China Eastern Airlines (600115): Continued downward estimation of unit non-oil cost is attractive

China Eastern Airlines (600115): Continued downward estimation of unit non-oil cost is attractive

In the third quarter of 2019, the profit of foreign exchange deduction was basically in line with our expectations. China Eastern Airlines announced the first three quarters of 2019 results: operating income of 93.4 billion US dollars, an increase of 6.

3%; Net profit attributable to parent company 43.

7 ‰, the ten-year average of 2.

7%, corresponding to a relative profit of 0.

29 yuan.

Third-quarter operating income was 346.

2 ‰, an increase of 3 per year.

5%, net profit attributable to mother 24.

2 ‰, an increase of 9 per year.

8%, we estimate that after the impact of foreign exchange cash, the third quarter net profit of about US $ 3.4 billion, an increase of 5%, basically in line with our expectations.

The company’s revenue growth rate in the third quarter was significantly slower than that of passenger turnover.

In the third quarter, the company’s passenger turnover increased by 10% annually, passenger traffic increased by 7% every six months, and operating revenue increased by 3% annually.

5%, which is significantly slower than the growth rate of passenger turnover. We estimate that due to the impact of macroeconomic growth, the company’s passenger-kilometer revenue decreased.

Excluding the effect of halving the collection of the Civil Aviation Development Fund, we expect the unit non-oil cost reduction in the third quarter to fall by 4-5%.

Beginning in the second half of the year, the civil 杭州桑拿网 aviation development fund paid for flights will be halved. After excluding this part of the impact, we will gradually reduce the company ‘s unit non-oil cost by 4 to 5% in the third quarter.

Development Trends In the future Beijing, Shanghai two-wheel drive, currently expected attractiveness.

The company successfully completed the non-public issuance of A and H shares in the third quarter. China Eastern Airlines also completed the subscription for Auspicious Increase. The two major aviation groups have deepened cooperation to jointly maintain the vortex of the Shanghai aviation market; Daxing Airport has been on September 25Put into operation, while retaining the Beijing-Shanghai line at the Capital Airport, the company has also become one of the main base airlines of Beijing Daxing Airport, and can share the momentary increase of the Beijing market and open the era of dual bases in the north.

China Eastern Airlines A shares currently correspond to 1.

2 times 2020 P / B, H shares correspond to 0.

7 times P / B in 2020, estimated to be near the standard deviation of double the historical mean, is attractive.

Earnings forecasts and estimates remain unchanged from 2019/2020 earnings forecasts66.

72 ppm / 84.

2.2 billion.

The current A-share contradiction corresponds to 2019/2020 1.

4 times / 1.

2 times price-to-book ratio.

The current H share corresponds to 0 in 2019/2020.

8 times / 0.

7 times P / B ratio.

The stock maintains an Outperform rating and 7.

The target price of 00 yuan corresponds to 1.

8 times 2019 P / B ratio and 1.

6 times 2020 P / B ratio, 34 as compared with the recent inclusion.

9% upside.

H shares maintain an outperform rating and 5.

50 target price, corresponding to 1.

3x 2019 P / B ratio and 1.

1x 2020 P / B ratio, 40 more recently included.3% upside.

Risks Aviation demand fell short of expectations; RMB depreciated sharply against the US dollar; oil prices rose sharply.

Blue Flame Holdings (000968) company comment: the old block chain gas volume growth in the first three quarters of the results increased by 2.49% -6.67%

Blue Flame Holdings (000968) company comment: the old block chain gas volume growth in the first three quarters of the results increased by 2.49% -6.67%
Event: The company released the forecast of the first three quarters of 2019, and Q1-Q3 company’s net profit attributable to its parent was about 4.9-5.1 ppm, a ten-year increase of 2.49% -6.67%; EPS is 0.51-0.53, the same period last year was 0.49 yuan.Among them, Q3 company’s net profit attributable to the parent is 1.57-1.76 ppm, a five-year increase of 5.42% -18.18%, the second quarter performance growth was -5.43%, Q3 performance growth ranking Q2 significantly improved; EPS is 0.16-0.18 yuan, 0 last year.15 yuan. In the first three quarters of 2019, the company’s net profit increased compared with the same period of the previous year, mainly due to the continuous promotion of new wells in the old blockchain and the transformation of old wells to achieve stable production and increase production; strengthen operation management, strive to increase revenue and reduce costs, reduce costs and increase efficiency, and promote coal seamsThe profitability of the main gas industry increased. The exploration of the 4 blockchains obtained in 17 years progressed smoothly, and the new blockchain was awarded in the 19 years of tendering. In April 2019, Liulin Shixi and Wuxiangnan obtained test production licenses. At present, qualified gas wells have been tested.In addition, in Shanxi Province’s 2019 coalbed methane exploration blockchain project bidding, Lanyan coalbed methane, a wholly-owned subsidiary of the company, successfully obtained the Heshun Mafang East blockchain (block area 253).82 square millimeters) of exploration rights; so far, the company’s newly acquired block area since 2017 totaled 870 square millimeters. New daily connected transactions are added, and the engineering business is guaranteed in the second half of the year. The April 2019 related 无锡夜网 party transaction announcement shows that the company has a longer gas management order2.8.2 billion, CBM well construction orders2.400 million, technology and transportation services 0.35 trillion, for a total of 5.5.8 billion yuan; 0 new orders for construction of coalbed methane wells in August.94 ppm, technical and transportation services 0.9 trillion; so far, the company’s gas management order for 20192.820,000 yuan, construction orders for coalbed gas wells3.34 ppm, technical and transportation service orders1.26 trillion, for a total of 7.4.3 billion.Gas management revenue recognized by the company in the first half of the year1.410,000 yuan, coal mine gas construction income1.USD 8.1 billion, the length range from the expected completion of the order. It is expected that the engineering part will still retain the guarantee in the second half of the year. Dividends for the first time since the company’s reorganization and listing, cash dividends of 0 per 10 shares.The 5 yuan company has distributed a cash dividend of 0 to every 10 shares for all shareholders.5 yuan (including tax), a total of 0 cash dividends will be distributed.4.8 billion. Profit forecast: It is expected that the company will return to its mother net profit for 19/207.32/8.35 trillion, EPS is 0.76/0.86 yuan.Maintain BUY rating. Risk reminder: engineering business is greatly reduced, new blockchain is progressing slowly, gas volume and gas prices are not up to expectations, replacement is cancelled

