“That one……”Qilin still wants to refute。

“That what,You are not capable now,Can only add chaos,do you know!”Qiangwei is now distracted,I want to call the armor to Xin Zhao soon,But seeing this Qilin,She is very angry。
If you have the strength to help,She must be welcome,But there is no strength to come up,That’s not pure chaos。
“Liu Chuang,Take them two away,You are a meat shield,Strong body resistance,Must protect them!”Qiangwei finished speaking,Rushed towards Xin Zhao’s position。
And Xin Zhao is also a little helpless at this time,The crocodile and the two remaining aliens,And him,Directly formed a short balance。
“Xin Zhao,Prepare to dress!”
Hear Qiangwei’s shout,Xin Zhao is really excited at the moment。
When he was not wearing black armor,That’s really not resistant,Let alone the crocodile of his physical strength,Even the alien armor can’t keep up。
After putting on a set of black armor directly,Xin Zhao feels that he has directly advanced to become Zhao(The mighty general)letter。
Black armor’s defense is stronger than his own body,Xin Zhao looked at the two shape aircraft,Directly opened the burst mode of Chidori。
The harsh bird calls directly shattered the surrounding glass,And hear this sound,Those two aliens were also a little dazed。
Xin Zhao Direct Electro-optical Body,Plus hand-held chidori,There was a direct raid on an alien。
“rose,That alien wants to retreat,You knock it down for me!”
“Roger that,Rest assured!”
The rose directly runs the wormhole,Under the blessing in the calculation of Deno 3,She appeared directly in front of the alien,Then kicked out,The alien fell directly to the ground。
‘Chidori Blade!’
Blue and white electric flashes,Xin Zhao seems to flash,Appeared directly in front of the alien,Then Chidori came again with a pair。


Chapter one thousand and ninety six Jianyi
At this time, the two people looked at Xia Chenglong bitterly,There was a little unwillingness in his expression,They never thought that they would join forces,In the end, it actually got into the current situation。
Jinglian Demon Sage and Houtu Demon Sage claim to be the top masters of the demon clan using swords,The big thing is in front of Xia Chenglong,The kendo skills of the two are far inferior to him,So at this time, the hearts of the two people will definitely not be balanced。
Two people at this time,Eyes narrowed into a slit,There was a little cold killing intent in his eyes,After all, with one’s own status among the demons,If this matter spreads,,I’m afraid I will lose my reputation in the future。
So at this moment, the two of them looked at each other,I understood what the other party meant in an instant,At this moment these two people nodded gently。
Xia Chenglong watched two people communicate in secret,Don’t understand what these two people mean,But the tacit understanding of these two people is really nothing to say,After all together,Cooperated for so many years,Many things have been thoroughly cultivated。
There was a look of absolute determination in the two eyes,He raised his head and looked at Xia Chenglong,A little bit of cold killing intent appeared in the affection。
At this time, two people sacrificed their swords,Jinglian Demon Sage Hou Earth Demon Sage,Two people use the demon lotus sword,And Houtu Sword,Infused with spiritual power,Put on the void。
The demon lotus sword emits a demon blue light,Looks very weird,The Houtu sword is a thick yellow color,Looks very calm。
At this time, Xia Chenglong showed an indescribable expression on his face,There was also a complicated and cold look in the eyes。
The Demon Sage of Jinglian and Houtu,The corners of the mouth rise slightly,Evokes a playful smile,Can die under the sword of the two of us kid,It’s your honor。
Xia Chenglong didn’t know where their confidence came from,Anyway, there was a trace of disdain across his face at this time:“Frame is used to fight,Not blown out with your mouth!”
Xia Chenglong said,I poured my spiritual power into the Dragon Yin Sword,The Dragon Yin Sword at this time gave out a golden light,Looks particularly dazzling,It’s like a jewel in the cold night。
At this time, the two people who were still very confident of the Jinglian Demon Voice and the Thick Earth Demon Sage,When I saw this scene before me,Look at that time,It’s also a sudden change,His face suddenly became ugly。
At this time, the two people subconsciously swallowed a mouthful of saliva,Because the prestige from the dragon yin sword above the sky will faintly cover the demon lotus sword and the Houtu sword,And not only that,After the Demon Lotus Sword and Houtu Sword felt the breath of the Dragon Yin Sword,There was a trembling whine。
The Demon Sage Jinglian and the Demon Sage Houtu heard the whine of the Demon Lotus Sword and the Thick Earth Sword,His face suddenly became ugly,There was a slightly complicated look on the expression。

