Category: 洗浴

Zoomlion (000157) Annual Report Comments: Improved Profitability, Excellent Asset Quality

Zoomlion (000157) Annual Report Comments: Improved Profitability, Excellent Asset Quality

2018 annual report exceeded expectations: improved profitability, abundant cash flow and optimized asset quality. In 2018, Zoomlion achieved operating income of 286.

97 ppm, an increase of 23 in ten years.

30%; Net profit attributable to parent company.

20 ppm, an increase of 51 in ten years.

65%, operating cash flow 50.

64 ppm, an increase of 77 in ten years.


The company’s profitability has continued to improve, with abundant cash flow and further optimized asset quality.
In 2021, the EPS will be 0.



54 yuan (2019?
(Increase 9% and 15% respectively in 2020), PE is 12.



3 times.

The average PE for comparable companies in 2019 is 12.

6 times.

With the gradual pick-up in infrastructure growth in 2019, we believe the industry as a whole has room for repair.

Maintain a target of 4



22 yuan, corresponding to PE in 2019 is 13.



5x, maintain “Buy” rating.

Significant benefits from the adjustment strategy, the company’s main product market continued to be a healthy improvement, the company’s crane business in 2018 achieved revenue 124.

70,000 yuan, an increase of 83 in ten years.

3%, the proportion of income increased to 43.

5%; concrete machinery operating income 101.

650,000 yuan, an increase of 38 in ten years.

6%, revenue 南京夜网 accounted for 35.

4%, the proportion of agricultural machinery business operating income fell to 5.


The domestic market share of hoisting machinery and concrete machinery continues to be “top-ranked”, among which construction hoisting machinery and concrete long boom pump trucks remain the first in the industry.

The company plans to increase the development of aerial work platforms, enter the excavator industry, strengthen development potential, and emerging markets.

Profitability significantly improved the company’s consolidated gross profit margin in 201827.

1%, up from 2017.

74 units.

Among them, the crane business gross margin reached 29.

06%, increased by 7 units; gross profit margin of concrete machinery business was 23.
96%, an increase of 5.

64 units.

The overall management expense ratio and operating expense ratio showed a downward trend.

Net sales margin has continued to rise since bottoming out in 2016, reaching 7% in 2018, an increase of 1.

32 units.

Abundant cash flow and excellent asset quality. In 2018, the company received $ 29 billion in cash from sales of goods and services, and a net operating cash flow of 50.

600 million, a record high.

There was no loss in accounts receivable, bad debts were fully accrued, and the company’s assets impairment loss in 2018 was 0.

8.6 billion yuan.

The company’s off-balance sheet contingencies accounted for 30% of operating income.


From the perspective of the company’s risk exposure to operating income, the total risk exposure ratio in 2018 was 93.

54%, ranking continued to decline in 2017.

It can be judged that due to the risks brought by past sales, it must have been cleared.

Maintaining the “Buy” rating Since the first quarter of this year, the overall performance of the construction machinery industry is better than market expectations. In particular, the profitability of cranes has improved more than we expected. Therefore, we adjusted our profit forecast for the company.
In 2021, the EPS will be 0.



54 yuan (2019?
(Increase 9% and 15% respectively in 2020), PE is 12.



3 times.

The average PE for comparable companies in 2019 is 12.

6 times.

With the gradual pick-up in infrastructure growth in 2019, the factors that suppress the estimation of the construction machinery industry will improve, and we believe that the industry as a whole has room for repair.

Maintain a target of 4


22 yuan, corresponding to PE in 2019 is 13.


5x, maintain “Buy” rating.

Risk warning: The domestic economy is down faster than expected; the growth rate of infrastructure investment has not increased as expected, and real estate investment has continued to narrow; the industry’s competitive environment has deteriorated; the market for new products has not been smooth;The impact of profits.

[Family practice of fried old tofu]_Production method_How to make

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[Can I eat fruit after an abortion in summer?

】 _Little production_Can you eat

[Can I eat fruit after an abortion in summer?
】 _Little production_Can you eat

No matter what season of miscarriage, miscarriage is very harmful to women’s body. Women’s bodies are generally weak after miscarriage, and they need to be supplemented with diet through normal diet. You must pay more attention to your diet.Try not to eat spicy and stimulating food, usually light, and you need to take a good rest after abortion, so that the body will recover faster.

Can I eat fruit after an abortion in summer?

Just flow of people, whether in summer or other seasons, it is best not to eat fruit first, you can wait for half a month after the flow of people before eating.

How long can you eat fruit after the flow of people, the fruit is mainly cold products, if you have to eat, you should eat some mild fruit.

You can eat more red dates.

Precautions for pregnant women after abortion: Some people should initially stay in bed and rest for 2-3 days. After that, they can get out of bed and gradually increase their activity time.

