Month: March 2020

Langzi (002612) 2019 Third Quarterly Report Review: Steady Growth in Revenue, Falling Investment Income Affects Net Profit

Langzi (002612) 2019 Third Quarterly Report Review: Steady Growth in Revenue, Falling Investment Income Affects Net Profit

Revenue continued to increase, investment income decreased and asset impairment losses increased, resulting in a decrease in net profit. The company released its 2019 third quarter report and achieved operating income21.

2.9 billion, with an annual increase of 6.

65%, deducting non-net profit 1.

2.5 billion, downgraded by 25 every year.

80%, net profit attributable to mother 1.

5.7 billion, downgraded by 14.

92%, EPS0.

39 yuan.

Under the background of income growth, the growth rate of net profit margin was mainly due to the increase in investment income and increase in asset impairment losses due to the loss of the subsidiary Langzi Hana Asset Management from the end of July 19th.

19Q1-Q3 revenue increased by 11 respectively.

78%, 3.

69%, 4.

68%, net profit attributable to mothers was -12.

54%, -29.

17%, -6.


Women’s growth 北京夜网 has been steadily increasing, and medical aesthetics has been growing at a higher rate. In terms of the break-even income of infants and children, 19H1 women’s clothing, infants, medical aesthetics, and asset management income increased by 5 respectively.

78%, 1.

68%, 22.

29%, 2.

37%, of which women’s clothing, infants, medical beauty income accounted for 50%, 26%, 20% respectively.

In the women’s clothing business, only the main brand of Langzi achieved revenue growth (sometimes by 12) in 19H1.

79%), other small brands substitute alternatives.

Looking at the first three quarters, it is estimated that the women’s clothing business will grow in single digits, of which Q3 revenue growth rate is slightly inclined, infants and young children continue the trend of mid-term reporting; the growth rate of medical beauty is still high.

Gross profit margin increased, investment income decreased, and asset impairment losses increased. Gross profit margin increased in the first three quarters of 20192.

65PCT to 59.

29%, mainly women’s clothing with a higher gross profit margin, the proportion of medical beauty business income increased, and the gross margin of medical beauty and infants increased; 19H1 women’s clothing, infants, medical beauty, asset management business gross margins were 59.

35% (+0.

25PCT), 52.

52% (+5.

35PCT), 58.

12% (-2.

60PCT), 100% (+0).

Q3 gross profit margins were doubled +3.

48, -0.

99, +5.

Expense ratio: The increase in expense ratio during the first three quarters decreased by zero.
15PCT to 54.

38%, including sales, management, R & D, and financial expense ratios of 37.

25% (+2.

95PCT), 10.

03% (-0.

47PCT), 2.

79% (+0.

14PCT), 4.

31% (-2.


The increase in the sales expense ratio was mainly due to the increase in shopping mall expenses, medical beauty advertising expenses, store custody fees, and employee compensation. The decrease in financial expense ratio was mainly due to the fact that Langzi Hana Asset Management was no longer consolidated and the company repaid the rest in advance.

Other financial indicators: 1) Inventory earlier than early 19-19.

35% to 10.

51 ppm, an increase of 17 over the same period last year.

62%, inventory turnover is 0.

86, compared with 1 in the same period last year.

03 has improved; accounts receivable increased by 12 from the beginning of 19th.

86% to 4.

09 million yuan, accounts receivable turnover rate 5.

53, compared with 4 of the same period last year.

36 speed up.

2) Investment income is reduced by 30 each year.

59% to 1.

50 ppm, a net reduction of 66.16 million yuan, mainly due to the subsidiary Langzi Hana Asset Management no longer holding shares since the end of July, the impact of the decline in shareholding ratio, in addition, L & P performance increased (net profit in 19H1 was 29.03 million yuan, 18H1 was 1.

27 ppm, interest rate 77%), the company confirmed that the reduction in investment income also had an impact.

3) Asset impairment losses increased by 642 in ten years.

