Hongqi Chain (002697) 2019 Annual Results Express Comment: The main business of the franchise has adopted various measures to achieve rapid growth in net profit

Hongqi Chain (002697) 2019 Annual Results Express Comment: The main business of the franchise has adopted various measures to achieve rapid growth in net profit
Event: On February 26, 2020, Hongqi Chain released the 2019 annual results report, and the company’s operating income in 2019 was 78.2 ‰, an increase of 8 in ten years.35%; net profit attributable to shareholders of the listed company is 5.20,000 yuan, an increase of 59 in ten years.90%; basic profit return is 0.38 yuan, an annual increase of 58.3%.  Opinion In 19 years, the company’s net profit increased rapidly, in line with expectations.The net profit attributable to shareholders of Hongqi Chain’s listed companies increased by 59 each year in 19 years.90%, profit growth is basically focused on the main business, technology innovation makes full use of big data, store upgrades and upgrades, optimize product structure, strengthen internal control management and internal open source savings.Specifically, the company improved customer flow and enhanced customer stickiness through fresh food transformation + date meals + rich value-added services. The drainage effect of the fresh food sector increased the average store by 20% -30%, and the profit of stores with better operating conditionsIt can be increased by 10%. Benefiting from the upgrade of the supply chain, the direct procurement and overall coordination ratios are reduced to reduce intermediate conversions, and the proportion of imported products with higher gross profit is substituted. The company’s profitability has been continuously improved.  Through the “self-built + acquisition” method, the store was quickly displayed, and the initial merger and acquisition integration was basically completed.As of the third quarter of 19, the company’s number of stores has reached 3027. It is expected that the company’s net increase in stores will exceed 210 in 2019. Since Yonghui is the company’s second largest shareholder, Yonghui has accelerated the transformation and empowerment of fresh stores and is expected to gradually create fresh stores.There are about 300 convenience stores, and more than 300 instant dining restaurants.The merger of the company accelerated the market expansion through the “acquisition + exhibition” approach. Benefiting from the company’s portal’s store operation and management capabilities, the initial merger and acquisition integration was basically completed, and the company’s profitability improved significantly. In 19 years, the company’s merger and acquisition pace restarted.  The 19-year investment income is expected to exceed 1.700 million, after excluding the impact of investment income, the growth rate of net profit is expected to be about 20-30%.In the first three quarters of 19, Xinwang Bank, which holds 15% of the company’s shares, contributed investment income1.300 million US dollars, with an annual growth rate of over 200%. It is conservative to assume that in 19Q4, the investment income of Xinwang Bank exceeded 100% growth. It is expected that the company’s investment income in 19 will be at least 1.700 million, an increase of over 200% in ten years.After excluding the impact of Xinwang Bank’s investment income, the company’s net profit in 19 years is expected to exceed the growth rate by about 20-30%.  Maintain the company’s “overweight” rating We expect the company’s operating income for 2019-2021 to be 78.3, 84.3, 90.700 北京夜生活网 million, an annual increase of 8.4%, 7.6%, 7.7%; net profit attributable to shareholders of the parent company is 5, respectively.1, 6.3, 7.500 million, an annual increase of 59.2%, 21.8%, 19.2%; EPS for 2019-2021 are 0.4, 0.5, 0.5 yuan / share; corresponding to 2020, 25 times PE for the main business and 10 times PE for Xinwang Bank.  Risk warning: Costs continue to increase; store expansion, reconstruction progress is less than expected; Xinwang Bank’s performance is less than expected.

US Jim (002621) 19th Annual Report Review: Leading Early Education Performance

US Jim (002621) 19th Annual Report Review: Leading Early Education Performance
I. Overview of the incident The company announced its 19-year interim report on August 28, 2019, and realized total operating income in the report2.770,000 yuan, an increase of 183 in ten years.49%; realized net profit of 5808.150,000 yuan, an increase of 666 in ten years.64%; after excluding non-recurring gains and losses, the net profit attributable to shareholders of the parent company was 3,631.530,000 yuan, an increase of 1380 over the same period last year.twenty one%.  Second, the analysis and judgment of the merger of US Jim’s performance, led to a substantial increase in the company’s performance.The core company reported a net profit of 5808.150,000 yuan, and US Jim achieved a net profit of 9,209.20,000 yuan, is the main provider of company performance.Benefiting from the outstanding performance of US Jim, the company is expected to obtain optimistic performance indicators. From January to September 19, it is expected that 天津夜网 the net profit attributable to shareholders of listed companies will be 75-85 million yuan, a continuous increase of 459.93% -534.59%, of which Q3’s net profit attributable to shareholders of listed companies is 40-50 million yuan, an annual increase of 589.05% -761.31%.  Meijim adopts the strategy of encryption + sinking the city to drive performance growth Meijim has the advantage of replacing brands and platforms of listed companies, and adopts the strategy of encryption of the first-tier, second-tier + sinking of the third-tier and fourth-tier cities.According to the number of reports, the number of US-Jimmy contracting centers in mainland China was 478, an increase of more than 10% compared with the end of 2018, and far exceeding the industry’s 3% growth rate.Beneficial company encryption + accelerated urban strategy of sinking, 南京桑拿网 realizing the first and second-tier sales increase by 10.49%, third and fourth tier sales increased by 24.44%, promoted the steady expansion of store expansion and sales.In addition, the company maintains business expansion needs and strengthens its platform image by increasing the number of employees and conducting brand activities.In the future, the demand for education will gradually increase, and the demand for early education services provided by US Jim will continue to increase, which is expected to continue to increase performance.  Third, investment recommendations maintain the “recommended” level.The company’s subsidiary, Jim Jim, has achieved outstanding performance. The introduction of relevant supportive policies has clarified the development direction of early education and eliminated policy risks. This has translated into an increase in demand for education, and related businesses will develop steadily.Therefore, the company’s EPS for 2019-2021 is expected to be 0.28/0.34/0.40 yuan, corresponding to the current price of 45X / 38X / 32X.Considering that PE in the Wind A-share education service industry in 1919 was 40X, the company, as a leader in early education industry, has a certain ownership of the estimated premium pricing business. The future prospects are good. Maintain a “recommended” rating. 4. Risk warning: intensified competition in the industry and lower downstream demandexpected

