Baby-friendly room (603214): Acquisition of 100% stake in Zikaile to enhance toy category competition

Baby-friendly room (603214): Acquisition of 100% stake in Zikaile to enhance toy category competition

The company intends to purchase 100% equity of Shanghai Zhiyile Trading Co., Ltd. The company announced that on December 26, the company and Shanghai Zhiyile Trading Co., Ltd. (hereinafter referred to as Zhiyile) and its shareholders broke the “Letter of Intent to Acquire” and planned to purchaseLe 100% equity, the final acquisition of the proportion of equity and transaction amount shall be subject to a long-term formal agreement.

The current shareholders of Zhiyile are natural persons Zhu Baomei and Xiong Guiying, both of whom hold 50% equity of the company.

The preliminary estimate of ZIKI will be 58 million yuan, which includes all the assets, business and personnel of ZIKI in Japan.Marketing rights.

Japanese royal toys have a century-old history. It is expected to strengthen the company’s toy category competition. Japanese royal toys were born in Tokyo in 1916, and their products are mainly aimed at infants aged 0-3.

In 2005, it entered the mainland market in the form of Zhiyile as the national general agent. So far its business covers 46 major cities in mainland China.

The transaction is expected to enhance the company’s competitiveness in the toy category. The synergy between the child-friendly business and the company’s existing business is significant, which is in line with the company’s strategic development direction and actual operating needs.To enhance the company’s market competitiveness and profitability.

In the first three quarters of 2019, the company’s toy revenue was 7,590.

830,000 yuan, accounting for about 4.

36%, there is room for improvement in sales scale and average revenue share.

Channel development continued to advance, and companies with strong selection capabilities had a total of 266 stores as of the third quarter of 2019, and 33 reserve stores (all expected to open within the year).

The company has entered the South China and Southwest markets across the region this year, and the exhibition space in the future is large.

The company’s 苏州桑拿网 product selection capabilities are expected to continue to provide consumers with best-selling products, while steadily advancing the advancement of high-end products such as milk powder, which will continue to increase the company’s overall gross profit margin.

Maintain profit forecast, maintain “buy” rating company’s channel expansion continues to advance, strong selection ability.

We maintain a fully diluted EPS of 1 for the company in 19-21.



25 yuan forecast, maintain “Buy” rating.

Risk warning: Cross-region operation is not up to expectations, and the development speed of new stores is not up to expectations.

Heyuan Gas (002971): IPO inquiry report

Heyuan Gas (002971): IPO inquiry report

The company is committed to the research and development, production, sales, service and industrial exhaust gas recycling of various gas products.

The company’s gas products can be divided into medical oxygen, industrial oxygen, food nitrogen, industrial nitrogen, argon, nitrogen, liquefied gas, carbon dioxide, acetylene, nitrate, various types of mixed gas and other gases, mainly for chemical, food,Energy, lighting, home appliances, steel, machinery, agriculture and other basic industries and emerging industries such as photovoltaics, communications, electronics, medical and other industries demand for gas and clean energy.

(1) The company has two liquid production bases, located in Hubei and Hubei, respectively. The Hubei network is centered at the Yiting 苏州桑拿网 base, radiating Yichang, Shiyan, Xiangfan, Suizhou, Jingzhou, Jingmen, Qianjiang, Xiantao, Enshi,Changde and other regions; the Hubei network covers the Huangshui base as the center, covering Huanggang, Wuhan, Ezhou, Xianning, Huangshi, Jiujiang, Hefei and other regions.

The company’s sales network has achieved full coverage in Hubei Province, and has extended to Hunan, Anhui, Jiangxi and other regions.

(2) The company has rich gas products. The main products include oxygen, nitrogen, argon and other air separation gases, as well as special gases such as air and helium, as well as clean energy such as liquefied gas. It has obvious advantages in product types.

(3) The number of customers is large and the overall customer structure is stable.

The company maintains long-term stable supply relationships with a number of 深圳桑拿网 expected companies in downstream industries, covering a wide range of industries, including but not limited to steel, chemical, photovoltaic, fiber optic cable, food, energy, medical, electronics, lighting, home appliances, steel, machinery, agriculture, etc.industry.

