The 10 gold stocks that the institutions are optimistic on Monday


Haizheng Pharmaceutical

Review of the 2019 Semi -annual Report: The fundamentals are gradually getting better, and multiple heavy products are about to be approved

Summary of performance: The company achieved operating income of 5.67 billion yuan in the first half of 2019, a year -on -year increase of 6.3%; the net profit attributable to the mother was 50 million yuan, an increase of 254.5%year -on -year. The profit or loss is 47.17 million yuan.

The trend of income and performance recovery is obvious, and the gross profit margin has increased significantly. 2019Q2 achieved revenue and home profits of 2.87 billion and 200 million, respectively, an increase of 14.3%and 415%year -on -year. The revenue of the 2019H1 company is growing positively, mainly due to the positive growth of non-Haizheng drug revenue. Essence The 2019H1 company’s deduction of non -performance has achieved a profit, which is mainly due to the high growth of the company’s core varieties and the improvement of comprehensive gross profit margin. The core variety of Anbono continued to grow steadily. In 2019H1 sales exceeded 240,000, a year -on -year increase of 162%. In 2019H1, the company’s comprehensive gross profit margin was 46.1%, an increase of 4.3 percentage points year -on -year, and the sales cost rate was 25.4%, which was higher than 3.5 percentage points in the same period last year. The management cost rate was 6.3%, which was lower than 3.2 percentage points in the same period last year.

Increased research and development, multiple heavy products are about to be approved. In 2019H1, the company’s R & D investment was 190 million yuan, a year -on -year increase of 0.2%. The company has a complete variety of product gradients, from new drugs to large varieties of generic drugs, covering anti -tumor, cardiovascular, anti -infection, antithetic insects, endocrine regulation, immunosuppressiveness, liver protection and other fields. In terms of early research and development, the company focused on the combination of tumor immunotherapy and ADC drug layout. Three of them were determined to be candidate for candidate, entering process development and preclinical research. Western Mipida and glycines insulin are steadily advanced as planned. The company has made positive progress in R & D investment. Many large varieties have been declared and listed, including the three heavy products of paclitaxel (albumin) combination, Ada Mipida, and sea fold wheat cloth. Approved within one year. These three major variety industries are in good competitive landscapes. After approval, they are expected to become 1 billion -level heavy varieties. They are the core varieties that drive the company’s rapid growth in the future.

Profit forecast and rating. The company is expected to be 0.10 yuan, 0.17 yuan, and 0.33 yuan from 2019-2021. At present, the company has three heavy varieties: paclitaxel (white protein -binding), Adamab, and seafold wheat cloth. It is expected to be approved for sales in the next year to drive the company to enter the new rapid development track. Although the company’s current PE107 times is much higher than the industry’s average company’s average company 30.6 times PE level, as a traditional mainstream domestic pharmaceutical company in China, the comprehensive strength is still strong. With the successive approval of multiple large varieties, the space improvement has a lot of room for future performance. Essence The first coverage is given to “increase holdings” rating.

Risk reminder: Risks such as continuous large -scale impairment of fixed assets and expected drug research and development progress.

CITIC Securities

The investment bank leads the self -operated business, and the relaxation has a good health development

Self -operating is dazzling, the investment bank leads, and the net profit of revenue has steadily increased. The 2019H1 company achieved a net profit of 6.5 billion yuan (YOY+16%), operating income of 21.8 billion yuan (yoy+9%), EPS0.53 yuan/share, and ROE4.11%(yoy+0.46pt). The ratio is 2.77 times. 2019H1 brokerage business, asset management business, securities investment business, securities underwriting business, and other businesses’ operating profit of 1.5 billion yuan (the same period as the same period last year)/1.6 billion yuan (YOY-6%)/3.6 billion yuan (YOY++ 47%)/600 million yuan (yoy-10%)/1.6 billion yuan (yoy+53%), and the profit accounted for 16%/18%/41%/7%/18%, respectively.

