Sunshine City (000671): Outstanding performance, optimized debt structure, continuous improvement in cash flow

Sunshine City (000671): Outstanding performance, optimized debt structure, continuous improvement in cash flow
The main points of the report describe the company’s release of the 北京夜网 2019 semi-annual report.110,000 yuan, an increase of 48 in ten years.03%, achieving net profit attributable to mother 14.49 ppm, an increase of 40 in ten years.52%.The best average ROE is 6.92%, an annual increase of 1.72 points. Incident Review Revenue and performance have grown rapidly, and profitability has steadily improved.The company achieved revenue of 225 in the first half of 2019.110,000 yuan, an increase of 48 in ten years.03%, net profit attributable to mother 14.49 ppm, an increase of 40 in ten years.52%, the company’s revenue and profit scale grew rapidly.In terms of profitability, the gross profit margin of the company’s real estate projects in the first half of 2019 increased by 1 from the end of 2018.28 points to 26.93%, net profit attributable to mothers increased by 1 compared with the end of 2018.1pct to 北京夜网 6.44%, with an expected average ROE of 6.92%, an annual increase of 1.72pct, the overall profitability of the company has steadily improved. The debt scale was properly controlled, the debt structure continued to be optimized, and cash flow was outstanding.As of the end of June 2019, the company had short-term interest-bearing debt of 341.61 trillion, the proportion of interest-bearing debt fell 12 compared with the end of 2018.34 points to 30.47%, non-bank financing accounted for a decrease of 21 compared to the end of 2018.57pct to 31.00%, denying continuous optimization of the structure.Asset-liability ratio 83.58%, a decrease of 0 from the end of last year.85pct, 38% interest-bearing assets.84%, a decrease of nearly 4 pct compared with the end of last year, and a net debt ratio of 145.13%, a decrease of 37 from the end of last year.09 points.In terms of cash flow, the average return rate in the first half of 2019 was about 80.50% of the book currency funds at the end of the period 433.8,000 yuan, accounting for 15% of the total assets, to achieve full coverage of 341.US $ 6.1 billion of short-term interest-bearing debt, the company’s cash flow situation continued to improve. High sales growth, stable land acquisition, and continued layout of first- and second-tier core city circles.In the first half of 2019, the company’s contracted sales amount was 900.73 ppm, an increase of 28 in ten years.66%, contract sales area of 702.130,000 square meters, an increase of 53 in ten years.72%, with an average sales price of about 12,829 yuan / square meter (12,860 yuan / square meter in the same period in 2018).In terms of land acquisition, the company seized market potential to focus on land acquisition in first- and second-tier core cities and metropolitan areas, and obtained project cities including Beijing, Xiamen, Nanjing, Fuzhou, and Suzhou. The land reserve structure continued to be optimized.In the first half of 2019, the company added 526 land capacity.710,000 square meters, down 4 each year.56%, the overall land take rhythm is more stable.As of the end of the reporting period, the company’s accumulated land reserves totaled 4,396.350,000 square meters (estimated value of 5466.USD 7.8 billion, of which the tier-1 and tier-2 cities are expected to account for 85% of the future saleable value.93% (land reserve area accounts for 76.20%). Investment suggestion: Deep cultivating core cities in the first and second tiers, with high sales growth, there is still room for growth.The company’s sales increased, the debt structure was optimized, the repayment was efficient, and monetary funds improved.The property markets in core cities along the first and second tiers are picking up, and the company is deeply cultivating core urban circles, which may continue to benefit in the future.We expect the company’s EPS to be 1 in 2019-2021.10/1.63/2.21 yuan, corresponding to the current sustainable PE is 5.94/4.02/2.96. Maintain “Buy” rating. Risk Warning: 1. There are certain uncertainties in industry normative policies and project settlement progress, or they may affect the sales performance of listed companies; 2. Macroeconomic and liquidity fluctuations may have an impact on the company’s operations.


Boss Electric (002508) In-depth report: Gradually stepping out of the bottom of the cycle and looking forward to performance + estimation Davis double click

Boss Electric (002508) In-depth report: Gradually stepping out of the bottom of the cycle and looking forward to “performance + estimation” Davis double click
How to cross the cycle from 2010 to 2016?The reasons for the revenue end of the cycle are: 1. Kitchen appliances is a growth industry with an annual growth rate of 16%; 2. The company’s share continues to increase; 3. The average ex-factory price has increased by approximately 3% per year;The 南京桑拿网 reasons are: 1. Channel dividends and higher profit margin channel revenue share increased; 2. Fully benefit from the large cycle of falling raw material prices; 3. Benefit from channel structure changes and scale effects, the sales expense ratio has dropped significantly. Why no longer cross the cycle in 2017-2018?1. The scale and time of the second-tier real estate released this time reached the highest in history; 2. The channel dividend is no longer and the growth rate of high-margin channels is weakening; 3. The price of raw materials has risen sharply. The industry prosperity is expected to rebound in 2019-2020, and in the long run, the kitchen appliance market is expected to be 4 times the current scale.Short-term: first- and second-line kitchen appliances market: 2018.After April, sales of commercial housing in first- and second-tier cities have picked up, and the trend continues.The third- and fourth-line kitchen appliances market: 2019-2029 does not need to be too pessimistic, the completion of improvement and core brand penetration is still low are the core reasons.Long-term: The long-term potential market size of the kitchen appliance industry is expected to be around 400 billion, and the industry retail sales growth rate in the next 10 years is expected to be between 10% and 15%. Look at the company’s core competitiveness from the brand, channel and product side.The company’s core competitiveness is mainly reflected in the popular high-end brand image and excellent brand publicity experience, a comprehensive three-dimensional channel structure and the ability to quickly adjust channel trends, intelligent manufacturing capabilities in leading industries, and continuous improvement of product development levels;Analysis and calculation of the company’s future growth.Through separate calculation of smoke stoves and embedded categories, the company’s revenue growth center is expected to be 15 in the next 15 years.About 2%.On the profit side, there are several advantages: 1. Raw material prices may enter a large cycle of decline; 2. Embedded product production and adjustment of sales channels; 3. Channels tend to be transformed and channel profits are released; 4.Under the effect of scale, production efficiency increased, and the expense ratio further decreased.It is expected 深圳桑拿网 that the long-term company will still be able to maintain a profit margin level of more than 20% at this stage. Investment suggestion: It is expected that the company’s EPS for 2018-2020 will be 1.56 yuan, 1.79 yuan, 2.10 yuan; the corresponding PE is 20 respectively.1, 17.5, 14.9. Maintain “Buy” rating risk warning: demand is below expectations, raw material prices continue to rise


Founder Motor (002196): Excellence in the success of the CRRC Transportation Industry Platform is worth looking forward to

Founder Motor (002196): Excellence in the success of the CRRC Transportation Industry Platform is worth looking forward to

Event On August 23, the company issued a notice of change of the actual controller. Zhang Min, the actual controller, completed the transfer registration with Zhuoyou Automobile. After the equity change was completed, Zhuoyou Automobile held a total of 40 million shares, accounting for 8% of the total share capital.

