Zoomlion (000157)： Outstanding performance of high-growth companies in the crane industry

Zoomlion (000157): Outstanding performance of high-growth companies in the crane industry

Performance summary: The company achieved operating income of 222 in the first half of 2019.

Six ten percent, an increase of 51 per year.

2%; net profit attributable to mother 25.

800 million, an increase of 198 every year.

1%; gross profit margin 30.

0%, net interest rate 11.

6%.

　　The crane industry has grown rapidly and the company’s performance is outstanding.

Benefiting from the demand for downstream infrastructure, increased environmental protection, increased 杭州桑拿网 equipment renewal requirements and artificial substitution effects, the construction machinery industry has a relatively strong economy, and the sales volume of the excavator industry has increased by 14.

2%, the sales growth rate of the truck crane industry reached 53.

3%.

In the first half of 2019, the company’s main product production and sales boomed, and its core business, concrete machinery and lifting machinery, respectively achieved revenue of 74.

900 million (+31.

2%), 110.

100 million (+94.

8%), comprehensive operating income of 222 in the first half.

600 million (+51.

2%), net profit attributable to mother 25.

800 million (+198.

1%), of which Q2 achieved revenue of 134 in a single quarter.

500 million (previously +58.

4%, +46.

9%), net profit attributable to mother 15.

700 million (previously +222.

9%, +57.

1%).

　　The gross profit margin of core businesses increased, and the level of profitability continued to increase.

The company focuses on segmenting the market to be stable and deep, and the internal market share of lifting machinery and concrete machinery remains at the forefront. Among them, the internal market share of truck cranes has expanded.

8 pp.

In the first half of 2019, the company’s core business of concrete machines and crane gross profit margins increased to 27.

4%, 32.

2%, ten years +5.

2pp, + 3.

8pp, the company’s gross profit margin increased to 30.

0%, ten years +4.

4pp.

　　Benefiting from the improvement of operating efficiency, the company’s expense management was well controlled, and the three rates total decreased3.

0pp, of which, the management expense rate decreases by 1 every year.9pp, financial expense ratio decreased by 1.

5pp, the company achieved a net interest rate of 11.

6%, +5 per year.

8pp.

　　Strengthen the development of potential markets and promote intelligent manufacturing.

The company actively develops other potential markets, and lays out the earthmoving machinery sales network in advance. The G series of new generation earthmoving machinery products has been launched, and it has accelerated the deployment of aerial work platform products, machine sand, and jet robots.

The company further promotes intelligent manufacturing.

The intelligent factory for tower cranes and the intelligent production line for high-altitude operation machinery will be completed with high efficiency to realize intelligent, automated, and flexible production. The planning and construction of the intelligent manufacturing industrial park for hydraulic vehicles and the industrial park for key hydraulic components will be promoted to promote industrial agglomeration and upgrading.

　　Profit forecast and rating.

Considering that the industry’s sales volume has grown rapidly in the first half of the year, the company’s growth rate far exceeds that of the industry, and its profitability has continued to increase, we carefully raise our profit forecast.

It is expected that net profit attributable to mothers will be 38-20 in 2019-2021.

1/45.

0/50.

0 billion, the corresponding EPS is 0.

49/0.

57/0.

64 yuan, corresponding estimates are 11 times, 9 times, 8 times.

Maintain the “overweight” rating.

　　Risk warning: The downstream infrastructure growth rate is lower than expected risk, product sales may not meet expectations, overseas business operation risk, exchange rate risk.

