Month: March 2020

Bank of Wuxi (600908) prudently manages risk control Prudently adjusts business structure to enhance risk pricing

Bank of Wuxi (600908) prudently manages risk control and prudently adjusts business structure to improve risk pricing

The scale of assets ranks third among listed rural commercial banks, with obvious geographical advantages. Wuxi Bank was established in 2005 and was restructured from rural credit cooperatives. It was listed in September 2016 and is the first listed rural commercial bank.

In the third quarter of 2018, the company’s asset scale was 145.8 billion yuan, ranking third among listed rural commercial banks.

The company’s shareholding structure is decentralized, and the shareholding of senior executives is highly encouraged.

The company is located in Wuxi, which is the center of the Yangtze River Delta. Its GDP growth rate and per capita GDP level exceed the national and Jiangsu levels.

The tertiary industry accounts for more than half of Wuxi’s industrial structure, mainly in wholesale and retail.

The company has achieved full coverage of its business outlets in Wuxi, with a large number of branches. The company’s profits are concentrated in Wuxi. The intensified transfer competition has also begun to focus on the pace of expansion in other places.

The company’s investment highlights: better profitability, relatively prominent corporate business, cost control instead of peers 1) The company focuses on serving small, medium and micro enterprises, which account for nearly 96% of corporate loans.

The structure of public loans continued to be optimized, the manufacturing industry was pressured down, and the tertiary industry was supported.

2) The proportion of the company’s retail loans is lower than that of its peers and housing mortgage loans. The transformation of the retail business has been steadily progressing, the retail proportion has been steadily advancing, and the citizen card has been used to increase the business stickiness of local residents.

3) The company adjusted its asset structure, reduced the size of loans and the same industry, and stepped up investment in securities. 3Q18 securities investment accounted for 32%, a higher level for the industry.

4) The company’s profitability is good, operating income is growing faster, and the stability of profit growth is relatively high. Negative growth for 15 years can also turn negative into positive.

The decrease in ROE is narrower than that of its peers, showing its stability in profitability. ROA has grown from its lowest level in the industry to second only to Changshu Bank.

The 1H18 company’s net interest income accounted for 94%, the highest among listed rural commercial banks, and its cost-to-income ratio dropped significantly to 27%, significantly lower than its peers, showing a strong cost control capability.

5) Liabilities-side deposits accounted for 85%, the highest level among comparable listed rural commercial banks.

The scale and growth rate of deposits performed the best among listed rural commercial banks.

6) Although the level of interest margin has improved marginally, it is always lower than that of its peers due to further reductions in the rate of return on assets and the cost of debt.

The overall asset quality is better than comparable peers, and companies with higher levels of capital adequacy have a non-performing loan ratio of 3Q18 that is 10bps lower than the end of 17 to 1.

28%, a sub-optimal level among listed rural commercial banks.

Concerned about the loan rate / overdue loan rate respectively decreased 68bps / 7bps to 0 from the end of 17 years.

81% / 1.

37%, less stress on bad newborns.

The company’s bad identification is prudent and strict. Loans / non-performing loans overdue for more than 90 days have been below 100% since 15 years, and 1H18 dropped by 15pct earlier to 82%.

The provision coverage ratio improved in the third quarter of 2018, increasing 35 percentage points earlier to 229%.

The company’s 3Q18 capital adequacy ratio was 17.

09%, an increase of 2 earlier.

97 units, ranking first among all listed banks.

More than 3 billion convertible bonds are successively converted into stocks, and capital is expected to receive more supplements.

Investment suggestion: The company is located in southern Jiangsu with developed economy and fertile resources, perfect governance, deep cultivation of local small, medium and micro enterprises with distinctive characteristics, excellent profitability, and overall asset quality better than comparable peers.

We believe that the company’s overall operation is stable and the share of increased risks. If the company’s business 无锡桑拿网 structure or positioning is more prominent in the future, the pricing level will be significantly improved; at the same time, larger executive management holdings will also help the company’s stable operation.Provide strong support.

Taking into account the company’s major non-recognition and provisioning provisions, we lowered the company’s performance growth rate and expect the company’s 18/19 net profit growth rate to be 9.

6% / 9.

0% (was 11).

1% / 15.

8%), the current total corresponding to 18/19 PB is 1.
.

2/1.

1. However, taking into account the company’s stable operating style and prudent risk control standards, as well as greater certainty in the performance of assets after the compression of assets, it also replaces the alternative valuation level and upgrades the investment rating from “neutral” to “recommended”.

Risk Tips 1) Asset quality is affected by the economic beyond expected range, and credit risk is exposed centrally.
The banking industry is closely related to the national macroeconomic development, and its asset quality is even more affected by the overall macroeconomic development growth rate and quality.
If the macro-economy exceeds expectations, it will inevitably cause the industry’s overall asset quality pressure and affect the disposal and recovery of non-performing assets, thereby affecting the company’s profit growth rate.

2) The policy budget is stronger than expected.

In the context of deleveraging and risk prevention, the breadth and depth of industry supervision have been continuously strengthened. Similar policies and regulatory plans such as new asset management regulations have been introduced. If the overall regulatory trend or the adjustment of policies in a certain area exceeds expectations, the industry andThe company’s operating stability caused adverse effects.

3) Systemic risks arise from market decline.

Bank stocks are an important component of large-cap stocks, and their overall rise and fall are closely related to market investment style.

If the overall market systemic risk declines, it may drive the industry to reduce the decline, thereby affecting the company’s performance.

Hytera (002583)： Performance in line with expectations continued to grow in overseas markets

Hytera (002583): Performance in line with expectations continued to grow in overseas markets

Event: The company released the 2019 performance forecast on February 2. It is expected that net profit attributable to mothers will be realized in 20194.

8-5.

800 million, an annual increase of 0.

67% -21.

64%.

