Archives March 2020

Tianyin Holdings (000829): Mobile phone distribution business maintains stability Lottery business is the main growth point

Tianyin Holdings (000829): Mobile phone distribution business maintains stability Lottery business is the main growth point

Report Summary: Taking the “One Network, One Platform” Strategy as the Core, Deepening the “1 + N” Industrial Layout Company Deepening the “1 + N” Industrial Layout, Focusing 夜来香体验网 on Mobile Phone Distribution Business, Creating the Company’s Core Competitiveness, Driving Lottery, MobileThe internet, mobile resale, and liquor sales sectors have developed in a coordinated manner, implementing a “two-wheel drive” strategy for industrial operations and capital operations.

At the same time, strengthen industrial cooperation through capital management, promote industrial development through investment and mergers and acquisitions, gradually expand new businesses, and improve the industrial chain layout.

18 year revenue 424.

700 million, an annual increase of 7.

2%, gross margin slightly decreased to 3.

3% of the company’s total revenue in 2018 was 424.

7 ppm, a ten-year increase of 7.

2%, net profit attributable to mother may be 2.

The US $ 300 million was mainly due to the provision for goodwill and impairment of financial assets sold by sellers.

The company’s overall gross profit margin is 3.

3%, in recent years there has been an upward trend, from 4 in 16 and 17 years.

4% to 3 in 18 years.


Q1 2019 performance: The company’s Q1 19 revenue was 10.2 billion U.S. dollars, which was changed from top to bottom 2.

3%, net profit attributable to mother 0.

1.2 billion, a 10-year growth rate of 187%.

The mobile phone distribution business remained stable, and the gross profit margin of mobile phone sales for 18 years1.

7% of the company’s mobile phone distribution business consists of two major businesses: mobile phone sales and mobile phone repair.

The mobile phone sales business had a revenue of 411 trillion in 2018, an annual increase of 7%, and remained stable overall.

The profit situation was slightly under pressure, with a gross profit margin of 1.

7%, mainly due to the fierce competition of online mobile phone sales channels, big manufacturers, big retailers and big channel dealers.

The mobile phone repair business is relatively stable with 18-year revenue of 1.

6 ‰, a year-on-year increase of 42%, the gross profit margin has increased significantly in the past two years, 18 years gross profit margin was 47%, but the volume is relatively small.

The lottery business is the main growth point, with 18 years of growth.

8% of the company’s lottery business had a revenue of 4 in 2018.

3 ppm, an increase of 18 in ten years.

8%, with a gross profit margin of 53%. Starting from the 16-year consolidation, the growth rate is stable, and it can basically maintain a growth of about 20% each year, and at the same time, its profitability is better.

The lottery business is the company’s future strategic focus. Until the year of 18, the company’s lottery products have covered 29 provinces, municipalities and autonomous regions in 成都桑拿论坛 China, converted to provide a complete computer lottery sales system to 13 customer provinces, and opened up 6 overseas markets.

Investment suggestion We predict that the company’s net profit attributable to its mother in 2019-2020 will be 1.

5.3 billion, 1.

8.6 billion, 2.

93 trillion, EPS is 0.

15 yuan, 0.

18 yuan, 0.

28 yuan, corresponding to the current expected PE is 38X, 32X, 20X.

Risk warnings Lottery policy risks; mobile phone sales are not eagerly expected; lottery business advances less than expected.

China Nuclear Power (601985): Three-gate unit drags down performance and awaits production of units under construction

China Nuclear Power (601985): Three-gate unit drags down performance and awaits production of units under construction

Guide to this report: Affected by Sanmen No. 2 overhaul, the first half of the year’s performance was slightly lower than expected; under construction, the reserve projects are progressing smoothly, and the company’s installed capacity is promoted to further increase.

Investment points: Investment advice: Affected by Sanmen No. 2 overhaul, the first half performance was slightly lower than expected.

Maintain 2019-2021 EPS forecast to 0.

