Sany Heavy Industry (600031) Quarterly Report Review: Performance Meets Expectations Continuous Improvement in Operating Quality

Sany Heavy Industry (600031) Quarterly Report Review: Performance Meets Expectations Continuous Improvement in Operating Quality

The performance was in line with expectations, and the quality of operations continued to improve. The company released the third quarter report for 2019. From January to September, it achieved operating income of 58.7 billion / + 43%, which was attributed to net profit of 91.

6 ppm / + 88%, after deducting 92.

5 ppm / + 77%, performance is in line with expectations.

Q3 revenue increased by 18%, and excavators and concrete machinery achieved rapid growth.

The company’s competitiveness has continued to improve, the profitability has further room for improvement, and the quality of operations has improved.

Expected EPS for 2019-21 is 1.



78 yuan, PE is 10.



8 times.

To benchmark global leaders, we are optimistic about the company’s long-term development potential.

Give 20x PE evaluation 10x?
11x, corresponding to a target price of 15.



99 yuan, maintain “Buy” rating.

In Q3, revenue increased by 18%, and the sales volume of the construction machinery industry, which realized rapid growth of excavators and concrete machinery, increased rapidly, and the company’s competitiveness continued to increase, thereby increasing the product city share.

Q3 single-quarter revenue was US $ 15.3 billion / + 18%, which was narrower than the increase in Q2 revenue growth in the previous quarter. We judge that the three major breakthrough products performed differently: 1) Excavators maintained growth rates higher than the industry level, 1-9The monthly sales volume of the excavator industry increased by 15%, of which Q3 single-quarter sales increased by 16% quarterly; 2) Concrete machinery ranked first in the world, benefiting from real estate investment exceeding expectations, rapid project construction, and rapid growth of concrete machinery; 3) The Q3 crane industry’s single quarter sales volume has dropped by 4% each year, and the company’s market share is high, or it will be affected to some extent.

The profitability was quickly repaired, the cost was well controlled, and the R & D investment increased by 32% from January to September.

5% / + 1.

4 pct, Q3 single quarter gross margin was 33.

0% / + 2.

9 pct, we judge that the gross profit margin of the excavator is relatively stable, the hoisting machinery has improved slightly, and the concrete machinery has room to improve.

The net interest rate from January to September was 16.

0% / + 3.

7 pct, Q3 single quarter net profit was 16.

1% / + 4.

2 pct, benefited from: 1) the company vigorously promoted digitalization and intelligent manufacturing, operating quality, operating efficiency, and per capita output value continued to increase; 2) costs were effectively controlled, and costs were reduced by 9 during the period from January to September

1%, sales / management / financial expense ratios are reduced by 1 each year.



5 pct.

The company continued to increase R & D investment in construction machinery and key components, and the Q3 R & D expense ratio reached 5 in a single quarter.

5% / + 2.

5 pct.
The operating quality continued to improve, the financial structure was stable, the operating cash flow was stable, and the operating efficiency was improved. The changes in the accounts receivable and inventory turnover ratio from January to September significantly increased.
The overdue amount dropped significantly, and the overdue rate of new sales was well controlled.

The financial structure is 西安耍耍网 stable, with assets and liabilities replenishing 50 at the end of September.
76%, compared with the previous quarter and supplement 4 respectively.

3 pct with 2.

6 pct.

Net cash flow from operating activities from January to September94.

45 ppm / + 8%, the highest level in history.

We raise our profit forecast and maintain a “Buy” rating. We expect the construction machinery industry to develop steadily in 20 years, the company’s competitiveness will continue to increase, and its profitability will be higher than expected.

It is estimated that the net profit attributable to mothers will be 110/130/150 trillion and the EPS will be 1 in 2019-21.



78 yuan (up 6).

5% / 3.

4% / 2.

3%), PE is 10.



8 times.

Domestic companies in the same industry have an average PE value of 9 in 20 years.

1x, overseas leader CAT and Komatsu’s 20-year PE average 11.


To benchmark global leaders, we are optimistic about the company’s long-term development potential.
Give the company an estimated 10x PE in 2020?
11x, corresponding to a target price of 15.


99 yuan, maintain “Buy” rating.