53%, and Mr. Zhang Min holds 12% of the shares of the remaining listed companies to distribute voting rights, and Hanjiang Equipment, a person acting in concert with outstanding automobiles, holds listed companies4.

With 27% equity, the influence of Zhuoyue Auto’s voting rights at the shareholders’ meeting has been expanded to 24.

81% became the company’s controlling shareholder.

A brief comment on the high-premium acquisition, highlighting the excellent confidence of the company in the company’s development prospects. The agreement to transfer 18 million shares of 400 million for the transfer of the outstanding car, the transfer price reached 22.

27 yuan / share, which is higher than the previous premium, reflecting the excellent automobile’s confidence in the operating status and future development prospects of listed companies.

Zhuoyue Automobile is a leader in the manufacture of special vehicles. The transition direction and the company constitute a synergy effect.
Zhuoyue Automobile currently holds 90% of Chusheng Automobile’s distribution. Chusheng Automobile is a leading domestic manufacturer of special vehicles. In 2017 and 2018, the sales of special vehicles were 1 respectively.

14.1.

340,000 vehicles, achieving operating income of 10.

8.4 billion, 12.

670,000 yuan, net profit 1814.

50,000 yuan, 3654.

370,000 yuan.

Excellent cars are shifting to new energy, intelligent, and lightweight. It is expected to form synergy with Founder Motors business.

CRRC’s traffic control ability is evident, and the follow-up of large-scale industrial platforms is worth looking forward to. (1) Excellent automobile, shareholders are Deqing CRRC Green Pulse New Energy Investment Center (Deqing Fund), Shanghai Zhongzhen Transportation Equipment Co., Ltd., And Deqing Fund, China Zhen Transportation has a common shareholder CRRC Urban Transportation Co., Ltd. (CRRC Transportation), and the general partner and executive affairs partner of Deqing Fund are CRRC Green Pulse, and CRRC Green Pulse’s controlling 重庆耍耍网 shareholder is CRRC.Car traffic.

(2) CRRC Transportation is a mixed-ownership enterprise initiated by China Railway Group and local state-owned and strategic investors. It is positioned as a test field for state-owned capital investment, a pathfinder for business model innovation, and a carrier for CRRC brand output.
The company has achieved rapid growth in the past three years, with revenues of 17 in 2016-2018.

2, 42.

8, 112.

70,000 yuan, with total assets of 5, respectively.

5, 13.

8, 27.

500 million.

The company’s main business is to provide overall urban low-emission public transportation solutions, including rail, tram, BRT, new energy transportation, intelligent parking garages, charging facilities and other internal green, intelligent, three-dimensional public transportation systems.Integrated services such as overall planning, R & D customization, investment construction, operation and maintenance.

(3) In terms of industrial synergy, Founder Motor’s new energy drive motor series products have established supporting cooperative relationships with domestic new energy vehicle companies such as SAIC, Yuchai Group, Geely Automobile, etc., and independent research and development of new energy system drive integration projects have achieved batches.After the completion of the acquisition, the company will obtain CRRC’s large-scale transportation industry platform, and Deqing Economic Development will recommend and endorse the government platform. In particular, it will give priority to the CRRC transportation system for enterprise electric drive system integration and low-emission technology product orders.Many quality customers and orders.

(4) In terms of R & D synergy, CRRC Transportation, the major shareholder of Excellent Automobile, and Tongji University jointly created CRRC MRT Research Institute to provide listed companies with R & D technical guidance and support, and merged listed companies to introduce high-level technical talents.

(5) In terms of strategic synergy, Zhuoyue Automobile will gradually establish a global design for new energy special vehicles, a sales headquarters and a core base for “oil-to-electricity” vehicle manufacturing. After the acquisition, it will realize resource sharing and complementary advantages with listed companies, and further enhance the profitability of listed companies.ability.

Continue to increase the new energy vehicle motor business, and the potential of high-quality customer resources to support the potential release the company to embrace the changes in the new energy vehicle market, continue to promote the development and mass production of electric drive integrated systems, and develop and deploy flat wire motor products.

The company plans to increase the annual output of 350,000 new energy vehicle drive motors and electric drive integrated system projects, and continue to increase the layout of new energy vehicle motors.

As a leading company in the domestic new energy drive motor and electric drive system industry, the company’s comprehensive market share is nearly 7%, and the market share of logistics vehicle assembly products ranks first in the country.

The company’s drive motor products cover a full range of electric vehicles such as passenger cars, logistics vehicles, low-speed vehicles and buses, and have entered Wuling, Geely, Zotye, Dongfeng, Yuchai, Yutong, Yujie and other supporting systems.

The company successfully entered the Geely supply chain, marking that the company’s passenger car motor supply models have expanded from A00 to A.

Excellent customer resources form a strong support for the company’s revenue explosion.

Profit forecast we expect the company 2019?
2021 revenues are 14 respectively.

40,000 yuan, 16.

2.2 billion, 19.
610,000 yuan, the net profit attributable to the mother is 0.

5.7 billion, 1.
0.7 billion yuan, 1.

500,000 yuan, the current corresponding PE is 45.

47, 24.

20, 17.

27 times.

Maintain “Buy” rating.


Xinlitai (002294): Intensify innovation and outreach to cope with policy changes

Xinlitai (002294): Intensify innovation and outreach to cope with policy changes

The company reported annual operating income of 46.

5 billion (+11.

99%), net profit attributable to mother 14.

600 million (+0.

44%), deducting non-net profit 14.

0 billion (+0.

66%).

The growth was in line with expectations. The growth rate of revenue decreased by 2pp compared with the first three quarters, and remained stable; the growth rate of non-net profit decreased by 3pp, which was basically flat.

Compared with last year’s nominal, gross margin was -1.

4pp, sales expense ratio + 1pp, management plus R & D expense ratio + 1pp, resulting in revenue growth and flat profits.

