Jidong Cement (000401): Q3 sales decline due to weather factors

Jidong Cement (000401): Q3 sales decline due to weather factors

Event Overview: Jidong Cement released three quarterly reports.

The company achieved operating income of 101 in Q3 2019.

800 million US dollars, a comparable increase of 10 years.

95%, realizing net profit attributable to mother 9.

900 million, a decade of comparable caliber growth.


Q3 sales decreased due to weather factors, but gross profit per ton remained good.

The company’s performance was slightly lower than our expectations.

Q3 Rainwater weather in Shaanxi increased, and pollution control in Beijing-Tianjin-Hebei region in September, so the demand in the northern region was affected.

The company’s Q3 cement clinker sales 2886 at least doubled.

2%, we predict that the average cement clinker of Q3 company will be 323 yuan / ton per kilogram, each time it will increase by more than 30 yuan / ton, the gross profit per ton will be 123 yuan / ton, and the net profit will be over 15 yuan / ton.Above 15 yuan / ton, the profit margin of the cement business remains good under a high economic climate.

The noise reduction effect is significant, and the impairment of assets has dragged down profit growth.

As of the third quarter of 2019, the company’s asset-liability ratio was 53.

8%, Q2 continues to fall by 1.

2 averages, with interest denying 151.

500 million, about 2.6 billion lower than Q2.

At least $ 100 million, but due to Q3 the company withdrew asset impairment 青岛夜网 losses1.

3 ‰ (increased by 1 each year.

100 million), the company’s profit growth was dragged down.

The high business climate in Q4 is expected to maintain, and the medium and long-term outlook is still positive.

We believe that the demand for cement suppressed in Q3 will be partially released in Q4, and the existing inventory in the Beijing-Tianjin-Hebei region is at a low level of 40-50%, and the Northeast overload accident will be tightened, and it is expected that the impact of external cement will be reduced, thereby making Beijing-TianjinQ4 in Hebei region maintained a high prosperity.

At the same time, we believe that short-term fluctuations in Q3 will not hinder the company’s medium- and long-term prospects: 1) Beijing-Tianjin-Hebei Integrated Construction Company’s core regional demand continues to grow 杭州桑拿 steadily, and 2) China United Cement Reorganization and Tongli Cement will optimize the use of Henan ‘s competitive landscape.

  Investment recommendation Based on a more conservative forecast for the Q4 heating season, we lower our 2019 earnings forecast4.

2% to 28.

95 million, but considering the medium and long-term prospects are better, maintain the net profit forecast for 2020-2021 unchanged.

Maintain target price of 19.

RMB 67 and “Buy” rating.

  Risks indicate that demand is lower than expected, the implementation of environmental protection and production restrictions is relaxed, and systemic risks.

China Railway (601390) Quarterly Review: Performance Exceeds Expectation Order Growth Continues to Rebound

China Railway (601390) Quarterly Review: Performance Exceeds Expectation Order Growth Continues to Rebound

The performance exceeded expectations, and the company maintained its “overweight” rating.

700 million, a year-on-year increase of +15.

4%, achieving net profit of 154.

800 million, a year-on-year increase of +18.

At 7%, net profit after deducting non-return to motherhood increased by 21% year-on-year, and performance exceeded our expectations of the market.

19Q1-3 The company’s net operating cash flow was -409.

2 trillion, more than 82 times a year.

4 trillion, cash flow is still under pressure.

As of the end of 19Q3, the company had 3 outstanding contracts in hand.

1 trillion, an increase of 7% over the end of 18, is 4 of 18 years of income.

2 times, the company has full orders in hand. We continue to be optimistic about the upward trend of order performance. It is expected that EPS in 19-21 will be 0.



05 yuan, maintaining the “overweight” level.

The net profit attributable to mothers increased in Q3, and the main construction business grew steadily in 19Q1-3, with an income growth rate of 15%.

4%, of which Q1 / Q2 / Q3 single quarter growth rate was 8% / 20% / 17%, Q3 revenue growth slightly changed, 19Q1-3 attributed to mother net profit growth rate of 18.

7%, of which Q1 / Q2 / Q3 single-quarter growth rate was 20% / 5% / 42% respectively. The accelerated recovery of performance was mainly due to the high growth of the main construction business and the loss of asset impairment (including credit) in the first three quarters.50%.

