UFIDA (600588): Digitalization of large and medium-sized enterprises at the launch of new products

UFIDA (600588): Digitalization of large and medium-sized enterprises at the launch of new products

Report Highlights Event Description On April 19th, the 2019 UFIDA Cloud Service Spring New Product Launch Conference with the theme of “Digital Enterprise, Intelligent Service” launched a series of innovative enterprise cloud service products in ancient Beijing, including large-scale enterprise hybrid cloud solutions., Data in Taiwan, small and micro enterprise cloud products, corporate financial cloud products and insurance services.

Initially we will analyze UFIDA’s new products and strategic progress.

Event review The new product release is expected to have a long-term strategic focus, and cloud services for large and medium-sized enterprises and China-Taiwanization strategy are highly enhanced.

The annual 419 new product launch conference is a “festival” for UFIDA developers, and it is a grand event for the company to 南宁桑拿 gradually lead the product strategy and strategy.

The most important thing of this conference was the release of NCCloud large-scale enterprise digital platform, data-stage platform and other architecture-level products, which improved the company’s integrated service capabilities, and helped large and medium-sized enterprises go to the cloud to solve actual business pain points and reduce costs and increase efficiency.

Hybrid cloud solutions are a real digital option for large enterprises.

At present, large enterprises are seeking digital transformation to solve the pain points of various needs such as research and development, production, procurement, marketing, finance, and management.

The NCCloud large-scale enterprise digital platform released this time has fully 成都桑拿网 inherited UFIDA NC’s 20 years of experience in serving large-scale Chinese enterprises, realizing ERP management capabilities for assets, human resources, supply chain, manufacturing, marketing, etc., and integrating some kind of procurement cloud.Multi-functional public cloud services and embedded financial cloud services such as collaborative cloud, tax cloud, smart industrial internet, Xiaoyou robot, data analysis cloud, etc., help companies to create “people, property, property,”Customer” integrated digital business innovation platform to achieve comprehensive digital upgrade of large enterprises.

China-Taiwan is the trend choice for enterprises’ digital transformation.

Since Ali proposed the China-Taiwan strategy in 2015, the concept of “big, medium and small, small front desk” has become the goal of IT enterprise architecture upgrade.

The middle platform can solve the pain points such as system accumulation and bloat, high update cost, long development cycle, and data isolation.

The data center released this time is one of the three major platforms of UF iUAP. Its data lake is a data center for enterprises to establish various services. It combines technology center and business center to achieve agile development, rapid repetition, and respond to user innovation.Demand, expert business operations, is the trend of the next-generation technology architecture upgrade.

“Millions of companies on the cloud” helped the Internet upgrade of the real economy, and UFIDA replaced natural advantages.

The UFIDA brand was newly upgraded to UFIDA Enterprise Cloud Services at this conference. In response to the trend of the industrial Internet, UFIDA has transformed and grown into a Chinese enterprise based on the customer volume, data, and product advantage cards accumulated in the enterprise-level market for 30 years.The leader of the cloud service market is expected to achieve net profit attributable to mothers in 2019-2021.



700 million, maintain BUY rating.

Risk Warning: 1.

Macroeconomic impact on corporate IT needs; 2.

Competition in the enterprise cloud service industry has intensified.

Superstar Technology (002444): Interim report performance meets expectations and gradually develops to speed up challenges

Superstar Technology (002444): Interim report performance meets expectations and gradually develops to speed up challenges

2019H1 performance increased by 38.

68%, companies that responded quickly to adverse changes in the external environment 武汉夜生活网 released 19H1 interim reports: 19H1 companies achieved total operating revenue of 30.

3.9 billion + 38 per year.

28%, net profit attributable to mother 4.

4.4 billion + 38 per year.

68%, in line with expectations.

We believe that the reasons for the rapid performance growth include: 1) the overall controllable impact of trade frictions, the optimization of the competitive landscape, the company’s leading position in the field of hand tools and smart products continued to consolidate; 2) the company completed the European Lista in JuneAcquisition, 19H1 LISTA contributed 16.

01% performance growth rate; 3) Since April 19, RMB continued to depreciate.

We believe that by accelerating the pace of branding and transformation, the company can avoid adverse external impacts such as tariff increases to a certain extent, which will help consolidate performance indicators, achieve stable growth, and maintain profit forecasts. It is expected that the company’s EPS in 19-21 will be 0.



92 yuan, maintain “Buy” rating.

Significant achievements in strategic layout, high-speed growth of hand tools business, and abundant cash flow. The company gradually and actively expands new sales channels and new customers at home and abroad through endogenous + epitaxial two-wheel drive. It can target single categories such as LISTA and Prime-Line.The merger and integration of foreign companies has accelerated the process of internationalization.

According to the company’s announcement, the company’s hand tool and power tool business in 2019H1 achieved revenue26.

55 ppm, an increase of 40 in ten years.

63% of which eliminated the consolidation effect of LISTA, and the endogenous growth of the hand tools and power tools business was 16.

98%, higher than 14-18 years of endogenous composite materials10.


2019H1 The company achieved net operating cash flow1.

3 ‰ / year + 45.

47%, abundant cash flow.

Strengthening the building of private brands and enhancing international competitiveness, the gross profit margin increased significantly. The overall gross profit margin of the company in 2019H1 was 35.

17%, an increase of 6 a year.

96 pp, of which the company’s smart equipment business realized revenue3.

6.6 billion +20 per year.

40%, gross profit margin 36.

49%, an increase of 9 a year.

77pp; Hand tools and power tools business achieved gross profit margins of 34.

82%, an increase of 6 a year.

53 pp.

In our opinion, the main reasons are: 1) the company’s depreciation and appreciation in the first half of 19 will settle its profits in RMB; 2) the company is committed to building its own brands, the proportion of its own brands is increasing, and its international competitiveness is increasing.

The construction of overseas bases has accelerated, and the company’s ability to withstand the changes in the international environment of the empire has continued to increase. According to research, in the case of tariff increases, the company plans to achieve overseas supply to some core customers in consideration of the maintenance of long-term cooperative relationships with overseas customers.