Comments: 1. The performance was basically in line with expectations, the overseas business continued to grow, and the improvement in cash flow significantly took into account the increase in internal macro uncertainties, leading to a certain degree of uncertainty in the company’s non-recurring profit and loss.The general meeting of shareholders adopted the “Summary of Revising the Relevant Content of the Company’s Phase I Equity Incentive Plan” to increase the operating income based on the performance evaluation nuclear indicators and deduct non-net profit substitution as the selected assessment indicators.The achievement of the expected performance or one of the supplementary assessment indicators can constitute the conditions for the release of the first-period performance stock.

According to the supplementary assessment indicators, based on 2018, the company’s revenue in 19-21 will gradually decrease below 15%, 30% and 45%; non-net profit deduction will gradually not exceed 30%, 60% and 90%.
The company optimized conditions for unlocking performance, gave full play to the role of equity incentives, motivated employees to work, and promoted the long-term healthy development of the company’s business.

According to the company’s performance forecast, the company is expected to realize net profit attributable to its mother in 2019.

8-5.

800 million, with a median of 5.

3 percent, an increase of 11.

1%, performance is basically in line with expectations.

Among them, the fourth quarter is expected to achieve net profit attributable to mothers in the range of 3.

7-4.

7 trillion, with a median of 4.

2 ten percent, an increase of 22 per year.

0%.

In 2019, under the background of macro indicators, the company’s overseas business continued to grow steadily. The overseas headquarters and Supler’s business expanded well. At present, there are ample orders in hand, and the company’s international competitiveness and business layout have been further consolidated.

We speculate that the company’s comprehensive gross profit margin may have shifted slightly in 2019 due to product structure changes brought about by the rapid growth of modified cars and EMS business.

However, the company’s new business is developing well. In 2019, new products such as PoC, multi-mode terminals, and steering systems have achieved scale expansion, which is expected to drive the company’s profitability in the future.

In the second half of 2019, bonus payments and litigation costs increased significantly, and the company’s short-term performance was under pressure.

However, the company continued to promote refined operations, with good management and control of operating expenses, significant improvement in long-term operating cash flow, and the overall situation of the company has gradually improved, thereby maintaining steady growth in revenue.

　　2. Overseas orders have abundant reserves, and global dedicated communications demand is still strong. The overseas market of the company continues to make efforts, and announcements of large project orders hit a new high at the same time.

In terms of different regions, the emerging markets of the “Belt and Road” have grown rapidly, and the consolidation effect of European subsidiaries has continued to appear.

In the “Belt and Road” countries such as the CIS, South Asia, and Africa, the construction of private network communications is relatively backward, but the demand for private network communications is strong, and the potential market space pattern.

Emerging markets lack the accumulation of prior private network technology. Hynold has overcome the advantages of product technology integration and made breakthroughs in emerging markets.

In Europe, Sepura has deeply cultivated the private network field. For 厦门夜网 many years, it has obvious channel advantages in Europe. It has comprehensively integrated with Hytera from multiple dimensions such as technology, market, and product, and its comprehensive competitive advantage has been significantly improved.

　　In 2019, the company’s overseas expansion scale is smooth. It is announced that orders for large projects have reached the best level in history. It is optimistic about the company’s future channel capacity expansion and profitability improvement.

The company’s outstanding products and good services continue to make breakthroughs in developed markets such as Europe and emerging markets such as Latin America and Africa, and achieve steady development of global business.

　　3. The integration of wide and narrow, public integration is gradually confirmed, which is expected to bring business growth to the company. TETRA and DMR products of the company are expected to expand smoothly overseas. The growth of domestic PDT products is accelerating. New products are expected to become the company’s new growth engine.

Hytera is a global scarce private network manufacturer with self-developed wide-narrow integration solutions. At present, it has launched a variety of new products such as broadband expansion, multi-mode terminals, multimedia command centers, and ad hoc network communications.

Among them, broadband and narrowband fusion products have been delivered in mass production, and the third-generation fusion command center has started large-scale commercial use at home and abroad.

Judging from the current implementation of new products, short-term company new products will be the first to be commercialized in some “Belt and Road” countries and some markets with mature broadband network construction; in the future, relatively mature markets such as China and other private network construction will change in EuropeStandards and further maturity of market cultivation have gradually opened.

　　The company’s new products are slightly different in the timing and focus of market expansion strategies, but in general, the integration of width and narrowness and the integration of public and private are private network solutions that can protect existing investments and meet the needs of new applications., Has become the mainstream development trend of global private network communications.

The successful landing of the company’s new products overseas also verified the feasibility of the scheme.

In 2019, the company’s new product revenue contribution has steadily increased, and the annual revenue share is expected to continue to increase, opening up the company’s future growth space.

　　4. The overseas market continued to develop, and new business of wideband-narrow convergence + public-private integration accelerated to land, and the company’s operating inflection point gradually emerged. Maintaining the “Strongly Recommended-A” rating. Hytera is a scarce global company with a comprehensive self-developed broadband and narrowband fusion solutionThe leader of private network communications, the domestic and overseas markets continue to open, and new products are accelerated to land.The company has gradually transformed from a horse-growing and extensive growth to a refined operation for profit, and the cash flow situation has improved significantly.

The company’s new products have been recognized by the market one after another, and it is expected to take advantage of the broadband network of the private network in the future to achieve double growth in performance and estimates.

Due to the uncertainty of the lawsuit between the company and Motorola, the short-term legal expenses have increased. Considering that the company’s 2019 performance is affected by overseas lawsuits and the increase in non-operating expenses in the first three quarters, the company’s profit forecast is lowered. It is estimated that 2019-2021Net profit attributable to mothers was 5, respectively.

3.9 billion, 6.

7.6 billion, 8.

3.8 billion yuan, corresponding to 28 PE in 2019-2021.

0, 22.

4 and 18.

0 times, maintain “strongly recommended-A” rating.

