苏州夜网论坛,苏州桑拿网,苏州夜生活,苏州水磨会所

Shandong Gold (600547): 1Q19 performance exceeded expectations; benefited from rising gold prices

Q1 2019 results exceeded expectations Shandong Gold announced Q1 2019 results: operating income of US $ 10.6 billion, a year-on-year decrease of 25% and a month-on-month decrease of 39%. Net profit attributable to the parent company3.

700 million, an increase of 5 every year.

5%, an increase 无锡夜网 of 2 from the previous month.

5x, corresponding to a relative profit of 0.

17 yuan, net profit after deduction to mother 3.

6 ‰, an annual increase of 4%, exceeding our expectations, mainly due to low operating costs.

The increase in the company’s profit in the first quarter of 19 was mainly due to the early growth of domestic gold prices.

Comments: 1) Benefit from rising gold prices at home and abroad.

The average domestic gold price in the first quarter of 19 was 285 yuan / gram, an increase of 4 per year.

4%, Comex gold price is $ 1303 / GBP, more than the previous 6.

0%.

The domestic / Comex gold prices in the first quarter of 19 increased by 3 respectively from the previous month.

9% and down 2.

0%.

2) In the first quarter of 19, the comprehensive gross profit margin increased by more than 3.

9ppt, an increase of 6ppt to 12 from the previous quarter.

4%.

3) 1Q19 business tax and additional additional 66 million yuan, mainly due to increased export duties of Hong Kong companies.

4) In the first quarter of 19, management expenses and financial expenses increased by 3 each year.

9% / 17.13 million yuan and 7.

1% / 11.62 million yuan, twice the management expense rate +1.

2ppt to 4.

3%, financial expenses rate for ten years +0.

5ppt to 1.

7%.

5) Investment income + gains from changes in fair value in the first quarter of 19 increased by 48 million yuan to 31.69 million yuan.

6) In the first quarter of 19, the proportion of minority shareholders increased by 4 percentage points to 11% each year.

7) Effective tax rate 24 in 1Q19.

5%, a decline of 3 per year.

1ppt, down 35ppt from the previous month.

Development trend Gold prices are weak in the short term.

In 2018, global mineral gold was 3,503 tons, increasing by 1 every year.

8% / + 61 tons.

Recent market expectations for the overall economic environment have improved. In the short term, the demand for safe-haven gold and the demand for asset allocation may decline, and the short-term growth space for gold prices is offset.

Earnings forecast is based on changes in assumptions such as production and 武汉夜网论坛 costs. We raise our 2019/20 earnings forecast by 4% / 4% to 0.

50/0.

59 yuan.

Estimates and recommendations The company currently sustainably corresponds to February / 2019.9/2.

8 times P / B.

We maintain our Neutral rating, but raise our target price by 12% to RMB 29, corresponding to 2019/202.

9/2.

7 times P / B, there is a 2% drop space compared with the previous one.

Risk gold prices fell more than expected.

More details

Han’s Laser (002008): 1H19 performance improvement in line with expectations Expectations of equity incentives boost confidence

1H19 results are in line with our expected 1H19 results: revenue 47.

3 ‰, the ten-year average of 7.

3%; net profit attributable to mother 3.

80,000 yuan, corresponding profit of 0.

36 yuan, 62-year average of 62.

7%, net profit after deduction 3.

4 ‰, 57 years ago.

2%, in line with the performance report.

In the single quarter, 2Q19 revenue decreased by 23 quarterly.

6% to 26.

1 ppm, reducing net profit by 66.

5% to 2.

200000000.

Changes in product structure and intensified competition in the industry have prolonged the gross margin.

In 1H19, the company’s product structure changed: a relatively high gross profit margin of the consumer electronics business17.

7% to 8.

8 ppm, every 5 inches of high-power laser business revenue.

4% to 11.

3 ppm, PCB reduction by at least 37.

6% to 4.

200 million; meanwhile, other small power, panel and new energy businesses increased by 7.

8% / 7.

5% / 125.

2%.

Taken together, 1H19’s overall gross profit margin was 33.

5%, down by 6 per year.

0ppt.

The expense ratio increased during the period, and cash flow improved.

In 1H19, the company’s sales / management / R & D / financial expense ratios rose by 0.