Risk reminders: The domestic economy is down faster than expected; the growth rate of infrastructure investment has not risen as expected; real estate investment has continued to narrow; the industry’s competitive environment has deteriorated; new product markets have not expanded smoothly;

Common People (603883): Store Expansion Smoothly Promotes Steady Performance Growth

Common People (603883): Store Expansion Smoothly Promotes Steady Performance Growth
Event: On October 30, the company released the third quarter report of 2019: 83 in the first three quarters of 19 years.70 billion, an annual increase of 23.59%; net profit attributable to mother 3.9.4 billion, an annual increase of 21.44%; deduct non-net profit 3.7.3 billion, an increase of 20 in ten years.62%; net operating cash flow 7.07 billion, an increase of 20 in ten years.42%.EPS1.38 yuan / share.Company performance is in line with our previous expectations.  Comments: 1. The income growth rate has temporarily increased, and the profit growth rate has been steadily. In terms of quarters, the company’s income and profit maintained rapid growth.27 billion (+23.34%), 28.0.6 billion (+26.06%), 28.36 billion (+21.46%); net profit attributable to mother 1.60 billion (+22.15%), 1.1.1 billion (+22.02%), 1.2.4 billion (+20.12%); deduct non-net profit 1.4.6 billion (+15.98%), 1.10 billion (+25.17%), 1.1.7 billion (+22.50%).  The Q3 revenue growth indicator was slightly supplemented in the first half of the year, and is expected to be related to the improvement in the rate of self-construction and mergers and acquisitions in the third quarter under the environment where the policy of licensed pharmacists is becoming severe.  The company’s net cash flow from operating activities was 7.07 billion, an increase of 20 in ten years.42%, mainly due to revenue growth and inventory optimization.The inventory turnover days in the first three quarters of 19 were 87.7 days, an improvement from the 90 days of the same period last year.  In terms of gross profit margin, the gross profit margin for the first three quarters of 19 was 33.89%, compared to 35 in the same period before 18.56% fell slightly; in terms of net interest rate, the net interest rate in the first three quarters was 4.71%, compared with the same period in the previous 18 years4.79% down 0.08%.The decline in gross profit margin is expected to be related to the increase in the distribution business and the proportion of prescription drugs. In the future, the size of stores in each region will gradually expand, management costs will increase, and the brand and scale effect will be synchronized to ferment, and the company’s profitability will be promoted.  2. Self-built + mergers and acquisitions have steadily advanced, with strong integration capabilities. In the first three quarters, the company’s number of stores reached 4,808, with a net increase of 467 in the first three quarters (177 in the first quarter + 207 in the second quarter + 83 in the third quarter).In the first three quarters, there were 536 new direct-operating and M & A stores (389 direct-operated stores + 147 acquisitions), and a net increase of 467 (69 closed stores). Quarterly, Q1, Q2, and Q3 opened new stores 109 and 183 respectively., 97, acquired 91, 45, 11 and closed 23, 21, 25 stores, self-built stores accounted for 72 new stores in the first three quarters.57% (389 new direct sales / 536 new totals) (excluding franchise).Through rigorous selection of targets for mergers and acquisitions and all-round empowerment, the company has acquired more than 1,500 stores and gradually reached or even exceeded expected results. The company’s market share in the 11 key provinces of key development 杭州夜网 has steadily increased.  3.Full employee incentives In April 2019, the company awarded 161 incentive objects (7 executives + 200 core personnel).110,000 shares, accounting for 0 of the total share capital.57%, grant price 30.12 yuan / share; In September, a further 12 were awarded to 40 incentive targets (1 executive + 39 core personnel).930,000 shares at a grant price of 37.88 yuan / share, employees are fully motivated.The evaluation goals of equity incentives are: based on the net profit attributable to mothers in 2018, the growth rate in 19-21 is not less than 20%, 45%, 70%; the annualized growth rate is not less than 20%, 20 respectively.83%, 17.twenty four%.Incentive expenses amortization: RMB 19,608 / 1388 / 5.55 million in 19-21, with little impact on profits.  Profit forecast: Net profit is expected to be 5 in 201无锡桑拿网9-2021.29, 6.6, 8.3.3 billion, corresponding to PE is 37, 29, 23 times.Covered for the first time and given a “Buy” rating.  Risk warning: Store performance after mergers and acquisitions is less than expected.

