Joyson Electronics (600699): The controlling shareholder’s premium increased; showing the company’s development confidence

Joyson Electronics (600699): The controlling shareholder’s premium increased; showing the company’s development confidence

The company’s recent situation, Joyson Electronics, announced that Joyson Electronics, the controlling shareholder of Joyson Group, will block 17 through block transactions.

The price of 68 yuan was increased to 9 million shares (0% of the total equity).

69%), after winning the shareholding, the winning group and its concerted parties, Wang Jianfeng, accounted for 39% of the company’s total share capital.

20%.

  Comment on premium increase; highlight confidence in integration.

The increase in holding price is 17.

68 yuan, an earlier closing price premium of 6%, showing the controlling shareholder’s confidence in the company’s future development.

The integration of the company is actively progressing, and positive changes are reflected in all aspects.

According to the announcement on December 5, the company will introduce equity incentives in the functional parts company. We believe that if the Passive Safety and Automotive Electronics Division also introduces similar incentive measures, it will strengthen business integration and reduce costs and increase efficiency.
  Long-term optimistic about the company’s two major tracks of passive safety and automotive electronics.

We believe that the passive safety and automotive electronics sub-segments have a large value of supporting bicycles and there is a trend of product upgrades (such as more stringent collision regulations and automotive intelligence trends to promote human-machine interaction product upgrades), and the industry space is expected to further expand in the future.

From the perspective of the pattern, the two sub-sectors have high barriers to entry and the industry pattern is stable.

  At present, it is estimated that there is 成都桑拿网 sufficient upward space; the spin-off of the car-connected business may provide advance catalyst.

From the perspective of profit margins: 1) In 2018, the passive safety business (long-term caliber) revenue was 7 billion U.S. dollars. After deducting the impact of 1 billion U.S. dollars on the profitability of the benchmark Autoliv (5% net margin), we expect to winAnguimu’s net profit is expected to gradually reach 1.5 billion yuan.

2) Automotive electronics business (human-computer interaction + car audio and video entertainment system) 2018 revenue of $ 9.2 billion, strong product competitiveness, high-quality customers (BMW, Mercedes-Benz, Porsche).

  We expect that with the North-South Volkswagen MQB platform car audio and video entertainment system orders, Volkswagen MEB platform and Beijing Benz battery thermal management system new orders put into operation, revenue and net 深圳spa会所 profit will maintain rapid growth.

3) Functional parts business, 18 years of revenue of 3.6 billion US dollars, gross profit margin of 23.

3%, we expect to maintain solid growth.

On the whole, we believe that the company’s net profit will co-exist in the upward improvement space. The subsequent spin-off of the car-connected business and the recent overall upward adjustment of the automotive electronics sector will help provide a catalyst.

  Estimates suggest that we believe the company’s downward space is controllable, and the upward space is redundant, outperforming the industry rating again.

  The company’s net profit is expected to be 9 in 2019/2020.

500 million and 11.

5 trillion, the company currently corresponds to 22 in 2019 and 2020.

8x and 18.

8x P / E.

We maintain a target price of 20 yuan, corresponding to 27 in 2019 and 2020.

4x and 22.

5x P / E, 20% upside.

  The progress of risk passive security business integration exceeded expectations.

Yunsai Zhilian (600602) Recent Situation Reviews

Yunsai Zhilian (600602) Recent Situation 天津夜网 Reviews

The company is an information technology service company with cloud computing big data, industry solutions and intelligent products as its core business. It is determined to become a smart city comprehensive solution provider.

Based on independent research and development and production of basic Internet of Things hardware products, the company relies on independent construction and operation of large-scale data centers and cloud computing platforms. From the perspective of upstream and downstream industrial chain resources, the company will provide intelligent security in cross-industry smart city industries, detect traceability, smart education andCloud computing big data services and other key strategic industries for the company’s smart city construction provide customers with multi-technology integration, intensive, intelligent information system integration and accurate application services.

The company achieved total operating revenue of 44 in 2018.

700 million, an annual increase of 5.

8%; Realize net profit attributable to owners of the parent company.

700 million, down 2% previously; the company’s gross profit margin was 18.

5%, basically maintaining the level of the previous year, with a net interest rate of 6.
.

7%, a decrease of 0 from the previous year.

5 units.

Impact of non-recurring gains and losses on company performance, total 1.

1 ppm, including government subsidies, entrusting others to invest or manage assets, profit and loss were 8575, respectively.

30,000, 48.76 million yuan.

After subverting non-recurring gains and losses, the net profit attributable to the mother is 1.

6 ppm, an increase of 6 in ten years.

3%.

The company achieved revenue of 1,068,175,289 in the first quarter of 2019.

85 yuan, an annual increase of 16.

86%; net profit attributable to shareholders of listed companies 44,036,891.

62 yuan, an average of 26 in ten years.

73%.

Net cash flow from operating activities was -228,364,193.

48 yuan, -370,540,089 in the same period last year.

11 yuan, mainly due to the company’s current payment for goods increased.

Earnings forecast: We expect the company’s revenue for 2019-2021 to be 53.

7, 67.

4, 88.

200 million yuan, the net profit attributable to shareholders of the parent company is 2.

6,4.

1,5.

5 trillion, the corresponding EPS is 0.

16, 0.

26, 0.

35 yuan.

Give “overweight” rating.

Risk reminders: 1) The domestic A-share market is less active; 2) Cloud computing and competition in the field of industry solutions are intensifying.

Shun Xin Agriculture (000860): Growth and Confirmation of Coexistence of Niulanshan Investment Value

