But even after I believe it,Li Feifei didn’t come forward immediately,But wait for Wei Ying and Su Xiaoli to come together。Anyway, it’s four people together,She doesn’t believe it,Xin Zhao still has such a big appetite,Can deal with four by one person。

Squeeze him dry!
After thinking about this,Li Feifei felt herself swell up suddenly,Isn’t it Xin Zhao?。
Just a mere Xin Zhao!
“Fifi,Azure,Why is it so good today,Waiting for us here!”Wei Ying and Su Xiaoli finally caught up,And then asked a little excitedly。
“Our sisters have deep affection,I’m waiting for you, it’s not normal!”Of course Li Feifei will not admit that she is afraid,So I want to get somebody together。
I heard Li Feifei’s self-deception,Wei Ying gave her a blank look“Sister Feifei,You don’t think I’m blind,I won’t see a person that big,If you are timid, just say timid,Can we still despise you?!”
Even if Wei Ying said that,Li Feifei won’t believe her nonsense。
She felt that if she said something,Needless to say anything else,Wei Ying will despise herself。
“All right,Su Xiaoli covers three sisters,Afraid of what he does alone,Besides, Lord Xin’s body hasn’t fully recovered yet,Are you still worried about what he can do to me?!”When saying this,Su Xiaoli is so airy,How proud。
Seeing Su Xiaoli’s confident look,Wei Ying believed a little bit in her heart。
“Also good,Let’s go up together,there is always a solution to a problem,Our four big beauties,I’m afraid Xin Zhao won’t be alone!”
“Not bad,Sisters together,Its profit,Today we will overthrow the old landlord Xin Zhao,Return to the world a bright universe!”
“Haha,Let’s cut the chicken head today,Burnt yellow paper,Yoshie Jinlan!”
“Down with the shameless old thief Xin Zhao,Restoring peace to the world!”
Qilin looked at the second team member who was sick there,Then silently prepare to swim over,Then she was grabbed by He Weilan’s arm on the second floor。
Gave it a little harder,Then Qilin found that she didn’t take it out,Just know,He Weilan is also afraid。
“You damn girl,Nothing to do with them,This is just great,I have to save you!”Although I have some complaints about He Weilan,,But Qilin doesn’t want to watch her best friend fall into the fire pit,Then leave it alone。
The second team and four women after cheering for themselves,At this time, I swam forward again,If you don’t look at them personally,,I really thought it was a million heroes who crossed the river。

“Thank you three elders,Actually Xia Chen can come out safely,Thanks to Miss Tu Cancan’s help。”

The boring Tu Cancan was suddenly named,Make women at a loss,Warning with wide eyes。
Even if Tu Zhi is stupid,I don’t know how much his granddaughter is,I’m afraid if it wasn’t for Long Xiachen,The one who can’t come back is that Tu Cancan is about the same。
Tu Cancan walked over stiffly,I don’t understand what my third grandpa is going to do?
“fast,Solemnly bow to Long Shaoxia,People bring you back,Already lucky enough。”
Tu Cancan speechless,He was treated like this because he was looking for something,I have to bow and thank the man now,There is no truth in the world!
Tu Cancan raised his head,Gritted his teeth and bowed deeply:“Dear Mr. Dilong Xiachen,Thank you very much for saving me,If there is an afterlife,Willing to be a cow and a horse,On the sword,Do not hesitate。”
“Miss Tu Cancan is serious,rest assured,Even if I do it again,I will save you too。”Xia Chenglong’s answer to cat and tiger。
This is a punishment for her complaint,Seeing the woman’s grievances,The effect is still very good。
Tu Zhi got up,A flash of light,Take out some medicines from the storage ring and put them on the table。
“This is the best recovery medicine for the family,You only need to slowly activate the aura after taking it,Then the medicine can be applied to the whole body,Can make you recover quickly。”
“Against the Three Elders,Xia Chen has nothing to report,I will definitely do things for the Tu family well in the future,To repay the elder’s kindness。”
Between heaven and earth,Tu Zhi was naturally very happy when he heard this,Smile and nod。
“All right,You just have a good rest,Just tell Cancan this girl if you have something to do,Don’t need to feel embarrassed。”