In 19Q1-3, the company realized construction business income of 4,964 trillion, a year-on-year increase of +17.

8%, the main construction business maintained a steady growth, and the three businesses of survey and design / equipment manufacturing / real estate development achieved revenue of 112.



400 million, a year-on-year increase of +7.

4% / + 7% / + 13.

2%, real estate business revenue growth rate was earlier than 19H1 (12.

6%) slightly improved.

The net interest rate increased, the cost control ability was enhanced, and the asset and liability structure was optimized.

19 points to 9.

99%, the interval of infrastructure construction / survey design / equipment manufacturing / actual gross profit margin changed by -0 respectively.

02 / -0.

41 / + 0.

13 / + 4.

41pct, net interest rate increased by 0 compared with the same period last year.

26 points to 2.


Cost during the period of 19Q1-3 5.

79%, a decrease of 0 every year.

1pct, where the sales / management (plus R & D) / financial expense ratios are 0.

51% / 4.60% / 0.

66%, respectively +0.

06 / -0.

03 / -0.

12pct, the cost control ability has been enhanced.

19Q1-3 Asset Mortgage 77.

28%, a decrease from the same period last year.

37pct, we believe that debt-to-equity swaps can alleviate the company’s financial burden to some extent and optimize the asset-liability structure.

In the new year, the order continues to accelerate, reaching the highest growth rate in 19 years. The total number of new contracts signed by the company in 19Q1-3 was 10896.

800 million, a year-on-year increase of +14.

5%, an increase of 4% from the earlier 19H1, of which Q3 single quarter +22.

7%, up 2 pct month-on-month, the highest growth rate in 18 years.

In sub-sectors, 19Q1-3 signed a new contract for infrastructure construction 9081.

90,000 yuan, +17.

9%, an increase of 4 from the earlier 19H1.

5pc, of which the railway / municipal high-rise growth rate reached 11% / 29%, respectively, is the leading rebound in infrastructure orders.

Q3 single quarter infrastructure construction YoY + 27.

6%, up 4 pct from the previous month, reaching the highest level in 18 years.

19Q1-3 Real Estate Sales 420.

700 million, a year-on-year increase of +15.

5% in the third quarter of a single quarter +41.

6%, real estate sales accelerated.

By region, 10308 new domestic contracts were signed in 19Q1-3.

500 million, a year-on-year increase of +13.

6%, 588 new contracts were signed overseas.

300 million, a year-on-year increase of +34.

8%, increasing overseas expansion.

Revenue and performance increase steadily. Maintain “overweight” rating company’s revenue and performance increase steadily, and the orders on hand are full. We expect the company’s EPS in 19-21 to be 0.



05 (previous average 0.



13 yuan, the 杭州桑拿网 adjustment is mainly due to the issuance of shares to purchase assets caused by changes in total equity), with reference to the current comparable company 19 years wind consensus 7

63 times PE level, recognition given to the company for 7 years 19 years.


0 times PE with a target price of 6.


48 yuan, maintaining the “overweight” level.

Risk warning: The carry-over of engineering orders is less than expected, and the improvement in gross profit margin is less sustainable than expected.

Leading Puzzle Manufacturing (002600): Returning to Growth and Creating a Comprehensive Consumer Electronics Solution Provider

Leading Puzzle Manufacturing (002600): Returning to Growth and Creating a Comprehensive Consumer Electronics Solution Provider
Leading puzzle manufacturing: the leading domestic consumer electronics precision manufacturing platform enterprise company operating ownership Lingyi Technology was listed on the backdoor of Jiangfen Magnetic Materials in 2018 (subsidiaries are Dijing Optoelectronics and Dongfang Liangcai), which currently covers precision functional parts and magnetic materials, Touch display module and precision structural parts and other products, leading technology, high-quality customers, good growth momentum in history, the industry as a whole domestic leader. Leading Technology: The value of precision functional components continues to increase. As the leader of the company, Hengqiang, with the development of precision functional components in the direction of structural complexity and functions, the industry has gradually continued to improve, and Leading Technology has gained its superior customer advantages., Technology and talent advantages and cost advantages, will continue to play a leading role in the industry, strong Hengqiang, future growth is expected. Synergies with other domestic assets: Business and operation levels 四川耍耍网 will bring about future marginal improvements. In terms of business, Lingyi Technology and other operating entities can not only achieve business synergy in manufacturing and R & D, but also achieve the linkage of customer resources.In order to build a multi-platform, and achieve the upstream and downstream synergies to achieve vertical integration capabilities.In operation, the company uses both addition and subtraction, and the Lingyi technology management team outputs a strong management level and realizes the coordinated allocation of resources between production and research and development, while simultaneously disposing of business and streamlining customers.At present, the company’s overall operating conditions have improved marginally. Earnings forecast and rating We are optimistic about the company’s vision to grow into a leading global consumer electronics comprehensive solution provider.The company’s EPS for 19-21 is expected to be 0.34/0.38/0.40 yuan, corresponding to 18 for PE.7/16.9/15.8 times, combined with the performance growth of the next 2 years, the company is given a PE valuation of 23 times the 19-year performance, corresponding to a reasonable value of 7.82 yuan / share, covered for the first time, given a “buy” rating. Risk reminder: Downside risks to the precision business of the precision functional components industry; increased industry competition risks; integration and synergy effects are lower than expected risks; asset impairment losses and changes in fair value gains and losses exceed expected serious risks.