　　Risk warning: Sino-US trade friction, US-trade friction, US-trade friction, business expansion is less than expected, cost control business expansion is less than expected, cost control business expansion is less than expected, cost control business expansion is less than expected, cost control market competition is intensified and market competition加剧 ，海外

China National Travel Service (601888) 2018 Annual Report and 2019 First Quarterly Report Review： Q1 High-Growth Tax-Free Shops in the City Will Open and Promote New Space

China National Travel Service (601888) 2018 Annual Report and 2019 First Quarterly Report Review: Q1 High-Growth Tax-Free Shops in the City Will Open and Promote New Space

The 18-year performance is in line with the expectations of the express report. In 19Q1, it maintained rapid growth, and the gross profit margin increased significantly: 18-year revenue was 470.

07 billion / + 66.

21%, excluding the impact of the consolidation of Shanghai in Shanghai, the income growth rate was 29%, and net profit attributable to mothers was 30.

9.5 billion / + 22.

29%, net of non-attributed net profit 31.

$ 4.4 billion / +27.

82%, EPS1.

39 yuan, in line with the express report.

Accrued asset impairment losses for 18 years2.

9.8 billion (among which the inventory price loss was 2.

03 billion), exchange rate may be 1.

1.8 billion, a significant reduction in investment income compared to 17 years (50.63 million in 18 VS 17 in 2).

2.0 billion) affecting 成都桑拿网 the overall net profit for 18 years.

Among them, Q4 revenue was 129.

06 billion / + 71.

22%, net profit attributable to mother 3.

90 billion / -37.

46%, deducting non-attributed net profit4.

5.2 billion / -20.

83%, the fourth quarter performance due to accrual of employee bonuses, inventory depreciation provisions and other expenses.

1Q1 revenue was 136.

9.2 billion / + 54.

72%, net profit attributable to mother 23.

06 billion / +98.

80%, net of non-attributed net profit of 15.

8.9 billion / + 37.

37%, slightly more than expected.

18-year overall gross profit margin 41.

46% / + 11.

64pct, benefiting from the product structure adjustment and scale effect brought by the merger and acquisition day, and the proportion of merchandise sales with a higher gross profit margin increased from 56% in 2017 to 74% in 1819. In 19Q1, it was replaced by China 天津夜网 National Travel Service, with a gross profit margin of 49.

45% / + 9.

98%.

Of the three fees, the 18-year sales rate was 24.

68% / + 12.

20pct, leasing and salary expenses increased due to acquisition of Shanghai and new airport business; management fee rate3.

41% /-0.

42pct, financial rate -0.

01% / + 0.50pct.

Outlying islands are exempt from tax growth. Shanghai Airport is exempt from taxation for 18 years. The subsidiaries have exempted 18 years of revenue from 344.

8.1 billion, of which tax-free revenue was 332.

2.7 billion / + 123.

59%, tax-free gross profit margin 53.

09% / + 7.

36 points.

1) Revenue from Sanya Haitang Bay is 80%.

10 billion / + 31.

66% (including tax-free revenue of 77.

7.1 billion / +32.

46%), net profit 11.

06 billion / + 21.

36% (affected by increases in rents, etc.).

2) Shanghai and Shanghai consolidated their accounts in March 18, and Shanghai Airport’s tax-free revenue was 104.

5.1 billion, net profit attributable to mother 4.

67 billion.

3) Capital Airport tax-free revenue 73.

8.9 billion / + 71.

39%, affected by the consolidation in April of 2017, net profit attributable to mothers1.

7.6 billion.

4) Hong Kong Airport revenue was 2.1 billion.

In addition, tourism service business revenue was 122.

90 billion / + 0.

1%, but may be 0.

4.4 billion.

The duty-free shops in the city are about to open, and the logic of the license bonus remains unchanged: the integration effect after the merger and acquisition is gradually reflected, and the tax-free gross profit margin can still be improved in the future under the scale effect.

In May, the duty-free shops in Beijing will be opened. If the city’s tax-free policy for Chinese people is released in the future, it will expand the scope of duty-free scale.

In the future, China Tourism Group, the controlling shareholder, plans to inject 51% of Haiwai’s equity into listed companies, which will increase the profits of listed companies.

Considering that the company’s Q1 performance was slightly higher than expected, we raised its EPS in 19 to 2.

35 yuan, taking into account the impact of the climbing period of the city’s stores in the future, the 20-year EPS is reduced to 2.

51 yuan, plus 21 years of EPS is 2.

90 yuan, maintaining the “overweight” level.

Risk warning: economic downturn, gross margin growth is less than expected, tax exemption policy falls short of expectations

Gree Electric (000651)： Announcement of Distribution Assignment Announcement, pending Mixed Landing Successfully Landed

Gree Electric (000651): Announcement of Distribution Assignment Announcement, pending Mixed Landing Successfully Landed

Event: Gree Electric Appliances issued the “Announcement on the Public Solicitation of Transferees of Some Shares of the Proposed Transfer of the Controlling Shareholders by the Controlling Shareholders”, which clarified the basic conditions of the allocation and transfer, the solicitation conditions of the intended transferees, and the determination of the publicly solicited transferees.

Comment 44:

17 yuan / share (the closing price today is 50.

38 yuan / share).

The transferee’s public solicitation period is from August 13 to September 2, 2019, a total of 15 trading days.

Prior to submitting the application materials, the intended transferee shall pay RMB 6.3 billion as a contract guarantee deposit.

After the expiry of the public call, Gree Group will organize an evaluation committee to conduct a comprehensive evaluation, and finally determine the final transferee. Within 10 working days after the transferee is determined, it will merge the “Share Transfer Agreement” with Gree Group and reach the “Share Transfer Agreement”40% of the transaction price combination shall be paid as a performance bond within 5 working days from the date.