35, 0.

41, 0.

47 yuan, considering that the company is one of the three major nuclear power operators in the country, and the installed capacity is expected to increase, the company will be slightly higher than the industry average of 23 times PE in 2019, maintaining a target price of 8.

16 yuan to maintain overweight.

Event: 2019H1 revenue 219.

0 ppm, an increase of 22 in ten years.

7%, net profit attributable to mother 26.

0 million yuan, an increase of 0 in ten years.

7%; 2018Q2 revenue 112.

50,000 yuan, an increase of 16 in ten years.

3%, net profit attributable to mother 12.

1 ‰, decreased by -11 a year.


Performance was slightly lower than expected.
The shutdown and maintenance of Sanmen Unit 2 dragged down profits.

2019H1 revenue grows by 22 in ten years.

7%, mainly benefited from a ten-year increase in the amount of electricity on the Internet.

0%: 2019H1 installations increase by 362 every year.

60,000 kilowatts (+23 for the whole year.

4%), of which Sanmen 1/2 was put into operation in September and November 2018, and Tianwan 3/4 was put into operation in February and November 2018, respectively.

However, the net profit attributable to mothers increased slightly in 2019H1 (two years +0.

The main reasons for the increase are much lower than the increase in revenue: 1) In the first half of 2019, there were minor repairs to the Sanmen Unit 2 due to equipment defects. There was no revenue from power generation, but the depreciation, management costs and finance related to the Unit 2Expenses, etc. are still included in the current profit and loss; 2) Increased market-based charges and peak power shaving in Fujian’s power grid caused some units to reduce power gain; 3) Some units were gradually returned to downshift.

The construction / reserve projects are progressing smoothly and the installed capacity can be expected.

The company currently has 4 nuclear power plants under construction, of which Fuqing No. 5 and No. 6 will be commercialized in 2020, and Tianwan No. 5 and No. 6 units will be commercialized in 2021.

Nuclear power approval was reopened in the first half of this year. The company’s Zhangzhou project was approved by the state. The conversion contract for Tianwan No. 7 and No. 8 was officially signed, and the technical design contract for No. 3 and No. 4 Xu 南宁桑拿 Dabao was officially signed.

With the commencement of construction and reserve projects, the company’s installed capacity is expected to further increase.

Risk factors: Electricity demand is not up to expectations, and project advancement is less than expected

Hisense Home Appliances (000921) 2019 Third Quarterly Report Review: Central Air Business’s Steady Double-digit Growth and Review of Company Evaluation

Hisense Home Appliances (000921) 2019 Third Quarterly Report Review: Central Air Business’s Steady Double-digit Growth and Review of Company Evaluation

Hisense’s third quarter report in 19: single quarter revenue of -4.

5%, profit ten years +9.


The company achieved operating income of 80 in 19Q3.

6 ‰, at least -4.

5%, net profit attributable to mother 3 in a single quarter.

9 trillion, +9 for ten years.


Q3 cumulative revenue was 270.

1 ‰, at least -6.

2%, gradually return to the mother’s net profit13.

5 trillion, +17 a year.

6%, corresponding to EPS combined 0.

99 yuan.

The single-quarter revenue was small, but the range was narrower. The profit remained unchanged, but the growth rate fell, and the single-quarter performance was basically in line with expectations.

19Q4 Hisense Hitachi was officially incorporated into the profit / cash flow statement.

The company officially consolidated the central air-conditioning business from September 30, 19, and disclosed the balance sheet on September 30, but the income statement and cash flow statement have been consolidated since October.Income items are included.

Main business: The size of air conditioners has further tightened and the pressure has increased; the number of refrigerators has maintained a moderate growth.

The company’s single quarter revenue is -4 per year.

5%, a slight decrease, breakdown: Air-conditioning business: According to Aoweihe Industry Online Statistics, 19Q3 air-conditioning industry demand and domestic sales replacement have become -4% /-3%, respectively, and have declined slightly, and the average retail price decline has expanded toMedium and high numerical levels.