5/0.

3/0.

6/1.

2ppt; At the same time, it increased by about 1 due to partial equity disposal.

Non-recurring gains and losses of US $ 9 million resulted in a high net profit margin in 1H18; the company’s net profit growth in 1H19 decreased by 11.

9ppt to 8.

0%.

The company’s net cash flow from operating activities was 3.

200 million, 4 more than the same period last year.400000000.

Development Trend Equity incentive plans focus on long-term development, which is helpful to boost confidence.

The company also announced the budget of the equity incentive plan, and plans to grant a budget of no more than 50 million shares to 1,336 incentive objects, accounting for 4.
.

69%.

The stock exercise price is 30.

57 yuan / share, the three-phase grant condition is 2020/21/22 deducted non-net profit compared to 2018 (14.

5 ppm) growth of not less than 5% / 15% / 30% respectively; gradually need to amortize equity incentive expenses3.

0 million.

We believe that the company’s initial fair incentive plan covers a wide range, the costs are generally controllable, the unlocking conditions and the exercise price are reasonable, which will help boost market confidence.

We expect the company performance to return to the growth channel in the future.

The company also announced that the 1-9 month 2019 net profit interval will be reduced by 65% -55%, corresponding to the 3Q19 interval instead of 43% -69%; under the laser industry down cycle, we estimate that the company’s net profit in 2019 will decrease by 49%.

Looking forward, the 5G commercialization every year in 2020 will drive consumer electronics updates and upgrades, and the company’s overall profitability will recover. We expect the company’s earnings to return to the growth track.

Earnings forecast and forecast We maintain the company’s 2019/20 profit forecast unchanged, and the company currently expects to correspond to 2019/20 37.

8/22.

8 times P / E.

We maintain a neutral rating of 34.

The target price of 21 yuan corresponds to 41/25 times the 2019/20 target P / E, which is 9 compared with the current progress.

7% upside.

深圳桑拿网 Risks The completion of projects under construction is prolonged.

More details

Oriental Pearl (600637) Interim Review: Progress in China-Taiwan under pressure from main business

Under the pressure of the main business, maintaining the overweight rating of the company in H1 2019 will achieve revenue / net profit attributable to mothers / net profit attributable to non-attributions57.

06/10.

71/7.

24 ppm, at least -5.

34% /-13.

62% / + 6.

18%, the overall gross profit margin is 25%.

The company’s main business is still showing growth pressure. We lower our profit forecast and expect a net profit of 18-20.

06/17.

74/18.

220,000 yuan, EPS0.

53/0.

52/0.

53 yuan.

Combining PE and PB beyond the law to estimate the company, giving the company an industry average PB level in 2019 (1.

37X) and below the industry average PE level (18X), the adjusted target price is 9.

54-12.

07 yuan, maintaining the overweight level.

Industry contraction + business adjustments, growth in performance reports of multi-business groups under pressure, and pressure on multiple business groups of the company.

Among them, the video shopping business group was restricted by the shrinking of the overall market size, and the revenue growth increased by 0.

2%; cultural tourism consumer business group affected by the decline in property sales, revenue continued to decline 10.

1%; Media Network Business Group Revenue 7.

68%, IPTV / OTT TV business users continued to grow, cable TV business grew slightly by 2% each year; the distribution business in the film and television entertainment business group achieved a breakthrough, and revenue increased.

The number of users has grown steadily. The fully licensed multi-channel reach user company BesTV integrated channel platform serves 51.24 million IPTV business users, has 34.26 million OTT business users, 60 million digital TV users, 16.5 million interactive on-demand users, 12.5 million shopping members, and the first half of the year.The Oriental Pearl Tower brings together more than 4 million users.

The company has scarce licenses in the field of media audiovisual, including IPTV, OTT, etc., and has complete user access channels such as IPTV, Internet TV, cable TV, and mobile terminals. Currently, it is committed to bringing TV media, video shopping, and offline through OPG cloud construction.The user data of the tour is integrated to realize multi-scenarios, full interconnection, and intelligent recommendation service of “thousands of people and thousands of faces”, and give full play to the advantages of existing users.