Comment： It is we, not foreign countries, saving A shares

Comment: It is we, not foreign countries, saving A shares
Original title: It is we, not foreign countries, that are saving A-shares | Guo Qiang (PhD, working for a large domestic commercial bank) panicked on the first trading day of the Year of the Rat after the largest number of stocks in A-share historyRevenge rebounded for three consecutive days.As of the close of February 6, the GEM index has taken the lead in regaining all lost ground and hitting a new high since December 13, 2016. The Shenzhen Component Index also made up the gap on February 3, and the Shanghai Index is weaker than the previous two.　　The turning point of the market lies in the opening auction stage on February 4.Many stocks that fell on the previous day have continued to grow during the opening bidding stage on February 4. The original expectation of continued pressure on the limit was indeed widespread. Some popular stocks such as Tesla Concept Stock Forming Technology even appeared to open significantly higher.This means that there are off-site funds entering the floor, or on-site funds helping themselves.In short, the market has liquidity, and panic is slowly released, which is why the financial crisis first provided liquidity.　　The trouble should end it.If it is said that the fermentation of the epidemic caused a panic drop in A shares, then the same understanding of the fermentation of the epidemic has caused this wave of rebound.Epidemic concept stocks such as Lianhuan Pharmaceutical, Lukang Pharmaceutical, Zhende Medical, Teda and other stocks in the market focused on continuous daily limit. The fierce money-making effect strongly stimulated the nerves of OTC investors.After the daily limit of these most relevant stocks, OTC funds could not be bought. Funds that were cleared before the Spring Festival or that had not yet entered the market began to mine indirect or even related stocks.The large-scale growth of epidemic-related concept stocks caused by this behavior has greatly widened the hype of the epidemic concept, and the development of the overall concept has in turn strengthened the height of the previous strong stocks.During these three trading days, the strong stocks in the early stage of the epidemic continued to rise and fall, and the funds in the later period were digging crazy for masks, medicines, anti-virus, cloud office, online education, disinfection water, and even environmental protection.Come.　　In addition, the Tesla concept stocks before the holiday are at least at a high level, but the growth of Tesla’s US stocks for two consecutive days has once again continued to be a hot spot for Tesla concept stocks, using the popular core-rapid reverse contracting of molding technologyTesla’s concept stock is making a comeback, driving the growth of charging piles, lithium batteries, new energy and related small metal concept stocks.　　In 2019, the major progressive power technology stocks of A-shares are also gradually attempting to attempt. This sector should be the battlefield for mainstream institutions with large funds, but it may be difficult to have an explosive market before the end of the epidemic concept.　　As the saying goes, God helps those who help themselves.In the past few days, the scale of funds going north via the Shanghai-Shenzhen-Hong Kong Stock Connect has also been slightly larger.Many people take it for granted that foreign dips have caused a strong rebound in these three days.Then, in the past three days, the average daily net inflow of capital to the north has exceeded 10 billion yuan. Although the average daily scale may be larger than the previous day, the transaction volume of the two cities of A-shares has exceeded or approached 900 billion yuan for three consecutive days. In January,The average daily turnover of the two cities is only 700 billion yuan.Such a large-scale increase in capital entry is far from what tens of billions of foreign countries can reach.The daily increase of 200 billion yuan is mainly due to the contribution of domestic capital.　　In the past few days, although the pneumonia virus is still raging, as far as financial markets are concerned, in fact, many positive factors have emerged, which have directly or indirectly improved 天津夜网 market sentiment and strengthened market confidence.　　First, it announced that the open market had carried out interest rate reductions.After interest rates are combined, the seven-day repo rate is probably the most effective and direct interest rate anchor.On February 3rd and 4th, the 1.700 billion reverse repo operation was gradually expanded and consolidated.The 7-day and 14-day reverse repurchase bid rates were 2 respectively.40%, 2.55%, 10bp lower than the previous time, ensuring sufficient liquidity.For A shares, sufficient liquidity can ensure the stability of some funds, thereby alleviating the selling pressure on the stock market to a certain extent.The loosening of monetary policy has also allowed institutional investors to improve their expectations for the future.However, the inclusion of monetary policy on the stock 杭州夜网论坛 market is too long, which is more of a basic superficial comfort.　　In itself, the impact of institutional self-purchased subsidiary funds.On February 4th, based on the asset allocation opportunities brought about by the adjustment of the stock market, large fund companies purchased partial stock funds owned by self-purchasing companies. According to the Securities Times statistics, 28 fund companies have announced total self-purchase amounts of 20.7.2 billion.It is expected that more fund companies will follow up and start the self-purchase process.Such behavior and the scale of funds, although insignificant for the entire market, have a direct and direct impact on market sentiment, especially the entry of long-term funds of the fund type, which can further boost the confidence of funds in the market. This may be FebruaryOne of the primary reasons for the instant recovery of liquidity on the 4th.　　Third, the regulatory tolerance for abnormal stock fluctuations is increasing.There has been no self-examination of suspension of trading, nor has there been a continuous reduction in shareholders’ holdings when the previous general hype was crazy.In fact, during emotional frenzy, a small reduction in shareholders’ holdings will not affect the pursuit of funds.　　What I have noticed is that it is actually not a possible decline, and in addition, the stampede that may occur after the concept of the epidemic is consistent.In the final analysis, this round of rally is still a hype related to the concept of pneumonia, which is still essentially hype.The longer the single stirring hype, the stronger the stimulation of OTC funds, and the ordinary retail investors’ ability to capture and judge events is relatively weak, always entering the market in the late stage of the hype, and this short-term continuous daily limit trend, once becauseThe epidemic situation appears to be at an inflection point to stop, then most of the stocks that follow the trend will also have a short-term continuous trend of significantly lower opening and going lower, and some stocks may experience extreme extremes of continuous limit-downs, allowing retail investors to stay at a high level.　　Most investors need to continue to observe the market, understand the market, and understand the market, especially small and medium retail investors who are preparing to enter the market. They must learn rather than blindly listen.Although many people know that the principle of the stock market is to buy low and sell high, in reality, the low you think may not be really low, and the high you think may not be really high.The author does not object to short-term operations and does not promote long-term investment, but all actions should be based on probability without luck.　　(Articles represent the views of the author only.Email: yanguihua @ jiemian.com)

Wanda Films (002739) Company Annual Report Review： Single Screen Continuously Slowing Down and Waiting Vertically for Industry Turning Point

Wanda Films (002739) Company Annual Report Review: Single Screen Continuously Slowing Down and Waiting Vertically for Industry Turning Point

The box office market affected revenue growth, and the proportion of non-ticket revenue declined.

