Month: March 2020

People’s Daily Online (603000): Review of Recent Situations

People’s Daily Online (603000): Review of Recent Situations

Net profit doubled in 2018: According to preliminary calculations by the financial department, the company is expected to realize a net profit attributable to shareholders of listed companies of RMB 179 million to 218,800,000 in 2018, an increase of 89.59 million to 129.53 million from the same period of the previous year.It grows by 100 per year.

20% to 140.

twenty four%.

The reasons for the increase in performance are mainly: the company’s advertising business revenue has grown steadily in 2018, and its costs have been 杭州桑拿网 effectively controlled. Local branch revenue has exceeded the growth rate by more than 40%; third-party content review business has shown an increasing trend with revenue growth of 166%; its subsidiary Beijing People’s OnlineNetwork Co., Ltd.’s public opinion and data business maintained a growth trend, with revenue growing about 20% each year; extended services such as training, communication, and consulting grew rapidly, with revenue growing about 22% over the same period last year.

The recent market performance is eye-catching, and the price-earnings ratio is much higher than the industry average: as of March 6, 2019, the company’s stock closing price was 25.

56 yuan / share, the static price-earnings ratio is nearly 300 times, the dynamic price-earnings ratio is nearly 200 times, the company’s Internet and related services industry price-earnings ratio dropped by 32.

86 times, significantly higher than the industry’s P / E ratio.

It is difficult to accurately predict the content risk control business: The company’s content risk control business is mainly to provide information content auditing services to emerging media customers such as the Internet and mobile Internet to solve the information security problem of new media.

In 2017, the segment achieved operating revenue of 15.81 million yuan, accounting for 1 of the company’s operating revenue in 2017.

13%, revenue is relatively low.

The content risk control industry is an emerging field, and it is impossible to determine the exact market size and make accurate predictions.

Profit forecast: We expect the company’s operating income in 2018, 2019 and 2020 to be 28.

01, 42.

02, 54.

63 ppm, net profit is 1.

91, 2.

35, 2.

780,000 yuan, the budget income is zero.

17, 0.

21, 0.

25 yuan, given an “overweight” investment rating.

Risk reminders: 1) Changes in national industrial policies; 2) Progress in new business is blocked.

China Merchants Bank (600036): Profits continue to improve towards better asset quality

China Merchants Bank (600036): Profits continue to improve towards better asset quality

Event description On October 30, China Merchants Bank released the 2019 third quarter report.

Incident review performance growth continued to pick up rapidly, ROE extended.

In the first three quarters of 2019, China Merchants Bank achieved a net profit of 772 attributable to shareholders of the parent company.

3.9 billion, an increase of 14 years.

63%, an increase of 1 over the first half of the year.

55 singles; of which, the net profit attributable to single and third quarters increased by 17.

69%, a new sustainable high.

From the perspective of performance attribution, the marginal incremental contribution still mainly comes from the accelerated expansion of scale and the provision of back-feeding. As a result, non-interest improvement has significantly reduced the negative contribution, while the positive contribution contribution has continued to decline.

In terms of profitability, benefiting from continued growth in performance, the company’s ROE (annualized) in the first three quarters increased by 0 compared with the same period last year.

12 up to 19.

19%. Based on the judgment of the current performance trend of the company, we believe that ROE is expected to continue to maintain an upward channel.

The narrowing of the interest margin has led to the growth rate of net interest income, and the renewed warmth has led to a quarter-on-quarter increase in revenue growth.

In the first three quarters of 2019, China Merchants Bank achieved operating income of 2077.

3 billion, an increase of 10 in ten years.

36%, a growth rate of 0 compared to the first half of the year.

72 singles; among them, the single and third quarter revenues increased by 11 each year.


The rebound in revenue growth was due to the gradual improvement in the performance of the middle income. The growth rate of net fee and commission income in the first three quarters accelerated compared with the first half of the year3.

88 up to 7.

89%, usually other non-interest net income growth also rebounded to 12.

04%; while the growth rate of net interest income is subject to the narrowing of interest margin and continues to gradually, the net interest margin of the first three quarters was 2.

65%, a decrease of 5bp from the first half of the year, and the net interest margin in the third quarter alone was 2.

