Month: March 2020

Tianshun Wind Energy (002531): Global Wind Power Tower Leader Takes Off the Wind

Tianshun Wind Energy (002531): Global Wind Power 杭州桑拿网 Tower Leader Takes Off the Wind

The wind power industry has entered a boom cycle, and enthusiasm for bidding and rushing installation has been rising.

In the first three quarters of 2019, the number of domestic open tenders has reached 49.

9GW, an annual increase of 108.

5%, exceeding the highest annual tenders in previous years.

The wind power industry generally takes 5 years as a cycle, and the extraordinary bidding volume indicates the coming of the next boom period after 2015.

The market share of wind power towers continues to increase.

The scale of the company’s wind tower production and sales has continued to rise, and its market share has continued to increase. It has gradually grown into the world’s largest leader in wind tower manufacturing.

In 2018, the company sold approximately 38 wind tower products.

01 For the first time, it is clearly ahead of major competitors Taisheng Wind Energy 17.

78 sales.

The company’s global market share in 2018 was about 7.

9%, domestic cities account for about 19.


Sales prices rebounded, and gross profit per ton increased.

In the first half of 2019, the sales price of the company’s towers rose to 9,200 yuan / ton, an increase of 17 from the same period last year.


The company’s gross profit per ton of towers reached 1,884 yuan, surpassing the increase of 16.

1%, increase by about 150 yuan before the end of 2018.

Active layout, rapid development of power generation + blades.

The company actively extends its layout to the downstream of the industrial chain and enters the field of wind power development and operation.

In July 2016, Xinjiang Hami Wind Farm, the company’s first wind farm project, was formally 杭州夜生活网 connected to the grid for power generation.

As of June 30, 2019, the company has expanded its grid-connected capacity to 680MW and has approved 199 projects in hand.

4 MW.

In addition to the traditional wind tower manufacturing business, the company set up a wind power blade manufacturing base in Changshu, Jiangsu in 2016. The first phase of the Changshu factory was officially put into operation in 2018. By the end of 2018, the capacity climb had been basically completed.

In the first half of 2019, the company produced 86 sets of blades and 89 sets of sales; 13 sets of molds and 13 sets of sales.

At present, both power generation and blades have become an important source of revenue for the company, accounting for more than 10% of the revenue.

Investment Advice.

As a global leader in wind power towers, the company actively lays out the industrial chain on the basis of increasing the city’s market share and consolidating its leading position. The blade + power generation business has grown rapidly, and it is expected to follow the industry boom cycle and take off.

It is estimated that the company’s operating income for 2019-2021 will be 54.

6.2 billion, 62.

3 billion and 67.

3.0 billion, with an annual growth rate of 42.

5%, 14.

0% and 7.


The company’s net profit in the next three years will be 8.

07 billion, 9.
4.3 billion and 10.
8.2 billion, an annual increase of 71.

8%, 16.

9% and 14.

7%, corresponding to EPS is 0.

45, 0.

53 and 0.

61 yuan.

Based on preliminary analysis of historical data and horizontal benchmark cross-section data, we believe that the company’s reasonable division interval in 2020 is 13-17 times, and the corresponding price interval is 6.


01 yuan.

The company’s closing price on December 25, 2019 was 5.

97 yuan, the first coverage given a “buy” rating.

Risk reminders: trade protection risks, changes in new energy policies, fluctuations in raw material prices

Categories: oaogmilu

China CITIC Bank (601998): 19Q4 performance growth rate continued to decline

China CITIC Bank (601998): 19Q4 performance growth rate continued to decline

In the fourth quarter of 19, asset expansion accelerated slightly, and revenue and net profit attributable to mothers were rapidly replaced by growth.

The company released the 2019 annual results report: (1) the scale of assets continued to increase at the end of 201911.

23%, an increase of 1 over the end of the third quarter.

05pct, scale expansion slightly accelerated; (2) operating income of 1875 in 2019.

8.4 billion, an annual increase of 13.

79%, a decrease of 3% over the first three quarters.

51pct; Realize net profit of return to mother 480.

15 ppm, a ten-year increase of 7.

87%, a decrease from the previous three quarters2.

87 points.

In the fourth quarter of 2019, the rapid consolidation of revenue and profit growth replaced it. Except for a few factors, we expect that it will be affected by weak interest margins and increased write-off efforts.

The non-performing loan ratio continued to decline, and the provision coverage ratio increased steadily.

As of the end of 2019, the company’s non-performing loan supplement1.

65%, a decrease of 12 basis points from the end of the previous year, and a decrease of 7 basis points from the end of the third quarter of 2019. It has maintained a sequential decline for six consecutive quarters, and the quality of assets has further consolidated; the provision covers a length of 175.

25%, an increase of 17 from the end of the previous year.

27pct, a slight increase of 0 from the end of the third quarter of 2019.

43 points, the overall provision level rose steadily and slightly.

Overall, the company’s asset quality has been further consolidated, and it is expected that the subsequent adverse rebound and pressure on provisioning will improve.

Actively promote multi-channel capital replenishment and increase capital strength.

The company issued RMB 400 trillion convertible bonds in March 2019, and the current conversion price is 7.