18 years operating income 140.

8.8 billion (+6.

49%), net profit attributable to mother 12.

9.5 billion (-14.

58%).

Movie viewing income 90.

6.8 billion (+8.

8%), accounting for 64% of revenue.

37%, the gross margin fell slightly to 10.

33%; 杭州桑拿网 advertising revenue is 25.

200 million (+5.

0%), accounting for 17% of revenue.

89%, gross margin slightly increased to 68.

6%; Goods, catering sales income was 18.

6.9 billion (+3.

4%), accounting for 13.

26%, gross profit margin fell slightly to 59.

67%.

The proportion of non-ticket revenue improved, and the overall gross profit margin decreased by 1.

77 up to 30.

32%, is the first drop in net profit attributable to mothers.

The single-screen reduction was significantly lower than the industry average, waiting for the industry to reverse.

In 1981, the company directly operated 541 domestic cinemas with 4,807 screens (more than a growth of 16).

28%), the domestic cinema single-screen launch of 166.

10,000 yuan / block (previously decreased by 2.

79%), the national average single screen output was 94 during the same period.

180,000 / block (previously down 8).

7%), the company’s proportional advantage is obvious; 54 overseas theaters, 472 screens (10 years growth of 8).

01%), overseas cinema single screen launched 334.

750,000 / block (previously down 4).

01%); the company’s overall single-screen launch was 181.

09 million yuan / block (previously decreased by 5.

72%).

Optimistic about the improvement of the company’s operation and management efficiency after the completion of the system platform.

Construction in progress is growing by 97% annually, mainly due to the construction of system platforms.

We believe that the movie viewing market has entered a stage of rational development, and the impact of cost control on theater operations will be greater and greater, and the company’s management expense rate will gradually decrease to 0 in 18 years.

36 averages to 7.65%, optimistic about the future system platform to improve the company’s management efficiency and profitability.

Although the short-term profit has been sloping downward, it is long-term optimistic that the market share of leading cinemas will increase the space and the performance flexibility brought by the production of film and television content.

We believe that due to the gradual decline of the single screen, the cinema industry is under pressure in the short term.

Taking into account the relative concentration of the cinema line, the market share of the leading cinema line may further increase, and the future caused by the single screen on the data is also expected to change.

Wanda Film and Television has a conditional meeting. The entire industry chain operation model and multiple sector layouts help to enhance the company’s overall performance flexibility.

We are overall optimistic about the company’s medium and long-term development.

Profit forecast: Without considering the impact of mergers and acquisitions, we expect the company’s net profit attributable to its parent to be 13-20 in 2019-2021.

500 million, 14.

7.4 billion and 16.

32 ppm, the corresponding EPS is 0.

77 yuan, 0.

84 yuan and 0.

93 yuan.

Considering the merger and acquisition of Wanda Film, if Wanda Film realizes its performance commitment in 2019-2021, it is expected that the company’s net profit attributable to the mother will be 22 in 2019-2021.

3.8 billion, 25.

43 ppm and 29.

0.6 billion.

Wanda Film was formally injected into listed companies initially, and we do not consider the impact of mergers and acquisitions for the time being to estimate.

Considering that the company, as the leading domestic cinema line, is still in the period of cinema line expansion and system platform construction, the performance is flexible, and Wanda Film is about to be injected, which is expected to further enhance appreciation, so the company is given a certain estimated premium.

The PE estimation method is used to give the company 30-33 times PE in 2019, corresponding to a reasonable value range of 23.

1-25.

41 yuan / share.

We believe that in 2019, the company will still expand the construction of cinema and system platforms. In the future, the company’s asset scale will continue to increase. The company will use the PB valuation method to give the company March 3, 2019.

2 PB, corresponding to a reasonable value range of 23.

52-25.

09 yuan / share.

Combining the two estimation methods, we believe that the company’s reasonable value range is 23.

1-25.

41 yuan, maintaining the sustainable market rating.

Risk warning: Box office growth is slower than expected, and regulatory policies change.

Grammy (002340)： 1？

3Q19 performance meets expected long-term strategic procurement cobalt agreement to consolidate the level of the industry chain

Grammy (002340无锡桑拿网): 1?
3Q19 performance meets expected long-term strategic procurement cobalt agreement to consolidate the level of the industry chain

1?3Q results are in line with the 1 announced by our expected company?
3Q19 performance: The company’s revenue in the first three quarters was $ 9.8 billion, a decrease of 3.