Lu Menglin’s state at the moment is different from most of the classmates,And his parents did not pay too much attention to his studies,Because they already believe that their son will become a promising person,Even if the college entrance examination results are not good,It won’t affect this。

Lu Menglin’s mentality at the moment,It’s also completely different from when I was reborn。
Maybe it’s the parents’ approval,His desire to enter a good university,It seems not as strong as it was at the beginning。
It is true,A young man with millions of assets in 1999,A rebirth who has mastered the future,College entrance examination for him,More of an experience,He doesn’t need to do so hard on himself。
The last two monthly exams,Lu Menglin did not participate.Because compared to exams,He knows better where his shortcomings are,It’s better to make up for shortcomings at that time。
The teachers and classmates in the class obviously don’t think so。For this,Teacher Gong even talked to Lu Menglin twice。
Except for Su Xuehen,Almost everyone thought that Lu Menglin had given up the college entrance examination,And the wealth he earned in high school,It also makes many people feel that he has such confidence,It seems to be an alien in the eyes of the students。
A monster who earned millions from playing games,One has opened the arcade brand toCcity,It is said that the monster that has the tenth branch,A heard companyCThe bosses of the city have to give him face as a monster,Has long been beyond the scope of ordinary high school students?
Others don’t have the luck of Lu Menglin,So I can only find one in front of the single-plank bridge in the college entrance examination
Blood path。
“Monitor,Please help me look at this question,Is this solution correct??”Lu Menglin passed the paper in his hand,Whispered。
Su Xuehen nodded,Start to carefully check Lu Menglin’s problem-solving method。
“Do you want to eat something after school?I heard that the newly opened roasted potatoes are especially delicious。”Lu Menglin asked with a smile。
Su Xuehen didn’t look up,Instead, I circled several places on Lu Menglin’s test paper with the tip of my hand.,Frowned slightly:“Write too simple,Although the answer is right,But the steps are not clear,This will deduct points。”
“I have to take a new set of exam questions after school,Not going to eat。That one.Are baked potatoes really delicious?Bring me a copy for self-study last night。”Su Xuehen laughed softly。

“Ugh!loss,loss。how could I know,Brother, you are so good。”

Finished,The boss told Hu Yang again:“Little brother,Help sister see,What else is valuable in this shop。”
If you continue to sell at a loss,She’s going to feel bad。
Populus euphratica rolls his eyes,Tucao:Your own shop,What baby,You don’t know,Do you want someone to remind you??
but,Hu Yang helped her scan for a while。
“Nothing valuable,The most expensive,It is estimated to be this clock,Brand goods,Worth three to fifty thousand。”Populus bluntly said。
Populus explained,That is an antique clock from France,Should have a history of more than 100 years,Objects in the Republic of China。
In the traditional collection category,Appeared a“New varieties”——Antique clock。in fact,For some collectors,The collection of antique clocks is not“new”,It’s just that the auction house in the mainland has only become popular in the past two years。
The boss is happy again,Dumbfounded,Three to fifty thousand feelings are worthless in your eyes?
Chinese website
Chapter Four Hundred and Four Buy one get five free
Say goodbye to the sexy boss,Hu Yang, they keep going,My ears are filled with countless bargaining sounds,And the shout of the stall owner。


Shuanzi clapped his hands,Obviously I am very happy that I have just come here,It seems they are going to make a blockbuster this time!
“Long brother,Easily solved,I……Bang!”
Shuanzi was just halfway through,The whole person flies directly to one side,Hit the tree hard,I can’t help but squirt out blood in my mouth。
The sudden appearance of the line makes others at a loss,what happened,Their captain actually did something on Chuanzi,And look at this power,Definitely a killer。
Yes,Xia Chenglong shot,He didn’t mean to keep his hands on this foot。
“Aaron,what are you doing?”
Dazhu yelled in surprise,Ready to go and help Shuanzi。
But Xia Chenglong appeared in front of the opponent instantly,The same kick,Dazhu’s body is like a kite with a broken string,An arc appears in the air,Then it fell heavily to the ground。
Just this one directly caused the opponent to be seriously injured,I’m afraid I don’t even have the ability to fight。
“for,why?”Dazhu asked in a weak voice。
But Xia Chenglong kicked the opponent away and didn’t look at it again,But walking towards the dead rhinoceros。

Tianjian Group (000090): High sales growth continues to benefit the construction of the Greater Bay Area

Tianjian Group (000090): High sales growth continues to benefit the construction of the Greater Bay Area

Investment highlights: The company announced its 2018 annual report and achieved revenue of 102.

