Month: March 2020

Zhongshun Jierou (002511): Bamboo Pulp and Paper Project Launches Extension of Product Line, Employee Shareholding and Core Leadership

Zhongshun Jierou (002511): Bamboo Pulp and Paper Project Launches Extension of Product Line, Employee Shareholding and Core Leadership

Event 1: The company plans to invest in the construction of an integrated bamboo pulp and paper project.

The company intends to invest in the project in Sichuan, of which bamboo pulp production capacity is 31.

8 inches, tissue paper capacity is 30 inches.

The project is expected to have a total construction period of 70 months, of which the pulp production line will be put in one time and construction will be completed within three years (expected 2022); the paper production line will be constructed in three phases with 10 outputs per phase (expected 2022?
2024 10 tons per year)).

The total investment of the project is 40.

8.7 billion (own capital, bank borrowings and legal and effective financing methods), with an estimated annual income of 30 after the project is completed.

30,000 yuan (including tax), profit after tax is 2.

1.7 billion with a payback period of 12.

04 years (including construction period).

The “Sun” brand was launched to sell bamboo pulp tissue paper, and the product line was expanded to expand market share.

The company will use the “Sun” brand to sell bamboo pulp tissue paper, which will further extend the company’s product line.

In the past, the company mainly sold mid-to-high-end tissue paper series and used imported wood pulp as raw materials.

It is expected that the company’s newly launched bamboo pulp tissue paper will mainly target the mass market and the company’s product matrix will be perfect.

The sales price of bamboo pulp tissue paper is expected to increase, but in addition to self-produced bamboo pulp, the gross profit margin of new products is not expected to further reduce the company’s internal mid- to high-end products and the net profit margin of new projects.

2%, close to the company’s current net interest rate of about 8%.

In the 18-year tissue paper industry, CR4 was close to 35%, and most 上海夜网论坛 of the rest of the market was replaced by small and medium capacity.

The company’s bamboo pulp and paper integration project has the advantage of cost. At the same time, relying on the company’s brand influence, it will greatly seize the internal small and medium capacity market, bringing new revenue and profit growth points for the company.

Event 2: The second employee stock ownership plan was launched.

The company launched the second phase of the employee stock ownership plan, with a total number of participants not exceeding 80, of which 9 were directors and supervisors of the company, and the repurchase price was 8.

08 yuan / share, the maximum fund size at the time of establishment is 50 million yuan, the upper limit is 50 million shares.

Among them, there are 9 directors and senior managers, with a total 北京夜网 subscription of 28 million shares, which is expected to account for 56% of the employee’s shareholding plan. Other employees are expected to not exceed 71 people, and total subscription expenses are expected to not exceed 22 million.The proportion of the employee’s total shareholding plan is expected to be 44%, which is tied to core leaders, and the company is united.

Deng’s father and son are expected to subscribe for 27% of the total shares in this employee share plan, and Liu Jinfeng, the deputy general manager, subscribes for 6%. Zhou Qichao, the director, and Dongying, the financial director, subscribe for 6% / 2%, respectively. The three newly appointed deputy general managers, Dai Zhenji/ Yue Yong / Ye Longfang respectively subscribed for 6% / 6% / 3%.

This employee shareholding plan is deeply tied to the company’s core leadership, and the company’s unification will be conducive to the company’s long-term development in the future.

The layout of the channel network has continued to improve, with higher growth attributes.

The company accelerates the layout of its outlets through the four major channels of GT + EC + KA + AFH. The company has achieved rapid growth by relying on dealer expansion 15 years ago, of which the sales channel revenue from commercial sales only accounted for about 5% last year (2.

700 million vs Vinda sales revenue12.

800 million, accounting for 14%), facing the domestic market space of nearly 30 billion, the current concentration is still low, the company can still expand space.

Dealer channels, as of the end of 18 years, has reached 1791 counties and cities (surpassed the target), the number of dealers increased by 256, and the target of 2019 is to add 500 counties and cities.

The company’s e-commerce channel has experienced strong growth, and relying on online channels is expected to accelerate the increase in city share.

In terms of production capacity, Hubei is expected to increase its production capacity by 10 tons in 19 years, Tangshan will increase its production capacity by 5 and its total production capacity will reach 81 tons in the future. It is expected to maintain a sales growth of 18%.

New product categories were expanded and product structure continued to be optimized.

The company’s main business is tissue paper. In 18 years, it launched a new personal care cotton wipes. In June, the sanitary napkin products were launched online.

The size of the sanitary napkin market has reached 40 billion. The company has channel and brand advantages, and the new business is expected to bring new growth points.

Face + Lotion + Natural Wood are the three high-margin products promoted by the company. In 19Q1, the revenue share increased to more than 65% (vs. 18 years’ share 63).

4%), in which the growth rate of emulsion revenue has reached over 100%, which has been the focus of the company’s development in 19 years, and the company is still developing other high-margin products. In the future, through adjustment of the product structure, the single-ton reduction will still improve.