57%, a decrease of 12bp from the previous quarter.

The narrowing of interest spreads is mainly due to the pressure on loan yields and rising costs due to increased competition among deposits.

Scale expansion continued to accelerate, asset allocation continued to be tilted; deposits grew steadily, and the proportion remained high.

As of the end of the third 四川耍耍网 quarter, the size of China Merchants Bank’s assets increased by 12.

25%, continuing the trend of accelerated expansion since the second half of 2018.

With the initial rating, loans are still the main asset type invested, increasing by 13.

46%, significantly higher than 8 of the assets.

30%; in the third and third quarters, loans increased by 3 sequentially.

21%, which is also faster than 1 of the asset.

57%, the proportion of loans to interest-earning assets at the end of the reporting period increased from the early and early stages2.

99 up to 61.


In terms of debt, deposits improved in the third quarter after experiencing rapid growth in the second quarter.

In fact, in this year’s market environment, the company has strengthened its peers and bond issuance to support expansion, and at the same time, it has reduced pressure to downgrade and expand to ensure the core resistance is stable.


Excellent asset quality continues to provide a guarantee for steadily improving performance.At the end of the third quarter, China Merchants Bank’s non-performing loan subsidy1.

19%, compared with the beginning of the year, the end of the first half of the year fell by 17, 4bp, the amount of non-performing balance increased slightly by 0.

4 billion, but still down from the beginning of the year3.

4.4 billion.

In addition to the continuous improvement of the bad book, from the data of the categories of concern and bad and overdue changes disclosed in the semi-annual report, the company’s potential risk of bad exposure is also at an alternative level.

In terms of risk compensation capacity, since the second quarter of this year, the margin of the provisioning rate has weakened, benefiting from the low adverse new generation pressure, and the provision coverage ratio has been further increased to 409.

41% super high level.

Adequate counter-cyclical reserves also prove the decrease in the provision of back-feeding profits, and provide a guarantee for the company’s continued stable and high growth in the future.

Investment suggestion: In the first three quarters, the narrowing of interest margins has resulted in a weakening of net interest margin returns, but the gradual recovery of middle income has led to a marginal increase in revenue growth in the first three quarters.

In fact, benefiting from superior asset quality, provisions continued to effectively nurture profits, the company’s performance growth continued to pick up, and ROE has also expanded.

It is estimated that the growth rate of the company’s attributable net profit in 19/20 will be (adjusted to) 15 respectively.

23%, 16.

45%, corresponding to the current total PB is 1.


38 times, continue to “Buy” rating.

Risk Warning: 1.

The outstanding deterioration of corporate profits affects the quality of bank assets; 2.

Financial supervision has become more stringent.

Wu Tailai (603659): Performance is in line with expectations and is expected to drive high profits in the future

Wu Tailai (603659): Performance is in line with expectations and is expected to drive high profits in the future

Brief performance review On April 24, 2019, 璞 泰来 released a quarterly report, which reported that the company gradually realized revenue10.

29 ppm, an increase of 79 in ten years.

52%; realized net profit attributable to mother 12.

90 ppm, an increase of 0 in ten years.

51%; net profit after deducting non-attributed mothers11.

38 ppm, a 佛山夜网论坛 ten-year increase of 9.


The company’s non-homing net profit previously grew faster than revenue, basically in line with expectations.

Operating analysis We believe that the company’s 2019Q1 deduction of non-attribution net profit year-on-year growth rate is lower than revenue, which is mainly dragged by repeated business. The specific analysis is as follows: The company’s business involves lithium electrical insulation, replacement machines, replacement, aluminum plastic film, etc.60% of revenue is an important part of the company’s business.

According to the following reasons, the company’s long-term profitability has increased: 1) The monthly price of raw materials has further increased.

Extreme raw materials are mainly needle coke or petroleum coke, accounting for about 30% of the cost.

According to my Iron and Steel Network report, in 2019, the maximum capacity of electric furnace steel is maintained at a high level, its graphite electrode raw materials are highly coincident with short circuits, and the prices of coke raw materials continue to be strong.