The company has also established stable cooperative relationships with many small and medium customers.

The gas demand of these customers’ monomers is small, and the distribution is scattered, which makes it difficult for the sales network of large international industrial gas companies to reach.

The company’s strong, stable supply guarantee capabilities, fast response logistics distribution system and in-place localized market development capabilities meet customers’ needs for multiple gases, and customers gathered in various industries ensure the company’s sustainable and stable development.

Guangtian Group (002482): Changes in cash flow control in the first half of the year exceeded expectations

Guangtian Group (002482): Changes in cash flow control in the first half of the year exceeded expectations

First half results: Expected Guangtian Group announced first half 2019 results: revenue 57.

1 ‰, ten years ago 6.

2%, net profit attributable to mother 1.

8 ‰, 37 years ago.

6%; of which 35 in the second quarter.

100 million, a decrease of 6 every year.

6%, net profit attributable to mother 1.

2 ‰, a decrease of 41 per year.


Due to lower gross profit margins and increased financial expense ratios, results exceeded our expectations.

In the first half of the year, the company’s gross profit margin decreased by 1.

0ppt to 12.

7%, mainly due to the decrease in gross profit margin of civil construction4.

4ppt (the gross profit in the first half of the year was -7.24 million yuan); the total expense ratio for the four periods increased by 1.

2ppt, of which the financial expense ratio increases significantly by 1 every year.

8ppt, mainly due to the increase in debt scale and rising capital costs; investment income increased significantly54.

3% to 6,730.

90,000 yuan, mainly due to investment income generated by disposal of equity; the first half of the year yields significantly reduced.

1ppt; in the first half of the year, the company achieved a net interest rate of 3.

1%, a decrease of 1 per year.


The company’s net operating cash may decrease in the first half of the year.

900 million (1H18 net inflow of 1.

300 million), mainly due to changes in 杭州桑拿网 working capital.

The new starting point of the development trend is weak, and orders in hand are still redundant.

In the first half of the year, the company signed a new decoration order 71.

0 trillion, a reduction of 39 a year.

9%, of which 33 are public order.

7 ppm, a six-year increase of 6.

9%, the highest growth rate before 2018; residential renovation orders 37.

4 trillion, a decrease of 56 a year.

9%, continuing the overlapping trend since 2H18.

We believe that orders are mainly constrained by financial pressure from downstream governments and real estate developers, and the company proactively slowed down business undertakings in order to control cash flow.

At the end of the first half of the year, the company had 217 orders in hand.

9 trillion, still too much redundancy (equivalent to 1.

5 times 2018 revenue).

Focus on cash flow control forecasts.
We expect that the funding situation of real estate developers and the government will continue to be tight in the second half of the year, and the company’s public decoration and residential decoration projects may still face pressure on payment, which will have a long-term impact on the company’s ongoing project execution and the speed of new project acceptance.
At present, the company has settled the repayment as a key task, and it is recommended to continue to pay attention to the company’s cash flow control shift.

Earnings forecast and forecast Due to the increase in order growth in the first half of the year and the cash flow is still under pressure, we lowered our 2019/2020 net profit forecast by 39% / 44% to 2.


500 million.

The current contradiction corresponds to 31.


6x 2019 / 2020e P / E.

We maintain our Neutral rating and lower our target price by 12% to 5 due to lowered earnings forecasts.

07 yuan, corresponding to 32 times 2019e P / E, which has 3% more upside than the current one.

Risks The new millennium single continues to weaken and cash flow continues to be under pressure.

Hengshun Vinegar Industry (600305): New peaches are replaced with old ones.

Hengshun Vinegar Industry (600305): New peaches are replaced with old ones.

Event: The company announced the change of chairman on December 14, 2019, and voted at the extraordinary extraordinary general meeting on January 10, 2020.

Investment Ratings and Estimates: Maintaining 2019-21 Revenue Forecast18.

6, 20.

6, 22.

700 million, an increase of 10 each year.

0%, 10.

5%, 10.

3%, attributable to the mother’s net profit forecast 3.

