expected, and convertible bond projects are not progressing as expected.