The group has strict requirements on the transferee. If the final implementation of Gree’s corporate governance is clearly enhanced, some of the core requirements for the transferee in this announcement include: 1) the intended transferee should be a single legal entity or controlled by the same shareholderOr a combination of no more than two legal entities controlled by the actual controller; 2) the intended transferee promises that after the transfer of the shares, the lock-up period of the shares is not less than 36 months;Listed companies update strategic resources such as effective technology, market and industrial coordination, and assist listed companies to improve their industrial competitiveness.

北京夜生活网 At the same time, the Group requires the transferee to include the following in the letter of intent: 1) specific measures to improve the governance structure and incentive mechanism of the listed company; 2) the intent transferee’s ideas and plans for the subsequent development strategy of the listed company;The re-election plan or requirements of the company’s existing board of directors put forward specific measures to maintain integration and stability and specific plans for future cooperation with joint ventures.

We believe that the above requirements will ensure that the guarantee party has the expectations and ability to deeply participate in the future governance and long-term development of Gree Electric Appliances, helping Gree to clarify its medium- and long-term strategic planning and improve the incentive system.

If the subsequent implementation of the mixed reforms is successfully implemented, it will clearly improve corporate governance, leading to an improvement in long-term operating quality and estimated levels.

In the second half of the year, the focus on Gree’s fundamentals was the change in competitive strategy. In the tracking report “When to reshape the pattern and look forward to the return of the king”, we judged that Gree’s new cold year’s competitive strategy has the possibility of shifting from prevention to offense.

If the 2019H2 competition strategy is more proactive and moderately promoted, Gree is fully capable of reversing the short-term division alternative.

If it can further streamline channel benefits and promote channel system reform and efficiency after the implementation of mixed reforms, it will have a strong brand and manufacturing barriers, and Gree will still be the absolute leader in the field of home air conditioning.

Investment suggestion: The company can continue to approach the bottom of historical expectations on a sustainable basis. At the same time, the mixed reform and change of the reserve price and the current price discount is only 12%, and the safety marginal income.

The follow-up preliminary core catalysis looks at the successful landing of mixed reforms and the reshaping of the competitive landscape.

In the long run, the steady growth of performance, the debt-like attributes brought by high yields, and the estimated substantial repair space constitute Gree’s forecast of future expected returns, and it remains one of the most valuable varieties in the current market.

Maintain 19-19 EPS forecast to 4.

88/5.

35/5.

94 yuan, corresponding PE is 10/9/8 times, maintaining the “buy” level.

Risk warning: industry demand is lower than expected; brand competition is worsening; Gree mixed reform is lower than expected.

After the rapid development of domestic logistics real estate, the first public investment REITs will be invested.

After the rapid development of domestic logistics real estate, the first public investment REITs will be invested.

RCREIT observation 丨 Public fundraising REITs point gold logistics real estate investment source: REITs industry research author 丨 Friends of Zhongrong Wealth often online shopping may find that the joy of receiving goods is getting faster and faster, and in some areas, many goods can even be “Chaochao”Evening. ”

The speed of this online shopping flow benefits from the development and specialization of logistics real estate.

　　Logistics real estate is not a new thing, and the definition is very mature, that is, according to the needs of logistics enterprise customers, invest in and build modern logistics facilities required for business development at appropriate locations, generally including various logistics centers, logistics parks, and distribution centersAs well as storage facilities such as logistics industrial parks.

　　The increase in the demand for warehousing and logistics, the scarcity of land for logistics and other reasons have led to the rental yield of logistics real estate being significantly higher than that of shopping malls and office buildings, and there is a trend of further improvement.

　　Logistics real estate funds (including REITs) have solved the problem of flexible exit of logistics real estate investment and financing, making logistics real estate an extremely attractive investment project.

　　The development of domestic logistics real estate followed the rapid development of the logistics industry. The concept of the logistics industry originally originated in the United States in the 1980s. However, in China, the development of logistics real estate really started in 2000 and has ushered in the golden decade of rapid development since then.

　　At this stage, the total compound logistics annual growth rate reached 16%, while the global logistics scale annual growth rate was only about 5%.

　　The rapid development of China’s logistics real estate came later, as early as 2016, China’s logistics cost accounted for 14% of GDP.

9%, far higher than the level of 10% in European and American countries.

　　However, if the quality of raw materials is left out, the current domestic logistics real estate still has structural problems and the facilities are relatively backward.

　　There are currently 5 in China.

500 million square meters of logistics facilities, of which only less than 1 billion square meters to achieve modern logistics facilities standards.

Therefore, good logistics real estate is still very sought after.

　　In addition, although domestic logistics real estate already has a considerable foundation, due to the rapid rise in demand from e-commerce and third-party logistics, and the limitation of industrial land supply, the gap between supply and demand in the industry is huge.Higher return on investment.

　　From the perspective of customers, customers in the logistics real estate market can be divided into three categories: ▍ The most stable traditional retail and traditional manufacturing retail industries such as Wal-Mart, Carrefour, Adidas, Nike, Manufacturing Rack Bosch, Schneider, GM and other brands.

The use of logistics real estate is mainly for the purpose of revitalizing fixed assets, and there is no growth potential for resistance.

　　▍High growth main: e-commerce such as Alibaba, Jingdong, Suning and other Internet e-commerce; ▍High growth main: third-party logistics Debang, SF, DHL and other express brands.

In the past 10 years, the scale of the logistics real estate market has grown steadily, mainly due to the promotion of e-commerce and third-party logistics.

　　The rapid development of e-commerce consulting e-commerce has given rise to the strong demand for logistics and warehousing in China. After several years of rapid development, the Chinese logistics industry is undergoing a stage of transformation and development. The need for cost-effective and efficient modern logistics facilities is increasing year by year.So with the high development of animal flow real estate.

E-commerce and third-party logistics are the main demanders of high-end warehousing.

