Kyushu Express (600998): 18 years of steady increase in operating scale and improved cash flow situation

Kyushu Express (600998): 18 years of steady increase in operating scale and improved cash 南京桑拿网 flow situation

The operating scale continued to increase in 2018, and net profit after deducting non-attribution increased by 21.

61% of 2018 realized revenue of 871.

36 ppm, an increase of 17 in ten years.

84%; net profit attributable to mother 13.

41 billion dollar integer 7.

26% (mainly in the same period in 2017, the company’s Hanyang plot of old city reconstruction project compensation compensation5.

2.8 billion budget cost is included in the asset disposal income), and net profit after deduction is returned to the mother12.

28 ppm, an increase of 21 in ten years.


In 2018, the company increased its account collection efforts, controlled sales of hospital customers during the accounting period, and increased the proportion of cash payments and settlements of downstream customers. The net cash flow from operating activities in 2018 was 12.

22 trillion, cash flow turned positive compared to 2017.

As a whole, the company’s operating scale continued to increase in 2018, cash flow improved, and overall operations continued to improve.

In the single quarter, the company achieved revenue of 233 in the fourth quarter of 2018.

900,000 yuan (+20.

05%), to achieve net profit attributable to mother 5.

6.9 billion yuan (+16.


In the third quarter of 2018 and the fourth quarter, the company’s cash flow from operating activities was 6.

6.9 billion, 54.

48 trillion, the company’s cash flow continued to improve in the third and fourth quarters.

  The equipment sector achieved rapid growth, and the benefit policy of the grassroots and retail and wholesale channels continued to grow in terms of varieties: 1. The company’s core western medicine and proprietary Chinese medicine sales maintained relatively rapid growth, achieving revenue of 685.

5.5 billion (+15.

37%), sales gross margin 8.

51% (+0.

41pp), of which prescription drugs (including double-span varieties) achieved income of 461.

3.9 billion (+16.

56%) accounted for 67% of drug sales.

30%; OTC sales achieved 224.

1.6 billion (+13.

01%), accounting for 32% of drug sales.

70%; 2. Sales of Chinese herbal medicines and Chinese herbal medicines achieved sales income of 33.

9.7 billion (+20.

53%), with a gross profit margin of 13.

74% (+0.

44pp); 3. The equipment and family planning business maintained a high growth rate and realized revenue of 112.

2.1 billion (+60.

85%), sales gross profit margin 7.

43% (-0.72pp). The main reason for the decrease in gross profit margin was the sale of professional products such as Johnson & Johnson ultrasonic knives and staplers.

49 trillion, and the decline in the gross profit margin of this part of the business; 4, the daily sales of food and other daily chemicals in 2018 37.

8.4 billion (-16.

13%), gross profit margin 8.

43% (+0.


From the point of view of channel structure: 1. Medical institutions achieved sales of 297.

3.4 billion (+33.

14%), with an income share of 34.

19% (+3.

9pp), of which 181 hospitals achieved sales revenue of 181.

9.5 billion (+24.

49%), more than 5,200 effective customers in hospitals above the second level; medical institutions below the second level achieved 115.

3.9 billion (+49.

55%), with an income share of 13.

27% (+2.

8pp). Through the advancement of graded and graded therapy, the company’s primary medical institution business has achieved rapid growth, with more than 77,000 effective customers.

2. Retail pharmacy wholesale channel realized income of 225.

6.6 billion (+33.

78%), with a revenue share of 25.

95% (+3.

07pp), of which the wholesale income for chain drug stores is 162.

1.7 billion (+34.

69%), and sales to monomer drug store customers were 63.

4.9 billion (+31.


3. Revenue from retail business in 19 years19.

6 billion (+4.

46%), of which, there are 1,287 good pharmacist physical stores (including franchise), including 251 directly-operated stores and 1045 franchise stores. A total of 334 new pharmacists have been added in 18 years, and the offline sales of good pharmacists has reached 10

4.3 billion (+18.

47%), online B2C business realized revenue9.

1.7 billion (-14.


4. Non-drug channels realized income 33.

7.1 billion (+14.


The company with good performance reported FBBC e-commerce business realized income 82.

0.5 billion (+156.

30%); the pharmaceutical industry realized revenue of 15.

4.5 billion (+29.53%); general agency business realized revenue29.

3.3 billion (+67.

12%), gross margin of 23.


  The gross profit margin increased slightly, and the operating quality needs to continue to improve.In 2018, the company’s gross sales margin and net sales margin were 8.

63%, 1.

59%, an increase of 0 over the same period last year.

19pp, down by 0.

4 pp report budgets, the company’s sales expense ratio, management expense ratio and financial expense ratio are 3 respectively.

23%, 2.

18%, 1.

00%, the sales expense ratio and financial expense ratio are slightly higher than last year, and the management expense ratio has become 0 compared with 2017.

03 pp.

In terms of operating quality, the company’s inventory turnover days and accounts receivable turnover days in 2018 were 58 respectively.

95 days / 71.

In 93 days, the increase in the turnover days 苏州夜网论坛 of accounts receivable was mainly due to the improvement in the business of the company’s second-level or higher medical institutions in 18 years.

  It is estimated that the variety and channel adjustment of the rating company are gradually completed. In the future, the primary medical institutions and retail pharmacy wholesale business will continue to benefit from the policy and increase. It is estimated that the company’s net profit in 19-20 will be 17.


950,000 yuan, the corresponding EPS is 0.


17 yuan / share, maintain “Buy” rating.

