Archives March 2020

Gujing Gongjiu (000596) Annual Report Commentary: Bright operating data continues to exceed expectations

Gujing Gongjiu (000596) Annual Report Commentary: Bright operating data continues to exceed expectations

The profit growth rate in 2018 exceeded expectations, and the first quarter of 2019 achieved a good start. In 2018, Gujing Gongjiu achieved operating income of 86.

86 ‰, an increase of 24 per year.

65%; realize profit 23.

69 ppm, an increase of 46 per year.

94%, the performance exceeded the established operating income of 79 set in 2017.

6.5 billion, profit 19.

With an annual operating target of US $ 3.9 billion, the company’s net profit attributable to mothers exceeded our expectations.

In the first quarter of 2019, the company’s operating income was 36.

69 ppm, an increase of 43 in ten years.

31%; net profit attributable to mother 7.

8.3 billion, an increase of 34 in ten years.


The company’s 2019 operating goal is to achieve operating income of 102.

About 2.6 billion, with a total profit of 25.

1.5 billion, an increase of 17 each year.

74%, 6.

19%, we adjusted the EPS for 19-21 to 4.

60 (up 20%), 5.

90 (up 30%) and 7.

66 yuan, maintain “Buy” rating.

  The report pointed out that the company has launched a variety of new products, and the proportion of liquor sales has further increased in 2018. The company has launched a new version of its original pulp, China Fragrance, which has been listed for 20 years, and has launched a series of new products such as Xiaozizi Wine and Huanghelou Daqing Fragrance.

The 南京夜网 quality of wine puree products has been comprehensively upgraded, further highlighting the taste style, and constantly satisfying the market with the ultimate wine.

In 2018, the company’s liquor business product operating income was 85.

20 ppm, an increase of 24 in ten years.

89%, accounting for 97% of the company’s revenue from 2017.

90% increased to 98.

09%; driven by the increase in the proportion of high-end products, the gross profit margin of liquor products increased by 1 year-on-year.

28 up to 78.


In Q1 19, the company’s gross profit margin was 78.

21%, down from the same period last year.

52 units.

  The sales expense ratio remained high. The company expanded the R & D investment intensity report scale. The company focused on market construction and consumer growth, focused precisely, optimized 南宁桑拿 resource allocation, and improved the accuracy of cost placement and use.

In 2018, the company’s selling expenses were 11.

68 ppm, an increase of 23 in ten years.

61%, selling expenses 30.

88%, a slight decrease of 0 compared with the same period last year.

26 units.  In the first quarter of 2019, the company expanded its marketing efforts with a sales expense of 11.

68 ppm, a 47-year increase of 47.

06%, sales expense ratio increased to 31.


In 2018, the company increased investment in research and development, and the number of research and development personnel reached 968, an annual increase of 56.

13%, R & D expenses are zero.

24 ppm, an increase of 91 in ten years.


  The net cash flow from operating activities increased, and the advance receipts in 19Q1 were basically the same as at the end of last year in 2018. The cash received from sales of goods and the provision of labor services increased, and the company’s net cash flow from operating activities was 14.

41 trillion, an increase of 54 in ten years.

78%; In the first quarter of 2019, the company’s net cash flow from operating activities was 3.

32 ppm, an increase of 421 in ten years.


In 2018, the company’s advance receipts were 11.

49 trillion, an increase of 6.

46 ppm; In the first quarter of 2019, the company received advance accounts11.

1.5 billion, basically unchanged from the end of last year.

  The company expects heavy volume of high-end products and maintains a “buy” rating. We believe that in 2018 the company focuses on consumer education for high-end products.
21 years of sales revenue 112.

55 (up 10%), 141.

48 (up 20%) and 175.

1.2 billion, an increase of 30%, 26% and 24% each year.

At the same time, the company will focus precisely on the release of costs and optimize the allocation of resources. We lowered the sales expense ratio for 19-21 (down 1).

Five, one.

4 and-individuals), 19-21 EPS to 4.

60 (up 20%), 5.