Caesars Travel (000796): Catering business complements company performance, tourism layout 2019 tries to release

Caesars Travel (000796): Catering business complements company performance, tourism layout 2019 tries to release

The company announced its 2018 annual report: operating income of 81 in 2018.

8 ppm, an increase of ten years.

67%; net profit attributable to mother 1.

9.4 billion (-12.

03%), deducting non-attributed net profit 1.

7.2 billion (+13.


The reporting company’s efficiency in cost control slightly declined, and sales expenses rose1.

25pct to 8.

98%; under the same caliber of R & D expenses, management expenses decreased by 0.

34 points to 3.

13%; financial expenses rose by 0%.

23pct to 1.


The decline in the outbound tourism boom has led to a significant extension of service trips, and the continued development of the catering business has strongly supported the company’s performance.

After July 2018, with the impact of shipwrecks in Phuket, Thailand, and volcanic eruption in Bali, Indonesia, the number of departures from Southeast Asia plummeted, alternating with the “warm winter” effect of the fourth quarter, and the average Thai growth rate in the second half of the year replaced -12.


The company’s outbound tourism-based tourism business service trips significantly decreased, and the number of citizens’ wholesale and retail sales fell by 10 every other time.

29% and 8.


The company’s tourism services business initially achieved revenue of 70.

150,000 yuan (+0.

23%), gross profit margin fell by 0.

61pct to 13.


At the baseline of the report, while the company continued to consolidate the market share of air food and railway catering tableware, it continued to develop new service routes and railway routes. Among them, the air food business added 29 service flights including Baotou-Guangzhou, Sanya-Urumqi, etc .; the new railway catering businessUndertaken by 22 railway lines, including Kunming-Xi’an, Xiamen-Shanghai, etc., the service volume of aviation and railway catering increased by 3 respectively.

85% and 312.

41%, catering and service business achieved revenue11.

5.3 billion (+11.


Consolidate the existing advantages of outbound tourism, actively deploy the domestic tourism market, and improve 淡水桑拿网 the tourism business in 2019.

Due to the continuous expansion of Tiantian Business Travel in 2018, the company has reached an agreement and resolved. Tiantian Business Travel paid the repurchase amount of Caesar Tongsheng 5657 in installments.

850,000 yuan.

As of now, 5143 has been revoked.

500,000 yuan. At the same time, Tiantian Business Travel completed the change of control and no longer consolidated.

In 2018, the company has not actively deployed the domestic tourism market to build inbound tourism and high-end domestic tourism brands in parallel. The number of visitors to the inbound tourism business has increased by nearly 200%, and business revenue has doubled to form a new growth point.

In 2019, with the gradual recovery of the outbound tourism business and the increasing attractiveness of domestic tourism, the company’s outbound tourism, inbound tourism, and domestic tourism “three major markets” play a coordinated development role.

Profit forecast and investment advice: year-to-date, outbound tourism is in a slow recovery stage, Hong Kong, Macao, Japan and South Korea are in a high growth channel, and Southeast Asia is in the replacement recovery period.As the outbound tourism recovery is less than expected and may lead to the adverse effects of the recent earthquake in Thailand and the explosion in Sri Lanka, we adjusted the performance forecast for 2019-2020 and increased the profit forecast for 2021.



54 yuan (the original 19/20 EPS was 0.