　　Logistics real estate rental yield outperforms office buildings. From the perspective of per capita logistics area and market concentration, the high-end logistics market is still in the early stages of the market, increasing space potential.

　　However, compared to the earlier residential and commercial real estate, logistics real estate has problems of low land transfer fees, reduced revenue contribution, and low land utilization. This has led to the problem of difficulty in obtaining real estate in general logistics in first-tier cities, which will also become a fast logistics logistics.The main factor of development.

　　Dade Lianghang estimates that by 2020, China’s logistics real estate supply gap will exceed 1 trillion square meters.

The long-term imbalance between supply and demand has caused the vacancy rate of warehousing to decrease year by year, and rents to rise, driving the industry’s return on investment upward.

　　Figure Network The supply of land for logistics real estate in first-tier cities takes into account the gap between supply and demand and the particularity of logistics real estate. At present, the rental yield of logistics real estate significantly exceeds that of shopping malls and office buildings, and there is still a trend of further improvement.

　　Take Shanghai as an example. In the past 5 years, the compound annual rent intensity of Shanghai’s high-quality logistics and warehousing market has reached 5.

8%, much higher than the rental return level of about 2% of residential investment.

At the same time, the vacancy rate of Shanghai’s high-quality logistics park also dropped to a very low level, and the overall vacancy rate in the market was only 9.

1%.

　　Looking at the first-tier cities, the overall net return on investment in logistics real estate is above 7%, which is much higher than the return on investment of commercial real estate and residential real estate between 2% and 4%.

　　It is definitely a problem of low standardization of commercial real estate and extremely large securitization. Logistics real estate is more likely to be favored by overseas funds and long-term investors.

　　According to CBRE statistics, in 2018, the return on investment in property facilities in major cities has a significant advantage.

　　In terms of investment returns, public real estate investment trusts have a series of characteristics such as large investment amounts, weak realizing capacity, and long recovery periods.

　　Basically, for sales properties such as residential properties, logistics real estate projects can only obtain operating income such as rent through property management. The recovery period of funds is very long, and it usually takes more than 10 years.

　　Therefore, in the self-sustaining mode, although it can obtain the full cycle operating profit return, it will cause a very high capital occupation, reduce the asset turnover rate of investors, and affect its expansion rate in the industry.

　　However, as the infrastructure industry, the most important thing for logistics and real estate is to intervene in a network that extends in all directions, seize core and key positions, and construct asset barriers.

Therefore, whether to solve the financial problem and seize the opportunity in the industry has become the key to development in the industry.

　　And the dating and development of logistics real estate funds (including REITs) provide a way to revitalize asset drainage 武汉夜生活网 funds for such breakthroughs, and have an attractive alternative to both supply and demand sides of logistics real estate.　　Publicly issued real estate investment funds (public offering of REITs) refer to standardized financial products that convert real estate assets or equity (including infrastructure, leased houses, commercial properties, etc.) into publicly traded alternatives to liquidity.

　　This model has been developing rapidly in foreign countries for many years, and the development of REITs in mainland China is also steadily advancing.

　　From the perspective of investment logic, interest rates affect the development of the logistics real estate market. Interest rates have fallen, high-yield fixed-income products have decreased, credit spreads have narrowed, forming a coefficient effect, which has attracted investors 青岛夜网 to passively invest in commercial real estate.

And REITs provide a smooth channel for the investment, financing and withdrawal of logistics real estate, reducing investors’ worries.

　　Figure Internet logistics real estate REITs transaction structure map The basic assets of REITs are the key allocation targets of insurance, trust and other institutional investors.

　　After standardization, this product with long-term considerable returns and low correlation with other traditional investment products is expected to release more long-term institutional investors and individual investors for configuration.

A misunderstanding？

Vietnam denies wanted persons “abducted” from Germany

A misunderstanding?
Vietnam denies wanted persons “abducted” from Germany

Germany ‘s foreign ministry said on the 2nd that Vietnamese government officials kidnapped former Vietnamese state-owned enterprise executive Zheng Chunqing from Germany back to Vietnam.

　　Vietnam ‘s Ministry of Foreign Affairs on the 3rd denied the kidnapping of the suspect in the major corruption case, saying that he had surrendered himself to the country.

On the same day, Vietnam ‘s national television broadcast Zheng Chunqing ‘s remorse.

　　[Lexus with official license plate]Zheng Chunqing is 51 years old. From 2007 to 2016, he served as Deputy Secretary of the Party Committee, General Manager, Chairman of the Board of Directors of Vietnam Oil and Gas Installation Co., Ltd., and member of Houjiang Provincial Party Committee and Vice Chairman of the People’s Committee.

　　In May 2016, Vietnamese media exposed photos of Lexus private cars owned by Zheng Chunqing with official license plates.

His actions were against the rules and caused widespread public outrage.

　　The General Secretary of the Central Committee of the Communist Party of Vietnam, Ruan Fuzhong, is responsible for investigating Zheng Chunqing.

Vietnam News Agency reported that Zheng Chunqing lacked responsibility and malfeasance while serving as an executive at Vietnam Oil and Gas Installation Co., Ltd., causing illegal and illegal behavior in economic management, which caused the company to cause about 30%.

3 trillion Vietnamese dong (approximately 1.

$ 5 billion).

Moreover, Zheng Chunqing did not take the above errors seriously and honestly.

　　In addition, Zheng Chunqing was also implicated in a fraud case involving a residential community construction project.

　　Zheng Chunqing was revoked from Congress and expelled from the party.

In July last year, Zheng Chunqing escaped from Vietnam during his sick leave and disappeared.

The Ministry of Public Security of Vietnam wanted Zheng Chunqing nationwide last September and pursued it through Interpol.

　　[Summary or abduction]On July 31 this year, the Ministry of Public Security of Vietnam announced that Zheng Chunqing, a person involved in a major corruption case, had surrendered to the Security Investigation Bureau of the Ministry of Public Security.