The cost-side pressure continued to ease, the product structure was high-end, the omni-channel layout was further improved, the endogenous growth momentum was maintained, and the “Buy” rating was maintained.

It is estimated that the net profit in 19-21 will be 5 respectively.

800 million, 35 per year.

0% / 20.

2% / 17.

5%, corresponding to PE 26.

2X / 21.

8X / 18.

5 times.

Risk reminder: Uncertainty of the government approval of the bamboo pulp and paper project, uncertainty of fund raising, uncertainty of the implementation of the shareholding plan, risk of fluctuations in raw material prices, new product sales being less than expected risks, and channel expansion less than expected risks

Hikvision (002415) 2018 Annual Report and 2019 First Quarterly Report Review: The Industry Boom Turning Point Has Arrived to Accelerate the Implementation of Intelligent Layout

Hikvision (002415) 2018 Annual Report and 2019 First Quarterly Report Review: The Industry Boom Turning Point Has Arrived to Accelerate the Implementation of Intelligent Layout

Affected by the prosperity of the security industry, the company’s revenue from 18Q1 to 19Q1 escalated quarterly. The turning point of the security industry boom has now arrived, and the company replaced 2Q19 and began to resume growth.

Investment Highlights: Maintain “Overweight” rating and raise target price to 42 yuan.

The company’s 2018 revenue was 49.8 billion yuan, +18 per year.

93%, net profit 114 trillion, +20 in ten years.

64%, revenue of 99 trillion in the first quarter of 19, +6 in ten years.

17% and net profit of 15.

4 ‰, at least -15.

41%, and the company expects to achieve a net profit of 37 in 1H19.


600 million, a -10% increase in ten years?

The industry’s prosperity continued to decline, resulting in 1Q19 performance exceeding market expectations. We lowered the company’s EPS forecast for 2019 and 2020 to 1.

40 yuan (-5%), 1.

70 yuan (-5%), the EPS is forecast to be 2 in 2021.

06 yuan, taking into account the upward movement of the industry evaluation center and the company’s intelligent layout to accelerate the landing, give the company 30 times PE in 2019, raise the target price to 42 yuan, increase the holding level.

Affected by the prosperity of the security industry, the company’s revenue from 18Q1 to 19Q1 has been reduced quarterly: 1) Government-side investment has tightened, project decision-making cycles have been lengthened, and the speed of landing has slowed down at the same time; 2) Enterprise-side funding chains have become tighter and investmentsThe expectation is reduced; 3) The company’s operations are more cautious and conservative, and the management of dealers’ inventory and account period is strengthened.

The turning point of the industry boom has arrived, and the company’s operating conditions will pick up quarter by quarter.

The implementation of government-side projects began to accelerate in the second quarter of 1919, and investment in large enterprises is expected to increase at the same time. The demand for the security industry has obviously picked up.

With the arrival of the new era of integration of materials and new products, Haikang welcomes the possibility of historical growth.

The security industry has ushered in the historical potential of intelligence. Hikvision’s forward-looking investment and business layout have secured the company at the forefront of the AI innovation wave. The company has replaced traditional security vendors to grow into a video-centric intelligent 佛山桑拿网 Internet of Things.Solutions and big data service providers.

Risk warning: Infrastructure investment growth is slower than expected; industry competition is intensifying.

Industrial and Commercial Bank of China (601398) solid performance: interest rate spreads narrow as scheduled and asset quality is stable

Industrial and Commercial Bank of China (601398) solid performance: interest rate spreads narrow as scheduled and asset quality is stable

The 3Q19 results were in line with our expectations. The 3Q19 results announced by the company: revenue of $ 5847 trillion, a long-term growth of 8.

3%; net profit attributable to mothers is 25.17 million yuan, a year-on-year increase of 5.

0%; 3Q single-quarter revenue increased by 6 year-on-year.

7%, compared with 9. of the previous 1H19

1% fell slightly, 3Q net profit attributable to mother 杭州夜生活网 increased by 5 per year.

8%, 4 of the earlier 1H19.

7% accelerated slightly, and overall performance was solid, in line with expectations.

  Development Trend Revenue growth rate in 3Q19 decreased earlier than 1H192.

4ppt to 6.

7%, considering that the return on assets under the loose monetary policy fell, the performance was in line with expectations.

Exploration 3Q19 single quarter daily average net interest margin 2.

23%, down 4bp from the previous quarter.

It is expected that under the loose monetary policy, the yield on the asset side will fall; and the rise in costs on the debt side will mainly come from deposit competition.

The consensus at the performance meeting stated that in the context of intensified competition, the balance of volume and price will be considered, and the loss of the price may be outweighed by the maintenance (ICBC’s growth in the first three quarters hit a record high).

3Q net program fee income grows by 4 per year.

8%, the performance meeting last year said payment settlement business, insurance business, credit card business grew rapidly.

The scale of expansion is steady, with total assets, loans and deposits increasing by 1 respectively.

5%, 2.

4%, 1.