Shun Xin Agriculture (000860) 2019 First Quarterly Report Review: Q1 results show steady growth and optimistic about long-term growth of liquor business

Shun Xin Agriculture (000860) 2019 First Quarterly Report Review: Q1 results show steady growth and optimistic about long-term growth of liquor business
I. Overview of the event Shun Xin Agriculture announced the first quarter report of 2019, which stated that the company realized operating income of 47.65 ppm, +19 a year.95%; net profit attributable to listed companies4.29 trillion, ten years +17.17%, equivalent to EPS0.75 yuan. Second, analysis and judgment of Niulanshan product structure upgrade + nationalization continue to continue, heavy volume can be expected to achieve Q1 income / return to net profit 47.65/4.29 trillion, ten years + 20% / 17%.This was mainly due to the company’s rapid expansion of foreign port markets, driving the growth of liquor sales.1Q1 final accounts received 51.66 ppm, + 40% a year, only 56 higher than the historical highest level at the end of 18 years.54 trillion decreased slightly by 4.8.8 billion (parent company 40 accounts received in advance in 19Q1 / 18).86/46.6.8 billion US dollars), the latest balance of advance receipts / 19Q1 statement income ratio is as high as 108%, strong demand continues, it also shows that the subsequent performance can still release space. On the market side, the company has had 22 billion-plus markets in 18 years, of which the Beijing-Tianjin market, North China, the Pearl River Delta, and the Yangtze River Delta are the company’s core markets.On the product side, the company has 10 existing products?On the basis of the 20 yuan price band, through the treasure aging, Yinniu and other products up to the 50 yuan price band.On the brand side, the company became the official sponsor of the 2022 Winter Olympics and the Paralympic Games, and the product image was reshaped.In the future, the company will continue to implement the strategy of focusing on the main business of liquor, and actively promote the upgrade of liquor product structure (cross-series upgrade + upgrade between the same series of varieties). The long-term growth logic of the company’s liquor business remains strong. The gross profit rate, taxes and surcharge ratios, the three rates fell simultaneously, and the net profit rate remained at Q1’s comprehensive gross profit rate of 38.38%, down 4 each year.76ppt, down 1 from the previous month.57 points, partly affected by pork purchases and reserves in the first quarter.Q1 sales / management / finance rates are 9 respectively.4% / 4.85% / 0.7%, three rates drop by 1 each year.7ppt.The sales rate growth rate +0.24pp; management fee rate for ten years -1.52ppt; report long-term debt repayment, financial rate is half a year -0.32ppt.Taxes and surcharges decrease by 3 each year.4ppt.Net interest margin decreased slightly by zero.21ppt, an increase of 1 from the previous month.76ppt.Q1 net cash flow from operating activities decreased by 6.37 trillion, one year -72.93%, mainly due to statutory taxes paid by the company. The real estate business will reduce losses, and the profit of the pork business is expected to rebound into 19 years. At the end of 17, the income base problem caused by the divestiture of the construction sector assets will no longer exist.The 杭州桑拿 real estate business in Beijing has better pre-sale and accelerated destocking. In 2019, revenue can be gradually recognized and losses are expected to be gradually reduced; if the replacement matters are negotiated, financial expenses and impairment can also be reduced, and net interest rates will increase.The pork business has transformed hog price hikes, and profitability has improved significantly in 2019. Third, the profit forecast and investment recommendations are expected to earn 136 in 2019-2021.44 ppm / 150.77 ppm / 168.100 million, a growth of 13% / 10 in ten years.5% / 11.5%.Net profit attributable to listed companies10.22 ppm / 12.7.7 billion / 15.110,000 yuan, an increase of 37 in ten years.4% / 24.9% / 18.3%, equivalent to EPS 1.79 yuan / 2.24 yuan / 2.65 yuan, corresponding PE is 32X / 26X / 22X.The company evaluation is slightly higher than the industry average (31). Considering that the company has good growth in some aspects, it is recommended. Fourth, risk warning: economic growth drags down demand, slower-than-expected release of performance, and food safety issues.