13% to 20.78 million yuan, mainly due to the increase in the decline in inventory of women’s clothing business.

4) Net cash flow from operating activities increased significantly to 6.

3.3 billion, a net increase of 5.

USD 8.9 billion was mainly due to the repayment of corporate loans by Langzi Hana Asset Management.

Business structure adjustment, shrinking asset management business, women’s clothing and medical beauty continued to acquire May 2019, the company completed the mid-to-high-end well-known women’s clothing brand “Zibaomi (m.

tsubomi) “.

The Zibaomi brand was born in Japan and has a history of more than 20 years. The brand image is simple, clean, and has both design and practicality.

After the company’s introduction, it plans to turn it into a domestic “leading brand of daily fashion aesthetics” and a “multi-platform innovative brand” within the group.

The overall scale of the brand is relatively small. At the end of June 19, it had two directly-operated stores, which contributed a consolidated income of 2.25 million yuan in the first half of the year.

The company announced in June 2019 that it would issue shares to the controlling shareholder and actual controller, Mr. Shen Dongri, to purchase Langzi Medical 41.

19% equity, set the shareholding ratio to 100%, the completion on August 5, 19, the new issue of shares on August 20, 3507.

07 million shares were listed.

In July 2019, the company changed its 42% stake in subsidiary Langzi Hana Asset Management to 6.
RMB 9.6 billion was transferred to Wuhu Dezhen, and the industrial and commercial change was completed on July 22. The company expects to hold 34% of its shares instead of consolidating consolidated statements.
The company announced in August 2019 that it had invested 63 million yuan to acquire a 60% stake in Xi’an Meicube, and it had been consolidated since October 2019.

Xi’an Beauty Cube is a high-end general hospital in the medical and beauty industry. Its main business is plastic surgery including plastic surgery, minimally invasive surgery, dermatology and hair transplantation. It has been operating since 2013 and has more and more brand influence in Xi’an.

The target’s 2018 revenue was 33.75 million yuan, net profit was 14.90 million yuan, 19H1 revenue was 45.96 million yuan, and net profit was -3.24 million yuan.

Factors such as the decrease in investment income in 19 years have affected profit. The reasons for the improvement in business structure are: 1) The main business of women’s wear has grown steadily. In terms of revenue performance in the first half of the year, Langzi’s main brand has grown steadily.The speed of medical beauty business development, the company’s acquisition of the US cubic hospital and increasing the average shareholding ratio of Langzi Medical show the key development strategies of the business; the infant and child flat increase slightly; the asset management business shrinks, confirming the decrease in investment income.

2) The company will no longer consolidate the management of Langzi Hana Asset Management, which will affect 19 years of net profit, reduce investment income, and reduce restructuring financial costs accordingly.

In addition, the performance of L & P companies increased in 19, and the investment income recognized by the company will also decrease.

3) In terms of consolidation, the women’s clothing brand Baozi has been consolidated since May 19th, and the US Cube in the medical beauty business has been consolidated since October 19th, due to its relatively small scale and limited increase in revenue.

Considering that investment income accounts for a higher proportion of the company’s profits, the proportion of shares in Langzi Hana Asset Management declined in 19 years, no longer holding, and the increase in investment income of cosmetics L & P, the impact on the profit of consolidated statements, down 19?
The 21-year EPS is 0.

46, 0.

51, 0.

55 yuan, 20 times PE in 19, maintaining the “overweight” level.

Risk warning: weak terminal consumption; improper integration of mergers and acquisitions; fluctuations in asset management business, L & P investment, etc., causing changes in investment income to exceed expectations.

CITIC Securities (600030): Investment and investment bank contributions continue to benefit from registration reform

CITIC Securities (600030): Investment and investment bank contributions continue to benefit from registration reform

Guide to this report: In consideration of the company’s reduction in CITIC Construction Investment’s progress beyond expectations, the company’s profit forecast has been lowered.