Shun Xin Agriculture (天津夜网000860): Growth and Confirmation of Coexistence of Niulanshan Investment Value
At present, the market’s cognitive differences on Niulanshan, especially whether the liquor products can be smoothly upgraded, how the growth is sustainable, how is the net profit margin, this report tries to solve four questions: 1) What is the company’s reasonable estimate?2) How sustainable is the growth of liquor business?3) How big is the room for liquor net margin improvement?4) What is the internal and external division and reasonable estimation of pork real estate? Estimate: The core price band of Niulanshan medium- and low-grade liquor is 10-50 yuan. Consumers mainly consume high-frequency self-drinking, which is different from the consumption logic of high-end and high-end liquor mainly with banquets. It has a strong FMCG attribute.Just need to be strong and not afraid of macroeconomic fluctuations.Compared with comparable companies such as fast-moving consumer goods company Yili, Tsingtao Brewery, Haitian Flavor, Qianhe Flavor, etc., Niulanshan’s CAGR of 20-20% in 2019-2021 exceeds comparable companies, and it is estimated to be much lower than the average consumer product.The company estimates that the liquor business of FMCG properties is expected to be more than 30 times estimated. At present, the impact of real estate pork on the company’s overall performance is gradually weakening, the integration incentives and the sustainability of development are gradually improving, the suppressing predictive factors are gradually eliminated, and the liquor industry’s main industry breakthrough supports better alternatives. Discussion on the sustainability of growth: The company is still in the stage of national expansion. The actual market share of low-end liquors under 20 yuan is only 10%. Compared with mature markets such as East China and Shandong, as well as consumer products industries such as dairy products and beer, NiulanshanLow-end wine concentration still has 2-3 times room for improvement.In terms of structural upgrades, most provinces and cities in the country are still in the second bullion volume period. Fine aging wines with a price of 30-50 yuan are still in the market introduction and cultivation period. Compared with other mergers, they have a first-mover advantage in market cultivation.Continue to drive scale growth for more than 5 years. Discussion on the net interest margin space: 1) Impact of structural upgrade: We analyzed the upgrade of Niulanshan’s low-end wine consumption and increased the proportion of mid-to-high-end wine to upgrade the two product structures. We separately measured the corresponding increase in the gross profit margin and net profit of liquor.Looking at the structural upgrade in the long term, the net increase in liquor can be increased to about 20%; 2) Price increase effect: The company is currently in a period of national expansion, and the ex-factory price of the product is expected to increase after the stable competition pattern is shifted.Second, the price will be increased and the sensitivity analysis will be obtained. On the basis of 2018, the price of White Bull II will increase by 0 every time.5 yuan / 500ml, the company’s overall net profit margin of liquor increased.6 units.We believe that under the joint promotion of structural upgrade and price increase, the net profit margin of Niulanshan Liquor is expected to reach more than 20% in the medium and long term. Estimated market value of pork real estate: The company’s breeding pig breeding is the opposite of slaughtering profit. In the absence of African swine fever and other special circumstances, the pig price cycle has little effect on the profit of the pork sector. The pork business has a high net profit of about 60-80 million. Refer to comparable companies, porkUnder normal circumstances, the plate can be estimated at 15 times, corresponding to a market value of about 1 billion yuan.The net assets of the real estate business are negative, and the overall sales situation is not estimated for the time being. It is expected that the company’s main business will be more clear after the future replacement. Investment suggestion: Regardless of price increase, the company’s revenue from 2019 to 2020 is predicted to be 1.37 yuan, 1.83 yuan, 60-month target price is 60.39 yuan, equivalent to the 33X price-earnings ratio in 2020, corresponding to the liquor industry’s 28X price-earnings ratio, maintaining the “Buy-A” rating. Risk Warning: National Expansion Is Less Than Expected; Structural Upgrade Is Less Than Expected, Pork Sales of Real Estate Are Than Expected

Daily limit resumption: more than 200 stocks in the two cities hit a pre-holiday high

Daily limit resumption: more than 200 stocks in the two cities hit a pre-holiday high

For stocks, please read Jin Qilin analyst research report, authoritative, professional, timely, and comprehensive, to help you tap potential potential opportunities!

  News from Sina Finance News on February 6th, the three major indexes opened mixed. After opening, they quickly weakened, and then oscillated. The disk, pharmaceutical and cloud office sectors led the gains.

Expanding the morning close, the index’s gains expanded, and the index rose more than 2%.

In the afternoon, the two cities continued to rise in the afternoon. The GEM index recovered its losses, accumulated the end of the day, and the index remained volatile. In general, the stocks of the two cities rose in general, with more than 200 daily limit, the market significantly reduced, and the money-making effect was good.

The final close, the Shanghai Composite Index reported at 2866.

51 points, up 1.

72%; Shencheng Index reported 10601.

34 points, up 2.

87%; The Pioneer Index 2012.

25 points, up 3.

74%.

  From the surface of the disk, disinfectant, masks, cloud games and other sectors ranked the top of the plate’s rise, no plate fell.

  First, the daily limit data of Shanghai and Shenzhen daily limit of 249 (covering new shares and ST), 4 limit, an increase of 3,472 stocks, 97 flat, down 296 stocks.

  Second, the attractions plate: 1, disinfectant Taihe Technology, Lianchuang shares, Binhua shares, Jiangsu Thorpe and other sealing boards.

  According to the news, according to the official Weibo “Wuhan release” of Wuhan Internet Information Office, the evening news of February 3, Wuhan will be disinfected on a large scale around key areas such as hospitals and markets.Yu Sheng, elimination area is expected to reach more than 5 million square meters.

  2. Agricultural plantation Dunhuang seed industry, Fengle seed industry, Wanxiang Denong, new agricultural development and other daily limit.

  On the news, on the afternoon of February 5, the “Document No. 1” was released, focusing on agriculture, rural areas, farmers, and development goals in a consistent and clear manner to ensure that a well-off society can be achieved on schedule.

This is also the 17th consecutive year of “Document One” since 2004 focusing on the “agriculture, rural areas and farmers” area.

  Third, today’s daily limit stock analysis Today’s daily limit stock analysis name rise current price daily limit analysis open number N Bull 44.

00% 85.

61 new shares 0 Zhuoyi Information 20.

00% 98.

71 cloud computing 0 excellent carved 19.

99% 73.

76 science and technology board 0 North Jiangsu 19.

99% 33.

97 other 0 Shenlian Biological 19.

98% 24.

92 other 0 Ortega 10.

19% 2.

38 Tesla 1 Zhongzhu Medical 10.

17% 1.

95 medicine 0 Xingyuan environment 10.

15% 3.

69 medical waste treatment 1 Shino Textile 10.

13% 3.

48 other 0 Gao Le shares 10.

12% 3.7 toys 0 Changjiang health 10.

12% 4.

68 medicine 0 agricultural products 10.

11% 5.

12 Agricultural Products 0 Yaben Chemistry 10.

10% 4.

36 new virus genes 0 million Bangda 10.

09% 6.

22 Medical Waste Disposal Dingli 10th Century.

08% 5.

35 Online Education 0 New Wufeng 10.

08% 7.

21 杭州桑拿 other 0 aerospace electronics 10.

07% 6.

34 others 8 all-round education 10.

07% 7.

98 Online Education 0 Tailong Pharmaceutical 10.

07% 8.

09 New virus gene 1 Mitutoyo Smart 10.

06% 7.

33 Robots 0 Dr. Peng 10.

06% 5.

58 Online Education 5 Yueyang Xingchang 10.

06% 9.

52 Disinfectant 0 Publishing Media 10.

06% 9.

63 Culture Media 0 Veco Technology 10.

05% 7.

12 other 5 re-liter technology 10.

04% 12.

27 new viral genes 1 Teda shares 10.

04% 7.

45 masks 0 high-energy environment 10.

04% 10.

52 medical waste treatment 2 Wolong electric drive 10.

04% 13.

15 new energy vehicles 1 HKUST smart 10.

04% 8.

11 Robots 2 True Vision 10.

04% 13.7 Cloud Office 7TCL Group 10.

04% 5.

48 other 2 Lianchuang shares 10.

04% 3.

07 Disinfectant 0 Shuangcheng Pharmaceutical 10.

04% 6.
天津夜网

14 Medicine 2 Jia Linjie 10.

04% 3.

07 new virus genes 0 Sansheng shares 10.

04% 6.

25 medicine 0 Shenzhen Konka A10.

04% 6.

25 chip concept 0 Dongfeng shares 10.

03% 6.

36 medical devices 0 Hainan Ruize 10.

03% 6.

47 others 1 Haoyun Technology 10.

03% 13.

16 Huawei Concepts 3 Landy Group 10.

03% 17.

22 New Virus Periodicals 0 German Group 10

03% 6.

91 Tesla 11 Libon Instrument 10.

03% 10.

53 medical equipment 3 Okahua 10.

03% 10.

86 other 3 Debon shares 10.

03% 11.

08 Express 400 Billion Technologies 10.

03% 7.

46 Other 3 Dali Technology 10.

03% 19.

09 New virus gene 2 Yanan Bikang 10.

03% 15.

69 masks 2 red flag chain 10.

03% 7.

9 new retail 1 Xinxiang chemical fiber 10.

03% 3.