65 yuan), corresponding PE is 24/20/17 times, considering the industry average assessment is 25 times, the rating is adjusted from “buy” to “overweight”.

Risk warning: exchange rate risk, overseas security factors and political factors

Bailian (600827): Net profit for the first three quarters is +2 for half a year.4% follow-up focus on improving operating efficiency

Bailian (600827): Net profit for the first three quarters is +2 for half a year.4% follow-up focus on improving operating efficiency
The first three quarters of 2019 results are in line with our expectations Bailian shares announced the first three quarters of 2019 results: revenue 373.5.7 billion, an annual increase of 4.4%; net profit attributable to mother 7.17 ppm, a ten-year increase2.4%, corresponding profit 0.4 yuan; deduct non-net profit 6.45 ppm, a 10-year increase3.5%, in line with our expectations.By quarter, 2019Q1 / Q2 / Q3 revenue is +5 each year.0% / + 5.1% / + 3.0%, net profit attributable to mother +6 each year.4% /-0.5% /-1.6%. Development trend 1, the first three quarters of revenue +10 for ten years.4%.Among them, the single third quarter revenue was ten 佛山桑拿网 years +3.0%, slightly more attachments than in the first half of the month.In terms of different formats, shopping malls, outlets, and large-scale supermarkets performed better. The first three quarters of revenue were +23% / + 14% / + 8%. Supermarkets, convenience stores, and professional chain formats had large revenues.Part of it was basically the same, and the revenue of the general department store business dropped by 15%, which improved the pressure.In terms of exhibition stores, the company opened 215 new outlets in the first three quarters, mainly in the format of supermarkets in East China; closed 191 outlets, mainly for convenience store adjustment. 2. Profitability remained basically stable.In the first three quarters, the overall gross profit margin fell by 0.2ppt to 21.2%.In terms of expenses, the sales expense ratio 重庆耍耍网 in the first three quarters dropped by 0 year-on-year.4ppt to 12.9%, increase in management and R & D expense ratio increased by 0.1ppt to 4.9%, the financial expense ratio increased by 0 in ten years.5ppt, which is related to the increase in rental interest rate expenses due to the implementation of the new leasing plan by the subsidiary Lianhua Supermarket.In addition, the compensation for the real estate relocation of the subsidiary Lianhua Supermarket was nearly 1.300 million.The final net profit margin was flat at one year.9%, deducting non-net profit margin was flat at 1 in ten years.7%. 3. Pay attention to the improvement of operation quality and efficiency brought by the reform of state-owned enterprises.Facing the fierce market competition and the accelerated and iterative innovation trend of the retail format, the company focuses on the main retail business, accelerates the transformation and upgrading of stores, strengthens the multi-format operation capability, and accelerates the construction and implementation of new retail and digital projects.Promote the optimization of organizational structure and employee incentive mechanism to improve overall operational efficiency.Follow-up attention to the progress of improving the efficiency of the main business operations brought about by the company’s state-owned enterprise reform. Earnings forecasts and estimates Maintain earnings forecasts.The current A-share contradiction corresponds to 16 in 2019/2020.7 times / 14.7 times price-earnings ratio.Maintain Outperform rating and lower target price based on increased industry competition 4.8% to 12 yuan, corresponding to 22 in 2019/2020.6/20 times P / E, currently expected to be 36.7% space. Competition in risk industries has intensified and consumption has continued to weaken.

Guangdong-Hong Kong-Macao Greater Bay Area planning urges attention to five areas of opportunity