Among them, corporate loans and personal loans increased by 1, respectively.

4%, 3.

2%, 19.

0%; demand deposits are down by 1.

2%, time deposits increased by 3 from the previous quarter.


  The performance of 3Q’s asset quality was stable, the provisioning and accelerating growth rate was rapid, and the profit performance was relatively stable.

  The bad rate at the end of 3Q decreased by 4bp to 1 from the previous month.

44%, the net bad generation rate was flat at zero in ten years.

78%, provision coverage ratio increased by 6 from the previous quarter.

1ppt to 198.

1%, the provision in the third quarter accrued an annual increase of 15.

2%, earlier than 1H19 of 18.

8% decreased slightly.

Against the backdrop of a weakening macro economy, the sound asset quality reflects ICBC’s excellent risk control capabilities.

  The annualized ROAE (disclosed value) in the first three quarters decreased slightly by 0 every year.
85ppt to 14.

30%; core tier 1 capital adequacy ratio increased to 0.
45ppt to 12.

93%, the capital adequacy ratio continued to increase1.

84% ppt to 16.

65%. In terms of capital replenishment, ICBC issued 80 billion yuan of sustainable bonds in July this year, and 70 billion yuan of preferred shares in September.

  Earnings forecasts and estimates take into account the narrowing of interest margins under loose monetary policy, and lower the net profit attributable to mothers in 20192.

From 0% to 3123 ppm, the net profit forecast for mothers dating to 2020 is 3278 ppm.

The current A-share contradiction corresponds to 0 in 2019/20.

9 times / 0.

8 times P / B, H shares correspond to 0 in 2019/20.

7 times / 0.

7 times P / B.

The average value of A and H shares remains outperformed by the industry rating, but due to market risk expectations downward, we lower the target price of A shares by 1.

6% to 7.

58 yuan, corresponding to 1.

1 and 1.

0 times P / B in 2019 and 2020, up from 26 previously.

8% upside; lower H-share target price by 6.

2% to 8.

11 builds, corresponding to 1.

0 times and 1.

0 times P / B in 2019 and 2020, up from 45 previously.

9% upside.

  Risk Macroeconomic fluctuations, asset quality performance is less than expected.

Red Wall Shares (002809): Product structure continued to be optimized. 1H2019 net profit attributable to mothers increased 39.53%

Red Wall Shares (002809): Product structure continued to be optimized. 1H2019 net profit attributable to mothers increased 39.53%
1H2019 achieved net profit attributable to mother 0.610,000 yuan, an increase of 39 in ten years.53%.The company announced 1H2019 to achieve revenue 4.80,000 yuan, ten-year average of 0.21%; net profit attributable to mother is 0.610,000 yuan, an increase of 39 in ten years.53%; EPS0 achieved.51 yuan / share.Among them, 2Q2019 achieved revenue 2.98 ppm, with a ten-year average of 5.03%; net profit attributable to mother is 0.44 ppm, an increase of 48 in ten years.71%. Proactively adjust the product structure, and significantly reduce the proportion of cement revenue.The report summary, in order to improve the efficiency of capital use, the company gradually reduced the scale of the cement distribution business and optimized the product structure.1H2019 company’s concrete admixture business achieved revenue4.USD 3.1 billion, an annual increase of 9.48%, accounting for 89% of revenue.68%.Cement distribution achieved zero revenue.49 trillion, a decrease of 42 a year.55%, accounting for 10.27%. The price of raw materials has dropped, and the gross profit margin of the product structure has improved significantly.The main raw material of the company’s main product polycarboxylic acid water reducing agent is polyether monomer. The continuous price of polyether monomer is reported to continue to decline. According to the statistics of Baichuan Information, the average price of polyether monomer in 1H2019 is 10365 yuan / ton, which is earlierIn the same period last year, RMB 12,593 / tonne fell by 18% year-on-year.At the same time, the company’s revenue ratio of reducing the low-margin product cement was changed, and the company’s gross profit margin in 1H2019 was 33 under the overall impact.44%, a significant increase of 8 a year.99 units. The R & D center project was basically completed, which further enhanced the company’s research capabilities.The main body of the R & D center of the company’s IPO investment project has been basically completed. The completion of the R & D center project has transformed the company’s R & D hard power and can play a positive role in attracting and training R & D talents.At the same time, we believe that the completion of the research and development center will further improve the company’s new product design and research and development capabilities, which will help the company to improve product quality, reduce product costs, and improve the company’s economic benefits. profit prediction.We expect that the company EPS for 2019-2021 will be 0.94 yuan, 1.14 yuan and 1.29 yuan, combined with comparable companies’ estimated levels, we give companies 17-19 times PE in 2019, corresponding to a reasonable value range of 15.98 yuan-17.86 yuan, maintaining the sustainable market rating. Risk warning: raw material price fluctuations; downstream 杭州桑拿网 demand fluctuations.