The company started construction of a manufacturing base in Vietnam in 2018, and the base is expected to achieve production and supply in 2019Q4.

At the same time, the company is expected to start construction of a Thai factory this year to expand overseas production capacity.

We believe that the company’s overseas base layout and the development of overseas suppliers can improve the company’s ability to resist the adverse effects of the external environment.

The overall layout has taken shape, and the industry leader level is stable. We maintain our “Buy” rating and we maintain our profit forecast. It is expected that Juxing Technology will return to its parent net profit for 2019-2021.


12/9.9.3 billion, an annual increase of 16.

2%, 9.

5%, 8.

9%, three-year compound strength 11.

48%, earnings per share are 0.

78, 0.

85, 0.

92 yuan, corresponding to 14 for PE.



85 times.

The average PE of similar companies in the industry in 2019 is 13.

42 times. Considering that the company’s industry leaders are steadily merging, the 杭州桑拿网 branding and restructuring strategy has begun to take shape, competition and profitability are gradually increasing, and the ability to withstand changes in the external environment is constantly increasing. The growth potential will make the industry level.18 times PE estimates, the corresponding target price is 12.


04 yuan, maintain “Buy” rating.

Risk reminders: economic growth in major overseas markets; exchange rate risk; less-than-expected progress in Vietnam plant operations; increased trade friction; less-than-expected progress in acquisition and integration

Poly Real Estate (600048): Steady growth and quality

Poly Real Estate (600048): Steady growth and quality

Key Investment Events: The company released its annual report and achieved operating income of 1945 in 2018.

60,000 yuan, an increase of 32 in ten years.

7%; net profit attributable to shareholders of listed companies was 189.

0 million yuan, an increase of 20 in ten years.

9%; performance was in line with expectations, and gross profit margin rose steadily.

In 2018, the company’s financial indicators were good, and its profitability increased steadily. The settlement of projects in 2018 benefited from the significant increase in the company’s settlement unit prices in southern and eastern China, and its overall gross profit margin increased.

The 45 averages are 32.

5%, net interest rate is 13.

4%, unchanged from the previous year.

In terms of period expense ratio, sales expense ratio increased by 0.

Four is three.

0%, which is usually kept low, and the financial expense ratio drops by 0 every year.

3 is 1.

3%, the company as the leading real estate central enterprises have low capital costs and prominent financing advantages.

In addition, in 2018, the company made provision for inventory depreciation based on market conditions23.

500 million yuan, accounting for about 6 of the total profit.


Sales increased steadily, and sales in South China were bright.

In 2018, the company achieved a contracted amount of 4,048.

200 million (+30.

9%), the sales area is 2766.

1 Magnum (+23.

4%), the first-tier, second-tier cities, and the six core urban agglomerations are the major sales contributors, accounting for 77%, of which the sales in South China are outstanding.There are 12 cities with more than 10 billion yuan, of which 40 billion have been signed in Guangzhou, and more than 25 billion in Foshan and Beijing.

In terms of receivables, the company achieved better cash withdrawals totaling 3,562 trillion in 2018, with a repayment rate of about 88%. It has gradually increased two in the context of tightening funds in 2018, and has a strong ability to manage and operate the project.

The main forces of the first and second lines of Xintuo soil storage may continue to benefit the development of urban agglomerations.

In 2018, the company’s newly acquired land capacity and construction area was 31.16 million countries, the land acquisition amount was 1927 trillion, and the unit price was 6186 yuan / square meter.

In 2018, the area of the first and second lines in Xintuo land accounted for 61%. Half of the third and fourth lines are located in the two major urban agglomerations of the Yangtze River Delta and the Pearl River Delta. The quality of soil reserves is excellent.

As of the end of 2018, the company’s land reserves in 100 cities were approximately 19.54 million countries, of which 53 were under construction.

2%, 46 for development.

8%, 60% of the first-tier and second-tier cities in the undeveloped soil reserves, and 30% of the third-tier and fourth-tier cities.

The financial structure is solid, and the net debt ratio is further reduced.

In the context of the tightening financing environment in 2018, the company’s credit advantage was prominent. In 2018, it added 5 billion Chinese votes, 1 billion US dollars in bonds and 1.5 billion sustainable medium-term notes.

At the end of 2018, the company’s net debt ratio decreased year by year5.

Eight are 80.

6%, with interest at the end of the year, denied a budget of 2636.

6 trillion, accounting for only 18 due within one year.

5%, the total cost 武汉夜网论坛 is 5.

0%, which previously floated 0.2 units.

Earnings forecasts and investment advice.

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

92 yuan, 2.

43 yuan and 3.

00 yuan, currently corresponding to the corresponding PE is 7 times, 6 times, 5 times.

Give the company a 9x estimate for 2019, corresponding to a target price of 17.

28 yuan, maintain “Buy” rating.

Risk Warning: Sales growth may be lower than expected.

Nangang Iron & Steel (600282) Quarterly Report Comment: The impact of raw material costs exceeded the fourth quarter to try to stabilize

Nangang Iron & Steel (600282) Quarterly Report Comment: The impact of raw material costs exceeded the fourth quarter to try to stabilize

On the evening of October 30, the company announced the third quarter report of 2019.

At the core of the report, the company achieved profit attributable to the mother23.

75 ‰, 30 years ago.

90%; realized basic income of 0.

5368 yuan / share, 30 for ten years.


The company achieved net profit attributable to its mother in the third quarter5.

3.4 billion, down 46 from the second quarter.


  The sales price of finished products has dropped and the cost of raw materials has increased. The company’s third-quarter results are expected to be obvious. The company’s main products are plate and bar.

Since the beginning of this year, the company’s finished product sales prices have continued to decline, and the average value of the CSPI steel price index has changed by 108.

82, down 5 every year.

99%; among them, the average domestic plate price index is 111.

17, a decline of 8 per year.


According to the company’s quarterly report, the company’s comprehensive average bid for steel products in the first three quarters was 3,997.

90 yuan, down by 1 every year.

46%; resulting in an average plate thickness of 4,188.

18 yuan, an annual increase of 1.