90 (up 30%) and 7.

66 yuan, the average PE of comparable companies is 23.

2 times, considering that the company is still in a period of rapid expansion, given 28 in 2019?
30 times PE estimates, the target price range is 128.


00 yuan, maintain “Buy” rating.

  Risk Warning: Market competition is intensifying, market demand is not as expected, and food safety issues.

Depth-Company-Bank of Ningbo (002142): Interest spread continues to widen, profitability remains outstanding

Depth * Company * Bank of Ningbo (002142): Interest spreads continue to widen, profitability remains outstanding

The Bank of Ningbo’s profitability remains outstanding, its performance growth rate and ROE level maintain the forefront of the industry, its asset quality performance is at a relatively high level in the industry, and the company has a strong provision for risk, and its ability to defend against it is strong.An important factor in the premium.

Maintain overweight rating.

  Key points of the support level The widening of the interest margin promoted the growth of net interest income, and the decrease in fee income narrowed. The highest net interest income of the Bank of Ningbo increased by 16.

7%, an increase of 10.

Four averages, the main improvement factor comes from the widening of the spread.

The increase in the growth rate of net interest income led to a further increase in revenue growth by 16BP to 14 compared with the first three quarters.


The growth rate of the initial purity profit has decreased compared with the first three quarters.

3 good to 19.

9%, mainly due to the company’s initiative to increase provisioning efforts.

The initial program fee income decreases by 1 every year.

72%, a decrease from the first three quarters (-2.

76%) narrowed, among which the rapid growth of bank card revenue under the rapid development of credit card business (15.

(7% compared with the same period of last year), part of the impact of hedge financial income on the company’s fee income due to the impact of new asset management regulations.

  The interest margin has improved significantly, and the maximum net interest margin of the Bank of Ningbo is 1.

97% (compared to the first three quarters of 1.

90%), we believe that the widening of interest margin is mainly due to the improvement in asset-side yield.

Credit to higher yields on corporate asset structure (6.

34%, QoQ) tilt.

In addition, in the company’s securities investment, it reduced the allocation of interbank certificates of deposit while increasing the allocation of credit bonds, ABS and non-standard assets, and the adjustment 杭州夜网论坛 of the allocation strategy promoted the company’s investment-side income to increase, with a return rate of 4 in the first half of the year.

52% increased to 4.


In the fourth quarter, the company’s deposits increased by 14 quarter-on-quarter.

4% / 0.

27%, the highest growth rate of deposits is expected to be at the forefront of the industry.

The company’s water absorption and energy storage advantages have improved the stability of the source of capital and cost of the terminal, and reduced the cost of the terminal.

47%, unchanged from the first half.

  Asset quality remained outstanding, and the level of provision was ahead of the interbank Ningbo Bank. Overdue loans that were overdue for more than 90 days at the end of the fourth quarter / non-performing loans were 82%, an improvement from the end of the first half (74%), but the overall awareness of non-佛山桑拿网performing loans was strict.In the third quarter, it dropped slightly by 1bp.

We estimate that the company’s annualized bad write-back rate in the fourth quarter is about 0.

82%, up 32BP / 51BP from the same month last quarter. We believe that due to the increasing downward pressure on the economy and the increase in write-offs at the end of the quarter, the absolute value is at a low level in the industry.

The company’s provision coverage ratio at the end of the fourth quarter further increased to 522%, leading its peers.

  It is estimated that we maintain the previous growth rate of Bank of Ningbo’s 2019/20 net profit at 19.

0% / 16.

4%, currently expected to correspond to a 2019/20 market surplus of 8.

31 times / 7.

14 times the city’s net carbon dioxide 1.
46 times / 1.

25 times, maintaining the overweight rating.
  The main risks faced by the rating: the economic downturn has worsened asset quality than expected, and the Sino-US trade friction has further escalated.

UFIDA (600588) Annual Report 2018 Review: Financial Indicators Promote Rapid Growth in Cloud Business

UFIDA (600588) Annual Report 2018 Review: Financial Indicators Promote Rapid Growth in Cloud Business

Matters: The company released its 2018 annual report and achieved operating income of 77.

