Month: March 2020

Sino-Singapore Pharmaceutical (600329): Performance is slightly higher than expected, expecting national reform to release dividends

Sino-Singapore Pharmaceutical (600329): Performance is slightly higher than expected, expecting national reform to release dividends

Event: The company released its 18-year annual report. The revenue, net profit attributable to mothers and net profit attributable to non-mothers were 63.

58 billion, 5.

6.1 billion and 5.

4.4 billion, each year +11.

77%, +17.

98% and +32.

90%, slightly more than us 5.

The expected profit of 400 million attributable to mothers is mainly due to increased investment income and reduced fees and efficiency.

2 for every 10 shares.

2 yuan (including tax).

The comments are as follows: 18Q4 industrial income fluctuated.

In 18Q4, the company’s net profit attributable to mothers and net profit attributable to non-mothers increased by + 20%, + 38% and + 46%, respectively.

For main business profit (total revenue-total cost of consolidated statements), 18Q4 was 1.

1.5 billion (before tax), more than + 79%, and the average value of 18Q1-3 is 1.

1.3 billion is flat. We estimate that it is mainly expenses. The reason for the decline in asset impairment: 18Q4 sales expenses were extended by -7%, management expenses were -20% per year, and asset impairment 无锡桑拿网 was reduced by at least about 10 million.

We judge that industrial income is at least flat or declining. We estimate that the sales of Darentang products (Huo Rong, Qingfei, etc.) during the off-season and Longshun Rong in 18Q4. Lerentang’s hospital-end products are gradually improved due to the influence of internal hospital policies.

Under 18Q4 net investment income, the investment income of associates and joint ventures was 6,285 million, which was + 63% quarterly (return on investment -9%). We estimate that it was mainly due to the recognition of part of Q3’s Q3 profits in China and the United States in Q4.

In 18 years, industrial income exceeded + 17%, and commercial income stabilized and rebounded.

18 years of pharmaceutical manufacturing revenue 37.

96 ‰, one year + 17%; gross profit margin 61.

14%, 合肥夜网 an increase of 1 per year.

At 14 levels, we estimate that it is mainly the contribution after the quick-effect price increase.

We estimate that quick-impact sales revenue exceeds + 17% and revenue reaches 11.

About 200 million.

The income of 11 key assessment varieties including quick-acting 18 years is 24.

0.6 billion, previously + 28%, an increase of 12% from the previous 17 years.

Among the varieties with rapid sales growth are: Shunaoxin drip pills (+ 51%), Zhiqing tablets (+ 20%), Qingfei Xiaoyan pills (+ 27%, + 35% each time), Huoxiang Zhengqi soft capsules ((+ 28%, at least + 23% at the beginning of the year).

On the whole, the company’s sales strategy and resources have gradually increased.

18 years of business income 24.

88 ppm, ten years + 5%, income stabilized and rebounded after adjustment of the two-vote system; business gross margin was 5.

35% (including sales of own industrial products), surpassing the promotion1.

02 units.

In terms of financial data for 18 years: the company’s selling expenses for ten years +19.

09%, higher than the growth rate of industrial income.

Since sales expenses are mainly generated by industry, we estimate that the company’s product sales are still doing some preliminary work in the market, and subsequent industrial revenue is expected to maintain rapid growth.

18-year overhead expense ratio 4.

71%, -0 per year.

36%. After the new leader came to power, the cost reduction and efficiency improvement were obvious.R & D expenses1.

25 billion, previously + 27%.

18 years of operating net cash flow 3.

5 billion, a significant improvement in the short term (17-3.92 million).

Sino-American Smithk Net profit 5.

1 billion, ten years + 21%.

We estimate that equity-related incentives for shareholders are expected to land in 19 years.

Before the company was selected into the “Double Hundred Actions”, the process of state-owned enterprise reform has accelerated, and we estimate that it will trigger decentralization-related incentives for 19 years.

If the company’s middle and senior levels achieve shareholding, it will achieve the unanimity of shareholders and stakeholders, release management and operating vitality, and promote future performance growth.

Maintain “Strongly Recommended-A” rating: The company is expected to increase its net profit attributable to mothers by 17%, 17% and 13% in 19-21, corresponding to 0 for EPS.



