Yili shares (600887) quarterly report review report: the long-term performance of the starter under a high base is worry-free

Yili shares (600887) quarterly report review report: the long-term performance of the starter under a high base is worry-free

High growth in Q1 with a high base, long-term bullish adjustment to the “strongly recommended” level: the company achieved operating income of 231 in Q1 2019.

30 ppm / + 17.

10%, due to the misalignment of the Spring Festival, the base in 2018Q1 is high, and the revenue in 2019Q1 is slightly higher than expected, achieving a good start; net profit attributable to mothers22.

7.6 billion / + 8.

36%, net profit after deduction 21.

$ 8.2 billion / + 9.

20%, EPS0.

37 yuan.

We are optimistic about the company’s brand power, its share continues to increase, and its international business is gradually expanding. Its profit forecast is 65% in 2018/2019.


0 million yuan adjusted to 2019/2020 net profit 69.


5 ppm, the current sustainable corresponding PE is 23X / 22X, raised to the “strongly recommended” level.

  The product structure continued to improve, and the gross profit margin rebounded month-on-month: The gross profit margin in 2019Q1 was 39.

9% / + 1.

1pc, adjusted inventory in March, sales expense ratio 24.

1% / + 1.


  The promotion efforts in the first quarter have generally declined. Terminal purchases from January to February decreased, and March purchase incentives increased from the previous month, which was generally smaller than the same period in 2018.

The product structure continued to improve. The growth rate of high-end products Anmuxi maintained above 30%, and the growth rate of Jindian increased by more than 15%, and it still maintained a high growth rate. At the same time, new products such as Miaozhi cheese and Jindianjuan milk were continuously introduced; infant milk powderThe competitive environment improved and gross profit 北京夜网 gradually returned to normal.

  The channel is intensively cultivated, the market penetration ability continues to increase, and the large amount of repurchases shows confidence: the company’s market share in 2018 is about 40%, and the village-level online stores are directly controlled by nearly 60.

80,000 homes + 14.

At 7%, the growth rate of all sales levels (except township and village levels) has increased by more than two digits; new products such as soymilk will be gradually exerted in the transformation channels, and the company’s market share will be promoted to about 45% in 2019.

The company recently announced that the repurchase price is less than 35 yuan, which demonstrates confidence in the company’s value. The repurchased shares are used to implement distribution incentives. We believe that the distribution incentives in the second quarter promote the 天津夜网 implementation.

  Strategically distribute upstream milk sources and gradually cut into the big health field: The company ‘s wholly-owned subsidiary, Hong Kong Golden Port Commercial Holdings Co., Ltd., acquired the dairy industry in western New Zealand to strengthen its upstream voice. After the acquisition, it will increase its operating income by approximately RMB 32 billion.

In addition to continuing to cultivate in the areas of room temperature yogurt, high-end white milk, and dairy products, the company also entered the Indonesian market with “Happy Day” ice cream, acquired Thailand ‘s The CHOMTHANA COMPANY LIMITED, continued to enter the large health industry such as plant protein drinks and functional drinks, and accelerated the health food business.Strategic layout.

Compared with Nestlé and Danone’s development path, in the process of integrating global resources and serving the global market, the prototype of global food giants has basically appeared.

  Risk warning: raw material prices fluctuate, and channel expansion is less than expected

Longma Sanitation (603686): The service industry continues to grow at an early stage in the growth of the equipment industry

Longma Sanitation (603686): The service industry continues to grow at an early stage in the growth of the equipment industry
18 years of net profit decreased by 9%, asset impairment losses increased. The company released its annual report, and achieved operating income of 34 in 2018.43 ppm, an increase of 10 years.63%; net profit attributable to mother 2.36 ‰, 9 years ago.12%; net profit after deduction 2250,000 yuan, 10-year average is 10%.As of the end of 18 years, the company’s accounts receivable17.18 ‰, with an estimated initial increase of about 600 million yuan, and operating net cash flow of -3.US $ 5.6 billion, mainly due to the expansion schedule of sanitation equipment customers.The 18-year asset impairment loss was 60.23 million yuan, which had a penetrating effect on net profit.In terms of quarters, 18Q4 revenue was 9.60,000 yuan, an increase of 17.5%; net profit attributable to mother is 37.3 million yuan, every 45 years.6%. The sanitation equipment industry is sluggish, and the company’s growth rate replacement is due to the expansion of sanitation service marketization, the weakening of local government solvency, and corporate financing difficulties, and other factors.According to the annual report, in 2018 the national sanitation equipment market increased production.70,000 units, down 19 before.2%.The growth momentum of the industry in the future will determine several factors: the renewal demand driven by national standard upgrades, the waste sorting, and the supplementary demand driven by the opening of the rural market.According to the disclosure in the annual report, the company’s sanitation equipment output was 8405 units / set, an increase of 11 per year.95%, the city accounts for 6 carbon dioxide.67%.The competition in the entire market is becoming increasingly fierce, and the company maintains a constant competitive advantage. Orders for sanitation services are accelerating, supporting mid- and long-term development momentum. According to the disclosure in the annual report, the company’s new contracted annualized amount in 2018 was 6.42 trillion, the total amount is 40.6.7 billion, the radiation area continues to expand.Since 2019, the company’s 天津夜网 new starting point has clearly accelerated.According to our statistics, in the first two months of the new millennium alone, the annualized amount exceeded two.7 trillion, the total contract amount exceeds 34.800 million.The continuous high growth of sanitation services supports the company’s medium- and long-term development momentum. Investment suggestion: We predict that EPS in 19-21 will be 0.95/1.03/1.10 yuan / share, the latest sustainable corresponding price-earnings ratio of 16/14/13.The current estimated difference between sanitation equipment and sanitation services converges. Considering the company’s business structure, we give the company a reasonable value of 17.07 yuan / share, corresponding to a 19-year PE evaluation of 18x, and continue to give a “buy” rating. Risk reminder: the competition in the equipment market is intensified; the growth rate of the equipment industry is lower than expected; the advancement of sanitation services is not up to expectations; low-price competition in the service market; and the investment in the sanitation industry is reduced.