  Risk warning: the risk of intensified market competition, the risk of bad debts of receivables, the implementation of policies is less than expected, and the development of industrial and retail businesses is less than expected.

Financial institutions’ grabbing war hotly opening such talents is too popular

Financial institutions’ “grabbing war” hotly opening such talents is too popular
For stocks, please read Jin Qilin analyst research report, authoritative, professional, timely, and comprehensive, to help you tap potential potential opportunities!  Financial institutions’ “grabbing war” has begun fiercely. This kind of talents are too popular. Dai Anqi transferred the tide of resumption of work and the arrival of spring recruitment, and the bank’s job hunting demand has continued to increase.Offline outlets are closed, but online is hot, an opportunity for banking fintech development is brewing . Recently, some leading banks’ recruitment plans have quietly started.In this category, most job postings are for technology-related talent.  Compete for technology talents Recently, China Post Savings Bank issued a social recruitment announcement for China Post Savings Bank.The recruitment positions include: senior expert in technology platform R & D management, senior expert in new core operation and maintenance management, IT architecture expert, technology platform architect, operation and maintenance development architect, and business architect.  Image source: The official website of the Postal Savings Bank has a relatively high recruitment biology. Among them, two positions include senior expert in technology platform R & D management and new senior operation and maintenance management expert, both of which require “ten years of experience in the IT industry, four years andThe above work experience in the financial industry; management experience in the financial R & D team; experience in the planning and management of diversified structures in large financial industries, and the core experience in diversified banks are preferred.Other positions also require at least five years of relevant work experience.  The official website of the Bank of Communications has also recently launched a massive recruitment program, which has listed more than 100 fintech-related positions. The recruitment department involves the fintech department of the head office, software development center and data center.  Image source: Bank of Communications official website. At the end of last year, the Financial Technology Department of the Bank of China’s head office also issued an announcement.  Image source: Bank of China’s official website snatches fintech talents, and the effort to digitalize transformation has become the consensus of many big banks.  Cai Zhao, the person in charge of the Technology and Product Management Bureau of the Agricultural Bank of China, said that 2020 will be a year of deepening the digital transformation of the Agricultural Bank of China.Agricultural Bank of China will focus on areas such as inclusive finance, smart finance, risk control systems, new technologies and new formats.Blockchain-based e-commerce supply chain projects, digital point projects, pension projects, etc. have been put into production.  Technology reshapes the competitive landscape of the banking industry. The “Circular of the China Banking Regulatory Commission’s Office on Further Improving Financial Services for Epidemic Prevention and Control” issued by the CBRC on February 15 states that the application of science and technology should be strengthened and financial service methods should be innovative.All banking and insurance institutions should actively promote online business, strengthen the management and protection of electronic channel services such as online banking, mobile banking, and small programs, optimize the rich “contactless service” channels, and provide safe and convenient “at-home” financial services.  Encouraged by the policies of the regulatory authorities, during the epidemic, banks continued to increase their online services, leveraging Fintech to overcome difficulties with enterprises and investors.For example, Ping An Bank has launched a “home-based” service platform to enable online and rapid processing of financial services. It can also provide online product consulting and subscription services through technologies such as AI smart video.Zheshang Bank provides a comprehensive and targeted supply chain financial service for Ruikang Pharmaceutical upstream companies, downstream hospitals, pharmacies and other customers through a new type of blockchain medical and health service platform, helping pharmaceutical circulation companies to replace as quickly as possible and more efficientlyIt will be extended to the work of epidemic relief.  Analysts believe that the epidemic has reduced 厦门夜网 credit demand, and banks urgently need to improve the efficiency of financial resource allocation.In special periods, the requirements for accurate allocation of financial resources are more urgent than in the regular period. Only based on big data technology and value network analysis, banks can achieve real-time and accurate batch customer and customer demand conditions in a very short period of timeIdentification, accurate differentiation of certain credit needs has the highest epidemic correlation, and credit resources are accurately placed in key places.  In fact, in addition to short-term epidemic needs, in the long run, FinTech is also reshaping the competitive landscape of the banking industry.  The “Global Asset Management Industry Report 2019” issued by EY recently pointed out that the entire value chain of the asset management industry, from distribution and customer service to investment research and risk control to operations, has experienced the baptism of financial technology without exception.At this time, companies that can seize the potential and embrace fintech to improve investment efficiency, reduce risk and reduce operating costs will occupy this new height of competition.  The “Report” shows that one of the world’s largest asset management companies acquired and merged fintech companies from 2016 to 2019, covering multiple areas such as intelligent investment advisory, cash management, and alternative investment.Acquiring and investing in fintech companies has become the main means for European and American asset management giants to supplement and enhance their shortcomings in technology.  Although the previous bank’s spending on fintech has been increasing, there are still differences from foreign banks.  A bank representative said that from the perspective of public data, among domestic banks, the technology expenditure of CCB accounts for the highest proportion of revenue.The ratio of expenditure to operating income is close to two.8%, it is also one of the banks in developing countries with the highest proportion of technology spending in operating income.The technology expenditure of foreign banks accounts for more than 10% of operating income, and has maintained a certain percentage of growth every year.JP Morgan Chase, Wells Fargo, and Citibank all spend more than billions of dollars in annual technology spending.  He also said that most banks in developing countries are engaged in military science and technology management rather than science and technology development.Judging from the efficiency of personnel training and technological development, basic capabilities are also weak and far from being comparable with international banks.JPMorgan Chase has nearly 50,000 people in technology-related jobs, a few of which are called data scientists or have advanced degrees in science, and more than 31,000 people are engaged in development work.