Due to the tightening of the industry competition pattern in the single quarter of 19Q3, under the dual pressure of share and average price, the company’s domestic sales of air conditioners are estimated to exceed 20% per year, and exports have maintained a long-term positive growth.

Refrigerator business: In terms of domestic sales, the industry demand is not frightening, but due to the decline in raw material prices, the ASP of major brands has further narrowed to about 5%.

The company’s single-quarter and domestic sales revenue is estimated to maintain a moderate growth in several numbers.

On a sequential basis, the company’s single-quarter revenue growth rate has not changed much, refrigerators have maintained moderate growth, and poor domestic sales of air conditioners have been the main factors dragging down revenue.

Central air-conditioning business: industry demand fell, and the company’s overall performance was under pressure.

According to industry online statistics, 2019?
The central air-conditioning market size was six months in August.

5%, of which the unit is ten years -7.

2%, multi-line average +2.

8%, water machine +2 for ten years.


Which is dragged down by real estate and the economy, 7?
August’s growth rate has a certain timing compared with 19H1.

Retail channel business growth pressure resistance, engineering channel is relatively better.

Hisense Hitachi still maintained double-digit revenue / profit growth in a single quarter.

According to the company’s disclosure, Hisense Hitachi’s operating income for the first three quarters of 19 was +12 per year.

5%, net profit +19 per year.
2%, combined with 19H1 data, Hisense Hitachi’s 19Q3 single quarter revenue / net profit continued to grow in both directions.

The growth rate of revenue was basically the same as that of 19H1, but the growth rate of profits fell to some extent, mainly due to the company’s quarterly tax rate changes.

Profit analysis: The profitability of refrigerators continued to improve, and air conditioning dragged down the main business profit of 19Q3 and the gross profit margin was 20.
5% each time +0.

5pct, a slight increase. It is estimated that the gross profit margin of the refrigerator business has steadily increased, but the gross profit of the domestic sales of air conditioners has a certain amount.

The sales / management / R & D expense ratio is +0 each year.

8 / + 0.

1 / -0.

1pc, there is a certain upward flow of sales expenses. It is estimated that the sales expense rate should be increased according to the increase and deviation of the internal sales revenue of the air conditioner, and it is related to a certain degree of marketing support.

The single-quarter 北京夜网 investment income increased by + 23% and expanded to the contribution of joint ventures such as Hisense Hitachi. As a result, investment income such as swap wealth management products has been confirmed in the current period, which has brought certain single-quarter fluctuations.

After excluding investment income, the main business profit is ten years-8.

8%, a larger income, mainly due to the increase in air-conditioning business.

Short-term business prospects: The refrigerator business supports the main business profits, and the growth of Yang Kong Air is a definitive alternative.

Under the suppression of the demand cycle and further tightening in the original main business of the air-conditioning business, it is expected that revenue and profit performance will still be under pressure.

However, since 2017H2, the marginal improvement trend of operating conditions has gradually emerged.

It is expected to have some support for performance.

Hisense Hitachi’s contribution contributed more than half of the profits. Against the background of the industry’s mediocre growth, the revenue / profit side has maintained steady growth with high certainty.

The multi-connected market has plenty of space, Hisense Hitachi leads the industry, and the underrated central air-conditioned multi-connected central air conditioner still has plenty of room for growth.

Although the growth rate of the multi-connected industry has been increasing to some extent due to factors such as the decline in real estate since 18-19, in the medium and long term, taking into account the advancement of urbanization, the increase in the proportion of well-furnished houses, and the increase in residents’ income and consumption levelsThe industry space is still huge.

Comparing the multi-line holding data of major domestic air-conditioning demand regions, it is not difficult to find that there is a huge gap of several times in the penetration rate of less developed regions and developed regions. At present, the major consumer markets of the industry are also mainly concentrated in the first and second tier cities in more developed regions such as East China.The industry has huge growth potential.