Guangdong-Hong Kong-Macao Greater Bay Area planning urges attention to five areas of opportunity
On May 16, the National Development and Reform Commission issued a press conference. The National Development and Reform Commission called Meng Wei said that the overall planning outline for the Guangdong-Hong Kong-Macao Greater Bay Area Plan is in the process 武汉夜生活网 of being brewed and will be issued soon.Other related policy measures are also mostly in the formulation process, and will be launched one after the other.  According to preliminary sources, after the cumulative brewing in 2017, it is expected that the Guangdong-Hong Kong-Macao Greater Bay Area development plan will be introduced and implemented. The Guangdong-Hong Kong-Macao Greater Bay Area will usher in a substantial opening in 2018 and there will be a large number of substantial projects.  Boosted by this news, yesterday, some Guangdong-Hong Kong-Macao Greater Bay Area concept stocks changed. Of these, only 13 concept stocks rose against the market, and Jianglong Boats rose the most, reaching 5.China happiness followed closely with 89%, with an increase of 2.44%, Shirong Zhaoye (1.77%), Keshun shares (1.34%), Han Blue Environment (1.19%), Dongjiang Environmental Protection (1.00%) and other 4 concept stocks also rose or exceeded 1%.  In terms of capital flow, the Securities Daily Market Research Center found based on the flush flush statistics that yesterday, 15 concept stocks in the Guangdong-Hong Kong-Macao Greater Bay Area showed a net inflow of large single funds, totaling a large net inflow of large single funds.4.7 billion yuan.Among them, Huaxia Happiness (4600.160,000 yuan), Jianglong boat (2028.210,000 yuan), CIMC Group (1994.610,000 yuan), Dongjiang Environmental Protection (1627.840,000 yuan) and other four concept stocks, the average net inflow of large single funds exceeds 10 million yuan, the above four concept stocks total large inflows of funds of 1 net.03 billion.Other Guangdong-Hong Kong-Macao Greater Bay Area concept stocks sought after by large single funds yesterday: Zhujiang Industry, Guangzhou Port, Shenshenbao A, Shenzhen Property A, Hanlan Environment, Huafu Fashion, Julun Smart, Keshun Shares, GuangzhouPoly Energy, Tianjian Group, and Ruiling.  Recently, grabbing the Guangdong-Hong Kong-Macao Greater Bay Area and deepening the theme investment to achieve excess returns has become a key goal of the organization.CITIC Securities stated that following the major opening-up policy announced by Hainan, the Guangdong-Hong Kong-Macao Greater Bay Area may become China’s next key planning area for opening up.The strong comprehensive strength of the Guangdong-Hong Kong-Macao Greater Bay Area has completely become a condition of a world-class bay area and will also become a new economic growth pole during the “13th Five-Year Plan” period.For investors, this will be a very attractive theme investment opportunity.  In terms of the key investment areas, CITIC Securities recommends focusing on: First, regional transportation integration. It is estimated that by 2020, the total operating mileage of the Greater Bay Area railways will reach 5,500 kilometers.”City-to-city high-speed rail”.Investment in urban rail transit and highway construction will also accelerate, and major cities in the Greater Bay Area will be newly built and expanded to integrate airports.Second, the diversified development of the entertainment industry. Macau is positioned as the entertainment and tourism center of the Bay Area. It is expected that it will become the biggest beneficiary of the construction of the Greater Bay Area.Thirdly, in the field of real estate, enterprises with rich development experience in the Guangdong, Hong Kong, and Macao Greater Bay Area are fully likely to seize the potential of this round.Fourth, high-tech electronics and other high-tech fields such as electronic information industry will be the core driving force for economic development in the Greater Bay Area.Fifth, the financial industry, the Greater Bay Area project is expected to strengthen the financial services industry in many areas (mainly in Hong Kong), banks, exchanges and fintech have growth potential.  Further combing found that in the past month, a total of 30 concept stocks in the Guangdong-Hong Kong-Macao Greater Bay Area were given “buy” or “overweight” ratings, such as Zhongju Hi-tech, Huichuan Technology, Xinlun Technology, and China Merchants Shekou8 stocks including Disen, CIMC Group, Dongjiang Environmental Protection, and Winco Technology have been recommended together by institutions, and the number of institutions that are optimistic is 10 or more.

New natural gas (603393): Xinjiang’s city gas business breaks down, Asian and American energy prices rise

New natural gas (603393): Xinjiang’s city gas business breaks down, Asian and American energy prices rise

Event: The company released its 2019 Interim Report.

The company achieved operating income in the first half of the year12.

20 ppm, an increase of 128 in ten years.

5%, net profit attributable to mother 1.

56 ppm, an increase of 52 in ten years.

1%, in line with Shen Wanwanyuan’s expectations.

Key points of investment: The growth of Xinjiang’s urban gas business has narrowed, and Asian and American energy prices have risen, driving the company’s performance to increase significantly.

The company successfully acquired Yamei Energy 50 at the end of 2018.

1% shares, holding and consolidation led to a significant expansion in revenue scale.

Asian American Energy produced gas in the first half of this year4.

53 billion cubic meters, an increase of 18 over the same period in 2018.

92%, of which Panzhuang Blockchain produced gas in the first half of the year4.