The investment banking business continues to lead, the proportion of self -employed income contribution increases, and the asset management structure is further optimized:

1) The investment bank’s business advantages are outstanding, and the underwriting rankings are the first. In the first half of the year, the A -shares (cash category) was 388.6 billion yuan, a year -on -year decrease of 21%. And CITIC IPO raised funds of 16 billion yuan, YOY+102%calculated market share of 25%, ranking first in the industry; re -financing 106.8 billion yuan, yoy+28%; total equity financing main underwriting amount of 122.9 billion yuan, yoy+35%, yoy+35%, The market share is 20%, ranking first in the market. The debt financing main underwriting amount is 452.9 billion yuan, YOY+73%, a market share of 5%, ranking first in the industry. M & A and reorganization transaction value was 37.5 billion yuan, YOY+67%, and the industry ranked third. The company’s investment bank business net income was 1.8 billion yuan, YOY+3%.

2) Stock emotions help self -employment benefits. The 2019H1 Shanghai Composite Index rose 19%, the Shenzhen Stock Exchange Index rose 27%, and the GEM index rose 21%. The company seized the active layout of the market. In 19H1, it achieved a self -operated business income of 7.2 billion yuan, YOY+56%, accounting for 33%of revenue, and yoy+10pt.

The company also announced that it will pass the bidding and reduce holdings of not more than 427 million CITIC Investment Capital shares through bidding and large-scale reduction in 2019.7.17-2020.1.10. CITIC Construction Investment is CITIC’s long -term equity investment, and the conservative estimation of reducing its holdings will bring more than 50%of CITIC’s profits.

3) The scale of asset management declines and structure optimization, and the brokerage business has declined slightly. The company deepened the transformation voltage and dropped channel, and the scale of asset management was 1296.9 billion yuan, a decrease of 3%from the beginning of the year; of which, the proportion of active management accounted for 5PT to 43%. During the reporting period, the company’s net income of the company’s asset management business was 2.7 billion yuan, YOY-8%. The brokerage business declined in reverse, achieving 3.8 billion yuan and YOY-8%of net income; it is expected that due to the high number of CITIC brokerage business institutions, the rate of transition rate is high, and the timing of the shares of income is different. Increasing and reducing and market share of 5.6%(YOY-0.5pt).

The acquisition of Guangzhou Securities has grown traditional businesses and capital increase futures. The company plans to issue 100%equity of Guangzhou Securities from Yuexiu Financial Holdings. After the acquisition of Guangzhou Securities, the company’s total number of business outlets in Guangdong Province will increase from 18 to 50, which is expected to enter the first echelon of the Guangdong Book Brokerage Business. The company’s advantages in comprehensive business and management capabilities, combined with the synergy effect brought by the customer network and market resources of Guangzhou Securities, are expected to improve the company’s overall performance in Guangdong Province, thereby enhancing the company’s overall profitability and core competitiveness. In addition, the board of directors held by the company at the end of July agreed to increase the capital of CITIC Futures by 2 billion yuan to enhance its capital strength, expand business scale, and optimize business structure.

Market dividends are concentrated, and the faucet sees the track. Since the beginning of this year, the business policies such as mergers and acquisitions, stock index futures, and two merits have been loosened, giving more business opportunities with capital strength and business capabilities. In addition, the establishment of the brokerage science and innovation board also brings the dual opportunities for sponsor+investment to the leader. CITIC Securities The current service science and technology board company has a total of 14 companies, ranking third, ranking third. At the moment when the financial supply -side reform and the direct financing market have opened, leading brokers in the market vitality will take the lead in seizing the track and continue to grow bigger and stronger. In the future of financial expansion, CITIC Securities is expected to become an investment bank with international influence. The current CITIC Securities Forecast valuation P/B2019, 2019, 1.7, 1.5 in 2020, and continue to maintain a recommendation rating.