Aojiahua (002614) 2019 Interim Report Review: Short-term pressure waits for capacity improvement

Aojiahua (002614) 2019 Interim Report Review: Short-term pressure waits for capacity improvement

Event: The company released its 2019 Interim Report and achieved revenue 24.

52 ppm, an increase of 11 years.

01%; net profit 1.

0.5 billion, a decrease of 27 per year.


The growth rate of the company’s profits was mainly due to the land disposal income of 58.62 million yuan in the same period last year and no such matter in the first half of this year.

In the first half of the year, the company’s net profit after deduction was 0.

9.9 billion, an annual increase of 0.


The company’s performance was lower than expected, mainly due to Sino-U.S. Trade frictions and the growth of the shared massage chair market leading to the growth rate of ODM business of leading companies, while the currency depreciation also affected.

Opinion: Domestic household massage chairs still maintain high growth, and ODM business is under pressure from the company’s domestic business income in the first half of the year.

8.3 billion, an annual increase of 12.

05%, of which OGAWA, a private label of China, achieved a growth of 22% and maintained a high growth rate.

At the same time, the market for domestic massage chairs has grown slowly, and the company’s related businesses have been affected.

Overseas, the company realized revenue 18.

2.1 billion, an increase of 11 in ten years.


Although the self-owned brand US “COZZIA” business revenue has increased by 19%, the US business in the ODM business is cautiously placing orders due to Sino-US trade friction.

In addition, the company has achieved relatively good results in the development of South Korean, Japanese and German markets, achieving good growth trends of 29%, 30% and 51% respectively.

Leading companies in massage 苏州桑拿网 chairs are waiting to accumulate the release of internal massage chairs. The market for massage chairs has grown rapidly, but at present, the domestic massage chair ownership rate is still less than 1%, and the industry is trending towards a leading industry.

Although the company’s overseas business is affected by trade friction, the company has a lot of room for development in the domestic market.

At present, the company has an annual production capacity of 300,000 intelligent massage chairs, a total annual production capacity of more than 17 million professional massage appliances, and an annual production capacity of nearly 4 million healthy environmental products. It is currently the world’s largest professional production base for massage rehabilitation equipment.

And the company’s 1 million intelligent massage chair production base has begun construction at the end of December 2018. The increase in production capacity will help the company seize more markets.

Revision of earnings forecast and investment rating: Sino-US trade frictions continue, and the RMB exchange rate has changed more than expected. Therefore, we have lowered the company’s earnings forecast and expect the company’s EPS for 2019-2021 to be zero.

86 yuan, 1.

05 yuan and 1.

30 yuan (original predictor: 1.

06 yuan, 1.

38 yuan and 1.

78 yuan).

Considering that the company is still facing pressure from confrontation in the short term, we downgrade the company rating to “overweight”.

Risk reminder: The risk of fluctuations in the exchange rate of the RMB and the risk of increased market competition.

Guangzhou-Shenzhen Railway (601333): Performance growth in line with expectations Expected collection and storage will significantly improve performance

Guangzhou-Shenzhen Railway (601333): Performance 杭州夜网 growth in line with expectations Expected collection and storage will significantly improve performance

Investment Highlights Event: Guangshen Railway announced the 2019 Interim Report, and the company achieved operating income of 101 in the first half of 2019.

870,000 yuan, an increase of 6 in ten years.

92%; net profit attributable to mother 7.

62 ppm, an increase of 16 in ten years.

52%; net profit after deduction to mother 7.

5.7 billion, an increase of 13 in ten years.


Basic income is 0.

11 yuan, an increase of 22 in ten years.

twenty two%.

The net profit attributable to the mother in the second quarter was 3.

7 ‰, a year-on-year growth of 79%, a substantial increase in growth rate over the first quarter.

Opinion: Adding Chaoshan EMU, passenger revenue will increase in two years1.


In the first half of 2019, the company’s passenger 深圳桑拿网 packages were 4,373.

40,000 people, an increase of 0 in ten years.

28% of which, Guangzhou-Shenzhen intercity vehicles sent passengers 2041.

390,000 people, an increase of 7 in ten years.

15%; through trains send passengers 120.

810,000 people, an annual decrease of 38.

99%; long-distance buses send passengers 2211.

190,000 people, a decrease of 2 every year.


Achieve passenger revenue of 40.

76 ppm, an increase of ten years.


Among them, Guangzhou-Shenzhen intercity vehicle income was 15.

32 ppm, an increase of 11 in ten years.

62%; through train revenue 1.

69.8 billion, a decrease of 35 previously.

60%; long-distance bus income 20.

870,000 yuan, one year less.

79%; income from other passenger transport2.

870,000 yuan, an increase of 14 in ten years.


The increase in passenger revenue is definitely the addition of Chaoshan EMU, and the Guangzhou-Shenzhen intercity passenger revenue has grown significantly.

However, due to the opening of the Shenzhen-Hong Kong section of the Guangzhou-Shenzhen high-speed railway, the revenue of through-trains decreased significantly. At the same time, due to the diversion effect of the improvement of the domestic high-speed railway network, the company’s long-distance revenue was slightly inclined.

The growth of freight business and entrusted operations was stable.In the first half of 2019, affected by factors such as the steady and rapid growth of the macro economy and the increase in railway freight across the country, the company’s freight volume increased by 781.

82 for the first time, growing by 2 every year.


Total freight revenue is 9.

18 ppm, a six-year increase of 6.

04%, of which freight income is 8.