In the clouds behind Xia Chenglong is a thousand dragons flying directly,The dragon head does not see the dragon tail,I don’t know the dragon head,Long Wei roars here。

This is the power he has after entering the questioning god realm,After being corroded by blood gas,Kill the domain directly to the top,Three kinds of artistic conception merge with each other。
The Dark Lord did not expect,The guy in front of me is so powerful,Strong enough to exceed my expectations。
He is the Dark Lord,An existence comparable to a martial artist in the concentrating state,Even if the millennia of suppression has made him lose his original pride,But you shouldn’t be bullied by a junior。
His throne is very much connected to his own power,After the throne radiated light, countless swords also appeared。
If you feel carefully,You will find that this magic sword actually has the taste of Wan Jianzong’s artistic conception。
Thousands of years,These tenacious lives are constantly eroding everything around,Ruins appear,This is the most vulnerable time of Wan Jianzong。
So although they don’t have something,But also got something,Especially when it comes to something worthy。
Then these swords don’t transform into dragons like Xia Chenglong,Standing quietly in the air after leaving the throne。
next moment,The black sword rain turned towards Long Yun,The black full streamer and the red full streamer collide with each other。
No sound,It’s because the two days of collision are far away from their bodies。
But at the moment after the collision,The earth is shaking,Layers of creases appear in the space,The Burial Sword Plain cannot support the collision of these two forces。
The collision of martial arts and martial arts,This is not what Xia Chenglong is best at。

“how about it?”

“Okay,Antiquities are antiquities,We talked for a while while we were asleep,In the end it chose to follow me。”
This is the best result,After all, every artifact has its own pride,Especially powerful things,They have greater pride。
So it’s not easy to get the other party’s approval。
For Ah Wu,Xia Chenglong is still very curious,After all, I can’t feel too strong aura from the opponent,But there is a faint thought,He is not much worse than the others here。
When I was at the fish market,He already felt the other party’s unusual,That’s why I believe this guy will be in Zhongyu,Dahua Country breaks out a world。
“Forrest Gump,how about it,Is there something new happening!”
Forrest Gump, who is more hip-hop on weekdays, is so solemn now:“Ok,Is there any movement in the Stegosaurus Mountains?!”
“Do not worry,To be more detailed!”
Oh I see,In the early morning, A-Gump and Abu also went down the mountain to check,After the changes last night,Has become a forbidden zone for everyone in front。
but……As the saying goes,Starve to death the timid。
After the initial panic,Many people have tried their best to start delving into that area。
What’s interesting is the black hole in space that can be found without regularity,They actually thought of using foreign objects to crack。
“You are talking about throwing stones for directions?”

As soon as I saw this Vietnamese gang boss came,Zhou Jielun was so scared that his feet were almost weak,Although he has never seen the real face of King Bang,But I often hear people describe his appearance,This kind of bigwig,You know it as soon as you see the momentum,No need to know。

“Boss King!”
“Boom King!”
“Boom King!”The surrounding Vietnamese gang took the initiative to say hello,I’m afraid of showing the slightest disrespect to the boss。
Chapter Four Hundred and Eighty Six Kill game
Bakuwang brought the backbone of the Vietnamese gang,I strode to Lu Menglin and Zhou Jielun。
Everyone looks like a hook,Sweeping around the two unscrupulously。
“Ha ha,I said who is so bold,Dare to call me down,It turns out that Master Lu is here。You take the initiative to come,Did you make it clear to bully us and help Vietnam??”Burst king brows lightly lock,Shouted at the two。
“what?”Hear the words of the king,The first reaction of Jie Zhou was that he had auditory hallucinations,How else can I understand every word,But they don’t seem to understand them at all.?
and,What is Master Lu’s name??Shouldn’t it be boss Lu??
At this moment,Lu Menglin shrugged,Smile,Said calmly:“I do not know you,I’m here to buy news,Not here to bully,So don’t be nervous。”
His tone,It’s like a kindergarten teacher is encouraging children,Don’t be afraid,do not worry,I am an adult,Promise not to bully you。
Zhou Jielun was dumbfounded after listening,He looked at the surnamed Lu,Look at those ruthless people,I feel like the calendar is wrong today,Shouldn’t go out at all。
“Where’s the money?”Bakuwang gloomy face,Whispered。
Lu Menglin gently stretched out his hand,Open the suitcase,Inside are stacks of Hong Kong dollar bills,At least a million。
See this box of banknotes,The Vietnamese gangs around are looking straight。
Zhou Jielun suddenly got numb scalp,Scream in my heart,Does the Vietnamese gang want to eat black??