　　However, German media reported that Zheng Chunqing did not return to Vietnam to surrender himself. Instead, he was tied up in the Tiergarten Park in Berlin on July 23 by a number of Vietnamese security agency agents carrying weapons and taken away in the air car.

　　The German “German Süddeutsche Zeitung” reported that Zheng Chunqing had applied for asylum in Germany and was scheduled to receive a hearing on the asylum application on July 24.

　　The German Ministry of Foreign Affairs issued a statement on August 20, saying that the kidnapping of Vietnamese citizen Zheng Chunqing on German territory was a flagrant violation of German and international law. It was unprecedented.

　　The German foreign ministry also announced that an intelligence officer at the Vietnamese embassy in Germany was an unwelcome person, leaving the country for a 48-hour period.

　　The Minister of Foreign Affairs of Vietnam responded at a regular press conference on the 3rd. The Vietnamese side regretted the statement made by the German Foreign Ministry. The Vietnamese side has always known and hoped to maintain and develop a strategic partnership with Germany.

　　Vietnamese National Television later broadcast a picture of Zheng Chunqing’s remorse.

In a confession dated July 31, Zheng Chunqing stated that he fled Germany because of immature considerations.

During his time in Germany, he lived a life of fear and fear, recognizing the need to face reality, returning to his country to acknowledge his fault and apologize.

　　[Strike hard on corruption]Several senior officials of the central and local government of Vietnam have been disciplined for the case of Zheng Chunqing.

　　Vietnam ‘s Vietnam News Agency reported that in October last year, former Vietnamese Minister of Industry and Commerce Wu Huan Hui appointed Zheng Chunqing for violation of regulations and was punished by the Prosecution Committee of the Central Communist 夜来香体验网 Party of Vietnam.

The director of the Vietnamese government office, Mei Jinyong, said that Wu Huihuan ‘s mistakes were very serious. Ruan Fuzhong, general secretary of the Central Committee of the Communist Party of Vietnam, was responsible for the party, the state, law enforcement, and judicial institutions to investigate the situation of Wu Huihuan ‘s violation of laws and regulations.

　　The following month, the meeting of the inspection committee of the Central Committee of the Communist Party of Vietnam decided that the former member of the Central Committee of the Communist Party of Vietnam, Huang Mingzhi, the former secretary of the Provincial Party Committee of Houjiang Province, Chen Gongzheng, the secretary of the Provincial Party Committee of Houjiang Province, the former member of the Central Committee of the Communist Party of Vietnam, and the former Deputy Minister of the Organization Department of the Central Committee, Chen Liuhai, etc.The punishment was artificial because these people violated the party discipline and cadre work regulations and transferred Zheng Chunqing from the Ministry of Industry and Commerce to Houjiang Province.

　　On July 31 this year, Ruan Fuzhong presided over a meeting of the Anti-Corruption Steering Committee of the Communist Party of China.

He said that in the first half of this year, anti-corruption and anti-waste efforts have achieved remarkable results.

The meeting reached agreement on seven major tasks in the second half of each year, including continuing to implement the anti-corruption regulations of the party and the country, and making positive progress in anti-corruption work.

(Hui Xiaoshuang) (Xinhua News Agency special feature) Original title: A misunderstanding?

Vietnam denies wanted persons “abducted” from Germany

Seiko Steel Structure (600496) 2019 First Quarterly Report Review： Performance Continues High Growth EPC Business Expands Significantly

Seiko Steel Structure (600496) 2019 First Quarterly Report Review: Performance Continues High Growth EPC Business 南京桑拿网 Expands Significantly
The performance continued to grow at a high speed, and the new starting point accelerated the company’s revenue in Q1 2019.1.6 billion, an annual increase of 4.13%; net profit attributable to mothers1.0.6 billion, an annual increase of 319.59%, an increase of 126 over 2018.61 points.The new millennium single 50 was achieved in the first quarter.300 million, a year-on-year increase of 62%, an increase of 42 compared to 2018.21pct, of which the main business steel structure for the new decade single 50.110,000 yuan, an increase of 71 in ten years.67%.The order increase mainly comes from the market expansion of the EPC business, and the report has undertaken a total of 23 times.500 million EPC projects, only 1 in the same period last year.07 billion. Gross profit margin increased significantly, cash flow improved significantly in 2019Q1 gross profit margin was 16.15%, an increase of 5 per year.49 points, the increase in gross profit margin was mainly due to the impact of steel price fluctuations on raw material costs; net profit margin was 4.80%, an increase of 3 per year.61 points.Period expenses11.15%, an increase of 2 per year.05pct; in which the management expense rate is increased by 2.11 points to 7.78%, the financial expense ratio decreased by 0.14 points to 1.89%, sales expense ratio increased by 0.07pct to 1.48%.Total asset turnover is 0.16 times, down by 15 each year.79%, accounts receivable turnover investment1.40 times, 12.00%; budget of assets and liabilities 64.39%, an increase of 1 per year.20pct.Realize operating net cash flow 2.8.1 billion, with operating net cash flow / operating income of 12.68%, an increase of 28 a year.04 points. Companies with improved performance in Q1 have achieved revenues of 17 in Q2 2018, Q3, Q4 and Q1 2019.6.7 billion, 16.8.7 billion, 30.49 billion, 22.1.6 billion, an annual increase of 5.80%, 4.81%, 61.24%, 4.13%; realized net profit of 0.94 billion, 0.2.8 billion, 0.35 billion, 1.0.6 billion, an increase of 176 in ten years.36%, 287.67%, 4888.48%, 319.59%.The company’s performance growth improved in the first quarter. The growth momentum of the prefabricated business is strong, and the results of the EPC mode conversion have significantly been carried out as a leading enterprise in prefabricated buildings. The company has developed into the only prefabricated enterprise with a full industrial chain.In 2018, the company’s assembly business has a new ten-year order.5.3 billion, a 169-year increase.44%.The company actively transformed the EPC mode of general contracting of the project, and achieved a breakthrough in green integrated business by adopting the direct-operated EPC and the patent-licensing model of two-wheel drive.In 2018, it undertook green integrated business under the EPC direct sales model14.830,000 yuan, a year-on-year increase of 163%; technology authorization completed1.700 million, an increase of 240% in ten years. Profit forecast and investment advice: The company’s EPS for 19-21 is expected to be 0.20/0.36/0.55 yuan, PE is 18.0/10.1/6.6 times.Maintain “Buy” rating. Risk reminder: bad debts of accounts receivable, fixed asset investment period, order conversion rate is lower than expected, etc.