1.6 billion cubic meters, an annual growth of 25.

48%, the Mabi blockchain is still in the trial operation stage, and the first half of the year produced 0 gas.

3.7 billion cubic meters, 24 years later.


At the lowest level, due to the strong demand in the winter heating season, the average gas sales price of Panzhuang withdrawals in the first half of the year.

80 yuan / cubic meter, an increase of 17 in ten years.

65%, because of the change in customer structure of the Mabi blockchain, the gas sales price is basically flat.

Affected 四川耍耍网 by the comprehensive rise in volume and price, Asian American Energy achieved net profit in the first half of the year.

390,000 yuan, an increase of 64 in ten years.

60%, corresponding to the net profit of new natural gas attributable to mothers1.

7 billion.

From this we calculated that the company’s Xinjiang business broke through about 3 million yuan in the second quarter, which was a long-term narrowing of the 10 million yuan breakthrough in the previous quarter, mainly due to the decline in gas source prices.

Asian American Energy continued to supplement and develop gradually, and the scale of development continued to grow.

Absolutely Asian American Energy continued to increase drilling, and the scale of gas production can be expanded. The Panzhuang blockchain completed the forecast of 22 in the first half of 2019, and the cost of single drilling was 2.8 million yuan, followed by 2.9 million yuan in the same period last year.

For historical reasons, the 34 wells originally operated by China United Coalbed Methane were formally transferred to Asia and America in November 2018, adding 60,000 m ^ 3 of production to Panzhuang every day.

In October last year, the Development and Reform Commission approved the rapid growth of CBM production in the Mabi blockchain in the future.

The latest NDRC policy has changed the development plan of coalbed methane foreign cooperation projects from the approval system to the record system, which will help the company develop new blockchains and increase its growth space in the long run.

The national LNG price is in a downward range, and the saturation of coalbed methane is limited.

Affected by the growth rate of natural gas consumption in the country, the price of LNG has been in a downward range since the beginning of the year, and the average price in August decreased by about 20% compared with the same period in 2018.

However, the price of coalbed methane in Asian American Energy is significantly lower than that of LNG. The current price is still very competitive, and the consumption area is mainly in the central and western regions. The impact of LNG price reduction is limited.

During this period, the governments of the two countries strongly encouraged the development of coalbed methane and enjoyed zero coalbed methane.

3 yuan / cubic meter of government subsidy and subsidy 100% immediate rebate policy, we judge the future profitability of Asian American Energy aims to continue to maintain high growth.

Earnings forecast and estimation: Based on the comprehensive progress of Asian and American energy capacity release, the domestic natural gas consumption has grown rapidly and the national LNG price has fallen. We lower our forecast for the company’s 2019-2021 performance to 4.

16, 5.

05 and 6.

0.6 billion (before adjustment is 4).54 and 5.

59, 6.

6 billion).

Corresponding to the current expected PE is 12, 10 and 8 times.

Natural gas consumption continued to grow at a high rate, and the new policy on coalbed methane development was conducive to the company’s long-term expansion.

Pien Tze Huang (600436) 2019 Semi-annual Performance Evaluation: Domestic Sales of Lozenges Stable Growth Cosmetics Business Contributes Performance Increase

Pien Tze Huang (600436) 2019 Semi-annual Performance Evaluation: Domestic Sales of Lozenges Stable Growth Cosmetics Business Contributes Performance Increase

In the first half of the year, revenue grew by 20%, and net profit after deducting non-attribution increased by 23%.

1H19 company achieved operating income of 28.

9.4 billion, an annual increase of 20.

40%, realizing net profit attributable to mother 7.

47 trillion, an annual increase of 20.

89%, net profit of non-attributed mothers7.

4.5 billion US dollars, an annual increase of 23.

10%; 19Q2 single-quarter operating income of 14.

100,000 yuan, an increase of 19 in ten years.

33%, net profit attributable to mothers3.

4.2 billion, an annual increase of 17.

42%, net profit deducted from non-attributed mothers3.

4.2 billion, an annual increase of 21.

41%; basic earnings in the first half1.

24 yuan / share, revenue and performance growth rate slightly exceeded expectations.

Domestic sales of tablets have grown steadily, and fluctuations in foreign sales have led to sudden changes in growth.

In 1H19, Pien Tze Huang achieved income 11.

5.6 billion, an annual increase of 15.