95 new virus protection 0 Yiduoli 10.

03% 12.07 New Virus Summary 4 Topdimensional Information 10.

03% 12.

07 Online Education 2 Li Sichen 10.

03% 16.

46 online education 1 rambler 10.

03% 20.

85 masks 7 Lu Kang medicine 10.

03% 16.

68 new viral genes 0 Daun shares 10

03% 16.

79 new virus genes 0 macro and technology 10.

03% 12.

62 new shares 1 Yongqing environmental protection 10.

03% 4.

39 medical waste treatment 8 Hongda Xingye 10.

03% 4.

39 New Virus Protection 3 Asia Pacific Pharmaceuticals 10.

02% 9.

33 medicine 3 gold shield shares 10.

02% 9.

44 performance pre-increased 0 new open source 10.

02% 19.

1 medicine 2 Germany and Singapore 10.

02% 19.

1 other 0 Yanjiang shares 10.

02% 19.

32 RMB depreciation benefit 2 Luyan Pharmaceutical 10.

02% 9.

66 other 6 focus technology 10.

02% 24.

15 Cloud Computing 11 Zhejiang Number Culture 10.

02% 9.

66 Blockchain 3 Chinese Media 10.

02% 14.

93 Culture Media 0 Robot 10.

02% 15.

26 robots 0 wins electronics 10.

02% 26.

02 Tesla 4 China Satcom 10.

02% 15.7 new shares 5 Netac Smart 10.

02% 21.

74 robots 0 Mei Novartis 10.

02% 27.

34 new virus moles 6 Jiuzhou Pharmaceuticals 10.

02% 22.

51 new virus mixtures 2 Concentric Groups 10.

02% 17.

02 Cloud Office 5 Halo New Network 10.

02% 23.

39 other 5 people blessed medicine 10.

02% 17.

57 new virus abstracts 6 Shenma Power 10.

02% 18.

12 other 1 akli 10.

02% 35.

26 other 1 Saito creature 10.

02% 35.

59 new coronaviruses 1 pengbao environmental protection10.

02% 14.

28 plans to repurchase shares 2 Kangzhi Pharmaceutical 10.

02% 7.

14 Anti-virus concept 1 Shanghai Tianyang 10.

02% 14.

5 wireless headphones 0 and Ren technology 10.

01% 30.

1 Medical Information 0 Tianci Materials 10.

01% 30.

65 new energy vehicles Tianhong 10th century.

01% 15.

71 Online Education 0 Yuantong Express 10.

01% 15.

82 Express Logistics 9 Wanda Information 10.

01% 16.

48 Medical Informatization 10 Xinlun Technology 10.

01% 8.

35 masks 5 Hainan Haiyao 10.

01% 8.

46 Medicine 2 Boxin shares 10.

01% 25.6 other 1 double forest creatures 10.

01% 37.

03 Cell Immunotherapy 7 Nanwei Shares 10.

01% 19.

01 Masks 2 Fangzhi Technology 10.

01% 19.

12 Online Education 0 Noble Shares 10.

01% 29.

23 New Viral Genes 5 Linked Pharmacy 10.

01% 19.

56 anti-virus concepts 0 Botten shares 10

01% 23.

08 New Virus Gene 0 Ryoma Sanitation 10.

01% 12.

31 Medical Waste Disposal 1 Ai Peng Medical 10.

01% 51.

44 performance growth 9 radio and television measurement 10.

01% 39.

35 new shares 2 Yangfan new material 10.

01% 13.

19 New Material Concepts 0 Inspur Information 10.

01% 39.

79 cloud computing 7 city shares 10.

01% 26.

71 performance pre-increased 0 Jinyi film and television 10.

01% 13.

52 other 1 Qingsong shares 10.

01% 13.

63 masks 0 molding technology 10.

01% 14.

73 Tesla 5 Tailin Creature 10.

01% 75.

41 new shares 0 Yongtai Technology 10.

01% 16.

93 new virus journals 0 UFIDA Network 10.

01% 35.

84 cloud computing 0 entrepreneurial dark horse 10.

01% 20.

45 cloud office 0 hundred holdings 10.

01% 21.77 cloud games 3 Zhende Medical 10.

01% 44.

09 antiviral concept 0 Star 10.

01% 22.

21 Chips 0 Only Education 10.

00% 22.

87 Online Education 6 National Forest Science and Technology 10.

00% 49.

7 others 0 Ogilvy Medical 10.

00% 50.

25 masks 2 Austrian pharmaceutical industry 10.

00% 26.

5 Medicine 0 Anjie Technology 10.

00% 32.

44 Tesla 3 Weiguang creature 10.

00% 70.

49 medicine 1 boya biology 10.

00% 36.

18 Medicine 6 China Satellite 10.

00% 36.

73 Beidou industrial chain 0 German square 10.

00% 162.

88 new energy vehicles 9 new media shares 10.

00% 187.

99 other 0 full electronics 10.

00% 28.

27 chip concept 8 will communicate smoothly 10.

00% 43.

78 cloud office 0 deep convinced 10.

00% 179.

3 Cloud Computing 2 Bosch Section 10.

00% 11.

88 medical waste treatment 0 Boji Medicine 10.

00% 20.

57 medicine 0 Cixing shares 10.

00% 4.

51 other 2 Senyuan shares 10.

00% 3.

19 GEM Shell 0 Shu Thai God 10.

00% 17.27 new viral genes 1 Xiuqiang shares 10.

00% 5.

28 Tesla 0 Huali Chuangtong 10.

00% 9.

79 Beidou Navigation 0 Honghe Technology 10.

00% 65.

78 online education 0 Huilong shares 10.

00% 5.

83 chemical fertilizer 2 in Shun Jierou 10.

00% 14.

3 paper making 5 two six three 10.

00% 8.

47 Cloud Office 0 Xinbang Pharmaceutical 10.

00% 6.

49 Medicine 0 Hong Tao (Jin Qilin analyst) shares 10.

00% 3.

41 Online Education 1 Vitron Shares 10.

00% 5.

17 shares 0 Youzu network 10.

00% 29.

48 online games 7 Sinosteel International 10.

00% 4.

51 masks 0 Jinling Pharmaceutical 10.

00% 8.

58 Medicine 9 Xinhua Pharmaceutical 10.

00% 10.

56 new virus genes 1 Fengle Seed Industry 10.

00% 8.

47 agricultural planting 0 four ring organisms 10.

00% 8.

03 Anti-virus concept 0 Huashu Media 10.

00% 11.

88 Radio and Television 1 Sincerity Pharmaceuticals 10.

00% 30.

47 medicine 5 remote communication 10.

00% 200.

86 new shares 3 Netda software 10.

00% 24.

75 performance pre-increased 1 people Tongtai 10.

00% 10.45 new viral genes 2 Changjiang Media 10.

00% 6.

16 online education 5 Harbin Pharmaceutical shares 10.

00% 5.

94 new virus abstracts 0 three love rich 10.

00% 13.

31 Online Education 0 Chlor-Alkali Chemical 10.

00% 10.

67 new virus moles 0 Huahai Pharmaceuticals 10.

00% 20.

68 Medicine 2 Jiangsu Sunshine 10.

00% 2.

2 others 1 worth buying 10.

00% 162.

38 new shares 11 Northern Huachuang 10.

00% 137.

08 chip 0 Chunzhong Technology 10.

00% 45.

99 cloud office 7 Baoxin software 10.