89%; net profit attributable to mother 6.

40,000 yuan, an increase of 16 in ten years.

6%, corresponding to a relative profit of 0.

15 yuan, in line with expectations.

The company’s profitability is stable, 1?
3Q19 company’s gross profit margin increased by 0.

1ppt to 19.

3%.

During the company, the expense ratio increased slightly, 1?
3Q19 increases by 0.

8ppt to 12.

3%.

As the company’s capacity expanded, long-term borrowings increased by 52% to 9.

20,000 yuan, driving the company’s financial expense ratio to increase by 0.

6ppt to 4.

7%; management expense ratio increased slightly by 0.

3ppt to 0.

8%; management (including R & D) expense rate is stable at 6.
.

9%.

Development Trends Stable supply of upstream materials and stable downstream customers will support the company’s future sales.

The company and its subsidiaries and Glencore purchased strategic agreements from battery suppliers. In 2020-2024, Glencore supplied more than 6 to the company.

12 Cobalt (metal equivalent) Cobalt material guarantees the company’s stable production.

The company entered the supply system of lithium battery leading companies such as ECOPRO, Rongbai, Ningde Times, and Xiamen Tungsten. It has signed the next 3 years and will become a strategic long order to support the company’s future sales growth.

Company 1H19 replenishment 3.

3 It is expected that we expect the company’s expansion in 2019/2020 to reach the 7/10 target.

The fixed increase is being promoted to strengthen the company’s capital strength and ensure the company’s production capacity.

The company is actively promoting a USD 3 billion fixed increase plan, which is mainly used for the company’s ternary precursor project, ternary material project, and the dismantling and recycling of battery pack projects.

If the fixed increase is successfully implemented, we think it will effectively strengthen the company’s capital strength and ensure the company’s production capacity.

Earnings Forecasts and Estimates Due to the declining price of ternary materials, we lowered 2019 and 2020 net profit by 13% and 14% to 8.

5 and 10.

200000000.

The current priority corresponds to 22.
2x 2019 P / E ratio and 18.

5x 2020 price-earnings ratio.

We maintain our “Outperform” rating, but as a result of lowering our profit forecast, we lower our target price by 15% to 6 yuan, corresponding to 30 times the 2019 price-earnings ratio and 24 2020 price-earnings ratio, which has a 32% upside compared to most current ones.

The impact of risk metal price fluctuations, the deterioration of the financing environment, the release of production capacity was less than expected, and the impact of market demand fluctuations.

Great Wall of China (000066) 2019 Interim Review： Autonomous and controllable multi-fold growth. Feiteng injection brings estimated flexibility

Great Wall of China (000066) 2019 Interim Review: Autonomous and controllable multi-fold growth. Feiteng injection brings estimated flexibility

Event: The company released the semi-annual report for 2019: the first half of the year realized revenue 43.

4 ‰, an annual increase of 4.

67%; realized net profit attributable to shareholders of the listed company is 1.

43 trillion, a decrease of 42 a year.

82%; the net profit attributable to shareholders of listed companies after deduction was 74.63 million yuan, equivalent to a significant improvement of -9.7 million yuan in the same period last year.

Revenue from independent security business sales and market contracts have achieved several-fold growth: the company’s revenue grew steadily in the first half of the year4.

67%, of which information security equipment and solutions have grown rapidly, a significant increase of 42.
.

41% to 9.

USD 7.5 billion was mainly due to the increase in demand brought by the independent and controllable continuous advancement, sales revenue of independent security business, and market contracts achieving several-fold growth.

The whole product based on the PK system has the largest share in a key upgrade and replacement project in the country. In the first half of the year, the company won orders in a number of key industries such as archives, the Internet, finance, and public security and created typical cases that can be promoted.

We are promoting the investment of independent safety machines in several provinces, and continue to build the foundation to further seize the local market and increase production capacity.

The company’s independent controllable integrated machine and server integration carrier-the subsidiary Great Wall Xinan 19H1 achieved revenue3.

53 billion, converted to 19.92 million yuan to 18H1 and 1.
.

2.7 billion has a multi-fold growth, achieving a net profit of 45.51 million yuan, a significant improvement in profitability.

In addition, the related transactions between the company’s 19H1 and Tianjin Feiteng amounted to 55.98 million yuan, and the 26.24 million yuan ranked in 18 had a two-way increase. The company’s independent and controllable progress was smooth.

Feiteng adopts the asset-based legal assessment. After the completion of the acquisition, it is expected to bring forecast flexibility to the company: On August 27, the company announced Tianjin Feiteng’s financial data and estimations: Tianjin Feiteng used the asset-based method to assess the net assets of Feiteng until the end of 18Is 6.

20,000 yuan, Tianjin Feiteng 100% 北京桑拿洗浴保健 equity evaluation value 6.

2.4 billion.