The company’s investment banking and direct investment businesses have prominent advantages and will continue to benefit from deepening capital market reforms; leading companies should give estimated premiums and maintain overweight ratings.

Key points of investment: Maintain the “overweight” rating and raise the target price to 30.

4 yuan / share.

The company disclosed the performance quick report, and realized operating income / net profit attributable to mothers in 2019 of 431.


900 million, previously +16.

0% / + 30.

9%, ROE 7.

8% for one year.

6pct; Q4 net profit 17.

700 million, -57% MoM, exceeding our expectations.

The growth of the company’s performance is expected to be mainly contributed by the two major business incomes of investment and investment banking. Considering that the company’s reduction in holdings of CITIC Construction Investment is gradually expected, we lower the company’s 杭州夜网论坛 EPS forecast for 2019-2021 to 1.



40 yuan (1 before adjustment).



56 yuan).

The amendment to the securities law has been implemented with a clear registration system. As a leader in the industry, the company is expected to benefit from the comprehensive deep reform of the capital market, which is expected to exceed expectations and raise its target price to 30.

4 yuan / share, corresponding to P / B 2 in 2020.

1X, overweight.

The difference between the net profit of the monthly report and the consolidated statement is expected to come from the influence of subsidiaries.

1) Excluding the dividend income of 2.5 billion subsidiaries in the company’s October monthly report, the net profit of the Q4 consolidated statement is less than the monthly report of the parent company3.

800 million, the difference is expected to be mainly affected by the dividends of other subsidiaries and the performance of subsidiaries is not up to expectations.

2) According to the announcement of CITIC Construction Investment, the company reduced its holding of CITIC Construction Investment from July 17 to October 14, 19.

577% of shares, no further reductions until January 10, 2020, the progress of reductions is gradually expected.

It is expected that the investment and investment banking business will contribute the main performance increase, and the brokerage and asset management will increase slightly several times.

1) Benefiting from the science and technology board, it is expected that the company’s investment bank and direct investment business income will increase significantly in 2019.

In 2019, the company’s IPO / refinancing (including convertible bonds) / debt commitment scales were +255% / + 47% / + 19%, 9 out of 28 IPOs of 9 science and technology board projects.Fair change gains and losses) 10 years + 73%.

2) The company’s brokerage business structure is diversified and the scale is expanded. Huaxia Fund’s 19-year revenue growth + 7%. CITIC Asset Management actively expanded the management scale. It is expected that the company’s brokerage and asset management business revenue will increase slightly in 19 years.

Catalysts: The implementation of capital market reform and innovation policies; increased market activity.

Risk warning: the stock market has fallen sharply; industry supervision has become stricter.

Rongbai Technology (688005) New Share Issuance and Listing Pricing Report: Leading the High Nickel Trend into Global Markets

Rongbai 南宁桑拿 Technology (688005) New Share Issuance and Listing Pricing Report: Leading the High Nickel Trend into Global Markets

Core point of view: New energy vehicle policy guides high-quality development trends Starting in 2017, new energy vehicle policy guidelines began to shift from scale-oriented to quality-oriented. According to high-tech lithium batteries, 2017-2018 battery installations36.


0GWh, the demand for power batteries is expected to reach 90 in 2019-2020.


6GWh, compound growth rate of more than 55%.

Under the minimum design of the dual-point system, the supplementary management target has been increased from 2 million vehicles in 2020 to 7 million vehicles in 2025, and at the same time guide the industry to high-end mileage, high energy density and high quality, high nickel ternary and other new typesBattery products are expected to accelerate to market.

High-Nickel Ternary-Global Technology Consensus for Power Batteries According to the technology roadmap of mainstream battery manufacturers around the world, ternary high-nickelization has become the consensus of global power battery technology directions. Third-party multi-material companies can fully take advantage of technical expertise in the short to medium termContinue to expand market share. In the long run, it will be integrated with upstream companies. Mastering resource cost advantages will further increase market share.