00% 45.

88 results pre-increased 5 Gaode infrared 10.

00% 42.

47 infrared detection 7 Makihara shares 10.

00% 90.

12 breeding 2 Guoxuan Hi-Tech 10.

00% 28.

5 new energy vehicles 4 Bojie shares 10.

00% 54.

8 new shares 0 electroacoustic shares 10.

00% 23.

33 other 3 Hualan creatures 9.

99% 43.

03 Immune Cell Therapy 2 Elerta 9.

99% 36.

32 military workers 0 Shanghai and Shanghai workers 9.

99% 16.

73 robots 2 Dongyin shares 9.

99% 15.

74 new virus genes 0 Yuhetian 9.

99% 62.3 new shares 1 Taihe Technology 9.

99% 43.

48 new shares 2 Zhongchuang Logistics 9.

99% 14.

42 Logistics 0 Cambridge Technology 9.

99% 28.

625G11 Kangtuo infrared 9.

99% 13.

98 new virus malaria 4 Huifa food 9.

99% 13.

98 food plate 2 Yangpu Medical 9.

99% 12.

55 antiviral concept 3 Tiantan creature 9.

99% 36.

66-cell immunotherapy 9 Eston 9

99% 11.

78 other 0 Wheeler Crystal 9.

99% 23.

23 other 0 Jiulong shares 9.

99% 22.

35 epidemic concept 0 Qianjin Pharmaceutical 9.

99% 10.

57 new virus moles 11 Wuzhong Jiangsu 9.

99% 9.

8 Anti-virus concept 0 Zhenhua Technology 9.

99% 19.

49 other 6 Yingli Te 9.

99% 8.

26 disinfectant 0 Neptune creature 9.

98% 7.

05 Anti-virus concept 22 Wuhan Holdings 9.

98% 6.

94 sewage treatment 1 day silver electromechanical 9.

98% 12.

78 pre-increasing performance 9 Central South Media 9.

98% 12.

78 other 1 digital government communication 9.

98% 12.

56 domestic software 1 Haishun new material 9.

98% 12.23 new virus genes 0 Taiwan shares 9.

98% 17.

3 chips 5 Songfa shares 9.

98% 16.

64 Online Education 4 New Cape 9.

98% 10.

8 Online Education 2 Xinlong Holdings 9.

98% 10.

69 Anti-virus concept 0 New farm development 9.

98% 5.

29 agricultural planting 0 Wanze shares 9.

98% 10.

03 military industry 2 Jiangsu Thorpe 9.

98% 9.

7 acid and vinegar 0 Central equipment 9.

98% 9.

48 others 0 Nanjing Securities 9.

97% 13.

01 Broker 3 Eurobit 9.

97% 12.

9 Satellite Navigation 4 Dunhuang Seed Industry 9.

97% 4.

3 Agricultural planting 0 Ruikang Medicine 9.

97% 8.

49 new viral genes 5 matt technology 9.

97% 12.

24 Pre-increased performance 1 Hisun Pharmaceutical 9.

97% 15.

33 new virus moles 0 US Jim 9.

97% 10.

59 online education 0 clear water source 9.

97% 9.

93 Medical Waste Treatment 0 Hongyu New Materials 9.

97% 6.

62 robot 0 contact interaction 9.

97% 3.

31 Blockchain 0 Dezhan Health 9.

97% 6.

62 other 0 and while Thai 9.

97% 13.02 Other 6 Caesar Culture 9.

96% 6.

07 game 2 Detron environmental protection 9.

96% 9.

05 other 0 Lingyun shares 9.

96% 8.

83 Tesla 2 Lanfeng Biochemical 9.

96% 5.

74 Medicine 2 Three Five Connected 9.

96% 11.

26 Cloud Office 0 Changchun Economic Development 9.

96% 11.

26 Tesla 0 Huaping shares 9.

96% 5.

19 Cloud Office 2 Xingfa Group 9.

96% 10.

27 others 5 Southern Media 9.

96% 10.

16 Cultural Media 1 Shanghai Rice 9.

96% 9.

94 Medicine 0 Xinghu Technology 9.

95% 7.

18 results pre-increased 4 Tianhua Super Net 9.

95% 8.

95 new energy vehicles 0 Fuchun shares 9.

95% 4.

425G1 Sanyou Chemical 9.

95% 6.

52 new virus protection 13 Jinke culture 9.

94% 3.

98 cloud games 1 Tianma Technology 9.

94% 7.

96 Feed Processing 1 Shangrong Medical 9.

94% 7.

74 new viral genes 0 Binhai Energy 9.

94% 7.

3 online education 8 Shandong Weida 9.

94% 5.

2 Robots 8 Essence Pharmacy 9.

94% 6.86 anti-virus concept 7 Hongdou shares 9.

93% 4.

98 new virus protection 5 China Reserve shares 9.

93% 4.

87 express logistics 12 Shengtong shares 9.

93% 4.

43 others 0 Hongri Pharmaceutical 9.

92% 5.

65 antiviral concepts

92% 5.

54 Fluorochemical Industry 3 Shenyang Chemical Industry 9.

91% 4.

99 disinfectant 2 Guofa shares 9.

91% 4.

88 Pharmaceuticals 2 Runbang shares 9.

91% 4.

66 new virus genes 0 Xinpeng shares 9.

90% 4.

55 Tesla 0 Hengkang Medical 9.

90% 3.

33 Antiviral Concepts 1 Shellett 9.

90% 2.

22 new energy vehicles 2 Chutian Expressway 9.

90% 3.

22 ETC Concept 3 Kuangda Technology 9.

85% 2.

9 masks 1 Jilin chemical fiber 9.

84% 2.

12 viscose fibers 0 * ST Hehua 5.

07% 4.

35ST plate 0 * ST creature 4.

98% 7.

59ST plate 2 * ST infront of 4.

85% 1.

73ST plate 2ST Galaxy 4.

76% 1.

98ST plate 24, yesterday’s daily limit stock performance today, yesterday’s daily limit stock performance today’s performance name rose today’s daily limit analysis yesterday opened the number of times Aotejia 10.

19% 2.

38 Tesla 0 Gao Le shares 10.

12% 3.7 toys 0 Changjiang health 10.

12% 4.

68 Medicine 0 Yaben Chemistry 10.

10% 4.

36 new viral genes 0 all-round education10.

07% 7.

98 Online Education 0 Tailong Pharmaceutical 10.

07% 8.

09 Flu 10 Dr. Peng 10.

06% 5.

58 Online Education 5 Yueyang Xingchang 10.

06% 9.

52 Disinfectant 0 Publishing Media 10.

06% 9.

63 Culture Media 0 Rising Technology 10.

04% 12.

27 new viral genes 1 Teda shares 10.

04% 7.

45 masks 0 true vision through 10.

04% 13.

7 Cloud Office 7 Lianchuang Shares 10.

04% 3.

07 disinfectant 0 Jia Linjie 10.

04% 3.

07 new virus genes 0 Sansheng shares 10.

04% 6.

25 medicine 0 Shenzhen Konka A10.

04% 6.

25 chip concept 0 Landi Group 10.

03% 17.

22 New Virus Periodicals 0 German Group 10

03% 6.

91 Tesla 11 Libon Instrument 10.

03% 10.

53 Medical Devices 3 Dali Technology 10.

03% 19.

09 New virus gene 2 Yanan Bikang 10.

03% 15.