Clopidogrel maintains a steady growth. It is estimated that last year, clopidogrel maintained a slightly higher growth rate of 10% and entered the Guangdong market. With the aging of the domestic population, the amount of PCI surgery is far from being saturated in Europe and the United States.Annual domestic PCI surgery volume is expected to maintain a growth rate of about 15%.

The main specifications of 25mg and 75mg were the first to pass the consistency assessment. At the end of last year, the “4 + 7 quantity purchase” won the bid. The drug consumption in 4 + 7 cities accounted for about 20% of the total drug consumption.The growth and growth of the industry itself is expected to remain stable this year.

With the advancement of 杭州夜生活网 volume procurement in the future, it may lead to a decline within pairs.

New products continue to increase volume, pay attention to the impact of volume purchases. In addition, alisartanate enters the volume phase after entering medical insurance. It is estimated that last year’s sales revenue exceeded 100 million yuan, which continues to explode. Alisartanate as a new drug patent expires in 2028. It will be affected by volume purchases in the future.Smaller, but the price reduction of hypertension drugs will also bring a certain impact; Bivalirudin has also entered a period of rapid growth after years of cultivation. Last year, it entered the local medical insurance directories of 5 provinces and cities, and hospital access continued to refine the target customers.Management, accelerating the penetration of prescriptions, and the continuous growth of sales. As the current market share of bivalirudin is already high, the price drop in the future with volume purchases will have an impact.

After Tigrelor was approved for listing, the hospital 100 has been formally developed to form a complementary synergy with clopidogrel.

Leading the follow-up through the consistency assessment product for at least one year, it has a clear advantage in future volume procurement.

Profit forecast and investment recommendations for companies expected in 2018?
The EPS in 2020 will be 1.

43 yuan, 1.

44 yuan, 1.

47 yuan, corresponding to PE is 16.

9 times, 16.

8 times, 16.

4 times.

Give a target price of 28.

6 yuan, giving the company an “overweight” rating.

Risk reminder: the impact of procurement with volume, second-tier product volume is less than expected, new product development is less than expected


Huadian International (600027) 2019 Semi-annual Report Review: Volume and Price Efficiency Rise, Performance Improves Quarterly

Huadian International (600027) 2019 Semi-annual Report Review: Volume and Price Efficiency Rise, Performance Improves Quarterly

Interim report revenue for 2019 + 5%, net profit attributable to the parent + 66% The company’s 2019H1 revenue +5.

21% to 437.

2.0 billion, net profit attributable to mother +67.

43% to 16.

5.2 billion.

The 2019Q1 performance +12.

60% to 7.

740,000 yuan, 2019Q2 performance +193.

41% to 8.

7.8 billion.

The rise in volume and price on the income side and the increase in cost-side efficiency are the main reasons for performance growth.

21% or 21.

6.5 billion, mainly due to installed capacity +8.

64%, power generation +5.

54%, electricity price +1.

56%; ② cost +3.

81% or 13.

US $ 8.8 billion, less than the increase in revenue, maximizing fuel efficiency and operating efficiency; ③ Fuel efficiency: Calculate the unit price of standard coal +0.

86%, coal consumption fell by 0%.

87%.

Therefore, the unit fuel cost of electricity sales has dropped to zero.

01%, but not as good as Huaneng International 5.

57% reduction; ④ Operational efficiency improvement: Measure non-fuel cash cost of electricity -5.

38%, which is equivalent to thickening profits6.

5 ppm; ⑤ period cost rate -1 pct to 7.

46%, mainly due to lower financing costs, financial expenses fell 53.26 million yuan.

⑥ The performance growth rate is increasing quarter by quarter, mainly due to the increase in electricity prices in Q2 2019, and the error rate has dropped many times during the period.

Electricity prices benefit from the reduction in the growth rate, the market share of electricity has increased significantly, and wait for the subsequent reform of electricity prices. The company’s 2019H1 on-grid electricity price +1.

56% to 414.

58 yuan / kWh.

In the second quarter of 2019, the growth rate of the power industry dropped from 16% to 13%. The benchmark electricity price of thermal power has not been profitable, so the tax-free electricity price 杭州桑拿 has increased by a quarter.

The proportion of market electricity increased greatly13.

17 pct to 48.

99%, but it is estimated that the discount rate is stable and the impact is controllable.

The National Development and Reform Commission promotes the full liberalization of electricity consumption and on-site trials in the operating industry. The market share of electricity may continue to expand, and the electricity price mechanism may shift to a “benchmark + floating” model, which more accurately reflects the power supply and demand and generation costs.

Looking forward to the subsequent decline in coal prices, driving performance to continue to repair We believe that macroeconomic pressure and the strengthening of ultra-high pressure on clean energy delivery will drive coastal coal demand weaker.

The release of high-quality production capacity and the cost savings of imported coal will also optimize the supply environment for thermal coal, driving long-term declines in thermal coal prices.

Thermal power companies are expected to save coal costs and effectively hedge against the pressure of increasing power generation. Investment suggestion: Maintain “overweight” rating. We fine-tune the company’s profit forecast for 2019-2021 by +0% /-1% /-2% to 28.

47/35.

20/40.

45 ppm, corresponding to a dynamic PE of 14/11 / 10x, and the company’s current PB is 0.

93x, at a historically low level, maintaining the “overweight” rating.

Risk Warning: Electricity demand falls short of expectations, coal prices fall below expectations, electricity prices fall sharply


Jiajiayue (603708) Annual Report 2018 Review: Tuodian’s Orderly Growth in Gross Margin Steady and Rising

Jiajiayue (603708) Annual Report 2018 Review: Tuodian’s Orderly Growth in Gross Margin Steady and Rising

Event: On April 19, 2019, Jiajiayue released its 18-year annual report, and the company achieved operating income of 127 in 2018.

31 ppm, an increase of 12 per year.

36%; net profit attributable to shareholders of the parent company4.

30 ppm, an increase of 38 per year.

35%.

Basic income is 0.

92 yuan, in line with our expectations.

The company plans to use the total share capital4.

With 6.8 billion shares as the base, a cash dividend of 5 per 10 shares is distributed to all shareholders.

6 yuan (including tax), a total of 2 dividends paid.

62 trillion (including tax). At the same time, it is planned to transfer capital reserves to share capital of all shareholders of the company, and increase 3 shares for every 10 shares.

Opinion: The gross profit margin of the main business increased by 0.

19 units, the expense ratio increased by 0.