Rongbai Technology: domestic high-nickel, going global. According to the prospectus, the company is the first domestic high-nickel product mass production of change materials company, deducting non-net profit in 20182.

30,000 yuan, an increase of 121 in ten years.

20%, using the first-mover advantage of technology, customers include Ningde Times, BYD, LG Chemical, Tianjin Lishen, Funeng Technology, BAK Power and other first-tier manufacturers.

Earnings forecast and investment recommendations The company is expected to return to its parent’s net profit in 2019-2021.



0 ppm, compound growth rate of 45%, using relative estimation method, compared with Dangsheng Technology / Ningde era leading companies, considering the high nickel ternary scarcity, given the current year price-earnings ratio range 28-33 times in 2019, a reasonable value range 24.


3 yuan / share.

Risk warning: The promotion and application of high-nickel ternary materials is lower than expected; intensified market competition has brought about a decline in product profitability; and the production and sales of new energy vehicles have fallen short of market expectations.

Focus Media (002027): Customer structure continues to adjust, optimistic about long-term layout value

Focus Media (002027): Customer structure continues to adjust, optimistic about long-term layout value

Event: The company announced the third quarter report of 2019.

Revenue in the first three quarters dropped by 18 over the past ten years.

12% to 89.

At 0.6 billion yuan, net profit attributable to mothers decreased by 71 each year.

72% to 13.

600 million yuan, performance in line with the three quarterly notice (11.

5 billion?

5 billion).

Q3 single-quarter revenue fell by 15 per year.

33% to 31.

8.9 billion, net profit attributable to mothers has fallen by 60 every year.

18% to 5.

8.2 billion, net profit attributable to mothers reduced by 63.

99% to 4.

9.7 billion yuan.

The company forecasts 2019 results, and the net profit range is 17.

5 billion?

5 billion, -69 in the 合肥夜网 past.



The performance is in line with expectations, and the most difficult period has passed.

The company’s net profit attributable to its mother in the first three quarters was mainly due to the weak macroeconomic impact on the demand of the advertising market, the company’s own customer structure adjustment, expansion of elevator media, credit impairment loss provision and provision.

In addition, the company has expanded elevator media resources since 18Q2, resulting in increases in media resource rents, equipment depreciation, labor costs, and operation and maintenance costs.

Concerned about the “super overlay marketing” of the cooperation of, new changes in the segment profit model.

A classic experiment of the upcoming new car and niche practice of the “hyper-converged marketing” theory has become a hot topic from the perspective of the topic. It can be said that it has been initially successful, but specific sales data have to wait for easy car data.

We expect that once the effect is better, Focus Focus is expected to launch more single-day screens for a single customer in the future.

The company has set a pre-set “cyclic stock” label and is optimistic about its long-term layout value.

Focus’s customer structure has changed a lot over the past year. In the first half of this year, the industry category “daily consumer goods” accounted for 30% of the revenue of customers.

66%, it is estimated that the customer revenue of consumer goods in 19Q3 increased by nearly 20% each year; and the proportion of “Internet” customer revenue dropped to 22.

15%, almost a half.

The company’s customer structure is moving towards the consumer goods industry, so even when the economic environment is relatively bad, it is expected to enjoy the growth of α, once the subsequent economic recovery, return to the growth of α and β.

Profit forecast and investment suggestions: The company is expected to realize net profit attributable to mothers in 2019-2021.

21 billion, 34.

9.5 billion and 44.

1.2 billion, corresponding to 44.
6 times, 25.

8 times and 20.

4 times price-earnings ratio, it is recommended that long-term investors can gradually layout.
Risk reminders: Customer structure adjustment is less than expected, pressure on accounts receivable, pressure from the continued downturn in the advertising industry, and pressure from fierce market competition.