Li Yang: The epidemic is unexpectedly affecting the attractiveness of China’s stock market

Li Yang: The epidemic is unexpectedly 杭州桑拿网 affecting the attractiveness of China’s stock market

For stocks, please read Jin Qilin analyst research report, authoritative, professional, timely, and comprehensive, to help you tap potential potential opportunities!

  On February 3, 2020, the Shanghai Composite Index closed down by 7.

72% reported 2746.

61 points; SZSE Component Index fell 8.

45% reported 9779.

67 points; GEM Index fell 6.

85% reported 1795.

77 points.

Regarding the plunge of the stock market and the future development of the capital market, CCTV Finance had an exclusive interview with Li Yang (Jin Qilin analyst), chairman of the National Finance and Development Laboratory.

  Li Yang said, “Financial markets, especially the stock market, as a concentrated response of the economy, this will definitely happen.

Everyone is actually psychologically prepared for yesterday’s situation, because the SARS epidemic in 2003 can be directly compared, which is probably similar to the current situation. Only a few pharmaceutical stocks have grown against the trend.

But since it is a market economy, this market, especially the stock market, is the most sensitive part. It responds normally to such emergent events in social life in the entire economic life, and it is not normal to not respond.

“The epidemic is unexpectedly impacting the attractiveness of China’s stock market. Li Yang said that the industry basically agrees that the fundamentals of the Chinese economy believe that it is still relatively healthy. This epidemic is an unexpected shock.

In particular, the response of the Chinese stock market to the Chinese economy has reached a more rational stage after repeated adjustments.

And before this incident, especially last year, in the global stock market, China may be one of the most worthy targets for investment. This general trend has not changed.

So now it is only a short-term shock. It is expected that after the epidemic has subsided, we are eager for a relatively large rebound in the Chinese stock market and entering a healthy development track.

  Why did the capital go north to buy 18.2 billion?

  Just as the A-shares plummeted, the capital of Kitakami, which had been sold wild before the holiday, bought nearly 18.2 billion on the first day of the opening year of the Rat, which was the largest single-day buying in nearly three months.

  In fact, Kitakami Capital has increased its A-share investment. It should be said that it has been a trend that has appeared since the second half of last year, because it always seeks the most potential markets for these funds.

Li Yang said, “After making a comparison, in fact, I know that many international organizations have focused their deployment on the Chinese market.

Li Yang believes that the A-share change may be a very good opportunity for the funds to go north because of the change in the epidemic, because they all think that this decline will not last for too long, the stock market is too sensitive, and its response isMore exaggerated, there are situations such as oversold.

The entry of funds to the north is all for future profits, so in this sense, the entry of funds to the north also proves that the decline is a short-term shock.

  When will the market 重庆耍耍网 stabilize?

  So after the market is briefly affected by the epidemic, can it usher in a relatively large rebound? When will the market stabilize?

Li Yang, the chairman of the National Finance and Development Laboratory, said that the key to this matter is how do you handle it?

The market is mainly to eliminate uncertainty, and there is still uncertainty.

After the uncertainty is eliminated, it will be said that when it sees the bottom, it will be on the right track.

  ”In general, I am not particularly pessimistic. Anyway, this incident is an unexpected shock and will not have a particularly large impact on the basic trend of China’s entire economic market.

Look at it rationally, especially with a long-term perspective on the development of this market.

“Li Yang said.