13 yuan, currently expected to correspond to 19pe estimated 19x.

As a famous Chinese medicine company, Zhongxin Pharmaceutical has a strong foundation. After taking office in the New Territories, it has reduced costs and increased efficiency. It has been market-oriented and vigorously promoted marketing. Significant results have been achieved.More than 35%).

At the same time, the company was selected into the Double Hundred Action, and the progress of the reform of state-owned enterprises accelerated. If the company’s mid-to-high level shareholders hold shares, the performance growth rate will gradually increase, and the rating of “Highly Recommended-A” will be maintained.

Risk warning: product sales are not up to expectations; state-owned enterprise reform progress is not up to expectations; production and operation risks.

Categories: 洗浴

Diou Household (002798): The net return to mothers increased by 48 year-on-year.

18% European Connaught strengthens channel advantage

Diou Household (002798): The net return to mothers increased by 48 year-on-year.

18% European Connaught strengthens channel advantage

Event: The company released its semi-annual report for 2019 and achieved revenue of 24.

98 ppm, an increase of 30 in ten years.

13%; net profit attributable to mother realized 2.

33 ppm, an increase of 48 in ten years.

18%; net profit after deducting non-attribution to the mother realized 2.

500,000 yuan, an increase of 33 in ten years.

33%, performance basically in line with market expectations.

The gross profit margin of the sanitary ware business has risen sharply, and the selling expenses have increased rapidly: the company’s overall gross profit margin is 35.

46%, an annual increase of 1.

15 units, an increase of 1 from the previous quarter.

83 averages; overall net margin is 9.

22%, an annual increase of 1.

13 units.

In terms of products, the gross profit margin of bathroom products was 39.

67%, an increase of 8 over the previous year.

44 units; gross margin of ceramic wall and floor tiles is 35.

45%, an increase of 0 from the previous year.

05 averages.

The proportion of operating expenses increased, of which sales expenses increased by 44 each year.

77%, mainly due to the increase in logistics costs and engineering services costs of 51.

35% and 71.

58%; management costs fall by 6 per year.

04%, which is controlled by the merger of projects such as employee compensation and hospitality expenses; R & D expenses continue to increase47.

56%, mainly due to the increase in development costs of ceramic wall tiles and network platforms; financial expenses increased by 106 in ten years.

13%, the expected increase in interest rate and discount rate fees.

Operating cash flow has improved, and pressure on long-term borrowing to allocate funds: As of June 30, the company’s net cash flow from operating activities was 1.

33 ppm, a 44-year increase of 44.

90%, the cash flow situation has improved controversially.

The company’s current accounts receivable is 17.

510,000 yuan, an increase of 16.

twenty two%.

The company’s asset-liability ratio rose to 45.

73%, in a relatively reasonable range, of which the short-term extension dropped 14 at the end of 18th.

68%, long-term loans increased by 36 compared with the end of 18.

56%, the replacement of short-term borrowing by long-term borrowing is conducive to the company’s apportionment of debt repayment pressure.
Osgenolus continued to expand its channels, and the national layout of the supply chain formed a cost advantage: in the first half of the year, the company achieved revenue.
460,000 yuan, an increase of 37 in ten years.

44%; realized net profit1.

96 ppm, an increase of 19 years.


The report’s marketing channels for Eurotherm continued to develop. In terms of tooling customers, in addition to the existing large-scale real estate partners such as Country Garden, Vanke, Evergrande, Agile, and other large and medium-sized real estate such as Agile Real Estate, Helenburg, Hezheng Real Estate, OCTIn terms of retail channels, the company has more than 800 dealers, with an annual increase of 14.

29%, more than 2,400 terminal stores, a year-on-year increase of 41.


Ossino has established a tooling self-service service team 杭州夜网 that can quickly respond to the needs of real estate developers; the nationwide production base and supply chain can effectively reduce the company’s product costs and form the advantage of rapid development of B-side business.

Investment advice: We expect the company’s revenue growth from 2019 to 2021 to be 30.

4%, 30.

6%, 30.

7%, net profit growth rate was 45.

3%, 32.

2%, 31.

8%, continue to give buy-A investment rating, 6-month target price of 24 yuan.