Yanjinpuzi (002847): New strategy continues to verify that profitability has improved significantly

Yanjinpuzi (002847): New strategy continues to verify that profitability has improved significantly
Event: The company released the 2019 annual report performance forecast, which is expected to achieve net profit attributable to mothers1.2-1.3 ‰, an increase of 70 in ten years.2% -84.4%, profit performance exceeded market expectations. The new strategy is advancing steadily and revenue is growing rapidly.1. After more than two years of strategic optimization and adjustment and continuous consolidation of the foundation, new product strategies, channel strategies, and regional development strategies have achieved initial results. The scale of operating income has accelerated since 18Q2, and especially offline has maintained relatively rapid growth.2. It is estimated that the annual revenue growth rate in 2019 will be about 30%. Among them, e-commerce has cut off non-profitable products due to product phase adjustments. There has been a phase shift. It is estimated that the revenue in 19 years will not exceed 1 billion, and the distance is close to 40%.Offline still maintains a rapid growth of more than 40%. Offline continued to maintain high growth.The offline growth comes from: 1) Category expansion: The company’s category has expanded from a single dry and miscellaneous category to multiple categories. At present, the second curve of casual baking has entered a fast-growing track. It is estimated that the volume of baked bread in 19 years will be more than 400 million, and the period will increase.Above 120%, baked potato chips have also achieved rapid volume, which is expected to contribute more than 80 million income (+ 120%); dry and miscellaneous species are still growing steadily, about + 10%; spicy bars are affected by 315 and progress is slightly slower and is still being cultivatedin.At present, the company has extended the category to the nut field and launched the current hot product-Daily Nuts. It hopes to use the existing channels to achieve volume distribution.The company’s product matrix is rich, and the main product categories are ranked second to ensure stable revenue growth. 2) Terminal construction: The company’s terminal display model has been upgraded to form a unified Yanjin shop snack shop and a Mr. Dou bakery.The new version 0 model, one in one, one in the west, and the two islands joined forces to settle in the supermarket, bringing more and more single stores.At present, the company has reached a leading cooperation strategy with BBK, Yonghui Supermarket, China Resources Vanguard, Carrefour and other chain supermarkets to rapidly advance the dual island strategy.At present, there are more than 8,000 stores in the island, which effectively improves terminal sales.3) Channel expansion: The company has formed a certain brand awareness and stable expansion model through direct sales. At present, the company has achieved rapid expansion by increasing the proportion of distribution. At present, the distribution: direct sales has reached 55:45, and the promotion speed has significantly increased.Central China and South China mature areas continue to deepen, while the company accelerates the development of new markets such as Southwest + East China, Shandong, Zhejiang, Anhui, Jiangsu, etc. At present, the company has entered more than 10,000 supermarkets, and 50,000 national supermarkets still have blank markets to be explored. The gross profit margin was controlled to control the expense ratio, and the net profit margin continued to improve.1. The company’s highest net profit is 1.2-1.300 million, if you add 29.29 million yuan of equity incentive expenses, the true net profit is 1.5-1.600 million, previously + 113%-127%, net interest rate from 6.3% increased to 10% -11%, the net interest rate increased very significantly.2. 武汉夜网论坛 The improvement of net profit margin mainly comes from: 1) the improvement of gross profit margin of baking, and the increase in sales leads to the realization of scale effects. It is estimated that the gross profit margin of baking has now increased to 38% and has achieved profitability; 2) continuous optimization of internal management and resource allocation,Pay close attention to the expenditure budget ratio, better cost savings and cost control, and the cost rate has steadily decreased; 3) The channel structure has changed, the distribution ratio has increased, and the net interest rate of the distribution channel is higher than that of the direct management; 4) The subsidiary Jiangxi Yanjin obtainedScientific research enterprise certification, calculated according to 15% of the company’s income, to obtain income 返回码: 404 网站打不开?重查 benefits. The business model has been confirmed to be feasible, the speed of advancement has been accelerated, and performance growth in the next three years is guaranteed.1. After more than two years of adjustment, the company has formed a new model of feasible product portfolio + channel layout + marketing strategy, and has verified the feasibility of the new business model through more than a year of rapid growth, and through expanding investmentIn order to achieve rapid advancement, the second largest volume of products, the orderly development of the national market, the income end will achieve explosive growth of more than 30% in three years; 2. The company invested earlier in the previous period due to market development and new product developmentMultiple expenses have led to stagnation or increase in profit growth. Through volume growth, the scale effect of the company’s production and sales ends gradually realized. The profit end ushered in an inflection point in 19Q2 and continued to improve. It is expected to reach a net interest rate of 15% in the future.The next three years will be the expected three years for the company to consider both scale and efficiency. Earnings forecasts and investment advice.It is expected that the compound growth rate of revenue for 2019-2021 will be 32.5%, the compounded growth rate of net profit attributable to mother is 55.6%, EPS is 0.98, 1.42, 2.07 yuan, corresponding to PE is 39X, 27X, 18X, maintaining the “buy” level. Risk Warning: The price of raw materials may fluctuate greatly, and the selling situation of baking may be lower than expected.