22 yuan / share.

The company’s recent announcement of convertible bonds conversion showed that in the fourth quarter of 2019, a total of RMB 14,000 CITIC convertible bonds were converted into A shares of common shares, and the number of converted shares was 1,935.

As of the end of 2019, the proportion of the amount of CITIC convertible bonds that have not been converted into shares of the CITIC convertible bond is 99.


In addition, the company completed the issuance of RMB 40 billion in perpetual bonds in December 2019. At the same time, the company announced that it will launch the issuance of RMB 40 billion preferred shares in due course.

The company’s overall capital level is expected to be effectively supplemented to provide support for asset expansion and help further improve the company’s profitability.

Investment suggestion: The company ‘s asset expansion in the fourth quarter of 2019 will accelerate slightly. The expansion caused by the overlapping growth of revenue and net profit attributable to mothers is expected to be constrained by the limiting factors, the weak interest margin and the expansion of write-off efforts.

The non-performing loan ratio remained stable for several consecutive quarters, and the provision level rose slightly.

The company has continuously consolidated the quality of its assets and strived to replenish its capital level, breaking a good foundation for its subsequent stable profitability.

It is estimated that the company’s net profit attributable to mothers will increase by 8 in 2020-2021.

0% and 7.

7%, EPS is 1.


13 yuan / share, the current A-share participation corresponds to 5 PE in 2020-2021.

91X / 5.

48X, PB are 0.

62X / 0.

57X, the company’s A-shares in the past two years are estimated to be at 0.About 75 times, we give the company 0 in 2020.

75 times the PB estimate, the corresponding reasonable value is 7.

34 yuan / share, maintain the buy rating, with reference to the current discount of AH shares, the reasonable value of H 深圳丝袜会所 shares is 5.

42HKD / share, maintain BUY rating.

Risk Warning: 1.

Economic growth exceeded expectations and asset quality deteriorated significantly.


The increasing competition for deposits continues, and the impact of the decline in interest rates on the combined asset side has weakened interest margins.

Categories: guqtgswt

Jianghe Group (601886): The curtain wall leader welcomes the planned development layout, medical treatment opens a new growth space

Jianghe Group (601886): The curtain wall leader welcomes the planned development layout, medical treatment opens a new growth space

The curtain wall industry leader, medical layout to create two-wheel drive.

The company is the world’s first brand in the field of high-end curtain walls. It was established in 1999 and entered the field of high-end curtain walls in 2001. The company has undertaken a series of flaws, scales, landmark landmarks, technology and brand strength breakthroughs around the world.

After the company went public in 2011, it almost quickly supplemented the interior and design business shortcomings through mergers and acquisitions, and at the same time, it deepened its layout in the medical field to form a two-wheel drive architecture + medical.

The company achieved revenue of 160 in 2018.

400 million, an increase of 5% in ten years; net profit attributable to mothers6.

1 ‰, an annual increase of 30%, to achieve a net operating cash flow of 14.

With a continuous performance of US $ 100 million in cash flow, it is expected to achieve sustainable and stable growth in the future.

Decoration’s main business has entered the expected development period, and there is plenty of momentum for future performance growth.

In 2013, after the company’s main business of building decoration experienced operating risks brought by overseas business expansion, it quickly adjusted its business structure, improved its operating efficiency, and realized a shift from rapid expansion to a transformational development model.

At present, the company’s overseas impairment factors have gradually subsided, its profitability has continued to increase (the gross profit margin and net interest rate have rebounded), and its cash flow interbank ratio is also very good (the net operating cash flow has continued to grow, and the cash-to-cash ratio ranks first among major decoration companies)The domestic and overseas business has steadily advanced, and the main business of building decoration has entered the best development period.

Before 2018, the company’s new starting point was 21.2 billion US dollars, an increase of 18% year-on-year, and the growth rate was significantly increased by 16 pct compared with the previous year. At the same time, the company announced that the 2019 construction and decoration sector plan bid amount was 23 billion US dollars (the 2018 plan bid amount(19 billion U.S. dollars) continue to achieve rapid growth, with sufficient momentum for future performance growth.

Substantial progress has been made in the grafting of Vision’s superior brand technology in China, and the prospects of third-party inspection business are broad.

The company completed the privatization acquisition of the vision in 2015, with the ophthalmology business as the core, and continued to develop the domestic medical business by using the vision and technological advantages. In 2017, the company completed the acquisition of 51% equity in Nanjing Zeming, marking the company’s ophthalmology business in ChinaSubstantial progress in landing.

In January 2019, the company imitated Vision’淡水桑拿网s privatization experience and made another bid for Healius. The company currently holds Healius15.

93% equity, is its largest shareholder, Healius is Australia’s largest general practitioner clinic, the second largest pathology provider, and the second largest imaging chain hospital.

We estimate that the domestic third-party medical testing market is at least about 50 billion. If the acquisition is completed, it will replace the foundation for the company’s further involvement in the domestic third-party medical testing market.

Investment suggestion: We predict that the company’s net profit attributable to mothers in 2019-2021 will be 7 respectively.



4 ppm, an annual increase of 23% / 23% / 23%, corresponding to 0 EPS.