Tianjin Feiteng’s 16-18 years revenues were 1946, 36.65 million and 63.69 million yuan, with a three-year compound growth of 81%; realized net profits of -23,83, and 1.71 million yuan, respectively.

In the future, the company will continue its independent and controllable continuous advancement and Feiteng forecast to switch to the PS estimation method of semiconductors. The company completed Tianjin Feiteng 34.

The acquisition of 7% equity is expected to bring estimated flexibility to the company.

Investment suggestion: Maintain the company’s net profit forecast attributable to the parent company for 19-21 years to 11, respectively.

92, 11.

07 and 9.

7.8 billion.

We are optimistic that the company will grow into a long-term independent controllable industry leader 四川耍耍网 in the machine and Tianjin Feiteng’s injection of estimated flexibility brought by it, maintaining the “overweight” level.

Risk warning: M & A integration is less than expected, information security and autonomous controllable policies fall short of expectations, the company’s products cannot meet customer needs in a timely manner, and the overall market risk.

Ping An of China re-elected as the No. 1 heavyweight stock in the fund, was blessed by 1,243 funds

Ping An of China re-elected as the No. 1 heavyweight stock in the fund, was blessed by 1,243 funds

Source: Securities Daily, trainee reporter Wang Mingshan. Last week, the disclosure of the second quarterly report of public funds was completed, but the disclosure of the semi-annual report of listed companies has just begun. Therefore, in the second quarter of the shares held by many financial institutions, the heavy holdings of public fundsBe the first to 北京夜网 surface.

　　Ping An has successively launched repurchase programs since the second quarter of this year to further increase investor confidence. Ping An has re-ranked the fund’s top heavy stock in the second quarter. Whether it is the number of fund holdings or the average value of the fund’s stock market holdings, it is more than 3,600 in Shanghai and Shenzhen.Ranked first among listed companies, followed by Guizhou Moutai, Wuliangye, Yili, and Gree Group.

　　”Securities Daily” reporter noticed that in the second quarter of this year, the overall holding style of public offering funds was biased towards large consumption and large financial concentration.

Of the 28 Shenwan Tier 1 industries, the home appliance sector was the most overweighted during the second quarter of this year, with public equity holdings from 3.

33% increased to 5.

03%. In addition, pharmaceutical and biological, banking, non-bank financial and other industries were all blessed by public funds during the second quarter.

　　1,243 fund heavy positions Ping An of China and the fund’s semi-annual report revealed that the fund’s holdings are different. The fund’s second quarter report will only show the top ten heavy positions in the fund.

As a result, the fund’s second quarterly report on heavy stock holdings seems to have a better “gold content”, which more effectively highlights the concentration of fund holdings.

　　As of July 21 this year, in addition to the sector funds that are in the construction period, the overall shareholding of public funds in the second quarter has been announced.

“Securities Daily” reporter noted that as of the end of the second quarter of this year, the top ten heavy stocks of public funds were Ping An of China, Maotai of Guizhou, Wuliangye, Yili, Gree Group, China Merchants Bank, Midea Group, CITIC Securities, Industrial Bank andICBC.

　　With the proportion of the top ten heavy stocks of the fund at the end of the first quarter of this year, Vanke A, Changchun High-tech and Wen’s shares have dropped out of the top ten fund heavy stocks. At the same time, Midea Group, Industrial Bank and Industrial and Commercial Bank of China replaced the three funds.Stocks, successfully “ranked” the top ten funds at the end of the second quarter, heavy stocks.

However, the number of stock holding funds is not equal to the total stock market value of the funds, and the allocation ratio of public funds to different heavy stocks is also different.

　　Ping An of China once again became the No. 1 heavyweight stock in public funds, which is also the fund’s No. 1 heavyweight stock for four consecutive quarters.

At the end of the second quarter of this year, a total of 1,243 funds held the stock in heavy positions, and the total stock market value reached 749.

4.8 billion yuan.

“Securities Daily” reporter noted that compared with the end of the first quarter of this year, 429 funds have once again blessed Ping An of China, with a total shareholding of 7.

An increase of 6,594 on the basis of 8.8 billion shares.

320,000 shares, the total shareholding ratio of public funds reached 7.

81%.

　　From the perspective of the heavy holdings of public funds, public consumption funds increased their holdings in 8 of these industries during the second quarter of this year, and 18All industries have reduced their holdings to varying degrees.

It is very obvious that the leading stocks in the consumer and financial industries are concentrated in public funds.

　　Among them, the home appliance industry is the largest industry in the 28 industries by the fund to increase, in the second quarter, the public equity fund’s overall shareholding in the home appliance industry from 3.

33% quickly rose to 5.

03%.

It is obvious that the agriculture, forestry, animal husbandry and fishery, pharmaceutical and biological, banking, and non-banking financial industries were revalued and publicly held during the second quarter. The overall shareholding style of public funds has once again turned to large consumption, and leading stocks in the large financial industry are concentrated.