The strength of OPG cloud construction leverages channel advantages, and it is expected to build the company’s moat company to use “OPG Cloud” as a smart operating platform to realize the company’s strategy and face the future explosive growth space, as an “accelerator” of the company’s strategy and a “foothold” for smart operations.

At present, the company has preliminarily opened up 18 major business formats such as internal film and television, games, new media, shopping, and tourism, and has realized the development of the entire IP industry chain. The user center has gathered 60 million user data to form 16 categories with 500+ user portrait tags.

On the basis of strengthening hybrid cloud construction in the first half of 2019, OPG Cloud will continue to strengthen the capacity building of China and Taiwan. Based on the cloud background, the data center, the content center, and the video business center will work together to help it ensure secure broadcast.As expected, the content production capacity will be improved, the implementation of artificial intelligence and AI technology will be enhanced, and the intelligent operation capability will be improved.

无锡桑拿网 The cultural leader is solid overall, with limited business pressure growth. Maintaining an overweight rating As a state-owned enterprise cultural leader, the company has a solid position and a good user base. However, affected by industry and business adjustments, the company’s main business is under pressure from growth.

We revise down the company’s profit forecast and expect net profit for 2019-2021 to be 18.

06/17.

74/18.

2.2 billion (previous average 19).

67/19.

04/18.

69, down by 8.

2% / 6.

8% / 2.5%), EPS is 0.

53/0.

52/0.

53 yuan.

We estimate the company by combining PE and PB beyond the law, giving the company a 19-year industry average PB level (1.

37X) and below the industry average PE level (18X), the adjusted target price is 9.

54-12.

07 yuan, maintaining the overweight level.

Risk Warning: The revenue and profit growth rate of the video shopping business exceeded expectations, and the film and television industry adjusted.

More details

Sun Paper (002078): 18 results extend quarterly, paper prices rebound + capacity expansion to ensure moderate growth

Sun Paper 18 Annual Report: The company’s 18-year operating income was 217.

70,000 yuan, an increase of 15 in ten years.

2%; net profit attributable to mother 22.

400 million, an increase of 10 in ten years.

5%, after deducting non-growth 8.

5%.

Single fourth quarter revenue 56.

6 trillion, an increase of 9 in ten years.

1%; net profit attributable to mother 4.

4 ‰, 32 years ago.

9%, deduction is not 36.

3%.

Revenue growth rate declined quarter by quarter: 18Q1-4 revenue growth rate was 14 respectively.

3%, 26.

8%, 12.

5%, 9.

1%, affected by paper price gains, the company’s revenue growth has continued to decline since the second half of the year.

1) The company’s main products include coated paper, offset paper, and cardboard paper prices continued to rise in the second half of the year. At present, the prices of coated paper and offset paper are about 5660 and 6120 yuan / ton, respectively, a higher point of 20-25% reduction;About 4300 yuan / ton, the higher point is offset by about 20%.

Overall, the average prices of copper plate and offset paper were 6800 yuan and 7,000 yuan / ton, respectively, an increase of 1% and 3%. The average 18-year price of boxboard paper was about 4,800 yuan / ton, which was an increase of about 3%.

A rough estimate is that the short-term company’s net profit per ton is about 650 yuan / ton, which is replaced by about 10% per ton. Among them, Q4’s single-quarter net profit is about 420 yuan / ton, which is a sequential decrease of about 15% and 50%, respectively.There is expansion and contraction.

19 In the past, major paper mills issued price increase letters one after 重庆耍耍网 another. The landing situation is good, the overlapping pulp prices have dropped, and the net profit per ton is expected to improve in 19 years. 2) The company’s paper sales volume in 1989 has increased 297.

5%, mainly contributed by new capacity.

The company’s 20 banknote special paper project (mainly high-gram heavyweight cultural paper) was successfully started on March 8. The Zoucheng 80 banknote packaging paper project put into operation the first paper machine in July, and the second paper machine entered the trial production stage in August.

In terms of pulp, the Laos 50-ton chemical waste project (technical transformation increased 20 tons of output) has been put into production in June, and wood pulp and semi-chemical pulp have been put into production in April and August respectively.

The company’s pulp and paper production capacity reached 602 at the end of the 18th.

Profit forecast and investment advice: We expect the company’s net profit to be 20 in 19-21.