04, 3.

25, 3.

7 billion, a year-on-year increase of -0.

2%, 6.

8%, 13.

8%, corresponding to 2019-21 EPS is 0.

39, 0.

41, 0.

47 yuan, the latest closing price corresponding to 2019-21 PE is 42, 40, 35 times, respectively, maintaining an overweight level.西安桑拿论坛

As a leader in the vinegar industry, the company expanded to overcome the space under the background of low industry concentration and continuous promotion of consumption upgrade. At the same time, the company’s personnel adjustment was implemented. After the new chairman took office, he tried to implement a series of reform measures.Track the company’s strategic adjustments.

Personnel mobilization opens up the potential for innovation and the release of leading potential achievements: This personnel mobilization was made by the Zhenjiang Municipal Party Committee from the overall situation, according to the needs of the work and the actual decision of the group’s leadership team, reflecting the local government’s commitment to reform, innovation and expansionHengshun’s determination.

The new chairman of the board, Mr. Hang Zhuhong, participates in the secretary-general of the Zhenjiang Municipal Government, which can provide effective help for the company to coordinate social resources and democratic design, and help many companies to solve difficult problems during his tenure, and has experience in economic work.

In addition, the new chairman will deepen the reform of Hengshun’s marketing system, product structure and incentive evaluation.

If under the leadership of the new chairman, the overall system restraint can be adopted and a more market-oriented approach will be adopted, Hengshun is expected to start the acceleration of revenue performance, consolidate the leader of the vinegar industry and catch up with other comprehensive condiment companies.

Channel transformation and category expansion are steadily advancing, but the growth rate still has the potential to increase: Transform the company to actively promote channel transformation: 1) Expand the development of foreign port markets, increase sample cities such as Wuhan and Hangzhou; 2) Layout catering channels and develop and apply them to the catering marketLarge-scale products; 3) through the internal activation of the sales team enthusiasm and synchronized ground air marketing.

In addition to the main business of vinegar, the company is also increasing the layout of cooking wine, soy sauce and other categories. The prominent cooking wine will continue to grow at a high double-digit rate in 2019, and its long-term growth is good.

Although the company’s profits have remained stable, it has a deep brand heritage and quality foundation. If there is a marginal improvement in mechanism and marketing, future growth will accelerate.

The vinegar industry has a golden track, but the layout is scattered, and Hengshun’s expansion and improvement space is considerable: At present, vinegar products are still mainly based on cooking and dining scenes, so it has the potential for diversified consumption scenarios.

At the same time, benefiting from the health attributes of vinegar and the consumer’s health concept, new product development such as high-end vinegar, health vinegar and beverage vinegar can also open up space for the increase of vinegar industry.

From a horizontal comparison of soy sauce, the vinegar industry is still highly fragmented.

As the industry leader, Hengshun may have deep brand heritage, superb brewing technology and high-quality product quality, so its core advantages are significant.

With the implementation of personnel adjustments, the introduction of new expectations to streamline internal mechanisms, improve channel combat effectiveness, and expand foreign port market development efforts, as a result, Hengshun’s share of room for improvement is considerable.

Advanced catalysts: Company system and mechanism improvement, quarterly 武汉夜网论坛reports exceed expectations Core assumptions risks: performance expectations, increased industry competition

Tianrun Dairy (600419) 2019 Interim Report Comments: The first half results meet expectations and growth is expected to accelerate in the second half

Tianrun Dairy (600419) 2019 Interim Report Comments: The first half results meet expectations and growth is expected to accelerate in the second half

Brief Description of Results Tianrun Dairy released its 2019 semi-annual report on August 23, reporting that the company will gradually achieve sales of dairy products9.

33 per year, an increase of 16 per year.

40%; operating income 8.

23 ppm, an increase of 13 in ten years.

52%; net profit attributable to mother 0.

78 ppm, an increase of 11 years.

32%; Realize basic profit income of 0.

37 yuan.

Operating analysis The revenue growth rate in the second quarter was slightly included, and the overall first half performance was in line with expectations.

The company achieved revenue growth of 15 in the first quarter.