The company is a major coking long-time customer and uses more imported raw materials. There may be a certain degree of lag in upstream prices. The settlement price of coking raw materials in the first quarter of 2019 will continue to increase as a substitute for the company’s profitability; 2) New graphitization capacity in Inner MongoliaNot yet in production.
Graphite processing price per ton is about 1.

80,000, accounting for 30% -40% of the monthly cost.

Based on the advantages of electricity costs, the new graphitization capacity of Inner Mongolia Xingfeng, a subsidiary, is about 3,500 yuan / ton cheaper than that of Shandong Xingfeng, and 5,000-6,000 yuan / ton cheaper than outsourced graphitization processing.
Dividend profitability is expected to resume in the second quarter of 2019. Growth and growth have driven the company’s expected performance.

Inner Mongolia Xingfeng’s graphitization capacity Q2 has begun to be put into production gradually. After the production, it can hedge the rise in raw material prices and restore profitability.

As of the end of 2018, the company’s temporary production capacity reached 3 tons, and the long-term production and sales interruptions were 3 respectively.

32 brackets, 2.

93 predicts that the production capacity will be highly tight; in 2019, the company’s supplementary production capacity will gradually reach 5 replacements, and the capacity problem has been alleviated to a certain extent, and it is expected that replacement 5 will be realized.

In addition, the restructuring budget business is driven by downstream demand and is expected to grow by 150% -200% per year in 2019.

Profitability recovery + temporary, expansive expansion is expected to drive the company’s 2019 return to net profit growth of 48%.

Earnings adjustment and investment recommendations are optimistic about the company’s growth potential for disruption and replacement of alternative business in 2019, maintaining 2019-2021.

79 billion, 11.

7.9 billion, 14.

The net profit attributable to mothers and daughters of RMB 2.0 billion is unchanged.

The end of the risk alert, the equipment has been expanded to less than expected; the monthly gross profit margin has continued to decline; the growth rate of new energy vehicles has fallen short of expectations; and the downstream customers have been excessively concentrated.

Linglong Tire (601966): Q3 net profit was +35 for ten years.

8% performance continues to be strong

Linglong Tire (601966): Q3 net profit was +35 for ten years.

8% performance continues to be strong

Event: The company released three quarterly reports for 19 years, and Q3 achieved operating income of 41.

99 billion (+10.

4%), net profit attributable to mother 4.

89 billion (+35.

8%), the cumulative operating income in the first three quarters of 2019 was 125.

0.9 billion (+13.

3%), and gradually return to the net profit of the mother12.

14 billion (+37.


Benefiting 四川耍耍网 from the adverse growth in sales, the decline in raw material costs, and the increase in gross profit margin, the company’s third-quarter performance was still outstanding, and Q3 net profit reached a record high.

Taking into account the hot sales of the company’s products in the retail market, the new major supporting model of the supporting market, Jetta, is selling well, and the Jingmen plant is expected to start production in the fourth quarter.

8.1 billion, EPS is expected to be 1 in 19-20 years.



87 yuan.

Comments: 1. Tire sales continued to be strong, and the average sales price caused by the product sales structure was a slight margin.

Revenue: Hot sales in the retail market combined with heavy supporting market volume, tire sales continued to be strong.

The company achieved gradual 南京夜生活网 operating income of 125 in the first three quarters of 2019.

0.9 billion (+13.


Among them, the third quarter realized operating income of 41.

99 billion (+10.


The company continued to actively explore the market and improve product quality. The tire products continued to sell well, with revenue growth in the third quarter, a slight shift from the previous month (product structure adjustment).

From the perspective of production and sales, the tire output of the company in 19Q3 was 1574.

220,000 pieces, sold 1470.

500,000, sales increase by 10 every year.


The cumulative sales volume of Q1-Q3 tire products in 1919 was 4,288.


Affected by continuous fluctuations in the downstream new car market, tire demand is still under pressure.

In the high-level environment of the industry, the company’s product sales continued to increase in the third quarter, continuing the strong trend in the first half of the year.

In terms of supporting markets, the company has quickly penetrated into Ford, Volkswagen, Geely and other well-known domestic and foreign OEMs ‘main tire spare parts supporting businesses by using product performance enhancements and price advantages. New businesses have been developed to replace large internal supporting markets.