Risk Tips: The market reform policy is not as good as expected, and the market’s significant fluctuations are repeated emotions

Er Eye

Performance meets expectations and continues to grow rapidly

2019H1 performance meets our expectations

Er Eye announced its 2019H1 performance: operating income of 4.749 billion yuan, an increase of 25.64%year -on -year; net profit attributable to the parent company was 695 million yuan, an increase of 36.53%year -on -year, corresponding to 0.23 yuan per share. Performance meets our expectations and continues to grow at high speed.

development trend

Continuously grow. The company’s 2019H1 still maintains a rapid growth trend. Revenue and net profit increased by 25.64%/36.53%year -on -year, and the non -net profit was 695 million yuan, an increase of 31.93%year -on -year. difference. The company’s operating cash flow was 997 million yuan, an increase of 28.14%year -on -year, and the basic growth was consistent with the income growth. Advertising and business promotion costs have declined significantly. The sales rate of 2019H1 decreased by 1.97ppt year -on -year, and the period of the period was reduced by 2.04ppt.

The optical business has grown rapidly. From the perspective of the business sector, benefited from the increase in the proportion of high -end surgery such as the company’s full femtosecond and ICL. The company’s refractive surgery revenue was 1.779 billion yuan, an increase of 21.44%year -on -year; affected by the factors such as medical insurance control and other factors, the growth of cataract business has grown on the growth of cataract business. Slowing, the revenue in the first half of the year was 847 million yuan, a year -on -year increase of 10.92%. Due to its affected to a certain extent, the company’s outpatient volume and surgical volume increased slowly in the first half of the year. The two increased by 15.31%and 7.02%year -on -year in the first half of the year. We expect that with the continuous launch of new optical technology and products such as corneal shaping mirrors, high growth is expected to continue. Surgery in the front and back of the eyes increased by 18.35%and 19.20%year -on -year, respectively.

Chain expansion speed up. In the first half of 2019, the company acquired and built 13 hospitals and 9 clinics or clinics to further improve the national outlet layout. In the future, with the help of the country’s large outlet entrances and global resources, continue to improve the company’s comprehensive strength and brand effects, attract more high -quality physician resources Join. In the future, it depends on the complex surgery of physician skills, that is, the company’s back -end business sector will be a highlight.

Profit forecast and valuation

Maintaining profit predictions remain unchanged. We maintain the net profit forecast of 2019/2020 unchanged. Considering the impact of the company’s share capital increase, the year -on -year reduction of EPS 23%to 0.44 yuan and 0.59 yuan, an increase of 35.8%/32.7%year -on -year. The current stock price corresponds to 2019/2020 P. /E is 74X/56X, respectively. Considering the high growth and certainty of the company’s performance under the background of short -term drugs and equipment, we expect that the company’s high valuation will continue, adjust the target price to 41.00 yuan (excluding the impact of the share capital, the increase of 23.93%, there is 25%of the room), there is a 25%increase space), there is 25%of the rise space). Corresponding to the 2019/2020 P/E, 93X/70X, respectively, maintaining the rating of the industry.

Yamoto Chemistry

The performance of 1H19 is in line with the preview, and the suspension of production has fallen sharply

1H2019 performance meets the trailer

Yamoto Chemical announced the performance of 1H2019, with revenue of 691 million yuan, a year -on -year decrease of 23.1%; net profit attributable to the mother was 6.84 million yuan, a year -on -year decrease of 91.1%; the corresponding profit per share was 0.01 yuan, which was in line with the company’s performance forecast. The suspension of the suspension of the subsidiaries caused 44.9 million yuan to cause an out -of -business expenditure to reach 45.14 million yuan. After deducting the non -recurring profit and loss, the company’s net profit was 41.55 million yuan, a year -on -year decrease of 43.34%. The revenue of 2Q19 company was 204 million yuan, a decrease of 50%/58%in the same/month-on-month.