69 masks 2 Xinxiang chemical fiber 10.

03% 3.95 new virus protection 0 Yiduoli 10.

03% 12.

07 New Virus Summary 4 Topdimensional Information 10.

03% 12.

07 Online Education 2 Li Sichen 10.

03% 16.

46 Online Education 1 Daun Shares 10.

03% 16.

79 New Viral Therapies 0 Asia Pacific Pharmaceuticals 10.

02% 9.

33 medicine 3 Yanjiang shares 10.

02% 19.

32 yuan depreciation benefit 2 are better than electronics 10.

02% 26.

02 Tesla 4 China Satcom 10.

02% 15.

7 new shares 5 US Novartis 10.

02% 27.

34 new virus moles 6 Jiuzhou Pharmaceuticals 10.

02% 22.

51 new virus mixtures 2 Concentric Groups 10.

02% 17.

02 Cloud office 5 people blessed medicine 10.

02% 17.

57 new types of virus moles 6 environmental protection 10

02% 14.

28 plans to repurchase shares 2 Kangzhi Pharmaceutical 10.

02% 7.

14 Antiviral concept 1 divine material 10.

01% 30.

65 new energy vehicles Tianhong 10th century.

01% 15.

71 online education 0 South Wei shares 10.

01% 19.

01 Masks 2 Fangzhi Technology 10.

01% 19.

12 Online Education 0 Noble Shares 10.

01% 29.

23 New Viral Genes 5 Linked Pharmacy 10.

01% 19.56 anti-virus concepts 0 Botten shares 10

01% 23.

08 New virus genes 0 Yangfan new materials 10.

01% 13.

19 new material concept 0 molding technology 10.

01% 14.

73 Tesla 5 Tailin Creature 10.

01% 75.

41 new shares 0 Yongtai Technology 10.

01% 16.

93 New Viral Therapy 0 Zhende Medical 10.

01% 44.

09 Anti-Virus Concept 0 Only Education 10.

00% 22.

87 Online Education 6 Ogilvy Medical 10.

00% 50.

25 masks 2 Austrian pharmaceutical industry 10.

00% 26.

5 Medicine 0 Anjie Technology 10.

00% 32.

44 Tesla 3 Boya Creature 10.

00% 36.

18 Medicine 6 China Satellite 10.

00% 36.

73 Beidou industrial chain 0 German square 10.

00% 162.

88 new energy vehicles 9 will communicate smoothly 10.

00% 43.

78 Cloud Office 0 Boji Medicine 10.

00% 20.

57 medicine 0 Morimoto shares 10.

00% 3.

19 GEM Shell 0 Shu Thai God 10.

00% 17.

27 new viral genes 1 Xiuqiang shares 10.

00% 5.

28 Tesla 0 Huali Chuangtong 10.

00% 9.

79 Beidou Navigation 0 Honghe Technology 10.

00% 65.78 online education 0 Huilong shares 10.

00% 5.

83 chemical fertilizer 2 two six three 10.

00% 8.

47 云 办公 0 四环 生物 10.

00% 8.

03 Anti-virus concept 0 Huashu Media 10.

00% 11.

88 Radio and Television 1 Sincerity Pharmaceuticals 10.

00% 30.

47 medicine 5 people with Thai 10.

00% 10.

45 new virus genes 2 Harbin medicine shares 10.

00% 5.

94 new virus abstracts 0 three love rich 10.

00% 13.

31 Online Education 0 Gaode Infrared 10.

00% 42.

47 infrared detection 7 Guoxuan High-tech 10.

00% 28.

5 New energy vehicles 4 Dongyin shares 9.

99% 15.

74 new virus genes 0 Taihe Technology 9.

99% 43.

48 new shares 2 Cambridge Technology 9.

99% 28.

625G11 Huifa Food 9.

99% 13.

98 food plate 2 Yangpu Medical 9.

99% 12.

55 antiviral concept 3 Qianjin Pharmaceutical 9.

99% 10.

57 new virus moles 11 Wuzhong Jiangsu 9.

99% 9.

8 Antiviral Concept 0 Yingli Te 9.

99% 8.

26 disinfectant 0 Neptune creature 9.

98% 7.

05 Anti-virus concept 22 Taiwan-based shares 9.

98% 17.3 chips 5 Xinlong Holdings 9.

98% 10.

69 anti-virus concept 0 Jiangsu Thorpe 9.

98% 9.

7 sour vinegar 0 Eurobit 9.

97% 12.

9 Satellite Navigation 4 Dunhuang Seed Industry 9.

97% 4.

3 Agricultural planting 0 Ruikang Medicine 9.

97% 8.

49 new viral genes 5 matt technology 9.

97% 12.

24 Pre-increased performance 1 Hisun Pharmaceutical 9.

97% 15.

33 new virus genes 0 three five interconnected 9.

96% 11.

26 Cloud Office 0 Changchun Economic Development 9.

96% 11.

26 Tesla 0 Huaping shares 9.

96% 5.

19 Cloud Office 2 Shanghai Rice 9.

96% 9.

94 Medicine 0 Xinghu Technology 9.

95% 7.

18 results pre-increased 4 Fuchun shares 9.

95% 4.

425G1 Jinke Culture 9.

94% 3.

98 cloud games 1 Shangrong Medical 9.

94% 7.

74 New Virus Journals 0 Essential Pharmacy 9.

94% 6.

86 anti-virus concept 7 Binhua shares 9.

92% 5.

54 Fluorochemicals 3 Guofa shares 9.

91% 4.

88 Pharmaceuticals 2 Runbang shares 9.

91% 4.

66 new virus genes 0 Xinpeng shares 9.

90% 4.55 Tesla 0 Hengkang Medical 9.

90% 3.

33 Anti-Virus Concept 1 China Hi-Tech 9.

87% 5.

23 Online Education 6 Contemporary Oriental 9.

76% 4.

05 Blockchain 0 Ningbo Huaxiang 9.

62% 21.

66 Tesla 1 Huasu Holdings 9.

50% 2.

19 new viral genes 0

42% 4.

18 Tesla 1 Suzhou Kodak 9.

38% 16.

8 cloud office 2 new norway 8.

73% 39.

6 The new virus protection 2 is smart 8.

31% 6.

91 drones 0 silver round shares 8.

04% 10.

08 auto parts 0 Connbey 7.

87% 6.

99 new virus genes 0 Duolun Technology 7.

80% 7.

19 satellite navigation 5 Huan Rui century 7.

75% 5.

56 Cultural Media 1 Paul Wright 7.

74% 19.

36 New Virus Genes 0 Aerospace Macrograph 7.

02% 53.

66 Beidou Navigation 2 Zhongxin Tourism 6.

84% 5.

31 performance pre-increased 8 and crystal technology 6.

82% 7.

36 Online Education 0 Zhendong Pharmaceutical 6.

60% 6.

14 Medicine 0 Huada Technology 6.

59% 18.

44 Tesla 8 Data Port 6.

53% 45.18 big data 3 Zuoli Pharmaceuticals 6.

41% 5.

81 药 0 恒 锋 信息 6.

17% 14.

12 Cloud Office 0 Erkang Pharmaceutical 6.

06% 5.

78 medicine 0 Shennan shares 5.

82% 7.

09 Online Education 0 Channel Shares 5.

78% 13.

92 Hainan 13 Kunlun Wanwei 5.

73% 25.

27 online games 12 Amaton 5.

48% 37.