Jinjia Co., Ltd. (002191): Single-quarter revenue growth hits record high for new tobacco dual category active card slots

Jinjia Co., Ltd. (002191): Single-quarter revenue growth hits record high for new tobacco dual category active card slots

Events: 1).

The company released the third quarter report for 2019, reporting that the combined company realized operating income10.

20 ppm, an increase of 32 in ten years.

76%; net profit attributable to listed shareholders2.

08 million yuan, an increase of 24 in ten 四川耍耍网 years.


At the same time, the company expects that the net profit attributable to shareholders of listed companies will be 8 in 2019.


43 ppm, an increase of 20 in ten years.




On October 15, the company increased its capital in Shenzhen Jinjia Intelligent Packaging Co., Ltd. with free capital by 80 million yuan to increase development and strengthen the business of color box packaging.

The single-quarter revenue growth rate reached a record high, and the profitability remained stable. In the first three quarters of 2019, the total revenue was 28.

84 ppm, an increase of 21 in ten years.

35%; single Q3 company achieved revenue of 10.

20 ppm, an increase of 32 in ten years.

76%, the highest quarterly revenue growth rate in the past three years.

The first three quarters totaled net profit attributable to mothers.

73 ppm, an increase of 23 in ten years.

44%; of which Q3 net profit to mother is 2.

08 million yuan, an increase of 24 in ten years.

76%; it is in a relatively high level of growth in the past three years.

In terms of profitability, Q3 gross margin was 42.

59%, a decrease of 0 per year.

94pct, up by 0 from the previous month.

43pct; Q3 net margin is 23.

28%, a year-on-year decrease of 1 percentage point and a month-on-month decrease of 2.

82pct, on the whole, it is still in the historical average range, and the company as a cigarette leader still guarantees a relatively stable and higher profitability.

Increased capital in Jinjia Intelligent Packaging, and vigorously promoted the color box sector company to increase its R & D and production strength, increase market development efforts, and actively control liquor by adding 80 million yuan in capital to its wholly-owned subsidiary Jinjia Intelligent Packaging on October 15.The potential for continued growth in the performance of large packaging sectors such as consumer electronics.

The sales revenue of the color box segment in the first three quarters.

500,000 yuan, an increase of 104 in ten years.

65%, reflecting the steady progress of the company’s color box section. The boutique cigarette boxes, 3C packaging and new tobacco product packaging have blossomed at multiple points, and the business has continued to diversify and develop. At present, the color box section has become the main performance support in addition to the cigarette label section.
Multi-point layout of new tobacco, dual-category active card position In terms of heating and non-combustion, the company signed a strategic cooperation agreement with Yunnan Tobacco, and jointly established Jiayu Technology. At present, Jiayu Technology has undertaken the production of Yunnan Tobacco’s new tobacco smoking setWork; the subsidiary Jinjia Technology provides research and development and production services for new tobacco smoking equipment for Yunnan, Guizhou, Shanghai and other Tobacco customers, while merging previous patents and accumulating production research and development experience to achieve ODM / OEM services.

In terms of atomizing electronic cigarettes, the company and Miwu Technology established Infiney Technology, launched the foogo brand, and have launched K and fJ two bomb-changing atomizing products, as well as mini J and night cats.Sexual cigarettes are currently expanding simultaneously through online and offline channels, while actively expanding to overseas regions, and will continue to enrich the product line in the future.

We believe that after the gradual implementation of domestic and overseas supervision and the stern trend, leading companies with qualified, standardized production and mature technology will stand out and enjoy the blue ocean market of new tobacco. New tobacco is also expected to become a new profit growth point for the company.

We expect the company’s revenue in 2019-21 to be 39.


80 ppm, net profit is 8.



1.2 billion.

Based on the company’s scale and technological advantages, the development of large packages, and active positioning of new tobacco, given a “buy” rating.

Risk reminder: Order fluctuation risk, new tobacco promotion is less than expected, policy risk

Qianfang Technology (002373): Interim report performance in line with expectations One-wing strategy has achieved initial results

Qianfang Technology (002373): Interim report performance in line with expectations One-wing strategy has achieved initial results

The company achieved operating income of 35 in the first half of 2019.

USD 8.6 billion, an annual increase of 24.

74%; net profit attributable to mother 3.

7.4 billion US dollars, an annual increase of 30.

46%; net profit after deduction 3

13 trillion yuan, an annual increase of 37.

06%; the company achieved operating income of 19 in the second quarter.

4.2 billion, an annual increase of 23.

21%, net profit 2.

2.2 billion, an 南宁桑拿 annual increase of 19.


Net cash flow from operating activities in the first half of the year was -1.