Huaqiang Fangte (834793): Revenue maintains steady growth, theme park expansion accelerates

Huaqiang Fangte (834793): Revenue maintains steady growth, theme park expansion accelerates

1H19 results are in line with our expected 1H19 results: operating income 24.

410,000 yuan, an increase of 26 in ten years.

2%; net profit attributable to mother 3.

85 ppm, an increase of 15 in ten years.

0%, budget benefit is 0.

40 yuan.

The company’s performance is in line with our expectations.

1H19 financial analysis: 1) Gross profit margin 55.

6%, a drop of 1 percentage point each year.

2) Sales expenses and management expenses increase by 23 each year.

4% / 30.

1%, matching the revenue growth rate.

3) Net cash flow from operating activities.

84 ppm, a 39% drop in one year, but matched the net profit.

4) The construction progress of the project is accelerated, the fixed assets are purchased and constructed, and the expenditure scale of intangible assets is 12.

10,000 yuan, close to the highest last year.

1H19 Business Analysis.

1) In the context of the macroeconomic downturn, the cultural travel business has shown a “lipstick effect”.

The company’s revenue maintained rapid growth, 3Q18 / 4Q18 / 1Q19 / 2Q19 increased by + 14% / + 23% /杭州夜网 + 30% / + 24% respectively.

2) The company cultivates its own anime IP series “Bear Infested”, “Zodiac Legend”, “Bear Bear Paradise” and other series.

During the Spring Festival of 2019, the sixth movie of “Bear Infested”, “Bear Infested Primitive Era”, was updated at the box office7.

1.4 billion, a new box office high for this series of movies, contributing to revenue growth.

Development Trend The theme park is expanding strongly, and the speed of project implementation is accelerating.

1) In 2019, the company has opened three new projects in Changsha, Jiayuguan and Handan. Jingzhou Oriental Mythology will also open in September.

2) In 2020, four projects in Ganzhou, Taiyuan, Zigong and Mianyang will be completed and opened.

3) From 2017 to 2018, the company only opened 3 theme parks. Since 2019, the company has significantly accelerated the implementation of theme park projects and entered a period of rapid expansion.

In the context of promoting cultural tourism innovation, the theme park model of “combining high technology with culture and own IP” is in line with the development trend.

1) The average investment scale of the company’s theme parks is about 2 billion, which belongs to amusement parks with traditional culture as the theme, and the use of high-tech means to use the experience products in the park is even closer.

2) In addition to the use of traditional Chinese culture and its own animation IP, the newly-built Nanning Fante ASEAN mythology is a theme park with the culture of the ten countries in ASEAN, and is committed to achieving diversity among different parks.

3) This model of the company belongs to the cultural and tourism innovation format, and there is a breakthrough in the future development space.

Earnings forecasts and estimates remain unchanged at 2019 / 20e EPS forecast of 0.

87 yuan / 1.

03 yuan.

The current priority is 15.

4x / 13.

1×2019 / 20e P / E.

Maintain Outperform rating and 16.

The target price of 00 yuan, corresponding to 18.3x / 15.

6x 2019 / 20e P / E, 19% upside compared to the current previous.

The development of the risk animation industry was worse than expected; the return on heavy asset investment did not meet expectations.

Sanyou Chemical (600409) 2018 Annual Report and 2019 First Quarterly Report Comment: Performance gradually deepens into long-term progress

Sanyou Chemical (600409) 2018 Annual Report and 2019 First Quarterly Report Comment: Performance gradually deepens into long-term progress

The decline in the price of the company’s products dragged down its performance.

Looking at the industry for a long time, the company’s profitability promotes recovery.

We predict that the company’s EPS 重庆耍耍网 for 2019-2021 will be 0.



86 yuan / share, given a target price of 8 yuan, maintain “Buy” rating.

Product prices have fallen and performance has declined.

The company achieved operating income of 201 in 2018.

740,000 yuan, at least -0.

11%; net profit attributable to mother to be 15.

860,000 yuan, at least -16.


In Q4 2018, it achieved a single quarter operating income of 52.

340,000 yuan, at least -1.

07%; net profit attributable to mother in a single quarter is 0.

42 ppm, at least -90.


The company’s performance declined, mainly due to the decline in the company’s product prices, and the overall gross profit level fell. The prices of Q4 soda ash, viscose staple fiber, caustic soda, PVC, and silicone were 1669.

78 yuan / ton, 12458.

76 yuan / ton, 2783.

30 yuan / ton, 5775.

53 yuan / ton, 17273.

02 yuan / ton, which is -9 from the same period last year.

32%, -5.

16%, -13.

36%, +3.

45%, -28.


In addition, the company’s non-current assets disposal gains and losses are -1.

0.5 billion, dragging down the company’s performance.

The first quarter of 2019 results are temporarily cancelled.

The company achieved operating income of 51 in Q1 2019.

810,000 yuan, ten years +9.

63%; net profit attributable to mothers1.