Within half a month after the flow of people, the army should not do heavy physical labor and cold water labor, and avoid cold.

Pay attention to increase nutrition, eat more fish, meat, eggs, legumes and other protein-rich foods and vitamins and fresh vegetables to promote endometrial repair.

The uterine mouth of abortion surgery has not been completely closed, and the endometrium has a repair process. During this time, special attention should be paid to keeping the vulva clean and hygienic. The sanitary napkins and underwear used must be washed and changed frequently.Bathing to prevent dirty water from entering the vagina and causing infection.

In order not to harm your body and for a better life in the future, especially women must keep themselves clean. If they don’t want children, they must take contraceptive measures so that they can avoid injuries caused by the flow of people.

Can I eat fruit after the flow of people?

Fruits need to be chosen, and the time to eat them depends on their recovery.

What kind of food can supplement the nutrition after the abortion?

First, vitamin vitamin foods.

Vitamin A can promote the repair of uterine mucosa and enhance the body’s resistance.

What foods in nature can take vitamin A?

Vitamin A mainly metabolizes animal foods, and it is particularly rich in liver. Carotenoids of plant origin also have a certain vitamin A activity.

A vegetarian diet can increase the absorption and utilization of vitamin A.

Second, protein protein foods.

Protein is the second nutrition that cannot be prevented in the prevention of infection. Soy, various meats, eggs, milk, and even grains can provide a large amount of protein.

Third, the average crude fiber food.

It is good for women to use antibiotics after abortion, but antibiotics have advantages and disadvantages. Antibiotics will destroy the health of human interaction.

In order to maintain their own health, people need to absorb a variety of phytonutrients, such as soluble substitute fibers in vegetables and fruits, and insoluble substitute fibers in coarse grains and miscellaneous beans, which can provide nutrients for normal flora in the body.Maintain equilibrium.

Therefore, women should eat more fruits, such as bananas, oranges, longan, hawthorn, etc. after abortion.

Banana contains a large amount of cellulose and iron, which has a laxative and blood-reinforcing effect.

Oranges contain vitamin C and calcium.

Vitamin C can enhance the elasticity and binding of blood vessel walls and prevent rebleeding after abortion.

Hawthorn contains a large amount of maslinic acid and citric acid, which can quench the thirst and disperse blood circulation.

Longan can replenish blood, which is best for the weakness after the flow of people.

[Can I Lose Weight by Eating Pears]_Pears_Slimming_Effect

[Can I Lose Weight by Eating Pears]_Pears_Slimming_Effect

Pear is a fruit, which is often eaten in family life. In fact, it has a certain weight loss effect. Pear conversion is low. At the same time, it can help us diuretic and swelling. It can be eaten raw or cold with celery.

1. Raw pear weight loss principle: Wash the pear and eat it raw with skin, it can increase the amount of fiber and obtain a variety of vitamins.
A crispy and juicy pear, which can be 50 calories.

The way to lose weight by eating pears is to get up in the morning and a glass of salted water, then eat a pear and an egg. You can eat lunch as you like, but you can only eat 7 minutes full, and avoid fried andGreasy food.
Dinner is based on vegetarian dishes and pears, followed by a bowl of vegetable soup.

Intimate reminder: Do not eat snacks except three meals!

Eat pears when you are hungry.
The effect of this method for two weeks is gradually obvious, especially for sisters who are worried about losing weight and eager to lose weight.

2. Pears mixed with celery materials: two pears, 200 grams of celery, one tomato 1) Wash and cut the pear in half, peel and remove the seeds, cut into strips, such as 15 minutes in salt water 2) Cut the tomatoes into six petals, rowPlate decoration.
3) Wash the celery, remove the cold water from the soup after one minute, remove the outer fiber, and cut into small pieces.

4) Drain the pear and celery, add 1/3 teaspoon of salt, 1/3 teaspoon of sugar and 1 teaspoon of sesame oil, mix well and place on a plate.

5) 1/3 teaspoon of yellow mustard, add water and mix well, add 1 tablespoon of salad dressing and mix well. It can be served in a small dish as a dipping seasoning for pear and parsley. This can often be eaten as a vegetarian dish.

[Garlic and Honey]_Bee_Can you eat together

[Garlic and Honey]_Bee_Can you eat together

In some countries, many people especially like to eat garlic. Dumplings with garlic are almost no garlic, no dumplings, and garlic has a sterilizing effect. The human body often eats some garlic to improve immunity. Honey is also necessary for every household.The same substance, many people like to drink honey water, so if you can still eat honey water after eating garlic?

The following editors will tell you whether garlic and honey are the same.

Sulfur compounds in garlic have antibacterial and anti-inflammatory effects, and can inhibit and kill a variety of cocci, bacilli, powders and viruses.