Luyin Ecology (002887): The value of the first three quarters increased by 28.88% Small but Beautiful is getting bigger and stronger

Luyin Ecology (002887): The value of the first three quarters increased by 28.88% “Small but Beautiful” is getting bigger and stronger
Event company released the third quarter of 2019 report The first three quarters of 2019, the company achieved operating income5.16 ppm, an increase of 25 per year.37%; net profit attributable to mother 1.460,000 yuan, an increase of 28 in ten years.88%; EPS 0.70 yuan; ROE 8.11%.  After years of accumulation, the “small but beautiful” is growing bigger and stronger. The company has formed a “wide network layout” in key regions across the country. In 19 years, the company ushered in a turning point in performance.In the first three quarters, the revenue increased by 10 in ten years.37%, net profit attributable to mother increased by 28 in ten years.88%, net profit after deducting non-attribution increased by 61.85%, outstanding performance; in the third quarter alone, the company achieved revenue1.3.3 billion (+18.62%), net profit attributable to mother 0.3.8 billion (+22.15%), deducting non-attributed net profit of 0.3.8 billion (+74.12%), performance growth in line with expectations.At the same time, the company has successively won Jinan (Jiyang), Beijing (Tongzhou Zhangjiawan) and Henan (Weihui) projects totaling over 800 million in the past three months, and currently has a maximum of 34 orders in hand.1.3 billion is the total amount of orders announced in 18 years.5.1 billion of 7.57 times, which lays a solid foundation for the company’s rapid development and stable growth in the next two to three years. The 19-year performance turning point has been transformed.In addition, the company prudently took orders during the rapid expansion process to ensure the project quality based on the expected repayment account period. At the same time, the old account was fully reorganized. While the performance increased, the company’s net operating cash flow in the first three quarters was basically unchanged from last year, Finishing gross margin of 40.78%, also 40 from the same period last year.91% was basically flat; net interest rate was 28.25%, ranking increased by 0 last year.47 units are commendable.  Continuously consolidate the technical strength and gradually improve the management team. The core competitiveness highlights that the company has successfully created a complete industrial chain of “planning design-ecological restoration and landscaping technology research and development-engineering construction-operation and maintenance” as one.Strong driving force for the company’s development.In the first three quarters, the company invested 1771 in research and development.910,000 yuan, an increase of 47 per year.47%; more than 75% of the company has a bachelor’s degree or higher, and the number of technical teams accounts for nearly 20%; in 2019, the company obtained 1 national invention patent and 34 utility model patents; the company has obtained 6 national invention patents,There are 124 national patents granted.The technical advantage lies in that the company has strong core competitiveness in ecological restoration projects with difficult construction and high technical requirements. The company’s rich project experience and good accompanying reputation have an absolute advantage in the competition of high quality projects.In addition, Zhang Gongxin (Executive Vice 北京夜生活网 President), who has supplementary familiarity with water transport engineering operation technology and deep financial and financial knowledge, has served as Assistant Manager, Deputy Manager, Purchasing Management Manager, Cost Manager of Engineering Management Center of Vanke Real Estate Co., Ltd.After joining Fan Yan (Vice President) of the manager of the management department and Guo Xiaoqiang (Vice President), the former chairman of Tianjin University Municipal Landscape Construction and Development Co., Ltd. who has qualified as a senior engineer, the company has recently joined a new vice president, senior engineer, registeredConsulting engineer (investment), cost engineer, investment and construction project manager Zhang Huazhang, a team of strong executives to help the company go ocean, bringing unlimited possibilities for the company’s future development.  8.Maintain “overweight” rating and maintain the company’s current cash in hand.1.5 billion, potential ammunition for the rapid landing of orders, steadily advancing escort.At the same time, the comprehensive credit line of the company’s bank is about 3 billion and convertible bonds have been issued7.12 ppm, the actual controller’s equity is not pledged, the high-quality asset status and the ability to overcome capital expansion provide a good guarantee for the company’s future capital operation and order landing, and also release the foundation for the company’s development and performance.As an ecological restoration, high-quality enterprise in landscaping, the development of endogenous development is clear. We expect the company to achieve operating income of 10 in 2019-2021.01, 15.41, 20.07 billion, net profit attributable to mothers was 2.13, 3.10, 4.11 trillion, EPS is 1.02, 1.49, 1.98 yuan, optimistic about the company’s long-term development, maintaining the “overweight” level.

