Blog

Huaneng Hydropower (600025) 2018 Annual Report and 2019 First Quarterly Report Comments: Adding Units to Start Production and Overlaps Incoming Water, First Quarter Results Exceed Expectations

Huaneng Hydropower (600025) 2018 Annual Report and 2019 First Quarterly Report Comments: Adding Units to Start Production and Overlaps Incoming Water, First Quarter Results Exceed Expectations

This report reads: Hydropower profit contributes to a good combination of investment income, and the performance in 2018 has improved significantly; benefiting from the commissioning of additional units and the abundant water supply, the first-quarter performance in 2019 is better than expected, and it is expected that progressive improvement in hydropower profit will be achieved gradually.

Maintain overweight.

Investment points: Investment advice: In view of the reduction in the increase rate, increase 19 and 20 years, and increase the EPS forecast for 21 years to 0.

21, 0.

25, 0.

28 yuan (19 and 20 years before adjustment EPS forecast is 0.

20, 0.

23 yuan), considering that the company is the second largest hydropower in the country, and the performance improvement space breakthrough, given the company 19 years of slightly higher than the industry average of 27 times PE, maintaining a target price of 5.

60 yuan to maintain overweight.

Event: The company released its 18th annual report and 19th quarter report.

18 year revenue 155.

200 million, an increase of 20 previously.

8%; net profit attributable to mother 58.

0 billion, an increase of 165 previously.

1%.

1Q1 revenue 44.

4 trillion, an increase of 49 in ten years.

7%, net profit attributable to mother 8.

0 million yuan, an increase of 137 in ten years.
苏州夜网论坛

3%.

The first quarter results exceeded expectations.

Hydropower profit contributed to the good investment income of the merger, and the performance in 2018 improved significantly.

1) Both volume and price have risen, and the profitability of the main business has improved: Lanshang Generating Units have been put into operation in 18 years, with an additional 325 installed units.

50 kilowatts, generating 817.

2 billion kWh, an increase of 11 in ten years.

6%, increase the unit power to Shenzhen through UHV, the electricity price is higher than the existing unit, so the company’s hydropower price increased by 15 yuan / MWh in 18 years, volume and price rose to drive the company’s revenue growth by 20.

8%, gross profit increased by 18 billion per year; 2) Asset transfer, investment income increased: In 18 years, the company transferred 51% more, 100% Juba, Jinzhong Hydropower 23% equity, increasing investment income36.

7.6 billion.

The newly-increased unit combined was more abundant in incoming water, the performance in 19Q1 exceeded expectations, and the continued improvement of hydropower profits is expected.

In 19Q1, about 4 million kilowatts of cargo units were added before the year. At the same time, the water supply of the Lancang River was once abundant, and the power generation in 19Q1 increased.

28%, revenue increased 49 in ten years.

65%, while operating costs have increased only ten years.

3%, gross margin growth rate increased by 10 percentage points to 55%.

China Merchants Shekou (001979): Integration completed

China Merchants Shekou (001979): Integration completed

Introduction to this report: The land consolidation in Qianhai has made substantial progress, completing the second phase and entering the third phase.

After the completion of the land consolidation, the realization of land resources of about 4.8 million national construction sites will be accelerated.

Investment Highlights: Maintain Overweight rating and maintain target price of 28.

35 yuan.

Maintain the EPS for 2019/2020/2021 to 2.

25 yuan, 2.

59 yuan, 3.

02 yuan judgment.

The company’s obvious location and resource advantages are also the core targets of the Guangdong-Hong Kong-Macao Greater Bay Area. This capital increase transaction marks the completion of the second phase of Qianhai’s land preparation, which will accelerate the realization of approximately 480 comprehensive construction land resources and enter intoThe third stage.
Qianhai’s land preparation has substantially completed the second stage and entered the third stage.

This time, the joint venture company adopted the method of capital increase and share expansion to China Merchants Qianhai Industry. Qianhai Investment Control respectively acquired 100% equity of China Merchants Chidi and 100% of Qianhai Hongyu according to the relevant provisions of the “Capital Increase Agreement”.Equity, before and after the transaction is completed, China Merchants Qianhai Industry and Qianhai Investment Control still hold 50% of the equity of the joint venture.