The suspension of the subsidiaries led to a significant decline in pesticide revenue. The 1H19 company’s pesticide intermediate business revenue was 436 million yuan, a decrease of 25.3%year -on -year, and the gross profit margin fell by 1.04PCT to 28.6%year -on -year. The significant decline in pesticide intermediate revenue was mainly due to a subsidiary Nantong Yamoto due to the safety accident of the wastewater treatment area at the end of February for more than 3 months. 1H19 Nantong Yamoto achieved revenue of 346 million yuan, a year -on -year decrease of 29%, and net profit was 15.31 million yuan. A year -on -year decrease of 67%.

The maintenance period is performed during the suspension of production in advance, and the performance of 2H19 Nantong Ya Ben will increase significantly from the previous month. During the suspension of the subsidiary Nantong Yamoto, the company actively adjusted the production arrangement and will be carried out in advance that it was scheduled to be scheduled to be about 2 months in the second half of the year. Since the re -production on June 27, the current operating rate of Nantong Yamoto has reached 70%and has gradually increased. The company’s estimated 4Q19 operating rate can reach 90%. The company is expected to increase significantly from the previous half of Nantong Yamoto.

The biological enzyme business has expanded rapidly, and the environmental protection business is good. The biological enzyme business of 1H19 achieved revenue of 14.82 million yuan, an increase of 104%year -on -year, and the net profit was 8.44 million yuan, an increase of 140%year -on -year, and the net profit margin reached 57%. 1H19 The company’s environmental protection business is well received, with revenue increased by 13.4%year -on -year to 62.78 million yuan. The subsidiary Elwan is engaged in cooking and kitchen waste treatment and municipal sludge treatment. At the same time, it is a provider of related equipment and technology. We expect that the company’s equipment and technical market spaces are expected to open in the future.

Due to the sharp decline in the performance of the 1H19 performance and the progress of the new production line of the Binhai Base, we lowered the profit forecast of 2019/20 to 0.16/0.29 yuan. At present, the company’s stock price corresponds to 2019/20 years of P/15X. The target price is 13.9%to 6.2 yuan, which is 41.6%of the current stock price. The target price corresponds to the 40/22X price -earnings ratio of 2019/20, and maintains the rating of the industry.


Kang Kuan’s middle margin is lower than expected, and the re -production of Binhai Base is lower than expected.

Wen’s shares

The existence bar is steadily rising, and the breeding aircraft carrier moves forward steadily

Event: The company released the 2019 semi -annual report. In 2019, the company’s total operating income of H1 achieved a total operating income of 30.435 billion yuan, an increase of 20.22%year -on -year, and the net profit attributable to the mother was 1.383 billion yuan, an increase of 50.76%year -on -year.

The rise of pig prices is unstoppable, and the upward cycle enjoy the prosperity dividend. Affected by African swine fever, domestic pig production capacity continued to shrink, the supply and demand gap continued to be released, and pig prices accelerated from March to rising exceeding expectations, and continued to refresh the historical high. The company’s pig breeding business has turned losses in the second quarter, and the price of pigs has risen sharply, and its profit will continue to be fulfilled. At present, there is no valid vaccine in the market, and the capacity of production capacity has not been seen. It is expected that the price of pigs will continue to rise after rising. It is expected that the average price of pigs in 2020 will be 23 yuan/kg. According to the company’s 24 million outbound columns, 115kg is weighing, and 13.5 yuan/kg complete cost calculation, the company’s pig profit will reach 26.2 billion yuan. As the largest breeding leader in China, the company will fully enjoy the prosperity dividend brought about by the rise in prices.

development trend

Profit forecast and valuation

The existence bar has a steady rise, and the source of species and epidemic prevention is obvious. The African swine fever epidemic rays, and the company has exerted its advantages in seed sources and epidemic prevention capabilities, effectively controlling the impact of the epidemic. The company’s productive biological assets were 3.281 billion yuan, an increase of 0.7%month -on -month, showing a recovery trend. The amount of meat pigs increased by 13.7%year -on -year, and has completed more than half of the target of the annual outlet. The spread of the epidemic accelerated the exit of small and medium retail investors and increased the threshold and concentration of the industry. The company’s stable production situation and growth of the outlet will continue to promote the increase in market share, and promote the company to continue to move towards the goal of 70 million heads (10%of the market share).