Among them, the company ‘s new supporting models, Jetta VS5 and VA3, have average sales of over 10,000 yuan per month, and are expected to continue to climb in the future.

In terms of replacement market, the average sales volume of overseas retail market and domestic retail market increased in the third quarter.
From the perspective of product ASP, the average unit price of 19Q1-Q3 tires was 294.
06 yuan.

Among them, the average unit price of 19Q1 products was 289.

59 yuan, the average unit price in Q2 of 19 was 310.

57 yuan (+7 from the ring.

24%), the average unit price of 19Q3 products was 282.

8 yuan (cyclically -8.

94%, -0 per year.


The initial decline in the average product price in the third quarter was due to changes in the product sales structure. The increase in the proportion of passenger car tires led to a decline in the average product price.The decline, the company’s gross profit margin rose in the third quarter.

Profit side: 19Q3 the company achieved net profit attributable to the mother4.

89 billion (+35.

8%), Q1-Q3 in 19 gradually return the net profit of the mother12.

14 billion (+37.


Among them, the third quarter net profit hit a record high.

The growth rate of net profit is higher than the growth of income mainly from the increase in gross profit margin.

In the third quarter, the company’s five main raw materials, including natural rubber, synthetic rubber, carbon black, steel cord, and cord fabrics, declined overall7.


At the same time, the proportion of semi-steel radial tires with higher gross profit margins increased.

Three rates and cash flow: 19Q3 company expenses 14.

50%, MoM 19Q2 (14.

36%) were basically flat, compared to the same period (11 in 18Q3).


The company’s cash flow situation is stable, and the company’s operating net cash flow from 19Q1-Q3 increased by 6 compared with the same period.

20%, of which net cash improved in the third quarter.

2. Medium- and long-term logic: The domestic market for supporting markets has accelerated, and the domestic passenger car tire market has long been upgraded to replace the market share and brand premium.

Linglong tires are more than 40 years old, and they have continuously accumulated technology and capital during the export bonus period of the industry. At present, their production processes and product performance have reached the standards of most well-known vehicle manufacturers.

Coinciding with the maturity of the auto market, the pressure on the profitability of vehicle companies has become prominent. The company continues to expand its supporting market share by virtue of its high-quality performance and price advantages.

Tires are automotive parts with consumer attributes and have a trillion-scale market size.

The industry comprehensively covers the supporting market and further expands the extensive replacement market generated by the demand for tire replacement.

In the replacement market, because consumers have a low awareness of tire products, their consumption behavior is affected by brand power, which results in a significant difference in the brand premium of tire products.

In the medium and long term, the company’s penetration into the supporting market, especially the main tire supporting business, is conducive to strengthening its brand power.

“Original endorsement” + word-of-mouth effect of high-quality products + brand awareness throughout the year, helps to increase the brand premium of Linglong Tire in the alternative market.

Global replacement market demand is stable, and China’s replacement market still has high room for growth.

In the future, the increase in the company’s brand premium will increase the demand for combined products, which is expected to open up its long-term growth space.

3. The “5 + 3” strategy protects the international layout. The company actively implements the “5 + 3” strategy, that is, 5 domestic production bases and 3 foreign production bases.

In China, the company has invested in four production bases in Zhaoyuan, Shandong, Dezhou in Shandong, Liuzhou in Guangxi and Jingmen in Hubei. Overseas, the company built its first overseas production base in Chonburi, Thailand in 2012.In June, Serbia Europe was selected as the location for the second factory, and the groundbreaking ceremony was held in March 2019. It is planned to build a third overseas factory in the Americas in the future.

The “5 + 3” strategy not only helps the company to circumvent international trade barriers, but also enhances the company’s layout and mobility to digest orders, and escorts the company’s international layout.

At present, the strategic layout has achieved significant results: Linglong Thailand’s orders in the first half of the year “finance seeking”, 19H1 achieved operating income22.
6.4 billion yuan, net profit4.
7.7 billion, with a net profit rate of 21%.

In the future, the Serbian factory is expected to replicate the profit model of the Thai factory and radiate European customers. After the production is reached, it can achieve a production capacity of 12 million semi-steel radial tires, 1.6 million full-steel radial tires, and 20,000 engineering tires and agricultural radial tires.