The safety margin of the price of injected soil storage is reasonable, and the types of soil storage are abundant.

China Merchants Chidi owns Shenzhen Qianhai Mawan Area.

The right to use 53 general-purpose land (including the land for the first phase of the pre-launch project and the land for the first phase of Qianhai Shengang Cultural and Creative Town) has a total construction area of approximately 212.

90,000 countries; overall, Qianhai Hongyu owns 38.

The total land area of 09 million countries is about 267.

150,000 countries.

The land is located in the Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone and is a direct beneficiary of the policy of the “Overall Development Plan of Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone”.

After the reorganization is completed, the development and construction of Qianhai region will start quickly.

After the completion of the transaction, China Merchants Shekou ‘s land rights in the Qianhai area will further expand, and the package of solutions including land variation and joint venture cooperation will have difficulties in the existing system under the 西安耍耍网 existing system.As an important platform carrier for the construction of Shenzhen-Hong Kong cooperation, the development and construction of Qianhai region will start quickly.

Risk Warning: The development progress of the park project exceeds expectations.

Jiechang Drive (603583): Third-quarter results exceed expectations and are bullish on long-term development potential

Jiechang Drive (603583): Third-quarter results exceed expectations and are bullish on long-term development potential

The third-quarter performance exceeded expectations and the gross profit margin declined. The company released its third quarter report and achieved revenue of 10 in the first three quarters of 2019.

10,000 yuan, an increase of 37 in ten years.

5%; net profit attributable to mother 2.

25 ppm, an increase of 40 in ten years.

8%.

By quarter, 19Q3 single-quarter revenue3.

60,000 yuan, an increase of 40 in ten years.

2%; net profit attributable to mother is 74.23 million yuan, an increase of 37.

3%, still maintaining high growth.

As the company’s products are mainly exported to the United States, affected by the escalation of trade disputes, Q3 gross profit margin was 32.

79%, a decline of 10 per year.

38.

Corporate expense ratio has shrunk, Q3 financial expense ratio 3.

14 pct, a decrease of 3 per year.

46 pct. At the same time, the asset disposal income and net investment income totaled 11.83 million yuan, which will certainly reduce the impact of tariff reductions on net interest rates.

Operating net cash flow in the first three quarters2.

190,000 yuan, an increase of 67 in ten years.

09%, basically 成都桑拿网 matching the scale of profit.

Overseas capacity transfer is smooth, optimistic about the company’s long-term development potential. According to the announcement, the company invested 5 million yuan to set up a wholly-owned subsidiary in Taiwan, China for product sales; the US subsidiary contributed US $ 25.3 million, and established a wholly-owned subsidiary in Malaysia.Sun Company, as the company’s overseas production base, actively implements capacity transfer and accelerates global deployment.

The trade disputes escalated in June, and the company’s revenue in the third quarter still maintained a high level of growth, indicating that downstream customers are more sticky, and recognition of product quality is the source of support for the company’s long-term development.

At the end of the third quarter, the company’s advance accounts were 2,372 million, equivalent to an increase of 33 at the beginning of the year.

52%, sufficient orders.

Investment suggestion: It is predicted that the revenue for 19-21 will be 13 respectively.

92/17.

67/21.

7.6 billion, with EPS of 1.

69/2.

03/2.

42 yuan / share, the current sustainable corresponding PE is 20x / 16x / 14x.

There is a certain difference in the proportion of the company’s products and comparable companies. Under the background of continuous downstream demand, the company has strategic layout in the fields of smart home and photovoltaic industry. The product application scenarios are expanded and the future growth is better.

Taking into account the differences in assessment levels and growth of comparable companies, the company’s 19-year PE is 26x, corresponding to a reasonable value of 44.

04 yuan / share, give the company a “buy” rating.

Risk reminders: the risk of intensified trade friction between China and the United States, the risk of fluctuations in gross profit margin, the risk of intensified market competition, the fluctuation of the RMB exchange rate, and the relatively high concentration of customers.