22 units.

The company’s main business gross profit margin increased by 0 in 2018.

19 up to 17.

42%.

In terms of categories, the fresh gross profit margin increased by 0.

45 single to 15.

79%, every time the gross profit margin of food chemical washing is increased by 0.

29 up to 18.

29%, the gross margin of department stores decreased by 1 in ten years.

45 average to 20.

66%.

By region, the gross margin of Jiaodong area increased by 0.

18 up to 17.

42%; non-Jiaodong area gross margin increased by 0.

2 up to 17.

36%.

The non-Jiaodong region’s gross profit margin increased at a faster pace and operating efficiency improved.

In terms of expense ratio, sales expense expense is 15.

94%, roughly stable; the increase in management expense ratio increased by 0.

2 up to 2.

37%, mainly due to the merger of wiki chain and employee budget growth under non-same control; the 北京桑拿洗浴保健 increase in financial expense ratio increased by 0.

09 averages to -0.

47%, mainly due to the impact of the wiki chain index expenditure.

Qingdao Wiki started contributing profits in the second half of 2018.

The company holds 51% of Qingdao Weike. Qingdao Weike reduced 8.28 million yuan in the first half of the year after the consolidation in March 2018.Qingdao Wiki achieved net profit of 163 in 2018.

With a calculation of RMB 0.6 million, Qingdao Wiki achieved net profit of RMB 9.99 million in the second half of the year, and the transformation effect began to show. We believe that Qingdao Wiki’s continuous same store optimization and efficiency improvement after the acquisition will further increase profitability in 2019.

The expansion of stores was carried out in an orderly manner, with a net increase of 57 stores in 2018.

In 2018, the company added 85 new stores, including 19 hypermarkets, 40 general supermarkets, 14 specialty stores such as Baby Yue, and 12 convenience stores.

Among them, there are 49 new stores in Weihai and Yantai, and 36 new stores in Qingdao and Jinan.

Due to reasons such as store operation failures or contract termination, the company closed a total of 28 stores in 2018.

As of the end of 2018, the number of chain stores of the company increased by 57 stores to 732, including 105 hypermarkets, 542 general supermarkets, 56 specialty stores such as Baby Yue, 12 department stores, and 17 convenience stores.

Yantai Logistics Industrial Park and Laiwu Fresh Processing Logistics Center will be successively adopted in 2019.

The Yantai Comprehensive Industrial Park project (100,000 square meters) currently under construction by the company is currently about 6.

The 30,000-square-meter logistics center and office building civil works have been completed, and it is expected to be partially transplanted in 2019.

Jinan Laiwu Raw Fresh Processing Logistics Center Project (3.

420,000 square meters) the main construction is completed, the installation project is about 70% completed, and it is expected to be partially replaced in 2019.

At the same time, the wiki Qingdao logistics center (2.

930,000 square meters) standardization renovation project is expected to be completed in June 2019.

After going into use of these three logistics projects in 2019, I think the company’s supply chain capabilities will be strengthened, especially the Laiwu Fresh Processing Logistics Center will help the company’s newly opened stores in Jinan to provide better freshTo meet customer needs and improve operational efficiency.

Earnings forecast and rating: We estimate that the company’s net profit attributable to its parent for 2019-2021 will be 4 respectively.

9.7 billion, 5.

6.6 billion, 6.

3.5 billion; according to the company’s current 4.

Calculated on the total share capital of 6.8 billion shares, the diluted earnings are 1 respectively.

06 yuan, 1.

21 yuan, 1.

36 yuan.

Maintain the “overweight” rating.

Risk factors: Consumption recovery is not up to expectations, store expansion is not up to expectations, same-store growth.


Yonghui Supermarket (601933): The size and performance of the first three quarters are in line with expectations. Maintain recommendation.

Yonghui Supermarket (601933): The size and performance of the first three quarters are in line with expectations. Maintain recommendation.

1.Event summary In the first three quarters of 2019, the company achieved total operating income of 635.

43 ppm, an increase of 20 per year.

59%; realized attributable net profit of 15.

38 ppm, an increase of 51 in ten years.

14%; attributable non-net profit 12.

69 ppm, an increase of 45 in ten years.

81%; net cash flow from operating activities was 22.

830,000 yuan, a decrease of 4 over the same period last year.

55%.

2.Our analysis and judgment (1) Benefiting from the acceleration of the exhibition stores, the increase in scale and performance of new stores continued to increase the company’s total operating income in the first three quarters of 2019 to achieve 635.

43 trillion, an increase of 108 over the same period last year.

51 ppm, an increase of 20 in ten years.

59%.

Among them, the company’s retail business in the first three quarters achieved revenue of 588.

21 trillion, an increase of 96 over the same period last year.

84 ppm, an increase of 19 years.

71%, contributing 89 to the company’s total revenue year-to-date.

25%.

Divided by quarter, the company’s retail business achieved revenue of 206 in the first three quarters.

54/174.

72/206.

95 trillion, an increase of 31 over the same period last year.

19/30.

25/35.

400,000 yuan, achieving a ten-year growth.

79% / 20.

95% / 20.

64%, of which the single quarter in the third quarter contributed 36 to the increase in revenue since the beginning.

56%, slightly higher than the single quarter contribution value of the previous two quarters.

In view of the newly opened stores in the first three quarters, the company opened 21/25 (not including 38 Parkson Yonghui stores) / 34 in Q1 / Q2 / Q3 of the company in 2019, and opened 19 new stores in the same period last year26/25 comparisons can be ground. The number of new stores opened in the third quarter of this year was significantly higher than last year.

Service segment business achieved revenue of 47 in the first three quarters.

22 trillion, an increase of 11 over the same period last year.

68 ppm, an increase of 32 in ten years.

84%, accounting for 7 of the total revenue in the first three quarters.

43%, compared to the same period last year 6.

75% of revenue accounted for a slight increase of 0.

68 units contributed 10 to the company’s revenue growth in the first three quarters.

75%. Taken together, the core driving force behind the company’s good revenue growth in the first three quarters came from the chain supermarket format in the retail sector. Specifically, it was mainly due to the significant increase in newly opened stores in the third quarter from last year.

Divided by theater, the company achieved revenues of 99 in the first three quarters of the first to tenth theater.

24/68.

57/90.

17/110.

06/67.

96/23.

32/44.

48/45.

30/19.

75/19.

3.6 billion, an increase of 5 over the same period last year.

84/6.

63/17.

32/12.

07/15.