Hang Seng Electronics (600570): The Moonrise, the Rise of the Sun, a FinTech Leader

Hang Seng Electronics (600570): The Moonrise, the Rise of the Sun, a FinTech Leader

Hang Seng Electronics: In the future, the world’s leading financial technology company Hang Seng Electronics is China’s leading financial software and network service provider. The company has always focused on the main financial industry and is a leader in the industry. In 2019, the company has been selected as Fintech 100 Global Finance for 11 consecutive years.The list of top 100 science and technology, ranking 43, won the best place in history.

The controlling shareholder of the company is Ant Jinjin, which directly replaces the Ali territory.

High R & D results in high net interest rate and high market share, helping the company to cross the bull and bear market and have cyclical growth.

After 2016, the company’s profitability rebounded significantly, and its net profit margin was higher than that of comparable companies.

  The company’s R & D appropriation accounts for more than the comparable company’s operating income, and it ranks among the top A shares.

The prosperity of the industry has increased, financial IT demand has been strong, and the growth momentum of IT in the capital market has continued. In the long run, the securitization rate and the US securitization rate more than 40 years ago are quite large.Looking at 2019H1, the capital expenditure of a non-bank financial institution is picking up, which is good for leading fintech companies.

The banks with relatively concentrated securities IT and fund management IT industries have a large space in the IT market and insurance IT market, and the company has room for development.

In 2022, the scale of IT investment in the Chinese banking industry will exceed US $ 150 billion, and the size of the solution market will exceed US $ 88 billion; insurance IT is expected to exceed US $ 42 billion, and the solution market is approximately 17.8 billion.

The dividends in investment-focused industries are capital market reforms. Financial opening up is expected to open the margins of the financial technology industry. Capital market reform and innovation have become the norm, and new demand is generated every year to form new profit growth points for financial technology companies.

The opening up of the financial industry has brought more market participants, new business models and technology 成都桑拿网 applications, which has led to more demand for fintech.

The company-level focus is on thinking about change and growth.

In 2019, the company will continue to advance its online strategy and accelerate the implementation of the large, medium and large-scale strategy.

In the future, the company will continue to increase the market share of more products, maintain the competitive advantages of traditional businesses, promote the landing of emerging technologies, and achieve major breakthroughs in innovative businesses.

For the first time to cover the first-level “overweight” rating, we estimate the company’s operating income for 2019-2021 will be 40.

59, 50.

01, 61.

250,000 yuan, the net profit attributable to the parent company is 10.

04, 12.

03, 14.

820,000 yuan, EPS is 1.

25, 1.

50, 1.

85 yuan / share, corresponding to the current sustainable 72.

81 yuan, PE is 58.

24X, 48.

63X, 39.

46X, covering for the first time, gives “overweight” rating.

China National Travel Service (601888) 2019 Semi-annual Report Review: Rapid Growth in Performance, Adjustments and Adjustments, Focus on Tax Exemption

China National Travel Service (601888) 2019 Semi-annual Report Review: Rapid Growth in Performance, Adjustments and Adjustments, Focus on Tax Exemption

Brief description of results: In 2019H1, China National Travel Service achieved revenue of 243.

$ 4.4 billion / +15.

46%, net profit attributable to mother 32.

79 ppm / +70.

87%, deducted non-net profit 25.

00 ppm / + 30.

86%, basic EPS1.

6795 / +70.

87%; net operating cash flow is approximately 24.

7.6 billion / + 13.


Single-quarter revenue in Q2 2019 is 106.

5 ppm / -13%, net profit attributable to mother 9.

7 ppm / + 29%, attributed to the mother deducted non-net profit 9.

1 ppm / + 21%.

Sanya and Shanghai have maintained high growth, and the operation of Baiyun Airport has improved significantly.

Revenue contributed by China National Travel Service in the single quarter of 201931.
The improvement in the growth rate of the single quarter of 2019Q2 is mainly due to the completion of the China National Travel Service in 2019Q1. If the income contributed by the China National Travel Service in the single quarter of 2018 is excluded.

2 ‰, the single quarter revenue growth rate in 2019Q2 is about 17%, and the 2019H1 revenue growth rate is about 35%, in line with expectations.

The company continues to consolidate and optimize the existing island island tax-free business and airport tax-free business by integrating procurement channels.

In terms of sections: ① Sanya International’s tax-free income is about 53.

29 ppm / + 28.

72%, net profit attributable to mother 8.

3.2 billion / + 5.

65%, the net interest rate attributable to mothers decreased by 3.

41 points to 15.

62%; ② Shanghai revenue 73.

7.7 billion (consolidated from March 2018, with an estimated annual growth rate of more than 30%), attributable to net profit of the mother3.

21 ppm, net profit attributable to mothers is 4.

15%. After the implementation of the new deduction point in 2019, Shanghai will continue to maintain long-term profitability and achieve outstanding results. ③ China’s revenue will increase to 37.

6.6 billion / + 13.

78%, net profit attributable to mother 0.

95 ppm, net profit attributable to mothers increased by 0.

86pct to 2.

53%, profitability has been greatly optimized; ④ Hong Kong Airport tobacco and alcohol section income12.