Air China (601111): Multi-factors in the fourth quarter contributed to the initial growth of positive performance, performance exceeded expectations

Air China (601111): Multi-factors in the fourth quarter contributed to the initial growth of positive performance, performance exceeded expectations

The event Air China revealed its annual report with an expected income of 1367.

700 million, an increase of 12 in ten years.

7%, achieving net profit of 73%.

4 billion, an annual increase of 1.

3%, EPS0.

53 yuan.

The initial budget turned positive, unit non-oil cost savings, and performance exceeded expectations. The company’s long-term ASK increased by 10.

4%, RPK increased 9 in half a year.

7% and 80% load factor.

6%, a decline of 0 per year.

54pct; the quality of the revenue improved, and the long-term passenger-km benefit was 0.

5461 yuan, at least an increase of 2.

9%, driving revenue to achieve double-digit growth.

Cost: Due to rising oil prices, the company’s jet fuel cost was 384.

800 million, an increase of 35 per year.

5%, non-oil cost 766.

5 billion, an annual increase 深圳桑拿网 of 6.

6%, unit ASK non-oil cost 0.

2802 yuan, down 3 before.

4%.

Expenses: Agency fees continue to fall, helping to reduce the sales expense ratio by 0.

40 points to 4.

64%, the management expense ratio also fell slightly, down by 0.

18 points to 3.

At 42%, the financial expense ratio was 23.

7.7 billion exchange losses, initial financial expenses52.

7.6 billion, an increase of 52 in ten years.

2.3 billion, financial expense ratio increased by 4.

30 minutes to 4.

35%. Excluding the impact of foreign exchange loss gains and losses, the financial expense ratio will fall to 0.

34 points to 2.

12%.

Other miscellaneous: In terms of investment income, the company’s investment income reached 13 due to Cathay Pacific’s turnaround and shortened investment income from Air China Cargo.

6.8 billion, an increase of 16 in ten years.

In terms of subsidies, the company continued to receive government subsidies due to the increase in airline subsidies31.

3.4 billion, an annual increase of 6.

55 billion.

Taken together, the company’s performance exceeded expectations, gradually deducting the maximum profit.300 million, an increase of 44 in ten years.

4%.

In the fourth quarter, multiple factors helped to achieve profitability. Looking at the fourth quarter, the income side: The company’s income side is affected by the adjustment of the caliber. We estimate that the unit RPK operating income will increase and increase.

5%, and in the fourth quarter of 2017, the indicator decreased by 10 compared with the same period in 2016.

3%, even added back to the 12 that was allocated in 2017.

8.7 billion, which is also lower than the same period in 20166.

2%, so the abnormal unit income in the fourth quarter is likely to be the influence of caliber adjustment.

Cost side: We estimate the company’s aviation fuel cost106.

800 million, an annual increase of 37%, non-oil costs 203.

800 million, an annual increase of 3.

9%, the unit ASK non-oil cost decreases by 3 every year.

6%.

Expenses: In the fourth quarter, the company’s sales management expenses were relatively stable, and financial expenses increased due to the base effect of exchange gains recorded in the same period of 2017.

Miscellaneous: In the fourth quarter, the company’s asset impairment loss was zero.

3.4 billion, compared with 5 in the same period last year.

7.2 billion; net investment income is 3.

9.4 billion, compared with expectations for the same period last year.

5.5 billion, subsidy income 8.

4.6 billion, compared with 20 in the same period last year.

5.9 billion; non-operating income 1.

9.9 billion, compared with -1 in the same period last year.

0.5 billion; non-operating expenses were zero.

4.7 billion, compared with 2 in the same period last year.

5.5 billion. Therefore, in addition to the improvement in book subsidy income, the marginal improvement of other miscellaneous items has become an important booster for the company’s recorded profit in the fourth quarter, driving profit beyond expectations.

Investment suggestions We believe that with the full grounding and continuous delivery of Boeing 737MAX8, the industry will gradually break through the compressed supply gap, so that demand will continue to recover, gradual reforms will continue, and price elasticity will eventually be released.