Anhuaneng (601699): The planned annualized PE cash acquisition of the mine is expected to significantly increase the performance

Anhuaneng (601699): The planned annualized PE cash acquisition of the mine is expected to significantly increase the performance

Event: On November 21, 2019, the company issued an announcement saying that it planned to purchase its held Shanxi Lu’an Mining Group Cilinshan Coal Industry Co., Ltd. from its controlling shareholder, Shanxi Lu’an Mining (Group) Co., Ltd.100% equity, the transaction price is 75174.

500,000 yuan.

Comment on the proposed acquisition of group assets, capacity expansion, and increased production: Cilinshan Coal Industry includes three mines: Cilinshan Coal Mine Headquarters (60 tons / year), Cilinshan Xiadianjing (180 tons / year) and Licun Mine (300 announcement /(Years), with a total capacity of 540 units / year, accounting for the equity capacity of listed companies.


Among them, the recoverable reserves of Licun Coal Mine are 7,043.

6 Each year, the approved production capacity is 300 tons / year, and coal washing plants and railway dedicated lines are supported.

3 # coal seam is currently being mined. The main coal types are low-ash, ultra-low sulfur, high-quality lean coal and anthracite, which can be used as thermal coal, civilian coal and injection coal.

Licun Coal Mine entered a joint trial operation at the beginning of this year. It is expected that after 武汉夜网论坛 reaching the output, Cilinshan Coal Industry will contribute an increase of 540 crops, accounting for 13 of the company’s total output in 2018.


Contribution to the theoretical acquisition of Cilinshan Coal Industry 6.

19% profit increase: According to the announcement, in the first half of 2019, Cilinshan Coal Industry achieved a net profit of 8245.

980,000 yuan, annualized profit for the first half of the year, the previous net profit reachability1.

65 ppm, the theoretically feasible company’s net profit increased by 6.


It is expected that after the full production of Li Cun in the second half of the year, the profit will be better than the first half, and the actual profit contribution will be.

According to the announcement, as of June 30, 2019, the net assets of Cilinshan Coal Industry were 50,577.

280,000 yuan, the purchase price corresponds to 1.

49 times PB, 4.

56 times PE (annualized in the first half), the overall acquisition value is not expensive.

The net interest rate of Cilinshan Coal is 5.

27%, the net interest rate of listed companies in the same period was 13.

At 34%, we believe that the low profit rate of Cilinshan Coal Industry is ultimately due to the high financial costs caused by high liabilities. According to the announcement, the asset replacement of Cilinshan Coal Industry was 93.

58%, and Lu’an Huaneng has abundant book cash. As of the end of the third quarter of 2019, the company’s books had a total of 177 monetary funds.

US $ 4.1 billion. After the acquisition, Cilinshan Coal will be able to reduce its ability to reduce liabilities. After the reduction, the profitability of Cilinshan Coal will be more prominent.

The company’s cash flow has improved significantly: Since 2016, the company’s operating net cash flow has continued to improve, and the increase in cash flow has even been significantly better than the increase in profit. In 2018, the company’s operating net cash flow was 93.

400 million, the highest level since listing.

As of the end of the third quarter of 2019, the company had a total of 177 monetary funds on its books.

41 trillion, at the same period with interest denied budget of 181.

4.2 billion, covering 98% of interest-bearing debt.

The asset impairment caused by the merger and consolidation of minerals has been basically dealt with, and the company will enter the market lightly, and its performance is expected to be fully released.

Investment suggestion: It is expected that net profit will reach 30 in 2019-2021.

1.6 billion / 31.

33 ppm / 33.

20,000 yuan.

The company’s performance burden has been digested, and the company’s future performance elasticity release can be expected.

Currently the company is only 0.

78 times PB, we think the company is seriously undervalued.

Maintain BUY-A investment rating with 6-month target price of 10.10 yuan, corresponding to 10 times PE.

Risk reminders: 1) the macroeconomic downturn, 2) the risk of falling prices in downstream industries; 3) there is still uncertainty in this equity acquisition

Xingyu Co., Ltd. (601799): First-quarter results surpass expectations and continue to grow across industry cycles

Xingyu Co., Ltd. (601799): First-quarter results surpass expectations and continue to grow across industry cycles

Event: The company announced a quarterly report recently, with revenue of 14 in Q1 2019.

200 million, an increase of 21.

2%; return to mother’s profit1.

70,000 yuan, an increase of 30.

2%; deduction is not returned to mother 1.

50,000 yuan, an increase of 32.

8%; gross profit margin 23.

3%, an increase of 2 a year.

2pct, down 2 from the previous month.