Profit forecast: In the fourth quarter, the Jingmen project will be put into operation with overlapping Jetta and other supporting models. The Serbian project is expected to start production next year, and the EPS is expected to be 1 in 19-20.



87 yuan.
Risk reminders: short-term fluctuations in the prices of rubber and other raw materials cause costs to be irreplaceable; international trade frictions intensify; replacement of the auto market caused by the replacement of the supporting market

CRRC (601766) Third Quarterly Report Review: High Revenue and Profit Grow Strong After Full Orders

CRRC (601766) Third Quarterly Report Review: High Revenue and Profit Grow Strong After Full Orders

I. Overview of the event The company released the third quarter report for 2019. In the first three quarters, the company gradually realized operating income of US $ 154.5 billion, +14 per year.

15%; Gradually achieve 84 trillion net profit, +10 in ten years.

76%; gradually reduce the non-net profit to 77 trillion, +37 for ten years.


Second, analyze and judge the railway equipment segment, the urban rail segment revenue has achieved high growth. The company ‘s railway equipment segment has increased sales of motor vehicles, buses, locomotives and delivery of urban rail subway products. The company ‘s total revenue has increased by two digits.

In terms of business segments, from Q1 to Q3 2019, the railway equipment segment has gradually realized revenue of US $ 88.5 billion, +23 per year.

4%; the urban rail segment gradually realized revenue of 27.3 billion, +31 per year.


The new industry segment gradually realized revenue of 32.7 billion yuan, +4 in half a year.

1%, mainly due to the increase in wind power business income; the modern service segment gradually realized revenue of 5.9 billion US dollars, equivalent to -47.

75%, mainly due to the temporary logistics business in this period.

In terms of products, EMU business revenue reached US $ 49.4 billion, +9 billion US dollars a year and +22 in ten years.

4%; bus business revenue reached 87 trillion, +49 trillion a year, +131 in ten years.

8%; locomotive business revenue reached 162 trillion, +21 trillion a year, +14 in ten years.

8%; revenue from metro products reached 273 trillion, +64 trillion a year and +31 in ten years.


The gross profit margin remained stable, the budget expenses were properly controlled in 2019Q1-Q3, and the company’s gross profit margin was 22.

55%, ten years +0.

38pct, stable.

From Q1 to Q3 2019, the company’s expense ratio was properly 杭州夜网论坛 controlled. Except for a slight increase in sales expenses in the short term, management expenses, research and development expenses, and financial expenses all declined.

2019Q1-Q3, sales expense subsidy 3.

24%, ten years +0.

20pct; overhead costs 6.

16% per year.

71 points; R & D expenses 4.

62%, -0 per year.

09pct; financial expenses 0.

29%, -0 per year.

36pct; The total cost of 4 items is 14.

31% a year -1.

18 points.

Total orders in hand We estimate that by the third quarter of 2019, the company’s orders in hand will be approximately 255 billion, an increase of US $ 22.3 billion from US $ 232.7 billion at the end of 2018, which is a good basis for revenue in the coming years.

Third, investment proposals Due to the implementation of the central and local income division reform plan and new local debt 北京夜网 special regulations, the Beijing-Shanghai high-speed rail IPO is used to hedge the downward economic pressure on the infrastructure, and the infrastructure sector is expected to rise steadily.

The company’s EPS for 2019-2021 is predicted to be 0.



60 yuan, corresponding to PE multiples of 15 respectively.


1x, maintaining the “recommended” level.

Fourth, risk warning: local debt risk; railway vehicle bidding, route construction to reduce risk.

The spread of the epidemic makes the global stock market turbulent under the pressure of A shares, the turnover has broken trillions for the fifth consecutive day

The spread of the epidemic makes the global stock market turbulent under the pressure of A shares, the turnover has broken trillions for the fifth consecutive day

Isn’t the “Chun Mang” market simple?

Come to Sina University of Finance and listen to China’s futures futures chief coach Sirius 50 Chen Hao talk “Technical Analysis: Follow the main force to catch bull stocks”, understand the main force to catch bull stocks from the K line.