Update on Zhang Yingying’s case: Judge rejects defendant’s motion to avoid revocation of death penalty charges

Update on Zhang Yingying’s case: Judge rejects defendant’s motion to avoid revocation of death penalty charges
Overseas Website On January 16, a major turnaround occurred in the trial of the Chinese female scholar Zhang Yingying in China. The judge rejected the six motions proposed by the defendant team, avoiding the possibility of the case being completely overturned, and avoiding the death penalty charges that were damaged.It is revoked.  According to World News Network, in the case of the murder of Chinese female scholar Zhang Yingying, the US District Judge James E. (Shadid) issued six rulings on the 14th and rejected six motions made by the defendant’s lawyer team, Brendt Christensen.The whole case will still be heard as planned from April 2.  The Air Force defence lawyer team has proposed: 1.The case should be under the jurisdiction of the Illinois courts, and the federal courts do not have the power to divide and demand the abolition of federal prosecutors’ prosecutions; 2. 2. Exclude the recording of the conversation obtained by the suspect’s girlfriend carrying the eavesdropper 深圳桑拿网 as evidence; 3. Exclude evidence of a suspect’s two personalities with the police and multiple conversations with his girlfriend; 4. Exclude recordings of telephone conversations in prison after the suspect was arrested; 5. Exclude evidence obtained from a search of the suspect’s apartment; 6.It is considered that seeking a death penalty under federal law in the state where the death penalty has been abolished is contrary to the federal constitution.  In the past four weeks, Judge Shadi analyzed the defense’s position and related laws and cases, and at the same time partially adopted the basis and cases proposed by the prosecution, and finally rejected six motions proposed by the defense lawyer team.  Zhang Yingying’s family legal adviser Wang Zhidong said that Zhang Yingying’s family was pleased with the judge’s negative judgments on the six motions.  Wang Zhidong said that the final verdict of these motions brought by the defendant will directly affect the direction of the trial of the case. For example, if the federal government does not have the right to recognize, the case will be completely overturned, and it will be impossible to prosecute the death penalty.And if searches, interrogations, dialogues, and telephone recordings are not used as evidence, the evidence presented to the court and jury by the prosecutor will be greatly affected. Fortunately, the judge rejected these motions, and these key evidences will be available at the trial in the future.  Wang Zhidong also warned that defense lawyers have suffered severe setbacks this time, but they will certainly continue to find ways to excuse the suspects or use various excuses to delay trials and gradually repair the disputes between the two parties.  Although U.S. prosecutors have charged defendant Christensen on kidnapping and killings, where exactly Zhang Yingying, who disappeared since June 2017, remains a mystery.It is reported that Zhang Yingying’s last appearance was on June 9, 2017. She boarded Christensen near a bus stop on campus.  Earlier, the defendant’s defense lawyer argued that the federal government lacked severance in the case and was considered an alternative death penalty charge.Christensen was arrested by the FBI on June 30, 2017.In July 2017, prosecutors formally filed a complaint against Christensen, who will face capital punishment or life imprisonment if the kidnapping is committed.(Overseas network Yang Jia) Original title: Zhang Yingying’s case is now turning: the judge rejected the defendant’s motion to avoid the death penalty charges being revoked

Blu-ray Development (600466): Stronger than expected sales in 2019H1, steady investment and positive investment