2 billion, an annual increase of 82.

33%; net assets attributable to shareholders of listed companies 83.

4 billion, an annual increase of 4.


The 2019H1 performance is in line with expectations, and the “one body and two wings” strategy has achieved initial results.

We believe that the growth of the company’s performance is mainly due to the stable development of the company’s two core businesses, of which the smart transportation business achieved revenue18.

4.7 billion, an annual increase of 23.

25%, gross margin 27.

88%, a decline of 0 every year.


The major companies reported that while undertaking multiple benchmark projects, they also strengthened the order selection and cash flow 杭州桑拿网 management of smart transportation projects, and the operating cash flow improved significantly.

At present, the company has sufficient orders in hand. It is expected that the performance in the second half and next year will maintain steady growth.

Revenue from smart security business17.

3.7 billion, an annual increase of 26.

19%, gross margin 33.

71%, down 2 each year.

41 points.

Yushi Technology ranks fourth in the global video surveillance equipment market. The company’s overseas business structure has gradually matured. The reported growth of overseas business has grown by 64%. The gross profit margin of overseas sales has been slightly lower, resulting in a decrease in the overall gross profit margin of the company’s intelligent security business.

We judge that the security business is gradually picking up, and the growth rate of Yushi Technology is expected to maintain.

In addition, the company seized the strategic potential of 5G and AI, and actively deployed the visualization of the intelligent IoT and intelligent connected car industries; continuous development of research and development.

Report major company R & D investment 3.

80ppm, an annual increase of 39.


In the field of smart transportation, the company has established a research and development system based on product research and development centers, and has successfully launched products and solutions in various fields such as automotive electronic signs and V2X; in the field of intelligent security, Yushi ‘s “two institutes and six institutes” have perfect R & D layout, Formed the U-IPD process, increased innovation in the field of artificial intelligence, the best results of computer vision and deep learning algorithms in the MOT challenge, and achieved breakthroughs in AI applications; ETC business has brought new opportunities for the company.

With the release of the “Promotion of Implementation of Expressway Electronic Non-stop and Express Toll Application Service Implementation Plan”, the cancellation of toll stations at expressway borders in 2019 will drive a blowout in the ETC market. It is expected that ETC users will exceed 1 by the end of 2019.

8 billion.The company has been deeply involved in the ETC market for many years, and has currently supplied or won the bid to shortlist 17 provinces including Shandong, Yunnan, Shanxi, and Heilongjiang.

Report core companies with 1.

18 ppm increased capital in Shandong Expressway Xinlian Payment Co., Ltd. to further strengthen its strength in the ETC field; Ali’s 3.6 billion euros invested in shares have significant advantages in collaborative development.

The reporting company dated Ali to become the two largest shareholders. The two sides formed a joint working group and established a regular communication mechanism. They worked closely on areas such as artificial intelligence and edge computing to form a complete chain covering the cloud, edge, and end.Vehicle-road collaboration solution, Chengdu TOCC project has entered the implementation stage as a typical case; the company is the A-share intelligent transportation and vehicle-road collaboration high-quality standard, and is given a “strong recommendation-A” investment rating.

The company is expected to have a net profit of 9-21 years.

6.4 billion, 12.

04 billion, 15.

2.2 billion yuan, corresponding to 22 PE.

9, 18.

3, 14.

5 times, give “strong recommendation-A” investment rating; risk warning: cooperation with Ali advances less than expected, trade friction affects smart security business development

BTG Hotel (600258): 18-year performance meets expectations 19-year plan accelerates expansion