6 points; net interest rate 11.

9%, an increase of 0 a year.

8%, down from the previous month.

6 points.

Prominently surpass the industry, and the volume and price continue to increase.

According to the China Federation of Automobile Manufacturers and the China Automobile Association, domestic passenger car sales in Q1 2019 were 507.

80,000 vehicles, an increase of 10.

5%, of which FAW-Volkswagen sales fell 27.

0%, FAW Toyota sales fell by 8.

7%. In the first quarter, the automobile market stabilized month-on-month but remained poor for many years.

Xingyu’s first quarter revenue was 14.

200 million, an increase of 21 a year.

2%, clearly surpassing the industry and major customers, mainly due to: 1. The main supporting models are FAW-Volkswagen Tange, Tan Yue, BMW 2 Series, Geely Binrui, etc., have started mass production since 2018Q2, with a base effect; 2.As a starting point, the company began supporting all kinds of models with full LED headlights. As the price of LED headlights is about 2-3 times that of serial gas lamps, the company’s revenue growth rate exceeded the sales growth rate.

During the period, the expense ratio dropped slightly, close to the lowest level in history.

The company’s 2019Q1 sales expense ratio is 2.

5%, drop 0.

1 point; management expense ratio 2.

8%, an increase of 0.

2pc, R & D 杭州桑拿 expense ratio 3.

6%, down 0.

3pct, financial expense ratio 0.

1%, flat for one year, with an expense ratio of 8 during the period.

9%, 0 in ten years.


LEDization promotes profit improvement and continued growth across the industry cycle.

In 2019, FAW-Volkswagen will replace Sagitar, Magotan, Dongfeng Nissan Xuanyi, Audi A3 and other large-scale projects will be mass-produced, including the replacement of all LED headlight projects.

The company is a growth target with a small number of auto parts. It believes that the company’s product upgrades and customer development are in the initial stage, and there is still room for growth, and the market may underestimate the flexibility of product upgrades on the profit side.
We expect the company’s EPS to be 2 in 2019-2021.


80 yuan, maintain the “prudent 佛山桑拿网 increase” rating.

Risk warning: Passenger car sales are lower than expected, and the company’s product prices fall more than expected

Dashenlin (603233) Third Quarterly Report Review: Performance Meets Expectations M & A Promotion

Dashenlin (603233) Third Quarterly Report Review: Performance Meets Expectations M & A Promotion

I. Event Overview The company announced the third quarter report of 2019, and the company achieved revenue of 80 in the first three quarters of 2019.

400 million (+27.

7%), to achieve net profit attributable to mother 5.

5.6 billion (+34.

3%), net profit after deducting non-attribution is 5.

3.7 billion (+33.


  Second, the analysis and judgment of performance are in line with expectations.

Gross profit margin for the first three quarters was 39.

5% (-2pp), sales expense ratio is 25.

7% (-2pp), gross margin decreased, and sales expense ratio increased, which is expected to be related to changes in accounting treatment, management expenses4.

2% (-0.

2pp), a further manifestation of scale effects.

Net cash flow from operating activities increased by 118% over the same period of the previous year, mainly due to increased net profit and inventory turnover (a new store was built last year, which has a stock-holding effect on turnover) and account receivable turnover accelerated.

Q1, Q2 and Q3 achieved revenue of 25 in each quarter.

78 billion, 26.

7.4 billion and 27.

8.8 billion yuan in net profit attributable to mothers1.

84 billion, 1.

96 and 1.

7.3 billion.

Gross profit margin for the third quarter was 39.

5%, down from 0 in the second quarter.

9pp, which is expected to be related to the gradual increase in the proportion of prescription drugs, with a sales expense ratio of 26.

2%, an increase of 0 from the second quarter.

7pp, management expense ratio 4.

4%, an increase of 0.

4pp, which is expected to be related to the increase in new stores.

  Self-built stores are 杭州夜网论坛 advancing steadily, and mergers and acquisitions are accelerating.

As of the end of the reporting period, the company had 4,256 stores and 432 new stores, of which 119 new stores were newly opened from July to September, and 0 were acquired.

In the first three quarters of 2018, there were 732 new stores (including 551 self-built and 181 mergers and acquisitions). The company’s self-built stores in 2019 will be more stable and profits will be released.

The company initiated 2 mergers and acquisitions from July to September, involving 94 stores.