42/11.

59/7.

35/9.

18/4.

98/6.

4.5 billion US dollars, achieving annual growth of 6.

25% / 10.

71% / 23.

78% / 12.

32% / 29.

36% / 98.

75% / 19.

80% / 25.

40% / 33.

68% / 50.

03%.

It can be seen that the first three quarters that contributed to the company’s retail business revenue increase are the third theater (Zhejiang, Jiangsu, Shanghai) / fifth theater (Sichuan) / fourth theater (Chongqing, Hubei, Hunan), threeThose who contributed 17 respectively.

89% / 15.

93% / 12.

47% revenue increase, contributing 46 in total.

29% revenue increase.

From the perspective of revenue ratio, the company’s revenue ratios in the first to tenth theater are 16 respectively.

87% / 11.

66% / 15.33% / 18.

71% / 11.

55% / 3.

96% / 7.

56% / 7.

70% / 3.

36% / 3.

29%, a change of -2 from the same period last year.

14% /-0.

95% / 0.

50% /-1.

23% / 0.

86% / 1.

58% / 0.

01% / 0.

35% / 0.

35% / 0.

67%.

It can be seen that the sixth theater (Guangdong), the tenth theater (Shaanxi, Ningxia), and the fifth theater (Sichuan) have seen a significant increase in the proportion of revenue in all theaters across the country.The proportions increased by 1 compared with last year.

58% / 0.

86% / 0.

67%, but the total contribution of the above three places to the first three quarters of revenue increase is about 34.

56%, corresponding to a total revenue share of about 18.

81%, it is difficult to drive the rapid growth of the entire retail sector.

Among them, the obvious reason for the increase in revenue in the sixth theater (Guangdong theater) was mainly due to the consolidated revenue of Baijia Yonghui stores.

In the first three quarters of 2019, the company achieved net profit attributable to mothers15.

380,000 yuan, an increase of 5 over the same period last year.

20 ppm, an increase of 51 in ten years.

14%; net profit after deduction to non-mothers in the first three quarters was 12.

69 ppm, an increase of 3 per year.

99 ppm, an increase of 45 in ten years.

81%.

Non-recurring gains and losses in the first three quarters totaled 2.

70 ppm, of which non-current asset disposal gains, government subsidies included in the current profit and loss and the impact of earnings were 9695.

91/7097.

49/6699.

380,000 yuan, contributing a total of 87 non-recurring gains and losses in the first three quarters.

15%.

Divided by quarter, the company achieved net profit attributable to mothers in the first three quarters of 201911.

24/2.46/1.

69 trillion, an increase of 3 over the same period last year.

76/0.

60/0.

850,000 yuan, an increase of 50 in ten years.

28% / 32.

25% / 100.

30% in the first three quarters of the first quarter contributed 72% of the net profit increase of the mother.

31%.

In addition to the effects of new store openings and same-store operations and other related factors on net profit attributable to mothers, other factors affecting net profit attributable to mothers include: 1) The company confirmed the replacement of color food in the first three quarters.

2.6 billion investment income.

2) The company confirms the cost of equity incentives 2.

03 ppm; 3) The company’s confirmed investment possibility for affiliates including Yunchuang, Caishixian, and Shanghai Vegetable Yonghui2

$ 4.5 billion, compared with 0 in the previous two quarters.

72/0.

At the level of 78 million, the single-quarter excess in the third quarter expanded slightly to zero.

9.6 billion yuan.

Taken together, the first three quarters benefited from the positive contribution of the number of new stores to the scale and the continuous growth of same-store revenue, showing a trend of accelerating growth of net profit attributable to mothers in a single quarter.

(2) In the first three quarters of 2019, the comprehensive gross profit margin increased by 0.

05pct, the cost rate during the period decreases by 1 every year.

34pct’s consolidated gross profit margin for the first half of 2019 was 21.

88%, an increase of 0 from last year.

05 averages.

Among them, the gross profit margin of the first three quarters of the retail business was 16.

24%, a decrease of 0 compared with the same period last year.

79 units. Based on this, the increase in the company’s comprehensive gross profit margin was mainly due to the increase in the gross profit margin of the service sector.

Looking at the retail business by region, the gross profit levels of District 1 / District 2 / District 3 / District 4 / District 5 / District 6 / District 7 / District 8 / District 9 / District 10 were respectively 16 gross margins.

45% / 15.

14% / 15.

83% / 17.

05% / 16.

63% / 17.

30% / 15.

05% / 15.

34% / 16.

05% / 18.

56%, a change of -2 from the same period last year.

29 / -0.

90 / -0.

65 / -0.81 / -0.

16 / -1.

65/0.

29 / -0.

53 / -0.

40/2.

90 units.

From an absolute point of view, the gross profit levels of the ten districts / six districts / four districts rank among the top three; from the perspective of changes, only the ten districts (Shaanxi, Ningxia) and the seventh district (Hebei, Henan, Shanxi) achieved growth, and the restThe rest appeared to varying degrees in each district.

The gross profit margin of District 1 (Fujian) decreased by 2 compared with the same period last year.

The 29 largest, the largest decline, may initially be due to the removal of the relatively high gross margin Yunchuang and Caishi fresh plates in the final period, which caused the gross profit margin of the Fujian region, which is the business center of the two large plates, to be affected, while the six districts ((Guangdong) The sharp decline in gross profit margin may be initially due to the unfavorable interest rate of Baijia Yonghui, which lowered the region’s gross profit margin.

During the first three quarters of 2019, the company’s comprehensive expenses during the period18.

97%, a decrease of 1 from the same period last year.

34 units.

Among them, the sales / management / financial expense ratio is 15 respectively.

72% / 2.

88% / 0.

37%, corresponding to changes of -0 in the same period last year.

23 / -1.

36/0.

26 averages.

The decrease in the sales expense ratio was due to the fact that the cost of newly opened stores in the first three quarters had not increased as much as the scale of revenue; the decrease in the management expense ratio was mainly due to the decrease in reporting and diversity incentive expenses year-on-year over the previous period; the complexity of the financial expense ratioThe increase was due to the company’s faster opening of stores in the first three quarters and additional short-term extensions of foreign investment, which increased by 35 compared with the third quarter of the previous quarter.

0.6 billion, reaching 70.

US $ 9.6 billion, budget interest expenses increased, of which interest expenses increased by 1 over the same period last year.

6.6 billion.