The company is the only air carrier carrying the national flag. The loyalty of public business travelers is high, the quality of revenue is good, and the price will continue to be firm. Taking into account the decrease in oil prices and the appreciation of the exchange rate at the time of dividing the previous report, we have since 84.

300 million, 119.

100 million increase the profit forecast for 2019-202034.

6%, 11.

1% to 113.

500 million, 132.

300 million, EPS is 0.

83 yuan, 0.

96 yuan since 9.

15 yuan raises the target price by 36% to 12.

45 yuan, corresponding to 15 times the estimated PE in 2019.

Risk reminder: Macroeconomic exceeds expectations, oil price growth gradually increases, exchange rate changes, security accidents

Gigabit (603444) 2019 Third Quarterly Report Review: Ask Mobile Games Outstanding Performance Supports Overall Performance Game Operations Powerful

Gigabit (603444) 2019 Third Quarterly Report Review: “Ask Mobile Games” Outstanding Performance Supports Overall Performance Game Operations Powerful

I. Event Overview The company’s revenue for Q1杭州夜网 to Q3 of 2019 was 15.

5.5 billion (+ 34% YoY).

1%), achieving net profit attributable to mother 6.

700 million (+32 year-on-year.

2%), the net profit after deducting non-attribution is 6.

6.3 billion (+38 compared to the same period last year).

9%), ROE was 23 in the first three quarters.

3%, an increase of 2 over the previous period.

9%.

Cash flow from operating activities was 8.

810,000 yuan (+44 compared with the same period last year).

4%).

In Q3 2019, it achieved revenue 4.

840,000 yuan (+26 compared with the same period last year).

7%), the net profit of returning to mother is 200 million (YOY + 19%), and the net profit of returning to non-mother is 1

920,000 yuan (+24 compared with the same period last year).

9%).

The non-recurring profit or loss of 2019Q3 was 12.84 million yuan, mainly due to entrusting others to invest or manage assets profit or loss of 8.86 million yuan and government subsidies of 8.54 million yuan.

Second, the analysis and judgment of performance are in line with expectations, and the growth rate of profit revenue is basically in line with expectations. The company’s revenue and net profit growth rate are in rapid pace. The Q1 to Q3 2019 sales expenses are 1.

7.2 billion (11% of revenue), a year-on-year increase of 110.

7%, mainly because the new games such as “Greedy Cave 2”, “Crossing the Star Arc” and “Apocalypse Hope” were launched at the end of last year and this year.

0.9 billion (7% of revenue), a year-on-year increase of 34.

3%, mainly because the Shenzhen office building and Guangzhou office building reached the intended usable status and turned into fixed assets, depreciation expenses increased and management personnel expenses increased; the pace of game research and development investment was slow and steady, and research and development costs were 19Q1-Q3 to 2.

300 million (14% of revenue.

8%), an annual increase of 16.

6%.

The excellent performance of “Ask Mobile Games” supports the overall performance, and the game operation strength is strong. The Q1 to Q3 2019 operating income achieved a higher growth rate of 34.

1%, mainly due to the revenue growth of “Ask Mobile Games” and new games such as “Greedy Cave 2”, “Crossing the Star Arc” and “Apocalypse Hope”.No. 25, up to No. 5 on the list, currently 31. According to this, a single game flow accounted for more than 50% of the company’s total game flow. “Ask Mobile Games” has been online since 16 years and has been operating close to 4In MMORPG’s own long life cycle, the company’s game operation strength was strong, and the excellent performance of “Ask Mobile Games” supported the overall performance.

Third, investment proposals are expected to make the company profitable in 2019-2021.

27, 15.

85, 18.

58 yuan, corresponding PE is 22X, 19X, 16X.

The company’s existing PE (TTM) is 25X, 33 since listing.

5% score, high margin of safety, maintain the “recommended” level.

Fourth, risk warning: the new game flow is not up to expectations, the existing game flow is not up to expectations, and the game supervision policy tends to be more severe than expected.