At present, the price of mergers and acquisitions has fallen, the operating costs of small chains and individual stores have gradually increased, the intention to sell is strengthened, and the promotion of mergers and acquisitions has accelerated.

  Third, investment recommendations We expect net profit for 2019-2021 to be 6, respectively.

9.1 billion, 8.

53 billion, 10.

3.4 billion, with annual growth rates of 30.

0%, 23.5%, 21.

2%, 2019-2021EPS are 1 respectively.

33 yuan, 1.

64 yuan, 1.

99 yuan, corresponding to the current sustainable 43 times, 35 times and 29 times PE.

Covered for the first time and given a “Recommended” rating.

  4. Risk warning: M & A integration is lower than expected risk, extension and extension are lower than expected risk, and performance is uncertain.

Zhongzhi Shares (600038) 2019 Interim Report Review: Aviation Product Delivery Accelerates Growth and Exceeds Expectations

Zhongzhi Shares (600038) 2019 Interim Report Review: Aviation Product Delivery Accelerates Growth and Exceeds Expectations

In the event, Zhongzhi Shares released its semi-annual report for 2019, reporting that the two companies realized operating income of 69.

00 ppm, an increase of 28 per year.

75%; realize net profit attributable to shareholders 武汉夜生活网 of listed companies.

410,000 yuan, an increase of 35 in ten years.

50%; net profit attributable to shareholders of listed companies after deduction of non-deduction.

32 ppm, an increase of 35 in ten years.


  Commenting on the rapid delivery of aviation products, performance continued to grow rapidly35.

50% reported the baseline and the company achieved operating income of 69.

00 ppm, an increase of 28 per year.

75%; realize net profit attributable to shareholders of listed companies.

41 trillion, an increase of 44 in ten years.


The company’s previous growth in revenue and net profit significantly exceeded previous levels.

We believe that the rapid growth of revenue is mainly due to two aspects: (1) military helicopters enter the accelerated installation stage and rapid downstream demand growth; (2) AVIC Group has vigorously promoted balanced delivery.The ratio is significantly improved.

According to the World Air Force in 2019, there are a total of 5,429 US helicopters, 1,448 Russia, and 902 China.

There are currently only 4 armed helicopters equipped for every 10,000 active military personnel in the country.

13 aircraft, significantly lower than the United States (42.

35 aircraft), Russia (14.


At present, 13 army aviation brigades and 2 air assault brigade structures have been formed each year. In the future, the number of army helicopters will be about 1620-1830. In the next three years, there will be a gap of about 500 military helicopters.

At the same time, the gradual delivery of new navy amphibious ships, Type 055 and Type 052 destroyers will drive new demand for naval helicopters.

R & D costs increase by 96 per year.

28%, continued to reduce the company’s core competitiveness report, the company’s research and development expenses reached zero.

94 ppm, an increase of 96 in ten years.


The company continues to increase its R & D investment to provide support for the company’s future growth.

The company’s new 10-ton general-purpose helicopter has strong expansion capabilities. It is expected that new products will be gradually introduced and gradually delivered, which will provide the company with long-term performance growth points.

Profit forecast We expect the company’s operating income to be 156 in 2019-2021.

80, 182.

00, 209.

350,000 yuan, the net profit attributable to shareholders of the parent company is 6.

48, 8.

11, 9.

69 ppm, corresponding EPS is 1.

10, 1.

38, 1.

64 yuan / share, corresponding to PE is 43, 34, 29 times, maintaining the “overweight” level. Risk warning: The delivery of military orders is less than expected, and the growth of the carbon beam business is less than expected.

Jin Shiyuan (603369) 2019 performance preview comment: 19 perfect ending 20 start

Jin Shiyuan (603369) 2019 performance preview comment: 19 perfect ending 20 start

The growth rate range is in line with expectations.

The announced profit growth range is 20% -30%, which is in line with market expectations; the rapid growth of long-term profits is mainly due to the rapid volume of special A + (national 深圳桑拿网 borders, four-way and above) products (annual income growth of 40%);The company’s budget rate is relatively stable. According to projections, the profit growth rate in 2020 is expected to be above 25%.

It has successfully concluded in 19 years, and the beginning of 2020 is expected to be achieved smoothly.