Scottish Chief Minister: Scots should have the right to choose whether to become independent

Scottish Chief Minister: Scots should have the right to choose whether to become independent
Xinhua News Agency, London, February 11th (Reporter Gui Tao) The chief minister of the Scottish Government of the United Kingdom, Scottish Nationalist Party leader Nikolaster King, 北京夜网 said in London on the 11th that the Scots should have the right to choose whether to be independent again.  At the press briefing organized by the British Foreign Journalists Association on the same day, Sturgeon said that Brexit was against the will of the Scots and the Scots should have the right to re-opt out of the United Kingdom.  She also stressed that the goal of Scotland’s independence must be achieved through a legal second referendum.Scotland is holding a ‘legal’ second referendum because the referendum and its results must be accepted and recognized by the international community.  Sturgeon said that he would continue to communicate with the British government and work hard to promote a second independent referendum because this is a path that can be made.  According to British law, Scotland’s second independent referendum must be approved by the British government and parliament.  In January this year, British Prime Minister Boris Johnson explicitly rejected Scotland’s request for a second independent referendum during the year, saying that the second referendum would put Scotland in a political deadlock again.  In September 2014, Scotland held a referendum on whether to leave the United Kingdom, and eventually chose to stay in the United Kingdom with 55% opposition and 45% support.Scotland and the EU have close economic relations, and most Scottish voters chose to support staying in Europe in the UK ‘s 2016 referendum. Original title: Chief Minister of Scotland: Scots should have the right to choose whether to become independent

Honghe Technology (002955): 19H1 income +11.7% to 2 billion lawsuit settlements eliminate short-term repression

Honghe Technology (002955): 19H1 income +11.7% to 2 billion lawsuit settlements eliminate short-term repression
Revenue increases by 11 every year.67%, net profit attributable to mother increased by 6.58%. The company released a semi-annual report on August 15th, achieving revenue of 20 in 19H1.25 ppm, an increase of 11 years.67% (19Q1, 19Q2 exceeded the growth rate of 6 respectively.48%, 14.08%); realizing net profit attributable to mother 1.13 ppm, a six-year increase of 6.58% (19Q1, 19Q2 exceeded the growth rate were -10.16%, 10.47%); net profit after deduction is 0.93 ppm, a ten-year increase6.73%.The EPS is 1.04 yuan.The reason for the increase in performance in this period is that market demand has increased steadily, business growth has increased, and operating income has increased. Settlement with CV Sources Litigation. On August 14, the company announced that during the company’s IPO, the company received the Civil Appeal Notice and 深圳桑拿网 4 related patent disputes related to the five internal lawsuits filed by CV Sources.”Civil Action”, the court has not yet heard the above five lawsuits on the date of the previous announcement. In April 19, the State Intellectual Property Office conducted an oral trial on the invalidation request of the four patents involved. In July 19, the company received a notice from the Guangzhou Intellectual Property Court, which led to a trial in September 19 in this case. On August 12th, the Company has settled the “Reconciliation Agreement” with CV Sources through friendly negotiation. CV Sources shall sue against the intellectual property rights of the company and its affiliated companies outside all territories. Honghe Air Force’s filing of an IPO will reflect its adherence to innovation-driven, technology-led development strategies and the competition strategies of its own brands. Maintain profit forecast and give Buy rating. Since 2000, the company has cultivated “Honghe Hitevision” brand products, mastering key technologies in the industry, huge market sales channels, and market share in domestic market share.The company has been cultivating the international brand “Newline” since 2012, actively participating in international competition, and gradually increasing its overseas market share, which has become a force for international competition.We expect 2019-2020 net profit to be 4.09 billion, 4.8.7 billion, PE is 19x, 16x. Risk reminder: the penetration of education interactive big screen increases, sales growth rate declines, and the risk of core talent loss

Sunshine City (000671): Outstanding performance and continuous financial improvement