　　This feature is most obvious from the fund concentrated heavy storage holding the highest concentration 武汉夜网论坛 of individual stocks.

“Securities Daily” noticed that 9 out of the top 10 heavy stocks of public funds in the second quarter were all overweighted by public funds. In addition, Hengrui Medicine, Agricultural Bank, Construction Bank, Luzhou Laojiao,Leading stocks such as Longji and Ping An Bank were once again held by public funds during the second quarter.

Changshu Bank (601128) First Coverage Report： Small and Micro Features Highlight Investment Value

Changshu Bank (601128) First Coverage Report: Small and Micro Features Highlight Investment Value

The regional operation of Changshu Bank continued to advance, with prominent retail characteristics and obvious advantages in small and micro businesses.

19H company revenue, attributable net profit growth rate13.

63% / 20.

16%, always expected to maintain a high growth rate.

Give a target price of 10.

56 yuan, for the first time, give “overweight” rating.

Based on local conditions, promote regional operation.

Established in 2001, Changshu Bank is the first batch of rural commercial banks established on a trial basis in China.

The company broadened its business scope through the establishment of branches and village banks. As of the first half of 2019, the company has established 46 remote branches and 30 Xingfu village banks.The delivery ratios are 47.

3% / 42.

8% / 9.

9%.

Assets and liabilities expanded steadily, and retail business featured prominently.

1) Assets: loans maintained steady growth, and loans increased by 111 in the first half of the year.

200 million (+11 from the end of 2018).

98%), retail loans accounted for close to 50%, second only to Ping An and China Merchants Bank; 2) Liability: Deposits accounted for over 80% of interest-bearing resistance, and deposits increased by 194 in the first half of the year.

800 million (+17 from the end of 2018.

23%), the deposit base has been further consolidated, of which retail deposits accounted for 56%.

The advantages of small and micro businesses are obvious, and interest margins have benefited in the long run.

The company deeply cultivates small and micro businesses, and the proportion of small and micro loans exceeds 60%, ranking first among listed banks.

The risk-adjusted excess return of the small and micro credit business is obvious, and the company’s loan yield reached 6 in the first half of 2019.

67%, higher than the industry average.

The company’s debt cost was well controlled, and its net interest margin increased by 3BPs to 3 in the first half of the year.

03%, continue to be in the forefront of the industry.

Benefiting from the small and micro credit strategy, the company’s interest spread is expected to maintain a high level for a long time.

Risk control is good, and provision coverage is adequate.

The company uses a loan officer model to effectively control micro- and micro-credit risks.

96% (down 3BPs from the beginning of the year), which is at a better 四川耍耍网 level among listed city commercial banks.

The company’s bad identification was strict (19H bad deviation 58%), and excessive provision coverage (19H provision coverage ratio was 453).

6%), the “attention + bad” ratio continued to decline (-16Qs / Q2 -16BPs / -23BPs respectively), the potential risks were well controlled, and asset quality was guaranteed.

Risk factors: The macro economy exceeds expectations, leading to difficulties in operating the company’s customers and a decline in asset quality; intensified regional competition and changes in small and micro businesses.

Investment suggestion: Changshu Bank’s regional operation continues to advance, and retail transformation has made significant progress, which is expected to benefit from the asset pricing advantages of small and micro businesses in the long run.

19H company revenue, attributable net profit growth rate13.

63% / 20.

16%, expected performance is expected to maintain a high growth rate.

It is expected that EPS for 2019/20/21 will be 0.

65/0.

77/0.90 yuan, BVPS is 5 respectively.

97/6.

68/7.

47 yuan, currently estimated at 1.

45xPB (corresponding to 2019).

It is estimated that the reasonable level of the company is 20191.

71xPB with a target price of 10.

20 yuan, for the first time, give “overweight” rating.

Changshu Bank (601128)： Spread level rises against the trend, high growth deposits support debt

Changshu Bank (601128): Spread level rises against the trend, high growth deposits support debt

Event: Recently, Changshu Bank released its 2019 half-year results, and the company reported operating income for the first time31.

21 ppm, an increase of 13 in ten years.

63%; net profit attributable to shareholders of the parent company is 8.

54 ppm, an increase of 20 in ten years.

16%; EPS (diluted) is 0 each time.

31 yuan, down 3 before.

13%; company non-performing rate is 0.

96%, a decrease of 0 from the beginning of the year.

03 averages.

Opinion: Profits continue to grow, and the level of interest margins has increased against the trend.

In the first half of 2019, the company’s performance was outstanding and its profits continued to grow: the scale of Changshu Bank’s operating income and net profit attributable to its mother only lags behind Qingdao Rural Commercial Bank, ranking second among listed rural commercial banks; therefore, in terms of growth rate,年 年上半年归母净利润十年增速高达20。
2%, ranking No. 1 among rural commercial banks that currently disclose results.