36 Tesla 7 Sansheng Education 5.

23% 8.

86 Online Education 7 * ST Riverization 5.

07% 4.

35ST plate 0 * ST creature 4.

98% 7.

59ST plate 2 Xintian Technology 4.

97% 5.

07 results pre-increased 6 Huatest Navigation 4.

96% 29.

39 Beidou Navigation 4 Bohui Paper 4.

57% 6.

87 degradable plastic 5 Huafeng spandex 4.

19% 6.

72 new virus genes 2 Winbond Health 4.

12% 5.

31 药 0 金 域 医疗 4.

11% 59 in vitro diagnosis 5 * ST days St. 4.

09% 5.

09ST plate 1 Huace film and television 4.

01% 8.

3 Television Media 7 Ningde Times 3.

72% 169.

89 performance pre-increased 8 * ST hundred flowers 3.

72% 6.

41ST plate 2 Jingfang Technology 3.66% 84.

35 Chips 0 天 喻 信息 3.

56% 13.

68 Online Education 7 Tai’an Hall 3.

52% 5 Medicine 2 Beijing Culture 3.

46% 9.

26 film and television media 5 cape biology 3.

14% 33.

5 medical equipment 0 billion sail medicine 3.

00% 19.

55 Pharm 2 Placo 2.

10% 16.

98 animal vaccines 1 four-way new materials 1.

95% 16.

75 Tesla 8 Mega Chi shares 1.

89% 4.

32 performance pre-increased 1 Wei Tang Industrial 1.

83% 20.

01 Tesla 0 * ST Bus 1.

61% 4.

42ST plate 18 Smelter Group 1.

47% 7.

61 non-ferrous metals 0 Tianxiang environment 1.

36% 2.

23 Debt Restructuring 0 Tianlong Group 1.

32% 3.

85 net red economy 5 Huijia era 1.

08% 6.

55 new retail 1 Mindray Medical 0.

84% 221.

84 medical devices 11 Saturday 0.

75% 32.

11 net red economy 5 days force 0.

71% 16.

98 Medicine 2 Kang Sheng shares 0.

43% 2.

32 stock transfer 4ST East Ocean 0.

29% 3.

48 results pre-increased 7 Stick 0.

20% 35.39 new shares 9 Chuanyi Technology 0.

12% 16.

56PCB1 Shenwu environmental protection 0.

00% 1.

35 oversold rebounded 0 Jingwei shares 0.

00% 2.

29 fuel cell 0 new Hongze -0.

20% 10.

22 Tobacco 0 Gao Lan shares -0.

78% 18.

99 new energy vehicles 9 * ST Zhongan-1.

00% 1.

In the 99ST plate, there are 2 slices of Aberdeen-1.

09% 134.

29 Medicine 2 Jilin Aodong-1.

93% 16.

74 Medicine 0ST Baxter-2.

32% 2.

53ST plate 7 Huayang Lianzhong-3.

74% 28.

33 performance increase 1

Tiantan Biological (600161): Sales expansion efforts increase performance slightly beyond expectations

Tiantan Biological (600161): Sales expansion efforts increase performance slightly beyond expectations

Event: The company released its semi-annual report for 2019 and achieved revenue of 15.

60,000 yuan, an annual increase of 27.

9%, net profit attributable to mothers was 300 million yuan, a year-on-year increase of 22%, net profit attributable to mothers after deduction of non-天津夜网deductibles was 300 million yuan, an annual increase of 23%.

Expansion of the sales side accelerated significantly, driving the performance slightly beyond expectations.

In terms of quarters, the company achieved revenue in 19Q2.

500 million US dollars, an annual increase of 28%, to achieve net profit attributable to mothers1.

60,000 yuan, an annual increase of 24.

6%, performance was slightly higher than expected.

1) In terms of sales, the company currently covers major key terminals in provinces and cities other than Hong Kong, Macao and Taiwan. It will continue to be 19H1. The company’s tertiary hospitals and other medical institutions will cover 9938 drugstores, an increase of 46%; of which 3436 will be covered by drug stores.It has grown by 64% every year, and has entered 25 benchmark hospitals and 36 key 合肥夜网 development hospitals. The number of company terminals currently leads the country, and the development of sales terminals has accelerated significantly. We believe that the potential of the domestic blood product market is still huge, and sales terminals are being dug.It is said to drive further volume of the company’s products.

2) In terms of core products: The sales promotion of the beneficiary company has been strengthened, and the company’s human albumin (equivalent to 10g) sales have increased by 30.

7%, Jing Cing (equivalent to 2.

5g) Sales increase by 20 per year.

8%; 2) In terms of the scale of pulp extraction, the continuation of 19H1, the company’s number of plasma collection stations (including substations) in 13 provinces / autonomous regions in the country reached 57, including 51 in the camp; during the 19H1 period, the company’s pulp extraction was about 802Tons, an annual increase of 8.

7%, both in the number of pulp stations and in the scale of mining companies are in the forefront of the country.

Production capacity is expected to open soon, and product lines are diversified and operating efficiency is expected to increase.

1) In terms of production capacity, the Yong’an blood system project of Chengdu Rongsheng, a holding subsidiary, is designed to have a capacity of 1,200 tons, including albumin, gamma globules and factor products. It is expected to complete completion inspection in March 2020. The completion of the Yongan blood system projectPutting into operation will enable the company’s single plant pulping capacity to reach the 1,000-ton scale, and the increase in scale efficiency will also drive down costs and contribute more profits.

2) In terms of product lines, Chengdu Rongsheng’s rabies patients’ immunoglobulins have been approved for drug registration, and the relevant production workshops have passed GMP certification. Recombinant human coagulation factor 正式 for injection has officially launched Phase I clinical research; a layer with independent intellectual property rightsThe precipitation process Jing Cing obtained the clinical trial notification of the drug. Through the continuous introduction of new products, the company’s profit level per ton of pulp will significantly increase.

3) In terms of operating efficiency, the running-in period of the integration of the previous blood products business has basically transitioned. It is expected that the company’s operating efficiency will continue to improve in the future. The core subsidiary companies such as Guizhou Blood System, Shanghai Blood System and Lanzhou Blood System will also gradually increase their capacity utilization.
Profit forecast and estimation.

It is expected that the net profit attributable to mothers for 2019-2021 will be 6, respectively.

300 million, 7.

700 million and 9.

3 trillion, a compound growth rate of 22% in 2019-21, corresponding to an estimated 47 times, 38 times and 31 times respectively.

Considering that the company is a leader in the domestic blood product industry, but there is room for extension and increase in production capacity, the company has room for growth and maintains a “buy” rating.

Risk reminder: the risk of intensified industry competition; the company’s operating efficiency improvement is less than expected risk.