BTG Hotel (600258): 18-year performance meets expectations Expected 19-year plan to accelerate expansion
Event: The company released its 2018 annual report and achieved revenue of 85 in 18 years.3.9 billion (+1.45%), net profit attributable to mother 8.5.7 billion (+35.84%), deducting non-net profit 6.900 million (+15.99%), the proposed distribution of 0.11 yuan (including tax). The overall performance of investment points was in line with expectations, and Q4 was affected by asset impairment losses.The company released its 2018 annual report and achieved revenue of 85 in 18 years.3.9 billion (+1.45%), net profit attributable to mother 8.5.7 billion (+35.84%), non-recurring gains and losses1.6.7 billion, an increase of 1 every year.USD 3.1 billion, of which the sale of 20% equity of Yanjing Hotel generated pre-tax investment income1.2.6 billion (affecting net profit attributable to mother 0.9.5 billion), deducting non-net profit 6.900 million (+15.99%), of which Nanyuan Hotel accrued goodwill impairment of 0.820 billion.In Q4 of 18, it achieved revenue of 21 in a single quarter.700 million (+3.1%), net profit attributable to mother 0.5.6 billion (-31.01%), deducting non-net profit of 0.2.6 billion (-48.41%), mainly due to the provision for asset impairment losses.110,000 yuan (mainly goodwill impairment), after excluding the project, the operating profit growth rate in the single quarter was about 23% (Q1-3 operating profit growth rate was 45% / 16% / 36%). Home Inns’ net profit growth is good.Hotel operation revenue 66.55 billion (-0.33%), gross profit margin (93.49%) decreased by 0.48pct, mainly due to breakfast promotions; hotel management business revenue14.34 billion (+10.70%), gross margin 100% (+0.01pct).Hotel business combined revenue 80.8.9 billion (+1.46%), of which Home Inns revenue was 71.5.4 billion (+1.45%), net profit attributable to mother 8.1.1 billion (+25.54%); BTG’s stock hotel revenue was 9.3.6 billion (+1.57%). Operating data for Q4 was weak due to economic fluctuations.4Q18 was affected by economic fluctuations, such as the home economy RevPAR at least flat (QoQ-1.7pct is mainly due to the decrease in the increase in house prices, and the decline in the occupancy rate is flat). The overlap of new and open stores in the mid-to-high end overlaps with the decline in RevPAR4.7% (QoQ-0.1pct, mainly due to the expansion of the occupancy rate decreased by 0.3pct), such as home single season integrated RevPAR + 2.8% (QoQ-1.3pct) mainly benefit from the drive brought by the structural upgrade; directly operated RevPAR + 5.1%, represented by joining RevPAR + 1.9%, related to the efficiency improvement, upgrading and upgrading of directly operated stores.4Q18 Home Inn Same Store RevPAR + 1.4% (QoQ-1pct), mainly due to a 3% increase in house prices.Driven by 7%, the price increase has dropped by 0.9pct, occupancy rate drops by 1 every year.9pct, the decrease is reduced by 0.1pct; of which the same-same type RevPAR + 1.5% (QoQ-0.9pct), mid-to-high-end RevPAR + 0.3% (QoQ-1.1pct). The business disturbance in the second half of the year led to an expected improvement in operating growth over the previous 17 years.18 Preliminary Home Integrated RevPAR + 4.2% (17 + 6.9%), mainly affected by the price increase of 7.Driven by 4%, the occupancy rate drops by 2 every year.5pct; of which RevPAR + 1 is economical.9%, high-end RevPAR-5.0%, both tonnage growth rate over 17 years.18 Junior Home Inn Same Store RevPAR + 2.8% (17 + 5.1%), RevPAR + 2 of economy same store.7%, high-end RevPAR + 2.3%, the growth rate is 2 respectively.Two, five and three.RevPAR +1 for the first stock of the first trip in 18 years.4% (June’17.7%). Driven by joining expansion, the proportion of high-end and high-end has increased rapidly.622 previously opened stores, 208 economy, 243 mid- to high-end, and 171 others (including 155 management output hotels); net opening of 337 (44 new direct stores, 82 closed stores, and 578 new stores)(Closed 203 stores).As of the end of 2018, 4,049 hotels were opened, of which 720 were mid- to high-end, accounting for 17.8%, an increase of 4.2pct; 87,094 rooms in middle and high-end hotels, accounting for 21.9%, an increase of 4.5 points.At the end of 18, there were 530 shops that had not been opened and were signing contracts. The ticket revenue of Nanshan Scenic Area increased steadily, and the non-ticket revenue income of the product sales sub-lease model affected.Scenic business revenue 4.5 billion (+1.26%), including ticket income 2.4.9 billion (+7.31%), mainly due to: 1) the number of visitors to the Nanshan Scenic Area for 18 years was 498.760,000 person times (+1.9%); 2) From August 18, the ticket retention ratio increased from 40% to 50%.The conversion of the commodity sales business to a pure lease model resulted in gross profit margin (91.48%) increase by 2.35pct, non-ticket income decreased by 5.4%.Net profit of subsidiaries1.3.1 billion (+20.03%). The number of directly-operated hotels has decreased, and financial costs have been reduced to improve profitability.The 18-year sales expense ratio was 65.7% (-2.25pct), mainly due to the decrease in the number of rooms in directly operated hotels and the expiration of depreciation of some assets.Management expense rate 12.04% (+0.98pc), mainly due to the increase in labor costs of franchise stores and the cost of IT maintenance outsourcing projects. R & D expense ratio is 0.35% (+0.14pct), information-based coding.Finance expense ratio 2.01% (-0.63pct), short-term borrowings decreased by 7.400 北京夜网 million, long-term borrowings reduced by 500 million. The 19-year plan was sound and the core strategy continued.19-year operating target revenue scale of 8.6-8.8 billion (+0.7?3%), stable planning; continue to promote the core strategy: 1) upgrade the existing hotels, promote Park Hotel Aishang, Home Inn Select Hotel (upgraded version), YUNIK HOTEL, Home Inn Business Hotel (Gold Standard), Home Inn 3.The implementation and promotion of new products such as 0NEO have been implemented in 155 home-operated stores in 18 years.0NEO renovation and upgrade, of which 115 have been completed, 19 hotels will be increased in 19 years.0 update efforts.2) Accelerating expansion of mid- to high-end + franchise stores.In 18 years, 29 middle- and high-end hotels were newly built and upgraded, and the proportion of mid-to-high-end hotels’ income 厦门夜网 increased to 32.6%, plans to open more than 800 new stores in 19, accelerated store openings, of which more than 50% of high-end accounted for more than 35% of revenue, franchise stores accounted for more than 95%. 3) External cooperation and internal innovation.Actively promote the rapid landing of Home Inn and Hyatt joint venture hotel products. The first batch of directly operated stores in Beijing and Shanghai is planned to open in the first half of 2020; strengthen the airport hotel chain brand and cooperate with Chunqiu Group;Selected Chuansha Pudong Airport Store was officially opened as a new brand product; innovative trials such as “Joynature Park”, “Man Space”, and derivatives were carried out internally.3) Information construction continues.By the end of 2018, the membership had reached 1.100 million nights occupied by own channels accounted for nearly 80%. Profit forecast: It is estimated that the net profit attributable to mothers will be 10-19 years.10, 11.76, 13.5.6 billion, a growth rate of 17.8%, 16.4%, 15.4%, earnings per share is 1.03, 1.20, 1.39 yuan, corresponding to 22, 19, 16 times the current expected PE. Risk Warning: Macroeconomic fluctuations, less-than-expected business expansion, and increased competition.