920,000 yuan, at least -56.


In the first quarter, the average selling prices of the company’s soda ash, viscose staple fiber, caustic soda, PVC, and silicone were 1620 respectively.

46 yuan / ton, 11534.83 yuan / ton, 2510.

56 yuan / ton, 5659.

34 yuan / ton, 15624.

60 yuan / ton, a change of +16 from the same period last year.

00%, -9.

40%, -5.

06%, 1.

61%, -35.


Environmental security regulations are tightening and the industry is expected to improve.

Affected by domestic environmental safety supervision, the supply side of the chlor-alkali industry has tightened.

The company’s main products, soda ash, PVC, etc., are affected by the supply side and the raw material side to different degrees of shrinkage, and prices are expected to stabilize and rise.

At the same time, the domestic production of viscose staple fiber is nearing completion, and the industry may improve.

In 2018, the national viscose staple fiber production capacity was 463.

5 earliest, up 65 before 2017.

5 budget, limited new capacity is expected in 2019.

The company reached 70-inch viscose staple fiber production capacity, of which 20 indicators / year of viscose staple fiber project donated reached the intended usable status in 2018, and profitability improved.

Risk factors: product price fluctuation risk; raw material and energy price fluctuation risk.

Investment suggestion: Due to the decline in product prices, we lower the company’s EPS forecast for 2019-2020 to 0.


79 yuan / share (the original EPS forecast was 1.)


35 yuan / share), plus EPS forecast for 2021 is 0.

86 yuan / share.

Based on the company’s historical forecast level, according to 13 times PE in 2019, a target price of 8 yuan is given, and a “buy” rating is maintained.

Jinjia Co. (002191): Stable expansion of cigarette label business and rapid growth of color box business

Jinjia Co. (002191): Stable expansion of cigarette label business and rapid growth of color box business

Key Investment Events: The company released its 2018 annual report and achieved operating income of 33.

7 trillion, an annual increase of 14.

6%, Q1 / Q2 / Q3 / Q4 revenue growth rate was 8 respectively.

1%, 18.

8%, 13.

3%, 17.

9%; net profit attributable to mother is nearly 7.

30,000 yuan, an annual increase of 26.

3%, of which Q1 / Q2 / Q3 / Q4 net profit increased by 21 respectively.

1%, 30.

5%, 25.

8%, 29.


The net profit after deduction is 6.

9 trillion, a growth rate of 26 in ten years.


Changes in business structure resulted in a slight decrease in gross profit margin and steady improvement in operating capacity: In 2018, the company’s overall gross profit margin was 43.

7%, which drops by almost 0 every year.

5pp, mainly due to the company’s category expansion, the proportion of color box business increased, but because it is still in the early stages of development, the gross profit margin of the color box business decreased.

The gross profit margin of the company’s internal business has steadily increased, and the cigarette label business has been increased by 0 every year.

1pp to 45.

1%, the gross profit margin of laser packaging materials extended by about 0.

1pp to 23.


The company’s cost-effective fee control effect was significant, with 16% of the four expenses in 18 years, a year-on-year decrease.

2pp, of which sales rate is 3.

5% (-0.

1pp), management and R & D expense rate 12.

7% (-0.

6pp), the financial rate is about -0.

2% (-0.


The company’s profitability has steadily improved, and its net profit attributable to mothers has been gradually realized at 24.

2%, increase by 1 every year.


The color box business has grown rapidly, and new tobacco business has been actively deployed.

In 2018, the tobacco market has improved, and the company’s traditional business has expanded steadily in new markets and driven by the expansion of new products. In 18 years, its cigarette standard products achieved revenue 25.

7 ppm, a ten-year increase of 8.1%; revenue from laser packaging materials6.

1 ppm, an increase of 4 in ten years.

In terms of color box business, the company continued to promote the development of fine tobacco and alcohol, and electronic product customers, and the color box business gradually realized revenue of about 4%.

500 million, a sharp increase of 67 previously.


In terms of new business, the company’s subsidiary Jinjia Technology has now cooperated with China Tobacco companies in Yunnan, Shanghai, Henan, Shandong, Guangxi, and Chongqing. The company has established a joint venture with external partners, and has become a strategic cooperation with Yunnan TobaccoThe agreement will jointly promote the development of new tobacco, and the new tobacco business may become the company’s new business growth point.

New materials continue to break through and value-added services continue to be 武汉夜生活网 upgraded: The company’s fund-raising project “China Toyota Optoelectronics Technology Reconstruction and Expansion Project” has been advanced in an orderly manner, and its capabilities in the development of new anti-counterfeiting packaging materials have continued to increase, and its capacity has continued to increase.Net profit 6,899.

110,000 yuan, an increase of 7 in ten years.