97%, the second quarter revenue increased by 10 in ten years.


The growth rate of revenue in the second quarter decreased slightly, mainly due to capacity constraints: and the industry’s raw milk supply was tight, while the company’s two standardized demonstration ranches, Tiancao Tianrun and Tianrun Beiting, were still in trial operation and were not fully put into production; another preliminaryTianrun Tangwangcheng, a wholly-owned subsidiary invested by the company, plans to formulate a new dairy processing plant, but it is still in the design stage. Inadequate production capacity has led to a slight lack of revenue growth in the second quarter.

However, on the whole, the company’s operating income increased annually in the first half of the year.

52%, which is higher than the long-term planning target growth rate (the performance target for 2019 is an increase in income of about 9%.

4%), growth is generally solid, and performance is in line with expectations.

The optimization of product structure helped the gross profit margin to rise steadily, and the profit end increased quarter-on-quarter.

The company achieved a gross profit margin of 27 in the first half of the year.

44%, an increase of 0 every year.

04 points.

Against the background of rising raw milk prices, the company’s gross profit margin is still steadily rising, mainly because the optimization of the product structure has hedged against the adverse impact of cost-side growth.

From the perspective of 苏州夜网论坛 expenses, in the first half of the year, the company focused on the development of refinement, the efficiency of expenses increased, and the sales expense ratio fell by 0.

27 points to 10.

46%, the management expense rate drops by 0 every year.

05pct to 3.


On the whole, the company’s profit side showed a quarter-on-quarter improvement quarter-on-quarter in the first half of the year, and the net interest rate in the first quarter increased by 6 quarter-on-quarter.

52 points to 9.

06%, an increase of 1 in the second quarter.

13 points to 10.


Allotment financing is expected to land, milk sources will be more protected, and blank channels will be expanded. Development is expected to accelerate in the second half of the year.

The company issued an announcement on July 26, which clarified the number 重庆耍耍网 of the rights issue. We expect the rights issue financing to land in the second half of the year, which will help the company to further improve the industrial layout and ensure the realization of development goals.

At the same time, according to the company’s procurement plan, the first 1800 imported Holstein dairy cows have been shipped back to China. It is expected to enter the ranch at the end of August, which will further optimize the existing herd structure and ensure the supply of milk.

In addition, while deeply tapping the potential of the Xinjiang market, the company carefully cultivated the external markets in the territory, expanded the online business layout, transformed the 19-year continuous refinement of the channel, and the synergy advantage of the entire industry chain appeared.Development is expected to accelerate in the second half of the year.

Profit forecast predicts that the company’s operating income for 2019-2021 will be 17 respectively.

12 billion / 19.

7.3 billion / 22.5.5 billion, previously +17.

1% / + 15.

3% / + 14.

3%, net profit attributable to mothers is 1.

36 billion / 1.

5.9 billion / 1.

8.4 billion, previously +18.

7% / + 17.

3% / + 15.

7%, the corresponding EPS is 0.

65 yuan / 0.

77 yuan / 0.

89 yuan, currently expected to correspond to 19/20/21 PE respectively 21X / 18X / 16X, maintain “Buy” rating.

Risks indicate that the price of raw milk is too high / the cost rate is increased / channel conversion is not up to expectations / food safety issues.

Preliminary impeachment case summary debates between the two sides

Preliminary impeachment case summary debates between the two sides

Xinhua News Agency, Washington, February 3 (Reporter Deng Xianlai, Sun Ding) The U.S. Senate, who is in the process of impeachment of the President of the United States, heard the concluding statements of both sides.

On the 5th after the Senate enters into force, it will vote on the impeachment clause, whether it can be convicted and fired continuously.

  On the same day, the prosecution and defense parties made a 北京夜网 two-hour summary statement.

Democratic Rep. Crowe, on behalf of the prosecution, said that impeachment was an extraordinary move in the event of serious misconduct and that senators should take steps to conviction.

An early defense team member, White House Counsel Sipolon, urged senators to find a new crime, saying it should be the only charge in the impeachment trial.

  According to a resolution previously passed by the Senate House, all senators serving as a jury voted on a series of impeachment clauses for 5 days.