Ewushang A (000501)： Three rate reductions in revenue and performance growth rebounded month-on-month

Ewushang A (000501): Three rate reductions in revenue and performance growth rebounded month-on-month
Key investment points Revenue and performance growth rate both improved sequentially.The company achieved operating income of 47 in the first quarter of 2019.4.9 billion, down 1 year.81%, a month-on-month improvement over the fourth quarter of last year (2018Q4 growth was -6.51%). It is mainly due to the continued sluggish growth of market consumer demand and the increasing impact of new business model diversion.The company realized net profit attributable to mother 2.95 ppm, a ten-year increase3.61%, a significant improvement from the previous quarter of 2018Q4 (2018Q4 growth rate was -26.99%). The decrease in the expense ratio during the period drives the improvement of profitability.In the first quarter of 2019, the company’s net interest rate was 6.21%, an increase of 0 over the same period last year.32pp, mainly due to the conversion of cost rate during the period.2019Q1 company period expenses11.40%, a significant decline of 0 every year.92pp; sales expense ratio, management expense ratio and financial expense ratio continue to decrease, decreasing by 0 respectively.60pp, 0.19pp, 0.12pp to 10.19%, 1.18% and 0.03%.Financial expenses decreased by 79 compared with the same period last year.46%, mainly due to repayment of bank loans.In addition, sales gross margin was 20.71%, a decrease of 0 per year.01pp, keep stable. Accurate positioning and differentiated operation will accelerate the transformation and upgrading of the format.1) The revenue of shopping malls continued to increase, and the reform of supermarket stores improved performance.The company’s shopping malls implement differentiated operations to further broaden the high-end business field, attracting passenger flow through various forms such as e-sports events, trendy lifestyles, etc. For supermarket formats, accelerate store upgrades, focus on fresh produce, increase the proportion of catering, and strengthenStore gathering ability.2) The proportion of store-owned properties is large, and the property re-evaluation value is high.The company’s own property accounts for about 65%, has strong ability to resist rent growth, and the property revaluation price is high.3) The “Dream Times” accelerated, and the total investment of the project increased to 119 by the end of 2018.950,000 yuan, with a total construction area of 81.670,000 square meters, the construction period is delayed due to land acquisition, and the project progress is 14.91%, the company is expected to open by the end of 2020.By then, the expansion of the “Dream Factory” expansion operation is expected to bring more revenue and performance increase to the company. Profit forecast, estimation and rating: It is estimated that the operating income for 2019-2021 will be 184 respectively.6.6 billion, 190.7 billion, 200.Taking into account the company’s transformation and upgrading, improving quality and efficiency, the net profit attributable to mothers will be 10 in the next three years.9.1 billion, 11.1.3 billion, 11.6.5 billion yuan, achieving EPS of 1.42 yuan, 1.45 yuan, 1.51 yuan, the closing price corresponding to PE on April 26,都市夜网 2019 were 7 respectively.8 times, 7.6 times, 7.Three times, maintain the rating of “prudent overweight”. Risk Warning: “Dream Times” Project Progress Is Less Than Expected, Uncertainty in Conversion and Upgrade

Enlightenment Environment (000826)： 1？

3Q19 performance adjustment 48% improvement in cash flow improvement business pressure still exists during the adjustment period

Enlightenment Environment (000826): 1?
3Q19 performance adjustment 48% improvement in cash flow improvement business pressure still exists during the adjustment period

19?
1Q3 company results that meet our expectations1?
3Q19 performance: The company’s revenue in the first three quarters was 73.

6 ppm, 10-year average of 13.

19%; net profit attributable to mother 4.

4 ‰, 48 years ago.

27%, corresponding to a profit of 0.

27 yuan, net of non-attributed net profit 2.

7 ‰, an average of 67 in ten years.

45%, in line with expectations.

In the third quarter of 19, there was a breakthrough.

Main performance companies The company’s initiative to shrink investment in PPP projects resulted in the replacement of related engineering and consulting business performance.

The company’s profitability declined slightly, 19?
In 1Q3, the company’s gross profit margin decreased by more than 6.

3ppt to 24.

7%; the expense ratio increased by 0 during the period.

58ppt to 17.

97%, the sales expense ratio decreased by 0 due to business contraction.

96ppt to 1.

57%, long-term loans increased by 15 compared with the beginning of the year.

50,000 yuan, resulting in an increase in financial expense ratio by 1.

74ppt to 7.

26%.

Management and R & D expense ratios are 8 respectively.

20%, 0.

94% remained stable.

Development trend Operating cash flow has improved and accounts receivable are still under pressure.

On January 3, 19, the company’s operating cash flow was -85.10 million yuan, compared with the same period last year (-12.

700 million), a significant improvement, mainly due to the improvement in the quality of project repayments.
In 3Q19, the company’s cash ratio increased by 28ppt to 83%.

However, receivables are still under pressure. As of the end of the reporting period, receivables were 71 megabytes, an increase of 20% earlier.

We believe that the receivables for dismantling and receivables of waste household appliances, which are mainly renewable resources, and government receivables for sanitation business account for a relatively high proportion.