40,000 yuan, an increase of 6 in ten years.

98%; other income from freight is 1.

14 ‰, a decrease of 0 per year.


In terms of road network settlement, the company’s road network settlement and other transportation services revenue reached 47 in the first half of the year.

4 billion, accounting for 46 of total revenue.

53%, an annual increase of 11.


Revenue from road network clearing services was 20.

53 ppm, a ten-year increase of 7.

24%; revenue from railway operations and other services was 26.

87 ppm, an increase of 15 in ten years.


Overall, benefiting from the increase in natural passenger traffic, road network clearing and entrusted operating services revenues have grown steadily.

Total cost increased by 5.

7%, the growth rate is in a reasonable range.

In the first half of 2019, the company’s operating cost was 89.

7.8 billion, an annual increase of 5.


Budgets with a high proportion of costs are wages and equipment rental service charges, of which wages and welfare expenses have increased by 5.

15%, a slight decrease compared to last year; due to the slight increase in passenger and freight traffic, equipment leasing and service fees increased by 3 year-on-year.

3%, other cost items increased slightly, but overall the cost growth rate decreased compared to last year.

It is expected that the asset disposal income of more than 500 million US dollars will be confirmed in 2019, which will greatly increase the company’s performance in one time.

In 2018, the company and the Guangzhou Municipal Government signed a land acquisition and storage agreement for the Guangzhou East Railway Station. The company’s first issuance and storage area was 3.

70,000 square meters, will receive a one-time compensation of 1.3 billion.

The event is expected to increase the company’s net profit by more than 500 million yuan.

The compensation will be received in 6 times, and 4 batches have been received, totaling more than 800 million yuan.

We expect that if it goes well, we will receive full compensation by the end of this year, and after both parties sign the land transfer confirmation letter, we will confirm the asset disposal income.

If the matter is completed by the end of 2019, it will significantly increase the company’s 2019 performance.

Investment strategy: Overall, the company’s business has developed steadily in the first half of the year, and its profits have grown steadily.

In the second half of the year, the reorganized company will provide operating services for the Guangzhou-Shenzhen-Shenzhen Intercity Railway, which will further increase the company’s commissioned operating income. The company will most likely recognize land acquisition and storage, asset disposal income, and the company’s performance in 2019 is expected to increase significantly.
We have slightly adjusted our profit forecast for the company and expect that the company will achieve net profit attributable to its mother in 2019-2021.

3, 10.

2, 11.1 ppm, EPS is 0.

23, 0.

14, 0.

16 yuan, corresponding to the closing price of 3 on August 22, 2019.

09 yuan, PE is 13 X, 22X, 19X.

Maintain the level of “prudent overweight”.

Risk reminders: Changes in freight business volume affected by macroeconomics, decline in passenger volume due to high-speed rail diversion, and policy risks such as railway reform.

Caesars Culture (002425): 19Q2 preview results continue to increase, waiting for the head game version and online

Caesars Culture (002425): 19Q2 preview results continue to increase, waiting for the head game version and online

The company’s 18-year operating income was 7.

4.5 billion, a year-on-year growth rate of 5.

8%, net profit attributable to mother 2.

78 ppm, an increase of 9 per year.

3%, net of non-attributed net profit1.

2.9 billion, down 43.

0%, mainly due to the growth growth dragged by the clothing business, and the problem of the version number of the game, which affected the online game on the right side, and prepared 19 years of research and development expenses, corresponding increases in IP royalties and other expenses, and also led to a decline in operating cash flow31%, Gross profit margin fell by 11 in 18 years.

3 items, but the overall cost rate dropped slightly by 1 under the overall cost control.


The performance of 19Q1 was dazzling and hit a record high, and 19Q2 forecast continued high growth.

The company achieved revenue 2 in 19Q1.

6 billion, an annual increase of 78.

5%, net profit attributable to mother 1.

1.7 billion, a previous growth rate of 100.

6%, net of non-attributed net profit1.

1.5 billion, an increase of about 296.


Mainly due to the growth of game business at home and abroad: 1) “Fairy Tail” and “Naruto” overseas revenue from copyright royalties is expected to be about 40 million yuan; 2) “Dragon Ball Awakening” March 28th after launch on March 28Contribution to performance, the flow of 1% in the first month; 3) “Three Kingdoms 2017” outstanding performance in Japan (online in August 18), South Korea (online in May 18) and other places.

The company released the forecast for the first half of 2019, with a net profit of about 2.

100,000 yuan?

5.8 billion yuan, an increase of 70.


00%, the main reason for maintaining high growth in the second quarter is the increase in revenue from the game business. The continuous contribution of Tianjia Youjia’s “Three Kingdoms 2017” and “Dragon Ball Awakening” is expected to include the incremental income from the copyright of the “Three Kingdoms 2019 (tentative name)”, Cool Cow AgentIncremental contribution of mini-game 北京保健按摩 online.

Overseas distribution revenue continued to increase. The company’s overseas revenue growth was expected after the game’s release in 19 years.

18 years of overseas business is 0.

6.5 billion, a previous growth rate of 242.

1%, revenue accounted for 8.

7%, an increase of 6 percentage points per year.

Report summary, SLG game “Three Kingdoms 2017” has been launched in Japan, South Korea and other overseas markets. In May 2018, it landed in South Korea. The best results were ranked 7th in the Apple store download, 9th in the best-selling list, and 7th in Google Play download.Ranked 12th in the best-selling list; in August 2018, it landed in Japan. The best results were 5th in the Apple Store download list, 21st in the bestseller list, 5th in the Google Play downloads list, and 20th in the bestseller list.