The company has extended the upstream and downstream industry chain, and its value-added service capabilities have been continuously improved. In terms of anti-counterfeiting and traceability of packaging products, its subsidiary Hezhi Technology has realized the integration of the two major platforms of smart packaging-based IoT global authenticity traceability platforms and wine companies’ personalized custom services;The subsidiary Huada 南宁桑拿 Beidou helps the company to provide personalized and customized encryption solutions to different customers, and promotes the transformation and upgrade of large packaging business. In terms of packaging product design and innovation, the subsidiary Blueberry Culture is a design and operation section independently operated by the company.Continuously strengthen the use of design ideas and digital marketing in packaging products, enhance the company’s soft power, and promote the company’s sustainable development.

Profit forecast and rating.

It is expected that EPS for 2019-2021 will be 0.

58, 0.

66, 0.

76 yuan, with reference to the same industry to give 33 times the PE target of 19 years, the target price of 19.

14 yuan, the first coverage, given a “buy” rating.

Risk warning: the risk of rising raw material prices; customer development of the color box business may be lower than expected, and new tobacco business development may be lower than expected.

Pritt (002324) Company In-Depth Report: Profit Turning Point + 5G Will Approach High-Quality Tracks To Help The Company’s High-Speed Development

Pritt (002324) Company In-Depth Report: Profit Turning Point + 5G Will Approach High-Quality Tracks To Help The Company’s High-Speed Development

Leading company in modified plastics for automobiles, the company’s performance turning point is expected to be achieved: Pulit Company is a domestic leader in modified plastics for automobiles. Currently, the company has 45 alternatives for modified plastics.The production line of “Advanced environmentally friendly plastic composite material production project” has been put into production in 2018. In the future, the company will gradually form a production capacity of 60 modified conversion materials.

The company’s main raw materials for modified plastics for vehicles include PP, ABS, etc. The changes in the company’s product gross profit margin are negatively related to the trend of crude oil prices. The decline in oil prices is conducive to the continuous improvement of the company’s product profitability.

The company recently released the third quarter report for 2019, reporting that the combined company achieved operating income of 25.

9 billion, down 3 every year.

70%, net profit attributable to mother 1.

12 ppm, an increase of 16 in ten years.

89%, of which the company achieved net profit attributable to its mother in the third quarter.

52 ppm, an increase of 564 in ten years.

87%, net profit after deduction is 0.

360,000 yuan, an increase of 10137 in ten years.

57%, the company’s performance inflection point has gradually emerged.

The weight reduction of automobiles is the general trend, and the prospects for modified plastics for automobiles are broad: At the supply side of modified plastics for automobiles, the domestic market share of modified plastics for automobiles is only 30-40%, and the remaining 60% -70%Occupied by foreign manufacturers, there is huge space for import substitution of modified plastics for automobiles.

On the demand side, as of 2018, the cumulative amount of modified plastics used in bicycles in Europe and the United States has reached nearly 200 kg, while the plastic consumption of each passenger car is only 120-130 kg.

According to our calculations, the current domestic consumption of automotive plastics is 450-500 per year.

Considering the gradual expansion of automobile lightweight, the dosage of modified plastics for domestic bicycles will continue to rise gradually. It is conservatively estimated that the consumption of plastic per passenger car will reach 150 kg per year in 2025, corresponding to the consumption of domestic automotive plastics at 600. Absolutely correct, the demand will increase by more than 50% compared with the previous one, and the prospect of modified plastics for automobiles is very broad.

In the medium term, the company’s modified plastics business has developed rapidly.

With the arrival of 5G, LCP is expected to inject new motive power for the company: the company laid out the development of LCP materials in 2007, and now has fully independent intellectual property rights over the thermotropic liquid crystal polymer (TLCP) technology, and established TLCP materials forThe overall R & D and mass production system from resin polymerization to composite modification, and gradually TLCP annual production capacity of 2,500 tons / year.

Considering the 5G era, the PI antenna of the existing mobile phone cannot meet the high requirements of electromagnetic wave transmission speed and signal transmission loss, and the company’s TLCP resin material can fully meet the development of 5G mobile phone antennas and mobile phone flexible board substrates.

We believe that the arrival of 5G will be beneficial to the application of the company’s LCP products in the field of mobile phone antennas and flexible boards, and the company’s growth prospects can be expected.

The epitaxial layout of light stabilizer, the acquisition of Disheng is expected to have a synergistic effect: in September 2019, the company issued an announcement intending to start with 10.

Acquired 100% equity of 5 companies including Xinyang Fine, Qidong Jinmei, Fujian Disheng, etc. for 700 million US dollars, and entered the light stabilizer industry.

At the same time, Dorsett Technology and other companies have given Pulit 2020-2022 the net profit after deducting non-return to the mother of not less than 80 million yuan, 110 million yuan, 130 million yuan performance commitments.