Channel feedback, as of the end of 2019, major regions have completed scheduled sales tasks, of which the Nanjing area has completed the task in November; grassroots findings show that channel inventory has decreased quarter by quarter after the Mid-Autumn Festival in 19, and eventually some terminals are in short supply.Status, the stocking of dealers and terminals is expected to be sufficient, and the existing channels have entered the stocking period. It is optimistic to estimate the sales situation in the first quarter of 2020.

Starting in 2020, this world fate takes advantage of the situation and strongly recommends it.

We believe that the company’s growth is supported by solid support: 1) Consumption upgrades drive the rapid expansion of sub-high-end and provide market space for national borders: Jiangsu’s price range above 300 yuan continued to expand, following the mainstream price levels in Nanjing and southern JiangsuAfter the move, northern Jiangsu and central Jiangsu followed closely behind, and the consumption potential was gradually released to provide market space for the national border series; 2) Consumption in the province has gradually started, channels are benign, and the high growth rate of the national border series can continue: nowGuoyuan has completed consumer cultivation in Nanjing, and the country has entered a period of accelerated heavy volume. The Nanjing region is expected to maintain a high growth rate. With the gradual spread of consumption, the southern Jiangsu and central Jiangsu regions promote accelerated growth. At present, the Guoyuan series is stillFocusing on natural sales, benign channel inventory, stable price orders, full dealer payment expectations, and even better channel support for national border series; 3), extra-provincial markets and national border V series will contribute more incremental:The company has completed channel development and product introduction, and has entered a gradual development period. Shandong, Shanghai and other markets have a high degree of product acceptance and will continue to contribute additional increments to the company.It is still small but has a high growth rate, and the company’s product structure also has more room for further improvement; 4) Su-Jiu competition, Yanghe has limited repression on this world in the short term: due to destocking, price stabilization and other factors, Yanghe needs some time,In the long run, there will be no difference between Yanghe and Jinshiyuan in terms of products and channels. The leader of Su Jiu will be in a competitive development and share consumption upgrade.

Earnings forecast and investment advice: We will temporarily maintain the previous earnings forecast. It is expected that the EPS for 2019-2021 will be 1.



81 yuan, corresponding to PE is 30/23/19 times, maintaining the level of “prudent increase”.

Risk Warning: Macroeconomic risks, food safety, and out-of-province expansion are less than expected.

Public Education (002607): Leading Non-Certificate Vocational Education Enters Golden Growth Period

Public Education (002607): Leading Non-Certificate Vocational Education Enters Golden Growth Period

The vocational education leader has been further established, and the momentum of high growth is unabated.

Zhonggong Education succeeded in backdooring Yaxia Automobile in 2018, and is the only educational company that succeeded in backdooring. It is also the education company with the largest profit volume and the most pure business.

The company started with civil servant exam training. At present, the business is divided into four major sections: civil servant exams, teacher qualifications and recruitment, comprehensive face-to-face training (postgraduate entrance examination, IT, etc.), and public institution recruitment.

The company is supplemented by offline as the main line, and offline training is provided as a continuous training mode.

The company realized revenue in 201862.

37 ppm, an increase of 54 in ten years.

7%; net profit attributable to mother 11.

530,000 yuan, an increase of 119 in ten years.

7%, higher than performance commitment 9.

300 million, 121% completion rate.

2019H1 continued to maintain a strong performance and achieved revenue of 36.

37 ppm, an increase of 48 in ten years.


Among them, 2Q2019 achieved revenue of 23.

US $ 300 million, an increase of 42% per year.

930,000 yuan, an increase of 132 in ten years.


The nationally covered strong channel + high unit price and long-term agreement agreement classes are the two main characteristics of the company’s operations.

1) The company’s main business model is sub-line education. A strong capillary network can improve the company’s sales ability and reflect scale effects in multi-disciplinary replication and promotion.

As of 2019, H1 has covered 319 prefecture-level cities, with a total of 880 outlets, a net increase of 179 in the first half of the year, and is the largest educational and training institution in China.

2) The company’s main difference from itself is a large number of agreement classes, that is, the sales model of high customer unit prices but no refunds.

These two companies can obtain higher customer unit prices and advance receipts than first-class, cash flow and turnover have increased significantly, but the terms of the refund also meet the mindset of more candidates.

Participation rate, market share, and customer unit price are the core driving factors for the growth of the civil service examination training business.

The civil servants’ national examinations and provincial examinations all showed a decrease in the number of recruiters.

However, due to the severe number of unemployed, the number of applicants has not increased for the time being, and the participation rate is still increasing, and the intensity of competition has continued to increase.