Productivity products that can be expected to follow include Fairy Tail, The Three Kingdoms 2019 (tentative name), Naruto, One Piece, and more.

The latest announcement on May 15 1.

6.3 billion shares / 9.

The $ 0.6 billion increase plan is to be submitted to the shareholders’ meeting for resolution.

The merger’s final increase plan expired last year, and we believe it is a resubmission of the plan, in which the funds raised are used for the main game expenditures, including ① game research and development and operation projects with an investment scale of 8.

12 trillion, the proposed amount of funds raised is 5.

98 trillion; ② the agency’s overseas game distribution project is 76.72 million yuan, the proposed investment of raised funds is 66.97 million yuan; ③ supplementary liquidity2.

Investment point of view: We believe the company’s 18-year annual report and 19Q1 results are in line with expectations, and the 19Q2 forecast of continued high growth in endogenous results is also in line with our previous judgment.
In terms of profit forecast, we expect the company’s net profit for the years 19-21 to be 5 respectively.



41 megabytes, corresponding to an estimate of 9x / 6x / 5x. Considering the impact of version numbers on supervision, 19-20 years of version application and launch cycle need to be continuously tracked, which also affects the flow and profit distribution, and does not rule out repeated iteration adjustments.

If the 19-year performance is estimated at 500 million, the corresponding estimate is less than 11x. In the future, you can wait for the head games “Fairy Tail”, “Naruto” and “Three Kingdoms 2019 (tentative name)” and BAT-level publishers to determine cooperation andVersion Number.

Risk Warning: Game product launch and market performance are less than expected, game content supervision risk, game version approval progress risk, etc.

Hikvision (002415): Q2 performance expected security leader returns to growth

Hikvision (002415): Q2 performance expected security leader returns to growth

This report reads: The company’s Q2 business situation has improved significantly. In the short term, the prosperity of the security industry is picking up quarter by quarter. In the medium and long term, intelligence has opened up new growth space for the security industry.

Investment Highlights: Maintain “Overweight” rating and maintain target price of 40.

97 yuan.

The company achieved revenue of 239 in 1H19.

2.3 billion, +14 per year.

6%, net profit 42.

17 trillion, +1 a year.


In the second quarter of 19, it achieved revenue of 14 billion yuan, +21 in ten years.

46%, +40 from the previous quarter.

62%, achieving a net profit of 26.

800 million, ten years +14.

98%, +74.

51%, with Q1 score (Q1 revenue +6.

17%, net profit -15.

41%) overall improvement, expected market expectations, the company’s net profit growth in the first three quarters is expected to be 0?

With the rebound of the security industry, the business segments of EBG, PBG and SMBG have significantly improved. We maintain the company’s EPS forecast for 2019/2020/2021 to 1.

40 yuan / 1.

70 yuan / 2.

06 yuan, maintaining a target price of 40.

97 yuan, increase the level.

The company’s operating conditions improved markedly in the second quarter of 19th: 1) Domestic business achieved 170 trillion yuan of revenue, +16 in ten years.

46%, of which EBG business achieved rapid growth, social investment began to stabilize in the second quarter, PBG business stabilized, and SMBG business rebounded significantly from the earlier quarter; 2) Overseas business is still under pressure, 1H19 revenue reached 6.9 billion, +10.

29%; 3) Innovation business continued to maintain high growth, with revenue of 1.7 billion in 1H19, +56 in ten years.

21%, the smart home, robot business continued to expand in profit scale, automotive electronics, storage business grew rapidly.

The turning point of the industry boom has arrived, and the company’s performance will pick up quarter by quarter.

Since the second quarter of 19th, the government and enterprise demand have fully recovered. In the 杭州桑拿 second half of the year, the industry is expected to be more prosperous and performance will increase quarter by quarter.

With the arrival of the era of the integration of material and letter, Haikang welcomes the possibility of historic growth.

The company’s continuous investment in AI algorithms, software and hardware has now completed a number of complete mature artificial intelligence technologies, products and systems, which will lead the entire security industry into the intelligent era.

Risk warning: Infrastructure investment growth is slower than expected; industry competition is intensifying.

Dabeinong (002385): The opportunity for improvement in the feed business is not clear. The breeding business provides performance flexibility.

Dabeinong (002385): The opportunity for improvement in the feed business is not clear. The breeding business provides performance flexibility.

In 1Q3, the net profit attributable to the mother realized -31.

45%, the performance is in line with expectations 1?
3Q19 performance: company 1?
3Q19 revenue 122.

23 ‰, at least -14.

03%; net profit attributable to mother 3.

02 ppm, -31 per year.

45%, performance is in line with our expectations.

Revenue in the third quarter of 19 was 40.

810,000 yuan, at least -20.

67%, net profit attributable to mother 2.

68 ppm, at least -20.


1) Number of pigs slaughtered: 1?
In 3Q19, the company sold 132 pigs.

530,000 heads, an increase of 9 in ten years.

46%; progressive sales revenue 21.

100 million, an increase of 50 in ten years.


However, due to factors such as increasing breeding and expansion, the company’s slaughter volume of pigs in August and September was a quarter-on-quarter deviation, and the company estimates that the slaughter volume range for 2019 will be 1.65 million to 1.75 million heads, which is lower than the target of 2 million heads.