Hisense Hitachi is a leader in the multi-connection field, with continuous improvement in sharing and leading growth in the industry.

Hisense Hitachi is a leader in the multi-connection field of central air-conditioning, with a market share of 19 in 2018.

5%, second only to Daikin (23.

0%), which is significantly ahead of other domestic brands such as Greemei.

The core advantage of Hisense Hitachi is that compared with domestic brands, it has the technical and R & D support of Hitachi, leading product power and brand power. Compared with foreign brands, it has the advantages of Hisense channel management and market operation. Therefore, in the “product” + “marketWith the two-wheel drive, there has been a steady improvement, and the gap with Daikin has continued to narrow.

In 18 years, Hisense Hitachi’s compound growth rate of revenue and profit was 31% / 26%, far exceeding the compound growth rate of the central air conditioning / multi-connection industry in the corresponding cycle (respectively 5% / 11%).

Review the company value by business, and underestimate the scarcity of multiple online targets.

With the company’s central air-conditioning business officially from the off-balance sheet to the on-balance sheet: (1) the company’s asset quality, income scale and growth stability, cash flow conditions are expected to increase correspondingly; (2) the company from the original second-tier white power brandThe company integrates pure multi-line industry targets, and is committed to improving the market’s awareness of the company’s rapid and stable growth in central air-conditioning business value.

After performing a simple static calculation and considering sufficient safety margins, we give the company’s original white electricity main business 0.

The 6x PB estimate (based on the 19-year mid-term return to the parent’s net assets), the remaining market value (still closing on October 28, 19) corresponds to a 19-year PE multiple of Hisense’s net profit vested on the listed company’s platform.

5 times.

Considering the industry’s growing space, Hisense Hitachi’s leading advantage in the multi-connection field is expected to continue to maintain stable and rapid growth in future revenue and profits.

Under the current market value, the company’s high-quality, scarce central air assets are significantly undervalued.

Investment suggestion: Although the pressure on air-conditioning demand and the tight layout have some pressure on the profit growth of the company’s air-conditioning business, the improvement of the company’s refrigerator business operation has formed a certain support for the performance. More importantly, in the multi-line business, only sufficient and steady progressAs well as structural upgrades and cost dividends to support profit performance, the profit growth of multi-line business is expected to reach about 20%.

Maintain prediction company 2019?
The 21-year EPS is 1.



50 yuan, corresponding to PE is 9/8/8 times, maintaining the “overweight” level.
Risk warning: demand growth rate, original cost growth, exchange rate fluctuation range.

CIMC Group (000039): Growth in 3Q19 Results, Container Business Slows Profits

CIMC Group (000039): Growth in 3Q19 Results, Container Business Slows Profits

3Q19 results are in line with the performance forecast. CIMC Group announced the first three quarters of 2019 results: operating income of 616.

60 ppm, a decrease of 7 per year.

8%; net profit attributable to parent company 6.

36 trillion, down 72 a year.

5%, corresponding to a relative profit of 0.

18 yuan, in line with the company’s air force performance forecast.

In the third quarter of 19, the company’s operating income and net 深圳桑拿网 profit attributable to its parent were 189.

43 / -0.

44 trillion, down 18 a year.

9% / 103.


Revenue from the container and heavy truck business decreased while the rest of the business continued to grow.

Affected by reduced demand and increased competition, the company’s container business achieved revenue of 157 in the first three quarters.

07 billion, down 36 every year.

2%; sales of dry containers and reefer containers decreased by 40% year-on-year.

6% / 25.


In addition, the company’s heavy truck revenue has fallen by 25 per year.

4%; revenue from energy chemical equipment, offshore engineering, airport, logistics, and city production increased by 8.

3% / 82.

6% / 40.

4% / 3.

5% / 198.


Net interest rate turned negative and operating cash flow improved.