Zhongju Hi-tech (600872) 2018 Annual Report Commentary: Steady Growth of Condiment Targets Five Years of Double Hundred

Zhongju Hi-tech (600872) 2018 Annual Report Commentary: Steady Growth of Condiment Targets Five Years of “Double Hundred”

Performance review: FY18 performance was in line with expectations.

FY 2018 achieved total revenue of 41.

66 trillion, +15 for ten years.

4%, net profit attributable to mother 6.

070000 yuan, +34 for ten years.

0%, deducting non-南京桑拿网net profit 5.

72 ppm, +37 for ten years.

9%, budget benefit 0.

76 yuan, the performance is in line with expectations.

Of which 18Q4 income was 10.

20,000 yuan, +13 for ten years.

8%, net profit attributable to mother 1.

22 trillion, +23 a year.


FY18 gross profit margin 39.

1%, ten years -0.

2 points; net margin 14.

6%, +2 per year.

0pcts, ROE is 18.

1%, ten years +2.

9pcts, profitability continued to improve.

FY18 budget proposed dividend.

23 yuan (tax included), dividends implanted 30.


Revenue from condiments grew steadily, and the goal was better fulfilled.

The company achieved 10 in 4Q18.

0 ppm, +13 a year.

8%, the growth rate rebounded from the previous quarter, due to the decline in the base and the real estate business Q4 revenue recognition increase.

1) Steady 杭州夜网论坛 growth in condiment income: FY18 delicious fresh income38.

52 trillion, ten years +10.

3%, 18Q4 delicious fresh income9.

32 trillion, ten years +10.

6%; by product, soy sauce earns 25% per year.

90 trillion, ten years +9.

1%, mainly due to sales of ten years +7.

8% reached 40 ounces, the price per ton was 2590 yuan / ton, multiple +1.

2%; chicken essence income is 4.

43 trillion, ten years +7.2%, sales of ten years +7.

Due to 3%, the income ratio of edible oil / other condiments was 8 respectively.

4% / 12.

In terms of channels, the company’s development and integration of prefecture-level cities nationwide is 77%. During the year, 178 new dealers were opened, and the cumulative number of dealers reached 864. At present, about 75% is for household consumption.At the same time, restart the layout of export channels; 2) Increase in land revenue: increase in land revenue1.

27 trillion, +155 a year.

6%, which is a significant increase in sales of commercial housing in this period.

Caused by 74 trillion.

In terms of subregions, the average income of the northern / southern / central-western regions achieved a two-digit increase, each +17.

6% / 16.

6% / 12.


Expenses were well controlled, and net interest rate increased the most.

The company’s highest gross margin is 39.

1%, ten years -0.

2pct, mainly due to the drag on the rising cost of 3Q18 packaging materials, 4Q18 gross margin rose to 39.


The initial selling and management expenses have well-controlled net margin up, of which the selling expense ratio is 10.

4% a year -1.

4 cases, due to the decline in employee compensation, freight and advertising costs; the management expense ratio (including research and development expenses) 9.

5% per year -0.

1pc, of which the proportion of employee wages, research and development and depreciation expenses decreased; financial expenses 1.

3% a year -0.

4pct, mainly due to the decrease in loan interest expenses and the increase in deposit interest income.

Taken together, the company has a higher net profit margin14.

6%, +2 per year.

0pcts, 4Q18 net profit 12.

1%, ten years +0.

9pct, of which the highest net profit of delicious fresh is 16.

5% each time +0.

3pct, 4Q18 net profit is 19.

3% a year -1.


The fairness mechanism is straightened out, and the target is “double hundred” in five years.