2) Sow inventory: As of the end of September, the company’s sow inventory is about 190,000, of which 80,000 sows can be propagated. The company expects that by the end of December, the sow inventory will be about 240,000, of which about 150,000 will be able to breed sows.
The development trend is affected by the epidemic situation, and the company’s feed business has limited opportunities for short-term improvement: due to the impact of the African swine fever epidemic, the national hog breeding output has continued to decline. According to September data from the Ministry of Agriculture, the national hog inventory and the sow population can be -41%39%, the breeding throughput is in the downward channel and has not yet bottomed.

We judge the continuous impact of the decline in breeding volume on the sales of pig feed, and in combination with industry research, we believe that the overall sales of pig feed in 3Q19 decreased and expanded.

Looking forward, considering the continuous duration of the current sow inventory, which will put pressure on the supply of pigs next year, we believe that the opportunity for the company’s feed business to improve in the short term is uncertain.

The pig breeding business provides performance flexibility, but there are still uncertainties: the company focuses on resources to develop the pig breeding business, the development model is “company + farmer”, and the company encourages employees to hold shares. The company’s equity in this business accounts for about 65%.
Considering that the pig breeding industry 杭州夜生活网 is in a booming cycle, we judge that the business segment of the company will provide transmission performance elasticity next year.

However, there are variables in the development of the African swine fever epidemic. The epidemic situation may still disturb the company ‘s production volume. We expect that the production volume of the company will be under pressure in 4Q19, and the production volume in 2020 still needs to further track the company’s sow inventory recovery rate and control levelimprove.

Earnings forecast and current forecast correspond to 36/16 times P / E ratio in 19/20. We lower our forecast for the current year and raise the pig price forecast for next year. We will adjust the net profit forecast for mothers in 19/20 -12 accordingly.

2% / + 25.

5% to 5.


9 billion.

We maintain 5.

3 yuan 北京夜生活网 target price, corresponding to 19/20 38/18 times the estimate, + 10% space.

Considering that the company’s performance increase next year will mainly come from breeding, which makes the company’s overall estimate that the hub will help to sink, and in the context of the epidemic, the company’s growth rate is still uncertain, so we temporarily maintain a neutral rating.

Risks Pig prices and raw material prices have changed dramatically, the epidemic is at risk, and the development of breeding business is lower than expected.

New Classics (603096) 2019 Third Quarterly Report Review: Q3’s Owned Copyright Books Stable Growth Due to Increased Merger Caliber Revenue

New Classics (603096) 2019 Third Quarterly Report Review: Q3’s Owned Copyright Books Stable Growth Due to Increased Merger Caliber Revenue

Investment Highlights Event: The company released the third quarter report of 2019, and achieved revenue in the first three quarters of 20196.

9.3 billion (+2 year-on-year.

53%), realizing deduction of non-returning net profit1.

5.9 billion (+6 year-on-year.

52%); Realized revenue in the third quarter of 20192.

1.9 billion (YoY-5.

38%), deducting non-attribution net profit of 48.73 million yuan (YoY-5.

70%), cash flow from operating activities1.

4.5 billion.

Bookstore business is no longer consolidated and structural factors have reduced Q3 revenue and high growth in core categories.

The company 厦门夜网 completed the equity transfer of Pageone in August, and the bookstore business was no longer merged in Q3.

If the bookstore business is excluded, the Q3 general book distribution business code is 4.

1.5 billion (+3 year-on-year.

03%), the income is 2.

1.1 billion (YoY-2.

99%). Among them, due to the company’s new books such as “Life in the Sea” and “What kind of life do you want to live?” Since this year, its own copyrighted books are expected to grow.Books are expected to continue the high prosperity of the industry to achieve high growth, and the income side will be reduced. We expect that the income and sales discounts of other non-owned copyright books will allow it to occur.

The basic plate is solid, waiting for the continued volume of new works.

According to our tracking of the company’s best-selling list, there are 24, 25, and 20 TOP500 works from 南京夜网 July-September, which have remained stable over the past month.

Q3 People’s Literature Publishing House’s works have entered the best-selling list, and other books have been launched, but the company’s books have little effect.

Investment Advice.

We are optimistic that the company has entered a new content production cycle. Based on the company’s new operating conditions, we have slightly adjusted the company’s profit forecast. It is expected that the company will achieve net profit attributable to mothers in 2019-2021.



84 trillion, corresponding to EPS are 1.



84 yuan, corresponding to the closing price of PE on October 28 were 30.



8 times, maintaining the level of “prudent overweight”.

Risk reminder: the risk of readers’ reading preferences changing; digital reading, audio, short video and other products continue to occupy the user’s time; the risk of emerging reading channels competition; book sales are less than expected risks;

Food and beverage industry welcomes innovation-driven institutions optimistic about 3 food stocks