The livestock and poultry grasped in both hands, and the layout of the poultry industry in various aspects. Benefiting from the industry’s prosperity and demand replacement logic, the price of yellow feathers and chickens continues the prosperity. A year -on -year increase of 21.52%. Pig prices have reached a record high, and the price of yellow feathers chickens can be expected throughout the year. The company’s meat and poultry industry chain has been continuously improved. From the perspective of varieties, the acquisition of Jinghai poultry industry has entered the white feathers and chicken industry; from the perspective of the industrial chain, it actively develops wholesale retail channels and increases the sales ratio of slaughter. The company continuously builds a complete multi -breeding ecosystem to improve risk response capabilities.

Investment recommendations: We expect the company’s net profit in 19-11 to be 14.638 billion, 27.746 billion and 26.317 billion yuan, respectively, and EPS was 2.69, 5.17, and 4.90 yuan, corresponding to PE14.8X, 7.7X and 8.1X. Rating.

Risk reminder: feed price fluctuations, pig prices fluctuations, African swine fever epidemic influence, etc.

Red Flag Chain

2019 China News Review: Large prospects, the performance is slightly more than expected

Event: The company announced that in the first half of 2019, the total operating income achieved 3.829 billion yuan, a year -on -year+5.89%; the net profit attributable to the mother was 237 million yuan, a year -on -year+52.9%. Among them, 2019Q2 achieved total operating income of 1.937 billion yuan, a year -on -year+9.22%, and realized net profit of 158 million yuan, which was+56.84%year -on -year.

The leading enterprises in Chengdu, the brand advantages and scale advantages are obvious. The company is a leading convenience store in Chengdu, with 2,454 cloth shops in Chengdu. The dense cloth shop forms a large -scale advantage, which improves the bargaining ability of the company and suppliers, and reducing product procurement costs. On the other hand, the company’s many years of leading position in Chengdu has established a strong brand image for the company, obtained the high loyalty of local consumers, and formed a unique competition barrier. The company has always maintained a high -speed expansion of the store, accelerating the expansion of the local market, and is expected to continue to maintain a leading position in the future. In 2018, there were 146 new stores in the company. It is expected to open 200 new stores in 2019 to help the company expand the scale effect and achieve revenue growth.

The channel sinks the community market, and the future growth space is broad. The company uses convenience stores as its main business format. The average area of ​​the store is about 200 square meters. The customer group is facing community consumers. It not only meets consumers’ needs for convenience, but also makes up for the gap in my country’s community market. Affected by the advantages of channel sinking, the net profit of the 2019H1 company increased by 52.9%. The policy support of superimposed convenience stores, the government’s support for community -oriented convenience stores has strong growth potential.

Adhere to the “commodity+service” strategy and enjoy the consumption upgrade dividends. In terms of services, service -oriented projects such as tuition fees, the sale and recharge of bus cards, and the collection of water and electricity and gas costs are added to meet consumers’ demand for multiple services. Form the synergy effect with stores, improve the ability of stores to gather customers, and increase customer stickiness. In the commodity side, the company introduced Yonghui as a strategic investor to continuously enhance the company’s fresh business operation capabilities. With the company’s strong supply chain system and Yonghui’s unique advantages in fresh freshness, we have continuously optimized the structure of the product, catering to consumers’ high -frequency demand for high -quality fresh freshness, and it is expected to enjoy the consumption growth dividend with the help of fresh and attracting flow.