As expected convictions and removals require the support of at least two-thirds of the senators, and there are currently 53 Republican members, 45 Democratic members and 2 independent members, public opinion generally believes that those who should be convicted and removedMay be small.

  Speaker of the US House of Representatives, Democrat Pelosi, announced last September that a House of Representatives investigation into impeachment was targeted.

The House Intelligence Committee and other so-called investigations subsequently sought to seek help from other countries to investigate political opponents to help them compete for reelection.

It is generally accepted that there is nothing wrong with fraud, calling the impeachment a scam.

  The Democrat-controlled House of Representatives voted in December to target impeachment clauses, officially announcing his abuse of power and interference in Congress.

Recognized as the third president in American history to be impeached by the House of Representatives.

The Senate began hearing the reorganization case on January 21.

Because the Senate House rejected a motion to obtain evidence on January 31, no witnesses were summoned and documents reviewed during the impeachment trial.

Original title: Summary statement of the prosecution and the defence of the original impeachment case

Zhongzhi Shares (600038) 2018 Annual Report Comment: The expected growth of the related party transaction results shows that the company’s rapid growth in 2019 is highly certain

Zhongzhi Shares (600038) 2018 Annual Report Comment: The expected growth of the related party transaction results shows that the company’s rapid growth in 2019 is highly certain

The company released its 2018 annual report, and the company gradually realized an operating income of 130.

7 ppm, a ten-year increase of 8.

44%; net profit attributable to mothers5.

10,000 yuan, an increase of 12 in ten years.

07%, basically speaking, the return is 0.

87 yuan, the profit distribution plan is to pay a cash dividend of 2 for every 10 shares.

60 yuan (including tax).

In addition, the company released the forecast of related party transactions in 2019. It is estimated that the total upper limit of sales of goods and materials to other subsidiaries of China Aviation Industry Corporation will be 190.

80,000 yuan, an annual increase of 25.


Opinion: The main business of aviation has grown steadily, and the company’s operations are gradually getting better.

Pioneer Aviation’s main business realized revenue of 127.

9.7 billion, an annual increase of 8.

16%, accounting for 98% of total revenue, gross margin 13.

92%, a decrease of 1 per year.

48%; 1.3 billion during the period, an increase of 3 in ten years.

53%, of which selling expenses1.

19 ppm, an increase of ten years.

84%; administrative expenses 8.

90,000 yuan, an increase of 21 in ten years.

68%, mainly due to the increase in employee compensation, depreciation and repair costs; research and development expenses of 300 million, so a decrease of 25.

14%, mainly due to the completion of some research and development projects leading to a reduction in research and development expenditure; the company’s current asset impairment loss and credit impairment loss -4304.

380,000 yuan, a reduction of 7374 per year.

470,000 yuan, mainly due to the increase in payment recovery and the implementation of new accounting estimates for the current period; 爱北京体验网 in addition, the increase in company government subsidies led to other income of 49.12 million yuan, a total increase of 41.3 million yuan.

Net operating cash flow 9.

55 ppm, an increase of 55 per year.

59%, the company’s overall business is gradually getting better.

The estimated value of connected transactions shows that the company’s high growth certainty in 2019 is high, and the company is expected to enter a new round of growth cycle.

In 2019, the company expects that the total cap of sales of goods and materials to other subsidiaries of China Aviation Industry Corporation will be 190.

80,000 yuan, an annual increase of 25.

7%, indicating that the company’s high certainty for high growth in 2019, we believe that it is mainly due to the typed installation of the new 10-ton helicopter.

Looking forward to the future, we believe that the new helicopters have high single-machine prices and high demand. Their gradual maturity and stereotyped delivery forces will enable the company to enter a new round of growth cycle, and the helicopter leader will usher in a new journey.

The civil aviation market has huge potential.

According to Rotorspot statistics, as of December 1, 2018, the number of Chinese civilian helicopters was 1064, only 1/12 of the United States, but the growth rate was obvious, and the CAGR in 10 years was close to 20%.