(3) Accelerated expansion of stores, digital technology synergies to improve the drainage effect In the first three quarters of 2019, the company opened 118 new supermarkets (including the original Top 100 Guangdong stores, excluding Yonghui mini stores, Yonghui Life, super samples).

At the end of the third quarter, the company has opened a total of 826 stores, covering 24 provinces and municipalities across the country, achieving full coverage in first-tier to sixth-tier cities; it is reported that the company may sign 58 new Yunchao stores.

The company has been steadily advancing its store growth strategy. Although newly opened stores have increased daily operating expenses such as manpower, rent, utilities, etc., due to the continuous increase in the number of newly opened stores and the increase in customer flow from old stores, the company’s operating income has also steadily increased.
We expect that the company will continue to actively promote the nationwide expansion of offline stores in the future and strengthen the advantages of offline channels.

In the first half of 都市夜网 2019, the company is committed to building an omni-channel operation marketing platform to help the company’s strategic development.

First, promote the development of C-side applications that support the home business, expand new channels to acquire customers: complete community group purchases, and implement the development and promotion of Yonghui Supermarket mini programs.

The emerging community group purchases are convenient for picking up goods, and the advantage of cheap products has attracted the participation of community consumers.

At present, Yonghui Supermarket has promoted community group purchases in more than 300 stores, with a cumulative user base of more than 70,000 and valid orders over 100,000.

In the future, the growth of the community group buying segment is expected.

Secondly, to promote the continuous construction and optimization of the platform supporting the home system, and improve the efficiency of operation and management: It is reported that the company has improved and promoted the application of store mobile management cloud POS system and code scanning and purchase, and also promoted the development and implementation of the supply chain in China and Taiwan.The promotion of the back-office applications has provided continuous business service support for the company’s operations.

Third, comprehensively promote the application of data intelligent innovation: the company trials warehouse-side sales forecasting applications, and completes application promotion trials based on membership avatars and satellite warehouse smart fulfillment applications. These applications will help in storage, marketing, and fulfillment in the future.The company saves resources and ensures efficient business operations.

(IV) The expansion of the MINI store format has accelerated, and the cloud gold business has developed at a high speed. The performance of the company has been tested in the first half of 2019. The company’s innovative MINI format has been terminated. At the end of the third quarter, the company’s MINI store format has covered 50 cities in 19 provinces., A total of 510 opened, with an average area of 440 square meters.

Yonghui Supermarket’s MINI Store is another shift of Yonghui Supermarket’s entry into the new retail fresh produce track.

MINI stores are based on serving the needs of the community. With the help of the company’s efficient supply chain and the home-grown business provided by Yonghui’s self-developed grocery shopping app, MINI stores will become the company’s leading breakthrough in online retail in the future.

The company’s cloud gold business segment continued to develop at a high speed, and the number of registered customers reached 23 in the first half of 2019.

10,000, a long-term cumulative payment of 146.30,000 yuan, loan balance 27.

600 million, non-performing rate 0.

59%, the loan balance grows an average of 79% each year, operating income1.

07,000 yuan, an increase of 181% over last year.

As the company’s emerging financial business segment in recent years, the restructuring of the company’s financial services sector can increase the company’s fundraising channels and enable the company’s performance to benefit from the high gross profit margin of financial services.

3.Investment suggestion: The number of newly opened stores of the company has increased significantly. While expanding the scale of offline stores, it has continued to upgrade its format. The innovative format of MINI stores has expanded well.

At the same time, science and technology enable the optimization of inventory management, the opening of sales channels, and rich marketing methods. Technology has laid a good foundation for the company’s future growth.

In addition, the company’s Yunjin format has developed well.

We are generally optimistic about the growth space of future scale and performance.

In the first three quarters of 2019, the company’s main operating indicators are obviously better. Combining with the company’s return to its roots and the strategic goals of energy conservation and efficiency, the company is expected to achieve revenue of 864 in 2019/2020/2021.

91/1024.

15/1207.

07 million yuan, achieving net profit attributable to the parent company 21.

47/31.

34/38.

99 trillion, corresponding to PS0.

91/0.

77/0.

65 times, corresponding to PE44 / 38/31 times, maintaining the “recommended level”.

4.Risk reminder: The risk that online channels will cause an impact on offline physical business; the risk that store expansion will be lower than expected; and the risk of increased competition in the industry


U.S. Treasury yields are upside down: How powerful is the lethality of A shares?