In 1982, scientists through garlic’s bacteriostatic, bactericidal, antiviral, insecticidal and inhibitory enzyme activities research, proved the garlic’s enzyme inhibitory bactericidal effect and substance.

Modern research has found that volatile oils, juices, extracts and allicin of garlic can inhibit and kill various cocci, bacilli (such as pertussis, etc.), molds, fungi (such as cryptococcal meningitis, etc.), and viruses.

In terms of food preservation, Japanese scholars have found that garlic has inhibitory and killing effects on dozens of food hygiene and food spoilage bacteria. Scientists have also studied the inhibitory and killing effects of garlic aqueous solution on the crushing of dozens of common contaminated foods and found thatGarlic has a strong inhibitory and killing effect on spoilage, and its strength is equivalent to or even stronger than the chemical preservatives benzoic acid and sorbic acid. It is the strongest antibacterial effect found in natural plants.

Can’t eat garlic with anything Garlic is generally not eaten with tonics.

Garlic avoids Rehmannia, Polygonum multiflorum, Peony skin.

Garlic and shallots can hurt your stomach when eaten together.

If you eat mango and garlic together, your skin will turn yellow.

Anchovies and garlic are eaten together, and they can get hot and get angry.

Honey mixed with garlic can easily cause diarrhea.

Effects of garlic: 1.

Powerful sterilization.

Sulfur-containing compounds in garlic have a surprisingly strong antibacterial and anti-inflammatory effect, and they can inhibit and kill a variety of cocci, bacilli, and fungal viruses. It is the strongest antibacterial effect found in natural plants.


Cancer and cancer.

Elements such as germanium and selenium in garlic can inhibit the growth of tumor cells and nanoparticles. Experiments have found that the population with the lowest incidence of cancer is the population with the highest selenium content in the blood.

The National Cancer Organization believes that garlic is the top plant in the world’s most anti-cancer potential.


Detoxifies and clears the intestines to prevent gastrointestinal diseases.

Garlic can effectively inhibit and kill bacterial viruses such as Helicobacter pylori that cause gastrointestinal diseases, remove gastrointestinal toxic substances, stimulate the implantation of mucous membranes, promote appetite, and accelerate digestion.


Reduce blood sugar and prevent diabetes.

Garlic can promote the secretion of insulin, increase the absorption of glucose by tissue cells, increase the body’s glucose tolerance, rapidly reduce blood glucose levels in the body, and eliminate various pathogens that cause diabetes due to infection, thereby effectively preventing and treating diabetes.

Bairun Co., Ltd. (002568) First Coverage Report: Micro- 醺 series heavy volume new and old kinetic energy switch do not win

Bairun Co., Ltd. (002568) First Coverage Report: Micro- 醺 series heavy volume new and old kinetic energy switch do not win
1. Double main business structure, the leading cocktail company is the leader in the domestic preset cocktail industry and the first echelon company in the domestic production and sales of edible spices. The revenue of the preset cocktail business is about 85%, which is the main performanceThe driving force is obvious synergy between upstream and downstream of the scale business, and the company’s combined food and beverage R & D capabilities.The company’s 2019H1 achieved operating 杭州桑拿网 income6.3.6 billion, an increase of 14 in ten years.39%, net profit attributable to mother realized 1.3.7 billion, a year-on-year increase of 73.72%, exceeding the first quarter performance indicator3.72%, mainly due to the optimization of the company’s product structure, the switch between new and old kinetic energy, and the coverage of the Weiqi series terminals continued to increase.  2. Steady growth, not greedy to win, and pursuit of efficiency to improve consumer satisfaction. The company has maintained the number one domestic market for pre-adjusted cocktails since 2014. In Shanghai and Shanghai, it has replaced 90% of the market share, and the company ‘s revenue has grown.It basically represents the development of the industry.  The industry grew rapidly in 2013-15, and the company’s compound revenue from cocktail business in 2013-15 was as high as 224.7%. In 2016, the industry experienced a trough and entered a recovery stage. The compound growth of cocktail revenue in 2016-18 dropped to 13.37%. At the same time, the proportion of new canned products such as the company’s micro tincture has gradually increased, and the total capacity of single-box products has increased. The price of a single box has dropped from 120 yuan in 15 years to 106 yuan in 18 years.We believe that the proportion of new products with gradually decreasing gross profit margins gradually increases. With the industry entering a stage of steady growth, the company’s products have a trend of pursuing cost-effectiveness.  3. The micro-clog series continued to increase volume, and the new and old kinetic energy switched the company’s 19-year H1 pre-adjusted cocktails to achieve main business income5.50 ppm, an increase of 22 in ten years.At 26%, the volume of the Weiqi series continues to increase, which is expected to become a new growth point for classic bottled performance.Since 2016, the company has successively launched products such as 3 degrees micro-bubble, 8 degrees strong refreshment, Pappas sparkling water and other products, actively exploring market segments and extending consumption scenarios.At the same time, the company’s 3 degrees micro-bubble is the first to promote new products online. The main focus is on canning, which caters to the ready-to-drink scene. Since 2018, the volume has continued to increase, leading to a significant increase in the sales of canned products. Considering canned productsConsumption scenarios are frequent, and the qualitative change in the company’s business structure helps improve the product repurchase rate.  4. New model of product marketing and diversified channel layout. After years of accumulation, the RIO brand has gained a high brand reputation. At this stage, the company’s marketing focus has begun to shift from brand to product. The marketing method is biased towards precision and digital marketing.Advertising expenditures are on a downward trend, and the sales expense ratio is clearly improving. The company’s profit structure is expected to continue to improve.The company’s online proportion continues to increase. In 19 years, H1’s online and offline revenue accounted for 15%: 85%. New product promotion adhered to the idea of online verification first, followed by offline shoppers.  Earnings forecast: Considering the company’s continued heavy volume of micro-clog series and abundant new product reserves, we expect the company’s operating income to be 14 in 2019, 2020 and 2021.9 billion, 17.8 billion, 21.500 million, net profit is 3.19 billion, 3.62 billion, 4.2.2 billion, EPS is,0.81 yuan, giving 32 times PE in 2020, 四川耍耍网 target price 22.40 yuan.  Risk reminders: New products are selling less than expected, the risk of certification of downstream customers of flavor and fragrance formulas, food safety risks, market expectations are too high risks