1 billion, an annual increase of 51.

3%, net profit 7.

8 billion, an annual increase of 29.

9%, corresponding to EPS0.

54 yuan, slightly better than our expectations, the company plans to pay a cash dividend of 2 for every 10 shares.

5 yuan (including tax), it is planned to increase 3 shares for every 10 shares of capital reserve.

Ping An’s perspective: Achieving substantial improvement leads to a substantial increase in performance: reaching the company’s revenue 102.

1 billion, an annual increase of 51.

3%; realized net profit of 7.

8 billion, an annual increase of 29.


The main reasons for the increase in performance growth: 1) Due to the large-scale settlement of Shenzhen Tianjian Mansion, Nanning Spanish Town, Shanghai Tianjian Extraction Park, etc., the real estate business achieved revenue 43.

80,000 yuan, an increase of 92 in ten years.

9%; 2) Construction industry revenue increased 44% to 67.

300 million.

Looking ahead to 2019, projects with high gross margins such as Shenzhen Tianjian Tianjiao, Nanning Tianjian City and Changsha Tianjian City will gradually enter the settlement cycle, and performance is expected to continue to grow.

The overall sales were beautiful and the turnover efficiency was improved.

The company’s real estate business focuses on the seven major cities of Shenzhen, Guangzhou, Shanghai, Nanning, Changsha, Suzhou, and Huizhou, with a subscription amount of 59 in 2018.

5 trillion, the contract amount of 57.

800 million, realized sales area of 35.

50,000 square meters, an increase of 32 in ten years.

3%; Changsha Tianjian City and Nanning Tianjian City contributed the main sales force, with a total sales area of 74.


Sales rebate amount 52.

800 million, the sales 深圳桑拿网 recovery rate reached 91.


The company will launch Shenzhen Tianjian Tianjiao and Huizhou Sunshine Garden Phase II projects in 2019, and sales are expected to continue to grow.

The company benchmarked the benchmarking industry to advance the “3-9-12-24” project development cycle target, and the project development was fully accelerated. The Shenzhen Tianjian Mansion took only 6 months from capping to occupation, and the Shanghai Puhui Building was completed and inspected from conditions.It only took more than 20 days to complete the final inspection and acceptance filing, and the turnover significantly accelerated.

The construction structure of the building was upgraded, and property services grew steadily.

The performance of the company’s traditional building construction business door, the market scale is disorderly and fiercely competitive, and in recent years, it has gradually accelerated the transition and upgrade from construction advancement to general engineering contractors (EPC).

Initially undertook more than 40 projects of PPP, EPC, contract construction, general contracting and other categories, with a contract value of 9.1 billion; 67 projects under construction at the end of the period, and a contract cost of 185.

80,000 yuan, an increase of 29 over the same period last year.

8% is the basis for revenue growth.

Pioneer City Services achieved revenue 13.

600 million, accounting for 10% of total revenue.

9%; of which the property business achieved revenue of 5.

9.6 billion, an increase of 13 in ten years.7%, property leasing realized revenue 2.

51 ppm, a 10-year increase2.


Continue to promote shed reform business and contribute stable income to performance growth.

Initially, the company continued to push forward the reconstruction project of the second-line Luohu second-line flower arrangement shantytown, and two areas have entered the stage of comprehensive construction.

In 2018, it has contributed revenue from shed reform project management services4.

900 million, accounting for 4% of total revenue.

The company continues to consolidate the professionalism of shantytown reform services, especially to solve the early-stage hard work of shantytown renovation projects, and provides alternative, replicable, and popularized practical experience for the shantytown transformation of Shenzhen. It is expected to continue to contribute to the future.

Investment suggestion: As the main contribution to the performance of 2019-2020 is Tianjian Tianjiao’s sales and carry-over rhythm, it is expected that the profit forecast for 2019-2020 will be adjusted slightly, and the company’s EPS for 2019 and 2020 is expected to be 0.