99 yuan (23% CAGR for 2018-2021).

The current highest corresponding PE is 13/11/9 times, respectively, covering for the first time, giving a “buy” rating.

Risk reminders: real estate policy risks, recurring risks of main business profitability and cash flow, acquisition and integration progress not meeting expected risks, medical business expansion falling short of expected risks, and overseas operating risks.

Categories: 按摩

Ziguang Guowei (002049): The first three quarters of results meet expectations. Steady growth in main business

Ziguang Guowei (002049): The first three quarters of results meet expectations. Steady growth in main business
Event: The company released the 2019 third quarter report on October 2北京夜网 3. The first three quarters of 2019, the company achieved operating income of 24.890,000 yuan, an increase of 45 over the same period last year.48%; realize net profit attributable to shareholders of listed companies.650,000 yuan, an increase of 26 over the same period last year.88%; net profit after deduction of non-return to mother3.740,000 yuan, an increase of 146 over the same period last year.94%, mainly due to the exclusion of investment income brought by Ziguang Tongchuang in the same period last year.In addition, the company announced that the net profit attributable to shareholders of the listed company will increase by 15% to 45% annually, corresponding to net profit4.00-5.0.5 billion. The integrated circuit business grew rapidly, and other products were delivered steadily.The number of large-scale customers of special integrated circuit products and purchase quotas increased, customers’ bulk purchases reorganized the company’s production pressure, the transformation industry concentration further increased, the company’s market share continued to increase, and revenue maintained rapid growth; the smart chip business benefited from the Internet of Things and domestic alternativesThe process is accelerating, superimposing the card replacement cycle bonus, and the expansion volume is steadily increasing. The SIM card business is expanding steadily. The emerging market 3G for 4G SIM card is just needed. The company improves its business gross margin by increasing market share. Therefore, the super SIM card project is being actively promoted.In addition, the SIM card with storage function will greatly increase the value. The storage business is stable and stable, but due to downstream OEM production capacity constraints, it will not be able to achieve economies of scale in the short term and the asset-liability ratio will continue to increase. The company plans to transfer its subsidiary, Xi’an Ziguang Guoxin 76% Shares to Ziguang Storage, a subsidiary of Ziguang Group, to give full play to the product and technology advantages of Xi’an Ziguang Guoxin, while improving the company’s profitability. Industry chain mergers and acquisitions and domestic substitution have boosted performance growth.The company intends to acquire Linxens in order to open up the upstream and downstream of the industrial chain and increase synergy. After holding Linxens’ technology, market and users, the company’s overseas market expansion has progressed smoothly; Ziguang Tongchuang FPGA products have been promoted smoothly, and three series 深圳桑拿网of products are in communication.In China, the industrial control and consumer markets are expanding in batches, and the market promotion progress is faster than initially expected.The 5G era will expand the FPGA market space, using the company’s FPGA product volume, FPGA domestic replacement progress is accelerating. Maintain “Buy” rating.We are optimistic about the market prospects of the future special integrated circuit and smart chip business.Expected company 2019?In 2021, the EPS will be 0.75/0.96/1.15 yuan, corresponding to 66 for PE.24/51.92/43.09 times, maintain “Buy” rating. Risk warning: M & A progress is lower than expected, and new product development and promotion are lower than expected.

Categories: sqemtykm

Pingmei Coal (601666): Coal sales volume and price increase steadily

Pingmei Coal (601666): Coal sales volume and price increase steadily

Event: The company announced the third quarterly report for 2019 on October 26, reporting two, and the company achieved revenue of 178.

610,000 yuan, an increase of 18 in ten years.

6%, net profit attributable to mother 8.

870,000 yuan, an increase of 67 in ten years.


The company’s third quarter net profit attributable to the mother2.

92 ppm, compared with 2 in the second quarter.

7.2 billion growth 7.

34%, an increase of 32 over the same period last year.


Performance was basically in line with expectations.

  Key points of investment: The volume and price of coal business will increase, and the gross profit per ton of coal will be stable.

The company’s operating data announced on October 26 showed that the company’s coal output was 2120.

Initially, it was reduced by 9 per year.

07%; commercial coal sales were 1929.

3In the early stage, it increased by 21 every year.


  From the beginning to the end of the third quarter, the average molecular weight of the company’s commercial coal was 739.

81 yuan / ton, up 2 before.

9%; the cost per ton of coal is 567.

93 yuan / ton, an annual increase of 4.

05%, gross profit of 171 tons of coal.

88 yuan / ton, previously reduced by 0.

74%, almost the same as last year.

In the third quarter of the company, the raw coal output was 686.

At the beginning of 28, it was 697 from the second quarter.

04 drops for the first time.

54%, a decrease of 14 per year.

3%; commercial coal sales 558.

In the initial period, it was 664 from the second quarter.

38 down 15.

97%, an increase of 3 per year.


The average quarterly formaldehyde in the third quarter was 772.

09 yuan / ton, compared with the second quarter of 779.

39 yuan / ton reduced by 0.

94%, but higher by 7 per year.

15%; average cost is 576.57 yuan / ton, 615 from the second quarter.

57 yuan / ton down 6.