According to the statistics of Yaxiang Aviation, in 2017, the domestic helicopter market in the domestic civil helicopter market mainly consisted of the company ‘s AC series products, accounting for only 7%.huge.
Profit forecast, estimation and investment rating: We expect the company’s net profit attributable to its mother to be 6-2019.

400 million, 7.
97 trillion and 10 trillion, the original plan was estimated that the net profit attributable to mothers in 2018-2020 was 5 respectively.
00 ppm, 5.

9.4 billion and 7.

US $ 1.8 billion. Taking into account the valuation of comparable companies in the industry and the historical evaluation level of the company, we give the company 50 times PE in 2019, raise the target price to 55 yuan, and upgrade the rating to “strong push” rating.

Risk reminder: Equipment is being installed faster than expected, and reform progress exceeds expectations.

Zhaoyi Innovation (603986): Volume and price rise together Q3 is much higher than expected!

Zhaoyi Innovation (603986): Volume and price rise together Q3 is much higher than expected!

We continue to lead, and the improvement of the company’s own product / customer structure complements AIoT to lead the industry’s tight supply and demand. It is the basis of Zhaoyi’s continued exceeding expectations.

The company achieved 40 in Q3.

56% / 26.

Gross profit margin / net margin 青岛夜网 of 18%, gross profit margin hit a new high of 40% + in seven quarters, and net profit margin hit a new high of 25% + since a quarterly quarter.

We believe that the core of Q3’s profit margin improvement is still from product / customer improvement. The overall price increase has not yet begun, and Q4 is expected to usher in scale flexibility.

However, due to tight supply and demand in the industry, upstream OEMs can improve their own gross profit by adjusting their product mix.

Why is optimistic that there is diameter elasticity in the fourth quarter?

There are two reasons for this: In the first and fourth quarters, the company’s new 55nm process began to increase. From our industry tracking, Huali microchips gradually climbed month by month. Compared to 65nm, a single chip can increase the volume by about 30%, and the new process brings256M / 512M or even 1Gb new product volume, accelerate the cut into the communication, industrial control, automotive field, and further improve the product mix; 2. According to the current industry tracking, the tightness of supply and demand in October compared to September, is expected to usher in a comprehensive price increase, meanwhileIn Q4 this year, airpods pro, freebuds3 and vivo, Microsoft, Google ‘s newly released TWS headsets, Huawei GT2 Watch and other wearable products are all stocked. Niche storage NOR Flash ushers in the peak season. If the price increases further, the gross profit margin will rise.Usher in particle size elasticity.

After the company set a single quarter revenue record in the second quarter against the trend, the third quarter revenue hit a record high.

Single quarter revenue quarter + 63% / mom + 34% to $ 1 billion, even if the revenue contribution of Siliwei is excluded, it still exceeds market expectations.

From the tracking of the production capacity of SMIC and Huali Microelectronics, the growth rate of Q2-Q3 revenue is basically consistent with the increase in capacity.

In this way, under the circumstances of Q4 and 20Q1 prices, production continues to climb, revenue tends to meet greater expectations.

The proportion of inventory decreased, and the number of days of inventory turnover dropped significantly.

First of all, sales in 青岛夜网 Q2 started to pick up. In the third quarter, sales increased sequentially. Large downstream wearable customers continued to increase orders and supply was tight. As a result, inventory turnover speeded up and turnover days fell sharply.

Risk warning: 1) The downstream demand of the industry is not up to expectations; 2) The progress of the new process technology is not up to expectations; 3) Hefei DRAM is gradually down to expectations.

China Eastern Airlines (600115) 2019 First Quarterly Report Review: Deductions in Profits and Long-term Growth Nearly 40% Highlight Strong Push Ratings

China Eastern Airlines (600115) 2019 First Quarterly Report Review: Deductions in Profits and Long-term Growth Nearly 40% Highlight “Strong Push” Ratings

Company announcement for the first quarter of 2019: performance growth increased by 1.

2%, the maximum profit of foreign exchange deductions increased by nearly 40%.

1) Financial data: The report gradually realized 301 trillion operating income, with an annual increase of 12.

3%; net profit attributable to mother 20.