Successfully issued 500 million green bonds to optimize the structure of resistance.

In September 2019, the company successfully issued US $ 500 million green bonds (first instalment) with a 5-year term and an interest rate of 6.
.

5%.
The company’s short-term debt accounts for a relatively high proportion, and the issuance of long-term bonds is conducive to optimizing the corporate 杭州夜网 bond structure.

Xiongan Puhua proposed a war date to ease funding pressure.

The company announced that it intends to transfer 40% of its shares in Xiong’an Puhua (a main water project investment construction and operation business) to appoint a strategic investor.

If the dating battle is successful, it is expected that the company’s funding pressure will be eased and the water business management structure will be optimized.

Earnings forecasts and estimates We maintain the company’s net profit for 2019 and 20206.

37 and 7.

11 trillion remains unchanged, currently corresponding to 20.
9 times 2019 P / E ratio and 18.

8 times 2020 price-earnings ratio.

Maintain “Neutral” rating and target price of 11 yuan, corresponding to 24.

4x 2019 P / E and 22.

The 0x 2020 earnings ratio is 18% more upside than previously 南京桑拿网 included.

Risks Risk of impairment of accounts receivable, business expansion is less than expected risk, market financing risk.

Sangang Minguang (002110) Company Comment： Q4 Profit Improves MoM

Sangang Minguang (002110) Company Comment: Q4 Profit Improves MoM

Event: The company released the 2019 annual performance report, reported and achieved operating income of 45.5 billion US dollars, an annual increase of 25.

5%; net profit attributable to shareholders of listed companies 36.

76 trillion, down 43 each year.

5%.

The report has an initial EPS of 1.

5 yuan, single quarter EPS are 0.

59 yuan, 0.

49 yuan, 0.

27 yuan and 0.

35 yuan; profit gradually declines, industry changes: Looking back at 2019, although the downstream steel demand demand performance is still strong under the strong real estate pull, the supply side of the industry continues to increase due to factors such as environmental protection and loosening of production restrictions and the replacement of production capacity.The profit margin of the industry has fallen.

According to our calculations, taking into account the inventory cycle of raw materials, the average gross steel gross tonnage of steel products in 2019 in terms of industry size hot-rolled plates, cold-rolled plates, rebars, and plate products is 313 yuan, -23 yuan, 524 yuan, and 193 yuan, respectively.Reductions were 57%, 106%, 39% and 70% respectively.

Judging from the performance forecast of the 2019 annual report of listed steel companies disclosed in the previous period, the net profit of many companies has continuously shifted by as much as 50% -90%.

The company’s products are mainly construction steel, and its profit performance is that other plate varieties are mainly steel enterprises.

Against the backdrop of steel price declines in 2019, the reasons for the reported increase in the company’s operating income against the trend are mainly due to the increase in the company’s steel output and the increase in the business income of the subsidiary Fujian Minguangyunshang Co., Ltd.

In addition, the company issued an announcement at the end of 2019, confirming the recognition of losses from the disposal of fixed assets.

0.6 million yuan, affecting the profit before tax for the year1.

06 ‰; fourth quarter earnings improved month-on-month: In the third quarter of 2019, taking into account the cyclical factors of steel companies’ raw materials inventory, the impact of the rapid rise in iron ore prices on earnings in June 杭州桑拿 was reflected in July, while macroeconomic expectations for August combined with the worsening external environmentUnder the dual squeeze of tightening internal land financing, pessimism increased sharply and steel prices fell sharply, and the profits of many steel companies in the third quarter hit a new low for the year.

The low interest rate environment complemented low inventory, real estate investment remained stable in the fourth quarter, proactive fiscal policies continued to develop, the weak recovery of infrastructure continued, and macro-pessimistic sentiment restored a rebound in steel prices and improved profitability.

According to the results announcement, the company’s net profit attributable to its parent in the fourth quarter was 8.

51 ppm, an increase of 30 from the previous quarter.

5%; capacity 四川耍耍网 expansion is yet to be achieved: the steel capacity index (iron: 100 targets, steel: 100 targets) of the Shanxi Iron and Steel Xinjiang Company obtained by the company through auction, the asset delivery has been completed, and the pre-order company and Fujian billion star steel agreementStrategic cooperation was made using the respective steel production capacity indicators owned by them, but after friendly negotiation with the other party, the above-mentioned cooperation matters have been suspended.

In addition, the integration of the group’s Luoyuan Minguang has been put on the agenda, and the overall listing of the Group’s main steel industry will continue to be promoted. Overlapping the newly purchased capacity indicators, the company’s total crude steel capacity will increase to 1105 millimeters. By then, the market share in Fujian will reach 70%.Impact of short-term epidemic situation: The epidemic event has limited impact on the company’s production conversion and is basically in continuous production. However, the resumption of work by downstream industrial enterprises is disrupted, and it still takes time to fully resume work.

At present, steel factory warehouses and social inventories have reached historical highest levels, the supply-demand relationship has deteriorated in stages, and the pressure on steel prices has increased.

However, counter-cyclical adjustment policies must be adopted to continue to add weight. After the epidemic subsides and demand returns to normal levels, profits increase. Investment recommendations: The company will expand the scope of scale expansion and increase logistics costs in the future through the outsourcing of steel capacity indicators and the acquisition of Luoyuan MinguangAdvantage.

The short-term downstream demand is affected by the epidemic, and the supply and demand pattern has deteriorated in stages. However, the policy of extending the reverse cycle has been added. After the epidemic resumes, the industry’s profit will be promoted and repaired.

The company’s EPS for 2019-2021 is expected to be 1.

50 yuan, 1.

43 yuan and 1.

53 yuan, corresponding to 5 for PE.

4X, 5.

6X and 5.

3 times, maintain “overweight” rating; risk warning: the epidemic is aggravated, the uncertainty of the acquisition of Luoyuan Minguang, the macroeconomic decline.