Food and beverage industry welcomes innovation-driven institutions optimistic about 3 food stocks
Yesterday, the A-share Shanghai Index opened higher and higher, rebounded strongly, terminated the close, and successfully stood at the overall mark of 3100 points, of which the food and beverage sector achieved 2.A significant 59% growth, ranking the top of the 28 categories of Shenwan Tier 1 industry sector, with 77 constituent stocks achieving growth, accounting for more than 90%.In terms of individual stocks, Qianhe Flavor Industry stopped gaining yesterday and Gujing Gongjiu (5.98%), Luzhou Laojiao (5.59%), tasteless food (5.27%) and other 3 stocks also rose more than 5%, including Yangyuan drinks (4.92%), Huatong shares (4.68%), Gui Faxiang (4.52%), welcome to tribute wine (3.96%), Shun Xin Agriculture (3.94%) and other internal 17 stocks also rose 3% and above yesterday, the performance is equally remarkable.  From the perspective of performance, the good performance of listed companies in the food and beverage industry may provide support for the trend of the sector. According to statistics from the Flushing Market Research Center, 66 food and beverage companies have disclosed their 2017 annual reports.Forty-five companies reported net profit growth in their statements, accounting for nearly 70%.Among them, SDIC Zhonglu (824.01%), black sesame (580.74%), Bairun shares (224.23%), Tongpu shares (192.83%), Lanzhou Yellow River (164.70%) and other five companies in 2017 net profit doubled every year, including Sanquan Food (82.45%), Chongqing Beer (82.03%), willing to wine (79.02%) and other internal 10 companies have reported continuous net profit exceeding the growth rate of more than 50%.  The current innovation in the food and beverage industry may become a major boost for the industry’s prosperity.Recently, the FBIF2018 Food and Beverage Innovation Forum, which is best known as the “Davos” in the food industry, was successfully held in Shanghai. The theme of this forum is “the rise of new categories”. At the meeting, Yili, Mengniu, COFCO, Tencent and other domestic industry leadersProvide suggestions for the innovative development of the food and beverage industry from product development, channel expansion, and retail models.In this regard, the chief person said that “eating” and “drinking” are the two basic demands of people’s lives and one of the key industries related to the development of the national economy. According to the latest data of the National Bureau of Statistics, in the first quarter of this year,The retail sales of goods maintained a high growth rate of more than 10%, and the growth rate of the value-added of the food industry exceeded the growth rate of industrial value-added above the same period. Under the background of the continued trend of consumption upgrade, residents were personalized, quality and slightly consumed in the field of food and beverageDemand is also expanding, and listed companies in the industry with advantages in variety innovation are expected to seize the opportunity in the increasingly fierce market competition in the future.  From the perspective of capital flow, the food and beverage sector encountered a positive layout of large single funds in the market yesterday, and the overall net inflow of large single funds showed a trend, of which Yili shares (38273.270,000 yuan), Guizhou Moutai (25478.770,000 yuan), Wuliangye (22,644.(710,000 yuan) and the other three stocks have the most prominent gold absorption capabilities, all of which are sought after by large single funds of more than 100 million points., 7 stocks such as Yangchengyuan Beverages, the net inflow of large single funds yesterday were more than 20 million yuan, and the above 10 stocks attracted 11 in total.1.3 billion yuan.  Regarding the future investment strategy of the food and beverage sector, Guohai Securities pointed out that the change in market style has increased the market’s focus on the small food segment. It is recommended to focus on sub-sectors with large market space, good competition, and improved performance. Reasonable estimatesLeading companies, in terms of individual stocks, recommend the 2018 release of production capacity, superimposed new product volume, Anjing food with high revenue growth and expectation, performance improved quarter by quarter, new blue bag and daily nut volume 南京夜网 Negotiation Food, first quarter performance growth, traditional mustardVolume and price are rising, and Fuling mustard, which has increased sales of crisp new products, as well as delicious food, peach and plum bread, I miss you so much.  Among them, Anjing Food, Qiaqia Food, Fuling Mustard, etc. 3 stocks that have benefited from the heavy volume of new products and aim to open up the space for performance gains have received 6, 9 and 13 institutions in the past 30 days.”And other recommended levels, investment opportunities in the market outlook have been optimistic about the institutions.

Sanqi Interactive Entertainment (002555) Interim Review: The mobile game business grew by 152.

9% of mobile games with over 100 million monthly mobile games

Sanqi Interactive Entertainment (002555) Interim Review: The mobile game business grew by 152.

9% of mobile games with over 100 million monthly mobile games

Event: The company released its semi-annual report for 2019.

The company achieved operating income of 60 in the first half of 2019.

71 ppm, an increase of 83 per year.

83%, net profit attributable to shareholders of listed companies10.

33 ppm, an increase of 28 per year.

91%; net profit after excluding non-recurring gains and losses.

4.9 billion yuan, an increase of 24 per year.

72%; cash flow from operating activities6.

1.6 billion, down 36 a year.

93%, basic profit income is 0.

49 yuan.

The profit distribution plan is to distribute a cash dividend of 1 yuan (including tax) to all shareholders for every 10 shares.

Key points of investment: Mobile game business drives performance growth, and the scale of web games continues to shrink.

The company’s performance growth in the first half of 2019 was mainly driven by the company’s mobile game business, which achieved operating income of 54.

2.7 billion, gross profit 47.

51 ppm, an increase of 152 per year.

90% and 185.


In the first half of 2019, the domestic game market has seen a relatively obvious recovery trend, and the mobile game market size has increased by 18 each year.

8%, the company’s mobile game business revenue growth rate is much higher than the domestic mobile game market in the first half.

The company’s mobile games have a monthly turnover of more than 13.

500 million, more than 1.

3.3 billion, with the highest monthly active users exceeding 34 million.

The self-developed mobile game products such as “Continental Continent” H5, “One Sword” and other games have a monthly flow of more than 100 million. After the launch of “The Elf Festival”, it reached the third place in the AppStore best-selling list and currently ranks fourth.

Company web game operating income 6.

44 trillion, down 29 a year.


Mainly due to the migration of web game users to mobile games, the overall market has shrunk.

However, the company still ranks first in terms of the number of web game operating platform services.

In addition to the newly launched self-developed page tour “Dark Archangel”, long-term games such as “Angel Sword” and “Age of Eternity” still maintain a stable flow.

It is expected that the scale of the company’s web games will continue to shrink steadily in the future.

