Zoomlion (000157): The post-cycle varieties continued to increase their 19-year net profit to 42.

8 billion

Zoomlion (000157): The post-cycle varieties continued to increase their 19-year net profit to 42.

8 billion

Q3 The prosperity 杭州桑拿 of construction machinery continues, and after 20 years of judgment, the cycle change is high, and the growth of tower cranes and concrete machinery will continue to grow rapidly. The scale effect is significant, financing costs are optimized, and the company’s profitability is greatly improved.

Investment Highlights: Conclusion: 19Q1?

For Q3 revenue, the profit attributable to the parent was 31.8 billion and 34 respectively.

8 billion, an increase of 51%, 167%, deducting 27.

700 million, an increase of 189%; of which Q3 revenue was attributed to the mother’s profit of 94.

900 million, 9.

0 billion, an increase of 50.

3%, 106%, deduction of 6.

500 million, an increase of 111%, in line with expectations.

Based on the higher-than-expected growth in the post-cycle variety of construction machinery, the increase in 2019?
21 years EPS to 0.

54 (+0.

03) / 0.

66 (+0.

09) / 0.

69 (+0.

09) yuan and maintain target price of 6.

86 yuan, increased holdings.

The boom of construction machinery continued, and the variety of the post-cycle was highly certain.

① Tower crane: The growth rate of newly started real estate is high, especially for the demand for prefabricated buildings. From January to September, the company’s tower crane sales more than doubled and increased, the proportion of large tonnage increased, and the revenue growth rate was higher.

② Engineering cranes: The automotive crane industry grew by more than 30% from January to September, and the expansion of Zoomlion has been greatly increased. The sales volume is expected to increase by more than 50%. The crawler crane is expected to Q1?
Q3 doubled.

③Concrete machinery: Q1?
Q3 overall revenue growth is expected to exceed 30%, of which Q3 pump truck industry is expected to grow 30?
40% (19H1 is 70?
80%), the company expects to exceed 40% (19H1 exceeds 80%).

According to demand (volume and structure), renewal, environmental protection and other factors, it is judged that tower cranes continue to grow at a high rate, concrete machinery is growing faster, and construction cranes have a high degree of certainty.

Significant economies of scale, optimized financing costs, and significantly improved profitability.

19Q1?Gross profit margin for Q3 was 29.

8%, an increase of 3 per year.

5 points, total sales, management rates.

3%, a decrease of 1.

9pct, a significant scale effect; Q3 interest-bearing debt (including notes) at the end of Q3 was 43.9 billion, a month-on-month increase, but the financing cost was reduced after the bond issue in July, and Q3 expenses4.

400 million, a decrease from the previous quarter.

Multiple factors work together, Q1?Q3 deducted non-profit margin 8.

7%, an increase of 4 per year.


Catalysts: Risk warning of heavy-duty aerial platforms: sales of construction machinery fell sharply, and agricultural machinery shortened and intensified

Hongdou (600400): Q1 gross profit margins increase menswear sales growth but gradually look forward to subsequent expansion of stores and smart retail reform

Hongdou (600400): Q1 gross profit margins increase menswear sales growth but gradually look forward to subsequent expansion of stores and smart retail reform
Event company 2019Q1 achieved operating income7.61 ppm, an increase of 9 in ten years.14%; net profit attributable to mother 0.51 ppm, a ten-year increase6.60%; net profit deducted from non-mother 0.42 trillion, a decrease of 8 a year.79%. Brief comment on the growth rate of Q1 revenue increased month-on-month, the growth of private label sales but may increase Q1 company revenue by 9 in 2019.14%, an increase of 0 compared to the previous quarter of 2018Q4.82 pct, the main 杭州夜生活网 men’s clothing business income increases by 8 every year.34% to 7.3.2 billion.The private brand Hodo Menswear opened 29 new franchise stores in a single season, closed 23 franchise stores and 4 directly operated stores, and opened a total of 2 to 1340 stores (including 1278 franchised stores and 62 directly operated stores).The brand’s single quarter total revenue increases by 6 per year.55% to 6.550,000 yuan, the growth rates of Q3 and Q4 2018 were +39.4%, +13.7%. In the second half of last year, due to weak consumption, the number of stores opened was less than expected. The net opening of stores in 19Q1 was replaced, and the overall recovery in clothing consumption was weak.Men’s OEM business income increased by 26.53% to 0.7.6 billion yuan, down by 7 in 2018.03%. By channel, 19Q1’s overall offline revenue was 6.09 million yuan, an increase of 10 in ten years.0%, 18Q3, Q4 increased by 20 respectively.6%, 10.At 7%, growth is still relatively low.The increase mainly comes from the franchise part of the expansion store, and the franchise income increased by 10.39% to 4.63 ppm, direct sales revenue increased by ten years2.19% to 0.4.6 billion.How much did the number of stores increase at the end of 19Q1 (direct sales extension +12.7%, franchise extension +21.1%), but due to the impact of the consumer environment, store efficiency has been declining.Online income1.23 ‰, a slight increase of 1 every year.01%, 18Q3, Q4 online growth rate is +6.8%, -6.9%, continued by the high base and the overall advantages of online retail. The gross profit margin and the average expense ratio increased, and the inventory impairment provision increased by 19Q1 and the comprehensive gross profit margin 30.0%, a big increase of 5 a year.5 pct, Hodo menswear gross margin extended by 5.54 to 31.8%, gross profit margin of online sales increased sharply in ten years 6.67 pct to 29.68%, of which the direct operation, the expansion of the gross profit margin of franchise increased, mainly due to the company’s supply chain management capabilities and upstream bargaining power to improve the effective control of procurement costs. The expense ratio was 21 during 1Q1.8%, an increase of 4 per year.73 pct, of which the sales expense ratio increased by 1.4 pct, management + R & D expense ratio increased by 2.84 pct, mainly due to employee expenditures, amortization of smart projects, and increased spending on research and development.The financial expense ratio increased by zero.47 pct, mainly due to the increase in short-term borrowing interest.Asset impairment losses were 1409.60,000 yuan, only 5 in 18Q1.20,000 yuan, mainly due to the increase in sales of provisions for inventory price increase provisions.Therefore, although the gross profit margin has increased, the increase in the expense ratio + the increase in the