The company’s gross profit margin in the third quarter of 19 was 14.

1%, more than doubled 2.

9ppt, the decrease in container business weighed on overall profit.

In the third quarter of 19, the company’s sales / administration expense ratios decreased by 0.


0ppt, R & D / financial expense ratios exceed 0, respectively.



The company’s 3Q19 asset disposal income was zero.

470,000 yuan, down 13.

650,000 yuan, mainly due to the subsidiary in the same period last year received compensation for demolition.

In the third quarter of 19, the company’s net interest rate was -0.
2%, down 6 from the same period last year.

Net cash inflow from operating activities in the third quarter15.

82 trillion, a net decrease of 15 from the previous quarter.

The significant improvement of 30,000 yuan was mainly due to the strengthening of the company’s working capital management and the decrease in accounts receivable / inventory.

Development Trend The volume of container business is under pressure, leading to a decline in profit margins.

Historically, the most important variable of CIMC Group’s profit fluctuations came from the container business.

Since 2018, intensified competition in the container industry has led to lower overall container prices; at the same time, the industry’s demand is poor, and the volume of containers has continued to grow negatively.

On the whole, the container business may be replaced this year.

Looking forward to Qianhai Land Development and Offshore Asset Reorganization.

Looking forward, Qianhai Land Development will bring higher one-time land value-added income and subsequent land development income to the company. At the same time, we also look forward to the restructuring of the company’s offshore engineering business, which will increase the company’s profitability.

Earnings forecasts and estimates do not take into account the potential benefits of land development in Qianhai. Due to the decline in the company’s gross profit margin, we lower the company’s EPS forecast for 2019/2059.

2% / 40.

3% to 0.


52 yuan.

The company A / H contradiction corresponds to 19/12 times P / E in 2020, and temporarily maintains the outperform industry rating.

Considering the downward revision of profit forecast and the conversion of 杭州夜网论坛 estimates to 2020, we lower the company’s A / H target price by 8.

8% / 21.

9% to 10.

RMB 49/7.

66 Hong Kong dollars, corresponding to 20/15 times P / E in 2020, compared with 8.


0% upside.

Risks The total demand for global container transportation has intensified industry competition.

Jidong Cement (000401) Semi-annual Report Review: Volume and Price Rise, Restructuring Effect Continues to Appear

Jidong Cement (000401) Semi-annual Report Review: Volume and Price Rise, 佛山桑拿网 Restructuring Effect Continues to Appear

The company issued an interim announcement that the sales of cement clinker in the first half of the year was 4,528 per year, with an increase of 12 in the future.

83%; realized operating income of 160.

78 ppm, an increase of 25 in ten years.

18%; realize net profit attributable to shareholders of listed companies.

80 ppm, an increase of 60 in ten years.


Opinion volume and price go up, expenses fall, and performance flexibility is gradually realizing cash sales. According to the announcement, the company’s comprehensive sales of cement + clinker is about 4,528, which has continued to increase in the same caliber.


The increase mainly comes from the growth of the industry. We observe that the company’s main North China region has a gradual increase in cement output from January to June this year.

53%, consistent 杭州桑拿 with the company’s sales growth.

North China’s growth also continued to lead the rest of the country, basically related to strong infrastructure-driven demand.

In terms of price, according to statistics from China Cement Network, the average cement price in Hebei from January to June was 430 yuan / ton, which was increased by 28 yuan / ton per year, of which the average price of cement in the second quarter was 431 yuan / ton, up to 24 yuan / ton.

We estimate the company’s price of 317 tons of cement clinker.

04 yuan / ton, an increase of 28 per year.

73 yuan / ton, gross profit of 119 tons of cement clinker.

36 yuan / ton, an increase of 12 per year.

17 yuan / ton.

In terms of expenses, the company’s selling expenses increase by 29 each year.

02%, mainly due to an increase in sales volume and an increase in sales freight in the one-ticket settlement system during the sales period; a decrease in management expenses and a decrease of 4%.