Hangzhou Disheng Technology is a domestic leader in ultraviolet absorbers. Currently it has three production plants located in Qidong, Jiangsu, Xiaoshan, Zhejiang and Nanping, Fujian. The production capacity of ultraviolet absorbent light stabilizers is 8,000 tons / year.

We are optimistic about Pulit’s acquisition of Dorset Technology and believe that Dorset’s light stabilizer products are expected to have a synergistic effect with Pulit’s modified plastics business, which is conducive to the upgrading of the industrial structure of both companies and the continuous improvement of their technological level.

“Highly recommended” rating: We are optimistic that the company’s main automotive modified plastics business performance will continue to improve, and the LCP new materials business is expected to benefit from the 5G demand capacity and inject new vitality into the company’s long-term development.

It is expected that the company will achieve revenue of 36-20 in 杭州桑拿 2019-2021.

08 billion, 44.

16 billion, 54.

6 billion, an increase of 107 in ten years.

1%, 30.

5%, 20.

6%; net profit attributable to mother 1.

50 billion, 1.

95 billion, 2.

3.6 billion, an increase of 107 in ten years.

1%, 30.

5%, 20.

6%, corresponding to PE 43.30X, 33.

18X, 27.


Risk Warning: Rising oil prices will drive up raw material costs; sales in the automotive market are less than expected.

China Pacific Insurance (601601) Quarterly Report Review 2019: Steady Growth in Performance; New Life Insurance Order Slightly Weak

China Pacific Insurance (601601) Quarterly Report Review 2019: Steady Growth in Performance; New Life Insurance Order Slightly Weak

Event China Pacific Insurance announced the first quarter of 2019 report, the group achieved operating income of 1331.

530,000 yuan, an increase of 7% in ten years.

Insurance business income was 1283.

86 ppm, a five-year increase of 5.


Of which: CPIC Life Insurance business income 928.

52 ppm, a 10-year increase2.

8%; CPIC Property & Casualty Insurance business income was 353.

66 ppm, an increase of 12 in ten years.


Group net profit to mother 54.

79 trillion, an increase of 46 in ten years.

1%, mainly due to the recovery of the equity market, the release of reserves; the group’s total investment yield of 4.

6%, rising by 0 every year.

4 units; net investment yield 4.

4%, rising by 0 every year.

2 units.

Preferred shares 3.

5%, an annual increase of 0.

8 points.

  Investment Points 1.

Life insurance premiums grew steadily. Q2 new order growth pressure may ease the first quarter of 2019. CPIC Life Insurance achieved insurance income of 928.

52 ppm, a 10-year increase2.


Among them, the personal agent channel premium income was 861.

1.6 billion, accounting for more than 96% of the total premiums, an annual increase of 5.


Of the personal agent channel premiums, the renewal premium was 686.

US $ 7.4 billion, an annual increase of 11%, has become the main driving force for the growth of premiums.

However, the decline in the renewal growth rate may be related to the decline in the premiums paid in 2018, and the overall premium growth rate in 2019 may be under pressure.

  New single premium 174.

42 trillion, down 13 a year.

1%, needs to be improved.

The premium income of the group customer business in the first quarter was 33.

8.1 billion, an increase of 19% before, mainly due to the company’s grasp of the two major government and enterprise customer entrances.

However, we believe that the improvement of the “open door” business structure is expected to directly promote the improvement of NBV profit margins. It is expected that the decline in NBV is expected to gradually exceed the new single replacement degree and the pressure on new orders Q2 is eased.


Property insurance premiums continued to grow, and non-vehicle business grew rapidly. In the first quarter of 2019, CPIC’s property insurance business income was 353.66 ppm, an increase of 12 in ten years.


Of which: auto insurance business income 236.

52 ppm, an increase of ten years6.

3%; non-auto insurance business income 117.

14 ppm, an increase of 28 in ten years.

2%, mainly due to guarantee insurance, liability insurance and agricultural insurance. It is expected to become a new growth point for property insurance premiums in the future.

Of the property insurance business, the auto insurance business accounted for 66.

9%, down 4 each year.


  The recent growth of auto insurance is under pressure. News reports that the National Development and Reform Commission issued the “Implementation Plan for Promoting the Update of Consumption of Automobiles, Home Appliances, and Consumer Electronics to Promote the Development of Circular Economy (2019-2020)” (Consultation Draft), and introduced new car purchase restrictions in various places(The NDRC response will seriously demonstrate the research.) The subsequent growth rate of auto insurance business is trying to pick up.


The scale of asset management has steadily increased, and the return on investment has increased. At the end of the first quarter, the Group’s investment assets reached 13,077.

80,000 yuan, an increase of 6 over the end of last year.


Fixed income investment proportion 82.

6%, a decrease of 1 from the end of 2018.

3PCT, of which bond investment accounted for 44%, down 2 from the end of last year.