34%, an increase of 5 per year.


  The increase in sales increased the cost of sales, and the increase in the size of bonds issued resulted in an increase in financial costs.

Reporting statutory company period expenses17.

2.6 billion, an increase of 7 per year.


Including financial expenses 8.

27 trillion, an increase of 3846 per year.

630,000 yuan, an increase of 4 in ten years.


  Mainly due to changes in bond interest expenses.

The bonds issued by the company before 2018 were not terminated in 18 and 19, so the same index was accrued for two years.

In August and September of 2018, the company issued 3 bonds with a total size of 2.8 billion. According to the coupon rate, 8.3 million sentences were accrued in the third quarterly report. In the fourth quarter of 2018 to the end of the third quarter of 19, a total of 7 bondsA total of about 2.1 billion. According to the coupon calculation, a total of about 2 needs to be accrued in the first three quarters of 19.

$ 6 million, an increase of about 2 per year.

500 million; administrative expenses 4.

7.8 billion, a decrease of about 360 a year.

540,000 yuan, a decrease of 0.

75%; selling expenses 1.

64 ppm, an increase of 1691 per year.

30,000 yuan, an increase of 11 in ten years.

5%, mainly due to the increase in coal sales.

  The company continues to repurchase shares and is optimistic about its long-term value.

The company announced in April 2019 that it would use a centralized bidding method with a lower limit of its own funds2.

700 million, cap 3.

300 million, press no more than 5.

45 yuan / share repurchase some social public shares, 50% of the repurchased shares are planned to be replaced to reduce the company’s registered capital; the remaining 50% are necessary to maintain the company’s value and shareholders’ rights, and are planned to be released in accordance with the latest repurchase rulesTwelve months after the announcement of the acquisition results and share change announcement, the registered capital will be reduced.

The large-scale share repurchase fully shows that the controlling shareholders are optimistic about the long-term value of the company.

As of September 30, 2019, the company 杭州桑拿 has gradually repurchased 5214 through centralized bidding.

06,000 shares, accounting for 2 of the company’s current total share capital.

208%, the highest transaction price is 4.

77 yuan / share, the lowest price is 3.

79 yuan / share, the total amount paid gradually is 2.

2.1 billion yuan (excluding transaction costs).

  Investment suggestion: Based on coking coal prices falling short of expectations, we revise down the company’s profit forecast and reduce them by 2 in 2019-2021.

8.6 billion, 300 million and 3.

01 trillion, down to 11.

7.5 billion, 12.

500 million and 11.49 trillion, the company’s EPS is expected to be 0 in 2019-2021.

5 yuan, 0.

53 yuan and 0.

49 yuan; the corresponding PE is 7.

7 times, 7.

2 times and 7.

9x, maintaining the company’s “Buy” rating.

  Risk warning: the decline in the macro economy has led to a decrease in coal demand and the company’s coal product prices have fallen.

Categories: kkgznjdd

Partial stock fund Jedi anti- epidemic battle heavy warehouse pharmaceutical and technology achievement big winner

Partial stock fund Jedi anti- “epidemic” battle heavy warehouse pharmaceutical and technology achievement big winner

原标题:偏股基金绝地反“疫”战 来源:时代周报  [摘要] 据统计显示,2月3日,近3300只权益类基金净值跌幅超过5%,占比78%。

Cutting meat, panic redemption, has become the first reaction of many investors.

  Time Weekly special correspondent Su Changchun issued from the first week of the Year of the A-share market in Beijing, which is a mixed feeling for the people.

  On the first trading day, affected by the epidemic situation, the 3,000 shares of Shanghai and Shenzhen stock markets fell, which severely dampened the performance of public funds.

According to statistics, on February 3, the net value of nearly 3,300 equity funds fell by more than 5%, accounting for 78%.

Cutting meat, panic redemption, has become the first reaction of many investors.

  Surprisingly, Liu Anhua started playing the next day.

On February 4th, the A-share peak turned around and went out of Four Lianyang. The GEM index even hit a new high in three years.

In the meantime, the active stock direction fund seized the opportunity to rebound well and preemptively recovered the “epidemic gap” lost ground.

  According to the statistics of the Galaxy Securities Fund Research Center, as of February 7, the active equity funds of the public fund of the week had achieved overall growth, of which the performance index of the standard stock fund increased by zero.

48%, the performance index of mixed partial stock funds increased by 1.

1%, down 3 from the previous Shanghai index.

38%, Shenzhen Component Index fell 0.

66% performance, actually outperformed the market.

  It is worth mentioning that the remaining 80% of the development is relatively passive index funds. In a volatile market, active equity funds have demonstrated their ability to obtain Alpha returns, and they have also been able to win various types of index stock funds and stock ETFs.

  In this competition with the stock index race, medicines standing on the outbreak of the epidemic, as well as thematic funds related to science and technology, culture and entertainment that are positively related to the epidemic, have become big winners on the performance list.Science and technology, Castrol cutting-edge technology, etc., are among the top performers of equity funds in the first week of the Year of the Mouse.