83 (+0.

09) Yuan and 1.

07 (-0.

22) yuan, the current sustainable corresponding PE is 8 respectively.

9 times and 6.

9 times.

The company is a rare small-cap market high-performance housing company with high market performance. It is expected to usher in a double explosion in sales performance from 2019 to 2020, and more than 40% of its land reserve is located in the Guangdong-Hong Kong-Macao Greater Bay Area, which is conducive to the construction and maintenance of the Guangdong-Hong Kong-Macao Greater Bay Area. “Recommended “rating.

Risk reminders: 1) At present, the third and fourth tier property markets have entered the adjustment channel. The overshooting of the property market in the first half of 2019 has caused no delay in policy; 2) Low industry barriers in the construction industry, fierce competition and rising raw material pricesThe shortage of labor supply and the rapid rise in labor costs have created pressures for companies to overcome; 3) The planning adjustment and demolition schedules of the company’s urban renewal projects are complicated and uncontrollable, which may cause delays in project development plans or shed improvements, and related costs.Increased risks.

Yuantong Express (600233): Steady Growth in Profits Maintains Overweight Grade

Yuantong Express (600233): Steady Growth in Profits Maintains “Overweight” Grade

Earnings have steadily increased, maintaining an “overweight” rating of 1Q19, and Yuantong’s recursive parent net profit was 3.

6.5 billion (+15.

7%), lower than our United Nations expectations of 4.

0.5 billion.

Based on the assumption of moderate price competition, we maintain Yuantong Express’s EPS forecast for 19/20/21 of 0.



15 yuan, maintain “overweight” rating and target price range.


30 yuan (19-21X PE in 19 years).

The number of pieces maintained a rapid growth, the profit was lower than our expectations in 1Q19, and the national express delivery business volume was 13.5 billion pieces (+22.

5%), the average price of 12 pieces.

7 yuan (-0.

9%); Yuantong Express has completed 16.

5.7 billion pieces (+39.

6%), the volume growth rate is higher than the industry 17.

2pp, market share is 13.

6%, -0.

3pp, +1 per second.


The company realized revenue of 64.

4.4 billion (+20杭州夜网论坛.

7%), gross profit 7.

800 million (+18.

7%), gross margin of 12.

1% (-0.

2pp); net profit to mother 3.

6.5 billion (+15.

7%), lower than our United Nations expectations of 4.

0.5 billion, net profit after deduction to return to mother 3.

5.7 billion (+19.


The cost of single tickets was stable compared with the previous month, and the decline in single ticket revenue drove down the single ticket profit by 1Q19. Yuantong Express revealed that the single ticket revenue was 3.

35 yuan (-10.

8%), the price fell 9 in the earlier 3Q18 / 4Q18.
6% / 9.

The slight increase of 1% indicates that the price competition in the industry is still very competitive.

Excluding Yuantong International, we estimate that the single ticket income is 3.
39 yuan (-10.

9%), which is basically the same as the reveal caliber; the cost of a single ticket2.

99 yuan (-10.

7%), which continued the cost reduction for 18 years; but the gross profit per ticket was 0.

40 yuan (-12.

1%), single ticket net profit 0.

21 yuan (-16.

6%), the overall decline.

Optimize the trunk route straight line, aviation + overseas differentiation In 2018, the company built / rebuilt / expanded / relocated 3/16/14 migration centers, the layout of the transfer center continued to be optimized; vigorously purchased its own trunk vehicles, and increased the use of drop-off vehicles,The cost of transit and trunk lines is significantly reduced.

At the same time, Yuantong is also one of the additional private express delivery companies with its own airlines in China, ending the fleet at the end of 18 to reach 12 aircrafts.

The company continues to accelerate integration with Yuantong International, complement each other and collaborate to create cost-effective cross-border logistics fully connected products and services, and comprehensively expand strategic cooperation on cross-border e-commerce platforms.

Maintaining the “overweight” rating and target price range In the first quarter of 19, Yuantong Express maintained a rapid growth in volume and continued to increase market share, but intense price competition eroded earnings.

Looking ahead, the uncertainty in the cost adjustment of subsidy policy adjustments and the optimization of trunk transfers lies in market competition. Based on the assumption of moderate price competition, we maintain Yuantong Express’s EPS forecast for 19/20/210.