U.S. Treasury yields are upside down: How powerful is the lethality of A shares?
Source: Brokerage China High Energy Forecast!March and 10-year US Treasury yields are upside down in early 2007!The result is a global sell-off on Friday.  From the perspective of global stock markets, the US stock market Dow plunged 460.At 19 points, the S & P fell 1.9%, the worst performance since January, the Nasdaq fell 2.5%.The British FTSE 100, which closed earlier, fell 2.01%, the French CAC40 fell by 2.02%, Germany’s DAX30 fell by 1.61%.  So what exactly does this “upside down” that hasn’t been seen in 12 years reappear?The inverted yield curve is widely regarded as an accurate indicator of economic recession.Economic events in history also show that after such an upside-down, a recession or economic crisis will indeed occur.  Some professionals also believe that more time needs to be observed. If the upside down persists, the risk may be greater.However, in the short term, the A-share market may also encounter some emotional and financial tests.  According to statistics from research institutions, in the past 50 years, a total of six 3M US bond yields have exceeded 10-year US bond yields. The 杭州桑拿网 average economy collapsed after 311 days after the interest rate signal was released.Inversions occurred in 1989, 2000, and 2007, and economic recessions occurred in 1990 and 2001. In 2008, there was an economic crisis.To be sure, the short-term bond yield and the long-term bond yield are inverted, and they are an out-of-the-box “ghost.”So, how much influence will this time have?  Some insurance asset managers said that the US long-term bond interest rate may be temporarily inverted due to the inertia of the dovish speech.The U.S. fund should be relatively accommodative, and the Fed has signaled that it will not raise interest rates for the time being.He believes that upside down will only be maintained for a long period of time, that is, investors in risk markets such as the stock market have poured into the bond market to hedge, and believe that this risk will continue for a long time, so they concentrated on snapping up long-term bonds., Resulting in a rapid decline in long-term interest rates.In the short term, long-term inflation pressures will cause short-term interest rates to rise.This is indeed a very bad thing.  Generally, bond traders use short-term debt pledge financing and leverage to buy long-term bonds. Short-term interest rates increase long-term interest rates, which means that the benefits of holding long-end bonds cannot cover financing costs.At this time, adding leverage can’t get more returns, but it means that the returns are smaller or even possible.If the contraction fails to release water and lower the short-end interest rate, then bond traders will sell long-end bonds to de-leverage, the price of long-end bonds will fall, and the yield will rise. At this time, the yield curve will turn upside down to bear flat.If the starting point comes out and the short-end interest rate is lowered, then bond traders will maintain leverage and not sell the long-end interest rate, and the yield curve will shift upside down and turn sharply downward.This is exactly the same attitude.  External analysts believe that it is time to consider global economic issues.Economic data released on Friday was not optimistic. French production and service data have been reduced to three-month and two-month lows, and production data for the entire European region has shifted to their lowest level since April 2013.Gregory Dakow, an economist at the University of Oxford, said in a letter to clients that the inversion of long-term and short-term Treasury interest rates means that the economy has entered a new normal.The level of global growth rate remains low, and global growth is driving down long-term interest rates. This is the continuation of the inversion of long-end government bond yields and short-end government bond yields.Upside down often means a recession, which may not happen immediately, but since the 1980s, an economic recession has occurred in two years after the upside down.  In the battle for “Bright Top”, the pressure on the bulls increased sharply. The external market suddenly launched a “cold arrow”, adding pressure to the A-share bulls to break.And the recent star fund manager Chen Guangming issued 6 billion-scale products, attracted 70 billion subscription funds, and it has aroused market attention.Some market participants believe that “net red funds” have appeared many times in the history of A shares, and this is also an important signal at the top of the market in the short and medium term.  In June 2015, there was a public fundraising fund that raised 20 billion yuan in three days. In January last year, Xingquan Yiyi sold out one day and raised 32.7 billion yuan. In June last year, a unicorn fund also appearedExceeded billions of wonderful scenes.Afterwards, the market all reached a relatively high point.This time, a large number of market players dubbed it “the bright top”.  Judging from the current situation, to break through the “bright top”, the bulls may face considerable pressure.  First of all, the downturn in the external market is an impact on the capital going north.Xu Biao, deputy director of the Tianfeng Securities Research Institute, said in a research report that an important variable that affects the withdrawal of Beihang funds from the A-share market is the sharp decline in peripheral markets.The northbound capital is the engine of the A share capital market. If the engine stalls, the market will naturally face a difficult test.  As a result, emotional surfaces may also be impacted.The rule that “every Monday must rise” has not been broken since the Year of the Pig, and if the market undergoes a major adjustment due to external shocks next Monday, it may affect bullish sentiment.Moreover, from the perspective of market structure, part of this wave of market growth is the change of the securities firms. If the sentiment turns from more to short, the biggest impact may also be the securities firms. The long-term influence index affects popularity.  Third, Liu Yuhui, chief economist of Tianfeng Securities, said on Weibo that the beta time of A shares may be over.In fact, the previous state of the A-share market is indeed true.If it does, it means that the systemic opportunities in the A-share market have at least reached the decay stage, and the rest may be alpha opportunities, that is, structural opportunities, stock selection opportunities.At this stage, the market’s earning effect will be severely weakened, which will affect the intensity and speed of subsequent entry funds.  Fourth, the starting point of the current market logic is M1 bottoming out.However, some analysts believe that the sustainability and intensity of the M1 rebound will be tested in March or in the near future.  Fifth, whether the concept of science and technology board will usher in “seeing the light to die” needs special attention.On the 22nd, the science and technology board first accepted 9 companies, and the market also began to tap other companies to be replaced.But for investors, another piece of information may have been overlooked: It is reported that the first listing of the science and technology board may not be released until October.This may be a long time for traders, and the variability of whether they can be approved for listing is also relatively large.In addition, the science and technology board concept stocks as a whole, the transaction is relatively crowded, Monday may test the market’s acceptance.  In summary, the start of the bull market must be driven by the estimated repair, or the denominator is the performance-driven, or the numerator is the risk-free interest rate is down.In-depth explanation of numerator or denominator changes.At this stage, the kinetic energy of the performance driver may not be enough, and whether the risk-free interest rate can continue to decline may need to consider whether there is indeed an incentive to reduce interest rates, which in turn leads to understanding and judgment of economic growth.The impurities that can be generated from the market are that the time to pick up the money may have passed, and structural opportunities still exist, but there are diminishing returns.Subsequent markets are also likely to hit new highs, which will require new catalysts.


Rongsheng Development (002146) 2018 Annual Report Comments: Sales Increased Nearly 50%, Settlement Meets Expectations