Quantitative private equity earns 21% this year, leading other strategies

Quantitative private equity earns 21% this year, leading other strategies
Quantitative private equity year-round considerable index appreciation strategy can greatly improve market liquidity and activity for China Fund News reporter Zhao Ting, transforming investment performances since the beginning of the year, index enhancement strategy, neutral strategy, management futures strategy (CTA) and other goodIncome, but in a changing market environment, it is necessary to continuously capture market investment opportunities, and each private equity at the same time continue to enrich their strategies and refine models based on their own advantages.Specific to investment strategies, many private equity companies are optimistic about the future performance of index enhancement strategies.  Quantitative private equity returns considerable neutral strategy during the year, CTA and other performers have performed well. Recently, five quantitative private equity rushed into the 10 billion private placement list. From the perspective of some people, the growth of large-scale quantitative private placement is driven by performance.The private placement ranking data show that among the 10 billion private placements, the average hedged private equity has yielded an average yield of 21 since the year.77% ahead of other strategies.  Yang Jianbo, director of research on private equity rankings, said that among quantitative products, the best performance is index enhancement, followed by market neutrality and quantitative CTA.  For private equity with different product features and advantages, each company’s feelings are different.Xu Shunan, the founder of Inno Asset, bluntly stated that the company’s index enhancement strategy has yielded considerable returns this year.Zhou Shihe, chairman of Wenyu Assets, said that this year’s Shanghai Wenyu products had the most outstanding CTA performance.Du Haoran, vice president of Aifang Assets, said that from the perspective of his company’s products, the budget strategy and convertible bond strategy performed the best this year.  ”This year’s quantitative private equity generally has good returns. Neutral strategies. CTAs have emerged with better products. The deregulation of financial markets has improved the overall market liquidity and activity. In the future, various hedges and stock index CTAs should be betterPerformance.”Li Jianchun, general manager of Carlisle Assets, said.  Zhongyan Investment also said that the overall liquidity of the market has improved at the beginning of this year, and at the same time the stock index has risen, and quantitative private equity has generally performed well.By the middle of the year, liquidity has shrunk significantly, stock indexes have been discounted, and the scale of expansion has risen rapidly. Most of the net value of quantified private equity products is difficult to increase.Commodities, because of earthquake shocks, are also more lethal to mid- and high-frequency strategies, and mid-frequency and higher-frequency strategies perform better.In the following months, if market liquidity improves and risk control capabilities are outstanding, private placements with good strategic tolerance will have the opportunity to re-run excess returns.  Zeng Linghua, director of Good Buy Wealth Research, believes that the current quantitative private equity funds with excess returns have basically joined high-frequency strategies.This is mainly due to the advantages in transactions, but it is difficult to sustain this advantage.If quantification is to grow and develop, it is necessary to break through this point. In some respects, significant progress has been made in fundamental quantification.  Take advantage of advantages and improve strategies. Index enhancement strategies are favored. Regarding how to capture subsequent market opportunities, people generally said that the market will change in the future, and the speed of model updates will change. It is necessary to further enrich their own strategies.On the whole, quantitative index enhancement strategies are favored.  ”In different time periods, each type of strategy will have its own investment opportunities. The key is whether there is a corresponding strategy to capture market opportunities when needed.Du Haoran said.  Du Haoran is optimistic about the convertible bond strategy product, and also continues to be optimistic about the budget strategy. Next, he will prepare an active management product that invests in over-the-counter budget and income swaps.  Li Jianchun added new strategies on the basis of the company’s superior strategy commodity futures hedging, and elaborately mixed strategy products to obtain better risk returns through the complementation and smoothness of strategies, while developing FOF products.  Zhongyan Investment chose the development direction-fundamentals + quantification that is suitable for the company’s development status and staffing. At the same time, the strategy is relatively relative. Compared with the strategy with high conversion efficiency, the transaction system’s execution capacity and data processing speed requirements are reduced.  Zhou Shihe and bluntly, optimistic about futures management strategies in the short term.He said that historically, the supply-demand relationship of commodities in the second half of the year has gradually become clearer, speculative fund participation has increased, and trading opportunities are significantly more than in the first half.Cross-market multi-strategy collections have the highest probability of providing long-term stable returns and should be the first choice for long-term investor asset 杭州夜网 allocation.  In the medium and long term, Zhou Shihe believes that a systematic stock quantification strategy may have great potential.He said that the further improvement of market liquidity is conducive to index enhancement and market-neutral strategies, but the rapid increase in scale and the rapidly evolving market bring model risks.In the future, the speed of model conversion and upgrade will be significantly accelerated, and the details of stock trading and algorithmic trading within the day will be higher.  Xu Shunan also believes that the index enhancement strategy can be a good breakthrough.From the experience of mature markets, long-term, stable victory over the index is a difficult matter, not to mention the obvious victory over the index.In the domestic market, because the market ineffective volatility is still relatively large, through quantitative methods, you can also obtain high excess returns relative to the index.  The managing director of a large-scale quantitative private equity bluntly stated that quantitative index enhancement products will seize the market share of subjective long-term private equity in the future. Through the performance of 2018 and 2019, it can be found that quantitative index enhancement products have always been at the forefront of all stock-end products.In the future, we are still optimistic about quantitative index enhancement products and CTA products.