Sunshine City (000671): Outstanding performance and continuous financial improvement
I. Event Overview Sunshine City announced its semi-annual results announcement. The company achieved operating income of 225 in the first half of 2019.1 ppm, an increase of 48 in ten years.0%; achieve net profit of return to mother 14.50,000 yuan, an increase of 40 in ten years.天津夜网5%.  Second, the performance of analysis and judgment continued to increase rapidly, and profitability increased steadily in the first half of 2019. The company achieved operating income of 225.1 ppm, an increase of 48 in ten years.0%; achieve net profit of return to mother 14.50,000 yuan, an increase of 40 in ten years.5%, performance is in line with expectations.In the total number of reports, the company’s real estate project gross margin reached 26.93%, an increase of 1 over the end of the previous year.28pct, with a revised return on equity of 6.91%, an increase of 1 over the same period last year.72pct, profitability continued to rise.  Sales kept funds, and the company with rich soil storage resources achieved sales of 900 from January to June.70,000 yuan, an increase of 28 in ten years.7%, of which, the Yangtze River 西安耍耍网 Delta, Greater Fujian, the Pearl River Delta and the Beijing-Tianjin-Hebei region contributed 36% of the overall sales.4%, 17.9%, 9% and 2.9%.At the end of the reporting period, the company’s gradual land storage area was 4,396.40,000 square meters, which is 3 in 2018.5 times, it can ensure the sustainable development in the next 2-3 years; on average, the saleable value of the first and second-tier cities accounts for 85.9%, the cumulative cost of land price is about 4322.Compared with the current average selling price of RMB 12,829 / sqm, the company’s profit quality continues to improve.  Resistance optimization, cost reduction ended until the end of June 2019, the company refused to pay 1121 with interest.21 trillion, including short-term interest-bearing debt of 341.610,000 yuan, the proportion of ownership interest rate decreased by 12 compared with the end of last year.34 points to 30.47%, compared with 52 at the end of last year.57% dropped to 31.00%, denying continuous optimization of the structure.At the end of the reporting period, the company’s comprehensive financing cost was 7.72%, a decrease of 0 from the end of 18.22pct, cost control is good.  Third, investment recommendations Sunshine City’s performance will grow rapidly, with beautiful sales data, sufficient soil storage resources, stable financials, and controllable overall risks. The company’s EPS is expected to be 1 in 19-21.05/1.42/1.83 yuan, the corresponding PE is 6.3/4.6/3.6 times, the highest in the past three years, the lowest, the median PE is 27.7/6.9/17.6 times, maintain the company’s “recommended” rating.  4. Risk warning: The real estate budget policy is tightened, and sales are below expectations.

Juewei Food (603517): Store Expansion Steady Expenses Managed Properly to Offset Cost Pressure

Juewei Food (603517): Store Expansion Steady Expenses Managed Properly to Offset Cost Pressure
Event: The company released its annual report. In 2018, the company achieved operating income of 43.68 trillion, the same increase of 13.45%; net profit attributable to mother 6.410,000 yuan, an increase of 27 in ten years.69%.Among them, the revenue in the fourth quarter alone was 11.02 trillion, with the same increase of 14.71%; net profit attributable to mothers1.5.3 billion, an increase of 23.60%, performance is in line with expectations. Stores developed steadily, and new terminal development was the core driving force for the company’s revenue growth.At the end of 18, the company opened a total of 9,915 stores, an increase of 862 in the early 17 years. The speed of opening stores is in line with the company’s goal of adding 800-1200 stores in China every year. Gradually, the company continues to run blank markets and expand new markets in Xinjiang and other terms of revenue breakdown, new stores in 18 years contributed about 11% of revenue growth.7%, single store revenue 46.0.6 million yuan, the same store growth contributed about 1.5%.It is reported that the first-tier company has completed the fourth-generation store upgrade, and completed the company’s continuous promotion of online O2O, and the number of transitional registered members has doubled.In 19, the company is expected to continue to maintain the goal of opening combat stores, increase the proportion of high-potential energy stores, and promote the expansion of “Jiaojia Youwei” new brand-operated stores. The prices of raw materials such as duck deputy went up, and the gross profit margin was slightly pressured.The company’s overall gross profit margin was 34 in 2018.30%, down by 1 every year.49pct, with a single Q4 gross margin of 32.47%, a decline of 4 per year.40 marks.Affected by stricter environmental protection and increased upstream costs, the prices of ducks and vice versa rose in 18 years.We calculate that the unit cost of fresh products is yoy + 10.7%, of which poultry products yoy + 11.3%; and the average price point of view, the price of fresh products per unit yoy + 8.5%, of which the unit price of poultry products +7.7%.The increase 北京桑拿洗浴保健 in unit price is slightly lower than the increase in cost. At the end of the 17th, the price increase factors and the product structure upgrade to a certain degree of gross margin pressure.Looking forward to 19 years, the price of wool ducks in Q1 has dropped slightly, and H1 cost pressure is expected to ease slightly. Expenses are properly controlled, and profitability is boosted by profit release.18 years company sales expenses 8.23%, a decline of 2 per year.84pct; management expenses + R & D expenses 6.20%, a decline of 0 every year.67 points.The decrease in sales expense ratio was mainly due to the substantial reduction in advertising and publicity expenses, scale, and scale effects gradually highlighting a certain degree of diluted unit transportation expenses. Profit forecast: As a leader in leisure halogen products, we are optimistic about its strong sales network and channel resources, and its profitability may continue to increase.The EPS is expected to be 1 in 2019-2021.93, 2.31, 2.73 yuan, corresponding to PE is 23 times, 20 times, 17 times, maintaining the “buy” level. Risk warning: food safety issues; store expansion is less than expected.