100 million, 25.

500 million, 30.

600 million, an increase of -10.

3%, 26.

9%, 20%, given a 6-month target price of 10.

14 yuan, maintain “Buy-A” rating.

More details

Great Wall Motor (601633): Sales go against the trend, leading advantages are obvious
Investment Highlights Event: On July 9, the company announced June car sales 6.330,000 vehicles, an increase of 1 every year.79%; yield 6.290,000 vehicles, an increase of 1 each year.15%.1?In June, the company gradually realized automobile sales of 49.350,000 vehicles, an increase of 4 per year.67%; stepwise production 49.710,000 vehicles, an annual increase of 5.53%.According to the data released by the China Federation of Passenger Consortiums, the domestic production of narrow passenger cars in the first six months was -16 each time.3%, comprehensive sales for ten years -9.3%. By brand, 1?In June, the Haval brand had a cumulative sales volume of 35.290,000 vehicles, 佛山桑拿网 an annual increase of 8.47%; WEY brand cumulative sales 4.690,000 vehicles, a decrease of 39 every year.62%; Great Wall brand cumulative sales 6.680,000 vehicles, down 2 each year.61%; Euler brand cumulative sales 2.700,000 vehicles. Haval sales have steadily increased, and SUV leader Hengqiang has grown steadily.In June, Haval brand SUV sales reached 4.530,000 vehicles, an annual increase of 7.44%; sales this year gradually 35.290,000 vehicles, an annual increase of 8.47%.In the H series, the “National God Car” H6 sold 2.710 thousand vehicles, an annual increase of 2.94%, the first in SUV market sales for 73 months.Among the F and M series, the F7 has shown explosive potential since it was launched in November last year. Monthly sales continued to climb, and sales in June were 1.It has sold over 10,000 vehicles for 6 consecutive months; the M6 has a cost-effective advantage, with cumulative sales of 4 in the first half of the year.18 vehicles, an annual increase of 126%.In the second half of the year, the F series will launch a new car, the F7x, and the Haval classic H6 will also be launched in the mid-term.With the joint efforts of new and old models, the initial sales of the Haval brand are expected to maintain steady growth. Euler’s sales continued to climb, and the layout of new energy efficiency began to show.The company currently sells three new energy models, namely Euler iQ, Euler R1 and WEY P8.With high-value models and value-added services such as “7-day worry-free return” and “value-for-purchase”, the sales of the two models of the Euler brand in the first half of the year totaled 2.70,000 vehicles, successfully entered the top ten sales of new energy passenger car brands in China.In the second half of the year, the company will launch new energy new models such as the Euler R2 and WEY P8 GT. Through the gradual improvement of the layout, the company’s new energy vehicle sales are expected to maintain rapid growth. The Russian factory was completed and put into operation, and the strategy was gradually strengthened.The portable car market has gradually changed from an incremental market to a stock market, and the company has accelerated the pace of overseas market expansion.On June 5, the Tula factory in Russia was completed and put into operation, announcing that the company’s strategic strategy has entered a new stage.In June, the company exported 6711 cars, an increase of 83.31%; gradually export in the first half of the year 3.30,000 vehicles, an annual increase of 29.39%.2019 is the year of the company’s strategic strategy. The export volume is expected to continue to grow rapidly in the second half of the year, and the release of new overseas plant capacity will also contribute to new performance increases. Investment suggestion: In the general environment of the downturn in the automotive industry in the first half of the year, the company’s production and sales went against the trend, the market share continued to increase, and the leading position was prominent.In our view, the automobile industry is expected to gradually pick up in the second half of the year under the stimulation of policies such as promotion of automobile consumption and tax and fee reductions; by taking advantage of the leading advantages, the company’s sales volume is expected to maintain steady growth, and at the same time, profit margins may improve significantly.Based on the production and sales in the first half of this year, we lowered the company’s profit forecast for 2019 to 2021 to the previous earnings of 0.62 yuan, 0.71 yuan and 0.79 yuan, return on net assets were 10.2%, 11.0% and 11.6%.Maintain “Buy-B” investment rating. Risk warning: policies such as promotion of automobile consumption have fallen short of expectations; the company’s new model promotion has fallen short of expectations.