Profit forecast: We expect the company to achieve revenue of 76.69/80.83/8.547 billion yuan in 19/20/21, a growth rate of 6.22%/5.4%/5.74%, and the net profit attributable to the mother was 4.03/4.67/543 million, a year -on -year growth rate of 24.84 %/15.82%/16.32%, EPS is 0.3/0.34/0.4, and the corresponding PE is 21.71/18.74/16.11, maintaining a “recommendation” rating.

Risk tips: Macroeconomic downlink risks, operating costs continue to risk, and industry competition risks.

China Life Insurance

NBV is+23%year -on -year, and the performance is better than the industry

Event: The company’s H119 achieved revenue of 457.2 billion yuan, a year -on -year+12.29%, and the non -net profit of the mother -in -law was 32.5 billion yuan, a year -on -year+96.41%. Among them, Q2 revenue was 145 billion yuan, a year -on -year+1.92%, and the non -net profit was 6.4 billion yuan, a year -on -year+118.26%. The value contains the value of+11.54%at the end of the previous year to 886.8 billion yuan, and the NBV is+22.73%year -on -year.

The company’s performance increased significantly, mainly benefited from the policy fees and commission tax policies, and the great growth of investment income. In addition, the reserve release has also increased the company’s profits. Due to the low base of the company last year, the company’s performance has boosted significantly. Value transformation is worthy of praise: H119 National Life Insurance premiums account for 77%, and the first -year premiums account for 22%, of which more than ten years or above are+68%, accounting for 46%of the first year (year -on -year+18.07pct To. The insurance+long insurance+period payment is the trend of the healthy development of the industry. The company has 6 of the top 10 main sales products in the first year of the company. In addition, health insurance premium income+29.8%(VS overall premium+4.9%) performed brightly.

Investment income greatly boosted the company’s performance. H119 company equity investment assets were+1.7pct to 15.40%(of which stocks+1.38pct to 7.13%), 75.79%of solidaries, and 8.81%. The total investment yield of H119 company is 5.77%(year -on -year+1.99pct), and net investment yield is 4.66%(flat year -on -year). H119 company investment income+fair value change profit and loss profit or loss year -on -year+70.46%to 92.269 billion yuan, accounting for+6.89pct to 20.18%.

Renovation of Guoshou is worth looking forward to: Investment income does thicker the company’s performance, but in the long run, we still pay attention to the company’s internal value and its growth. Adhering to the policy guidelines and industry trends of “insurance surname insurance”, National Life has continuously optimized the product structure. The specific manifestations are: the new business value of the new business is+22.73%year -on -year new business value is+22.73%, and the value of individual insurance and bank insurance new business is+4.3pct,+7.9pct to 36.6%, and 21.5%.

Investment recommendations: We are optimistic about the value transformation of China Life, based on the status of Guoshou’s life insurance market in my country, and continue to pay attention to its NBV growth rate and the improvement of new business value. Based on the status of Guoshou’s life insurance market and its deep business, it is currently less than 1.00XP/EV.

Risk reminder: Long -term interest rate decline, guarantee product sales are not as good as expected, the stock market fluctuates sharply, regulatory changes

Lixun Precision

The performance in the first half of the year, the growth of the crossing cycle

Event description

The company announced the semi -annual report of 2019. During the reporting period, the company achieved operating income of 21.441 billion yuan, an increase of 78.29%year -on -year; net profit attributable to mothers was 1.502 billion yuan, an increase of 81.82%year -on -year.

In the second quarter, the company realized operating income of 12.4.22 billion yuan, an increase of 87.58%year -on -year; net profit attributable to mothers was 886 million yuan, an increase of 79.65%year -on -year. The gross profit level in a single quarter increased by 0.6 percentage points from the previous month to 19.49%.

It is expected that the company’s net profit change range from July to September 2019 is 984 million yuan to 1150 million yuan, an increase of 18.38%-38.32%year-on-year.