  ”Through the improvement of the A-share market, the performance of public funds has stabilized. We are intensively arranging new fund issuance and marketing, online road shows, etc.” On February 10, a third-party fund sales platform person in Shanghai disclosed to the Times Weekly reporter.
  Fear of the first day’s plunge and operation pressure put pressure on “What’s the limit of stocks, some of my funds held positions exceeded 10% that day”. On February 3, a basic citizen vowed in a certain fund bar.

Wind data shows that on that day, a total of 5 mixed funds fell more than 10%.

  Looking at the overall equity funds as a whole, on February 3, it was almost completely damaged.

  Wind data shows that after excluding partial debt hybrid funds, among the 4,313 funds divided by statistics, 4275 products had a single-day net worth decline, accounting for 99%.

12%, only a few flexible-configuration monks are still in the construction period, and products with relatively low equity assets are fortunate to escape expectations.

Judging from the decline, there may be 3,279 products that exceed 5%.

  ”I’ve cut the meat, and I’m mainly worried that the market’s decline will not stop in the short term.” On February 3, Lao Jimin Chen Ming told the Times reporter that he had redeemed a wide-base index fund early that day.

  On February 3, there were too many people who chose to sell.

On the same day, many netizens reported on social platforms such as Weibo that the Tiantian Fund system had a system failure for half an hour at the end of the day, and some investors said that they could not sell at that time.

Follow-up according to its staff response, the first is that the transaction volume is too large, the webpage appears to be stuck.

  Facing the redemption pressure, of course, there is the operation team of the fund company.

Due to the postponement of the Spring Festival holiday, some operating personnel have not yet arrived, and the fund’s net value on February 3 showed a “difficult delivery.”

  According to Hu Lifeng, the head of China Galaxy Securities Fund Research Center, at 24:00 on February 3, the public fund did not complete the estimation of the net value of less than 1%, and it was gradually completed in the middle of the night the next day, and all were completed at 24:00 on February 4.

  ”The delayed opening of the A-share market, the overlap is extremely negative, the market has undergone more serious adjustments, and the fund purchase volume has resisted. These have brought very complex systemic work such as transactions and settlement.It is working all night long, “said the head of the marketing department of a Shanghai fund company on February 8.

  Under the joint efforts of all aspects of the stability maintenance policy, the active stock funds to recover the lost ground have begun. On February 4, the stock market stabilized and rebounded, and subsequently, equity funds gradually improved.

  According to the data from the Galaxy Securities Fund Research Center, as of February 6, the performance of mixed partial equity funds has been positive compared to before the Spring Festival. From February 3 to 6, the yield increased by 0.


  On February 7, the public equity funds’ active stock direction funds have achieved comprehensive growth, of which the standard stock fund’s weekly increase was 0.

48%, mixed partial stock funds rose 1 week.


  ”Except for the GEM index, the performance of active equity-oriented funds outperformed other major stock indexes, reflecting stronger recovery capabilities,” Hu Lifeng pointed out.  Time Weekly reporters also noticed that in the emerging structural market, active equity funds have demonstrated the advantage of obtaining Alpha returns compared to passive index funds.

Last week, standard stock funds and mixed partial stock funds also outperformed standard index stock funds, enhanced index stock funds, and various stock ETFs.

  The structural market is a good time for active management funds to exert their investment and research capabilities. In the unilateral market in the first half of last year, such funds were once suppressed by the light of index funds.

  The rapid improvement in the performance of partial stock funds has directly boosted the confidence of the people.

  On February 8, the deputy general manager of a Shanghai fund company told the Times 杭州夜网论坛 Weekly reporter that on February 4, facing the fund company’s joint self-purchase, some people regretted the redemption the previous day and even asked customer service if they could cancel it.Days, basically showing a net purchase.

  According to the data of the winners of Shigekura Medicine and Technology, as of February 7, among the 1464 stock funds re-stated, a total of 484 funds had positive returns last week, and the top 10 funds were all science and technology,Pension theme fund pension.

Among them, the top four are Rich Country Internet Technology, Castrol Advanced Technology, Southern China Securities 500 Medical and Health ETF, and ICBC Credit Suisse Senior Care Industry, all with growth rates exceeding 8%.

  Among the mixed funds, 9 products rose by more than 10%, and Huaxia Lexiang Health, led by it, returned 11.

In addition, Xinhua’s top five growth themes, the East China Sea core value, the growth trend of Huafu, and the Guangfa New Economy, are among the top five in the performance list. Although the theme direction cannot be seen from the product name alone, they also hold more of the heavy stocks at the end of last year.There are recent hot stocks in the pharmaceutical and technology sectors.

  For example, the growth trend of Huafu, Guangfa New Economy, and the top ten heavy stocks at the end of last year all held the antiviral drug Ridesivir concept stock Boteng shares (300363), which had five daily limit last week, 2On the 10th, the word was still sealed.

In addition, the largest stock in Donghai’s core value is Tesla concept stock Ningde Times (300750), which gradually expanded last week.


  Times Weekly reporters also noticed through changes in the fund ‘s net worth that some explosive funds established on the eve of the Spring Festival had quickly opened positions last week, and achieved good returns through bottom-sweeping and precise positions, such as last year ‘s champion fund manager Liu Gezhen ‘s GF Technology Pioneer, ShanghaiWeekly net worth rose 3.