5%, growth profit mainly due to overseas sales in 2Q19 only realized zero revenue.

$ 9 trillion, an average of 33 in ten years.

Due to 1%, the overseas base is relatively high, and the timing of confirming income is uncertain, and the single-quarter growth rate is prone to conduction fluctuations; 2Q19 Pien Tze Huang occupied 4 of them.

3.2 billion, an annual increase of 34.

8%, the growth rate rebounded significantly from 1Q19.

It is expected that the EPS for 19-21 will be 2 respectively.


87, 3.

62 yuan, raised to “Buy” rating.

We expect revenue for the year 19-21 to be 59.



30,000 yuan, the corresponding growth rate was 23.

8% / 23.

7% / 21.

9%, net profit attributable to mother is 14.



8.8 billion yuan, corresponding to 2 EPS.


62 yuan, taking into account the company’s Chinese medicine leading parts and volume and price space, we give Pianzai 2019PE50X, 成都桑拿网 corresponding to a target price of 122.

0 yuan, raised to “Buy” rating.

Risk reminders: continued downside risks to economic growth, risks such as rising raw material prices or insufficient production capacity.

China National Travel Service (601888): Q1 continues to grow at a high speed

China National Travel Service (601888): Q1 continues to grow at a high speed

Investment highlights: The company announced its 2018 annual report and 2019 first quarterly report: the company will gradually achieve operating income of 470 in 2018.

07 million yuan, an increase of 66 in ten years.

21%, net profit attributable to mother 30.

95 ppm, an increase of 22 in ten years.

29%, in line with Air Force Express guidelines.

Among them, the tax-free income in 2018 was 33.2 billion US dollars, an increase of 124%, and the profit of China Exempt Company 30.

78 ppm, an increase of 23 in ten years.


In Q1 2019, the company realized revenue of 13.7 billion yuan, an increase of 54.

72%, of which travel agencies were deleted in February, a total of 6.

100 million revenue, after excluding the other parts of revenue increased by nearly 120% per year.

The main increase came from the consolidated income of Shanghai, Shanghai and Shanghai.

Net profit attributable to mother 23.

US $ 0.6 billion, after deducting investment income such as travel agencies, deducting non-net profit increased and increased.

37%, slightly higher than our Air Force’s judgment of 30-35% growth rate.

Generated in 2018 due to the devaluation of the RMB.

1.8 billion exchange losses (while the exchange rate also affects gross margin).

Staff compensation for administrative expenses (an increase of 72 per year.

3%) The growth rate is higher than the expenditure in sales expenses (annual growth of 54).

4%), in the context of operational excellence, executive spending is generally competitive.

In Q1 2019, the sales expense ratio increased by +9 due to the deduction.

89pct to 27.


Airport tax exemptions remain strong, and there is still room for consumer refunds.

Shanghai Bid 2019Q1 is expected to have revenue of about 3.6 billion, an annual increase of 32%, and the initial growth rate is significantly strong. Last year, it was about 12 billion (Shanghai was exempted from taxes by 13 billion US dollars, and a small part of the sales volume)

Capital Airport last year totaled 73.

89 trillion revenue, an increase of about 30% over the same period, according to T2: T3 about 3: 7 forecast, 2018Q4 Capital Airport revenue increase by 30%.

It is expected that Capital Airport will have room to release after Daxing Airport starts operation in 2019.

The Shanghai store is expected to open in the middle of the year. At present, the policy of liberalizing the shopping of overseas Chinese has not yet landed. At the same time, it is still necessary to pay attention to the subsequent confirmation of the proportion between the city store and the airport.

The conversion rate of Haitang Bay has increased significantly. After supplying Haidu Free, the company will integrate the tax-free market in Hainan.

Sanya Haitang Bay 2018Q4 net profit 2.

46 trillion, down 7 a year.

29%, mainly related to points policy, inventory impairment and bonus situation.

Haikou Meilan Airport Duty Free Shop and Sanya International Duty Free City reached 288 shopping trips last year, an increase of 20% over the previous year, reaching US $ 10.1 billion, an increase of 26%.

In terms of the split, the passenger unit price has basically not increased in 2018, and the expected increase is basically from the sales of 四川耍耍网 cosmetics. Moreover, after the quota was released on December 1, the passenger unit price growth rate was within 10%, mainly from the increase in tourist conversion rates.
The conversion rate of Haitang Bay increased by 4 in 2018.