  Original title: The spread of the epidemic has caused global stock markets to experience a “scaring night”. Under the pressure of A shares, the turnover has exceeded trillions for the fifth consecutive day.The A shares on May 25 also suffered a certain drag, but investor enthusiasm continued, and the turnover of the two 无锡桑拿网 cities exceeded one trillion yuan for the fifth consecutive day.

  On February 24, the three major U.S. stock indexes opened lower and ended lower. The Dow Jones Industrial Index plummeted more than 1,000 points to close at 27960.

80 points, down 3.

56%, erasing all gains in 2020, the S & P 500 and Nasdaq also fell 3 respectively.

4% and 3.


  European markets also fell across the board, with Italy’s FTSE MIB index plunging 5.

The German DAX index fell more than 4%, the British FTSE 100 index and French CAC40 index fell more than 3%, and the European Stoxx 600 index fell 3.


  In the market’s highest sentiment, the Shanghai and Shenzhen markets opened significantly lower today, and then surged back down.

At the close of the morning, the Shanghai Composite Index closed at 2970.

63 points, down 2.

00%; SZSE Component Index closed at 11,567.

77 points, down 1.


The small and medium board index dropped by 1.

24%; GEM Index decreased by 1.


  Disk, anti-flu, bio-vaccine, mask protection and a few other sectors flew in red. Ships, IT equipment, Internet, petroleum, media and entertainment sectors led the decline.

  In the afternoon, the three major stock indexes gradually rebounded, and the press release was terminated. Both the GEM index and the Shenzhen Stock Exchange Index turned red with gains of 0.

71% and 0.

19%, the decline in the Shanghai Composite Index also narrowed, slightly down 0.


The turnover of the Shanghai and Shenzhen markets exceeded the trillion yuan mark for five consecutive trading days.

As of February 24, 16 trading days since the Spring Festival, the Shanghai Composite Index, the Shenzhen Stock Exchange Index, and the GEM have gradually increased by 1, respectively.

84%, 10.

21%, 17.


  Some analysts pointed out that the market as a whole has continuously exceeded trillions in the recent period of time. It can be seen that the enthusiasm of investors is still very high. Individual investors enter the market through newly opened shareholder accounts. At the same time, individuals who have not opened an account will continue to intervene in a large number of newly issued

Even if the current panic caused by the spread of the epidemic and the panic caused by the spread of the stock market will cause the short-term pressure of the A-share market to show shocks, it does not affect the emergence of structural opportunities in the market.

  Fidelity Asia Pacific Chief Investment Officer Paras Anand believes that since the outbreak of the new coronavirus (COVID-19) pneumonia epidemic, China ‘s anti-epidemic measures are undoubtedly more serious in other epidemics, such as atypical pneumonia (SARS)And the H1N1 period came decisively, and the impact on the economy was also numerical.

Coupled with China’s increasing proportion in the global supply chain and economy, the impact of this epidemic on the global economy and corporate profits is actually quite clear.

  ”We see this as a good opportunity to buy on dips, especially in Asia and emerging markets.

However, investors should also be aware that this time the market may represent that previously effective scripts have begun to fail.

“He said.

  Huatai Securities’ strategy team analyzed and pointed out that the number of newly diagnosed overseas cases has risen rapidly for four consecutive days. The infection density of the severely infected areas has exceeded that of domestic non-Hubei areas. Multinational population isolation policies have increased. In addition to the epidemic situation, U.S. stock valuations have high concerns.The selection of radical candidates to lead has also intensified to avoid the danger of rising dangerous sentiment. After the outbreak of the external market epidemic, it made a second test. Funds were relatively capable in the face of rushing into the superimposed liquidity “internal wide and external stability”.  Guo Shaojun’s chief strategy analyst Li Shaojun said that the impact of the epidemic on the stock market needs to be analyzed in different time dimensions.

He pointed out that the impact of the epidemic on the stock market mainly lies in “rhythm” rather than “trend”.

  He believes that in the short-term perspective, the current sustainable “transition” is caused by changes in market risk appetite brought about by the epidemic.

Considering economic fundamentals, liquidity, trading range and other factors, the bottom area of the market is relatively clear, and the timing of time remains to be seen.