9.6 billion / + 36.

13%, the breakeven has been achieved; ⑤ Baiyun Airport revenue 8.

44 ppm / + 193%, after the completion of the renovation, the income has increased significantly each year.
The gross profit margin remained optimized, and the expense ratio of the outbound tourism business increased.
In 2019H1, the overall gross profit margin increased significantly9.

83pct to 51.

05%, mainly due to the reduction in gross profit margin of the tourism business and the increase in the size of the merchandise trade business have driven the optimization of gross profit margin levels.

Specifically: ① The gross profit margin of the commodity trading business increased by 0.

09pct to 51.

76%; ② Among them, the gross profit margin of duty-free business decreased slightly by 0.

20pct to 52.

29%, it can be known that the impact of exchange rate fluctuations on the cost of tax-exempt business is controlled to the lowest level;

48pct to 32.


In 2019H1, the sales expense ratio increased by 7.

24pct to 30.

29%, mainly due to the increase in the proportion of tax-exempt businesses with higher sales expense ratios, as well as the extension of the deduction point in Shanghai on the day;

38pct to 2.

32%, the management efficiency has been optimized; the financial expense ratio is slightly increased every year.

11pct to 0.

05%, mainly due to the increase in interest expenses, but the exchange loss loss narrowed compared with the same period last year.

The cash flow is healthy and the operating capacity is improving.

In 2019H1, the net operating cash flow was approximately 24.

7.6 billion / + 13.

82%, which is highly matched with the non-net profit deducted by the mother. Generally speaking, the company’s funds are redundant and its cash flow remains healthy.

Accounts receivable turnover days from 9.

65 was reduced to 6.

In 02 days, the accounts payable turnover days were 39.

69 increased to 41.

For 48 days, the operating capacity remained positive.

Leaders adjusted to further focus on tax exemptions.

On August 30, 2019, the company issued an announcement saying that it had received written resignation reports from Mr. Peng Hui, general manager of the company and Mr. Xue Jun, deputy general manager, and Ms. Yu Ningning, and announced that the board of directors planned to hire Chen Guoqiang as general manager of the company.Zhao Feng and Wang Yanguang are deputy general managers of the company.

Due to job adjustments, Mr. Peng Hui applied for resignation of the company’s general manager position, and Mr. Xue Jun applied for resignation of the company’s deputy general manager position; due to the legal retirement age, Ms. Yu Ningning applied for resignation of the company’s deputy general manager position.

After resigning, Mr. Peng Hui and Mr. Xue Jun will continue to serve in the company, and Ms. Yu Ningning will not hold any positions in the company.

Chen Guoqiang is currently the vice president of Zhongzhong Group and has relatively high operating experience in the duty-free industry; Wang Xuan, Zhao Feng, and Wang Yanguang are the deputy general managers of Zhongzhong Group. From this meeting, we proposed that the reorganization of China National Tourism Administration could further expand the duty-free business.Development tax 合肥夜网 exemption.

The short-term endogenous high-speed growth + the extension of the Hainan exemption from the balance sheet are expected to ensure performance growth; in the short and medium term, Hainan and the city ‘s store space will be increased; in the medium and long term, the extensional expansion + gross profit margin will increase.

① The company determined to hold Haihai Group and become the only entity with tax-free operating qualifications in Hainan Province; ② Consumption upgrade catalyzes Sanya and daily tax exemption to maintain a high growth rate; ③ Hainan tax-free shopping can replace the promotion and the number of local shoppingThe liberalization of restrictions is expected to promote purchasing; ④ Chinese people’s tax exemption is still in the expected process, and once it is landing, it will make a huge incremental contribution; ⑤ The goal of “entering three competitions and one” is clear.Strengthen upstream bargaining power and raise the Group’s overall gross profit level.

Investment suggestion: Maintain the profit forecast for 2019-2021, and the estimated net profit is about 49.



880,000 yuan, corresponding to an EPS of 2.


07; Buy-A rating, 6-month target price 113.
52 yuan, corresponding to 43xPE in 2020.

Risk reminder: The macroeconomic growth rate has obvious downside risks; the tax-free policy dividend is lower than expected; the performance of airport duty-free shops is improving faster than expected.