ZTE’s (000063) first report: ZTE takes another journey with 5G

ZTE’s (000063) first report: ZTE takes another journey with 5G

The core point of view 5G benefits the strongest standard, full of future growth.

ZTE is a rare manufacturer of base station main equipment and transmission equipment, and is an absolute leader in the 5G field.

In the 5G industry chain, the most valuable subdivision of base station main equipment and transmission equipment, the company will directly benefit from the historical opportunities of the industry brought by 5G construction.

The market space of main equipment and transmission equipment is estimated to be over 1.

3 trillion, and due to the pace of network construction at home and abroad tend to be synchronized, the 5G market space is even wider.

With the efforts of network construction in the future, performance will be further released, and the company is optimistic about the growth of the company in the next few years.

  5G is determined to promote the turning point of the industry boom.

1) At the end of the 2018 Central Economic Work Conference, 5G was identified as the focus of future new infrastructure work. Many local governments included 5G in the “Government Work Report”. In light of the modern macroeconomic background, it showed the government’s determination to accelerate 5G construction.
2) In 2019, operators have successively introduced tenders for mass communications infrastructure, and major equipment vendors and related manufacturers have injected short-term performance into the cardiotonic agent.

To some extent, the democratic market has reduced the scale of early 5G investment, and non-5G has invested more 南京桑拿网 funds.

After detailed calculations, we believe that non-5G capital expenditures are not expected to be too pessimistic. After 5G investment, capital expenditures will continue to pick up in the next few years, which will help boost industry chain confidence.

  International competitiveness is solid, and operating efficiency has ushered in a turning point.

1) The company continues to increase investment in research and development to ensure that it is always in a leading position in the industry in each round of technological innovation cycles.

Although the current wireless equipment field has challenges, the overall pattern is stable.

The company’s strategic focus is 5G, and the right to speak has not changed in the core organizations of the global industry, leading in standard contributions and the number of 南京夜网论坛 patents.

After the company experienced turbulence, the industry’s successful recovery is the best expression of its competitiveness.

2) The company’s financial profit is exhausted, and its profitability is gradually restored. It adheres to compliance first.

In 2019, the company’s restart and fixed increase indicate that the company’s operations are on track, and the fixed increase will help ensure the company’s future competitive advantage.

  Financial Forecast and Investment Suggestions We predict the company’s earnings for 2019-2021 will be 1.

18, 1.


99 yuan, estimated using the comparable company method. The adjusted average price-earnings ratio of the comparable company is 31 times in 2019, giving the company a 31-year price-earnings ratio in 19, corresponding to the company’s target price of 36.

58, the first coverage was given a “buy” rating.

  Risks remind that the progress of network construction is less than expected, the capital expenditure of operators is less than expected, and Sino-US trade frictions have intensified

What is the investment value of Yingjia launched currency enhancement products?

What is the investment value of “Yingjia” launched currency enhancement products?

Source: Hejing Ruizhi | Wangjing Borg’s returns on fixed income products are related to product maturity and credit rating: (1) Usually the maturity is longer than the maturity and the maturity is higher. For example, the bank’s financial management exceeds the money fund, and the high return has a price, Because long-term products with poor liquidity cannot be refunded at any time; (2) usually the credit rating is lower than the credit rating, the return is higher, for example, the P2P income is higher than the bank financing, the high return is also costly, because the creditLow ranks have a high probability of default.
In the past year, the yield of Yubao, a money fund, has continued to slump, basically remaining at annualized levels2.

About 6%, everyone likes low-risk and high-yield products, so each platform has successively launched “currency enhancement” products. For example, Alipay has a good balance.

  So, what is Yingjia?

Yifangda’s full name is Yifangda, which is a combination of money funds and bond funds. Among them, money funds account for 65%, bond funds account for 35%, and the risk rating is medium to low risk. Similar to Yu’ebao, the balance is mainly based on money funds.The fund portfolio has higher security, and the minimum purchase amount is 100 yuan.

From the perspective of earnings, the earnings are better than that of ordinary money funds and are competitive.

  Specifically, the surplus Kerry’s bond fund contains 20% of E Fund’s Anyue ultra-short-term debt C and 15% of E Fund’s Anrui short-term debt C.

The higher part of its earnings compared to surplus treasure is mainly contributed by the bond funds inside.

There is no redemption fee for the purchase and redemption of Class C shares, but if the holding period is less than 7 days, a 1 is still required.

5% punitive redemption fee.

  If the investor holds a “good balance” for less than seven days of redemption, the redemption fee is 35% of the bond portion and 1 is required to be paid.

A 5% punitive redemption fee, with a total ratio of 0.

525%, if 10,000 yuan, the redemption fee is 52.

5 yuan, far more than the product of almost 10,000 yuan a day a dollar income, so the remaining good for holding more than one month.