Data Port (603881) Quick Review of Important Events: Regaining Ali Orders Further Strengthens Growth Foundation

Data Port (603881) Quick Review of Important Events: Regaining Ali Orders Further Strengthens Growth Foundation

Matters: Recently, the company received the letter of intent to build a data center from Alibaba, and cooperated with the company to build four data centers HB41, HB33, GH13, and JN13. This is the supplementary amount based on the letter of intent for each project agreed in May 18.

This batch of data centers is expected to be delivered within 18 months from the date of construction. It is estimated that the total amount of service fee (excluding power) for carrier data center operation in 10 years will be approximately 24.


  Comment: 佛山桑拿网 Another large order was obtained, and the scale of operation was further expanded.

For an order of 400 million U.S. dollars, we estimate that the number of additional cabinets will be 4,000?
Between 5000.

Prior to this, the company’s orders in hand corresponded to a total of 30,000 operating cabinets at the end of 2020, which meant that the scale of operation and capacity increased by 13%?

After that, if the data center starts to expand next year, it is expected to be delivered by the end of 2021, which will ensure the growth of the company’s revenue from 2022 to 2023, and the period of continuous and rapid growth of the company’s business will be further extended.

At the same time that it brings a certain degree of income flexibility, the pressure on construction funds has further increased.

400 million in revenue over 10 years, increasing the company’s revenue by 2 each year.

4.4 billion.

According to our previous calculations, when the company’s operating data center revenue will be 16?
1.9 billion, the elasticity is around 14%.

  At present, the company has undertaken and is constructing a large number of Ali data center construction projects. Fund pressure has broken through, and financial expenses in the third quarter increased to a record high of 8.

68% (3 in the same period last year.

36%), the project-intensive construction period of the past two years is expected to continue to bring financial pressure.

  With a large number of data centers delivered and operated in 2020/2021, revenues are expected to grow rapidly, which will gradually reduce the pressure on funds, and then the profit elasticity will be transmitted.

Optimistic about the subsequent release of revenue and profit side, maintain the “overweight” rating and switch to 2019?
Progressive delivery of construction projects in 2020, going through 1?
2 years of power-up rate climbing, we expect the company 2019?
Revenue growth in 2021 will be 6.

5% / 38.

7% / 33.

8%, EBITDA is 4.



68 ppm, net profit is 1.



21 trillion, follow-up profit elasticity and toughness.

Currently 2019?
In 2021, the multiples of EV / EBITDA are 23/15/10 times respectively, and the current expected growth maintains the “overweight” rating.