Jiuyang shares (002242): return to growth with innovation

Jiuyang shares (002242): return to growth with innovation

Event: The company released its 2019 semi-annual report with steady growth in the first half of the year, and its operation was excellent. It is said that Aowei data has only increased by 2 in the first half of the small home appliance industry.

Under the background of 7%, the company realized operating income of 41.

8 ppm, an increase of 15%, mainly due to the steady growth of multiple categories, and the gross profit margin dropped only slightly.

69 points to 32.

33%, selling expenses decreased by 1.

92%, administrative expenses increased by 34.

92%, R & D expenses increased by 19.

38%; realized a net profit of 400 million yuan, an increase of 9.

72%.

Except for the large increase in management expenses and the decline in cash flow, the overall operation was excellent.

The strategy of taking product innovation as a breakthrough has begun to bear fruit. The original innovation of the company’s products. This year, three new soymilk machines, K1S, K mini, and Ksolo, which are not hand-washing, were released. They can be used for coffee, tea and milk., Also launched the world’s first manual washing and breaking machine Y88.

Taking the road of high-quality products, highlighting the original and innovative product strategy to make the company’s products further sense and design sense. This strategy is in line with the current trend of consumer upgrades and has a bright future.

Channel innovation and exploration of new retail paths Based on more than 40,000 sales terminals across the country, the company actively explores new retail business. It has newly opened shopping mall “Jiuyang Home” stores, brand flagship stores, brand experience stores, and brand exclusive 杭州桑拿网 stores.And other types of stores, set up a dedicated team to study new retail, new media, big data and wireless applications, to ensure that the product is visible and tradable in various channels, and promote the company’s market share to steadily increase.

Brand innovation has realized the transformation from “Jiuyang = Soymilk Machine” to “Jiuyang = Quality Life Small Appliances”.

The company has released a new brand consensus-Yuexiang Health. Through the vertical product structure of more than 20 categories and more than 300 models, it delivers a light, stylish, intelligent and convenient brand experience, realizing a brand new upgrade, which will helpThe company protects its industry’s top three brand affiliates.

Earnings forecast and investment benchmarks are based on a 15% increase in revenue in the first 南京桑拿论坛 half of the year. The company expects revenue of $ 9.3 billion and net profit of 7.

1 ppm, budget benefit 0.

93 yuan, 22 times of dynamic assessment, maintain “recommended” rating.

Risk reminder: industry sales decrease, price wars decrease, new product launches fail

CITIC Special Steel (000708): Special steel faucet officially unveiled outstanding performance

CITIC Special Steel (000708): Special steel faucet officially unveiled outstanding performance

The company announced on October 11 that from October 11, 2019, the company was officially renamed from “Daye Special Steel” to “CITIC Special Steel”.

It is expected that net profit attributable to mothers will be realized in the first three quarters.

1-37.

0 million yuan, gradually adjusted for the same period last year was 26.

69 ppm, an increase of 35 in ten years.

3% -38.

6%.

At the same time, the company plans to participate in Jiangyin Xingcheng Special Steel Co., Ltd.13.

Announcement of 50% equity, if the bidding is successful, the company will hold 100% equity of Xingcheng Special Steel, which will then achieve 100% control of Xingcheng Special Steel.

After the reorganization is completed, the overall purchase of the remaining shares of the special steel faucet will be perfect. Before this bid, the company purchased Taifu Investment by issuing shares, Jiangyin Xintai, Jiangyin Yetai, Jiangyin Yangtai, Jiangyin Qingtai and Jiangyin Xinfu.Xingcheng Special Steel 76.

50%, 4.

48%, 1.

64%, 1.

54%, 1.

38% and 0.

96% equity, a total of 86.

50% equity, and completed the equity transfer formalities on August 23, 2019.

After the completion of the transaction, the company realized absolute control of Xingcheng Special Steel, and at the same time realized the overall return of CITIC Group’s special steel plate to the A-share listing.

In order to acquire the remaining equity of Xingcheng Special Steel, the company plans to participate in the bidding of Xingcheng Special Steel13.