1 ppm, an increase of 1 in ten years.


The deduction of foreign exchange profits gradually increased by nearly 40%.

18Q1 exchange rate appreciation 3.

8%, 19Q1 appreciation 1.

9%, the exchange rate sensitivity is magnified due to the consolidation of operating leases (expected to be 1.

5 times or so), we estimate that in 19Q1, the exchange rate of 10 will be realized.

500 million, 14 in 18Q1.

600 million, a decrease of 4 every year.

10,000 yuan, so the maximum profit deduction 18.

20,000 yuan, an increase of nearly 40% in ten years.

2) Due to the income tax rate reported by the company24.

5%, which is higher than 22% in 18Q1.

8 ppm, a six-year increase of 6.


3) Impact of the attached new accounting standards: The implementation of the new accounting standards from January 2019 will affect the company’s statements: the total assets will increase by 35.7 billion, the liabilities will increase by 37.5 billion, and the owner’s equity will decrease by 18.

400 million, Q1 asset-liability ratio rose by about 3.

8 up to 78.


The level of income increased, and the cost of deducting fuel per unit kilometer was basically flat.

1) The company’s Q1 kilometers revenue increased by 1夜来香体验网%.

The company’s ASK grew ten years in the first quarter.

89%, RPK increased by 12 in half a year.

02%, with a load factor of 82.

6%, increasing by 0 every year.

There are 83 single items. We estimate that the company’s passenger-kilometer revenue will increase by 0.

28%, seat kilometers increase 1% in ten years.

2) Cost: The company’s operating costs increase by 9 per year.

6% to 258 ppm, an increase more than ASK launch.

Of which, the cost of fuel oil: the average price of domestic comprehensive mining costs in the first quarter was 4,756 yuan / ton, which gradually decreased by 3%.

8%, estimated the company’s fuel cost 79.

6 trillion, an increase of 7 in ten years.

The cost of deducting oil per unit kilometer is flat and slightly reduced by 0 every year.

The Beijing-Shanghai line staying 杭州夜网论坛 at the Capital Airport will lift the company’s mid-term suppression.

1) After the relocation of the Beijing-Shanghai line of the Air Force market competition company to Daxing Airport in the future or its impact on business sources, the Beijing-Shanghai line will remain at the Capital Airport according to the adjustment plan, and temporary replacement can be lifted.

2) Our Air Force in-depth reporting system analyzes the golden Beijing-Shanghai line: icing on the cake in high season, sending charcoal in the off-season, and long-term prices are still underestimated.

Under the marketization of prices, the full-price economy class ticket for the Beijing-Shanghai line was raised from 1,240 yuan to 1,490 yuan in the past, but it is still a price depression in the Yangtze River Delta-Beijing (2420 yuan for Beijing-Hangzhou full price ticket).

Eastern Airlines accounts for more than 50% of the Beijing-Shanghai line. If the price of Beijing-Hangzhou is referenced, assuming a discount as low as 70%, the profit will increase by about 1.7 billion, which is equivalent to more than 30% of the 18-year foreign exchange deduction profit.

Note: The price increase is 10%, regardless of discount changes, and the profit is increased by about 400 million yuan.

The company sits on a super hub, and has the opportunity to build a super carrier.

1) Shanghai market: unique locations create super hubs, increasing the value of routes at scarce times.

At the level of income, we estimate that the market in Beijing, Shanghai, Guangzhou and Shenzhen is clearly ahead of the national average (0.

42 yuan), of which Shanghai Hongqiao to 0.

64 yuan ranked first, Beijing 0.

59 ranked second, about 0 in Pudong.

55 yuan.

2) Increasing the company’s core hub share has increased the effect of marketization of passenger transportation prices.

Four domestic bases: two in Shanghai and two in Beijing. Kunming and Xi’an’s market share in 2018 were 41%, 18%, 37% and 29%, which can be expanded and improved in addition to Xi’an.

Revenue from seat kilometers on domestic routes increased by 4.

9%, Pudong, Hongqiao, the capital, and Kunming increased by 4.

2%, 8.

2%, 6.

2%, 4.