Leading Intelligence Manufacturing (002600): Performance continues to improve and build precision manufacturing platform enterprises

Leading Intelligence Manufacturing (002600): Performance continues to improve and build precision manufacturing platform enterprises
The company released the third quarter performance forecast, the net profit attributable to the mother in the first three quarters of 19?$ 2.1 billion (same period last year).500 million), of which 7.9 million US dollars is the impact of changes in fair value, the first three quarters of operating net profit was 11.1?13.10,000 yuan, an increase of 26 in ten years.76%?49.61%; Q3 single-quarter net profit attributable to mother 7.9?9.900 million, of which 4.0 ppm is the impact of changes in fair value, and net operating profit is 3.9?5.900 million.  Core point of view: The main business maintained rapid growth, and the performance continued to improve.The report scale, the company’s average value of precision function and structural parts business and display and index module business maintained growth, meanwhile, by actively improving management capabilities, operational capabilities and business capabilities, the performance continued to improve.  Multi-service lines are expected to go hand in hand.Looking ahead, we believe that the company’s multi-business lines are expected to go hand in hand: the restructuring of the precision structure business of Lingyi is expected to return to rapid growth in 2020; Dijing Optoelectronics’ stable operation can still maintain a stable net interest rate; M & A XerkangIt is expected to improve its profitability.  Business and operating budgets will bring future marginal improvements, creating a precision manufacturing platform-type enterprise.The material, structure, and module layout of the company’s business in the vertical direction achieves full coverage of mainstream customers in the horizontal direction. Through management output and business collaboration, the company integrates existing business among the main bodies to create precision manufacturingPlatform enterprises.  Earnings forecast and rating: We are optimistic about the company’s vision to grow into a leading global consumer electronics comprehensive solution provider.Taking into account the impact of changes in fair value, we expect the company’s EPS in 19-21 to be 0.38/0.40/0.43 yuan, corresponding PE is 26/25/23 times, combined with the performance growth of the next 2 years and the estimated situation of comparable companies, give the company a 19-year performance of about 30 times the PE valuation, corresponding to a reasonable value of 11.4 yuan / share, maintain “Buy” rating.  Risk reminders: Downside risks to the 杭州桑拿网 precision business of the precision function industry; increased competition in the industry; integration and synergy effects are lower than expected risks; asset impairment losses and fair value gains and losses exceed expected serious risks.

Hefei Department Store (000417): 1H19 net profit for two years -16.

6% of major retail businesses are under pressure

Hefei Department Store (000417): 1H19 net profit for two years -16.

6% of major retail businesses are under pressure

1H19 results are lower than our expected 1H19 results: revenue 59.

63 ppm, a six-year increase of 6.

9%; net profit attributable to mother 1.

370,000 yuan, corresponding to a profit of 0.

175 yuan, 16-year average of 16.

6%, deducting non-net profit twice extended 32.

7%, which was lower than our expectation, mainly due to the decline of the macro economy and increased competition, which brought down the profit of the main retail business and the impact of equity investment in Huarong Consumer Finance.

By quarter, Q1 / Q2 revenue is +9 each year.

6% / + 3.

3%, net profit is +5 each year.

7% /-66.

9%.

Development trend 1. Revenue growth has improved.

Revenue in the first half of the decade increased by 6 years.

9%, second-quarter revenue growth potential to increase.

By segment: 1) Department stores (including home appliances): Revenue for two years -1.

35%, mainly due to the intensification of industry competition and the market downturn. In terms of store efficiency, department store / appliance same-store revenue increased by +6 respectively.

4% /-11.

5%; 2) Supermarket: Ten years of revenue +5.

32%, same store revenue / net profit +1.

2% /-3.

3%, 2/5 new stores will be opened / closed in the first half of the year, and franchise development will be launched; 3) Agricultural products trading: revenue +3 for one year

47%, business expansion drives the annual circulation of agricultural products.

2%; 4) Real estate: Report consolidated revenue 3.

$ 4.6 billion, mainly due to the substantial increase in real estate sales of Zhougudui Real Estate Company.

2. Expense control needs to be strengthened.

In the first half of the year, the gross profit margin increased by 1.

7ppt to 20.

3%, we think it is mainly driven by high gross profit real estate and agricultural products trading business.

In terms of expenses, the sales expense ratio and the management expense ratio have been increased by 0.

1ppt / 0.

1ppt, maximize the financial expense ratio to 0.

2ppt, mainly due to the increase in loan interest expenses.

In addition, equity participation in Huarong’s consumer finance investment may also weigh on profits, with net profit margins falling by zero.

6ppt to 2.

3%, deducting non-net profit margin fell by 1 year-on-year.0ppt to 1.

8%.

3. Pay attention to the progress of SOE reform and the improvement of operating efficiency.

The main companies in the report focused on the core business, the department store business model focused on promoting digital transformation, 19 stores launched small programs, and the number of electronic members in the report increased by 78%; agricultural product circulation expanded new business space, and the scope of radiation continued to expand. Chizhou Top 100 Agricultural Product Logistics ParkThe project 深圳桑拿网 construction is advancing steadily; the supermarket format continues to expand outlet coverage and accelerates the takeover operation of standardized vegetable markets.

In addition, as the regional retail leader controlled by the State-owned Assets Supervision and Administration Commission of Hefei Province, the company will follow up on the reform of state-owned enterprises and the improvement of operating efficiency.

Earnings forecasts and estimates are based on increased competition in the industry. We cut our earnings forecasts by 6% / 6% to 0.

30/0.

32 yuan.

The current routine corresponds to 2019 / 2020e15 / 14xP / E, maintaining the outperform industry rating, and lowering the target price by 9% to 6 based on earnings forecast adjustment.

4 yuan, corresponding to 2019 / 2020e22 / 21xP / E, 41% upside compared 杭州桑拿 with the current consensus.

Risk consumption continued to weaken; industry competition intensified.

Harbin Investment (600864) 2018 Annual Report Review: Public Utilities + Jianghai Securities Stable Development

Harbin Investment (600864) 2018 Annual Report Review: Public Utilities + Jianghai Securities Stable Development

Event: Harbin Investment released the 2018 annual report and achieved a total operating income of 27.

5.9 billion, +7 per year.

73%; net profit attributable to mother -1.

4.2 billion, 3 before 2017.

58 ‰ decreased by 139.

66%; EPS is -0.

07 yuan.

As of the end of 2018, the company’s total assets were 389.

09 billion, net assets of 125.

7.6 billion yuan.

ROE is -1.

09%, a decrease of 3 per year.

73 units.

Among them, Jianghai Securities achieved revenue of 12.

590,000 yuan, at least -7.

01%; net profit -1.

7.7 billion, compared with February 2017.

920 thousand yuan fell by 160.

69%.

Jianghai Securities’ total assets are 335.

7.4 billion; net assets at the end of the year 97.

480,000 yuan, 101 at the end of the first 成都桑拿网 quarter of 2019.

28 billion.

The market value is estimated to be low, with high security and good flexibility.

The thermal power, environmental protection, and engineering parts of Harbin Investment Co., Ltd. are estimated to be 5 billion; the financial assets held by them (Minsheng Bank and Founder Securities) are estimated to be 21.

9.3 billion.

Statically, Jianghai Securities’ current PB estimate is 1.

40 times, lower than the current brokerage estimate of 1.

88x.

Utilities + securities firms, dual main business rotation.

The company has a heating concession right in the heating zone approved by the government, has a monopoly advantage, and has less competition pressure from the industry. In 2018, the thermal power business achieved revenue11.

950,000 yuan, an increase of 0 in ten years.

86, accounting for 43.

45%.

The brokerage sector, brokerage, self-employed, and investment bank are the main sources of income, accounting for 25 respectively.

66%, 23.

35%, 26.

05%. Investment suggestion: We forecast the company’s total operating income in 2019/202036.

09/41.

5.1 billion, net profit attributable to mother 10.

65/12.

810,000 yuan, the corresponding EPS is 0.

53/0.

63 yuan / share.