Benefiting from the company’s development strategy in terms of interest income and the strong demand for local small and micro loans, the company has obvious advantages in the interest margin. In the first half of the year, the company’s net interest margin increased against the trend, up to 3.

03%, an increase of 3BP earlier.

We believe that after a long-term perfection of the LPR pricing mechanism, the industry’s interest margin is under contraction pressure. The company’s advantage in retail business is to reduce the impact of the slow macro environment on the interest margin.

The retail business performed well, with high deposit growth supporting debt.

In terms of assets, the company’s retail business performed well in the first half of 2019: from the perspective of various loan yields, the average retail loan interest rate reported was as high as 7.

96%, although it fluctuates slightly from the beginning, it is still lower than the corporate loan interest rate5.

75% higher than 221BP.

As of the end of June 2019, the company’s personal loan size reached 514.

8.9 billion yuan, a 10-year growth rate of 22.

36%, exceeding the growth 苏州夜网论坛 rate of loan budget in the same period.

76 units.

In terms of debt, the company absorbed deposits 129 in the first half of 2019.

77 ppm, an increase of 17 in ten years.

63%, higher than the total debt of 5 in the same period.

62% growth rate; At the same time, in the deposit structure, the total size of fixed deposits and corporate time deposits in fixed deposits is 725.

3 billion, a year-on-year growth rate of 20.

08%, significantly exceeding the growth rate of corporate deposits over the same period.

We believe that the proportion of time-saving savings in land increases the stability of the enhancement and helps reduce the pressure on companies to make up for it.

Negative identification has become stricter and asset quality has continued to improve.

In the first half of 2019, the company actively 北京桑拿洗浴保健 identified bad and asset quality continued to improve.

The company’s non-performing loan ratios were 0.

96%, a decrease of 0 from 2018.

03 units; provision coverage rate is 453.

53%, an increase of 8 earlier.

51 units.

It is obvious that the company is overdue, and loans overdue for more than 90 days have decreased by 2 compared with the end of 2018.100 million, 0.

300 million, accounting for the proportion of loans issued by the company1.

72%, 0.

56%.

In our view, benefiting from regional advantages, the company’s asset quality is expected to continue to improve, and its ability to resist risks will continue to increase.

Earnings forecast and rating: We predict that Changshu Bank will achieve operating income of 67 in 2020 and 2021, respectively.

10,000 yuan, 78.

7.3 billion and 89.

56 ppm; net profit attributable to parent company is 18 respectively.

6.9 billion, 21.

82 ppm and 24.

96 trillion, the corresponding returns are 0.

68 yuan, 0.

80 yuan and 0.

91 yuan.

In view of the company’s advanced development in listed rural commercial banks and its advantages in retail business and asset quality, we maintain the company’s “Buy” rating.

Risk factors: 1. The macroeconomic growth rate is not up to expectations and affects asset quality; 2. The cost rises too quickly and affects the profit level; 3. The rural commercial banks are subject to high risks.

Bull Group (603195)： Stealth Champion Civilian Electrician Leads Towards Giant

Bull Group (603195): Stealth Champion Civilian Electrician Leads Towards Giant

Bull Group: a stealth champion of civilian electricians with excellent financial indicators.

The company has been deeply cultivating the field of civil electrics, and is solid on the leader of the converter industry (the overall city’s share is close to half, and Tmall ‘s market share was 66% in 2018); since 2007, it has begun to expand wall opening, LED lighting, digital accessories and other businesses.

In 2018, the company’s revenue and net profit reached 90.

6, 16.

8 ppm, gross margin and net profit are 36.

6%, 18.

5%, ROE (diluted) is as high as 51.

6%.

Core competitiveness: a virtuous circle of products, brands and channels to build a high moat, fast-moving consumer goods management model + leading supply chain.

In terms of products, the company has set industry benchmarks with outstanding quality in accordance with consumer demand, while SKU is complete and continues to expand new categories, and its product strength is second to none.

In terms of brand, the company’s brand reputation is well received.

The first-class home appliance leading experience, brand power is reflected in the enterprise can achieve product prices and market share double rise, typical representatives such as Gree air-conditioning and Haier in ice washing.

Faced with the impact of new entrant Xiaomi, the bull adjusted its product line and price strategy in a timely manner, successfully raised prices after quickly adapting to the market, gradually reduced the quagmire of low-price competition, and fully demonstrated the leading brand bargaining power; in terms of channels, the bull has a millionThe physical outlets rebuild the offline “Taobao” within easy reach, coupled with the store recruitment to bring excellent advertising effects, while online channels occupy absolute market share.

In terms of management, the company’s products have the attributes of durable consumer goods, but they also have Coca-Cola FMCG management models. They use distribution, sales, and store recruitment methods to effectively boost channel and brand power.