30,000 yuan, an increase of 21 in ten years.

4%; net profit attributable to mother 6.

12 ppm, an increase of 57 in ten years.

3%; net profit attributable to non-attributed mothers 5.

32 ppm, an increase of 81 in ten years.


At the same time, according to the company’s dividend distribution plan, it is planned to transfer 3 shares for every 10 shares to all shareholders and pay a cash dividend2.

5 深圳桑拿网 yuan (including tax).

Comment: Performance has grown rapidly, and various financial indicators have been positive.

In 2018, the company’s revenue increased by 21 in ten years.

At the same time, the company effectively controlled the growth of expenses, and the sales expense ratio and management expense ratio decreased by 0.

94 digits and 0.

89 units.

Thanks to the rapid growth of revenue and improvement in operating efficiency, the company achieved net profit attributable to its mother.

12 ppm, an increase of 57 in ten years.


At the same time, the company’s financial indicators are positive, showing the benefits of cloud transformation, and net cash flow from operating activities.

430,000 yuan, a sharp increase of 42 before.

8%; advance payment is 10.

80 ppm, an increase of 26 in ten years.

3%, of which the advance payment of cloud business3.

10,000 yuan, at least 224%.

Revenue structure was optimized and the proportion of cloud business increased significantly.

In terms of revenue structure, the company’s cloud services business income20.

0.94 million yuan, an increase of 72 in ten years.

9%, accounting for 27 of the company’s operating income.

2%, a significant increase from 19% at the end of 2017.

Among them, non-financial cloud services income8.

500 million, an increase of 108% in ten years.

Payment service income1.

55 ppm, an increase of 81 in ten years.

8%; Internet investment and financing information service income 10.

88 ppm, an increase of 51 in ten years.


Software business realized income 55.

79 ppm, a ten-year increase of 8.

7%, the growth rate has improved. We judge that it is mainly affected by the macroeconomic environment. UFIDA continued to make efforts to expand the service boundaries of the enterprise with an ecological layout.

Expansion, the company continued to increase investment in research and development, accelerating the creation of explosive products, cloud ERP products for large enterprise groups, NC Cloud products have been launched, mid-range cloud ERP and U8 Cloud 3.

0 Product and segmented industry solutions are also planned to be released to the market, which will provide good support for the large-scale growth of the company’s cloud business.

At the same time, UFIDA’s ecological integration strategy quickly landed. In 2018, the cloud market entered 3,542 partners, including JD Logistics, Founder Electronics, Lenovo New Vision and other well-known enterprises. The ecological layout further expanded the service boundary of enterprises.

The Industrial Internet entered the stage of landing, and UFIDA’s smart and intelligent platform took the momentum.

“Industrial Internet” has been written into the government work report for two consecutive years. National and local industrial policies and financial support have continued to accelerate. We believe that 2019 will be a year of accelerated industrial Internet development.

UFIDA Smart Industrial Internet Platform is committed to empowering manufacturing enterprises in the cloud era. It has signed strategic cooperation agreements on enterprise cloud and industrial Internet with Jiangxi, Zhejiang, Hubei, Hunan, Shanghai, Tianjin and other provincial and municipal government departments, and has been selected as the Ministry of Industry and Information Technology”Internet test and test platform” has outstanding first-mover advantages and is expected to fully benefit from rapid development.

Investment suggestion: Considering the possible impact of changes in the macroeconomic environment on the company’s software business, we adjust the company’s net profit return to mother to 2019 from 7.

9.8 billion, 9.

99 ppm (previous forecast was 9.

45 billion, 12.

2.9 billion), corresponding to PE is 80 times, 64 times; the company’s net profit attributable to mothers in 2021 is expected to be 12.

3.9 billion yuan, corresponding to 52 times the PE.

With reference to comparable companies’ estimates, the company’s cloud business is given 15 times PS using the PS estimation method, corresponding to a target market value of 243.