Event comment

Product line expansion+high prosperity direction has promoted high performance. From the perspective of revenue structure, the company’s consumer electronics business revenue accounted for 69.51%in the first half of the year, an increase of 99.32%year -on -year, and became the core driving force for performance growth. It mainly originated from: 1) the company’s LCP antenna in the new autumn products in 2018 Wireless charging and linear motors have achieved a substantial increase in share, so it continues to grow more obvious compared with last year; 2) the AirPods series of wireless Bluetooth headsets launched by Apple continues to sell, and the user penetration has increased rapidly. As the currently largest foundry supplier, the company has benefited from the outbreak of new terminal products of large customers.

Excellent corporate genes are the key to crossing cycle. Under the idea of ​​re -developing and developing light capital expenditures, low -level materials and production process innovation have continued to make breakthroughs. Through the establishment of a technical development laboratory with core customers, the company has gradually become a precision manufacturing global benchmarking enterprise. Through strong cost control capabilities and learning curves, the company will continue to overcome new product lines and obtain more orders for orders, so as to share the dividends of core customers’ growth.

IoT+communication+automobile business relay consumer electronics growth. We believe that excellent electronic companies will not be limited by the boundaries of business fields. Looking forward to the future, the 5G era base station has developed towards multi -port and multiple waves. The requirements for miniaturization on precision manufacturing have continued to improve, giving precision manufacturing companies a larger historical stage; in the era of the Internet of Things in the post -5G post -IoT, new terminal forms will emerge, zero, zero, zero, The demand for components and the whole machine will increase; new energy vehicles and smart driving will become the next blue ocean market that belongs to the precision of Lixun.

The company is expected to be 0.75, 0.99, and 1.26 yuan in 2019-2021, which will maintain a “buy” rating.

Golden praying mantis

Q2 Speed ​​acceleration, the gross profit margin of public installation business improves

The company released the semi -annual report. In 2019H1, the total operating income was 13.796 billion yuan, an increase of 26.51%, and the net profit attributable to 1.08 billion yuan was 12.05%.

Revenue has maintained rapid growth, and the decline in home improvement has lowered performance growth. In the first half of the year, revenue maintained faster growth. It mainly benefited from: 1) Gongdong achieved revenue of 10.263 billion yuan, an increase of 25.78%, 2) Internet home improvement revenue achieved revenue of 1.72 billion yuan, an increase of 35.02%; 3) the curtain wall achieved revenue of 894 million Yuan, also increased by 34.69%. The growth rate of performance is not as much as the main affected by three aspects: 1) Internet home improvement profit declines, and the net profit achieved a net profit of -038 million yuan in the first half of the year, which was reduced by 42 million yuan. In the same period last year, the loss of asset impairment was returned to 119 million yuan; 3) the current financial expenses of 60 million yuan, an increase of 49 million yuan. In terms of quarterly, the company’s Q1 and Q2 achieved revenue of 6.057 billion yuan and 7.739 billion yuan, respectively, an increase of 19.57%and 32.54%, and the net profit attributable to 601 million yuan and 507 million yuan were achieved, which were also increased by 8.65%and 16.36%. The performance has been accelerated.

The gross profit margin has declined slightly, and the cost control has achieved good results. The company’s 2019H1 gross profit margin is 18.92%at 0.29pct, mainly due to the decline of the gross profit margin of the Internet home improvement business of 7.16pct to 23.22%(or because of the increase in the proportion of low -gross customized hardcover revenue), while the gross profit margin of public installation business increased by 1.80pct to 17.22%; the period of the period decreased by 0.19PCT to 9.61%year -on -year, of which the sales cost rate decreased by 0.41pct to 2.70%, the management cost rate increased by 0.06pct to 3.65%(mainly due to the increase in equity incentives for 41 million yuan in this period). R & D cost rates decreased by 0.17pct to 2.83%, and the financial expense rate rose 0.33pct to 0.44%(or from the increase in interest expenses caused by the discount of bills). The company’s belonging to net interest rates dropped slightly by 1.04PCT to 8.03%.