15 yuan, corresponding to the current expectation of 17.




Comparable company Shentong / Yunda corresponding to 19 years Wind unanimously expected PE 16.


0X, if industry competition slows down in the second half of the year, and Yuantong’s profit may still exceed expectations, we give the company 19-21 XPE for 19 years and maintain an “overweight” rating and target price range of 15.


30 yuan.

Risk Warning: The industry’s growth rate is lower than expected, the price war, and the impact of social security costs.

Hangmin (600987): Gold business affects revenue growth and profitability increases once

Hangmin (600987): Gold business affects revenue growth and profitability increases once
From January to September, revenue decreased by 14%, and net profit increased by 10%. Profitability increased. From January to September 2019, the company realized revenue of 50.4.3 billion, an increase of -13.52%, net profit attributable to mother 4.900 million, an increase of 10.11%, deducting non-net profit 4.5.6 billion, an increase of 18.30%, EPS is 0.46 yuan.The growth rate of the company’s deducted non-net profit is higher than the income mainly due to the increase in the company’s gross profit rate, and the higher than the net profit is mainly due to the decrease in the growth of non-recurring profit and loss caused by the decrease in the investment income of the trust.  In terms of quarters, 2018Q1-19Q3 company revenues increased by 15.97%, 23.00%, 10.68%, 3.83%, -6.00%, -17.26%, -17.15%, net profit attributable to mother increased by 10.51%, 16.50%, 6.89%, 9.46%, 10.22%, 5.55%, 15.68%.In September 2018, the company issued shares to Hangmin Industrial Group and Huanguan Jewelry to purchase 100% equity of Hangmin Batai. In December 2018, the issuance of shares was completed, and Hangmin Batai consolidated. It belongs to a business combination under the same control, and the company restructuredFinancial data for 2017.From the first quarter to the third quarter of 2019, due to the year-on-year decrease in revenue of Hangmin Baitai, the company’s revenue growth rate has changed, and the revenue from printing and dyeing business has been relatively stable.In terms of net profit, Q1 to Q3 2019 benefited from the adjustment of the gold jewelry business structure and the improvement in gross profit margin. The company’s net profit continued to grow.  Printing and dyeing revenue remained basically stable, and gold jewelry revenue exceeded the decline in printing and dyeing business. In 2019H1, the company’s printing and dyeing revenue also fell by 3.4%, the company’s printing and dyeing revenue in the first three quarters of 2019 is expected to be basically flat. Affected by Sino-US trade frictions and sudden changes in downstream clothing demand growth, the overall demand in the textile industry has weakened, and the release of printing and dyeing in Shaoxing has increased market competitionThe company strengthened the service level of printing and dyeing customers, improved printing and dyeing quality, delivery and other standards, and continued to develop internationally renowned brands such as H & M, ZARA, M & S, and Wal-Mart, driving the printing and dyeing revenue to remain basically stable.  Regarding the gold jewelry business, the company’s gold jewelry revenue in 2019H1 also fell by 24.32%, the first three quarters of 2019 revenue is expected to decrease by about 20% from the previous year, of which gold jewelry, gold ornaments sales were 45.28 tons, 0.08 tons, an increase of -21.42%, -52.57%.The decline in income was mainly due to: 1) the addition of factors affecting the price of gold, of which the price of gold fell in early September 2019 after reaching a high point, and consumers held a wait-and-see attitude; 2) the economic growth affected consumer confidence, and purchase gold more cautiously;Gold consumption is shifting towards lighter weight and lower gram weight. Demand for high unit price and large gram weight products has decreased, and product structure has changed.  Multi-factors promoted the increase in gross profit margin, and the expense ratio increased. From January to September 2019, the company’s gross profit margin increased by 4 as well.81PCT to 21.38%, mainly due to: 1) the coal price further stabilized in the reporting period, the company strengthened cost control, the gross profit margin of the thermal power business is expected to increase and increase; 2) the proportion of low-margin wholesale business revenue in the gold jewelry business declined, in the first three quarters of 2919Wholesale sales accounted for 15.61% (19 in the same period in 2018.(96%); 3) Dyeing costs 深圳SPA会所 have declined steadily. The company has strengthened cost control, and the gross profit margin of printing and dyeing has increased.  Taking into account the impact of Hangmin Baxter’s consolidation, the gross profit margins for 2018Q1-19Q3 were 13 respectively.83% (uncomparable), 18.13% (uncomparable), 17.71% (uncomparable), 25.8% (uncomparable), 14.49% (+0.66PCT), 27.03% (+8.90PCT), 23.33% (+5.62PCT), the gross profit growth of Q2 to Q3 2019 was mainly increased by the gross profit margin of thermal power, gold jewelry and other businesses.  On January 9, 2019, the company’s period expense ratio increased by 1.71 PCT to 7.05%, of which the sales expense ratio increased by 0.21PCT to 1.31%; the management expense ratio (considering R & D expenses) also increased by 1.63PCT to 5.62%, mainly due to the annual increase in R & D 青岛夜网 staff salaries and R & D expenditures; the financial expense ratio also fell to 0.13PCT to 0.12%, mainly due to the increase in interest income each year.  Improved revenue performance and continued improvement in profitability We believe: 1) In the short term, printing and dyeing business is affected by Sino-US trade frictions and economic growth effects.Ability to increase sales of printing and dyeing products, and increase dyeing costs through product structure optimization, and promote the growth of printing and dyeing revenue.2) In terms of gold business, affected by the economic growth rate in 2019, the company’s gold sales volume declined, affecting revenue growth.At the end of 2019, Hangmin Batai Gold Jewelry Industrial Park is expected to be completed. The company will continue to strengthen new product research and development and downstream customer expansion to promote the growth of gold sales and revenue.3) The company strengthened the cost control of the printing and dyeing business, and optimized the gold business structure to drive the growth of gross profit margin. In the future, the company will increase the level of automated production, control cost growth and improve profitability.  Due to the company’s lower-than-expected revenue growth and the increase in equity, we lowered our EPS forecast for 2019-21 to 0.67/0.75/0.82 yuan (the original price is 1.02/1.16/1.29 yuan), currently expected to correspond to 19 times PE in 1919, optimistic about the company’s bargaining power and market share as a leader in the background of long-term printing and dyeing capacity reduction, maintain the “Buy” rating.  Risk warnings: rising dye prices, sluggish demand for gold, and increased competition in the industry