In 2018, the company completed the re-election of the board of directors and the change of the substantial controller. The new board clearly stated that the company will focus on the main business of healthy food and move towards the domestic first-class condiment group. It plans to achieve annual revenue of over 10 billion and annual production and sales by 2023.Large millions of tons, after the company’s equity truly goes smoothly, it is expected that the mechanism will be changed to take advantage of the private sector.

The quality of the company’s condiment business is excellent, and there will be more efforts in the future: 1) Channels: Accelerate the development of blank prefecture-level cities and tertiary market districts and counties. It is estimated that up to 1,000 dealers will be reached in 2019, and online channels will be actively tried, Gradually expanding overseas, and promoting the internationalization of the kitchen brand, 2) products: continue to expand the production of edible oil, oyster sauce, sauces, vinegar, etc., and develop towards a diversified healthy food; at the same time, the capacity release and product structure in YangxiWith the promotion, the net interest rate is expected to continue to increase in the future.

In addition, the company’s acquisition of the minority shareholders’ equity of the Chubang subsidiary is expected to further advance. It is expected that the condiment business will achieve transformation and growth after the follow-up mechanism is improved and the management is rationalized.

Profit forecast, estimation and investment recommendations: We believe that the company will gradually improve its mechanism to take advantage of its private capital, and its condiment business is in good condition. It will invest more room for growth in the development of a national market, the development of catering channels, and category expansion.With the gradual release of Yangxi’s production capacity and the improvement of product structure, coupled with better cost control, the net profit rate will continue to increase in the future. The acquisition of minority shareholders’ interests in subsidiaries is expected to increase their performance.

Maintain the company’s EPS forecast for 2019-2020: 0.


24 yuan, the date EPS forecast for 2021 is 1.51 yuan, after considering the improvement of the mechanism, the performance is expected to continue to grow well, giving 20 times 35 times PE, raising the target price to 43.

4 yuan, maintaining the “strong push” level.

Risk Warning: The growth of condiments is not as expected, and the effect of improving the mechanism exceeds expectations.

Vast special materials: Leaders in high-end special alloy materials raise investment to increase production capacity and research and development capabilities

Vast special materials: Leaders in high-end special alloy materials raise investment to increase production capacity and research and development capabilities

The company is a manufacturer of high-quality specialty alloy materials and alloy products.

The company mainly produces high-quality gear steel, mold steel, special stainless steel, high-temperature alloy and other special alloy materials, as well as various precision mechanical parts based on alloy materials. Among them, special alloy materials accounted for about 90% of operating income in 2018.Alloy products account for about 10%.

The company’s core product is high-quality gear steel, which is widely used in gear boxes for new energy wind power, rail transportation and mechanical equipment. Its revenues in 2016-2018 accounted for more than 65%.

The actual controller of the company is Xu Weiming, the chairman and general manager, and Xu Xiaohui, the director, who together hold shares before the issuance.

65%, of which Xu Weiming directly holds 9 shares.

80%, Xu Weiming and Xu Xiaohui and his father held 36 shares through majority holdings.

42%, Xu Xiaohui indirectly holds shares through Wanding Business and Ruishuo Partnership2.

20% and 0.

twenty three%.

High-end manufacturing is in the ascendant, and new products are put into production to help the company continue to grow.

High-end manufacturing is in the ascendant: From 2016 to 2018, benefiting from the demand for alloy materials in wind power, rail transit, high-end equipment and other industries, the company’s main products rose in volume and price, with output from 14.

11 up to 22.

84 samples, main business income from 8.

6.5 billion to 14.

8.9 billion, net profit attributable to mother from 4773.

520,000 yuan to 1.

34 billion.

From 2016 to 2018, the CAGR of main product output, main business income and net profit attributable to mothers were 27%, 32% and 67%, respectively.

New products put into production: The company built a special aluminum alloy production line in 2016. It went into production in 2017 and successively passed quality certifications in the fields of weapons and equipment, aviation and energy. The product began to volume.

170,000 yuan, a year-on-year growth of 355%, the contract amount in the first quarter of 2019 has exceeded 40 million, becoming an important profit growth point for the company in the future.

There is ample space for import and replacement of special alloys, and domestic demand is increasing day by day. Raising investment will increase production capacity and technology research and development capabilities, reduce resistance levels, and support the company’s continued growth.