Blu-ray Development (600466): Stronger than expected sales in 2019H1, steady investment and positive investment
Event Blu-ray Development released the 2019 semi-annual performance pre-announcement announcement: in the first half of 2019, the company’s net profit attributable to mother increased by 6.25 trillion, an increase of about 101% in ten years; net profit after deduction is increased by 5.900,000 yuan, an increase of about 98% in ten years. Commented that the first half performance growth exceeded expectations.In the first half of 2019, the company’s net profit attributable to mother 佛山桑拿网 increased by 6.2.5 billion, up to 12.45 ‰, an increase of about 101% in ten years; net profit after deduction is increased by 5.900,000 yuan, an increase of about 98% in ten years.The performance continued to exceed expectations mainly because the company’s operating scale has been expanding year by year, and the income from real estate projects has increased. At the same time, the company has achieved a national strategic layout, diversified investment models and product improvements, and the scale effect has gradually emerged.The company’s constitution issued a fair incentive plan. The net profit after deducting non-members from 2018 to 2020 is not less than 22, 33, 5 billion yuan, and the first exercise conditions have been successfully completed in 2018.We believe that the setting range of higher performance targets is sufficient 都市夜网 to reflect the company’s confidence in future performance and also its determination to the company’s rapid development. In the first half of the year, sales achieved 44% of the 110 billion target.According to the sales list of the top 100 real estate companies released by CRIC, the company completed sales of 48.3 billion US dollars in the first half of the year, an annual increase of 10%; the sales area of 5.29 million square meters, an increase of 11% a year, has achieved 44% of the 110 billion sales target. While the company continued to cultivate the Chengdu-Chongqing region, the national layout strategy has achieved initial results.In the first half of the year, the company’s total land acquisition amounted to USD 17.1 billion, a year-on-year increase of 57%; the land acquisition area was 4.88 million square meters, an annual increase of 12%, and the land acquisition amount accounted for 35% of the sales amount over the same period; the average floor price was 3,516 yuan / square meter., Accounting for 38 of the average sales price over the same period.5%, which can effectively protect the future gross margin situation. The property management sector developed rapidly.The overseas listing of the holding subsidiary Jiabao Co., Ltd. has been approved by the China Securities Regulatory Commission.Garbo shares achieved operating income in 201813.99 ppm, a 43-year increase of 43.95%; net profit 2.89 ‰, an increase of 49 in ten years.15%.It is expected that after the independent listing in the future, the property management scale of Garbo shares is expected to continue to accelerate on average, which will also increase the stability of Blu-ray performance. Investment suggestion: Blu-ray Development has outstanding sales performance, continuous optimization of the soil storage structure, and land acquisition and cost-sharing to generate cost advantages; property services and medical services go hand in hand; improve the incentive system to promote upward and downward concentricity; the setting of college entrance examination targets demonstrates the company’s performance confidence.We expect the company’s EPS to be 1 in 2019-2021.13, 1.53,1.83 yuan, corresponding to 5 for PE.18, 3.85, 3.20 times, maintain “Buy” rating. Risk warning: The industry’s sales scale will further expand; mortgage loan interest rates will increase; real estate policies will be tightened sharply; housing companies’ capital costs will continue to increase, and shed reforms will not meet expectations.

Zhejiang Meida (002677): The company’s rapid development in 19 years is committed to achieving rapid expansion of production capacity

Zhejiang Meida (002677): The company’s rapid development in 19 years is committed to achieving rapid expansion of production capacity

The event describes the company’s first quarter performance in 2019: operating income2.

90,000 yuan, an increase of 31 in ten years.

6%; net profit attributable to mother is 0.

75 ppm, an increase of 22 in ten years.

09%.

Budget revenue for the first quarter is 0.

12 yuan.

The event commented that the profitability was stable and the expense rate increased rapidly.

The company’s operating income in Q1 of 192.

90,000 yuan, an increase of 31 in ten years.

6%; net profit attributable to mother is 0.

75 ppm, an increase of 22 in ten years.

09%.

Gross profit margin and net profit margin were 53.

84% and 26.

02%, reducing by 0 each year.

73pct and 2.

03pct.

In terms of period expenses, sales expenses increased by 92.

2%, mainly based on the company ‘s implementation of the “all-round” brand promotion strategy, the timely layout of brand publicity, increased the promotion and promotion of CCTV high-end media, high-speed rail, outdoor, new media; R & D costs increased by 43.

7% is due to the company’s increase in core technology research and development and storage around the integrated stove main business, and at the same time the smart kitchen appliances, smart kitchen, smart home to carry out the introduction of forward-looking technology, research and development and storage.

The company has established diversified marketing channels with high product market share.

The company’s business mainly adopts a combination of online and offline methods. It has established a nationwide marketing network and service system. It has 1,000 first-tier and first-tier dealers and more than 2,000 marketing terminals.The development and construction of emerging sales channels such as business, KA, engineering, etc., and vigorously carrying out brand building, etc., have realized the rapid growth of business operations and the steady improvement of profitability.

The company ranks first in the domestic comprehensive cooker industry in terms of sales, and its market share remains near 30%. It is actually ahead of the second echelon companies, and 武汉夜网论坛 the alternative discourse power helps the company continue to develop at a high speed.

The company’s promotion of project construction is expected to achieve rapid expansion of production capacity.

The company is a professional manufacturer of integrated stoves with strong R & D strength and sales scale. Currently it has two production bases with an annual production capacity of 550,000 units.

The company is rapidly advancing the project of adding 1.1 million integrated stoves and high-end kitchen appliances every year, and it is expected to be put into trial operation in the first half of this year, which will provide a strong guarantee for the company’s rapid sales increase.

Profit forecast and investment advice With the rapid rise of the younger generation of consumers, new consumption concepts and life concepts are increasingly affecting consumer preferences.

Immediate, integrated, and quality cooking experience has gradually become the new demand for kitchen consumption, and the company is expected to receive industry dividends.

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

73\0.88\1,PE 分别为18.2/15.