Selling 54 billion BOCOM kernel drivers, up 1 last week.


  Undoubtedly, the improvement of the stock market and the self-purchasing tide of fund companies that began on February 4 have given Citizens great investment confidence.

  Reflected in the Xinfa market, some of the products led by star fund managers have burst out.

On February 6th, Penghua’s value growth was mixed, and the 10,000 independent innovations ended the advancement on average, selling 4 billion U.S. dollars and about 4 billion U.S. dollars, respectively, within four days of issuance.

The Oriental Red Hengyang, which was released on February 7th, will be sold more than five days a day, with a total of about 9 billion yuan raised.

  ”Objectively speaking, the epidemic has a short-term impact on the market, but the impact of the emotional surface is far greater than the impact on the fundamentals. Thousands of stocks on the first day after the Spring Festival is the most concentrated release of emotions. The subsequent improvement and correction of the market is a one-offrisk.

On February 8th, Hu Yaosheng, Manager of Select Funds of Shanghai-Hong Kong-Shenzhen Research Fund of Chuangxin Trust, told the Times reporter that the post-urban regional conference focused on the oversold opportunities in the industries affected by the epidemic; the high prosperity and strong trends that caused concernIndustries, and industries where new business models are rapidly evolving.

Categories: 桑拿

Juewei Food (603517) 2019 Interim Report Review-Rapid Expansion of Stores, Increased Investment Income, Thicker Results than Expected

Juewei Food (603517) 2019 Interim Report Review-Rapid Expansion of Stores, Increased Investment Income, Thicker Results than Expected
In 2019H1, under the pressure of raw material costs, the company has performed 杭州桑拿网 well, its stores have expanded rapidly, and its performance has achieved unexpected growth, demonstrating its strength.Long-term optimistic about the company’s main business of deep-ducking duck necks, advancing the ecological layout of cuisine and achieving sustained growth.Increase EPS forecast for 2019/20/21 to 1.38/1.64/1.90 yuan, maintain “Buy” rating. 2019H1 revenue / net profit increased by 19 respectively.42% / 25.81%.2019H1 company realized revenue 24.9 billion, an increase of 19.42%, net profit attributable to mother 3.9.6 billion, an increase of 25.81%, deducting non-net profit 3.8.9 billion yuan, an 杭州桑拿 increase of 25.twenty four%.Among them, the company achieved revenue in 2019Q213.3.6 billion, with an increase of 19.24%, net profit attributable to mother 2.1.5 billion, an increase of 30.77%, deducting non-net profit 2.1 billion, an increase of 28.94%. Revenue side: Accelerate the opening of stores to promote rapid revenue growth.2019H1 company’s main revenue 24.3.5 billion, an increase of 19.15%.From the perspective of stores, 2019H1 companies accelerated the pace of opening stores. The report pointed out that the number of stores increased by 683 to 10598, and the number of stores at the end of the period increased by 1139 compared with the end of 2018H1.From the same store perspective, under the effect of continuous improvement of store management & supply chain in 2019H1, the company’s same store growth was about mid-to-high unit number, and its performance was eye-catching. In terms of categories, the fresh goods of H1 2019 achieved revenue23.7.4 billion, of which poultry, vegetables and livestock accounted for 80%.4%, 10.7%, 0.3%.In terms of different regions, the company’s national layout is leading the industry. The top three markets in 2019H1 are Central China, East China, and South China, which each account for 26% of revenue.7%, 25.4%, 18.2%, the overseas market continues to expand, and Singapore and Hong Kong will achieve revenue of 32.63 million in 2019H1. Profit analysis: under pressure from raw material costs, investment income has increased.2019H1 company’s gross profit margin fell by 1.2PCT to 34.2%, mainly due to the rise in duck by-product prices and some promotional effects.In terms of expenses, the sales expense ratio for 2019H1 decreased slightly by 0.1PCT, in which the advertising cost rate dropped by 0.7PCT, mainly due to the company’s excessive media investment in the first half of the year;0PCT, mainly because of continuous information technology, the company has a stable number of managers and improved efficiency; the financial expense rate also increased by 0.6PCT, mainly due to the impact of convertible bond issuance and current loan interest rates.In addition, investment income increased by 28.12 million yuan, mainly due to the improvement in profit of Saifeiya (+1.476 million yuan), Hefu Catering (+5.48 million yuan), Happy Mall (+3.3 million yuan) and supplementary investment projects.In summary, the company’s net interest rate also increased by 0.8PCT to 15.9%. Future Outlook: Accelerate store openings to ensure certainty of sustainable performance.In 2019H1, the company’s accelerated store opening has significant benefits. It is expected that the company’s target is to complete 800-1200 net stores, and the accelerated opening in the first half of the year will also increase the certainty of performance.At the same time, the company’s same store continues to grow, and it is expected that revenue will increase by about 20% in 2019.On the cost side, the price of raw materials in 2018 is low before high, and the cost pressure in 2019H1 is obvious. Under the high base price of 2018H2, the pressure in the second half of the year is expected to decrease;Expected net profit growth of about 24%. Risk factors: Store expansion is not up to expectations, food safety issues, and new product promotion is not up to expectations. Investment suggestion: Considering that the company accelerates the opening of stores to improve the certainty of performance, raise the EPS forecast for 2019/2020/2021 to 1.38/1.64/1.90 yuan (after the latest diluted share capital, the original diluted forecast is 1.35/1.60/1.83 yuan), maintain “Buy” rating.