Great Wall Motor (601633): Step by step innovation

Great Wall Motor (601633): Step by step innovation
循序渐进,革新图强 皮卡\SUV国内引领者:长城汽车成立于1984年,先后进入皮卡、SUV和轿车领域。 The Great Wall Pickup has been the sales champion for 20 consecutive years since 1998, with a market share of about 30%, clearly ahead of the second place. Great Wall SUV ranked No. 1 in sales for the 9th consecutive year (2010-2018), and its market share was reset 9 in 2018.1%. Accurately capture user needs and strong execution to shape the Great Wall: accurately capture user needs, explore the blue ocean market, entered the pickup market in 1996, explore the economical SUV market in 2002, and explore the economical SUV market with H6 in 2011.The volume of goods and the advanced sense of the market quickly occupied the market.Continuous product updates and a stable dealer system ensure the sales champion. From reverse to positive, R & D strength has been continuously strengthened: in recent years, R & D expenditures have continued to exceed 30 trillion points, which is still among the top among autonomous car companies.Great Wall Motors already has independent research and development and production capabilities for core components such as engines and automatic transmissions, and its main engines and transmissions are among the best in the industry.New energy vehicles, intelligent driving, the entire industrial chain layout, and the ability to develop core components. From closed to open, the operating system is more efficient: integrating Great Wall Motors to expand the speed of additional parts integration, forming four major parts companies, separating power batteries, sharing travel and other new business, parts companies independently participate in market competition and improve listingCompany operating efficiency and profitability.At the same time, Great Wall Motors started strategic cooperation with international giant parts companies.In the field of new energy and smart vehicles, Great Wall Motors has launched more 南京夜网 joint ventures and cooperation. Profit forecast is not estimated: the industry demand is recovering in 2019, the terminal price is expected to stabilize, the Great Wall Motor inventory level is significantly higher than the industry, and the Haval F series is expected to continue to sell well in 2019.We expect 2018-2020 net profit to be approximately 53.6 billion, 61.2.8 billion, 68.5.8 billion yuan, EPS is 0.59 yuan, 0.67 yuan and 0.75 yuan, corresponding to PE is 14 times, 12 times and 11 times respectively; Great Wall Motor H shares correspond to PE of 2018, 2020 is 9 times, 8 times and 7 times, give “recommended” rating risk warning: domestic automobile market development is less than expected, Harvard F series and other sales fell short of expectations.

Biyin Lefen (002832): Interim report performance exceeds market expectations. Increase in gross profit margin highlights company products and strengthens channel competitiveness.

Biyin Lefen (002832): Interim report performance exceeds market expectations. Increase in gross profit margin highlights company products and strengthens channel competitiveness.