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.

Rongsheng Petrochemical (002493) In-depth Report 2: Analysis of Zhejiang Petrochemical’s Profit from Probability and Price Analysis

Rongsheng Petrochemical (002493) In-depth Report 2: Analysis of Zhejiang Petrochemical’s Profit from Probability and Price Analysis
Core points: (1) Understand profit from the perspective of cycle and probability. Refinery is a typical cyclic industry. Prediction of the performance of refining and chemical project years will have very large errors, and there are a large number of refining and chemical project products that make it difficult to understand the competitiveness of different companies. We have made two major innovations in the report, namely, thinking with probability.Predict profitability and analyze competition through price analysis.We try to understand the profitability of refining and chemical projects from the perspective of the hub and probability. The hub is our judgment of the project’s profitability based on several production capacity cycles in the history of the refining and chemical industry, exploring the profitable center of the project, and combining the new competitive landscape to profitability.Adjustment.Probability refers to the distribution of profit intervals under different probabilities within a capacity cycle. If time can cover a capacity cycle, the company’s profit decline in a certain interval has a relatively certain probability.Based on the judgment of the industry hub and probability, we can add specific target beyond the industry to guide specific target investment. (2) Exploring competitiveness with price kidney method.For the project of refining and refining this kind of raw material analog and product difference transmission, we divide the revenue by the amount of crude oil processed or the amount of processed crude oil to get the corresponding revenue per unit of processed crude oil or the amount of crude oil.Analyze from the product structure side and the cost side, and then comprehensively compare different projects to reveal the core competitiveness of refining and chemical projects.The meaning behind this method is the processing of 1 ton of crude oil or 1 yuan of crude oil. The revenue that can be achieved is by analyzing the structure of each product in the revenue, operating costs in revenue, taxes, period expenses, net profit and other costs.The overall composition of the (can be further refined), can compare the competition of different projects. 1.Shanghai Petrochemical has a 80% probability that the net profit per ton of crude oil processing will be 145-230 yuan. Founder Chemical analyzed the performance of Shanghai Petrochemical for 24 years and excludes outliers in 2008. Shanghai Petrochemical has a 80% probability of net processing per ton of crude oil.The profit is at 145-230 yuan / ton.The center is 187.5 yuan / ton. 2.Zhejiang Petrochemical Refining and Refining Project Phase I net profit (100% operating rate) has an 80% probability at 89.4-106.4 trillion interval.Our Founder Chemical uses the historical retrospective method to compare the conversion of Zhejiang Petrochemical over Shanghai Petrochemical in 2016-2018 using the same price of raw materials and products.Assuming Zhejiang Petrochemical vaporized diesel at a discount of 200 yuan / ton (earlier market wholesale price), the 2016-2018 Zhejiang Petrochemical Refinery Project Phase I single-ton profit hub was 656 yuan / ton, exceeding Shanghai Petrochemical’s 252 yuan / ton.Based on the above statistical calculation method, we estimate that the first stage (2000 / year) of Zhejiang Petrochemical Refining and Chemical Project has an 80% probability that the net profit 西安耍耍网 per ton of crude oil processing volume will be 447-532 yuan / ton, and the center will be 489.5 yuan / ton.The total net profit range is 89.4-106.4 trillion, the center is 97.900 million. 