Rongsheng Development (002146) 2018 Annual Report Comments: Sales Increased Nearly 50%, Settlement Meets Expectations
Event: Rongsheng Development (002146) announced the 2018 annual report, showing that it achieved operating income of 563.6.8 billion, an increase of 45 previously.64%; net profit attributable to shareholders of listed companies is 75.6.5 billion, an 厦门夜网 annual increase of 31.31%; basic return 1.74 yuan. Opinion: The performance growth exceeds 30% in line with expectations.In 2018, the company achieved operating income of 563.68 ppm, an increase of 45 in ten years.64%; operating profit 110.69 ppm, an increase of 42 in ten years.51%; realized net profit attributable to owners of the parent company of 75.65 ppm, an increase of 31 in ten years.31%; basic return 1.74 yuan.As of the end of 2018, the company’s total assets were 2,277.62 ppm, an increase of 18 years.79%; owner’s equity attributable to shareholders of listed companies 335.84 ppm, an increase of 22 in ten years.08%; the company’s return on net assets is 24.89%, an annual increase of 2.45 units.The company intends to distribute cash dividends to all shareholders for every 10 shares4.50 yuan (including tax). Outstanding sales growth can be abundantly settled.Commercial housing sales contract area 983.400,000 square meters, the contract amount is 1015.6.3 billion, an increase of 54 each year.73%, 49.51%, sales growth is ideal, leading the industry.The project area carried over was 595.270,000 square meters, an annual increase of 30.39%; settlement income is 499.610,000 yuan, an increase of 44 in ten years.47%, the settlement growth rate is lower than the sales growth rate.The company received advance accounts 870 at the end of the period.500 million, 1 for 18 years of revenue.5 times, high performance guarantee in 2019. The start of construction has gradually improved the flow of funds.The company’s real estate development business has gradually reached 13 provinces, 2 municipalities, 1 autonomous region and 50 provinces including Liaoning, Hebei, Henan, Shandong, Shanxi, Jiangsu, Jiangxi, Zhejiang, Anhui, Hunan, Shaanxi, Sichuan, Guangdong, Tianjin, and Chongqing In more than 250 cities, more than 250 real estate projects are involved.The company achieved a floor area of 898.390,000 square meters, completed 92% of the annual start plan.54%; completed 615.650,000 square meters, completed 88 of the annual completion plan.92%; steady progress in construction.In 2018, the company realized sales recovery of 815 million and completed 101 of the annual plan.88%, accounting for 80 of the contract amount.25%, the return is relatively smooth.New financing amount 449.9.3 billion.Good sales receipts and financing have greatly improved the company’s cash flow situation and net cash flow from operating activities was 175.1.2 billion, continuing positive after 2017. The project has achieved steady progress.In 2018, the company seized the favorable opportunity of the market and acquired more than 89 land in more than 30 cities including Beijing, Tianjin and Hebei, the Yangtze River Delta, and the Midwest through various methods such as equity acquisition, bidding, auction, and old village renovation.The planned construction area is 760.530,000 square meters.As of the end of the reporting period, the company’s land reserve construction area was 3,613.540,000 square meters, which can meet the company’s development needs for about 3 years. The scale of the park continues to grow.The scale of the new industrial city and the benefits of both harvests, the linkage of the large real estate sector is evident.Rongsheng Xingcheng adheres to the goal orientation, and the annual goals are fully completed.In Xinxiang, Henan, Hengshui, Hebei, and Xiangyang, Hubei, have successfully settled down. The scale of the park has continued to grow, and in 2018, it achieved a net profit of 8%.12 trillion, to achieve a recovery of 35.6.2 billion.Actively promote the investment strategy of “large project resource introduction” and “industrial park building”, expand 20 land investment agreements, with a total investment of 4.5 billion yuan.?Nine new energy projects successfully created the development of new energy automobile industry and high-end machinery manufacturing industry; the establishment of Xinao food production base created a new era of food industry development; Aikesi auto parts production base, the first multinational enterprise landing parkTo successfully build the China-Korea Industrial Park. The wings of Rongsheng Kanglu became full.Kanglv Company vigorously promoted the “6 + N” strategic layout, and initially formed the “3 + 1” Rongsheng Kanglv International Resort business model.Signed a preliminary agreement of 50.9.8 billion yuan, 40 yuan received.7.7 billion yuan, operating income of 36.10,000 yuan, showing a strong impact of the new industry.In 2018, Rongsheng Kangyuan won 4 important conferences including “One Province, Three Cities” and four major conferences including the World Forum on Traditional Chinese Medicine and Health, participated in the International Tourism Media Summit, and successively published reports in mainstream media such as Xinhua News Agency and People’s Daily Online, The influence continues to expand. Investment suggestion: The company deeply cultivates the Beijing-Tianjin-Hebei region around the Bohai Sea, and continues to expand the layout of medium-sized cities in the Yangtze River Delta and surrounding areas of megacities.After 20 years of hard work and development, it has grown into one of the second and third tier cities’ highly competitive alternative enterprises.At the same time, the company’s diversified development path has gradually deepened and its performance has maintained rapid growth. It is worth looking forward to creating value 杭州桑拿网 for shareholders.The company’s sales increased significantly in 2018 and reached the expected results. At the same time, there are ample reserves of settlement resources, and the performance guarantee in 2019 is high.We expect the company’s expected earnings for 2019/2020 to be 2 respectively.25/2.7 yuan, the current expected corresponding PE is 5/4 times, giving the company a “recommended” rating. Risk warning: property market budget; sales are less than expected.


Three Trees (603737): Channel Expansion Achieves Significant Growth and Growth on the Fast Track

Three Trees (603737): Channel Expansion Achieves Significant Growth and Growth on the Fast Track

Event overview.

Three Trees announces 2019 performance forecast.

The company expects to achieve net profit attributable to mothers in 20193.

76-4.

2 billion yuan, an annual increase of 69-89%, corresponding to the net profit attributable to mothers in the fourth quarter of 20191.

04-1.

48 ppm, a ten-year increase of 11.

1-58.

3%.

The channel expansion has achieved remarkable results, driving a substantial increase in sales.

The company’s performance basically met our expectations.

Benefiting from the development of the B-end channel, the company’s coating sales volume growth in 2019 is strong. We expect the company’s sales volume to maintain a 50% growth in the fourth quarter of 2019, which will result in the company’s sales growth rate maintaining 50-60%.Revenue from construction business increased by 355% a year, further confirming its good channel expansion.

Cost reduction Costs are well controlled and profit margins are improved.

In 2019, the company’s main raw material titanium dioxide, emulsion and other prices fell by 8-20%, which led to the company’s coatings business gross profit margin rising. At the same time, as the company’s scale effect was gradually realized, the company’s expense ratio decreased.Rate drops down 2.

2 units.

In addition, the company’s non-recurring gains and losses in 2019 will increase by 16 million yuan each year after tax deduction, further increasing profits.

Increased concentration, rich domestic overtaking, and will still be on the fast track to development in the next 2-3 years.

According to data from the China Coatings Association, the CR100 in the coatings industry has increased by about 15 percentages in the past two years, and the revenue and profit growth of domestic-funded enterprises (about 15%) has clearly surpassed that of foreign enterprises (optionally slightly reduced).

Taking into account 1) downstream real estate, the concentration of the infrastructure industry has increased, and 2) more flexible project selection and response mechanisms for domestic-funded enterprises, we believe the above trend will continue.

In addition, the company’s acquisition of Dayu Waterproofing 深圳桑拿网 in 2019, and further integration of protection and coating, is expected to further enhance the company’s competitiveness in the hardcover and concentrated mining era. Therefore, we believe that the company will still be on the fast track in the next 2-3 years.

Investment Advice.

Slightly reduced sales assumptions, and concurrently slightly reduced the company’s net profit forecast for the mother to 2019-20214.

6% / 3.

1% / 0.

1% to 4.

02/5.

65/7.

86 ppm, an increase of 80 in ten years.

6% / 40.

7% / 39.

0%.

Taking into account 1) the company ‘s first- and second-line expansion of the company ‘s C-end has achieved initial results, product attributes have improved, and 2) the consolidation of the waterproofing industry has accelerated and cash flow is expected to improve.34% to 109.

08 yuan (Original: 夜来香体验网 81.

38 yuan), maintain “Buy” rating.

risk warning.

The channel development was less than expected, the cost was higher than expected, and systemic risk.