Gemdale Group (600383) May 2019 sales data review: sales increase steadily

Gemdale Group (600383) May 2019 sales data review: sales increase steadily
Event: Gemdale Group announced May sales data, and the company achieved a contract value of 145 in May.4 ppm, an increase of 22 in ten years.4%; 75 contracted area achieved.60,000 square meters, an annual increase of 4.7%.From January to May, the company gradually realized the contracted amount of 646.60,000 yuan, an increase of 33 in ten years.3%; Achieving a progressive contract area of 320.100,000 square meters, an increase of 11 in ten years.2%; From January to May, the company added 388 new construction surfaces.80,000 square meters, an increase of 35 in ten years.4%; total land price is 316.4 ‰, an increase of 11 in ten years.6%. Comments: May sales increased steadily, more than + 22%, first- and second-line layout + fully available for sale to promote sales elasticity coefficient The company achieved a contracted amount of 145 in May.400 million, down 10 from the previous month.9%, an increase of 22 per year.4%; 75 contracted area achieved.60,000 square meters, down 8 from the previous month.8%, an annual increase of 4.7%; the average selling price of 19,233 yuan / flat, down 2 chain.3%, an increase of 16 per year.9%.From January to May, the company gradually realized a contract amount of 646.60,000 yuan, an annual increase of 33.3%, a decrease of 3 from January to April.6pct; gradually realize the contract area of 320.100,000 square meters, an increase of 11 in ten years.2%; the cumulative average selling price is 20,206 yuan / square meter, an annual increase of 19.9%. Since the company’s total soil reserves only increased by about 300 per year in 14-16, the current round began to replenish stocks vigorously in 2017H2, and the land acquisition amount accounted for 74% in the second half of the year. Therefore, 18H1 started to accelerate, and 18H2 available for sale gradually accumulated.Acceleration has accelerated, and the company’s sales have continued to rise since September 18.Under the expectation of loosening the industry’s policy adjustment margins in 2019, the company’s adherence to first-tier and second-tier cities and active construction will result in a comparative advantage in terms of saleability and sales flexibility. In May, the amount of land acquisition accounted for 54% of the sales amount. Active land acquisition focused on the first and second tiers and the metropolitan areaSecond-tier and ring cities.In May, the company added 112.40,000 square meters, down 20 from the previous month.7%, an increase of 35 per year.1%; corresponding to the total land price of 78.600 million, down 34.1%, an annual increase of 9.6%; the amount of land acquisition amounts to 54.1%, down from the previous month.3%, compared with 50 in the previous year.8% increase by 3.2pct; the average floor price is 6,993 yuan / square meter, which is a decrease of 16 from the previous month.9%, 33% per year.1%, a decrease of 26 from the previous year’s 9,529 yuan / square meter.6%, taking the average price of land as the average selling 杭州桑拿 price for the month is 36.4%, a decrease of 0 from the previous month.1%, compared with 51 the previous year.5% down 15.2pct.From January to May, the company added a total of 388 planned areas.80,000 square meters, an increase of 35 in ten years.4%; corresponding to the total land price of 316.4 ‰, an increase of 11 in ten years.6%, taking up land accounts for 48% of diesel.9%, compared with 50 in the previous year.8% down 1.9pct; the average floor price is 8,137 yuan / square meter, and it will decrease by 17.6%, taking the average price of land as the average selling price of 40 that year.3%, compared with 51 the previous year.5% down 11.3 points.At the average selling price 2.0 million yuan / flat growth company in the first five months of the cumulative value of new goods 78.6 billion yuan, over the same period sales 杭州桑拿网 value of 64.7 billion yuan. Investment suggestion: Sales should increase steadily, land acquisition will be positive, and maintain a “strong push” rating. Gemdale Group, as one of the leading property developers, has a 30-year stable history and a high proportion of insurance capital to demonstrate the past balanced development and high dividend dividend tradition.Second-tier + 18-year low sales base + start of construction has actively promoted abundant sales. The company’s 19-year sales flexibility is better and has been continuously verified.At the end of 18H1, 89% of the unsettled area was on the first and second tiers, with advance receipts covering a high of 1.5 times and at least 16-17 years of high-priced projects to ensure that the future settlement volume rises.We maintain the company’s profit forecast for 2019-21 to 2.23, 2.69 yuan and 3.17 yuan, corresponding to 19 years of PE only 5.2 times, the index rate is as high as 5.2%, and we believe the company’s future performance release capability is strong, maintaining a target price of 17.76 yuan, maintaining the “strong push” level. Risk warning: The real estate industry’s policies are tightened beyond expectations, and the industry’s funds have improved less than expected.

Jianghai Co. (002484): Supercapacity attracts attention in the application prospect of new energy vehicles

Jianghai Co. (002484): Supercapacity attracts attention in the application prospect of new energy vehicles

Supercap’s application prospects in new energy vehicles have attracted market attention. The domestic supercapacity leader maintains a buy rating. On February 18, Tesla announced that it would develop a new self-developed new battery and announce the composition information in 4 inches, which caused the market to TeslaThe concern of Maxwell, the ultracapacity company acquired in the early 19th, we believe that the dry electrode process in Maxwell’s ultracapacity products is an attempt to replace Tesla’s new battery production.

In addition, because the parallel connection of overcapacity and the battery helps to balance the battery output power during the sudden stop and start of the vehicle, the application prospect of a new hybrid technology is also attracting much attention.The accessories company MUSASHI’s acquisition of JM Energy, a world-renowned lithium ion overcapacity manufacturer, is evident.

Based on the optimistic prospects for the application of supercapacity in new energy vehicles and the Internet of Things, we will maintain Jianghai’s 19-21 years.