3.The proportion of Zhejiang Petrochemical’s chemical products is the highest in private refining and chemical projects. Founder Chemical uses 2018 as a benchmark to conduct a detailed comparison of revenue and cost reductions between Zhejiang Petrochemical and Shanghai Petrochemical.Even with Shanghai Petrochemical’s profitability indicator, Zhejiang Petrochemical’s advantages are still obvious, mainly because Zhejiang Petrochemical will process crude oil into higher value-added chemical products, and try to reduce low-value-added refined oil products.Chemical products accounted for 54%.At the same time, Zhejiang Petrochemical has advantages 深圳桑拿网 in auxiliary materials, public works and labor in the processing process. On the whole, Zhejiang Petrochemical’s net profit per ton of refining is 259 yuan / ton higher than that of Shanghai Petrochemical. Specifically, if the consumption tax is not considered for processing 1 ton of crude oil, the revenue of Shanghai Petrochemical is 5180 yuan, and that of Zhejiang Petrochemical is 5697 yuan, mainly due to the higher proportion of chemical products produced by Zhejiang Petrochemical.From the perspective of full cost, excluding consumption tax, the total cost of Zhejiang Petrochemical is 5051 yuan / ton, Shanghai Petrochemical is 4793 yuan / ton, Zhejiang Petrochemical is 258 yuan / ton more than Shanghai Petrochemical; of which, Zhejiang Petrochemical auxiliary materials and specialThe engineering advantage is 291 yuan, and the labor cost advantage in operating costs is 127 yuan, which offsets the depreciation and amortization disadvantage of 302 yuan and the financial expense disadvantage of 176 yuan.In the end, Zhejiang Petrochemical was 387 yuan.Zhejiang Petrochemical’s single-ton profitability exceeds Shanghai Petrochemical by 259 yuan. In terms of amount, it means processing 1 unit of crude oil. If consumption tax is not considered, the conversion value of Shanghai Petrochemical is 1.Revenue of 53, while Zhejiang Petrochemical is 1.68, mainly due to the higher proportion of chemicals produced by Zhejiang Petrochemical.From the perspective of full cost expenses, excluding consumption tax, Zhejiang Petrochemical’s full cost expenses are 1.49, Shanghai Petrochemical is 1.42, Zhejiang Petrochemical has 0 more than Shanghai Petrochemical.07; Zhejiang Petrochemical’s advantages in auxiliary materials and public engineering are 0.086, the labor cost advantage in operating costs is 0.037, corrected the disadvantage of the depreciation stalls 0.089, the disadvantage of financial costs is 0.05.In the end, Zhejiang Petrochemical achieved a net profit per unit amount of zero.19, higher than 0 of Shanghai Petrochemical.114. 4.The investment proposal is based on the above calculations. With the alignment of 51% shareholding of Zhejiang Petrochemical by Rongsheng Petrochemical, it is estimated that the company’s net profit attributable to the parent in 2019/20/21 will be 27.97/69.29/90.71 ppm, PE is 26/11/8 times.Maintain the “Highly Recommended” rating. 5. Risk warning: the actual cost of oil price increases; downstream demand is less than expected; project construction progress is less than expected; changes in downstream product prices; and relevant national policies are significantly adjusted.