3PCT; equity investment proportion 13.

1%, an increase of 0 from the end of 2018.

6PCT, of which equity investment accounts for 5.

1%, an increase of 1PCT from the end of 2018, the largest increase among equity investments.

The company’s net investment yield in the first quarter was 4.

4%, rising by 0 every year.

2pct, total return on investment 4.

6, rising by 0 every year.

4pct, mainly due to the recovery of the equity market, the company’s equity investment income increased.


Budget estimates and investment recommendations The company’s overall performance has grown steadily in the first quarter. Although auto insurance is under pressure, the policy of prohibiting auto purchase restrictions is changing, and auto insurance business is expected to usher in development possibilities.

Strategic transformation proposed by the new board of directors 2.

The goal and vision of 0 have reached consensus across the company.

In the face of internal and external expectations and concerns, 13 project sets around the company’s core business, new field expansion and healthy organization have been launched.

  We are optimistic about the company’s 杭州夜网 development prospects, and it is expected that the diluted EPS for 2019-2021 will be 2.



66 yuan, corresponding P / EV is 0.



69 times, maintaining the “recommended” level.

  Risk reminders: Sino-US trade friction exacerbates risks; market size decreases; performance is less than expected; interest rate risk; macroeconomic downside risk.

Joy City (000031) Quarterly Report Comment: Holds both sales and high-growth high-quality assets to benefit from downward interest rates

Joy City (000031) Quarterly Report Comment: Holds both sales and high-growth high-quality assets to benefit from downward interest rates

Event: The company’s third quarterly report for 2019 revealed that it achieved operating income of 40 in the current period.

62 ppm, a decrease of 4 per year.

At 85%, net profit attributable to shareholders of listed companies was realized in the current period5.

40,000 yuan, an increase of 70 in ten years.


In the first three quarters of 2019, the company achieved operating income of 223.

3.2 billion, with an annual increase of 68 in the same caliber.

28%, achieving net profit attributable to shareholders of listed companies.

3.5 billion, an increase of 47 years in the same caliber.


The operating income maintained a high growth trend. The gross profit margin of the third quarter of 2019 increased due to the increase in gross profit of held properties, and the gross profit margin increased.

In the first three quarters of 2019, the company achieved operating income of 223.

32 ppm, up 68 after previous restructuring.

28%, achieving net profit attributable to shareholders of listed companies.

35 ppm, an increase of 47 after previous restructuring.


The company’s gross profit margin increased by an average of 6.

4 PCT to 48.

4%, the net interest rate has dropped by 0 every year.

4 PCT to 16.

8%, a month-on-month increase of 2%.

6%; the financial expense ratio has dropped significantly, and the sales and management expense ratio is stable. The company’s financial expenses reached 13 in the first three quarters of 2019.

6.6 billion, an annual increase of 240.

82%, mainly due to a significant increase in interest rate expenditure, but the financial expense ratio has continued to decline2.

5 PCT to 6.

1%, budget, sales expense ratio and management expense ratio increase by 0 respectively.

4% and 0.

1% to 3.

2%, 4.


The carry-over of sales properties has accelerated, and the steady growth of held properties has mainly depended on the two aspects of commercial real estate rent and sales of residential income. It continued into the first half of 2019. The company’s contracted sales area of residential properties was 1.12 million square meters and the amount reached 253.

98 ppm, an increase of 62 in ten years.



78% to 148.

850,000 yuan, as of the first three quarters of 2019, the company’s book receipts in advance reached 317.

00 million US dollars, the real estate business performance lock-in ratio is relatively high, can be expected to achieve ample margins to maximize performance, it is expected to gradually carry forward the continued growth of income; property holdings in 2019 H1 rental income totaled 26.

64 ppm, an increase of 26 in ten years.9%, of which shopping center revenue totaled 16.

10,000 yuan, total office and other income.

34 trillion, total income from industrial parks.

2.2 billion, linear extrapolation is expected to maintain rent growth of more than 20% in the second half.

In terms of product layout, the commercial construction of the community represented by the “Chunfengli” project under construction will deepen the commercial and residential synergy effect.

In terms of market layout, the company continued to target quasi-first-tier and second-tier cities in addition to the stable commercial real estate operations in core urban agglomerations, and reached strategic cooperation intentions with cities such as Xi’an, Wuhan, and Chengdu to better control land acquisition.cost.

The pressure for long-term and short-term debt repayment is acceptable, and the cash flow has improved significantly. The company’s short-term debt has increased significantly in the early 19 years, but due to the high level of cash holdings, the overall debt repayment pressure has increased significantly.

At the same time, due to asset thickening, the company’s asset-liability ratio was 78.

92%, withholding assets and debt ratio of 74.

32%, a change of -5 in the initial period.

99, -5.

69 PCT.

Monetary funds held at the end of the reporting period 226.