With the decline in the sales price of finished products, the cost of raw materials continued to rise: the Platts 62% iron ore index increased by 37.

93%; Huaibei main coking coal price increased by 5 year-on-year.

60%; Tangshan first-class coke prices fell by 5 year-on-year.


Rising raw material prices have caused the company’s operating costs to increase significantly in the first three quarters.

31%. The cost and sales price of the combined company decreased, which affected the company’s third quarter profit to a certain extent.

According to the quarterly data, the first three quarters achieved operating income of 367.

31 ppm, an increase of 9 in ten years.

18%; net profit attributable to shareholders of listed companies23.

75 trillion, down 30 a year.


  Iron ore prices in the fourth quarter may gradually expand in a narrow range. The company is expected to gradually expand and stabilize the company. In the first three quarters of this year, due to the growth of steel product sales and trading business, the company’s operating income can still be achieved under the pressure of steel sales prices.

18% increase.

In addition, the company’s output increased in the third quarter, and its main sheet and bar production increased respectively.

29% and 16.


Since July, iron ore prices have gradually entered a downward cycle. We believe that the company’s iron ore costs in the fourth quarter may change around the price center of US $ 90 /杭州桑拿网 dry ton, which is lower than the third quarter.

And this year’s long-term scrap price changes of 2300 yuan / ton-2500 yuan / ton price changes, or will play a certain role in supporting the spot price of steel.With the growth of the company’s production and sales volume and trading business, we think the company’s fourth-quarter results are expected to gradually stabilize.

  Given an “overweight” rating this year, the price of raw materials such as iron ore has increased, increasing the company’s operating costs, while the decline in the sales price of ordinary steel has intensified the company’s product profits.

The combined company’s third-quarter performance was lower than expected, and we believe that the company’s performance may be affected to some extent.

Therefore, we will change the company’s EPS for 2019-2021 西安耍耍网 from 0.

97 yuan / share, 0.

98 yuan / share, 1.

02 yuan / share adjusted to 0.

67 yuan / share, 0.

71 yuan / share, 0.

80 yuan / share, adjusted the rating from “buy” to “overweight”.

  Risk reminder: The demand side is less than expected, and the prices of upstream raw materials fluctuate sharply.

Northeast Securities (000686) 2018 Annual Report and 2019 First Quarterly Report Comment: Self-driven profit conversion has low valuation and high elasticity

Northeast Securities (000686) 2018 Annual Report and 2019 First Quarterly Report Comment: Self-driven profit conversion has low valuation and high elasticity

Event: In 2018, the company achieved operating income of 67.

800 million (YoY + 38%), net profit attributable to mother 3.

0 billion (YoY-57%); the company achieved operating income in the first quarter of 201922.

800 million (杭州夜网论坛 YoY + 141%), net profit attributable to mother 5.

700 million (YoY + 307%).

The reason for the rapid divergence of the company’s revenue and profit growth in 2018 was that the spot trading business income of futures subsidiaries with low profit margins increased significantly.

We believe that the company’s investment highlights are: (1) the self-operated business has driven the performance to rebound rapidly, the company’s self-operated revenue growth in 2019Q1 increased by 370%, and the flexibility advantage is obvious; (2) the current valuation at the end of 2018 is as low as 1.

3xPB is still attractive.

Self-employment: Expand the scale of self-employment and grasp the stock market.

The company’s self-operated income in 2018 was 15.

700 million (YoY + 5%), performing better than the industry (-35%), mainly due to the strengthening of fixed income investment to grasp the trend of bond market in 2018, the company’s self-operated fixed income assets / net capital rose by 83% at the end of 2018To 90%, the total annualized return on investment reached 6.


While strengthening solid income investment, the company increased its stock holdings at the bottom of the market in the second half of 2018, and equity assets / net capital rose from 23% in 2018H to 25 at the end of the year.

2%, grasped the rise of the stock market in 2019Q1.

2019Q1 company self-operated income10.

6 trillion, accounting for 70% of the company’s revenue (excluding other income), alternating and sequential growth of 370% and 38%, of which net income from changes in fair value increased significantly by 953%.

We believe that the company’s self-employed influence on performance has stronger performance flexibility than its peers in the stock market rebound cycle.

Brokers: Maintaining regional advantages and increasing performance.

In 2018, the company’s brokerage business income reached 6.

8 ‰, a year-on-year decline of 10%, but in the context of the market downturn, the decline in the industry level.

In Q1 2019, the company’s single-quarter brokerage business income reached 2.

3.4 billion, an increase of 67% from the fourth quarter, and an annual increase of 28%.

The company takes Jilin Province as the center and forms a regional advantage in the Northeast. Until the end of 2018, the company’s operating outlets in Jilin Province accounted for over 30%.

In 2018, the country’s stock-based trading volume market share restructuring 0.

8%, a slight decrease before 2017.

Credit transactions: The two financial markets gradually recovered, and asset impairment expectations were reversed.

The company’s 2019Q1 interest rate net income was -0.

400 million US dollars, a year ago from surplus to loss, in fact, the contraction of the stock pledged repo business and the expansion of the two integrations led to a reduction in credit business income and income, while the bond repurchase business income expenses increased.

Marginally, reducing the continuous recovery of the two financial services will bring incremental performance, although although the company’s asset impairment losses will reach 6 in 2018.

800 million (YoY + 195%), dragging down overall performance, but the conversion market is picking up, and the company’s partial impairment is expected to be washed back.

Investment bank: Investment bank looks forward to marginal improvement.

Revenue of the company’s investment banking business in 20182.

300 million, a year-on-year decrease of 29% (industry-27%).

In the first quarter of 2019, the company did not implement the equity underwriting business, which caused the investment bank income to continue to decline by 29% (industry + 8%). According to WIND statistics, the company has pre-released 9 update projects as of May 9, and the equity financing business remainsThere is room for improvement.
With the overall scale of bond underwriting expanding, the company’s bond underwriting scale in the first quarter of 2019 increased by 77% from the previous quarter, and investment bank revenue is expected to usher in marginal improvement.

Asset management: The scale of the entrusted assets continued to decline, and the pressure of transformation was prominent.