9 times; using PE estimation method to give the company’s software business and financial business 55 times, 22 times PE, corresponding to a target market value of 485.

9.7 billion, 54.

5.7 billion; the company’s reasonable estimate for 2019 is 784.

44 trillion, corresponding to a target price of 40.

92 yuan, maintaining the “recommended” level.

Risk warning: Macroeconomic outlook deteriorates; cloud business growth is less than expected.

Texhong (002419) Interim Review: Second-quarter same-store data improves supermarket sector’s continued efforts

Texhong (002419) Interim Review: Second-quarter same-store data improves supermarket sector’s continued efforts

Event: On August 15, 2019, Tianhong issued the 19-year interim report, and the company achieved operating income of 96 in the first half of 2019.

76 ppm, an increase of 1 per year.

61%; net profit attributable to shareholders of the parent company5.

30,000 yuan, an increase of 3 every year.


Basic income is 0.

42 yuan, basic income after excluding non-recurring gains and losses.

38 yuan, basically in line with our expectations.

Opinion: The growth rate of comparable store revenue narrowed in the second quarter, and supermarket convenience stores were better than department stores.

Consumption in the first half of 2019 is still in an overall weak state, and the zero spending of the company has increased by 8 in the first half of the year.

4%, a growth rate of 1 unit lower than the same period last year.

In terms of categories, the three categories of food, clothing and daily necessities, which have the strongest correlation with the company’s main business, show an average expenditure.

In this external environment, the company’s comparable store revenue in the first half of the year grew at -0.

76%, -2 faster than the first quarter.

The 75% reduction was narrowed, and the maximum profit of comparable stores increased by 6 per year.


From the perspective of different types of business, the supermarket and convenience store formats have a positive growth in revenue due to mandatory consumption, and their growth rates are 9 respectively.

07% and 4.


Department store and shopping mall formats were dragged down by optional consumer goods, with revenue growth rates of -6.

11% and -0.


In terms of maximum profit growth, except for department stores, the growth rate was -3.

36%, supermarkets, shopping malls, and convenience stores have an annual growth rate of 20 respectively.

20%, 56.

64%, 86.


The gross profit margin continued to increase, and the three-fee rate continued to increase.

The company’s consolidated gross margin for the first half of 2019 was 28.

38%, an increase of 1 per year.

78 units.

The gross profit margin of the first half of the retail business was 26.

92%, a year to raise 0.

8 units, the gross profit margin of the real estate sector was 37.

94%, an increase of 10 per year.

51 units.

In terms of categories, except for food, catering and entertainment, the gross profit margin decreased compared to the previous period. The clothing, daily necessities, cosmetics, leather shoes, leather goods, household children’s products, and electrical appliances all had different margins from the previous period.The gross profit margin of operating business increased.

In terms of fees, the company’s three fee fees replaced 21 in the first half of 2019.61%, up 1 every year.

6 supplements, priced at 19.

62%, management fee expenses 2.

08%, financial expenses rose -0.

07%, increase by 1 each year.



10 units.

The report said that two new shopping centers were opened.

In the first half of 2019, the company opened two new stores, namely Foshan Tianhong Shopping Center and Jiangxi Ji’an City South Tianhong Shopping Center.

As of the first half of 2019, the company held a total of 15 shopping malls (including 4 franchise management outputs) in 25 cities in 8 provinces and cities, 68 department stores (including 3 franchise stores), and 82 supermarket stores (including independent supermarkets).9), 152 convenience stores.

In the first half of the year, the company signed a total of 5 new shopping mall and department store projects and 8 independent supermarket projects. The signing speed accelerated compared with the first quarter, and the reserve stores were abundant.

Earnings forecast and rating: We estimate 武汉夜生活网 that the company’s net profit attributable to its parent in 2019-2021 will be 10 respectively.

7.1 billion, 12.

2.7 billion, 13.

5.3 billion; diluted earnings are 0.

89 yuan, 1.

02 yuan, 1.

13 yuan.

Maintain the “overweight” rating.