50% equity.

Taifu Investment is the controlling shareholder of the company. If the company’s first bid is successful, the company will realize 100% control of Xingcheng Special Steel.

The company’s 100% holding of Xingcheng Special Steel will be more conducive to the operation and management of the relevant high-quality special steel company-Xingcheng Special Steel, which will help the company’s coordinated and unified development in the later stage.

At the same time, the company officially changed its name from “Daye Special Steel” to “CITIC Special Steel” from October 11, 2019, and the special steel leader set sail.

The performance has continued to increase against the trend, giving full play to the role of resistance and becoming a domestic civil special steel leader. CITIC Special Steel has always maintained a leading domestic position in operating performance.

The company expects to achieve profit attributable to mothers in the first three quarters.

1-37.

0 million yuan, followed by an increase of 35 in the 深圳丝袜会所 second half of the year.

3% -38.

6%.

Since the beginning of this year, due to technological upgrading, the output of the steel industry has continuously hit new highs, and steel prices and industry profits have increased significantly.

Against this background, the company’s performance has achieved a trend of counter-trend growth, the performance of anti-restructuring and the company’s business management capabilities have been perfectly demonstrated.

Investment suggestion After the company acquires Xingcheng Special Steel, the first three quarters of results are expected to increase by 35.

3%?
38.

6%, the company’s holding subsidiary Xingcheng Special Steel gradually returns to the parent net profit performance or will change the company’s commitment to guarantee a bottom profit of 33.

4.3 billion.

We estimate that after the asset injection, the company’s net profit for the next three years will be 50.

8.9 billion, 53.
1.3 billion, 55.
8.4 billion with a price-earnings ratio of 10.

09/9.

67/9.

20.

We will make the company 2019-2021 EPS by 1.

30 yuan / share, 1.

31 yuan / share, 1.

32 yuan / share is raised to 1.

71 yuan / share, 1.

79 yuan / share, 1.

88 yuan / share.

With reference to the estimated levels of Jiuli Special Materials and Yongxing Materials, and taking into account the industry’s leading premium, we calculated based on the target value of 15 times PE. We raised the target price to 25 yuan and maintained a “buy” rating.

Risk warning: there is uncertainty in the acquisition of the remaining equity, market demand is less than expected, the prices of upstream raw materials have changed sharply, and the company’s own operating risks.

Jidong Cement (000401): Improved profitability and balance sheet expected to continue to improve

Jidong Cement (000401): Improved profitability and balance sheet expected to continue to improve

This report reads: We are optimistic about the potential of North China’s regional demand under the overweight infrastructure in 2020. The company strives to show flexibility for regional leaders and maintains an “overweight” rating.

Investment Highlights: Maintain “Overweight” rating.

The company 都市夜网 predicts that the net profit return to mother in 2019 will be 26.

8-27.

80,000 yuan, an increase of 41 in ten years.

03% -46.

29%, in line with expectations.

Based on this, we lowered our 2019 forecast to 2.

05 (-0.

04) Yuan, maintaining EPS forecast for 2020-2021 2.

57 and 3.

01 yuan, maintaining a target price of 21.

08 yuan.

Environmental protection in the fourth quarter affected sales.

The company sold 9,640 tons of cement clinker in 19 years, at least a slight decrease; Q4 sales were 2226 indicators, a decrease of 16%, and we judged based on the high base as of the same period in 2018 (18Q4 sales growth rate of 11%), gradually gradually mainly in the fourth quarterDue to severe pollution weather in Hebei and Shanxi, cement companies stopped production and restricted production beyond market expectations.

Profitability continues to rise.

Calculate Q4 performance 2 according to the performance forecast.

1-3.

1 billion yuan, a single ton of profit according to the median income of about 12 yuan / ton, compared with the same caliber 2018Q4 3 yuan / ton profitability significantly increased.

We injected the company’s Q4 average factory price of about 380 yuan / ton, with an increase of about 35 yuan / ton; in addition, through the depth of Jindong Jidong’s integration, the cost also decreased.