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Qianhe Flavor Industry (603027): The core market accelerates and the growth trend continues

Qianhe Flavor Industry (603027): The core market accelerates and the growth trend continues

Event description Qianhe Weiye disclosed its 2019 Interim Report: Qianhe Weiye’s operating income in the first half of 20195.

0.94 million yuan, an increase of 24.

07%; net profit attributable to mother 8731.

490,000 yuan, a decrease of 35 per year.

55%, an increase of 34 in the next ten years.

35%; of which the second quarter operating income3.

30,000 yuan, an annual increase of 29.

96%; net profit attributable to mother 3678.

970,000 yuan, an increase of 44 per year.

09%, up 61 after 10 years.


Incident Review: The condiment segment accelerated its growth, driving increased profitability: the company’s condiments achieved revenue in the first half of 20194.

96 ppm, a 34-year increase of 34.

3% (Q1 growth rate of 28.

05%, Q2 growth rate of 40.

74%), of which the growth of zero-added products was better than the overall; in terms of products, soy sauce achieved revenue3.

56 ppm, an increase of 37 in ten years.

04% (Q1 growth rate of 32.

23%, Q2 growth rate of 41.

94%); vinegar realized income 9923.

720,000 yuan, an increase of 20 in ten years.

87% (Q1 growth rate of 7.

69%, Q2 growth rate of 34.

82%); caramel color realized income 7843.

220,000 yuan, a ten-year average of 17.

64%, mainly due to the loss of customers in South China since the second quarter of last year.

The company’s gross profit margin reached 46 in the first half of the year.

61%, previously increased by 3pct, deducting non-net interest rate reached 13.

5%, increase by 1 every year.


It is expected that the proportion of mid-to-high-end products will continue to increase in the future, and the cost will be high before and after low, which will improve profitability.

The Southwest base market accelerated month-on-month, and the key regions maintained rapid growth: In 2019, the company continued to explore the national market and further strengthened the intensive cultivation in the Southwest market. In the first half of the year, the growth in the major key regions was strong, and the Southwest grew.

4% (of which 28 in the second quarter.

88%), the Southwest market continues to improve; East China grows 28% annually.

52%, North China is growing by 64 each year.

59% in Northwest China, an increase of 50 in ten years.

40%, South China in the middle of the decade12.
04%, mainly due to the impact of customer loss of caramel color business; e-commerce revenue in the first half of 5296.
170,000 yuan, an increase of 59 in ten years.

36%, continued to accelerate.

The number of dealers in each region also continued to increase in the second quarter, of which 17 in East China, 33 in North China, 14 in South China, and 10 in Central China.

The expansion of key areas continued to make efforts, adding new channels, expanding business personnel, expanding ground advertising, and refocusing with zero-add brand positioning.

Continue to be optimistic about 重庆耍耍网 the company’s medium and long-term differentiated competitive advantage.

We continue to be optimistic about the growth potential and differentiated competitive advantages of the company’s zero-additive products, and we expect to benefit in the long term under the trend of healthy upgrading of condiments.

EPS are expected to be 0 in 2019/2020.

50 yuan / 0.

62 yuan, corresponding to 45 times / 36 times PE, maintain “Buy” rating.

Risk Warning: 1.

Industry competition is intensifying, and product demand falls short of expectations; 2.

Food safety issues, policy adjustment factors, and other uncertain events.

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Depth-Company-Juhua Co., Ltd. (600160): Fluorine Chemicals Continues High Boom Repurchase Shows Confidence

Depth * Company * Juhua Co., Ltd. (600160): Fluoride Chemicals Continues High Prosperity Repurchase Shows Confidence

The performance of Juhua shares slightly exceeded expectations.

The refrigerant industry continued its boom.

Several projects under construction will be completed and put into operation in 2019-2020.

The announcement of the repurchase program demonstrates confidence.

Maintain BUY rating.

The performance of the key points of the support level was slightly higher than expected, and the announcement of the repurchase program showed confidence.

The company released its annual report and achieved operating income of 156 in 2018.

56 ppm, an increase of 13 in ten years.

42%, net profit 北京桑拿网 attributable to shareholders of listed companies21.

5.3 billion, an annual increase of 136.


In the fourth quarter of this year, operating income was achieved in a single quarter.

82 ppm, a decrease of 2 per year.

64%, net profit attributable to mother 5.

00 ppm, an increase of 396 per year.

32%, the performance is close to the upper limit of the Air Force notice.

The distribution plan is to allocate cash for every 10 shares1.

5 yuan (including tax).

The company also announced that it plans to use its own funds to not exceed RMB 300 million (inclusive) and not to exceed RMB 600 million (inclusive), and to repurchase the company’s shares in a centralized bidding transaction at a repurchase price not exceeding RMB 11.