65%, financial costs are reduced by 5 per year.

30%, we estimate that the company’s ton of cement clinker sales costs increase by 1 every year.

64 yuan, the management cost of tons of cement clinker is reduced by 7.

5 yuan per ton of cement clinker sales costs are reduced by 2.

71 yuan.

Reconstruction was successfully completed, and the leader Yang Fan set sail.

In the reporting year, the company announced that the second batch of asset injections had been completed. It took 3 years for Jinye Group and Jidong Cement to complete the asset reorganization.

The combined clinker capacity of Jindong Jidong after the merger will exceed 1.

100 million tons, cement production capacity reached 1.

With 700 million tons, the production capacity of Beijing-Tianjin-Hebei accounts for 60%.

Jidong’s unified operation and management of cement assets, enhanced strength, and reduced market communication costs are aimed at improving the profitability of cement assets, while having the advantages of Jinying’s internal control and financing rating advantages to reduce management costs and financial costs.

Demand is expected to increase, and peak production will be normalized.

Xiong’an New District’s external backbone road network has entered the stage of comprehensive construction. The first phase of the Jingxiong Expressway has begun construction. The Rongwu New Line and the first phase of the Jingde Expressway are easy to implement.The long-term demand forecast for cement is estimated to have both room for improvement and performance growth.

Jijin Luyu area announced the second phase of peak shift production plan: Hebei August 15th to August 24th cement peak shift production for 10 days; Shanxi August 5th to September 13th, phased and regional shift peak production for 20 days; Shandong peak production for 20 days from August 17 to September 5; Henan peak peak production from mid-late August to mid-September September, we believe that although the peak season is about to get out of the low season, the peak shift production in Jijin Luyu area has endedMost of the follow-up prices will remain stable while rising, while peripheral markets will also benefit.

In addition, others continue to benefit from anti-cyclical adjustments to infrastructure expectations.

From an overall perspective, the sustainability of environmental protection policies will not change, especially in North China, where the ecological environment is more fragile. Therefore, under the expectation that cement demand will increase significantly, cement prices in North China are expected to rise steadily.

Profit forecast: We are optimistic about the long-term volume and price rise, and the restructuring dividend will continue to be released. We predict that the revenue for 2019-2020 will be 346.
15 billion, 365.

7.1 billion; net profit attributable to mother is 32.
5 billion, 37.

200 million, EPS is 2 respectively.

41, 2.

76 yuan, maintain “overweight” rating.

Risk warning: Beijing-Tianjin-Hebei demand is less than expected, and cement prices have fallen sharply.

China Power (600482): Steady growth in 18 years of performance, optimistic about the long-term development of ship power leaders

China Power (600482): Steady growth in 18 years of performance, optimistic about the long-term development of ship power leaders

Event: The company announced the 2018 annual report and achieved operating income of 296 in 2018.

6.2 billion, an annual increase of 7.

81%, achieving net profit attributable to mother 13.

48 ppm, an increase of 15 in ten years.

33%, corresponding income (diluted) 0.

79 yuan, the company plans not to carry out the above-mentioned balance of profit distribution in 2018, the balance will be rolled over to the next year for uniform distribution.

Opinion: The operating income increases slightly every year, and the net profit attributable to the mother realizes a steady increase.

(1) Reported operating income of major companies was 296.

6.2 billion, a slight increase of 7 previously.

81%, mainly because the income of chemical power products increased by 34 each year.

Due to 32%, the offshore platform and marine machinery, diesel power, gas engine power, all electric power, marine nuclear power, gas steam power and other businesses increased (positive) and decreased (negative): -18.

93%, -0.

26%, -0.

43%, -6.

18%, -27.

84%, 5.


(2) The company’s return to net profit realized stable growth.

33%, faster than operating income growth, mainly driven by the following factors: ① Report, the company’s financial expenses index income increased significantly by about 1.