  In the world, there is no love for no reason; no high yield for no reason . (1) There is also negative income in the history of currency funds. On December 30, 2003, Huaan Cash Wealth Fund was officially established.

Huaan launched the First Monetary Fund. The supervision of monetary funds is in an experimental stage. The fund manager’s investment fund will be extended for longer and longer periods of time in pursuit of high yields. The continuous liquidity will have problems. The currency fund will run and bonds will run.Unrealizable event.

  On August 16, 2004, the “Interim Regulations on the Management of Money Market Funds” was promulgated, stipulating the maximum duration of money funds and decentralized investment of money funds.

  For various reasons, there have been 13 negative returns in the history of the money fund, and these history appeared before 2013. Since then, there have been no negative returns on the money fund due to the improvement of monetary fund regulations and the ability of fund companies to operate.

  (II) Monetary Fund Enhancement Strategy In 2017, I unintentionally saw a promotional image of Tiantian Fund Network, which basically means that the rotation of currency funds (that is, redemption of recent low-yield currencies and purchase of the latest high-yield currency funds) can create very high returns.
If we have some experience, we know that it is basically impossible to multiply the increase in the return of money funds by rotating money. But is it possible to get more than the average return of money funds?

Therefore, the backtest was specifically made using the 2016 IMF’s 10,000 income data. The results of the backtest are surprising!

Let’s start the harvesting mode . As shown in the figure, when the rotation period is 7 days, the profit of the currency fund rotation strategy is only 202.

70 yuan, far less than the average return of the entire money fund (about 250 yuan), but most of the worst money fund income (about 160 yuan).

With the increase of the rotation cycle, when the rotation cycle is 35 days, the strategy reaches the optimal 335.

20 yuan, ranking third in the income of all money funds in that year, second only to Jiahe and the Central European Money Fund.

However, it must be clear that the ranking of monetary funds in 2016 is a posteriori result, and our rotation strategy is initially running according to certain rules.

In a sense, the use of the monetary fund rotation strategy can beat 99% of the monetary funds. This result is indeed shocking!

  Seeing this, you realize that Wangjing Borg was once a master of investment in currency funds, but why have you abandoned this in recent years?

  Because Borg acknowledges: (1) Monetary fund has limited increase in round-robin income, and the market money fund’s income is currently almost 2.

6%, under the trend of continued downward interest rates in the future, it will not exceed 3 by any means.

5%; (2) Monetary funds can only invest in bonds with good liquidity, short maturity, and high grades. If you want to increase yield, you need to invest in bonds that have expired. For example, if the balance is good, the bond maturity is slightly extended, and the yield is increased(3) Long-term bank financing can invest in some non-standard assets, and the return on non-standard assets is higher than bonds, so the bank’s financial management ratio is higher than that of money funds, but the risks facedHigher, but fortunately, there are hidden “just cashed” big banks, but this “just cashed” is also the target of regulatory crackdown.

  There are also some combinations that use the strategy of bond funds and new funds to increase returns, but these enhancements are short-term and impossible to stabilize in the long term. For investors who look at it, they may catch up with the income adjustment after buying. InvestmentIt needs to be simplified, and it can’t be time-consuming and labor-intensive for the sake of income. Therefore, the long-term income is still tested by the Hulk portfolio. The 南京桑拿网 short-term income depends on the common currency fund. The combination of these is actually not low.

Meng Lily (603313) Company Review: High profit growth as scheduled, optimistic about medium and long-term development

Meng Lily (603313) Company Review: High profit growth as scheduled, optimistic about medium and long-term development

Event: Meng Lily’s announcement of pre-increasing results for 2019: The company expects to achieve net profit attributable to mothers in 20193.

66 ppm, an increase of 96 in ten years.

7%; deduction of non-net profit3.

62 ppm, an increase of 60 in ten years.


It is expected that net profit attributable to mothers will be achieved in the fourth quarter of 20191.

0.6 million yuan, an increase of 39 in ten years.

5%; net profit after deduction is 0.

93 ppm, a 10-year increase3.


The overall performance was in line with expectations.

Performance has grown steadily, and profitability has been dazzling.

1) The company achieved revenue in the first three quarters of 201926.

40,000 yuan, an increase of 25 in ten years.

4%, 19Q1 / Q2 / Q3 company single-quarter revenue growth rate of 29% / 18% / 29%.

Against the backdrop of a severe outlook for foreign trade, the company benefited from climbing overseas production capacity in the third quarter and achieved high growth against the trend.

At present, the Serbian base has successfully reached capacity, and the production capacity in Thailand and the United States has gradually been released. We 深圳桑拿网 believe that the company’s export with the production capacity in Thailand is expected to continue to improve.

2) The gross profit margin is improving and the profitability is increasing quarter by quarter.

The company achieved a gross profit margin of 37 in the first three quarters of 2019.

01% (+ 6.

91 points.

), The net interest rate is 10.

39% (+4.

84 points.

), Benefiting from tax and fee reductions and falling raw material costs, the gross profit margin is improving, and profitability has continued to increase since 18Q1.

The anti-dumping policy drives the clearing of production capacity and pays attention to the climb of overseas production capacity to form performance supplements.

In the final ruling on anti-dumping measures against Chinese mattresses disclosed by the US Department of Commerce, domestic mattress export companies to the United States were levied a high anti-dumping tax rate of at least 57% to accelerate the clearance of SMEs in the industry.