Risk 南宁桑拿 warning: the company’s project construction speed is not up to the expected risk; the company’s cash flow is tight; the power-on rate is not up to the expected risk.

Marubeni (603983) New Share Pricing Report: High-end mid-to-high-end eye care leading-edge, refined trends and priority growth

Marubeni (603983) New Share Pricing Report: High-end mid-to-high-end eye care leading-edge, refined trends and priority growth

Company profile: The mid-to-high-end eye care leader is a mid-to-high-end premium skin care brand with an income of 15 at the age of 18.

7.6 billion, market share of skin care products1.

1%, ranking 21st overall and 10th among local companies.

The three brands Marumei (medium-to-high-end skincare), Chunji (mass skincare), and Lianhuo (mass cosmetics), of which the main brand medicine beauty are local eye care leaders, with 89% of revenue in 18 years, eye care incomeAccounting for 34%.

Independent research and development production, the channel is mainly distribution (18% in 18 years), the form of CS stores and e-commerce accounted for 42%, 40%, of which CS stores are mainly located in third-tier cities and below.

Industry analysis: In the growth stage, it has become high-end in recent years, and the trend of refinement has existed since 00. The cosmetic industry has been replacing the fourth-tier and below cities with consumption upgrades entering the growth. The industry space in 2018 is 4102 trillion.
In the industry for 18 years, the average annual compound growth rate of skin care products and cosmetics market is 8%, 9%, and 16%. Skin care products and cosmetics have a higher prosperity.

Extreme high-end, refined (water cream cream upgrade to eye cream, essence and other advanced skin care) trend is emerging.

International brands dominate, with strong performances in the high-end, make-up, hair care and bathing fields. Local brands have grasped the industry’s growth channels to break the dividends and continue to improve in the field of mass skin care products.

The industry is changing rapidly, short-term competition is dominated by marketing and channels, long-term return to product power, high-end brand star products have strong vitality, large revenue contribution, and the manifestation is more obvious.

The rest of the industry 3?
6 times the space, multiple brands / categories help to grasp new changes, reduce performance changes, and have room to grow.

Company analysis: Marketing and distribution are rich in resources and have first-mover advantages in eye care. It is expected to become a new trend in the industry. Financial analysis and industry comparison: bonus for related industry development, 11?
18-year compound annual growth rate of revenue / net profit was 14%.

The change of channel caused the change of performance. In the early stage, it changed to the rapid development of CS store dividends. In recent years, the change in performance has led to the increase in e-commerce volume in 17 years. Growth in sales caused a decline in gross profit margin, a decrease in marketing optimization expenses, and an increase in inventory turnover.

Compared with its peers, the company’s scale has further room for improvement, with its growth centered, profitability, and operations indicators superior.

Competitive advantages: 1) The main brand was established in 2000, focusing on mid-to-high-end eye care, and has grown into a leader in niche areas, with first-mover advantage.

2) Each David sees abundant marketing resources (currently arranging online video ads to welcome the new trend), and cooperates with online and offline head dealers to promote the same industry performance.

3) Focus on eye care, date overseas high-quality R & D resources, expand high-end series, and hope to change the industry’s refinement and high-end trend first.

Investment suggestion: The company is a local mid-to-high-end eye care leader, with a first-mover advantage in segmented fields; rich marketing and distribution resources, strong short-term competition, dating overseas resources in recent years, and strengthening long-term competition; focusing on eye skin care, and expanding high-end priority industriesHigh-end, refined trend.

Expected 19?
The 21-year EPS is 1.



59 yuan, with reference to the peer assessment and taking into account the company’s high positioning, given a certain estimated premium, it is recommended to give 30?
35 times the estimate, the reasonable price range is 35.


65 yuan / share.

Risk warning: weak retail; dealers do not renew; new trends are not grasped in time; new marketing / channel resource cultivation is less than expected; marketing 淡水桑拿网 brings less than expected results.