Net asset management income of the company in 20181.

700 million (YoY-19%), lower than the industry level (-4%).2019Q1 Net income of asset management is 0.

2.4 billion (YoY-40%), far below the industry level (-8%).

The sluggish asset management performance of the company in 2018 was mainly due to the sharp decline in asset management scale (YoY-44%) and reduction in management fees caused by the tightening of industry supervision.

The new rules of asset management forced the brokers to reduce channel business, and in the context of transition to active management, the company ‘s asset management subsidiary, TOP Securities Ronghui, actively scaled up its management year by year, and newly issued 17 杭州桑拿网collective asset management plans.

It is expected that the company’s active management scale will continue to expand and accelerate the transformation of asset management business.

Investment advice: Buy-A investment rating.

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

67 yuan / 0.

75 yuan / 0.

78 yuan to the company 1.

4xPB estimate, corresponding to a target price of 10.

96 yuan.

Risk reminder: investment risk / significant contraction risk / policy risk

New Fund Issues Sword, New High Sets Debt-Based and Equity ETFs as Protagonists

New Fund Issues Sword, New High Sets Debt-Based and Equity ETFs as Protagonists

Source: The Financial Investment News this year has decided to open debt-based and equity ETFs to become the protagonists. 6 companies issued more than 50 billion U.S. dollars at the end of ten consecutive years.

From the perspective of the issuance market, as of December 25 this year, the scale of public offering of new products has reached 136.57 billion, which is only one 杭州夜网论坛 step away from breaking through the high point of issuance in 2015. In addition, the fund that has closed its fundraising but has not yet been announced has set a history.New highs are beyond doubt.

“Financial Investment News” reporter pays attention to the issue, the amortized cost method assessment of the debt-based and equity ETFs have become the two major protagonists in the new fund issuance market this year, integrating fund companies to integrate the two types of products “absorbing gold”, 6 companies issued more than 50 billion yuan of new products.

  Bond funds issued accounted for more than 60% of the WIND data show that as of December 25, the size of public funds has reached 13,657 this year.

3.8 billion, 13676, the highest peak in history in 2015.

9.8 billion is only 19.

600 million yuan.

However, there 武汉夜网论坛 are still only a few trading days by the end of 2019. There are 19 funds that have completed the fundraising but have not yet been announced. If these funds all reach the threshold for establishment, then this year’s issue size will exceed the level of 2015.Nail things.

  However, from the perspective of the issuance market structure, 2019 and 2015 present a completely different state.

The scale of bond fund issuance has expanded in 2019, and its fundraising scale has reached USD 860.3 billion, accounting for 62% of the total scale.

99%, and hit a record high; in 2015, the scale of bond fund issuance was only 50.3 billion, accounting for only 3% of the total issue size of the year.

68%, the issue size is also only equivalent to 6% in 2019.

  Although the stock market has made a significant money-making effect since 2019, it is still far from the 2015 bull market.

Since 2016, market risk appetite has declined, and the wealth management market has undergone huge changes. In addition to customized debt bases, public offerings such as short-term and fixed-term bonds have become the target of institutional funds, and the issuance of bond products immediately followed.step up.

Especially since the second half of this year, the fixed debt base assessed by the amortized cost method has become the mainstream of “absorbing gold”.

Of the 24 funds that have issued a scale of more than 10 billion yuan this year, 14 are only debt-based bonds estimated based on the amortized cost method, and another 6 are financial bonds based on policy banks such as NDRC and CDB.

  In addition, the issuance of ETFs has also become a highlight of the issue market this year.

According to WIND statistics, the total issue size of equity funds (including index funds) was US $ 229.4 billion, which is comparable to the issue size of equity funds in the three years from 2016 to 2018, a large part of which comes from the contribution of index funds ETFs.

The data shows that the scale of equity ETFs reached 149.3 billion US dollars, accounting for 65% of equity funds (including index funds).

  123 Fund Managers Issue New Products For fund companies, if they plan to issue the above two types of products, they will gain a lot in the issue market this year.

Companies such as Castrol, Wells Fargo, Boshi, and Guangfa are various representatives.

  According to WIND statistics, 123 fund managers have issued new products this year, and the new fund affiliated with Huitianfu Fund has raised a total of $ 76.8 billion, ranking first among fund managers; its partial debt hybrid fund HuitianfuThe first fundraising scale for steady growth reached 130.

87 trillion, Huitian Fuzhong bond 1-3 years CDB bond, Huitian Fusheng An 39 months set to open, Huitianfu dividend growth of the first fundraising scale is 83 trillion, 78 trillion and 71 trillion.

  The investment scale of Castrol Fund followed US $ 68.7 billion, and after the release of Castrol Anyuan’s pure debt in 39 months, the issue size of USD20.2 billion ranked second in this year. The issue size of Castrol CSI Central Enterprise Innovation Driven ETF also reached132.

500 million yuan.

In addition, other new funds of Harvest Fund are issued below 5 billion.

  The “harvest” of Wells Fargo Fund, Huaxia Fund, Boshi Fund, and GF Fund in the fund issuance market all exceeded US $ 50 billion, respectively 58.1 billion, 56.4 billion, 52.4 billion, and 51.8 billion.

Wells Fargo Funds have the largest three funds in total. They are Wells Fargo Huiyuan’s three-year fixed bond issue, Wells Fargo CSI State-owned Enterprises Belt and Road ETF, and Wells Fargo CSI Leading ETF.
This shows that it is also mainly based on amortized cost statutory debt base and ETF.

Huaxia Fund’s affiliated funds include Huaxia China Bond 3-5 years policy financial bonds, Huaxia Hengtai is scheduled to open bonds for 64 months, Huaxia Hengyi is scheduled to open for 18 months, Huaxia China Bonds for 1-3 years policy financial bonds.

  Some small companies have also been able to lay out fixed-debt bases and have achieved good issuance scales. For example, Zhongrong Fund and China-Canada Fund have issued more than 20 billion U.S. dollars in new funds this year, leading the small and medium-sized companies.