1\13.2. Maintain “Buy” rating.

Risks suggest slow product upgrades, weak consumer demand, and low industry barriers.

Poly Real Estate (600048) February 2019 sales data review: weak market sales increased slightly and land picked up slightly

Poly Real Estate (600048) February 2019 sales data review: weak market sales increased slightly and land picked up slightly

Event: On March 7, Poly Real Estate announced February sales data, and in February, it achieved a contract value of 334.

0 ppm, +54 for ten years.

3%; Achieve contracted area of 189.

10,000 square meters, +20 per year.

8%.

Added construction surface 102 in February.

10,000 square meters, at least -24.

9%; total land price 82.

500 million, ten years +12.

5%.

Opinions: February sales were 33.4 billion, an annual increase of + 54%, and the market was generally weaker, and sales increased against the trend. In February, the company achieved a contract value of 334.

0 billion, -0 chain.

6%, +54 per year.

3%, an increase of 48 from last month.

2pct, in fact, reached the average monthly interval of -2 in February in the mainstream 50 real estate companies.

1%; Achieve contracted area of 189.

10,000 square meters, -17 chain.

0%, ten years +20.

8%, an increase of 16.6% over the previous month
.

2pct, which is twice as high as +3 in the 45 cities that we tracked at high frequency in February.

0%; average selling price of 17,663 yuan / square meter, +19.

8%, +27 per year.

7%, the average price increase is mainly due to the energy level shift in the sales city.

From January to February, the company has realized a total of 670 contracts.

0 ppm, +25 a year.

7%; the contracted area of 417 will be gradually realized.

100,000 square meters, +11 a year.

4%.

The cumulative average selling price was 16,067 yuan / square meter, which was an increase of 9 over the 18-year average.

8%.

Against the background of the overall market weakness in January-February, the company’s sales increased against the trend, and Kerui continued to rank fourth in the industry. It believed that the company’s land reserve was rich, and the project layout was mainly due to tight supply and demand, and the market performed well.The first- and second-tier cities are expected to continue to perform well in 19 years.

In February, land acquisition was 8.3 billion, + 13% per year, land acquisition / booking ratio was 25%, land acquisition picked up slightly. In February, the company obtained 8 in 6 cities including Guangzhou, Changsha, Dalian, Shijiazhuang, Weinan, Melbourne (Melbourne)The project corresponds to the supplementary surface 102.

10,000 square meters, +107 chain.

8% a year -24.

9%, of which 52 are new equity.

6%; total land price 82.

500 million, +258.
7%, +12 per year.
5%, taking land accounted for 24 of this kind.

7%, up 17 from last month.

9pct, land picking up in February.

The average floor price is RMB 8,078 / sqm, +72.

6%, the average land price in the early 18 years +29.

7%, mainly due to higher floor prices in Guangzhou and Melbourne.

From January to February, the company won a total of 10 projects, increasing the planned area by 151.

30,000 countries, at least -59.

3%; corresponding to the land price of 105.

5 trillion a year -63.

1%; the average floor price is 6,974 yuan / square meter, which is +11 compared with 2018.

9%; the proportion of land acquisition is 16%, and the average price of land acquisition is 43.

4%, basically unchanged from 18 years.

The company’s acquisition of land in February was at an earlier low in January. It has taken a rebound. Considering that the company has fully benefited from the financing advantages of central enterprises, the land acquisition flexibility will remain strong in the future when the land market is weakening.

Investment suggestion: Sales in weak markets have increased sharply, land acquisition has picked up slightly, and the company has maintained a “strong push” rating. The positive change of the company began in 17 years. In terms of goals, chairman Song 北京桑拿 Guangju proposed to return to the top three in the industry in the next three years, revealing the leading spirit of state-owned enterprises;In terms of incentives, in 17 years, a vigorous follow-up investment program was launched to lead the highest level of central SOEs to eliminate the lack of incentives. In terms of resource integration, the acquisition of real estate projects owned by AVIC Group was completed, and the acquisition of equity interests in Poly Real Estate also made breakthrough progress, highlighting the advantages of resource integration.In terms of sales, land acquisition amounted to 56%, 87%, and 47% in 16-18, and the sales volume was actively expanded and stabilized. In terms of sales, it increased by + 47% and + 31% each year in 17-18.Sales continued to increase steadily.

We are still optimistic that the 四川耍耍网 company, as a leader in the industry, is expected to benefit from the further improvement of industry concentration, and maintain the company’s 2018-20 earnings forecast.

58,1.

90 and 2.

23 yuan, currently corresponding to 18-19 PE is 8.

6 and 7.

1x, maintain target price of 20.

62 yuan, maintaining the “strong push” level.

Risk reminder: The real estate market sales are lower than expected and the industry funds are less than expected.

China Railway (601390): Q3 results increase faster than expected single-speed increase in the new decade

China Railway (601390): Q3 results increase faster than expected single-speed increase in the new decade

The third-quarter performance was higher than expected, and the profitability of the company increased to 5718 in 2019Q1-3.