More details

Zhou Dasheng (002867): Annual Report Leads Jewellery Retail Leading to High-Growth Operation Quality

Key Investment Events: The company announced its annual report, and its revenue increased by 28 in 2018.

0% to 48.

700 million, net profit attributable to mother increased by 36.

2% to 8.

In terms of dividends, the company plans to pay 6 for every 10 shares.

A cash dividend of 5 yuan, a cash dividend ratio of 39%, and a capital reserve of 5 shares for every 10 shares of all shareholders.

The vitality of franchising channels continued to be released, driving the company’s overall revenue in 2018 to increase 28.

0% to 48.

700 million.

Specifically: 1) Franchise revenue continues to grow rapidly: In 2018, the franchise channel saw a net increase of 625 stores, and the number of stores at the end of the period reached 3073, of which 820 were new stores, mainly concentrated in East China, Central China, Southwest China and North China (newly opened179/163/147/129), plus an additional single store statement revenue growth of 11.

2%, driving a 35% increase in franchise channel revenue.

At the same time, the growth of the three franchise 杭州桑拿网 businesses was increased, and it was found that the sales of franchise sales grew faster than the revenue of brand user fees and franchise management service fees. Products sold in adjacent channels increased the proportion of sales in franchise channels.Driven the gross profit margin of franchise business1.

4pp to 33.

7%.

2) Online business is booming: Online sales are up 24% to 3.

500 million US dollars, mainly driven by the growth of alternative products, revenue growth and comprehensive gross margin boost; in terms of channels, Tmall flagship stores accounted for more than 96% of sales revenue, other channels include China Merchants Credit Mall, Yunji, etc.

3) Steady growth of self-operated offline business: The self-operated channel saw a net increase of 26 to 302 in 2018, and the increase in single-store 苏州夜网论坛 revenue increased to 11.

6%, driving revenue growth of 11%.

In terms of products, jewellery has grown rapidly, and prime / reset gross margins have increased.

From the perspective of several major businesses, the gross profit margins of both the prime gold and the accessory jewellery with the improvement of the product structure are 2 compared with 17 years.

8/1.

With the increase of 1pp, the revenue of embedded jewelry with a higher gross profit rate is faster than that of prime gold, which is also conducive to the improvement of the company’s comprehensive gross profit margin. In 2018, the company’s comprehensive gross profit margin increased by 1.

6pp reaches 34.

0%.

Profit forecast and investment grade: Considering that the company’s 18 store expansions were concentrated in the second half of the year, we believe that the revenue of the new store will be released and the new store development will help the company to maintain high growth in 19 years.Revenue and profit growth are expected to be 25% -25%. It is expected that the company’s net profit attributable to mothers will increase by 25% / 18% / 17% to 10 in 19/20/21.

1/11.

9/13.

9 ppm, corresponding to PE17 / 14 / 12X, as a jewellery retail leader with rapid channel sinking and continuous improvement in operation quality, maintaining a “Buy” rating.

Risk Warning: Retail unexpectedly encounters cold, exhibit stores are less than expected, and raw material prices change dramatically

More details

苏州夜网论坛

Shandong Gold (600547)： 1Q19 performance exceeded expectations; benefited from rising gold prices

Han’s Laser (002008)： 1H19 performance improvement in line with expectations Expectations of equity incentives boost confidence

Oriental Pearl (600637) Interim Review： Progress in China-Taiwan under pressure from main business

Sun Paper (002078)： 18 results extend quarterly, paper prices rebound + capacity expansion to ensure moderate growth

Great Wall Motor (601633)： Sales go against the trend, leading advantages are obvious

Zhou Dasheng (002867)： Annual Report Leads Jewellery Retail Leading to High-Growth Operation Quality

Enjie (002812) Company Dynamic Comment： Performance Meets Expectations, Global Competitiveness Highlights

Valin Steel (000932) Quarterly Comment： Net profit in the third quarter dropped by 12 quarter-on-quarter.

Hangfa Power (600893)： Delay in delivery of new technology manufacturing leads to performance change in the first three quarters, which is still optimistic about the long-term development of engine leaders

Diou Home Furnishing (002798) 2018 Annual Report Comments： Synergy Effect Initially Shows Continuous Growth