Zhongrong Ruixiang, affiliated to Zhongrong Fund, will open regularly for 86 months, and Zhongrong Ruijia’s 39-month development bank size will be 14.1 billion and 5 billion yuan, respectively.

The China-Canada Fund’s China-Canada Profits are scheduled to open for three years and China-Canada Profit-run’s two-year regular releases are 9.1 billion yuan and 7.2 billion yuan respectively.

China Construction (601668): Buildings in the new millennium have improved rapidly and real estate sales settlements have grown rapidly

China Construction (601668): Buildings in the new millennium have improved rapidly and real estate sales settlements have grown rapidly

The company’s revenue growth in the first three quarters of 2019 was 15.

8%, the growth rate of net profit attributable to mothers is 9.

8%, in line with our expectations, the higher growth rate of revenue than the return to net profit growth is mainly due to the increase in profit and loss of 夜来香体验网 minority shareholders due to the reduction of leverage.

The company achieved total operating income of 973.6 billion in the first three quarters of 2019, an increase of 15 per year.

8%, net profit attributable to mothers reached 30 billion yuan, a year-on-year increase of 9.


Among them, in 19Q3, a single quarter realized revenue of 288.2 billion yuan, an annual increase of 14.

6%, achieving a net profit of 96.

700 million, an increase of 18 in ten years.


Real estate business settlement released a lot of income and profits.

In terms of business, the housing construction business achieved 601.8 billion yuan in operating income, an increase of 15 per year.

3%, a decrease of 0 compared to the same period last year.

39 up to 61.

8%, gross margin blood pressure 0.

4 up to 5.

5%; infrastructure business realized operating income of 220.8 billion yuan, an annual increase of 14.

3%, the proportion decreased by 0.

32 up to 22.

7%, the gross profit margin was relatively reduced by 0.

5 averages to 7.

9%; real estate realized operating income of 145 billion yuan, a year-on-year increase of 22.

8%, the proportion increased by 0.

79 up to 14.

9%, gross margin fell to 0 in ten years.

5 up to 32.

0%, still maintaining a high level of more than 30%, the proportion of gross profit contribution increased by 1.

4 up to 45.

8%; survey and design realized operating income of 6.4 billion, an annual increase of 14.

6%, gross margin increased by 0 in ten years.

7 up to 17.


In the first three quarters, the comprehensive gross profit margin decreased slightly by zero.

A total of 06, the period rate (including research and development costs) increased by 0.

For 06 single items, the reduction in asset impairment caused by the sale of inventory for land business decreased the asset impairment, and the net interest rate increased slightly by 0 under the overall impact.

02 shareholders, but the profit and loss of minority shareholders increased and the return to the mother’s net profit margin decreased by 0.

17 units.

The company’s consolidated gross profit margin for the first three quarters of 2019 was 10.4%, zero for one year.

The 06 tiers are mainly due to the declining gross profit margin of the construction and real estate business.

Add back the R & D expenses and increase the expense ratio by 0 during the period.

06 averages to 3.

59%, of which selling expenses are 0.

3%, a small increase of 0 a year.

02 per share, mainly due to the increase in real estate sales, advertising expenses increased by more than 24%; management expense ratio decreased by 0.

04 averages to 1.

9%, R & D expenses 0.

59%, increasing by 0 every year.

44 singles; current discounts decreased, and investment income and factoring costs factored in factoring fees increased by 0.

37 up to 0.


The company’s assets and credit impairment losses as a percentage of operating income have decreased by zero for many years.

2 up to 0.

07%, net interest rate increased by 0 under the comprehensive influence.

02 averages to 3.

59%, but the first three quarters generated a minority shareholder profit and loss of $ 14.1 billion, an annual increase of 33.

7%, reducing the net profit rate of return to mother.

17 units.

The growth of business scale increased leverage and reduced leverage to support private companies to clear their debts and increased operating cash replenishment.

The company’s net cash flow from operating activities in the first three quarters of 2019 was 106.7 billion, which has been reduced by 41.7 billion.

The first three quarters’ cash ratio was 113%, an increase of 12.

6 single, the company’s bills receivables and accounts receivable decreased by 15.6 billion US dollars compared with the end of 18 years, taking into account the adjustment of accounting standards, (contract assets + inventory) increased by 94.7 billion US dollars (adjusted at the end of 18 years), (advance accounts +Contract liabilities) decreased by USD 23.1 billion, long-term receivables decreased by USD 114.5 billion, and other non-current assets increased by USD 144.1 billion; the cash-on-payment ratio increased by 128%, a significant increase of 19%.

The seven single ones are mainly due to the company’s continued efforts to reduce the burden and reduce leverage and to clear the debts of private enterprises. Among them, the bills payable and accounts payable decreased by 23.6 billion compared with the end of 18, and the advance payment increased by 4.

3.3 billion.

As of the end of September, the company’s asset-liability ratio had fallen by zero compared with the end of 18 years.

9 up to 76.


There are abundant orders in hand, the concentration of the construction industry has continued to increase, and the real estate business has a strong ability to handle high-quality soil storage and has a strong expansion capability.

In the first three quarters of 19, the company’s new construction contract value1.

77 trillion, an annual increase of 6.

3%, of which the newly signed housing construction business1.

44 trillion (previously +17.

2%), 32.19 million yuan (tens of -24.

8%), the decrease was narrower than the first half of the year12.

Six units signed a new contract of 8.6 billion yuan (ten years-1) for survey and design.


The proportion of the company’s building construction area has been increasing year by year, and has been increased from 2009 to the end of June 19.
2 up to 11.
7%, under the stock economy, the leading effect is constantly prominent, the current construction boom is relatively high, and the company has the absolute advantage to effectively seize key orders in the housing construction business, which is expected to achieve quality and quantity rise.

The real estate business achieved a budget of $ 269.9 billion from January to September (ten years + 30.

4%), sales area of 15.68 million countries (ten years +16.

2%), of which China Shipping (including China Ocean Hongyang) increased by 28.

2%, starting the road of expansion and taking into account the high interest rate level. At the end of June 19, China Shipping’s net debt ratio was about 31%, which can expand its expansion capacity in the future.