The company has announced the 2019H1 results announcement, and the results exceeded market 合肥夜网 expectations.

In addition to commenting on the company’s semi-annual performance in this report, we also hope to analyze in depth the issue of store space that investors care about: the issue of store space: The company disclosed in the announcement for the first time that the store space is 1500-2000.

1. Performance: 19H1 performance exceeded market expectations The company’s 2019H1 performance report announced by the company in the first half of 19 achieved revenue8.

4.6 billion (+25.

15%), net profit attributable to mother 1.

7.4 billion (+42.

01%), deducting non-attributed net profit 1.

6.5 billion (+44.

63%), the performance exceeded market expectations.

In the single quarter of 19Q2, the company’s second-phase employee stock ownership plan produced 1333.

The fair incentive expenses of RMB 7,000, if the influence of the company’s fair incentive expenses is excluded, the company’s net profit attributable to the mother will be realized in 19H1.

8.7 billion (+52.

89%) and realized a deduction of non-net profit of 1.

7.8 billion (+56.

31%), maintaining rapid growth.

1) After deducting the impact of fair incentive expenses: 19Q2 revenue in a single quarter3.

7.4 billion (+22.

45%), net profit attributable to mother is 4,400.

10,000 yuan (+17.

32%); if we exclude the effect of equity incentive expenses, the company’s net profit attributable to its parent in the single quarter of 19Q2 was 5,733.

10,000 yuan (+52.

86%), still maintaining relatively rapid growth.

2) Deduction of income tax expenses: The income tax expenses of the company in 19H1 were 2726.

260,000 yuan, as the company obtained the “Emerging Enterprise Certificate” on November 28, 2018 and enjoyed the preferential policy of collecting corporate income at a 15% tax rate for three consecutive years (2018-2020).Reduced, the income tax expense for the company in 19H1 was 2,726.

260,000 yuan (-40.

22%), if we exclude the impact of income tax reduction (that is, restore at 25% interest rate growth rate), we degraded the 19H1 company to achieve net profit1.

5.4 billion (+26.

23%), and still maintain rapid growth.

3) If the impact of fair incentive costs and subsidy costs is not considered, the company’s net profit attributable to the mother will be realized in 19H1.

6.4 billion (+34.

43%), maintaining rapid growth.

2. The online Tmall flagship store opened, and the channels continued to be expanded offline. We expect the company to open 1,500-2,000 stores.

Offline channels: As of June 30, 2019, the company has 798 terminal sales stores, a net increase of 34 compared to the end of 2018, of which 385 directly operated stores, a net increase of 20; 413 franchised stores, a net increase of 14 Family.
In addition to digging high-end communities in first-tier and second-tier cities as potential markets, the company will further sink the market to the fast-growing third-tier and fourth-tier cities. We estimate the company’s store opening space to be around 1,500-2,000.

Online channels: The company ‘s flagship Tmall Tmall online store in 19H1 officially opened. The “offline + online” channel layout will provide customers with more consumer experience.

3. The company’s gross net profit margin increased, and its profitability improved. The company’s gross profit margin in 19H1 was 67.

46% (+3.

67pct), gross profit margin increased slightly, we think it is mainly related to the company’s increased product discounts and the proportion of directly operated stores; 19Q2 gross profit margin was 71.17% (+7.

4pct), rising amplitude cracks.

We think it’s better than Inlefin.

Because its products have the style of sports commerce, and also have characteristics in design, fabric, color and style, there are obvious differences from other brands in the market, and there is less competition pressure; meanwhile, the company’s terminal sales are good, the discount rate is well controlled, and the futureInterest rates are expected to continue to rise.

Expense ratio: The sales / management / financial expense ratio of the company in 19H1 is 30.

74% (+1.

45pct), 12.

31% (+2.

31 points), -0.

27% (+0.


Among them, the sales expense ratio has improved. The increase was mainly due to the increase in business scale and store operation and packaging and transportation expenses. The increase in management expense ratio was mainly due to the additional incentive fee 1333 in 19H1.

At the same time, the company expanded R & D investment and increased R & D expenses by 89.

56%; the slight increase in the financial expense ratio was due to a decrease in interest income.

In the single quarter of 19Q2, the company’s sales / management / financial expenses were 39.

33% (+5.

6 points), 17.

34% (+4.

48pct), -0.

29% (+0.

Net profit margin: As the company’s gross profit margin increased by more than the expense ratio, the company’s net profit margin in 19H1 was 20.

57% (+2.

45pct); 19Q2 net margin is 11.

77% (-0.

52pct), slightly decreased.

The decline in 19Q2 net interest rate was due to the one-time equity incentive expenses incurred by the company in the single quarter of 19Q2. If the effect of equity incentive expenses is excluded, the company’s 19Q2 net interest rate is 15.