At the same time, the company made an asset impairment of 100 million yuan in 19Q4 and a long-term provision of 2.

3.6 billion, compared with 1 in 2018.

03 billion has increased (about 70 million in Q4 2018), and actual profitability in Q4 is higher.

Balance sheet repair and cash flow are the best indicators.

We observe that the merger of Jindong Jidong completed the cement business integration and the improvement of supply and demand in North China. The company’s profitability has steadily increased. The company’s operating net cash flow in 2019Q3 was 5.8 billion, which clearly exceeded the net profit; and the asset-liability ratio has decreased from 72% at the end of 2017Up to 54% in 2019Q3; we believe that under the background of continued improvement in profitability, the company’s balance sheet improvement space is still connected.

Risk Warning: Macroeconomic Downturn, Raw Material Costs Increase

Bank of Beijing (601169): Increase risk resolution

Bank of Beijing (601169): Increase risk resolution

The 2Q19 results were in line with our expectations. Bank of Beijing disclosed 1H19 results, with revenue of 32.7 billion US dollars, an increase of 19.

The profit before provision was 26.4 billion yuan, a year-on-year increase of 25.

2%, net profit attributable to mother is 1.29 million yuan, an increase of 8 year-on-year.

6%, of which, 2Q single quarter revenue exceeded growth rate of 15.

5%, the ten-year growth rate of net profit attributable to mothers.

7%.

The increase in banks’ non-performing disposals and provisions resulted in a difference between the growth rate of PPOP and net profit.

The overall performance was in line with expectations.

The higher 南宁桑拿 PPOP growth rate with higher development trend comes from higher revenue growth rate and cash-to-income ratio: 1) The average balance net interest margin at the beginning and end of 2Q191.

87%, an increase of 5 / 8bp per year / mo.

We expect the sequential increase to be mainly due to the increase in loans to high-yield customers.

Net interest income in the second quarter of 19 increased by 12 per year.

1%.

2) The scale expansion is stable.

In 1H19, total assets / loans / deposits increased by 1 quarter-on-quarter.

twenty one.

8% / 1.

3%.

3) 1H19 net budget fee income increased by 5.

The 5% drag was mainly due to the guarantee and commitment business.

4) Cost-to-income ratio is higher than expected in the industry.

1H19 business and management fees increased by only 1% every six months; cost income in the first half of the year18.

3%, a decline of 3 per year.

4ppt.

Increasing the speed of risk resolution, the number of bad write-offs and provisions has increased significantly over the past few years.

The defective rate increased by 5bp to 1 from the previous quarter.

45%, after adding back write-offs, the net bad generation rate in 2Q19 increased by more than 44bp to 1.

42%.

Compared with the benchmark at the end of 2018, the proportion of overdue loans rose by 4bp to 2.

01%, the ratio of non-performing / overdue loans over 90 days rose 19ppt to 127% month-on-month.

The proportion of attention-oriented loans rose 13bp to 1 from the previous quarter.

01%.

Provision coverage decreased by 1 from the previous month.

6ppt to 212.

5%.

Signed a joint venture bank contract with ING.

In March 2019, Bank of Beijing announced that the board of directors agreed to jointly invest 3 billion yuan with ING Bank to initiate the establishment of a Sino-foreign joint venture bank.

Strengthen capital management.In the case of no external financing, the core tier 1 capital adequacy ratio increased by 0 from the previous month.

05ppt to 9.

03%.

Annualized ROAE (disclosed value) decreases by 0 every year.

12ppt to 13.

8%.

Earnings forecasts and estimates Bank of Beijing is currently trading at zero.

58x 2019e P / B.

Keep the profit forecast unchanged, corresponding to the growth rate of net profit in 20194.

2%.

Taking into account the pressure on bank asset quality, the target price is lowered9.

4% to 6.

08 yuan, corresponding to 0.

68x 2019e P / B and 16.

4% growth space.

Maintain Neutral rating.

The quality of risk assets was lower than expected.