Risk reminder: the development of engineering customers is not up to expectations, and the uncertainty of the impact of raw material price fluctuations on performance

Categories: cdojxcj

Macalline (601828): Steady performance overall Stores steadily expand

Macalline (601828): Steady performance overall Stores steadily expand
Investment Highlights Event: The company released the 2019 first quarter report and achieved total revenue of 35.30,000 yuan, an annual increase of 22.4%, net profit of return to mother 13.10,000 yuan, an increase of 11 in ten years.1%, realizing net profit after deduction.500 million, a five-year growth of 5.8%, performance is in line with expectations. The gross profit margin is stable, and the rising expense ratio is under pressure for profitability.The company achieved a gross profit margin of 70 in the first quarter.9%, a year to raise 0.3pp, rising steadily, mainly driven by the increase in the proportion of high-margin self-owned shopping mall business.In terms of expenses, sales expenses have increased by 43 each year.3%, sales rate is 10.5%, an increase of 1 per year.5pp, mainly for the company ‘s brand advertising and promotion of newly opened stores to promote the increase in advertising costs and publicity expenses; management and research and development expense rate totaled 10.5%, rising by 0 every year.6pp; financial rate 12.8%, up 2 every year.7pp, mainly because the implementation of nearly 4 billion US dollars in H-share repurchases in 18 years caused the company’s overall debt increase.In the first quarter, the fair value of the company’s investment real estate recorded a change of approximately 4.2 ‰, a drop of nearly 80 million yuan a year, achieving a net interest rate of 63.2%, a decline of about 3 a year.6pp, short-term pressure on profitability. Improved cash flow and the amount of debt may be controlled.The company’s net operating cash flow in the first quarter1.2 trillion, a net decrease of about 1 in the same period of 18 years.1 ppm; net cash flow is -7.7 trillion, 10 for the same period in 18 years.2 ppm, excluding 31 companies raised in the A-share listing in the first quarter of 2018.With an impact of US $ 500 million, the company’s overall cash flow situation is improving.Company asset and liability accounting 59.5%, up 4 each year.7pp, but from the current point of view, one is that the company has no unconventional capital expenditure plan for 19 years, and the other is from the quarterly report, the company’s non-current liabilities terminated within one year is 43.300 million US dollars, a significant decline compared to 17/18; Third, the company’s speed of property purchases may be strategically inclined; therefore, the company’s new borrowing debt may be controlled, and the overall asset-liability ratio may also be controlled. The expansion of stores continued to advance, and the status of same stores continued to improve.In the first quarter, the company newly opened one self-operated shopping mall and two newly-managed shopping malls. The total number of self-operated shopping malls was 81, the total number of shopping malls was 230, and the total number of operating shopping malls reached 311The company also has 24 franchise stores.At present, the company has 33 self-operated shopping malls in preparation, of which 23 are self-owned, and 10 are leased. The planned gross floor area is 4.18 million square meters. There are still 357 managed shopping malls that have not yet opened a land certificate. In general, the company has sufficient shopping malls in hand, and the growth in the next few years is guaranteed.The company’s self-operated shopping mall realized revenue of about 20 in the first quarter.600 million, an increase of 10 in ten years.1%, excluding the impact of newly opened stores in 18 years, we estimate that the company ‘s same-store growth rate of self-operated shopping malls in the first quarter was about 6%, and the same-store operation efficiency continued to improve. Internet thinking is permeating enterprises, and new momentum helps future development.In October 2018, the company and Tencent reached a strategic cooperation to promote the IMP system. In the double eleventh promotion 武汉夜生活网 after the cooperation, the company’s national malls achieved sales of US $ 16 billion, an increase of 550%, and total orders exceeded 410,000.The unit price reaches 3.90,000 yuan, achieving explosive growth. Through the company’s deepening cooperation with Tencent, the increase in traffic will further drive the company’s same-store sales. Earnings forecasts and investment advice.The EPS for 2019-2021 is expected to be 1.39 yuan, 1.53 yuan, 1.68 yuan, the net profit attributable to mothers will maintain a compound growth of about 10% in the next three years, maintaining a “buy” rating. Risk warning: the decline in demand for home decoration and furniture, intensifying competition in the industry; the fair value of real estate may gradually decline; the number of newly opened stores may be less than expected, and the profitability of self-operated and commissioned models may decline.

Categories: 按摩