33% (+3.

04pct), net margin has increased.

4. The amount of the company’s inventory remains normal, and the turnover days of the accounts receivable are still in a reasonable range. Inventory of the company in 19H1 is 5.

98 million, an increase of 34 in 18H1.

28%, but the ranking in the early 19th year decreased by 4.


We think the increase in the company’s inventories is mainly due to the impact of autumn and winter clothing and new brand stocking.

From the perspective of the single quarter of 19Q2, the company’s inventory has improved, and the proportion of inventory in 19H1 has decreased by 23.18 million yuan in the first quarter of 19Q1. We expect that the company has already begun to control this year’s inventory.

From the perspective of inventory turnover, 19H1 is 0.

45 times (-0.

17 times), the turnover rate decreased slightly; from the perspective of inventory price loss, 19H1 was 823.

670,000 yuan (+40.
41%), the accrual ratio is small, and the inventory structure is multiple and healthy.
The reasons for the rise in the company’s inventory are mainly due to: 1) the growth of direct-operated stores in 2018; direct sales / franchise = 1: 1.

1, compared with the previous 1: 1.

The proportion of 22 has increased. Due to the increase in direct-operated stores and the need to distribute goods, even new products in the current quarter are recorded as inventories; 2) The overall revenue scale is expanded and sales are good, and the purchase and return of franchisees will increase accordingly, leadingThe inventory has increased; 3) The impact of the company’s handling of inventory: the inventory has only entered the Olle channel after one year of seasonal release, and the sales channel has been cleared. Therefore, the way of handling inventory itself makes the company’s inventory turnover slower than other companies.
4) The stocking of the new Venice series also has a certain impact.

We believe that the company’s current inventory age is reasonable, that Olay’s inventory cleaning capacity is strong, and the inventory scale is within a reasonable range, so there is no need to worry too much about inventory risks.

At present, more than 76% of the inventory is one year, and the digestibility of its Olay store inventory is reduced, resulting in better digestion of inventory within two years of the general storage age. Olay products are discounted by 5-6%.After that there is still a lot of gross margin.

Therefore, under the substitution of gross profit space mediation + inventory digestion capacity, Biyinlefen has relatively large inventory impairment pressure and controllable risks.

Accounts receivable: The accounts receivable of the company in 19H1 is 1.

2.3 billion (+110.

12%), an increase of 17.

54%; we believe that the increase in the company’s receivables accounted for the majority of the increase: the company’s channel structure accounted for a large number of department store channels, resulting in a 1-2 month billing period for shopping mall receivables, so the company’s receivables improvedAt the same time, the existence of the account repayment period of the franchisee also has a certain impact on the company’s receivables.

In terms of turnover days, 19H1 is 24.

17 days, an increase of 9 over the same period last year.

24 days, still within a reasonable range.

At present, the company’s accounts receivable within one year accounts for 99.

74%, long-term healthy aging structure.

Operating cash flow: The net operating cash flow of the company in 19H1 was 90.63 million yuan (+121.

24%), cash flow increased; 19Q2 company operating cash flow of -3252.

460,000 yuan, negative cash flow, we believe that it is mainly due to the company’s use of advanced payment in the second quarter; at the same time, the mall repayment requires a period of 1-2 months; other franchisees’ repayment periods exist.negative.

However, these factors are short-term factors, and we expect that the company’s cash flow is healthy and long.

Biyin Lefen is one of the companies with outstanding performance in the mid-term report in the textile and apparel industry. The company has a better track, a distinctive product style, a sports business style, and a differentiated competitive advantage. At the same time, new brands have been developed and the futureWill continue to contribute performance; In addition, the company still has room to open stores, through the continuous contribution of new brands and new channels, the company is committed to maintaining sustained and rapid growth, and continue to firmly recommend.

1) Product and brand side: The company owns the main brand of Bielefing and the new brand Venice Carnival.

The main brand Biyin Lefen locates middle-class and above people, and its products have certain sports business styles. At the same time, it has characteristics in design, fabrics, colors and styles, which are only significantly different from other brands in the market.Think of Biylefen as a superior company on the track.

The new brand Venice Carnival is targeting the blue ocean market of vacation and travel apparel, focusing on creating products such as parent-child wear, couple wear and family wear, which will continue to contribute to the future.

2) Channel side: We believe that the company’s store opening space is around 1500-2000.

We divided 337 prefecture-level administrations into 5 levels, and selected different calculation bases for different levels of cities to make predictions, and obtained that the company still has shop opening space.

Maintain BUY rating, taking into account the one-time incentive costs, we still maintain the 2019-2021 return to mother net profit forecast to 4.



9 trillion; EPS is expected to be 1 in 2019-2021.



23 yuan, given a 30-fold estimate for 2019, corresponding to a target price of 40.