Domestic high-end alloy materials have ample import substitution space, and domestic demand is increasing day by day: the output of conventional special alloy materials was 3,315 in 2017, accounting for only 4% of crude steel, and currently accounts for 15% -20% of the output of special alloys, compared with 55 in Sweden.%.

Domestic high-end special alloy materials are inadequately self-sufficient. Many key alloy materials rely on imports. According to the prospectus, 50% of high-end mold steel, 55% of high-end stainless steel, 50% of high-temperature alloys and 60% of marine steel are dependent on imports.There is ample space for import substitution of alloy materials.

At the same time, high-end equipment industries such as aerospace, nuclear power, oil and gas, and petrochemical industry have great development potential every year, and the demand for high-end special alloy materials is increasing day by day.

Raising investment to increase production capacity and technology research and development capabilities and reduce interest rates: The funds raised this time are mainly used for the expansion of special alloy materials (3 billion) and the construction of new materials research and development centers (60 million), and the remaining is used to repay bank loans (2.

300 million) and supplementary working 深圳桑拿网 capital (1 billion), we believe that the fundraising project will help improve the company’s production capacity, optimize the product structure, consolidate its technological leadership, reduce the company’s loss level, and further enhance the company’s growth ability and competitive advantage.

The company chooses to apply the expected market value of not less than RMB 10 million, and the net profit of the last two years replaces the listing standard of progressive and progressive net profit of not less than RMB 5000 million, which can use the PE valuation method of comparable companies.

The company’s main business is concentrated in the field of special alloy materials, the industry is still in its growth stage, and the competitive landscape is relatively stable. If there have been listed targets of the same business type 青岛夜网 previously, we believe that the company’s estimation should apply the comparable company PE valuation method.

Risk Warning: Downstream Market Fluctuation Risk; Raw Material Price Fluctuation Risk; Export Market and Policy Change Risk

Yongxing Special Steel (002756) Annual Report and First Quarterly Report Comment: Stainless Steel Explodes Potential, Lithium Battery Will Contribute New Profit Points

Yongxing Special Steel (002756) Annual Report and First Quarterly Report Comment: Stainless Steel Explodes Potential, Lithium Battery Will Contribute New Profit Points

Event: The company released its financial report and achieved revenue of 47 in 2018.

0.94 million yuan, an increase of 18 in ten years.

93%; net profit attributable to mother 3.

8.7 billion, an increase of 10 in ten years.


Revenue for the first quarter of 201911.

8.5 billion, with annual value added2.

99%; net profit attributable to mothers1.

北京桑拿洗浴保健10,000 yuan, an increase of 10 in ten years.


Comments: 1. Volume and price both rose, and gross profit dropped slightly: the company achieved product sales of 28 in 2018.

In 2006, it increased by 12 every year.

2%; meanwhile, the average selling price was 16,769 yuan / ton, an increase of 5 year-on-year.

66%; volume and price double-increased protection income increased by nearly 19%.

However, due to the rebound of upstream alloy prices, the main products of bar and wire products have led to a decrease in gross profit margins of 0.

53% and 2.

31pcts, so profit growth is slightly lower than revenue growth.

But overall, the company’s performance is still in its best period since listing, and the net profit distribution in 2018 increased by nearly 75% in the initial stage of listing.

2. Excellent financial data and high indicator rate: the company’s return on additional net assets in 2018 was 11.

53%, gross profit per ton of steel is RMB 2531 / ton, which is the best since listing; operating cash flow, income and profit margin, three expense ratios and other data have improved significantly; meanwhile, the asset-liability ratio is 21.

40% is at the lowest level in the industry.

According to the good profit and cash flow situation, the company plans to distribute a cash dividend of 10 to all shareholders for every 10 shares.

00 yuan, the index rate is close to 6%.

3. There is still room for stainless steel to tap the potential. Lithium battery contributes new profit points: In 2018, the “25-ton high-quality stainless steel and special alloy rod and wire project” was put into production, but the capacity is still digging for potential.

And through the restart of nuclear power, the change of oil to the ground, the upgrading of chemical equipment, etc., the industry prosperity of high-end special stainless steel materials in 2019 will continue to improve.