84pct to 28.
At present, it is difficult to increase the customer unit price without releasing the postal tax and the number of cases. The construction of the two new duty-free shops is expected to promote the increase in the customer unit price in the non-Sanya region.

At present, the Sanya Hexin Island project has begun to attract investment. It is expected to open this year, supporting the number of visitors and conversion rate.

The Haima-free supply contract has been signed, and the follow-up is still to be merged into a listed company.

Profit forecast and investment advice: We believe 重庆耍耍网 that the comprehensive evaluation index of PS and PE is more reasonable for the company, and the upper and lower bounds of 40 times PE and 3 times PS are reasonable.

New policy catalysis can bring about marginal growth.

Taking into account the strengthening of promotional efforts, we revise down the profit forecast for 19-20 years, supplement 2021, and expect the EPS for 19-21 to be 2.



15 yuan (the original 2019/2020 profit forecast 2).


70 yuan), corresponding PE is 32/30/25 times, maintaining the “overweight” level

If you want to sleep well, lie down first

If you want to sleep well, lie down first
Sleep is the need of life. Without sleep, brain cells will die in exhaustion, muscles and bones will break in the state of rigidity, breathing, heartbeat will stop abruptly.But modern people are disturbed by insomnia, count sheep in bed, can’t sleep over and over again, and severely overdraw their health.There are many causes of insomnia. From the perspective of Chinese medicine, there may be too many mindsets.The Tang Dynasty medical scientist Sun Simiao said in Volume 27 of “Preparing for a Thousands of Money”, “Sitting restlessly, lying down first, then lying down.”The ancient book” Sleeping Recipes “also recorded:” Sleep on the side and bend straight, feel straight and stretch out, sleep sooner or later, sleep first, then sleepy eyes.”These all have the same reason among experts, that is, the focus of bedtime health care is to adjust the mind, that is, the spirit must be calmed down first.Lie in bed, let your emotions be completely calm, lose all your complicated thoughts, and don’t want anything.My heart can’t rest, but I just close my eyes to sleep, and Yuanmu asks for fish.Therefore, it is very important to master the correct sleep method to improve the quality of sleep. The experience of ancient people deserves to be learned by modern people.In addition, factors such as the environment and sleeping position during sleep can also affect sleep, so be sure to pay attention to it.1.Do some exercise 3 hours before bedtime.Studies have found that proper 杭州桑拿 exercise 3 hours before bedtime is conducive to achieving the best sleep promoting effect and improving sleep quality.This is because a person’s sleep process is related to changes in body temperature, and the quality of sleep is directly related to the temperature in advance: the body temperature reaches expectations, the worse the sleep quality.Doing some exercise gradually before going to bed can raise the body temperature, and just lower it before going to bed, so people can fall asleep quickly.2.Create an atmosphere before going to bed.Before going to sleep, you must stop all activities that may cause strong brain stimulation, such as reading newspapers, watching TV, and entertainment activities. Put on soft, loose pajamas and soak your feet in hot water for 15 minutes.After going to bed, turn off the lights, relax your body and mind, and let the body gradually sleep.3.Lying on the right.The sleeping position is best to lie on the right side, with two legs slightly bent, killing the food in the stomach and discharging it into the intestine, which is more conducive to digestion of the stomach.The old proverb “lay like a bow” refers to this sleeping position.Do not place your hands on the bottom when lying on your back, as this will affect blood circulation and cause nightmares.The top position is not good, it will cause the apex of the heart to move to the left and be compressed by the chest wall, which will cause dreams.Prone position is the most undesirable, because it will not only compress the heart and lungs, affect people’s circulation and breathing function, but also easily cause young men’s sexual desire, resulting in ejaculation and nocturnal emission.4.Pillow 6?9 cm high pillows.The quality of sleep also has a certain relationship with the pillow, so the folk proverb says “three inches of longevity, four inches of worry-free”.The meaning of this sentence is that, for longevity, pillows of three inches (9 cm) are often pillowed; for sleep comfort, pillows of four inches (12 cm) are often pillowed.Experiments have shown that pillow 6?When a 9 cm high pillow sleeps, the EEG begins to show a smooth resting waveform, indicating that the brain has smoothly entered a stable sleep state, and the sleep quality obtained is the highest.That is, 6?A 9 cm high pillow is a reasonable choice.▲