710,000 yuan, an increase of 15 every year.

35% (unless otherwise specified, currency units are converted into RMB); net profit attributable to mother is 154.

7.8 billion, an increase of 18 per year.

65%; realized non-net profit 147.

6.3 合肥夜网 billion, an increase of 20 every year.

96%.

In terms of quarters, Q1-Q3 operating income increased each year.

97% / 20.

25% / 16.

88%; Q1-Q3 net profit attributable to mothers increases by 20 each year.

21% / 4.

96% / 42.

13%, revenue grew steadily, Q3 performance increased faster than expected.

The company’s gross profit margin for Q1 2019 was 9.

81%, unchanged from the same period in the previous 18 years, with a net profit margin of 2.

93%, an increase of 0 over the same period of 18 years.

26 points.

Among them, the company’s 19Q3 gross profit margin and net profit margin were 9 respectively.

74% / 2.

61%, an increase of 0 over the same period of the previous 18 years.

25/0.

49 points.

Q3 cash flow improved significantly, the debt ratio slightly increased. The company’s 19Q1-3 net operating cash flow was -4409 billion, and the net cash flow increased by 8.2 billion, of which Q3 net operating cash flow + 8.9 billion, increased throughout the yearNet cash inflows of 12.8 billion, Q3 cash flow improved significantly.

The company’s 19Q1-3 cash-to-cash ratios / cash-to-cash ratios dropped respectively earlier in the same period in 18 years4.

5/5.

5pct, the decline in the cash-to-cash ratio, indicating the company’s substitution of downstream bargaining power.

As of the end of the third quarter of 2019, the company’s assets and liabilities had resumed 77.

28%, an increase of 0 from the end of 18.

85 points.

Expenses during the first three quarters of the company5.

79%, a decrease of 0 compared with the same period of 18 years.

10pct, in which the sales expense ratio / administrative expense ratio (including research and development) / financial expense ratio are changed by +0 from the same period of 18 years earlier.

06 / -0.

02 / -0.

13pct.

In Q3, the new starting point order speeded up, and the municipal order force was obvious. The company’s 19Q1-3 new starting point order was 10896.

800 million, an increase of 14 in ten years.In terms of sub-businesses, new developments in infrastructure construction / survey design and consulting services / industrial equipment and parts manufacturing / real estate development / other businesses have changed by +17.

9% /-6.

5% / + 1.

7% / + 15.

5% /-4.

7% of the project contracting orders: railway / highway / municipal and other (among which, urban rail accounts for 12).

3%) in the new decade single year growth of 11.

0% /-13.

5% / 28.

8% (of which the urban rail is arbitrarily spaced 3.
.

6%); by region, 10,308 new contracts were signed in China.

5 ppm, an increase of 13 in ten years.

6%; new contracts signed overseas 588.

30,000 yuan, an annual increase of 34.

8%.

Q3 single quarter new long-term single 3883.

4 ppm, an increase of 22 in ten years.

7%; among them, new progress in infrastructure construction / inspection design and consulting services / industrial equipment and parts manufacturing / real estate development / other business single change gradually +27.

6% /-4.

0% / + 12.

5% / + 41.

7% /-3.

4%; among the engineering contract orders: railway / highway / municipal and other (among which the urban rail accounts for 12).

3%) in the new decade single year growth of 6.

2% /-31.

2% / 52.

2% (of which 8.
.

0%); by region, 3,658 new contracts were signed in China.

7 ppm, an increase of 20 in ten years.

6%; new contracts signed overseas 224.

60,000 yuan, an increase of 69 in ten years.

4%.

Profit forecast and investment rating company is the leader in railway construction. High railway investment from January to September is good for the company to take orders.

In addition, the company’s single-quarter growth rate in the new quarter of the third quarter of 19 increased from quarter to quarter, and will gradually translate into revenue and profits in the future.

The company’s 19-year PE is about 6.

9 times, PB is only 0.

64 times, maintaining the reasonable value of the company’s A shares7.

47 yuan / share, reasonable value of H shares 6.
12 Forecast / share judgment remains unchanged, maintaining “Buy” rating.

Risk warning: investment in fixed assets is less than expected; the effect of supplementing shortcomings in infrastructure is less than expected; the risk of high asset-liability ratios; risks related to overseas operations.