Under short-term fluctuations, the expected leader is expected to fall to a relatively low level.

Under the big waves and sands, the final impact of emotional shocks. Considering that merger elasticity results from performance elasticity and absolute benefits from estimated safety mats, the industry leaders are still relatively dominant.

  From a preliminary perspective, the reduction of interest rates and standards is an inevitable trend of the country’s economic operation, and the decline in risk-free interest rates caused by policy hedging during the epidemic is actually an “acceleration” process without changing the overall logic of economic development.

In the medium-term dimension, the impact of the market growth rate caused by the epidemic will be absorbed, and the core logic of the stock market will return to the fundamentals of value, that is, the profitability of the enterprise.

Considering the industry’s development space and the competitiveness of the industry leaders in the medium term, the relative 杭州夜网 profit space of the group leader is still relatively high.

Consumer company special analysis one of the quarterly report series (1): Tiandi Yihao (832898): Optimized product structure, emerging markets have grown significantly

Consumer company special analysis one of the quarterly report series (1): Tiandi Yihao (832898): Optimized product structure, emerging markets have grown significantly

Event: The company released the 2019 first quarter report, and the company’s total operating income was 4.

66 trillion, 59 a year ago.

8%; net profit is 6147.

440,000 yuan, 351 last year.


Driven by both volume and price, revenue growth in the first quarter of 2019 was 59.

8%: The company achieved 4 in the first quarter of 2019.

6.6 billion in revenue, an annual growth of 59.

8%, mainly from four reasons, including 1) the adjustment of the assessment cycle to the lunar calendar; 2) stocking by dealers: stocking during the Spring Festival can be extended to February and more emphasis on new and new goodsPickup expectation and frequency increase; 3) Price increase: The company will increase the price of all bottled products from October 2018 with a price increase of 0.

5 yuan / piece, bottled product revenue accounted for 49 in the first quarter.

16%, sales amount 22,841.

590,000 yuan, an annual increase of 89.

17%; 4) Growth in emerging markets: Through intensive cultivation and continuous promotion of the market in recent years, the 合肥夜网 sales volume of emerging markets in the first quarter was 9,099.

730,000 yuan, an increase of 125 in ten years.


The scale is gradually expanding, and the expense ratio is continuously optimized: As the company’s income continues to increase, the expense ratio continues to decline7.

5pct, the period cost increases by 5,795 per year.

590,000 yuan (+37.

29%), the cost is 45.


1) Selling expenses: Due to revenue growth, the total sales tonnage of products has increased by 36 each year.

45%, freight / loading storage fees increase by 88 per year.

60%; and in the first quarter, the frequency of promotion of gifts, places and provinces increased, and gifts increased by 398 per year.

25%; sales expenses increase by 47 per year.

95%, selling expenses 39.

6% (-3.

17 points); 2) Management expense 杭州桑拿网 ratio: Management expenses increased by 4 over the same period of the previous year.

64%, basically kept stable, and management expenses expenditure6.

14% (-4.


As the increase in gross profit from revenue growth and optimization of product structure far outweighed the increase in expenses, net profit growth in the first quarter increased.

Product structure upgrade and optimization, and gross profit margin steadily increased: According to the annual report, the company’s Beituo market continued to optimize and develop on the internal basis. In 2018, the overall development situation was good. Beituo market emerged multiple prefecture-level markets with a good development situation.The development of benchmark markets such as Ganzhou is very stable, and many new markets have reached breakeven and even profitability.

Gross profit for the first quarter of 2019 increased by 11,917 annually.

880,000 yuan, gross profit margin increased by 3 in ten years.

93 points.

Mainly for revenue growth and product structure optimization.

In the first quarter, the company mainly promoted bottled products, and the proportion of bottled product structure with increased profit increased. Among them, the revenue of bottled apple cider vinegar with a higher gross profit among bottled products increased by 98.

97%, the proportion of income structure increases by 9 every year.02 points.

Investment suggestion: The latest latest closing, the company’s city total 48.

03 billion, PE is 12.

4 times, it is recommended to pay attention.

Risk reminders: consumer preferences, risks of changes in consumption patterns; risks of new market expansion; risks of brand image damage