48 ppm. At the same time, due to exchange rate factors, exchange loss gains in this period are gains, while exchange losses in the previous period increased by about 0.

9.7 billion; ② The asset impairment loss accrued in this period was significantly reduced by approximately 3 compared with the previous period.

○ 3 In the current period of disposal of long-term equity investment, it was found that the investment income from the sale of financial assets increased by about 1 compared with the previous period.

1.2 billion.

(3) The non-recurring profit or loss of net profit attributable to shareholders of the listed company decreased by 10 compared with the previous period.

45% is primarily the net profit margin of the companies under the same control in the current period, Shaanxi Heavy Industry and Hechai Heavy Industry, from the beginning of the merger to the merger date.

(4) The net cash flow from operating activities decreased by 196 from the previous period.

59% of the initial increase in income in the current period, but sales lagging behind, at the same time the purchase of raw materials paid for business expansion in this period, the cash paid for labor services increased significantly compared with the previous period.

The installation of naval vessels is accelerating, and various types of power are used to promote the steady growth of military products.

The company is mainly responsible for the development and production of naval ship power systems.

According to the White Paper of China’s Military Strategy, the Navy’s naval strategy will gradually shift to a combination of offshore defense and maritime defense,返回码: 500 网站打不开?重查 and it will raise higher requirements for the development of military ships both in number and technology.

The growth rate of the annual defense budget in 2019 is 7.

5%, reaching 1.189 trillion yuan, and the growth rate is expected to continue to grow steadily in the future.

If the naval military expenditure accounts for 1/3 of the total defense expenditure and the equipment cost accounts for 1/3 of the military expenditure, assuming that the shipbuilding cost accounts for 50%, and the ship’s power system as the core part accounts for about 20% of the cost of the ship, the current military onlyThe total size of the ship power market is expected to reach 40 billion yuan.

The structural tilt of military expenditures to sea and air equipment will indirectly drive the steady growth of the ship power market, and the company’s 杭州桑拿 military products business is expected to fully benefit.

The integration of the low-speed diesel engine power and chemical power industry sectors was further promoted, with initial results.

(1) In terms of low-speed diesel engine power, through internal resource integration, China Shipbuilding has built a management framework for the “one headquarters and three bases” of low-speed diesel engine business. It unifies the main management, and has a uniform production cost, production scale, and service system.A scale effect is formed, and market influence and competitiveness are effectively improved.

(2) In terms of chemical power, the company takes Fengfan as the lead unit to integrate the chemical power business of Changhai Electric Power and Torch Energy, relying on its brand and marketing network advantages, to achieve professional and large-scale operations.
(3) In terms of medium and high speed diesel engine power, the company is actively planning the consolidation of medium and high speed diesel engine power business of subsidiaries such as Qi Yao Heavy Industry, Hechai Heavy Industry, Shaanxi Heavy Industry.
Can effectively solve the company’s high-speed diesel engine business homogeneous competition, the integrity is not strong and other issues.

(4) In terms of power system integration, Heavy Gear Company has become the company’s controlling subsidiary. After the integration of medium and high-speed diesel engines is completed, the company will restart the integration of power and transmission and continue to promote the coordinated development of marine power and transmission systems.

Profit forecast and rating: Considering the market segmentation of the company’s ship power business, and vigorously expanding the research and development of new and new power systems.

Existing products grow steadily and are optimistic about the market prospects of new research products. Our 2019/20/21 EPS forecasts are 1 respectively.



30 yuan, corresponding to a PE of 27/24/21 in 2019/20/21, giving the company a “Recommended” rating.

Risk reminder: Naval equipment construction falls short of expectations; the development of civilian products market falls short of expectations

Oriental Fashion (603377): Exploring a new driving model to expand aviation business

Oriental Fashion (603377): Exploring a new driving model to expand aviation business

The event company released its semi-annual report for 2019 and achieved revenue5.