80 yuan / share (inclusive), the repurchased shares will be used as a substitute to reduce the 南京夜网 company’s registered capital and demonstrate confidence in the future development of the company.

The industry continued its high economic boom and profitability hit a new high for many years.

Benefiting from supply-side reforms and better downstream demand, the industry’s concentration has increased. In 2018, the company’s main product prices increased by the same rate and sales increased.

Fluorochemical raw material prices for major products rose 16.

01%, sales increased by 7.

27%; the price of refrigerant rose by more than 22.

78%, sales increased by 12.

; Prices of fluoropolymer materials rose 34.

02%, sales rose 13%.

Overall, in 2018, the revenue of new chemical materials accounted for 31% of the main business revenue, and the overall profitability and ability to resist market risks have been further improved.

In addition, increased investment income and lower exchange losses also contributed to the growth of performance.

The consolidated gross profit margin in 2018 was 24.

62%, net interest rate 13.

94%, ROE (deduction) 18.

08%, both hit a new high since 2011.

Several projects under construction will be completed and put into operation in 2019-2020.

The company currently has a capacity of nearly 34 tons of various refrigerant products, of which the second-generation fluorine refrigerant R22 has the second largest domestic production capacity; the third-generation fluorine refrigerant is the global leader.

In addition, there are a number of fluorinated raw materials, refrigerants, fluoropolymer materials and other projects under construction which will be completed and put into operation from the second half of 2019 to 2020. After completion, the competitive advantage will be further enhanced, and it will be the basis for the segmented industry.
It is estimated that the duration of the boom of the fluorination industry is longer than expected, and the profit forecast is raised.
Expected earnings for 2019-2021 are 0.

84 yuan (0 for democratic prediction.

73 yuan), 0.

91 (Air Force Forecast 0.

82 yuan) yuan and 1.

02 yuan.

The current highest corresponding P / E ratios are 11 respectively.

1, 10.

1, 9.

1x, maintain BUY rating.

The main risks facing the rating are the relaxation of environmental protection policies, and the price of products fluctuates significantly.

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Emeishan A (000888): Peak season revenue improvement, fee control, efficiency and steady growth

Emeishan A (000888): Peak season revenue improvement, fee control, efficiency and steady growth

Event: On October 25, Emeishan A released three quarterly reports.

In the first three quarters of 2019, the company achieved operating income8.

$ 7.3 billion / growth 3.

04%; net profit attributable to mother 1.

86 ‰ / increase by 10.

34%; net profit after deduction to mother 1.

82 ppm / 天津夜网 increase of 7.

97%; basic profit income is 0.

3536 / growth 10.


Among them, the company achieved operating income 3 in 2019Q3.

44 ppm / increase of 6.

65%; net profit attributable to mother 1.

09 ppm / increase of 10.

52%; net profit after deduction to mother 1.

08 ppm / increase of 9.


Comments: 1. Ticket prices are reduced during peak season, and passenger flow and ropeway business performance is outstanding.

The company’s revenue in the third quarter increased by 6.

65%, this year’s Emeishan peak season fare is 160 yuan / person, down 25 yuan compared to the same period last year (off-season fare and channel prices do not change), revenue growth mainly benefit from the growth of passenger flow in the peak season and the capacity increase after the 10,000-year ropeway upgrade

Q3 company net profit attributable to mother increased by 10.

5%, which is similar to the growth rate in the first half of the year, thanks to the revenue growth and significant cost control.

2. The gross profit margin increased slightly, and financial expenses increased significantly.

In Q3 2018, the company’s gross profit margin was 47.

7% / up 0.

2pct, sales expense ratio 1.

6% / annual growth of 0.

2pct, management expense rate 10.

1% / growth 1.

1pct, or due to the decline in the proportion of high gross margin ticket business, the financial expense ratio -2.

0% / up 2.

1pct, mainly due to the increase in interest income, under the combined effect, the company’s net interest rate increased by 1.


3. Increase capital to Yunshang Tourism and enter into tourism performing arts projects.

The Emeishan Air Force announced that it intends to use the raised funds to contribute1.

20.7 billion subscribed for additional registered capital on Cloud Tourism.

2 trillion, holding 40% of the shares, Travel Investment Hanglu and E Tourism Investment Group respectively holding 34% and 26% of the shares. This foreign investment is to invest in the “Emeishan only” real-life performing arts construction project, which helps to use the resources ofMarket demand, rich tourism products, extending the tourism chain and improving the tourism image.

4. Investment suggestion: The company’s operations will be stable and upward in the third quarter. The impact of ticket price reductions will be apparent but the overall control is still possible. Marketing transformation and subsidiaries’ loss reduction activities have shown positive performance.In terms of extension, the company is still in the exploratory stage in the fields of tea, specialty products, big data, and tourism performing 北京桑拿洗浴保健 arts. It is recommended to pay attention to the progress of related projects.

We expect the company’s net profit attributable to its parent to be 2 in 2019-2021.



5 ppm, corresponding to PE of 15x / 14x / 13x, maintaining “Prudent Recommendation-A” investment rating.

Risk reminders: severe weather risks; the benefits of outreach projects are not up to expectations; systemic risks in the tourism industry.

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