Risk reminder: the market transaction activity and the sustainability of incremental funds are not up to expectations; the gradual reduction of some pledged stocks causes the risk of stock pledge;

Vantage Holdings (002035): Quarterly Report Meets Expected Transformation, Accumulating Power in the Future

Vantage Holdings (002035): Quarterly Report Meets Expected Transformation, Accumulating Power in the Future

The results of the third quarter report are in line with expectations, and the adjustment strategy is designed to save the future.

Vantage’s revenue for the first three quarters was 42.

800 million (yoy-8%), net profit attributable to mother 5.

200 million (+ 17% year-on-year), of which 19Q3 revenue and net profit exceeded -9% and + 20%. Facing the industry trough and new retail shocks, the company insisted on focusing on products + enhancing brand image + promoting retail transformation and actively adjusting business strategiesPromote management progress, seek internal benefits, and empower the next round of growth.

Below the new retail shock line, e-commerce accounts for more than 30%, and revenue growth may gradually recover.

According to Aowei Cloud, the retail sales of range hoods / gas stoves / gas water heaters in the first three quarters are -8% / 5%-6% per year. It is expected that Vantage’s products will be -8% /-13% /-18% each time.The average price is –2% /-8% / + 5%, in which the expansion of the heat-fired channel to + the industry average price has caused it to make a significant landing, and the new product category has performed well (cabinet and steam-boiler all-in-one grow rapidly).

In terms of different channels, it is estimated that offline / e-commerce / engineering half a year will be -16% / + 14% /-26%, offline traffic will be affected by new retail; explosive products + holiday promotions escorted sales, e-commerce revenue accounted forThe ratio exceeds 30%; the assessment method of engineering channels ranges from invoicing to delivery, and the caliber of delivery continues to increase.

Looking ahead, the revenue growth rate will resume in the next half year (channel adjustment + demand recovery). In the long run, product upgrades + channel transformation + brand establishment will lead to the implementation of the smart kitchen strategy. At the same time, the cabinet business will expand to be customized for the whole house.Black & Decker, Vantage Home’s cross-domain brand matrix.

Falling costs + budget cuts helped boost profit margins, and Q3 sales expense ratio dropped significantly.

Gross margin for the first three quarters was 48.

9% (+2 year-on-year.

5pcts), the contribution of cost drop is close to 50%, the rest is caused by the reduction of substitution and the improvement of product structure; the sales expense ratio is 27.

4% was previously flat, with a significant decrease in 19Q3 (yoy-3.

8pcts); the management + R & D expense ratio is basically stable; the net interest rate attributable to mothers reaches 12.

1% (+2 compared to the same period last year).

6pcts), and the drop in blood sugar rate also helps.

Operating net cash has improved significantly (at least + 122%). The company uses commercial bills more to settle bills with suppliers, resulting in yoy + 36% and accounts receivable yoy-11% (three quarterly report bills receivables have dropped significantly from the previous quarter). Inventory yoy + 53% (some of which are unrecognized revenue from issuing goods).

In the third quarter, the company’s net operating cycle was 34 days, a rise of more than 23 days. Vantage’s own cash was US $ 2.1 billion + no interest-bearing liabilities, abundant surpluses and relatively small operating risks.

The industry’s trough has been 佛山桑拿网 practicing internal strength and maintaining the company’s “Buy” rating.

Vantage has positioned itself as a “high-end smart kitchen appliance” and has continued to improve its brand power, product power, and channel power through channel transformation + product upgrades, which helps Vantage to weather the industry trough more smoothly.

The company is expected to have a net profit of 7 in 2019-21.

9, 8.

5, 9.

4 ppm, the current sustainable corresponding PE is 13.

2, 12.

2, 11.

1x, maintain the company’s “Buy” rating.

Risk reminder: The growth rate of real estate is declining, the cost of raw materials is rising, and industry competition is intensifying.

Zhangjiajie (000430) 2019 First Quarterly Report Review: Traffic Improvement Drives Passenger Flow Growth, Focuses on Dayong Ancient City Opening in October

Zhangjiajie (000430) 2019 First Quarterly Report Review: Traffic Improvement Drives Passenger Flow Growth, Focuses on Dayong Ancient City Opening in October

Investment Highlights Event: The company announced that it realized revenue of 54.27 million in the first quarter of 2019, an increase of 4 every quarter.

At 06%, the net profit attributable to mothers was maximized at 8.29 million yuan, reducing losses by 44 per year.

27%, net profit after deducting non-return to mother increased by 12.31 million yuan, tens of losses reduced by 20.

94%, EPS is -0.

02 yuan / share.

  Opinion: The reduction in ticket prices has reduced the performance of passenger transport and travel agencies, and the hotel business has continued to decline.

In the total number of reports, due to the impact of reduced ticket prices, environmental passenger transport, travel agency business revenues decreased by 24.

89% and 10.

68%. In addition, the hotel business continued to decline, and the increase in revenue fell 13.
.

89%, resulting in a drop in revenues4.

At 06%, other businesses were affected by the improvement in traffic, and they have achieved an increase in growth, especially the Yangjiajie ropeway revenue surged42.

94%.

  Benefiting from the improvement of traffic, the passenger flow of attractions has grown significantly.

Wulingshan Avenue, which connects the urban area of Zhangjiajie City and the core scenic spot of Wulingyuan, was opened to traffic at the end of last year. Yangjiajie Avenue was opened to traffic before the Spring Festival this year. The improvement in traffic has driven passenger growth.

480,000 people / + 7.

52%, but due to ticket price reductions and preferential ticket policies, the passenger unit price fell by 30%, Baofeng Lake 8.

820,000 people / + 19.

35%, Shili Gallery sightseeing tram 18.

370,000 people / + 25.

05%, Yangjiajie ropeway 14.

820,000 people / +74.

35%, passenger traffic has grown significantly.

  Optimized income structure, gross profit margin increased, and expense ratio was stable.

Reported growth rates, high gross margin prospects Business revenue growth has significantly increased gross margin1.

66 points to 10.

10%, the expense ratio is substantially stable, the overall expense ratio is 36.

48%, 0 in ten years.

03pct, of which the sales expense ratio is 5.

24% / + 0.

83pct, management expense rate 29.

30% /-1.

24pct, financial expense ratio 1.

94% / + 0.

38pct; In addition, the company’s investment income increased by 3.15 million yuan, increasing performance.

  Dayong Ancient City project is expected to be delivered and operated in the fourth quarter of this year.

The main construction of the project has been basically completed, the equipment has been booked for production, and the core service project of large-scale folk performance “Meeting Da Yong” and the flight theater have been basically completed. The company is expected to put it into use in October 19;”Eating, living, travelling, purchasing, and entertainment” in one integrated tourist comprehensive leisure area, built into the new urban cultural and leisure landmark in the central city of Zhangjiajie, is expected to become the company’s new growth point.

  Profit forecast and investment grade: Since 17 years, the company has been subject to factors such as road construction in Wulingshan Avenue and continuous passenger flow in Yangjiajie. The business performance is average, which can reduce traffic and improve landing.) Attendance at tourist attractions increased by 19.
99%), the combined fundraising 南宁桑拿 and investment projects are expected to form a new growth point this year, and the EPS is expected to be 0 in 19-21.
09/0.

10/0.

14 yuan / share, closing prices on April 26 corresponding to PE are 74/61/45 times, maintaining the level of “prudent increase”.

  Risk reminder: The price of passenger trains, tickets and ropeways is lower than that of Dayong Ancient City.