In addition, in terms of supply chain, the company cooperates with core suppliers on the raw material side to control costs and ensure delivery time. The production side is supplemented by OEM to increase sales scale to seize market share.

The bull has created a strong core competitive advantage through brand power, channel power, and management power.

Growth momentum: The converter faucet is solid, the wall is open, LED lighting, and digital accessories provide new growth momentum in the future.

In our budget converter, the scale of the wall-opening industry exceeds 100 and 200 trillion respectively. The market share of bull converters has steadily increased, and the wall-opening market share is 13.

There is room for growth of 7%; LED lighting and digital accessories industries are all over 100 billion in size and the concentration is reduced. The bull is expected to replicate its core competitiveness in the 武汉夜网论坛 converter market and continue to increase its market share in other areas of civilian electricians.

And after the company’s successful listing, it is expected that capital leverage will be accelerated towards the civilian electric giant.

Investment suggestion: We are optimistic about the channels, brands, and product moats that the bull has in the converter industry, and the competitive advantage extends to the wall opening, LED lighting, and digital accessories fields. The company promotes the transition from a leader in the field of civil electricians to a giant.

It is estimated that the company’s net profit for 2019-2021 will be 23 respectively.

79, 28.

48, 34.

51 ppm, EPS (diluted) is 3 respectively.

97, 4.

75, 5.

75 yuan.

With reference to an estimate of 23 times that of comparable companies, and that the profit growth rate in 20 years and 21 years is expected to be in the 20% -25% range, the company will be given a 20-25 times valuation.

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

Risk warning: New business expansion is less than expected, raw material prices fluctuate, competition in the industry is intensifying, and the real estate industry’s prosperity is declining.

Suning Tesco (002024)： Expected to accelerate Carrefour ‘s 80% stake in FMCG expansion strategy

Suning Tesco (002024): Expected to accelerate Carrefour ‘s 80% stake in FMCG expansion strategy
Highlights of the report Event description On June 22, 2019, the company’s wholly-owned subsidiaries Suning International and Carrefour Nederland B.V.(Transferor) and the Carrefour Group’s Share Purchase Agreement, Suning International purchased 80% of Carrefour China from the transferor in cash equivalent to 4.8 billion yuan in cash. Comment on the event The acquisition price is relatively reasonable, and the terms of cash acquisition, retention of some equity and business independence are positive.The company’s subsidiary, Suning International, intends to acquire 80% of Carrefour China for 4.8 billion yuan in euros. The corresponding valuation of Carrefour China’s 100% stake is 6 billion yuan. Carrefour China’s 2018 operating income is approximately 299.580,000 yuan, the equity value / revenue multiple implied by this transaction price is approximately 0.2x. By comparison, the number of average equity value / revenue multiples of major A-share supermarket listed companies in 2018 is 0.88x and median 0.7 times, the estimated level of this transaction is reasonable.At the same time, the terms of the acquisition are relatively positive: 1) direct acquisition with 48 million cash, no instalments, because Suning’s book capital as of 2019Q1 is 44.5 billion yuan, which is relatively abundant; 2) retain some equity and some resolution rights of Carrefour Group, while retainingCarrefour China’s existing organizational structure and business composition, maintain relatively independent operations within the reorganization, Carrefour China personnel, property leasing and other aspects will not undergo major changes. The acquisition of Carrefour China is expected to accelerate the company’s FMCG category layout and wait for the integration effect of the two.Carrefour’s business revenue volume in China is close to 30 billion. It has 210 large-scale comprehensive supermarkets, 24 convenience stores, and 6 major warehouse and distribution centers.Excellent FMCG supply chain foundation and huge network foundation are conducive to: 1) realize the leap-forward development of the company’s FMCG category, the product categories will be greatly enriched, and the company’s entire category operation capacity will be effectively improved;Strengthen the company’s 佛山桑拿网 own brand R & D capabilities in the field of fast-moving consumer goods, market promotion capabilities and food quality control capabilities, and promote supply chain empowerment.At the same time, Carrefour China has 30 million loyal members, and users have the characteristics of high-frequency consumption, which effectively complements the company’s existing consumer electronics and 3C products’ consumption characteristics, perfects the company’s overall scene retail format layout, and waits for many subsequent integration effects. Investment suggestion: share the 3C advantage field summary of home appliances, accelerate category expansion, and achieve non-linear high growth. The advantages of online and offline integration are prominent, and the 3C market share of home appliances continues to increase. M & A and self-operated stores are being used to accelerate the expansion of the FMCG category, achieving non-linear high-growth in the overall scale. Carrefour acquisitions are not considered for the time being, and currently corresponds to only 0 PS in 2019.34 times, maintain “Buy” rating. Risk Warning: 1. Changes in promotional fee policies have put further pressure on terminal consumption; 2. The market is expanding rapidly, and capital expenditures are expanding or difficult to manage.