At present, the company has exceeded the expansion of Huatu Education in terms of outlets and sales, and has continuously obtained incremental expansion in the duopoly market.

2019 H1 civil servant business achieved revenue 18.

2 ‰, an increase of 26% in ten years, the infiltration of enrollment and price increases must increase the civil service examination training business against the trend.

Postgraduate entrance examinations, teacher qualifications, and recruitment training have high industry ceilings and rapid growth, which are new highlights.

In the new business, postgraduate entrance examinations and teacher qualifications are the backbone of growth, and the industry ceiling continues to rise.

In 2019, the number of applicants for postgraduate entrance examinations reached 2.9 million, an increase of 21 each year.

8%, a record growth rate of nearly five years.

Teacher qualification exams benefit from the close supervision of off-campus training institutions in the second half of 2018, which requires teachers in training institutions to hold a certificate to work, which will force the rapid increase in registration numbers and participation rates.

2019H1 teacher recruitment and teacher qualification, comprehensive (including postgraduate entrance examination + IT) to achieve revenue4.


0 billion US dollars, an increase of 52% / 89% in ten years, is the company’s mass products in the growth rate inverter products.

Adjust earnings forecast and maintain BUY rating.

Recently announced that the number of national civil service examination recruitment in 2020 will pick up to 2.40,000, an increase of 66% every year, and the 2019 H2 provincial test also has a corresponding recovery.

Adjust the profit forecast, the company is expected to have 苏州夜网论坛 a net profit of 16 in 2019-2021.

32 billion, 23.

2.4 billion, 29.

3.4 billion (formerly 16.

6.4 billion, 22.

75 billion, 26.

3 billion), the corresponding EPS is 0.

26, 0.

38, 0.

48 yuan (previously 0.

27, 0.

37, 0.

43 yuan), corresponding to PE is 68 times, 46 times, 37 times.

Maintain BUY rating.
Risk reminder: The number of civil servant examinations and public institution enrollment registrations is greatly deviated.

Lier Chemical (002258) First Coverage Report: Multi-point Flowering and Sedimentation

Lier Chemical (002258) First Coverage Report: Multi-point Flowering and Sedimentation

Key points of investment: Benefit from increased industry concentration and rapid company development: The pesticide industry has continued to withstand high environmental pressures since the “Thirteenth Five-Year Plan”, and most of the backward production capacity has withdrawn from the market one after another, and the industry concentration has continued to increase. From 2014 to 2018The monthly output of domestic pesticide raw materials (converted to 100% of the active ingredient) will replace the 20 indicator by 30 inches.

The company, as the largest domestic manufacturer of potassium glufosinate, has benefited significantly, with an annual output of pesticides2.

68 up to 12.

92 is the highest, the industry sales ranking rose from 22nd to 8th.

Continue to stabilize research and development funding, leading the process to help the company rise: The company’s average R & D expense revenue ratio for 2014-2018 was 3.

87%, which is in the forefront 深圳丝袜会所 of listed companies in the pesticide industry (the average proportion of listed companies is 2).

5%); Through long-term stable research and development and promotion, the company optimized the synthesis process of glufosinate to improve the comprehensive yield above 95%.

At the same time, the production cost is controlled at around 7 million yuan, which is 8?
10 million / tonne glufosinate production cost.

The basis for the company to be a global leader in glufosinate.

Demand has grown rapidly, and the company’s production capacity has continued to lead: under the current situation of domestic pesticide industry companies starting to replace, the company has steadily started operations. It has a glufosinate production capacity of 11,400 tons / year, and more than 50% of domestic effective production capacity is available.

With the comprehensive expansion of paraquat in Thailand and Brazil in 2020, France, Vietnam, and India will enter glyphosate due to carcinogenic storms. It is expected that there will be two.

The market gap of 6 initial paraquat and 3 to about glyphosate helped short-term growth of glufosinate demand.

At the same time, the promotion of glufosinate-resistant transgenic crops will increase the long-term growth of glufosinate and glyphosate compound formulations.

The company’s sustainable and stable production capacity continues to maintain its position as the global leader in glufosinate.

The future of the Guang’an project is expected: the trial production of the fluroxypyr project at the Guang’an base resumed in May, and the 1,000-ton / year flucyclazole capacity of the previous project is expected to be completed this year.