The EPS of 62 深圳桑拿网 yuan is expected to be repurchased with a target price of 13.


52 yuan.

The patent filed by Maxwell in July 2015 has applied the dry electrode process in its overcapacity to avoid the toxic solvents in the traditional lithium battery manufacturing process. It mixes a small amount of PTFE fine powder binder with positive / short-term powder and then passesThe extruder forms a thin strip of electrode material. This process is also applicable to the replacement of lithium batteries, in which NCA powder and aluminum foil are used to make the positive electrode, and graphite powder and copper foil are used to make the negative electrode.

The Maxwell dry electrode process helps reduce Tesla battery manufacturing costs, and at the same time, it can increase the capacity and cycle life of capacitors by adding additional lithium.

The ultra-capacitor rapid development stage has come, and the company continues to increase its resources. Jianghai currently has a complete production line of EDLC and LIC supercapacitors, of which the LIC supercapacity has reached the international advanced level.

According to the research feedback, the company ‘s supercapacity business has achieved single-month profit in July 19th, and the inflection point has now been reached. In the past two years, it will continue to accelerate the promotion of 16-year fundraising projects.

According to the data in the interim report, the additional cost for the overcapacity project of the 19H1 company was 7850.

310,000 yuan, added 2 in 18 years.

On the basis of US $ 05 billion in funds, the company will continue to increase its capital and terminate the company’s final ultra-capacitor industrialization project in the 19H1 period to raise funds.

48 ppm, investment progress reached 43.


As of the end of the year, the company’s supercapacity has extensively expanded scenarios such as ETC, smart three meters, rail transit, AGV, and wind power.

Domestic replacement accelerators for electrolytic capacitors, photovoltaics, wind power and 5G base station power supply drive the industry’s prosperity. As the world’s third largest industrial aluminum electrolytic capacitor company, it has a strong brand, technological competitiveness and possesses bargaining power in the industrial chain. In the mid-year report, the tariffs imposed by the United States on the company’s direct export of more than 8 million US dollars of products in 18 years were basically borne by customers.

In fact, against the background of the rise of local 3C terminal brands, the acceleration of domestic substitution of upstream electronic components, the recovery of the photovoltaic and wind power industries, and the acceleration of the construction of 5G base station power sources, according to the company ‘s public call on February 14,In 4Q19, the company had too many orders, and its 12-month revenue hit a record high. Even in 1Q20, the logistics affected by the epidemic, but the capacity level has gradually recovered to about 90% in 4Q19.

Profitability has continued to improve, and the thin film and ultracapacity businesses have entered the harvest period. We re-buy the rating and we maintain the company’s 19-21 years.



The EPS of 62 yuan is expected to refer to a comparable company with an average of 29 in 20 years.

58 times PE estimate, considering the uncertainty of the company’s new product development and production, given the company a 27-29 times PE estimate for 20 years, the target price is raised to 13.


52 yuan, maintain BUY rating.

Risk warning: The performance of the macroeconomic downturn is lower than expected risks; the progress of new product development and promotion is lower than expected risks; and the intensified competition in the industry has increased the risks.

Great Wall Securities: Pharmaceutical sector outperforms three main concerns during SARS

Great Wall Securities: Pharmaceutical sector outperforms three main concerns during SARS
For stocks, please read Jin Qilin analyst research report, authoritative, professional, timely, and comprehensive, to help you tap potential potential opportunities!  The short-term focus on specimens that directly benefit the epidemic, and the long-term focus on changes in the pharmaceutical industry-New Coronavirus Topics in the Pharmaceutical Industry During the Spring FestivalImproved diagnosis and treatment methods, supplemented by increased staff circulation after the holiday, and the number of confirmed cases of the epidemic has entered the climbing phase. Since February 3, the number of new cases nationwide has exceeded 3,000 for 4 consecutive days, until 24:00 on February 6, the country gradually reported31,161 confirmed cases, 26,359 suspected cases, 636 dead cases, and 1,540 discharged patients.  Coronavirus was originally isolated from chickens in 1937. After 2000, coronavirus caused many large outbreaks, such as severe acute respiratory syndrome (SARS), the Middle East respiratory syndrome (MERS), and Wuhan’s new coronavirus infection pneumonia (2019-nCoV).In comparison, 2019-nCoV has obvious characteristics of high infectivity and low lethality. Based on the experience of SARS prevention and control, the level of detection technology has improved, medical facilities have been improved, and the situation of disease prevention has continued to spread.  During the outbreak, the Shenwan Pharmaceutical Index once again clearly outperformed the market.During the diffusion period and the outbreak period, chemical raw materials, chemical pharmaceuticals, and biological products performed relatively well. Among them, the bulk of chemical raw materials rose during the diffusion period, up to 15%, mainly because of the rebound in vitamin C prices in 2002.In 2003, it still maintained a high price. In addition, vitamin C can improve immunity and expand demand, becoming one of the winners in the follow-up market.  The forthcoming new coronavirus pneumonia epidemic has brought a marked increase in market panic, the pharmaceutical sector is expected to continue to heat up, and the HSI’s volatility will increase by 35% from January 14 to February 6, 2020, much higher than the original SARSThe increase (6%) from the WHO announcement to the end of the epidemic.  Investment suggestion: In the short term, the epidemic situation will lead to the release of market sentiment, especially after the market ‘s amplitude changes on February 3, the pharmaceutical sector is clearly differentiated, and personal protection, medical devices, medical services, blood products, and therapeutic drugs can be concentrated in the short termFor those directly benefiting related subjects, it is recommended to pay attention to: Mindray Medical (300760), Jinyu Medical (603882), Boya Bio (300294), Menova (603538), Kaipu Bio (300639), etc.  At the same time, we consider the epidemic 厦门夜网 to be an emergency and have a greater impact on the long-term investment logic of the pharmaceutical industry. It is recommended to focus on three main investment lines: 1. Accelerate the development of innovative drugs; 2. Increase the demand for medical devices; 3. Gradual consumption habitsChange; and opportunities after the leader drops.Focus on Haipu Rui (002399), Tiger Medical (300347), Mindray Medical (300760), Wandong Medical (600055), Midea Health (002044), Hengrui Medical (600276).  Risk reminders: the risk of continued spread of the epidemic; market assessment risks; economic growth risks; risks of industry policy changes.