At the same time, the company has completed the layout of the lithium-ion materials industry chain, with an annual output of a battery-grade lithium carbonate project and a 120-ton / year high-efficiency beneficiation and comprehensive utilization project of lithium ore.

3. Investment suggestion: Ignore lithium battery business for the time being. It is expected that the company will realize net profit attributable to mothers in 2019-2021.



07 thousand yuan, EPS is 1.



69 yuan, the closing price on April 15 corresponding to PE is 13/11.


9X, maintain Buy rating on the company.

4. Risk warning: the risk of price fluctuations, downstream demand is less than expected.

Yili shares (600887) 2019 third quarter report review: calm operating rhythm expected performance rebound

Yili shares (600887) 2019 third quarter report review: calm operating rhythm expected performance rebound

19Q3 revenue and profit growth accelerated as scheduled.

The company grasped the business rhythm of the peak season 淡水桑拿网 in the third quarter, and its revenue and profit growth accelerated as scheduled.

In the first three quarters of 19, revenue was 686.

7.7 billion, +12 in ten years.

00%, net profit attributable to mother 56.

3.1 billion, previously +11.


19Q3 revenue 236.

0.6 billion, +10 in ten years.

4%, net profit attributable to mother 18.

50 billion, previously +15.


19Q3 achieved a gross profit margin of 36.

0%, ten years +0.

2pct, sales expense ratio 21.

9%, twice -2.

4pcts, management cost rate 5.

1%, ten years +1.

3pcts, financial expense ratio is 0.

4%, ten years +0.

6pct, net interest rate 7.

9%, ten years +0.

3 points.

In 19Q3, revenue increased steadily, and sharing continued to increase.

In the first three quarters of 19, quarterly revenue was +11.

98%, the sales volume / 深圳桑拿网 structure / unit price is expected to contribute a growth rate of 6% -7% // 4% / 1% -2%. In the first three quarters of the Golden Code, the growth rate of Amex maintained at 15%?
20%, small white milk double-digit growth, gold collar crown growth rate of 30%.

According to Nielsen, the growth rate of the Q3 industry has rebounded, leading the leader’s growth rate. Since May, Mengniu’s single-month revenue growth rate has been higher than the company’s.

The Q3 company’s room temperature dairy products grew more than expected, with the intensification of competition, the chain replaced slightly, room temperature / low temperature / baby powder separately 38.

3% / 15.

7% / 6.

4%, ten years +0.

6pct / -1.

5 pieces / +0.

1pct, ring than -0.

3pct / -0.

5pct / + 0.

The structural upgrade eased the cost pressure, and the expense ratio decreased year-on-year at a high base.
In 19Q3, the company’s lowest gross profit margin was basically the same. Against the background of increasing raw milk costs, the company reduced the cost pressure by controlling milk sources, upgrading its product structure, highlighting the entire industry chain’s operating capabilities and strong scale effects, and the sales expense ratio at a high base decreased by -2.

4pcts, the increase in management expense ratio comes from salary, research and development expenses.

Selling expense ratio increased and interest rate increased by +0.

3 pct.

Q4 revenue is expected to continue to accelerate, and it is expected that the goal will be fulfilled.

Considering that the company maintains the initial US $ 90 billion revenue indicator unchanged, and Q4 is affected by the Spring Festival in advance, it is expected that Q4 revenue growth will increase sequentially, and the expense side is expected to continue the trend in the third quarter.

Looking forward to 20 years, the cost of raw milk is still in the uptrend. The company will continue to control the upstream and downstream resources of the industry chain to strengthen the structure to combat cost changes. The competitive situation will continue. The company ‘s goal of 100 billion will remain unchanged.To open the differences.

Core point of view: The company’s safety margins accumulate, performance is expected to rebound first, and the current allocation value is outstanding.

Considering the amortization of incentive expenses, we adjusted the company’s EPS forecast for 19-21 to 1.



46 (Originally predicted value 1.



46 yuan), the current corresponding PE is expected to be 23/22/15 times, adjust the 12-month target price to 35 yuan, corresponding to an estimated 30 times in 20 years, maintain the “strong push” rating.

Risk warning: industry competition is intensifying, and demand recovery is less than expected.