Lian Yuming: Beijing, Tianjin and Hebei coordinated development should grasp three strategic focus

Lian Yuming: Beijing, Tianjin and Hebei coordinated development should grasp three strategic focus
Reporter Ouyang Chunxiang On March 5, Lian Yuming, member of the National Committee of the Chinese People’s Political Consultative Conference and director of the Beijing International Urban Development Research Institute, said in an exclusive interview with the China Securities Journal reporter that Beijing-Tianjin-Hebei is a world-class city group with the capital as the core for the next 30 years.The strategic layout can be divided into three levels: one is to form a “one core, two wings” Beijing city’s new skeleton, the second is to build the Beijing-Tianjin-Hebei free trade port, and the third is to promote the construction of the Greater Bay Area.”The merger of the Greater Bohai Sea Bay Area can be integrated with the Yangtze River Delta, and the Guangdong, Hong Kong, Macao Greater Bay Area can jointly form a new internal financing structure and coordinate a new pattern of regional development.”Lian Yuming, who has built the Bohai Bay Area, has submitted several steps this year, focusing on the future development of Beijing, Tianjin, and Hebei.And rise to national strategy.  ”Plan ahead and promote the construction of the Greater Bohai Sea Bay Area. It will further expand the Beijing-Tianjin-Hebei deconsolidation strategy and the Bay Area economy. With Beijing and Tianjin as the center, it will drive the development of coastal cities such as Hebei, Central and South Liaoning, and the Shandong Peninsula.”He says.  The Opinions on Establishing a More Effective New Mechanism for Regional Coordinated Development, released in November 2018, is clear, with Beijing and Tianjin as the center to lead the development of the Beijing-Tianjin-Hebei urban agglomeration and drive the coordinated development of the Bohai Rim region.This means that the strategic significance of the coordinated development of Beijing-Tianjin-Hebei has further enhanced the level and scope of collaboration.  Lian Yuming pointed out that the Bohai Rim Bay Area is the core area of the Bohai Rim region and the frontier of its opening-up strategy, including the Beijing-Tianjin-Hebei Coordinated Development Zone, Central and South Liaoning, and Shandong Peninsula.From the perspective of natural conditions, there are Tianjin Port, Huangpi Port and other port groups in the Bohai Rim region, with abundant marine resources and port resources; Beijing, Tianjin, and Hebei have large-scale world-class airport groups, forming an airport advantage.Among them, Daxing International Airport’s airport economic core area covers an area of about 150 square kilometers; after the completion of the Xiong’an New District Railway Station, it will become the largest railway station in Asia.Seaports, airports, and land ports have opened strategic channels and conditions have been established for the Bohai Bay Rim.  Lian Yuming suggested that Beijing-Tianjin co-urbanization should be taken as the central location for the planning and construction of the Bohai Rim Greater Bay Area, highlighting the leading positions of Beijing and Tianjin, and leading the development of the Beijing-Tianjin-Hebei urban agglomeration.Bay Area.  ”Taking Beijing and Tianjin as the center, the key is how Beijing and Tianjin form a center.Lian Yuming said that the core is the Beijing-Tianjin linkage to accelerate the urbanization of Beijing-Tianjin.The focus is to realize the integration of the Beijing-Tianjin transportation system, the integration of resource allocation, the integration of industrial development, the integration of public services, the integration of ecological protection, and the establishment of a major strategic fulcrum for the coordinated development of the Bohai Rim.  To promote the construction of the Beijing-Tianjin-Hebei Free Trade Port, the two sessions this year, Lian Yuming also submitted the “Progress on Speeding up the Construction of a New Airport Airport Economic Cooperation Zone and Promoting the Construction of China (Beijing-Tianjin-Hebei) Free Trade Port”.  Lian Yuming believes that with the full implementation of the “one nuclear, two wings” planning and construction, the construction of China (Tianjin) Free Trade Zone and China (Hebei) Free Trade Zone has gradually deepened. In 2019, Beijing Daxing International Airport will be opened to traffic and the transformation of Beijing’s new airport will be accelerated.The airport and economic cooperation zone is increasingly mature in terms of timing and conditions to promote the construction of the Beijing-Tianjin-Hebei Free Trade Port.  At present, Tianjin has established a free trade pilot zone, and the “Hebei Xiong’an New District Planning Outline” clearly states that it supports the establishment of the China (Hebei) Free Trade Pilot Zone with the Xiong’an New District as the core.Lian Yuming suggested that with Beijing New Airport Airport Economic Cooperation Zone as the core and Beijing-Tianjin-Hebei airport, seaport, and land port integration construction as the support, Beijing, Tianjin and Hebei will jointly declare the construction of China (Beijing-Tianjin-Hebei) in the future.Trade port.  Therefore, Lian Yuming suggested that the first is to speed up the establishment of the Beijing New Airport Airport Economic Cooperation Zone, establish a more effective new mechanism for cross-regional coordinated development, and share China (Tianjin) Free Trade Zone and China (Hebei) Free Trade Zone policies.Beijing and Hebei jointly applied for the construction of the Beijing New Airport Airport Economic Cooperation Zone, changed the Qianhai model to break the institutional obstacles, and formed a unified management organization as soon as possible.  The second is to build the Beijing-Tianjin-Hebei airport group, port group, and railway 合肥夜网 station group, and build an integrated Beijing-Tianjin-Hebei transportation system that interconnects airports, seaports, and land ports, and opens up strategic routes to the world; relying on the Beijing-Tianjin-Hebei airport, seaport, and landThe Port Construction Industrial Park allocates and gathers global high-end resource elements in a free trade port operation mode, promotes the in-depth development of high-end manufacturing and service trade, and provides support for Beijing to build a science and technology innovation center with global influence.  Third, take the Beijing-Tianjin-Hebei Free Trade Port as a major breakthrough, serve the “Belt and Road” construction, and promote the coordinated opening of Beijing-Tianjin-Hebei.Through the construction of free trade ports, promote scientific and cultural exchanges with countries and regions along the “Belt and Road”, jointly build joint laboratories, build science and technology parks, and promote technological innovation and cooperation in technology transfer, and invest in countries and regions along the “Belt and Road”, Cooperation in trade, finance, education and other areas.  Building a Beijing-Tianjin-Hebei World-Class City Group For the next 30 years, building a Beijing-Tianjin-Hebei world-class city group with the capital as its core, Lian Yuming believes that we must grasp three key points:”” The city’s new skeleton is the symbol to solve the major problems of how to build the capital; the second is to build the Beijing-Tianjin-Hebei Free Trade Port as a major breakthrough to promote the higher-level coordinated development of Beijing-Tianjin-Hebei;The development of Hebei urban agglomeration promotes the construction of the Greater Bay Area.  Lian Yuming said that the “one core” is the core functional area of the capital, and the “two wings” include the Beijing City Sub-center and Xiong’an New District.The approval of the overall plan for the Xiong’an New District in Hebei and the detailed control plan of the Beijing Sub-City Center marked the official landing of the “two wings” in the “one nuclear and two wings”.  Lian Yuming suggested that promoting the reconstruction of the old city in the central area of Beijing is an important change in the comprehensive implementation of the strategic positioning of the capital. It is a key move to form a new framework for Beijing’s “one nuclear and two wings” city and an inevitable choice to strengthen central government services.It is necessary to further clarify the three functions of central government service, protection of historical and cultural cities and urban governance, explore the “three steps” plan, actively and steadily promote the reconstruction of the old city, explore the establishment of the capital management system, the capital financial system, and the capital service guarantee system.Further improve the level of government service security.