From the perspective of the downstream terminal market, the US mattress market is a structural growth market where e-commerce volume is increasing and professional mattress penetration is increasing. At the same time, the supply side of China’s mattress foundry export business is relatively dispersed.

We believe that under the background of increased penetration of memory in the end market and centralized e-commerce platforms + centralized export market orders, Dream Lily’s ODM business has not seen a short-term cap. The rise in power generation in Serbia, Thailand and the United States will help increase the contributionthe amount.

Multi-channel layout is conducive to resource allocation to help long-term development.

1) Capacity.

In 2019, the company has expanded overseas production capacity in Serbia, Thailand, the United States and other places, realized capacity conversion, and resisted policy risks such as tariffs and anti-dumping.

2) Diversified channels.

Looking at overseas channels, in 2019, the wholly-owned subsidiary of Dream Lily cut into the U.S. market offline channels by acquiring no more than 85% of Mor.Combining channels.

The domestic market continues to cultivate hotel channels, accelerates the development of offline distribution channels, diversifies the overall channels, and enables the long-term development of independent brands.

Focus on remembering the track and optimistic about the company’s long-term growth.

The large-scale production capacity layout of MengLi is expected to support the company’s overseas ODM and OBM business development, and the company’s competitiveness in the global mattress industry will be further enhanced.

Companies in the domestic market have hired a team of professional managers to comb the development, which is expected to form a multi-channel force. From production to terminal sales, the company’s internal export development framework has taken shape, helping to transform the market layout and optimistic about the company’s long-term growth.

Investment suggestion: The company’s layout to maximize production capacity and expansion of internal sales channels, we are optimistic about the company’s mid- and long-term development.

Increase the company’s sales revenue for 2019-2021 to 36.

7, 48, 57.

10,000 yuan, an increase of 20 in ten years.

4%, 30.

6%, 19.

1%, realizing net profit attributable to mother 3.

66, 5.

11, 7.

12 trillion, a ten-year increase of 97%, 40%, 39% (return to the mother before the adjustment of the net profit 3.

5, 4.

5, 5.

70,000 yuan, a year-on-year increase of 88%, 29%, 26%), corresponding to an EPS of 1.



13 yuan, maintain “Buy” rating.

Risk warning: the risk of rising raw material prices, the release of overseas production capacity is less than expected, the risk of exchange rate changes

Zhejiang Digital Culture (600633): Steady Growth of Main Business Digital Entertainment + Big Data Layout Improves

Zhejiang Digital Culture (600633): Steady Growth of Main Business Digital Entertainment + Big Data Layout Improves

The event Zhejiang Digital Culture released its 2018 annual report today.

According to the annual report, the company achieved operating income in 201819.

09 million yuan, an increase of 17 in ten years.

42%; net profit attributable to mothers4.

7.8 billion, down 71 every year.

13%; net profit deduction for non-attributed mothers2.

49 ppm, an increase of 32 in ten years.


Realize a basic gain of 0.

37 yuan, down 70 before.


The company’s net cash flow from operating activities in 2018 was 4.

49 million, a significant increase of 127 from 2017 to 2017.


On the whole, the company’s non-net profit deduction is at the middle of 淡水桑拿网 the annual report performance forecast.

In 2017, the company sold a total of 21 subsidiaries of all news and media assets and realized an investment income of over 1.1 billion. Without considering the impact of major asset sales in the same period of 17 years, the company’s operating income in 2018 achieved a 64% increase.The non-net profit of the female deduction has achieved a multi-year growth of 41%.

Brief Comment 1. The decrease in investment income leads to a decline in profit, and the deduction of non-net profit keeps increasing.

The increase in the deviation of the company’s return to net profit in 2018 was mainly due to the company’s divestiture of news and media assets in the first half of 2017.

In the first half of 2017, the company successfully completed major asset reorganization work, which brought 深圳桑拿网 the company an increase of 11 in 2017.

7.6 billion investment income.

In 2018, the company’s non-net profit deduction achieved positive growth, reaching 2.

49 ppm, an increase of 32 in ten years.

42%, reflecting the good development trend of the company’s main business in 2018.

2. Continued in-depth layout of digital entertainment and big data.

With the completion of major asset reorganization and renaming, the company is mainly divided into three core business groups of digital entertainment, digital sports and big data, as well as two related sectors of cultural services and cultural industry investment.

At the beginning of 2018, online game operation business realized operating income14.

4.2 billion, an annual increase of 66.

98%, accounting for 75% of the company’s overall revenue.

54%; technical information services revenue in 20182.

170,000 yuan, an increase of 193 in ten years.

24%, revenue accounted for 4.

55% increased to 11.


From 2018 to 2019, the company’s Fuchun Cloud Internet Data Center has successively signed two contracts with NetEase and Ali.

3. Investment advice.

After the company’s divestiture of assets completely transitioned in 2017, it experienced a period of two years to polish internal strength.

The 2018 annual report shows a good growth momentum for the company’s main business.

The company’s size can benefit from its good layout and advantages of institutional mechanisms, and as a regular media company can also obtain policy support.According to wind consensus, the company’s EPS for 2019-2020 is 0.

56, 0.

68 yuan, the current market value of the corresponding estimates are 17 respectively.

6x, 14.

6x, recommended attention.