Hengdian Film and Television (603103) Interim Review: 2019 semi-annual report can be a great opportunity or next year

Hengdian Film and Television (603103) Interim Review: 2019 semi-annual report can be a great opportunity or next year

The company released its semi-annual report for 2019.

The company released its semi-annual report for 2019 and achieved operating income13.

86 ppm, a decrease of 5 per year.

41%; Realize net profit attributable to shareholders of listed companies.

73 trillion, down 23 a year.

76%; net profit attributable to shareholders of listed companies in place of non-recurring gains and losses1.

32 ppm, a decrease of 33 per year.

60%; the realization of basic profit income is 0.

27 yuan, expected average net asset income increased by 7.

61%.

Non-ticket revenue continues to grow every year, and the “4 + 1” strategy is significant.

In the first half of the year, the company realized non-ticket income3.

7.4 billion US dollars, an annual increase of 2.

47%, the proportion of non-ticket income continued to increase.

Although the number of moviegoers in the country in the first half of the year was only 8.

0.8 billion, a decrease of 10 compared with the same period last year.

At 3%, the company ‘s direct movie theater audiences were also affected, but the company continued to innovate its business model and dig deeper into the value of traffic, paid attention to differentiated operations and actively promoted the implementation of the “4 + 1” strategy, effectively increasing the ARPU value and exerting scale effects.

Merger, the company continued to develop marketable goods and strengthened the business guidance of cinema sales through joint multi-party resources, and continued to increase sales of the goods; the merged company consolidated and expanded the regional advertising resources and strengthened the supervision and guidance of advertising investment, And constantly expand screen advertising marketing.

We believe that through the company’s continued expansion of conventional cinemas with higher growth levels and service levels, the viewing volume and the size of advertising resources are intended to keep climbing, while cinema advertising is still relatively small compared to other traditional offline advertising scenarios.Under the initial prosperity, the average unit price of cinema advertising resources is still expected to increase steadily.

We believe that the company’s non-ticketing will continue to rely on a large amount of traffic from the company’s theater to support the company’s performance.

Affected by the poor performance of domestic film in the first half of the year and the nation’s screen expansion, the projection business continued to be under pressure.

In the first half of the year, the company achieved revenue from film projection business10.

12 ppm, 10-year average of 8.

04%.

In the first half of the year, the overall box office of the domestic film market was 311.

7 ‰, the ten-year average of 2.

7%, and the company’s box office revenue in the first half of the year was 12.

33 ppm, a reduction of 7 per year.

57%, of which the box office income of asset-linked theaters was 10.

51 ‰, a decrease of 7 per year.

97%, with a market share of 3.

66%.

The box office revenue of the company’s affiliated theaters has a larger decline than the overall box office in the country for two reasons. First, from the perspective of screen market share, the company’s screen area has increased by 14 in the past year.

85%, direct-operated screens increase by 14 each year.

15%, all slightly lower than the national screen over the past 15 years to grow faster than 15.

21%, and considering that this round of national screen expansion is mainly concentrated in the low-tier cities where the company is actively deployed, the company has also replaced its screen market share. Second, from the perspective of box office structure,Movie crowds relatively prefer domestic films, while domestic films made only 157 in the first half of the year.

54 ppm, a reduction of 16 per year.

94%, so the company was affected by the adjustment of the box office structure this year.We think that although the projection business as a whole may continue to be under pressure, but after the expansion of the national screen, the gradual decline of the single screen is gradually converging, and with the recovery of the domestic film box office next year, the company’s projection business is expected toThe turning point in the coming year.

Investment Advice.

Taking into account the first time the national movie box office broke through in the first half of the year, we slightly lower the company’s profit forecast from 0 to EPS in 2019-2021.

57, 0.

65 and 0.

78 yuan is reduced to 0.

46, 0.

58 and 0.

67 yuan, corresponding to 3北京男士会所1, 25 and 21 times the PE.

Our reasonable price range for 2019 is from 14.

25-17.

10 yuan down to 11.

50-16.

10 yuan, maintain “Neutral” rating.

risk warning.

Box office performance was less than expected, market competition intensified, and macroeconomic downside risks.