20 ppm, a decrease of 0 per year.

53%; net profit attributable to mothers1.

01 billion, down 11 a year.


The brief evaluation report pointed out that the company’s operations are stable, and the profitable companies in the Jingzhou project in H1 in 2019 had basically the same revenue as the same period of the previous year. The change in 杭州桑拿 the profit side was due to the increase in bank loans and the increase in financial expenses by 161.

62% to 19.22 million yuan, after excluding the impact of interest expenses, the profit side is basically similar to the same period last year, indicating that the company’s basic operating side is relatively stable.

At the same time, the company’s net interest rate reached 20 in the first half of the year.

52%, a year-on-year increase of 0.

57pp, profitability has improved.

For off-site projects, Yunnan, Jingzhou and Shijiazhuang achieved revenues of 4,699.

89, 2,594.

95, 1,721.

530,000 yuan, of which, the Jingzhou project achieved profit, with a net profit of 405.

The project in Yunnan and Shijiazhuang gradually reduced losses of RMB 860,000, and reported losses of RMB 2.87 and 8.31 million in the same period of the previous year.

The company continues to promote the implementation of off-site projects this year. Among them, Shandong Oriental Fashion has already landed, Jinzhong, Chongqing and Hubei Oriental Fashion are still under construction.

Ultimately, the number of drivers has steadily improved, and brand-supported word-of-mouth marketing has continued until the end of June 2019.

2.2 billion people, a net increase of 14.08 million people in the first half of the year, at least an increase in the number of drivers, more than 25 million people, which means that the size of the driving training market has reached at least 1250 trillion (calculated based on 5,000 yuan per capita tuition).

From the industry perspective, the driving training market is highly fragmented and disorderly competition exists in some regions, which substantially affects the industry’s operating efficiency.

By controlling quality and service, the company continues to streamline and standardize the driving training business, which has created a good reputation and developed the company’s unique word-of-mouth marketing method.

Through high-tech methods, the company is constantly exploring new driving methods.

The company and Mirage Technology signed a “VR Car Driving Simulator Service Contract” in May, which will become the most advanced VR intelligent technology to replace the traditional field of driving training and education.

VR means can be used to train the driver’s driving technology, and learn more effectively the safety and civilization awareness of this book-training in emergency handling, complex road driving, mechanical performance limit operation, defensive driving, bad weather and other items.

At present, VR training is not only helpful for recruiting scholars, but also has advantages over traditional training models in terms of energy saving and emission reduction, and reducing operating costs.

The acquisition of Hairuo Tonghang, the business map expansion company successfully acquired 55% equity of Hairuo General Aviation Co., Ltd. (also known as Oriental Fashion General Aviation Co., Ltd.) in the report, and entered the aviation training field by intervening in driving training.

Eastern Fashion General Aviation’s current business scope includes flight training, aircraft sales, aircraft maintenance, experience flight, airport operations, etc., with relevant business qualifications. It already has CCAR-91 navigation operations, CCAR-141 flight training, and CCAR-145 aircraft.Various qualifications such as maintenance, through its many years of operation, Oriental Fashion General Aviation has established cooperative relationships with a number of institutions and one, and even has a deep foundation in Binzhou area.

Investment suggestion: We believe that the company’s off-site projects are accelerating the implementation and the brand influence will be further expanded in the future, which will help develop the scale advantage.

Breaking through the previous experience, the company’s new projects are expected to achieve a break-even. At the same time, the reorganized off-site projects have gradually reduced losses, and the awards and supplements have helped to enrich the company’s performance.

Profit forecast: The company’s EPS for 2019-2021 is expected to be 0.

42, 0.

44, 0.

48 yuan, corresponding to PE of 33, 31, 29 times, maintaining the “buy” level.

Risk reminders: the overall market growth rate; the return cycle of the new driving school is lengthened; the heavy asset expansion causes financial pressure; and the regional competition pattern deteriorates.