8%, especially Hongqiao increased by 4 in the first half of the year.

3%, the initial increase reached 8.

2%, Beijing consists of 2.

8% increased to 6.


3) Future opportunities: Cross-shareholding with Auspicious (Junyao Group). The two parties together have a market share of more than 50% in the Shanghai market. It is expected that the Shanghai market will be bigger and stronger together.

Earnings forecasts and estimates: We maintain earnings forecasts for 2019-21 of 97, 119 and 146 trillion, corresponding to 10, 8 and 7 times the PE of 2019-21, respectively.

With reference to the historical performance of the resurrected aviation stocks, it will give 15-18 times PE in 2019 with a target range of 10-12 yuan, corresponding to 2.


1 PB, “Strong Push” rating is recommended.

Note: A 1% increase in passenger load factor / fare is expected to bring about 900 million profits to the company, so with the interpretation of the Boeing incident, there may be a performance that continues to exceed expectations.

Risk reminder: oil price increases sharply, exchange rate appreciates significantly, Boeing incident has not brought substantial supply impact

Racing wheel tires (601058): three quarterly reports, ten years of rapid growth

Racing wheel tires (601058): three quarterly reports, ten years of rapid growth
The event company released the 2019 third quarter report, which reported and realized 113 operating income.27 ppm, an increase of 10 in ten years.14%, realizing net profit attributable to mother 9.51 ppm, an 83-year increase.84%, realizing net profit deducted from non-mothers9.34 ppm, an increase of 97 in ten years.28%. Investment points increased both in volume and price, with costs falling and performance exceeding expectations: in the first three quarters of 2019, the company gradually produced 2,860 tires.980,000 articles, an annual increase of 6.70% of tires are gradually sold 2921.840,000 articles, an annual increase of 7.04%.Under the test of the overall downturn of the domestic tire industry, the company has achieved a contrarian growth in production and sales, and its profitability has continued to increase.It is worth mentioning that Q3’s single-quarter performance hit a record high and achieved operating income of 42.3.5 billion, net profit attributable to mothers4.$ 4.4 billion, of which the company’s tire product prices increase by 5 per year.64%, while the four main raw materials of natural rubber, synthetic rubber, carbon black, and steel cord have fallen in price.90%, coupled with strong profitability of overseas production capacity, the performance was much higher than expected. 杭州夜网论坛 Vietnam’s production capacity is still the core growth point of the company’s profits: overseas production capacity can effectively circumvent trade barriers, strong profitability, and prominent advantages. In the first half of the year, the Vietnamese subsidiary contributed more than 60% of the company’s profit to its mother.Considering that the company’s 2.4 million sets / year all-steel tire production capacity jointly established by the company and Cooper Tire in Vietnam has begun construction in the first half of 2019, and replaced with the addition of new capacity, the company’s profitability of overseas production capacity will continue to increase. Launch of equity incentive plan to clarify future high-growth goals: The company plans to implement a large-scale stock incentive plan, and the number of extended shares granted 杭州桑拿 is 1.3.5 billion shares, accounting for 5.0%, the grant price is 2.04 yuan / share.The plan covers 44 internal directors, senior executives, middle managers and core employees. The annual performance evaluation target is based on 2018 net profit, and the net profit rate is not less than 30%, 60%, 90%.%, Such a high growth target further demonstrates the company’s confidence in achieving rapid and sustainable development. Earnings forecast and investment grade: What do we expect in 2019?The company’s revenue will be 153 in 2021.6.5 billion, 164.1.5 billion, 176.8 billion, net profit attributable to mothers was 11.7.9 billion, 14.4.9 billion yuan, 17.72 trillion, EPS is 0.44 yuan, 0.54 yuan, 0.66 yuan, the current expected corresponding PE is 10X, 8X and 6X.With the increase of industry concentration and the increase of the company’s production and sales volume, the future profitability is expected to continue to improve, maintaining the company’s “overweight” rating. Risk warning: the production capacity increase schedule is less than expected; large fluctuations in raw material prices cannot be reduced in a timely manner; high equity pledge rate of major shareholders risks the liquidation of pledged property rights.