It is estimated that only propafluchlor and fluroxypyr are expected to increase the company’s revenue by about 1.5 billion a year; at the same time, the Guang’an base will invest 1 billion to build a new 15,000 tons / year MDP, a phosphorus-containing flame retardant, an L-glyphosate production line andSupporting projects, the new project is conducive to maintaining the company’s leading business of glufosinate, and the new development of phosphorus-containing flame retardant projects will add a profit point for the company in the future.

Profit forecast: Based on the price of new products, production capacity and judgment on the future industry boom, the company’s operating income for 2019-2021 is expected to be 45.



39 trillion, the corresponding EPS is 1.



37, P / E are 11, respectively.

08, 7.

33, 5.


Give “Buy” rating.

Risk factors: Product price fluctuations affect profitability, and the Guangan project has not been put into operation as expected.

Connie Electromechanical (603111) 2019 Interim Report Review-Core Core Business Grows Beautifully

Connie Electromechanical (603111) 2019 Interim Report Review-Core Core Business Grows Beautifully

After the company eliminated Longxin Technology, its core main business grew beautifully. After the date of the rescue fund to replace Longxin Technology came to an end, the company’s operation was back on track.

The company’s main business orders for rail transit increased 36 times per quarter.

02%, the layout of new energy vehicles is advancing steadily, maintaining a “Buy” rating.

After excluding Longxin Technology, the performance growth is ideal, and the core main business competitiveness remains.

In the first half of 2019, the company achieved operating income18.

190,000 yuan, an increase of 0 in ten years.

62%, achieving net profit attributable to mothers1.

35 trillion, compared to the same period last year 6.

08 thousand yuan.

If we assume Longxin Technology, the company will realize operating income in the first half of the year.

770,000 yuan, an increase of 39 in ten years.


Comprehensive gross profit margin of businesses other than Longxin Technology 31.

96%. We estimate that the actual profit growth of the company’s core business in the first half of the year may exceed 50%.

The plan shows sincerity. After removing Long Xin, the business performance is back on track.

The company’s stock announcement intends to sell 100% of Longxin Technology to the bail-out fund. The company’s 12 shares are pledged for 25% of the shares held by the company, and the transaction price is 400 million US dollars.The crisis brought by the acquisition.

Rail transit main business orders are full, and the growth rate is somewhat more guaranteed.

As of the end of the reporting period, the company’s rail transit sector had an increase of 36 orders in hand.

02% to 39.

880,000 yuan, an increase of 28 orders higher than the end of 2018.

6% time point growth.

In the first half of the year, the company’s rail transit business income increased by 51.

63% to 14.

09 million yuan, the beautiful growth rate or the report’s 杭州桑拿养生会所 intervention to facilitate early delivery.

The company still continues to have a market share of more than 50% in the urban rail door system for more than ten years. The market share of EMUs has also exceeded 50%, and it has a larger share in the standard and dynamic market. The company has its own core component advantages.Outstanding, can ensure the overall control of market share and gross profit margin, and maintain strong competitiveness of the door system.

The high percentage of rail transit revenue besides urban rail transit fully benefits from the peak of domestic railway and subway traffic in 2019-2020. The company’s new Guangzhou subsidiary has been established to accelerate the layout of key regions.Certainty.

The new energy vehicle business is advancing steadily.

The company’s main high-voltage, charging harness assemblies and transportation door systems have maintained market share in independent brand OEMs, expanded the development speed of joint venture brand customers, and reported a 17% increase in revenue from the new energy vehicle parts segment.

28% to 1.

940,000 yuan, the subsidiary Connie New Energy achieved a net profit of 2.64 million yuan, an increase of tens of 25.


At the same time, the company’s traditional automotive precision forging parts have received orders from BMW, Yifa, Musashi, etc., trying to open up the market space with new energy products.

Risk factors: Long Xin’s reduction in progress is less than expected; domestic railway or subway construction progress is less than expected; the company’s product gross margin declines; new energy automobile parts or traditional automobile castings and forgings have grown less than expected.

Investment suggestion: Considering that the company’s track delivery sector has a good pace in the first half of the year, we slightly increase the company’s 2019-21 net profit forecast to 3.



500 million (previous forecast was 3).


30,000 yuan), the net profit forecast for 2019 is 20% higher than 2018 (excluding Longxin Technology).

50%, the company’s current market value corresponds to 15 times PE in 2019, maintaining the company’s “Buy” rating.