Huaxi Biological (X19064): King of the whole industrial chain of hyaluronic acid

Huaxi Biological (X19064): King of the whole industrial chain of hyaluronic acid

Huaxi Bio is a global leader in the hyaluronic acid industry. The advantages of the entire industrial chain are prominent. It has deeply cultivated the hyaluronic acid raw material product line and has continued to make efforts in the field of medical terminals and functional skin care products.

In the bulk drug business, the company’s four core technologies expand the competitive advantage and continue to increase production capacity in the future; medical terminal business, product lines continue to expand, and future markets continue to expand; functional skin care business, product + marketing enhances brand effects, and promotes the explosionincrease.

This article believes that: the company’s upstream raw materials are “shouzhengzheng”, the downstream terminal is “surprising”, and sustained high growth can be expected.

First, company profile The company is the world’s leading hyaluronic acid leader, covering the entire industry chain.

The company has been engaged in the field of hyaluronic acid for more than 20 years. Its product lines include upstream API production and downstream medical terminals, and functional skin care products.

Realized operating income in 201812.

6.3 billion (+ 54%), of which raw materials products, medical end products, and functional skincare products account for 51% (ten years + 28%), 25% (each time + 59%), 23% (tenYear + 205%)); net profit attributable to mothers in 20184.

24 ppm (previously + 91%), due to the increase in gross profit margin of the company’s new business volume.

Second, the raw material product has great prospects for the downstream of hyaluronic acid. The four core technologies + capacity expansion establish the company’s competitive advantage.

Hyaluronic acid has a wide range of applications, and the rapid development of downstream health food and medical and aesthetic industries has promoted the continuous growth of demand for hyaluronic acid raw materials, with a compound growth rate of 18% in the next five years.

The company’s hyaluronic acid raw material crops account for 36% of the world’s total. It has four core technologies and can produce large-scale, high-quality hyaluronic acid raw materials.

After listing, it raised funds to expand raw material production capacity and continued to seize the market.

Third, the medical terminal medical terminal sub-field has 四川耍耍网 developed rapidly, and the continuous expansion of the product line has brought the company’s market share to increase.

The medical aesthetics and orthopedic injection market segment where the company’s medical terminal products are located has a broad market segment: increased penetration under consumption upgrades and younger demand have driven the rapid growth of the medical aesthetics industry, and an aging population has continued to boost the demand for orthopedic injections.

The company has room for breakthrough in market share in two sub-sectors. It is expected to continue to expand the terminal market and seize market share by expanding the product line of hyaluronic acid fillers-orthopedic injections-botulinum toxin.

Fourth, the prosperity of the functional skin care industry is rising, and product power + 南京夜网 marketing power help the company to continue to break through the explosive market.

In recent years, China’s cosmetics market has experienced rapid growth, high-end, younger, and e-commerce trends. The current industry competition is fragmented, and high-quality domestic brands are in a unique position.

Based on the product power and excellent marketing power brought by technological barriers and the advantages of the industrial chain, the company is expected to cooperate with marketing through product innovation, establish a brand moat, and continue to launch explosive products to drive performance growth in the cosmetics field.

Fifth, the financial analysis is based on industry comparative indicators. The company’s net interest rate and ROE are excellent in the industry and have outstanding profitability.

Bulk drug industry: The gross profit margin is the same as the industry, and the sales expense ratio is significantly lower than its peers. The net profit margin is the highest among the ROE peers.Product industry: gross profit margin, net profit margin, ROE is basically the highest in the industry, the sales expense ratio is lower than the industry average, and the R & D expense ratio is higher than the industry’s comparable.

Risk reminder: the risk of fluctuations in the price of hyaluronic acid raw materials