8.1 billion, an increase of 18 from the initial period.

6%, the multiples of cash covering short-term debt are higher, reaching 1.


Investment suggestion: As a leader in commercial real estate with a background of central SOEs, the company is expected to gradually expand settlement of sales properties in 19 years, actively sell cash back, and rents of held properties will maintain steady growth. In the medium and long term, the company will actively add newFor shopping malls (Joy City and Chunfengli projects), long-term growth in income from held properties is expected, and the company’s high-quality asset value will reduce the long-term interest rate.

Considering that the company’s third-quarter reported revenue and performance exceeded expectations, we will have revenue from 304 in 19-20.

4.4 billion, 386.

15 trillion is raised to 309.

27 ppm, 392.

1.1 billion, net profit attributable to mothers was 27.

07 billion, 31.

8.6 billion adjusted 深圳桑拿网 to 29.

2.9 billion, 36.

890,000 yuan, corresponding to EPS were adjusted to 0.

75 yuan, 0.

94 yuan, the corresponding PE is 10 respectively.

3X, 8.

17X, maintain “Buy” rating.

Risk Warning: Sales Property Carrying Out Less Than Expected, Commercial Real Estate Competition Intensifies

New marriages are more virtual than illnesses.

New marriages are more “virtual” than illnesses.

新婚多虚不是病  首先婚前应注意调补阴阳,补肾益精,养精蓄锐,婚后又能注意节欲,懂得少许房事禁忌,如饮酒饱食、劳损过度、愤怒恐嗔、自汗盗汗If the moon is not clean, the wound is not healed, and the urinary urination is not suitable, then the emptiness of the marriage can be avoided.
  Secondly, it should be supplemented by food supplement.
Chinese medicine believes that when kidney deficiency, it should be clear whether it is kidney yang deficiency or kidney yin deficiency.
For those who have kidney yin, such as sputum, sea cucumber, bird’s nest, abalone, etc.; those who tonify kidney yang, such as venison, dog meat, beef, and mutton.
However, most of these foods are mountain and sea flavors, which are expensive and difficult to obtain.
Some plant foods are also effective, such as leeks and walnuts, and yin and sesame.
But people prefer to use animal and plant mixed treatments, such as yellow wine and white sugar, rushing eggs (two spoons of rice wine, one spoonful of sugar, two or three eggs, stir well and pour in water), and take it after cooking.
Once a day, there is the power of Bu Yang Yi Yin.
  Walnut meat is the best product for replenishing kidney qi, strengthening the waist and benefiting the essence. After steaming the walnut meat (continuous clothing), it is dried and ground, mixed with white sugar, and taken orally. It is suitable for newly-married young men and women, male can be fine, female can stopItching is the best food for the newlyweds when they have kidney deficiency.
  Although the food supplement after marriage is mainly for kidney, for other organs, if there is a “virtual” image, it should be adjusted.
If the person with spleen and stomach is weak, he should warm the spleen and kidney, and eat some spleen foods, such as yam, lotus seeds, peas, and glutinous rice kernels.
  There are lung yin deficiency, dry cough after marriage, lung and kidney deficiency, you can use white fungus stew and add sugar candy to dress, or use lily, lotus meat to cook together; after marriage, not only, waist and knees, can be used, yam,The glutinous rice kernels and white sugar are boiled and taken at any time.
  After eating, you will eat healthy. After choosing the appropriate food after marriage, you can enhance your sexual desire and promote your honeymoon.
Shrimp is a high-protein food, and it is a complete individual. Its hormone level is balanced, which is beneficial to supplement the needs of the human body. Therefore, eating more shrimp can help improve sexual desire, maintain good sexual function, and promote men’s semen.regeneration.
Roosters are common foods, but only cocks can better promote and stimulate men’s sexual function. Therefore, during the wedding, don’t use old hens to cook soup, you should eat more mature cocks.
Oysters are rich in zinc, and zinc is an indispensable nutrient for the human body. Especially for newlyweds, zinc deficiency can cause men’s sperm count to decrease and sexual function to decline. Women’s sexual desire is apathy, amenorrhea, dysmenorrhea and so on.
Amaranth is a natural “Viagra”, the ancient name is “Zhangyangcao”, the man eats the leek, can help the sex of the sun, strong tendons; the woman eats the leek, can be pleasant and happy, spring heart.
Kelp is rich in iodine.
Iodine is a necessary raw material for the synthesis of thyroxine. In addition to maintaining the normal function of the thyroid gland, it can also improve the “sexual” and enhance sexual desire. Therefore, it is advisable to eat more during the wedding.
Egg yolk contains a lot of cholesterol, which is a raw material for synthetic sex hormones.
Egg yolk also contains a lot of calcium, which can stimulate sperm maturation and improve male sexual function.
Therefore, eat more egg yolk during the wedding.