The operating cash flow has improved. The net cash flow of 2019H1 was 543 million yuan, which was 97 million yuan from less than 96.15PCT, 1.34pct to 96.26%, 96.68%, respectively. The receipts and accounts receivables were 3.61 billion and 20.347 billion yuan, respectively, from the beginning of the period to 2.79 billion and 1.738 billion yuan, respectively.

The effectiveness of the supply chain has gradually become highlighted, and the revenue of abundant orders increases the steady increase. In recent years, the company has continuously improved the supply chain management mechanism. By centralized bidding, centralized procurement, and centralized allocation to enhance the right to speak in the industrial chain, the economic effects have gradually emerged (the first half of the year’s public profitability has been improved); Total 62.2 billion yuan, about 2.5 times the revenue in 2018, laying a solid foundation for the continuous growth of revenue. The company is expected to be 0.91 yuan and 1.04 yuan 1 in 19-20 years, and the share price PE in 2019/08/21 is 10.79 times and 9.46 times, and the “buy” rating is maintained.

Focus Media

The impact of the macro environment continues to be pressured in short -term performance, and it is still optimistic about the advertising value of the media of the living circle for a long time

The company released a 19 -year mid -term report. The 19H1 company achieved operating income of 5.717 billion yuan, a year -on -year decrease of 19.6%. The net profit attributable to the 19H1 was 778 million yuan, a year -on -year decrease of 76.76%. In the first three quarters of 19 years, it is expected to achieve net profit of 11.48-1448 billion yuan, a year-on-year decrease of 76.13%-69.9%.

Affected by the macro environment, screen expansion costs and accounts receivables, the company’s performance continued to decline. 1) Macro environment: In the first half of 19 years, the advertising market continued to undergo pressure. According to CTR data, the 19H1 advertising magazine spent 8.8%, and the company’s building media revenue decreased by 20%year -on -year, and the revenue of theater media decreased by 18%year -on -year; 2) expanded Screen cost: In 18 years, the company launched a new round of screen expansion, which driven the media resource rents, equipment depreciation, and labor costs to increase significantly. In 19 years, the company focused on optimization points, and the growth rate of points slowed down significantly (at the end of July 19 years 19 years (at the end of July 199 The total number of points is 2.739 million, the number of 18/19Q1 points is 2.662 million/27.55 million); Caused the loss of credit impairment of 380 million yuan; 4) The performance outlook for the third quarter: in the third quarter of the company’s advertising off -season (Q2 was catalyzed by “618”, Q4 was catalyzed by “Double 11”), and the demand for advertisers did not recover. The performance in the third quarter will continue to be under pressure.

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Event comment

Event comment

The company’s customer structure has been greatly adjusted, the Internet advertising owners have lost their stteques, and the proportion of daily consumer goods customers has increased significantly. 1) Affected by the financing environment of the first -level market, the Internet advertising owners’ investment volume in the first half of the 19th year has reduced significantly, and Internet revenue accounts for 22%, a year -on -year decrease of 19PCT; 2) the company actively develops daily consumer goods customers. In the first half of 19 years The proportion increased to 31%, (6.7pct year -on -year), of which food customers (Miake Lan Duo, Liangpinpu, etc.) were stable, white wine customers put budget growth in budgets, and clothing and cosmetics customers benefited from low bases to expand. New increment.

In the long run, we are still optimistic about the business growth brought about by the improvement of the macro environment. The economic recovery is expected to drive the increase in demand for advertisers. The consumption potential of large consumption in first- and second -tier cities has increased consumption capacity in third- and fourth -tier cities. New points of revenue companies are expected to usher in the release of performance.

Profit forecast: Based on the performance expectations of the third quarter of 19 years, considering the impact of the government subsidy, we have lowered the performance forecast. It is expected that the net profit of the mother -in -law in 19/20/11 is 18.90/26.95/3797 billion yuan, respectively. EPS is 0.13/0.18/0.26 yuan/share, corresponding to PE39X/27X/19X.

Source: Flush Financial Research Center

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