Overseas markets continued to cover.

The company continues to advance its strategic layout, increase expansion in overseas areas, and continue to develop markets in Japan, South Korea, Europe and the United States while maintaining competitiveness in advantageous areas such as Southeast Asia.

The company’s overseas brand 37GAMES covers more than 200 years and regions, and has released more than 100 mobile games worldwide, involving ARPG / MMORPG / card RPG / SLG / STG / MOBA and other types, the language covers traditional Chinese, English, Japanese, Korean, Thai and 14 languages.

Product reserves are abundant, and it is expected to increase in the third quarter.
In terms of self-developed products, the company’s independent research and development products include: “Super Ball”, “Code NB”, “Code YZD”, “Code S”, “Code DG”, “Dark Descendants”, “Duro Continental 3D””,” Mountains and the Beauty (tentative name) “and other mobile games, including” Super Ball “and” Code DG “are expected to be launched in the market in the second half of 2019.
In addition to self-developed products, the company also retains complementary domestic agency products, including: “Fantasy Tomorrow (tentative name)”, “Song of the Cloud City (tentative name)”, “Code MK4”, “Bright Adventures””(Tentative name)”, “Heroes of the Block (tentative name)”, “Code DIG”, “Code-SF”, “Code-TARO”, etc.

With the new products coming online in the third quarter, it is expected that the flow in the third quarter will increase further than the second quarter.

The company’s self-developed boutique projects such as “Dark Descendants”, “Douro Continental” H5 International Edition, “Code DG” and other products are expected to be launched in the second half of 2019 to help the company further develop overseas markets.

At the same time, the company is also working hard to create a better cloud game system, including built-in internal clouds, and building cloud game proxy services. In the upcoming 5G era, the company’s gradual transition in cloud game technology will bring new game experiences to players.

Actively deploy other cultural and creative fields to achieve business collaboration.

In addition to maintaining the rapid growth of the company’s game core business, the company has also deployed other cultural and creative sub-sectors through investment and other methods. The cultural and creative enterprises that have been invested so far cover film and television (Yingming Film, Youying Culture, Zhonghui Film and Television),Animation (Art and painting open, drama can play), Music (Fenghua Qiushi), Internet Sports (Wake Yoga), Children Education, (Miao Xiaocheng, KaDa Story), Cultural Tourism (Camel Road Bell), Artist Broker (Original painting), IP incubation (Jinhai Shiyi) and other sub-fields.

The company also plans to take the game’s main business and traffic operation advantages as the core, combine the VR / AR field, pay attention to 5G, cloud gaming and e-sports related fields, and empower the invested companies to form strategic synergy and provide more new experiences.content.

The divestment of low gross profit margin business + increase in the proportion of self-developed game revenue drove the gross profit margin to rise.

The company’s gross profit margin for the first half of 2019 was 86.

18%, an increase of 13.

02 units, mainly due to (1) more operating income increased; (2) lower auto parts business with low gross profit margins, part of the business costs disappeared; (3) the proportion of self-developed game revenue increased, and includedChannel cost of operating costs is 7.

100 million, an increase of 12 every year.

62%, far below the increase in operating income.

Based on the above reasons, the operating costs have been reduced by a significant increase in revenue5.

34% to 8.

3.9 billion.

In terms of business, the gross profit margin of mobile games was 87.

55, an increase of nearly 10 mergers over the same period in 2018; gross profit margin of the web game business was 74.

65%, basically the same as the same period in 18 years.

Although the main expense ratio increased, the net profit margin also increased.

Company selling expenses 36.

32 ppm, an increase of 217 per year.

63%, the expected growth is mainly due to the new game in the promotion period after the launch, the demand for Internet traffic is relatively large.

In the second quarter, the newly released games entered a payback period, and the selling expenses decreased by 6 compared with the first quarter.

500 million.

Management expenses were affected by the split of the automotive business and fell by 31.


The financial expense ratio decreased by 68.

95%, mainly due to the decrease in bank expenditures, which led to increased expenditures; R & D expenditures increased through the increase in the number of R & D personnel in the company’s game business and the corresponding increase in R & D investment.

The company’s main expenses are 66.

70%, an increase of 12 over the same period in 2018.

35 averages, but in the case of rising gross margins, net profit still increased by 4 substitutes to 19.


Cash flow from operating activities has declined, but it is expected to improve in the future.

The company’s net cash flow from operating activities in 2019H1 decreased by 3 year-on-year.

US $ 600 million, mainly due to (1) an increase in operating income of 84%, which correspondingly increased the balance of accounts receivable; (2) in order to obtain better traffic resources and better business conditions, prepaid part of traffic expensesAdvance payments increased by 3.

09 million yuan.

It is expected that the income scale and transaction period will stabilize in the second half of the year, and the net cash flow from operating activities will help to improve.
Investment recommendations and levels: The company achieved growth in the mobile game business in the first half of 2019. According to a report released by Analysys, the company’s market share in the domestic mobile game business reached 10.

Under the company’s strategy of “boutique, diversification, integration”, it is expected that more and more abundant game products will be introduced to the market in the future.

Therefore, we maintain the company’s “overweight” rating, and it is expected that the EPS for 2019-2021 will be 0.



27 yuan, according to the closing price of 16 on August 27.

01 yuan calculation, the corresponding PE is 17 respectively.

7 times / 14.

5 重庆耍耍网 times / 12.

6 times.

Risk Warning: Tighter policy supervision; less-than-expected progress in the launch of game projects; intensified competition in the industry; worse-than-expected market performance of game projects.