Bank of Nanjing (601009) 2018 Annual Report and 2019 Quarterly Report Comment: Overall Revenue Improved Retail Share Increased

Bank of Nanjing (601009) 2018 Annual Report and 2019 Quarterly Report Comment: Overall Revenue Improved Retail Share Increased

This report reads: 18A and 19Q1 performance slightly exceeded market expectations.

Marginal improvements in asset growth, interest margin, non-interest income and other factors have driven revenue growth significantly.

Raise target price to 10.

98 yuan, corresponding to 1 in 19 years.

Twice PB, maintaining the holding of investment-grade investment rating.

Key points: Investment advice: Maintain 19/20/21 net profit growth to 15.

06% / 14.

88% / 12.

75%, corresponding to 1.

45 (-0.

02, due to the difference between the 18-year forecast and the disclosed value) / 1.

67 (-0.

03) / 1.

88 yuan, BVPS9.

15/10.

36/11.

73 yuan, the current price corresponds to 5.

90/5.

14/4.

55 times PE, 0.

94/0.

83/0.

73 times PB.

Taking into account the improvement in the Bank of Nanjing’s revenue endurance and increased market risk, the target price is raised to 10.

98 yuan, corresponding to 1 in 19 years.

2x PB, 28% of current price space, maintaining an overweight rating.

Performance Overview: 18A / 19Q1 revenue +10.

3% / 29.

7%, net profit +14.

5% / 15.

1%, net interest margin (display value) 1.

89% / 1.

96%, the defect rate is 0.

89% / 0.

89%, provision coverage rate of 46% / 415%.

New understanding: Multi-factor margins are improving, revenue ends are improved and sustainable revenue is improved overall.

Driving force acceleration: ① Asset growth picked up. Asset growth rates of 18Q3 / 18A / 19Q1 were 5 respectively.

4% / 9.0% / 11.

8%, attributable to the rapid increase in loan placements on a quarterly basis; ② margins increased marginally, 19Q1 compared to 18A + 7bp to 1.

89%, attributable to the continuous increase in the proportion of high-yield retail assets; 杭州桑拿 ③ non-interest growth growth, attributable to the bull market in the bond market and marginal recovery in the growth rate of middle income.

Retail sales increased.

① On the asset side, the ratio of retail loans in 18Q3 / 18A / 19Q1 was 26.

0% / 27.

0% / 27.

7%, the driving factor is the rapid growth of consumer credit, which increased by 36% at the end of 18 over the middle of the year; ② Revenue, 18A retail revenue increased by 5pc to 15H compared to 18H1.

8%.

Bad write-offs.

19Q1 asset impairment loss accrued + 18%, but loan impairment provision -4%, provision coverage -48pc, attributed to I9 caliber adjustment and increased write-off.

Risk Warning: The rapid economic growth has led to an increase in credit risk, and regional non-performing loans have been exposed intensively.