As of the end of September 19, the company’s real estate business had an excess of land reserves, which was about 96.95 million, which was 4 years of sales area in 18 years.

7 times, and more than 60% of the inventory is concentrated in the first-tier and provincial capital cities, which has an excellent market environment.

Maintain profit forecast and maintain “Buy” rating: The company’s estimated net profit for the years 19-21 is 439.

4 billion / 500.

900 million / 551.

0 billion, the growth rate is 15% / 14% / 10%, the corresponding PE is 5 respectively.

4X / 4.

7X / 4.

3x, maintain “Buy” rating.

Gemdale Group (600383): Sales continue to increase at the beginning of the year

Gemdale Group (600383): Sales continue to increase at the beginning of the year
Event: The company announced sales in January 2020, and the company achieved a contracted area of 61 in January.40,000 square meters, +32 a year.7%; Achieved signing amount 122.400 million, +15 a year.2%.In January, the company added 38 new construction surfaces.90,000 square meters, +137 per year.7%; total land price 31.1 ‰, +296 per year.6%. Sales grew steadily, and long-term sales of materials were not pessimistic.In January 2020, the company achieved a contracted sales amount of 122.400 million, +15 a year.2%; Achieved contracted sales area of 61.40,000 square meters, +32 a year.7%; average sales price 19934.9 yuan / square meter, at least -13.2%.As the traditional off-season sales in January, the new crown epidemic hit in the second half of the merger, and the company’s sales still achieved steady growth.The impact of the epidemic on industry sales and construction may continue until the end of the first quarter and the beginning of the second quarter. We believe that the demand for house purchases will only be postponed and will not disappear. It is expected that the transaction will obviously pick up after the epidemic is under control. Active land acquisition, high-quality layout, strong guarantee of future performance.The amount of land taken in January was 31.1 ‰, +296 per year.6%; add surface 38.90,000 杭州桑拿 square meters, +137 per year.7%.The amount of land acquisition / sales amount is about 25.4%, +18 from the same period last year.0pct; the newly built / sale area is about 63.3%, +27 from the same period last year.9 points.Take the average price of 7995.5 yuan / square meter, +67 per year.3%, the average land price / average sales price is about 40.1%, still has a certain profit margin.The company newly added 3 projects in Harbin and Qingdao, and the layout still focuses on first-tier and second-tier cities.The company is active in land acquisition, and continues to overweight core metropolitan areas and first- and second-tier cities. The land layout is high, the saleable resources are abundant, and future sales have alternative guarantees. Investment suggestion: Gemdale Group, as an old-fashioned leading real estate enterprise, has achieved steady growth in sales in the 杭州夜生活网 first month of the new year.Considering that the company has sufficient land reserves, continues to overweight first-tier and second-tier cities and core metropolitan areas, it has industry-leading financing advantages and high dividends and low valuations. It has been incorporated into some provinces and cities and has issued relevant policies to support the real estate industry.stay optimistic.We maintain the company’s 19/20 expected EPS to be 2 respectively.24, 2.61 yuan, maintaining a target price of 16.97 yuan (corresponding to 2020 PE = 6).5X), maintaining the “highly recommended” level. Risk warning: there is uncertainty in the equity structure; industry sales expectations are higher than expected; the impact of the new crown epidemic is beyond expectations.

Global Printing (002799): The rapid development of the new contribution of the Internet precise marketing

Global Printing (002799): The rapid development of the new contribution of the Internet precise marketing

1. The leader of domestic pharmaceutical packaging segmentation. The controlling shareholder is Shaanxi Pharmaceutical Group. The performance has continued to grow rapidly since 19 years. Global Printing was established on June 28, 2001. As a leading domestic supplier of pharmaceutical packaging solutions, it is mainly engaged in pharmaceutical packaging.Product development, production, sales, and provide customers with integrated packaging solutions such as graphic design, structural design, warehouse management, logistics and distribution.

In addition, in 2018, the company passed the acquisition of Horgos Lingkai Network Technology Co., Ltd. to provide customers with accurate Internet marketing services; in 2019, it acquired Beijing Jinyin Associates International Supply Chain Management Co., Ltd. to establish a supply chain management platform to integrate and integrate the industryDownstream resources.

The company’s equity structure is stable, and the actual controller is the SASAC of Shaanxi Province.

As of September 30, 2019, the company’s largest shareholder was Shaanxi Pharmaceutical Group, which has been holding the company 46 steadily since its IPO in 2016.

25% of the shares are the company’s main promoter, controlling shareholder and actual controller. It is a wholly state-owned company funded by the SASAC of Shaanxi Province.

Hong Kong Raw Stone and Bit Investment are mainly engaged in external equity investment and currently hold company shares respectively.

75% and 7.

5%, the second and third largest shareholders of the company.

The company’s main business of pharmaceutical packaging is stable. Since 19 years, it has benefited from the rapid development of mobile Internet advertising and its performance has accelerated significantly.

2014-2018 company revenue from 3.

92 ppm increased to 5.

550,000 yuan, a compound annual growth rate of 9.

10%; net profit attributable to mother from 0.

38 percent to zero.

28 ppm was mainly related to the increase in raw material prices and the increase in the proportion of corrugated cardboard business with a relatively high gross profit margin.

In 2019Q1-3, the company’s operating income was 8.

42 ppm, an increase of 130 in ten years.

23%; net profit attributable to mother is 0.

450,000 yuan, an increase of 177 in ten years.


The company’s consolidated gross profit margins for Q1-3 from 2014 to 2019 were 23 respectively.

66%, 23.

68%, 21.

34%, 19.

65%, 20.

99%, 15.

93%, relatively stable overall. The improvement in gross profit margin in Q1 2019 was mainly due to changes in business structure.

In terms of products, 2019H1 company’s pharmaceutical carton products achieved revenue2.

40,000 yuan, fluctuating slightly 5 years ago.

04%, accounting for 45% of total income.

89%; Mobile Internet advertising has been consolidated since October 2018, and the company’s mobile Internet advertising in H1 2019 achieved revenue1.

99 ppm, an increase of 237 in ten years.