20 yuan.

Risk reminder: there is an error in the calculated data, the risk of channel expansion, and the risk of unsalable products.

Huanxu Electronics (601231) company comment: Interim report performance slightly lower than expected equity incentive highlights future potential

Huanxu Electronics (601231) company comment: Interim report performance slightly lower than expected equity incentive 上海夜网论坛 highlights future potential

I. Overview of the event On August 23, Huanxu Electronics released its 2019 semi-annual report: revenue of 14.6 billion, an increase of 14.

05%; net profit attributable to shareholders of the listed company.

89 ‰, a decrease of 0 per year.

67%; net profit after return to mother 2.

5.1 billion, a decrease of 35 per year.

03%; net cash flow from operating activities is 5.

580,000 yuan, an increase of 1,025 in ten years.


Second, analysis and judgment of Q2 revenue 69.
The second quarter’s performance was slightly higher than expected. Due to the expansion of overseas business, the sharp increase in expenses during the period dragged down the performance1.

30 ppm, a five-year increase of 5.

33%, slightly lower than our expectations; Q2 net profit1.

6.6 billion, an annual decrease of 18.

83%; gross margin was 9 in the second quarter.

52%, a decrease of 1 per year.

1pct, down from the chain.

38pct; net interest rate is 2.

4%, a decline of 0 per year.

7pct, down from the chain.

51 points.

2) Expected performance indicators: (1) Comprehensive gross margin decreased by 0.

74pct; (2) Due to the expansion of the scale of operations in 19 years and the increase of overseas bases, management costs increased by about 1.

45 ppm, R & D expenses supplement about 0.

47 ppm over a period of ten years.

37 trillion, an increase of 27.


The growth rate of industrial and consumer electronics products will gradually return to normal industrial revenue in the second half of the year.

64 ppm, an increase of 65 in ten years.

09%, entered new big customers last year, orders continued to increase in the first half of the year, Q2 revenue increased 40%; watches and other wearable products Q1 orders increased significantly, consumer electronics revenue 46.

58 ppm, an increase of 41 in ten years.

15%; affected by trade frictions and reduced demand from downstream industries, computer and storage product revenues declined, and computer revenues16.

28 ppm, a decrease of 9 per year.

64%, storage revenue 2.

96 ‰, a decrease of 17 per year.


Communications and consumer electronics will enter the peak season in the second half of the year. Benefiting from cost control, the introduction of new products from large consumer electronics customers will improve quarterly profitability.

Automotive electronics products are expected to turn a profit, and the SiP business will benefit from the 5G trend, benefit from the introduction of new customers and operational improvements, and automotive electronics revenue8.

72 ppm, 18 years Nissan car factory certification, and its global electric vehicle power supply system orders, with annual revenue of 20 million US dollars; this year the company optimized the Mexican production capacity and inventory management, is expected to turn a profit, and will benefit from newCustomers have successively introduced and mass-produced, with revenue exceeding US $ 300 million.
Communications revenue 49.
660,000 yuan, at least -3.

05%. In the future, 5G radio frequency communication and wearable products are expected to adopt the SiP solution. The close cooperation between the company and Qualcomm will help to benefit from the 5G trend.

It is planned to launch a core employee stock ownership plan and equity incentives, with higher performance evaluation standards, showing future confidence. This employee stock ownership plan is divided into three phases. The source is share repurchases.

30,000 shares: The number of employees participating in the first phase of the employee shareholding plan is 25 (11 from Dongjian Gao and 14 from others), and the transferee shares are expected to not exceed 128.

06 million shares (0% of the total share capital).

29%), established in 19 years, implemented in 20 years, with a lock-up period of 12 months, the assessment standard is 19/20/21 years ROE ≥ 10%, and the transfer ratio is 20% / 35% / 45%.

This incentive plan intends to grant 22.4 million stock investments (approximately 1.

03%), the first award of 1,792.

200,000 copies, preset 447.

800,000 copies, the first time awarded a total of 536 people, the exercise price is 13.

34 yuan / share, the exercise ratio is 40% / 30% / 30%, the assessment standard is 19/20/21 ROE ≥ 10% per year.

Third, the investment proposal is expected to the company in 2019?
Net profit attributable to mothers in 2021.

30 billion, 18.

55 billion, 22.

71 ppm, corresponding EPS is 0.



04 yuan, currently sustainable corresponding to 2019?
PE will be 20 in 2021.

5, 15.


9 times.

The reference SW electronics manufacturing industry currently has a price-earnings ratio (TTM) of 34.

4x, maintaining the company’s “recommended” rating.

4. Risk warnings: 1. Risk of trade friction; 2. Growth risk of consumer electronics; 3. Risk of fluctuations in raw material prices; 4. New orders for automotive electronics are not progressing as expected.