29%, accounting for 44% of total income.


With the overall packaging business steadily rising, the company’s mobile Internet advertising business has developed rapidly, bringing new growth points for the company.

2. Deeply cultivating the pharmaceutical packaging industry, with high-quality customer resources and orderly expansion of production capacity. Since its establishment, the company has been deeply cultivating in the pharmaceutical packaging field, constantly improving the pharmaceutical packaging industry chain, vigorously developing in the fields of pharmaceutical internal and external packaging, and forming an overall packaging marketing model.To enable pharmaceutical companies to enjoy one-stop services at Global Printing and help customers optimize supply chain management.

The company has a full range of products from pharmaceutical aluminum tubes, instruction manuals, packaging boxes, and outer packaging boxes. It has always integrated into the leading position in the domestic pharmaceutical packaging field, and coexists in the competitive advantages formed by pharmaceutical packaging, and has gradually expanded into the field of consumer product packaging.

The company maintains good cooperative relations with well-known pharmaceutical companies at home and abroad, and has excellent customer resources.The company has an excellent customer base composed of many well-known brand pharmaceutical companies including Bayer Pharmaceuticals, Johnson & Johnson Pharmaceuticals, Novartis Pharmaceuticals, Xi’an Janssen, Changchun High-tech, Hualan Biological and many other well-known brands.

Of the 13 pharmaceutical companies in the Fortune Global 500, 9 are long-term strategic partners of the company. At the same time, pharmaceutical companies and companies among the top 500 domestic enterprises have cooperated with more than 50% of the companies.

Therefore, the company’s main pharmaceutical packaging business will still maintain stable growth.

The domestic pharmaceutical packaging market has broad space, and the company’s production capacity has been expanded in an orderly manner to quickly meet customer needs.

According to the data of the “China Pharmaceutical Packaging Industry Market Prospect and Investment Strategic Planning Analysis Report” data, in 2018 China’s pharmaceutical packaging industry market size exceeded 100 billion yuan, reaching 106.8 billion yuan, maintaining stable growth.

Among them, the pharmaceutical packaging market is fragmented, and there are many companies in the industry, and the market concentration has decreased.

The domestic pharmaceutical packaging industry has large-scale and specialized production capabilities. The domestic pharmaceutical packaging enterprises are mainly Global Printing, Shenzhen Jiuxing, etc., and large-scale enterprises are still replacing.

With the country’s continuous evaluation in the generic pharmaceutical industry, environmental protection policy measures and raw material prices have risen, the market share of companies in the pharmaceutical market and pharmaceutical outsourcing market has continued to rise, and market concentration has been promoted.

The company’s production capacity expanded in an orderly manner, effectively covering the national market.

At present, the company has two major production bases in Xi’an Headquarters and Tianjin Global. The total design capacity of pharmaceutical packaging folding cartons exceeds 4 billion pieces per year. At the same time, it can seamlessly cover the domestic Northeast, North China, Central Plains, Northwest and Southwest regions, and replace services.Members of Congress, increase responsiveness.

In addition, the company’s business has gradually radiated into the field of consumer goods packaging, and has covered packaging services in the fields of fast-moving consumer goods, medical devices, health foods, fine chemicals, cosmeceuticals and electronic products.

In addition to producing outer boxes for ZTE mobile phones, the company also successfully entered Yili, L’Oreal, Betheny and other well-known fast-moving consumer goods supply systems in 2019.

3. The extension and transformation of the industrial chain, the rapid development of mobile Internet advertising business, the continuous layout of 无锡夜网 multiple fields to comply with the development trend of intelligent upgrading of the industry, centralized integration, and effectively improve business synergy and increase customer stickiness. The company has acquired Huo in 2018 and 2019 respectively.Ergos Lingkai Network Technology, Beijing Jinyinlian supply chain, by helping customers carry out comprehensive and accurate digital marketing and provide better value-added services based on the supply chain platform.

According to the company’s announcement on August 3, 2018, the company took 1.

Acquired 70% of Horgos Lingkai’s equity of 3.1 billion U.S. dollars, performance commitment, Horgos Lingkai’s 2018 net profit is not less than 45 million yuan, and the net profit should gradually be no less than RMB by the end of 2018-20201.

4 trillion, and maintain growth.

Horgos Lingkai’s main business is mobile Internet precision advertising, each with its own technology-driven integrated digital advertising platform, which can help advertisers achieve cost-controllable, transparent, secure and stable precision marketing for different customer requirements., Effectively reducing promotion costs.

It mainly provides mobile-end effect marketing for today’s headlines, Netease, Sohu, Dangdang, Gaode Map, Douyin and other well-known APPs.

Horgos Lingkai started consolidation in October 2018. From October to December 2018, Horgos Lingkai achieved operating income of 5942.

430,000 yuan, net profit of 779.

08 million yuan; of which net profit attributable to shareholders of listed companies was 545.

350,000 yuan, accounting for 19% of the company’s net profit attributable to its mother in 2018.


From January to June 2019, Horgos Lingkai achieved operating income1.

99 trillion, accounting for 44% of the total revenue of the company in 2019H1.

52%; net profit 2027.

760,000 yuan, of which the net profit attributable to shareholders of the listed company was 1,419.

420,000 yuan, accounting for 49% of net profit attributable to mothers in H1 2019.


The mobile internet advertising business for Horgos Lingkai brings new growth points for the company. Through the company to carry out all-round accurate digital marketing for existing customers through Horgos Lingkai, effectively helping customers improve brand awareness,Broaden sales channels, promote customer business development, and gradually strengthen good and stable cooperative relations between the company and customers.

In addition, the company announced on May 20, 2019 that 1.

Acquired 70% of Beijing Jinyinlian International Supply Chain Management Co., Ltd. for $ 2.2 billion.

Beijing Jinyinlian promised that the net profit in 2019, 2020 and 2021 will not be less than 20 million yuan, 22 million yuan and 24 million yuan, respectively, and maintain the growth trend.

Beijing Jinyinlian is a comprehensive solution provider focusing on providing printing materials and services for printing enterprises. It has established a complete sales and technical service network in developed areas of the major printing and packaging industries in the country including Beijing, Tianjin, Hebei, the Pearl River Delta, and the Yangtze River Delta.The parent company and its subsidiaries have accumulated more than 1,000 high-quality customer resources in the publishing and printing, pharmaceutical packaging, food packaging, and tobacco packaging industries.

After the acquisition of Beijing Jinyinlian, the company will use the industry supply chain management as the starting point to build a supply chain management platform covering the information flow, logistics, and capital flow of the printing and packaging industry, integrate the upstream and downstream resources of the industry, and synchronize the Jinyinlian customer expansion.With more market shares in the pharmaceutical and even fast-moving consumer goods sectors, industry consolidation is further promoted.

4. Implement the first phase of employee stock ownership plan to promote long-term development of the company According to the announcement on August 3, 2018, Global Printing intends to implement the first phase of employee stock ownership plan.

As of January 31, 2019, the company’s first employee shareholding plan has completed stock purchases, and the company’s stock has been gradually purchased through the secondary market 143.

140,000 shares, accounting for 0 of the company’s total share capital.

95%, the total transaction amount is 1753.
260,000 yuan, with an average transaction price of 12.
25 yuan / share, the stock lock-up period is 12 months.

We believe that the implementation of the first phase of the company’s employee stock ownership plan further binds the interests of company executives and core employees, improves the level of corporate governance, and promotes the company’s long-term, sustainable and healthy development.

5. Investment suggestion Global Printing is a leader in the domestic pharmaceutical packaging industry. It has a state-owned background, high-quality customer resources, and rapid development of new businesses such as mobile Internet advertising.

We estimate that Global Printing’s operating revenue for 2019-2020 will be 12 respectively.

08, 17.

71 ppm, an increase of 117 per year.

61%, 46.

52%; net profit attributable to mothers is 0.

63, 1.

03 million, an increase of 125 each year.

00%, 56.

53%, corresponding to PE of 47.

6x, 29.

1x, first time coverage with “Buy” rating.

6. Risks indicate the policy environment of the pharmaceutical industry, the development situation is less than expected; changes in raw material prices; new business development is less than expected, etc.

Taoli Bread (603866): Short-term substitution effect of industry competition with limited cost effectively put in place to help release new capacity

Taoli Bread (603866): Short-term substitution effect of industry competition with limited cost effectively put in place to help release new capacity

Event: Taoli Bread’s third quarter performance was slightly lower than expected.

The company’s 19Q1-Q3 revenue was 41.

2.2 billion, +16 a year.

95%, net profit attributable to mother 5.

30,000 yuan, ten years +8.

71%, of which third quarter revenue +15.

18%, net profit attributable to mother for a decade -0.

24%. Expenditure caused profit performance to exceed expectations.

  The chaotic competition has a temporary reduction effect, but the long-term product is weak. Taoli is firmly on the road to regional expansion.

The short-term insurance bread industry has a high degree of prosperity, low concentration, and high supply chain barriers. Three factors have made it possible for both large traditional food companies and emerging Internet food companies to enter. Therefore, the types of short-term insurance to replace short-term insurance have gradually increased.In the short term, there is a certain substitution effect on the sales of peaches and plums. This is also the reason why the third quarter revenue growth and bread growth have intensified.

However, in the long run, the product power of competing products is limited, and cost-effective products are still a weapon for the expansion of Taoli District.

By region, the northeast area of the base camp accounts for 48.

41%, a +2 increase over 19H1.

43pct, the channel continued to sink and the effect of deep ploughing was significant. The number of dealers increased by 19, the number of dealers in the main East China region increased by 30, the number of dealers nationwide reached 646, and a net increase of 47.

Termination of the third quarter of the company’s advance receipts twice a year +121.

62%, the company continued to promote national expansion while industry competition 杭州桑拿养生会所 continued to be fierce.

  Expenditure of key expenditures will expand next year, and eventually it is expected to raise prices to release pressure.

The company’s main product structure and cost price remained stable, with little change in gross profit margin, 39.

61%. In the third quarter, the sales, management and financial expense ratios were increased, and the overall +1.

82 points.

Due to the postponement of expenses for a period of one year, the company’s expansion of personnel and logistics investment increased during the regional expansion process. The company subsidized the government in 19Q3. The decrease in investment income also dragged down its performance.

It has been nearly two years since the last price increase, and the company has successfully raised prices in mature regions.

  New production capacity will continue to be released in the next two years, and the advantages of the supply chain will help expand the window period.

The company’s 17-year increase will be mainly in the South-South and South-West markets. In 19Q3, the issuance of convertible bonds was successfully completed. Raising 10 billion US dollars will accelerate the expansion of power generation in the East China market. Wuhan, Shenyang, Shandong, Jiangsu and other production lines total 12.

The 87-level production capacity is under construction as planned, and the nationwide subsidiary channel layout is gradually improved, and expansion and sinking are synchronized.

  Because the logistics and distribution system in the short-term guarantee supply chain is difficult to develop, it will become a moat for high-quality companies in the industry in the short term. With the improvement of the company’s production capacity, it will continue to expand the service scope in various regions, reduce logistics costs, and reduce overall net profit.

89%, scale effect will effectively suppress the cost of investment, long-term profitability can be sustained.

  The company has a breakthrough advantage in the short-term guarantee supply chain. The capacity under construction will gradually land, enjoy the rapid growth of the industry dividends, and allocate costs in the short term or under competitive pressure. The profit forecast is slightly reduced. The company’s revenue is expected to be 56 in 19-21.

70, 68.

37, 83.

44 trillion, once every ten years.

32% / 20.

58% / 22.

04%, net profit 7.

10, 8.

11, 9.

3.9 billion, a 10-year growth rate of 10.

53% / 14.24% / 15.

82%, budget benefit 1.

08, 1.

23, 1.

43 yuan, giving a 45X estimate for 2020, corresponding to a target price of 55.

35 yuan, the early closing price on October 29 rose 22.

5%, maintaining the “highly recommended” rating.

  Risk warning: major changes in the market competition pattern, less-than-expected capacity expansion, and food safety issues.